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

Mirchi Deals: Shilpa Shetty's Husband Raj Kundra Questioned In Money Laundering Case

An ED source told IANS: "Kundra during questioning accepted that he knew Bindra for some time and had business dealings with him."    

Mirchi Deals: Shilpa Shetty's Husband Raj Kundra Questioned In Money Laundering Case

UP Businessman, Wife Fire In Air On Diwali, Cops Investigate

In another video, the businessman fires in the air and is heard saying "Tera kya hoga Kalia" -- a famous dialogue from the Bollywood movie "Sholay".

UP Businessman, Wife Fire In Air On Diwali, Cops Investigate

Bajwa Demands Haj Like Subsidy For Kartarpur Pilgrims

Bajwa Demands Haj Like Subsidy For Kartarpur Pilgrims
Former Punjab Congress president Partap Bajwa on Wednesday demanded a Haj like subsidy for Indian Sikh pilgrims who cross the Kartarpur corridor to visit Darbar Saheb Gurdwara on the Pakistan side.

Bajwa Demands Haj Like Subsidy For Kartarpur Pilgrims

Clashes, Shutdown As EU MPs Reach Kashmir To Assess Ground Situation

A delegation of 23 EU MPs, on a two-day visit to assess the situation in Jammu and Kashmir, arrived here on Tuesday to a complete shutdown and clashes between people and security forces in several parts of the city and the Valley.

Clashes, Shutdown As EU MPs Reach Kashmir To Assess Ground Situation

Haryana: Bull Eats 40 Grams Of Gold Ornaments In Sirsa, Family Waits For It To Excrete Its Gold Jewellery

A bull ate about 40 grams of gold ornaments that belonged to a woman living in Kalanawali area in Haryana's Sirsa.

Haryana: Bull Eats 40 Grams Of Gold Ornaments In Sirsa, Family Waits For It To Excrete Its Gold Jewellery

Tug-Of-War Over Prakash Purb Of Guru Nanak Celebrations In Punjab

Tug-Of-War Over Prakash Purb Of Guru Nanak Celebrations In Punjab
Congress-ruled state wants to take full credit for the celebrations that will see the presence of Home Minister Amit Shah and President Ram Nath Kovind. However, the Shiromani Akali Dal (SAD) is eyeing to take a political mileage

Tug-Of-War Over Prakash Purb Of Guru Nanak Celebrations In Punjab