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.
After a week of birthday celebrations with actress-wife Anushka Sharma, crickter-husband Virat Kohli is back on the field, but with little youngsters playing ‘gully’ cricket in Indore.
The closing ceremony of the joint military exercise between the armies of India and France—‘Exercise Shakti-2019’ was held at the Mahajan Field firing range here on Wednesday.
From helping in cordon-and-search ops, negotiating obstacles to lobbing grenades at terrorists holed up in buildings, the Indian Army will soon have robots to help it in counter-insurgency operations in Jammu and Kashmir.
Several districts in Punjab and Haryana reported air quality indices in the “severe” and “very poor” categories on Wednesday even as the number of stubble-burning incidents dropped in the two agrarian states over the past few days.
