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

Gujarat Cops In Amritsar To Join Punjab STF In Probing Heroin Seizure

A two-member Gujarat Police team reached Amritsar on Tuesday to join Punjab Police for further investigations into the recent 200 kg heroin haul in the district, officials said.

Gujarat Cops In Amritsar To Join Punjab STF In Probing Heroin Seizure

200 Pakistani Hindus Cross Attari-Wagah Border, Some Will Seek Asylum As Pak Is 'Unsafe'

About 200 Pakistani Hindus crossed over to India through the Attari-Wagah border on Monday, officials said amid indications that several travellers did not wish to go back.

200 Pakistani Hindus Cross Attari-Wagah Border, Some Will Seek Asylum As Pak Is 'Unsafe'

VIDEO: Man Drags Cop On Car's Bonnet For 2 Km, To Escape Paper Checking In Delhi

The video of the incident that took place in November last year went viral on social media.

VIDEO: Man Drags Cop On Car's Bonnet For 2 Km, To Escape Paper Checking In Delhi

One In 10 Indians Will Develop Cancer During Their Lifetime: WHO

One In 10 Indians Will Develop Cancer During Their Lifetime: WHO
India had an estimated 1.16 million new cancer cases in 2018, according to a report by the World Health Organisation (WHO), which said that one in 10 Indians would develop cancer during their lifetime and one in 15 would die of the disease.

One In 10 Indians Will Develop Cancer During Their Lifetime: WHO

Urmila Matondkar Compares Citizenship Amendment Act To Rowlatt Act

Mahatma Gandhi's ideology was still alive, as people "who are against us (those who support the CAA) and their leaders have to go to Rajghat and pay tributes," Urmila Matondkar said  

Urmila Matondkar Compares Citizenship Amendment Act To Rowlatt Act

Bajrang Dal Says Jamia Shooter Not Its Member, Condemns Violence

Tension spiralled in Jamia Nagar on Thursday after the class 12 student from Jewar town in Gautam Buddh Nagar district of Uttar Pradesh fired a pistol.  

Bajrang Dal Says Jamia Shooter Not Its Member, Condemns Violence