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.
He said that the "endgame" in fighting the pandemic is vaccinating everyone. At the same time, he said that all of India should "shut down", as some states have done.
There is desparate struggle for oxygen and there is a major shortage of hospital beds. Crematoriums and morgues are packed and can't keep up with the constant flow of corpses coming in.
Social media is flooded with desparate pleas from people for oxygen for their loved ones while others have no option but to circle hospitals in the capital Delhi while begging for a bed.
Manjinder Singh Sirsa, President of the Delhi Sikh Gurdwara Management committee & National Spokesman of the Akali Dal shared a celebratory tweet on Sidhu's release along with pictures and video on Instagram.
The situation has gotten so dire that not only are Indian doctors begging for oxygen but the hospitals are filling up with COVID19 positive patients so fast that people have been dying on the pavement outside a well known hospital in the capital Delhi.
