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.
P Chidambaram said that in the 70-year history of the nation, there has never been an example of a state being reduced to a Union Territory and it has always been the opposite.
BJP MP Diya Kumari, a member of the erstwhile Jaipur royal family, claimed on Sunday that her family has descended from Lord Ram's son Kush, days after the Supreme Court sought to know whether anyone from the ''Raghuvansha'' was still residing in Ayodhya.
In what could be yet another historical move, Union Home Minister Amit Shah might airdash to Srinagar to unfurl the Tricolour at Lal Chowk on Independence Day, August 15.
Delhi Airport departure area was immediately evacuated and all passengers were moved at Gate No. 4 at departure level, while arriving passengers were on hold inside aircraft, the officials said.
At the 42nd Annual General Meeting of the company, he said that the company would make a lot of announcements on the developmental initiatives it plans to take in the newly-created Union Territories.
