World Bank estimates, India’s GDP growth rate will be 8.3% in 2021, much less than RBI’s target
RBI GDP Growth Rate stood at -7.3 percent in the financial year 2020-21
Washington:
Reserve Bank during the financial year 2021-22 due to the second wave of Corona India’s growth rate Even though the estimate has been reduced to 9.5 percent, but the World Bank’s estimates are telling a more worrying situation. The World Bank on Tuesday released estimates for India’s economic growth rate, saying that the GDP growth rate will be around 8.3 percent in 2021 and 7.5 percent in 2022. The World Bank has said that the most dangerous second wave of the epidemic has hit economic recovery efforts. this RBI’s GDP Estimates much less than .
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In a report titled Global Economic Prospects (Global Economic Prospects), the World Bank has said that a rapid return was expected in the second half of 2020-21 in India, especially in the services sector, but the second wave of the Kovid-19 epidemic has caused this adversely affected. Since the onset of the pandemic, the worst wave hit India than any other country and adversely affected the economic revival. India’s economy has registered a decline of 7.3 percent in 2020. Whereas in 2019 there was an increase of 4 percent. India’s growth rate is projected to be 6.5 percent in the year 2023.
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The report said that the global economy is expected to grow by 5.6 percent in 2021. If that happens, it will be a strong jump after the recession in 80 years. Policy support, including higher spending on infrastructure, rural development and health, and a higher-than-expected jump in services and manufacturing will boost activity. The severe second wave of the Kovid-19 epidemic and the ‘lockdown’ at the local level from March 2021 for its prevention is expected to cause economic damage.
Consumption and investment will be adversely affected by the pandemic as confidence remains weak and books have been adversely affected. Growth is expected to slow down to 7.5 per cent in FY 2022-23. It shows the impact of Kovid-19 on the books of families, companies and banks. This will further weaken customer confidence and increase uncertainty in terms of employment and earnings.