BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • Explainers
      • India To Grow 8.3% In FY22, Says...
      Explainers

      India To Grow 8.3% In FY22, Says World Bank, Bumping Up Jan Forecast

      The estimates have been bumped up 2.9 percentage points since January, indicating policy support against the 2nd wave.

      By - Mohammed Kudrati |
      Published -  9 Jun 2021 4:33 PM IST
    • Boomlive
      India To Grow 8.3% In FY22, Says World Bank, Bumping Up Jan Forecast

      India will grow 8.3% in the ongoing fiscal year (April 2021 to March 2022), the World Bank said in its latest 'Global Economic Prospects' report, bumping up India's forecast by 2.9 percentage points since its January 2021 projections.

      This upgrade also lends itself to a shot in the arm to the overall growth of South Asia, which will grow at 6.8% this calendar year, an increase of 3.6 percentage points since its January forecast.

      However, this is till below 10.1% estimate it had provided for India in April.

      These estimates are slightly lower than that released by the Reserve Bank of India on June 4, where is estimates that the Indian economy will grow by 9.5% this year, revised downward by one percentage point from 10.5%.

      The World Bank says that the Indian economy will benefit from policy support, higher spending on infrastructure, rural development, health and better than expected recovery in the services and manufacturing sector.

      Also Read: RBI Cuts GDP Growth Forecast To 9.5%: 5 Things You Need To Know

      "Although the forecast has been revised up by 2.9 percentage points, this masks significant expected economic damage from an enormous second COVID-19 wave and localized mobility restrictions since March 2021", the report adds.

      These estimates take into account the wreckage of life and livelihood during the ongoing second wave of the COVID-19 pandemic. "In South Asia, India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic", says the report. "The situation is particularly serious in India, where the number of daily deaths and cases is now higher than in any other country during the pandemic. For the region as a whole, peaks in daily new confirmed cases and deaths in 2021 are multiple times higher than last year", the report adds.

      In FY23, however, these projections show that growth in the Indian economy will slow marginally; growing at 7.5%. The reports attributes this slowdown to consumption remaining depressed and balance sheets weaker. This would reflect the damage that COVID-19 would have done to households, corporations and banks, and could see low levels of consumer confidence and uncertainty on job and income prospects.

      Also Read: Indian GDP Estimates Unchanged At 9.5%, But Global Recovery Slowing: IMF

      The world economy will grow 5.6%. The world's largest economy - the United States of America - will grow a massive 6.8%.

      China, which has posted a growth of 2.3% in a year where most of the world economy has declined, will continue to grow in 2021 and 2022. In fact, in 2021, China will outpace India by 0.2 percentage points and is forecasted to grow at 8.5%, shows data from the report. The US and China will each contribute a quarter of global growth in 2021.



      Read the full report here.

      Also Read: Investing In Dogecoin: A Joke Or Serious Cryptocurrency Option

      Tags

      World BankReserve Bank of IndiaEconomic GrowthGlobal Economic ProspectsUnited States of AmericaIndiaChina
      Read Full Article
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!