World Bank Slashes India’s Growth Forecast To 8.3% For Current Fiscal

The projected growth compares to the worst ever contraction of 7.3 per cent observed in the fiscal year. The World Bank slashed its 2021-22 GDP India’s growth predict to 8.3 per cent from 10.1 per cent evaluated in April. As economic recovery is being hampered by the destructive second wave of coronavirus infections.

It projected a 7.5 per cent economic growth in the 2022-23 fiscal (April 2022 to March 2023). India’s recovery is being hampered by the largest outburst of any country since the beginning of the pandemic.

In April this year, the World Bank had predict a 10.1 per cent growth in Indian GDP for FY22. This was higher than 5.4 per cent it had projected in January.

The multilateral lending agency said India’s GDP is likely to grow by 6.5 per cent in 2023-24.

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How it will affect India’s growth

“For India, GDP in fiscal year 2021/22 starting from April 2021 is expected to enlarge 8.3 per cent,” it said.

Activity will benefit from policy support. Including higher spending on infrastructure, rural development, a stronger-than expected recovery in services.

The forecast for FY22 factors in expected economic damage from an enormous second COVID-19 wave.

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“The pandemic will undermine consumption and investment as confidence remains saddened and balance sheets damaged. According to the World Bank, in India, the FY 2021/22 budget marked a notable policy shift.

The Reserve Bank of India (RBI) announced measures to support liquidity provision to micro, small and medium firms.

The renewed outbreak, however, may require further targeted policy support to address the health and economic costs,” it added.

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