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 accused, identified as Prabhjot Singh, 25 and Sukhdev Singh, 19, were arrested while a third person, Inderjeet, who had brought the pistol used to commit the crime, has been on the run, they said.
Rejecting as totally inadequate the new proposed 60:40 fund-sharing pattern of the Union Social Justice and Empowerment Ministry for the SC Post-Matric Scholarship Scheme, Punjab Chief Minister Captain Amarinder Singh has demanded restoration of the old sharing scheme, under which states had to finance about 10% only.
At least 29 passengers were killed and 17 injured when a Delhi-bound UPSRTC Janrath bus fell into a water-filled nullah along the Yamuna Expressway in Agra, UP, early on Monday morning.
