The International Monetary Fund said ahead of next month’s meeting with the World Bank that the Indian economy is on the path of gradual improvement. IMF spokesman Gerry Rice said the Indian economy is on a path of gradual recovery and real GDP in the fourth quarter of 2020 […]
Indian economy on the path of reform
The International Monetary Fund said ahead of next month’s meeting with the World Bank that the Indian economy is on the path of gradual improvement. IMF spokesman Gerry Rice said, “The Indian economy is on a path of gradual recovery and real GDP growth could be positive again in the fourth quarter of 2020.” This would be the first time since the onset of the epidemic, and this is supported by an increase in gross, stable capital formation.
New variants of Corona and risk from lockdown
Also, in the first quarter of this year, high frequency indicators including PMI trading and mobility are showing signs of steady improvement, Rice said. However, there have also been risks due to recent variants and locally applicable lockdowns.
The IMF is going to release its World Economic Outlook on 6 April. Explain that for the first time after the negative growth in the last two quarters, the country’s GDP has come in positive in the third quarter. GDP growth stood at 0.4 per cent in the third quarter of the current fiscal year ie December quarter.
Indian economy recovering faster than anticipated
Fitch has stated in its latest global economic scenario (GEO) that India is recovering faster than expected from the recessionary situation caused by the lockdown. Fit Ratings has raised India’s growth rate estimate to 12.8 per cent for the next financial year 2021-22. Earlier the rating agency had estimated the growth rate to be 11 per cent in the next financial year.
Rating agency Moody’s also expressed confidence
Moody’s said that the demand of the country and abroad has improved after easing the hooks. This has led to increased manufacturing output in recent months. “We estimate that private consumption and non-resident investment will increase in the next few quarters, which will improve domestic demand in 2021,” Moody’s said. Moody’s estimates that the actual growth rate of GDP in the calendar year of 2021 will be 12 percent.
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