Close X
Saturday, November 2, 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

Trudeau's Return To Power Unlikely To Help Indo-Canadian Ties?

Trudeau's Return To Power Unlikely To Help Indo-Canadian Ties?
Prime Minister Narendra Modi on Tuesday congratulated Canadian Premier Justin Trudeau for his re-election but his returning to power is unlikely to augur well for the relations between the two countries.  

Trudeau's Return To Power Unlikely To Help Indo-Canadian Ties?

US Seeks 'Roadmap' To Political And Economic Normalcy In Kashmir

The United States on Thursday sought from India a "roadmap" to political and economic normalcy in Kashmir and immediate release of all political detainees as it asked Pakistan to take "sustained and irreversible" steps against militants and terrorists in its territory.

US Seeks 'Roadmap' To Political And Economic Normalcy In Kashmir

I Am Middle-Class Who Got Love; I Am A Dream Come True: Shah Rukh Khan

Shah Rukh Khan has always counted his blessings and the Bollywood superstar wants people to have faith in the power of dreams, just as he did.

I Am Middle-Class Who Got Love; I Am A Dream Come True: Shah Rukh Khan

Ziva Dhoni Helps Dad Ms Dhoni In Washing The New Nissan Jonga; Video Goes Viral

A lot is being spoken about the future plans of former India skipper MS Dhoni ever since the culmination of 2019 World Cup in England and Wales.

Ziva Dhoni Helps Dad Ms Dhoni In Washing The New Nissan Jonga; Video Goes Viral

Video, PICS: India, Pakistan Sign Kartarpur Pact, Service Fee Dispute Remains

India and Pakistan on Thursday signed an agreement to operationalise the Kartarpur Corridor even as the ticklish issue of a $20 service fee imposed by Islamabad remained unresolved.

Video, PICS: India, Pakistan Sign Kartarpur Pact, Service Fee Dispute Remains

Pakistan Will Eventually Waive $20 Fee: Punjab CM

Even Emperor Akbar had lifted the 'Jizya' tax on non-Muslims, showing respect for secular sentiment, he pointed out, urging Pakistan Prime Minister Imran Khan to reconsider the $20 fee in light of the Sikh pilgrims' sentiments.    

Pakistan Will Eventually Waive $20 Fee: Punjab CM