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.
A "major digital transformation" is coming to a one of fastest developing countries in the world. Facebook is committed to "opening commerce opportunities for people across India", founder Mark Zuckerberg said this morning, a day after the social media powerhouse invested $5.7 billion in Reliance Industries Ltd-owned mobile telecom company Reliance Jio.
The men accused of killing three men in Palghar have been arrested and are in jail. Maharashtra Chief Minister Uddhav Thackeray said on he has spoken to Union home minister Amit Shah and assured him that he would look into the case. More than 100 people are in custody. The attack took place at a spot close to Mumbai.
Covid-19 death toll has reached 507 deaths in India while confirmed cases surpassed 15,000. On Sunday 44 new cases of the novel coronavirus were reported in Rajasthan, while in Agra 45 more cases were confirmed. In Lucknow, 43 more people tested positive for the virus.
Tablighi Jamaat, the global organisation of Islamic missionaries, which may be the biggest carrier of Covid-19 infection in India, has had a long history of ties with Pakistan-based banned terror outfits like Harkat-ul-Mujahideen.
Punjab Chief Minister Amarinder Singh on Tuesday ordered withdrawal of 1,300 policemen from the VIP duties, including from his own security, and their deployment in the battle against the coronavirus.
