Close X
Sunday, November 24, 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

23-Yr-Old Mohammad Shahrukh Who Brandished Gun At Cop During Delhi Riots Sent To Judicial Custody

A local court in Delhi sent a man, who allegedly pointed a gun at a policeman during last month’s riots in the national capital’s north-east district, to 14-day judicial custody.

23-Yr-Old Mohammad Shahrukh Who Brandished Gun At Cop During Delhi Riots Sent To Judicial Custody

Holi Shock For Congress, Jyotiraditya Scindia Quits, 22 MLAs Also Resign As MP Govt Teeters On Edge

Scindia, 49, appeared set to join the BJP, a party which had his late grandmother Vijaya Raje Scindia as one of the leading lights amid speculation he will get a Rajya Sabha ticket and be made a union minister.

Holi Shock For Congress, Jyotiraditya Scindia Quits, 22 MLAs Also Resign As MP Govt Teeters On Edge

Indian-Origin Man Ashok Singh (59) Sentenced To 7 Years In Prison For Rape Conviction

Indian-Origin Man Ashok Singh (59) Sentenced To 7 Years In Prison For Rape Conviction
Ashok Singh, 59, of Pennsylvania was convicted at trial of forcible rape, Queens District Attorney Melinda Katz said on Monday.    

Indian-Origin Man Ashok Singh (59) Sentenced To 7 Years In Prison For Rape Conviction

Boyfriend Leaks Intimate Video, Gujarat Teenager Hangs Herself

Boyfriend Leaks Intimate Video, Gujarat Teenager Hangs Herself
A 16-year-old girl allegedly committed suicide in Chharanagar locality of Gujarat’s Ahmedabad after her boyfriend leaked their intimate video, police said on Tuesday.  

Boyfriend Leaks Intimate Video, Gujarat Teenager Hangs Herself

Nirbhaya Convicts To Hang On March 20 At 5:30 AM, Says Delhi Court

The death warrant was issued a day after President Ram Nath Kovind rejected the mercy petition of Pawan Gupta, the last of the four death row convicts.  

Nirbhaya Convicts To Hang On March 20 At 5:30 AM, Says Delhi Court

Delhi Violence| Video Of Attack On Police Team Surfaces; Constable Ratan Lal Killed While Saving DCP: Sources

A video of a mob surrounding and attacking policemen in Delhi's Chand Bagh area has surfaced online. 

Delhi Violence| Video Of Attack On Police Team Surfaces; Constable Ratan Lal Killed While Saving DCP: Sources