Close X
Friday, November 29, 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

Ayodhya Verdict: Anonymous Judge Cites Guru Nanak, Tulsidas To Back Hindu Faith

"The visit of Guru Nanak Devji in 1510-11 A.D. to have darshan of Lord Ram's birthplace does support the faith and belief of the Hindus," said the anonymous judge who believed that faith of the Hindus was important.

Ayodhya Verdict: Anonymous Judge Cites Guru Nanak, Tulsidas To Back Hindu Faith

'I Stand Vindicated, Moment Of Fulfilment For Me': LK Advani On Ayodhya Verdict

'I Stand Vindicated, Moment Of Fulfilment For Me': LK Advani On Ayodhya Verdict
In a statement, the former Deputy Prime Minister said it was "gratifying" that the belief and sentiments of crores of countrymen have been respected.    

'I Stand Vindicated, Moment Of Fulfilment For Me': LK Advani On Ayodhya Verdict

Ayodhya Verdict: How UP Police Curbed Hate Speech On Social Media

Ayodhya Verdict: How UP Police Curbed Hate Speech On Social Media
The UP Police ensured well in advance that no WhatsApp groups in the communally-sensitive areas were able to post fake, mischievous or hate messages and disturb the law and order situation, Ashutosh Pandey, Additional Director General (ADG),

Ayodhya Verdict: How UP Police Curbed Hate Speech On Social Media

SC Took Note Of Travelogues To Cement Hindus' Claim On Ayodhya Land

The Supreme Court, in its judgement in the Ayodhya title suit, took note of travelogues of Joseph Tiefenthaler and William Finch regarding the history of the disputed site.    

SC Took Note Of Travelogues To Cement Hindus' Claim On Ayodhya Land

No Better Verdict Could Have Come Out: Ex-ASI Top Official K.k. Muhammed

Former archaeologist K.K. Muhammed, who headed the North Division of the Archaeological Survey of India (ASI) has said that Saturday's judgement is "ultimate and nothing better could have come out."

No Better Verdict Could Have Come Out: Ex-ASI Top Official K.k. Muhammed

Build A School For Us On 5-Acre Land In Ayodhya: Salim Khan

Legendary scriptwriter and film producer Salim Khan said on Saturday that a school should be built on the proposed 5-acre land in Ayodhya

Build A School For Us On 5-Acre Land In Ayodhya: Salim Khan