The International Monetary Fund (IMF) has projected India’s economic growth rate to be 11.5 percent in 2021. Amidst the corona virus epidemic, India is the only country in large economies whose economic growth rate will be in double digits this year. The IMF has forecast an increase in its latest world economic scenario released on Tuesday. This explains the rapid revival in the economy.
In the year 2020, it is estimated to fall by 8 percent due to the epidemic. The Monetary Fund forecast an 11.5 percent increase in 2021 in the updated report. In this context, next year, India will be the only country in the big economies whose growth rate will be in the double digits. China will be second in terms of growth with 8.1 percent in 2021. After that, Spain (5.9 percent) and France (5.5) are estimated to be ranked respectively.
The IMF revised the data saying that the Indian economy is projected to decline by 8 percent in 2020. China is the only major country whose growth rate is estimated to be positive 2.3 percent in 2020. According to the Monetary Fund, in 2022, India’s economic growth rate is expected to be 6.8 percent and China will be 5.6 percent.
With this latest estimate, India has regained the status of a developing country with rapid economic growth. Earlier this month, IMF managing director Christelin Jarjeva said that India has indeed taken decisive steps in dealing with the epidemic and its economic impact.
He had said that ‘Lockown’ was a big step in the population of India and the way people live nearby. India then imposed targeted sanctions and ‘lockdowns’. The IMF chief said that policy steps were taken with this. “… if you look at the indicators, India has reached the pre-Kovid level today. That is, there has been a significant revival in the economy.
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