Close X
Monday, November 4, 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

Deepika Padukone, PV Sindhu Become Flag-Bearers Of Modi's 'Bharat Ki Laxmi' Initiative

Actress Deepika Padukone along with world badminton champion P.V. Sindhu will be representing Prime Minister Narendra Modi's campaign 'Bharat Ki Laxmi', which celebrates womanhood.

Deepika Padukone, PV Sindhu Become Flag-Bearers Of Modi's 'Bharat Ki Laxmi' Initiative

Switzerland Is Indians' Top Snow Holiday Choice

A recent study says Switzerland is the top destination choice for Indians with 59 per cent wanting to enjoy the Swiss snow experience.

Switzerland Is Indians' Top Snow Holiday Choice

'Pakistan May Use Kartarpur Corridor To Fuel Pro-Khalistan Campaign'

With Kartarpur Corridor set to be operationalised, there are fears that the initiative may be used by Pakistan to promote its pro-Khalistan agenda.    

'Pakistan May Use Kartarpur Corridor To Fuel Pro-Khalistan Campaign'

Modi's New Mission Kashmir: Saffron Revolution

The Modi government is working on a mission mode to double the production of saffron in the Kashmir Valley, which is likely to change the fate of thousands of farmers engaged in the cultivation of this expensive spice

Modi's New Mission Kashmir: Saffron Revolution

Salman Khurshid Praises Aayushman Bharat Scheme

Senior Congress leader Salman Khurshid here on Tuesday praised the Aayushman Bharat scheme saying it must get everyone's support.  

Salman Khurshid Praises Aayushman Bharat Scheme

Indo-Pak Pact On Kartarpur Corridor Likely To Be Inked On Thursday

The Ministry of External Affairs on Monday said India would be ready to sign the agreement on the corridor on Wednesday.

Indo-Pak Pact On Kartarpur Corridor Likely To Be Inked On Thursday