India expected to grow by 8.3 per cent in 2021-22 says World Bank


World Bank forecasts growth of 8.3 percent

New Delhi. With increased public investment and a boost to manufacturing, the Indian economy is expected to grow at 8.3 per cent in FY 2021-22, lower than what was estimated before the second wave of the COVID-19 pandemic earlier this year. The World Bank has said this in its latest report. According to Hans Timmer, the World Bank’s Chief Economist for the South Asia Region, some high-frequency data indicates that the recovery has slowed as a result of the second wave of the COVID-19 pandemic, while others indicate that the recovery is indeed in progress. There has been some decline in

He said on Thursday, “We are forecasting a growth rate of 8.3 percent for the Indian economy for this fiscal, which is lower than the estimate before the health crisis caused by the second wave.” He said, “Given the sharp decline in the economy last year, this may not seem like much, but in my view, given the deadly second wave of the COVID pandemic and the severity of the health crisis, it is indeed very positive news.” On March 31, the World Bank said in a report that India’s real GDP growth for the fiscal year 2021-22 may range between 7.5 and 12.5 percent. The second wave of corona was seen in India between April and May, during which the number of new cases coming every day had crossed 3 lakhs. During the second wave, there was a shortage of health equipment and medical oxygen in hospitals.

According to Timmer, the most positive thing about all this is that the setback in the recovery was very short-term and its impact on the economy has been limited. According to him, this is nothing in comparison to the impact of the time of the first wave of Corona in the last year. Keeping this in view, we have given an estimate of 8.3 percent growth rate. He said that for the time being there is uncertainty in the domestic and overseas sectors, however, as we move forward, the uncertainty is getting less and less. After the first wave, we had given a range of 7.5 per cent to 12.5 per cent, he said. Currently, our growth forecast is at the bottom of this range, which is entirely due to the second wave of the pandemic.


Source link