According to the latest World Bank report, India’s economy is expected to grow at the rate of 8.3 percent. India will benefit through health related and other development strategies.
world bank report
Due to the Corona epidemic, it has had a bad effect on all the countries of the world including India. This has derailed the economy. But gradually when the situation becomes normal again, the World Bank expressed hope for its betterment. During this, the World Bank also expressed confidence about the Indian economy and said that by the financial year 2021-2022, the economy is expected to grow at the rate of 8.3 percent.
In a report released by the Washington-based World Bank on Tuesday, it was told that the second wave of COVID-19 in India has affected other things including services. Improving the economy since the beginning of the pandemic is creating hurdles for India. 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 the rate of 6.5 percent.
During this, the World Bank also gave estimates about the global economy 2021. According to the report, there is a possibility of expansion up to 5.6 percent. Whereas India is expected to expand to 8.3 percent of GDP in the fiscal year 2021/22 starting April 2021.
According to the report, “The restrictions imposed in the states due to the increase in COVID-19 cases came to a standstill due to the work and retail trade. Also the traffic decreased. This has slowed growth by more than a third since March. But marking a significant policy shift towards higher spending on health care and infrastructure to bolster the post-pandemic economy through the FY21 budget will benefit.
Businessmen have got relief from the Reserve Bank of India providing financial help to micro, small and medium firms and relaxing the rules of non-performing loans. However, policy support may be needed to further develop such measures and address renewed health and economic problems.