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

‘Namaste Trump’: US President Faces Difficulty With Hindi Words Like ‘Vedas’, ‘Chaiwala’ - WATCH

‘Namaste Trump’: US President Faces Difficulty With Hindi Words Like ‘Vedas’, ‘Chaiwala’ - WATCH
US President Donald Trump experienced difficulties in the pronunciation of Hindi words such as the “Vedas”, “Sholay” and “chaiwala” during his speech at the “Namaste Trump” event here on Monday.    

‘Namaste Trump’: US President Faces Difficulty With Hindi Words Like ‘Vedas’, ‘Chaiwala’ - WATCH

CAA Protests: Constable, Three Civilians Killed In Delhi Clashes; One Detained

This is the second day of clashes in the city where US President Donald Trump arrived on Monday evening on the main leg of his visit.

CAA Protests: Constable, Three Civilians Killed In Delhi Clashes; One Detained

Geological Survey Of India Issues Clarification On Sonbhadra Gold Discovery, Says Estimated Reserve Is 160 Kg, Not 3350 Tonnes As Reported By Media

The Geological Survey of India (GSI) on Saturday said there has been no discovery of gold deposits estimated to be around 3,000 tonnes in Sonbhadra district of Uttar Pradesh, as claimed by a district mining official.    

Geological Survey Of India Issues Clarification On Sonbhadra Gold Discovery, Says Estimated Reserve Is 160 Kg, Not 3350 Tonnes As Reported By Media

Trump Remarks On Eve Of Visit To India An Insult, Affront To Country: Congress

Congress spokesperson Manish Tewari said the issue is serious as it seeks to undermine the progress made in the last many years as regards to Indo-US ties.    

Trump Remarks On Eve Of Visit To India An Insult, Affront To Country: Congress

3 Dead, 9 Injured As Crane Crashes On Sets Of Kamal Haasan's 'Indian 2', Actor Condoles Deaths

Three people were killed and nine injured when a crane came crashing down on the sets of actor Kamal Haasan’s upcoming film ‘Indian 2’, police said, as the veteran actor mourned the deaths.

3 Dead, 9 Injured As Crane Crashes On Sets Of Kamal Haasan's 'Indian 2', Actor Condoles Deaths

Not 70 Lakh, But One Lakh To Attend Trump Roadshow

Nearly one lakh people are expected to line up along the 22-km route of the roadshow of US President Donald Trump and Prime Minister Narendra Modi in Ahmedabad on February 24, officials said on Thursday.

Not 70 Lakh, But One Lakh To Attend Trump Roadshow