Close X
Tuesday, November 26, 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

Woman Tahsildar Burnt Alive Inside Office By Angry Land Owner In Telangana

In a gruesome act, a man burnt alive a woman revenue official inside her office near here on Monday, but in the process also suffered critical burn injuries himself, the police said.

Woman Tahsildar Burnt Alive Inside Office By Angry Land Owner In Telangana

In Pictures: Prime Minister Imran Khan Shares Dazzling Pictures Of Kartarpur Complex

Pakistan Prime Minister Imran Khan on Sunday said that Kartarpur was ready to welcome the Sikh pilgrims from India to mark the 550th birth anniversary of Guru Nanak Dev - the founder of Sikhism.

In Pictures: Prime Minister Imran Khan Shares Dazzling Pictures Of Kartarpur Complex

Former Indian Army Officer ‘Based In Canada’ Arrested For Allegedly Spying

A former Indian Army officer, who is now based in Canada, has been arrested on suspicion of spying for foreign agencies, police said.

Former Indian Army Officer ‘Based In Canada’ Arrested For Allegedly Spying

Bag With Suspected RDX Found At Delhi Airport; Security Tightened

Bag With Suspected RDX Found At Delhi Airport; Security Tightened
A bag with suspected RDX contents was found at the Delhi airport in the early hours of Friday, leading to restrictions in passenger movements for a couple of hours, officials said.

Bag With Suspected RDX Found At Delhi Airport; Security Tightened

Guru’s 550th Birth Anniversary: Manmohan Singh, Parkash Singh Badal, Kapil Dev Among 490 Cleared For Honours

Former Prime Minister Dr Manmohan Singh, former Chief Minister Parkash Singh Badal, Union Housing and Urban Affairs Minister Hardeep Puri and former cricketer Kapil Dev are among 490 Punjabis who will be honoured during the 550th birth anniversary celebrations of Guru Nanak.  

Guru’s 550th Birth Anniversary: Manmohan Singh, Parkash Singh Badal, Kapil Dev Among 490 Cleared For Honours

Retired Indian Air Marshal PV Iyer At 90 Does Pull-Ups; IAF Shares Video

India’s retired air-marshall PV Iyer who turned 90 on October 30, proved that 'age is just a number' when it comes to staying fit and active.    

Retired Indian Air Marshal PV Iyer At 90 Does Pull-Ups; IAF Shares Video