The World Bank on Tuesday projected India’s economy to grow by 8.3 per cent in 2021 and 7.5 per cent in 2022. The World Bank has given this estimate after the unexpected second wave of COVID-19 hampered the recovery. The Washington-based global lender, while releasing its Global Economic Prospects, said that the severe second wave of corona virus in India is preventing a faster than expected recovery in the second half of the financial year 2020/21, especially in services.
It is to be noted in this that the growth rate of 8.3 per cent is expected to come after a decline of 7.3 per cent in 2020-21. That is, at the end of 2021-22, the country’s GDP will be barely one percent more than that of 2019-20. Which means one percent growth in two years. Earlier in 2019-20 i.e. even before the Corona crisis, the GDP growth rate of the country was only 4 percent.
Rate may remain 6.5 percent in 2023: World Bank
The World Bank said that India’s recovery is being hampered by the biggest outbreak in any country since the start of the pandemic. He said that India’s economy declined by 7.3 percent in 2020, while a growth rate of four percent was recorded in 2019. With this, it said that in 2023 it is expected to grow at the rate of 6.5 percent.
The bank said in its report that the global economy will grow at 5.6 percent in 2021, which is the fastest pace since the recession in 80 years. He said that India is expected to grow at the rate of 8.3 percent of GDP in the fiscal year 2021/22 starting April 2021. It said operations would benefit from policy support, including higher spending on infrastructure, rural development and health, and faster-than-expected recovery in services and manufacturing.
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The report said that although the estimate has been revised up by 2.9 percentage points, it reflects the huge economic loss from the severe second wave of COVID-19 and local restrictions since March 2021.