World Bank cuts India's growth forecast for FY22 to 8.3%
Darpan News Desk IANS, 08 Jun, 2021 04:20 PM
New Delhi, June 8 (IANS) The World Bank has lowered the growth projection for India for the financial year 2021-22 to 8.3 per cent. Its previous growth estimate for the fiscal was 10.1 per cent.
"In South Asia, India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," said the World Bank's global outlook released on Tuesday.
The global economy, on the other hand is set to expand 5.6 per cent in 2021, its strongest post-recession pace in 80 years.
"This recovery is uneven and largely reflects sharp rebounds in some major economies -most notably the United States, owing to substantial fiscal support, amid highly unequal vaccine access," it said.
In many emerging market and developing economies (EMDEs), elevated Covid-19 caseloads, obstacles to vaccination, and a partial withdrawal of macroeconomic support are offsetting some of the benefits of strengthening external demand and elevated commodity prices, the report noted.
Globally, it also noted that following a 3.5 per cent contraction caused by the Covid-19 pandemic in 2020, economic activity has gained significant momentum. However, it remains well below pre-pandemic projections.
Moreover, the recovery is uneven, passing over many poorer countries, and there is considerable uncertainty about its durability, it added.
Pakistan's letter said the bank account had Saeed's pension on account of his serving as a professor for 25 years in University of Engineering and Technology, from where he retired in 1999.
Nearly two months after the revocation of Article 370 and 35A in the erstwhile state of Jammu and Kashmir, scores of broke Kashmiri students here have resorted to a novel initiative - selling Kashmiri apples to make some extra cash for survival.
Ayodhya Case: "It is not expected that every page is to be signed. The authorship of the report and the summary need not be questioned. If we had wasted my lords time, then we apologise for that. There is no point going into that," senior advocate Rajeev Dhavan said.
