Close X
Monday, November 25, 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

Why Twitter's Rival Social Network Mastodon Trending In India

Mastodon, a little known micro-blogging platform first released in 2016, has suddenly sparked interest among disgruntled Twitter users.

Why Twitter's Rival Social Network Mastodon Trending In India

Lal Krishna Advani: An Epic Rise & Silent Fall Of A One-time Hindutva Icon

Lal Krishna Advani: An Epic Rise & Silent Fall Of A One-time Hindutva Icon
Time changes everything. The hardcore face of Hindutva in the 1990s became the "acceptable" saffron leader in run up to 2014 elections and finally being sidelined in the party.

Lal Krishna Advani: An Epic Rise & Silent Fall Of A One-time Hindutva Icon

Did North Korean Hackers Hurt ISRO's Chandrayaan-2?

At the time the Indian Space Research Organisation (ISRO) was trying to land Chandrayaan-2 spacecraft's Vikram lander on the Moon, suspected North Korean hackers might have attacked the space agency, the Daily Mail reported on Friday.    

Did North Korean Hackers Hurt ISRO's Chandrayaan-2?

Ayodhya Dispute To Be Finally Laid To Rest: SC To Pronounce Verdict In Ram Janmbhoomi-Babri Masjid Case On Saturday

The dispute that stretched over a century and a half is likely to be put to rest finally on Saturday when the Supreme Court announces its verdict on the title suit of the Babri Masjid-Ram Janmabhoomi dispute.    

Ayodhya Dispute To Be Finally Laid To Rest: SC To Pronounce Verdict In Ram Janmbhoomi-Babri Masjid Case On Saturday

Modi Govt Revokes Aatish Taseer's OCI Card For 'Concealing His Father Was Pakistani'

New York-based author and journalist Aatish Taseer is ineligible for Overseas Citizenship of India (OCI) card as he had "concealed" the fact that his late father was of Pakistani origin, the government said on Thursday night.

Modi Govt Revokes Aatish Taseer's OCI Card For 'Concealing His Father Was Pakistani'

Navjot Singh Sidhu Allowed To Accompany Sikh 'Jatha' To Darbar Sahib Gurudwara In Pakistan

Congress leader Navjot Singh Sidhu has been allowed by the government to accompany the Sikh 'jatha' that will travel to Darbar Sahib Gurudwara in Pakistan via the Kartarpur Corridor on November 9, sources said here on Thursday.  

Navjot Singh Sidhu Allowed To Accompany Sikh 'Jatha' To Darbar Sahib Gurudwara In Pakistan