The World Bank has revised the country’s growth forecast for the current fiscal year 2021-22 to 8.3 percent, compared to the previous estimate of 10.1 percent. In its latest report, the World Bank said the Indian economy – South Asia’s largest growth – helped boost public investment and boost stimulus production. (read more: World Bank raises India’s growth forecast for 2021-22 from 5.4% to 10.1%)
Hans Timmer, chief economist at the World Bank for the South Asian region, says economic recovery has been halted due to the second wave of the Govt-19 epidemic in India and high-frequency data recovery has slowed for a short time.
The World Bank said earlier this year that India’s real gross domestic product (GDP) growth would be between 7.5 and 12.5 per cent in the current financial year. International Monetary Fund (IMF).
The World Bank said in a statement on March 31 that the Indian economy had been sluggish before the Govt-19 epidemic. After reaching 8.3 per cent in the 2016-17 financial year, the economic growth will be at least four per cent in the financial year 2019-20. According to the World Bank, the recession was triggered by a decline in private consumption growth and subsequent shocks to the financial sector.
Meanwhile, the Monetary Policy Committee, headed by the Reserve Bank of India (RBI), yesterday maintained its GDP growth at 9.5 per cent for the fourth quarter of the current fiscal, 2021-22.
The central bank cut its inflation estimate to 5.3 percent as it assessed the economy at a time of steady rise in activity with the calculated improvement in the vaccine movement. At present, a quarter of India’s adult population is fully vaccinated and nearly 71 percent are partially vaccinated, according to government data.