The World Bank has recently increased its projections for India’s economic growth by 4.7 percentage points to 10.1 per cent for Financial Year 2021-22, citing a strong rebound in private consumption and investment growth. The latest estimate is significantly higher than the 5.4 per cent growth rate predicted by the World Bank in January this year.
However, given the uncertainty that plagues the world, the World Bank has provided a range of economic growth for India— 7.5 to 12.5 per cent, according to its South Asia Economic Focus Spring update report.
“Given the significant uncertainty pertaining to both epidemiological and policy developments, real GDP growth for FY’22 can range from 7.5 to 12.5 per cent, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy recovers,” it said.
The report also forecasts the Indian economy to decline by 8.5 per cent in FY 2021, higher than eight per cent as estimated by India’s National Statistical office.
Read More at https://www.opindia.com/2021/03/world-bank-revises-indias-gdp-growth-forecast-from-5-4-to-10-1
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