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.
Additional Chief Metropolitan Magistrate Jitendra Singh convicted Delhi resident Mayank Singh under Indian Penal Code Section 188 (disobedience to order duly promulgated by public servant).
The state government has initiated preparations on a mass scale, especially in the holy city of Sultanpur Lodhi where the first Sikh Guru had attained enlightenment and spent almost 17 years of his life.
On a foggy and rainy evening on Wednesday, yoga postures were projected on the North Facade of the UN Headquarters Building during a special ceremony attended by India's Permanent Representative to the UN Ambassador Syed Akbaruddin
From Colombo to Kabul and Nairobi to New York, high-profile politicians and the hoi polloi came out in large numbers to showcase their yoga postures and send a message of unity on the occasion of the fifth International Yoga Day on Friday.
