United Nations raises India’s growth forecast for 2021 to 7.5%, says outlook ‘highly fragile’ due to COVID-19 second wave
World Economic Situation and Prospects (WESP) by UN estimated that the Indian economy's growth rate will be 10.1% in the year 2022
World Bank said public consumption will contribute positively, however, suppressed private demand is expected to fade by the end of 2021
Unlike other countries, Taiwan was successful in checking the spread of Coronavirus and avoided a strict lockdown.
IMF projects a contraction of 10.3% this year and a growth rate of 8.8% for the Indian economy in 2021
Noting the severe effects of lockdown on Indian economy, the World Bank said that India needed to continue with critical reforms to reverse the sudden effects of the pandemic.
Fitch Ratings stated that if India's Financial sector does not go down by 2021-22 then it will witness a growth of 9.5 percent.
Two days back, The IHS Markit had released its India Manufacturing Purchasing Manager’s Index, which showed an increase in manufacturing activity in the country. The index had risen to 55.3 in January from 52.7 in December.
India’s Prime Minister Mr Narendra Modi has declared his vision of making India a $5 trillion economy by 2024.
India’s GDP grew by 6.8% in the last financial year, quarterly rate fell below 6% in the last quarter
The GDP growth rate for the financial year 2018-19 was 6.8% at constant price, and 11.2% at the current price.
In the eight sectors, only crude oil production declined, all other seven sectors saw positive growth in March 2019.
One underlying reason for India’s growth to accelerate are the fact that the economy is now well transitioned from the tectonic shifts it went through due to successive reforms.
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