Close X
Thursday, November 28, 2024
ADVT 
India

World Bank cuts India's growth forecast for FY22 to 8.3%

Darpan News Desk IANS, 08 Jun, 2021 04:20 PM
  • World Bank cuts India's growth forecast for FY22 to 8.3%

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.

MORE India ARTICLES

India Led World In Eradicating 2 Pandemics, Should Show The Way: WHO

"India led the world in eradicating two pandemics, small-pox and polio so India has a tremendous capacity," WHO executive director Michael J Ryan said

India Led World In Eradicating 2 Pandemics, Should Show The Way: WHO

Jaan Hai To Jahan Hai: PM Modi Shuts 133 Cr Indians For 21 Days To Save Them From COVID-19

Jaan Hai To Jahan Hai: PM Modi Shuts 133 Cr Indians For 21 Days To Save Them From COVID-19
From the corridors of power in New Delhi to the bylanes of Hyderabad to a village in Nagaland, the entire country shuts down starting 12 a.m. on the intervening night of March 24 and 25.

Jaan Hai To Jahan Hai: PM Modi Shuts 133 Cr Indians For 21 Days To Save Them From COVID-19

84% Indians Believe Govt Is Handling The Outbreak Well

84% Indians Believe Govt Is Handling The Outbreak Well
An astounding 84 per cent of people in India believe that the government led by Prime Minister Narendra Modi is handling the unprecedented coronavirus outbreak well.

84% Indians Believe Govt Is Handling The Outbreak Well

KLM Flight Finally Lands In Delhi, Passengers Share Video

A day after being denied permission to land in India, a KLM flight with 113 Indians who were stranded in Amsterdam landed in New Delhi on Sunday evening.

KLM Flight Finally Lands In Delhi, Passengers Share Video

Coronavirus: No International Aircraft To Land In India For A Week Starting March 21 Midnight

Coronavirus: No International Aircraft To Land In India For A Week Starting March 21 Midnight
GOM also asked state governments to enforce work from home by private employers expect where employees are engaged in emergency services.    

Coronavirus: No International Aircraft To Land In India For A Week Starting March 21 Midnight

Nirbhaya: All Four Convicts All Set To Face Gallows At 5.30 Am Friday

The Tihar jail authorities on Thursday told the trial court that none of the legal remedies of the four convicts in the Nirbhaya rape case are pending, as the court reserved its order on an application filed by the convicts seeking stay on their execution scheduled for 5.30 a.m. on Friday.  

Nirbhaya: All Four Convicts All Set To Face Gallows At 5.30 Am Friday