8th June, 2021
The World Bank has released India's GDP growth forecast for the year 2021. The World Bank has said that the Indian economy is expected to grow at 8.3 percent in 2021. Earlier, the World Bank had said that in the financial year 2021-22, the Indian economy will grow at the rate of 10.1 percent. A report released by the Washington-based World Bank on Tuesday said that the second wave of COVID-19 in India has affected other things including services.
The World Bank said that a lot of coronavirus infection cases have been registered in India, which has also affected the economy. Regarding the global economy, the World Bank said that in the year 2021, the global economy is estimated to grow at the rate of 5.6 percent.
According to the World Bank report, India's economy recorded a growth rate of four percent in 2019, however, in the year 2023, India's economy may grow at a rate of 6.5 percent.
Recently, the domestic credit rating agency CRISIL reduced its GDP growth forecast for the country for the current financial year 2021-22. Crisil reduced its estimate for the country's GDP growth for the current financial year to 9.5 percent from the earlier 11 percent. The rating agency cut its GDP growth forecast due to the impact on private consumption and investment due to the second wave of the corona virus epidemic. Prior to Crisil, several credit agencies have lowered their GDP growth estimates for the current fiscal.
Earlier, Moody's Investors Service had projected India's GDP growth at 9.3 percent for the current financial year ending March 2022. At the same time, the rating agency has estimated the country's GDP growth to be 7.9 percent in the financial year 2023.
Let us inform you that recently the government released the GDP figures for the financial year 2020-21. In the fourth quarter of the financial year 2020-21, the country's growth rate has been at 1.6 percent, but in the entire financial year 2020-21, India's economy registered a contraction of 7.3 percent. In the data released by the Ministry of Statistics and Program Implementation, it has been said that in the financial year 2019-20, the country's growth was at four percent.