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 63-year-old woman from Kangra who failed to disclose her travel history following her return from Dubai and was later tested positive for COVID-19 has been booked under Section 270 of the IPC, which carries a maximum imprisonment of upto two years.
In an unprecedented incident, a Mumbai man allegedly killed his younger brother for trying to step out of home during the ongoing 21-day lockdown period, police said here on Thursday.
"I hereby donate an amount of Rs 5,00,000/- each (Rs five lakhs) towards the "Chief Ministers Relief Fund" for the states of Telangana and Andhra Pradesh to fight against COVID-19," she tweeted.
The Scitech Airon Ionizer is described as one of the most compact, effective and cheapest in the world for similar products, according to the scientist.
India is said to be preparing a more than $18 billion recovery and sustainability package for its industries and large workforce in the unorganised sector, industry sources in the know said on Wednesday.
Finance Minister Nirmala Sitharaman has said that the government is currently addressing the compliance related issues and an economic package covering issues of concern to the industry would be announced separately later.
