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 Army and spy agency, the Inter-Services Intelligence, have directed terror groups to launch attack on major religious shrines in Jammu and Kashmir, highly-placed sources said on Wednesday.
The declaration, made through a gazette notification issued on Wednesday, comes nearly a month after the Parliament approved a crucial amendment to the UAPA law.
Earlier, Mumbai had been brought to its knees on July 2/3 and August 3/4 when heavy rains clobbered the city, claiming nearly three dozen lives in varous rain-related incidents.
After nearly a month of communication blockade in Jammu and Kashmir, all landline connections across the Valley will be restored from Thursday, it was announced on Wednesday.
The position paper highlights how Article 370 actually impeded greater development within the state, as also hindered social equity and allowed festering of anti national sentiment.
