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.
The electronic conversation took place as US President Joe Biden announced on Thursday that India will receive Covid vaccines directly from the US stockpile, the White House said.
The Chief of Army Staff (COAS), General M.M. Naravane, reached Kashmir on Wednesday on a two-day visit to review the prevailing security situation in the Union Territory (UT), the army said in a statement.
"There have been several unfounded media reports that have peddled misinformation among the masses regarding this exercise of national importance," a ministry statement said, adding that the total number of Covid vaccine doses administered in the country so far stand at 21,85,46,667.
The Congress said that it was "appropriate for our initial statement to note that the intrusion by Israeli forces into the Holy Al Aqsa mosque during Ramzan prayers had ruptured the delicate peace in the region".
The Delhi High Court on Tuesday suggested the young patients should be prioritised in the distribution of Liposomal Amphotericin B drug, used for treating black fungus, "as they hold promise of future over the older ones who have lived their lives".
