Never miss a story

Get subscribed to our newsletter


×
Photo by Wikimedia Commons

International Monetary Fund said that India will continue to be the fastest growing economy

India will continue to be the world's fastest growing major economy, clocking a growth rate of 9.5 per cent this fiscal year and 8.5 per cent in the next, according to the International Monetary Fund (IMF) projections released on Tuesday.

The IMF's World Economic Outlook (WEO) kept the gross domestic product (GDP) growth forecasts it had made in July for India, whose Covid-battered economy had shrunk by 7.3 per cent in the last fiscal year. In July, while India was in the grip of Covid-19's second wave, the IMF had cut its forecast of 12.5 per cent made in April before the pandemic's resurgence by 3 per cent.

The WEO's long-term forecast for India's GDP growth is 6.1 per cent in 2026. In the WEO tables, China followed India with 8 per cent this year and 5.6 per cent the next - a reduction of 0.1 per cent for both years from the forecast made in July.

The UK came next with 6.8 per cent growth this year, followed by France at 6.5 per cent, and the US at 6 per cent.

The global economy is projected to grow 5.9 per cent in 2021 and 4.9 per cent in 2022 - a 0.1 percentage point lower for 2021 than in the July forecast.

The WEO said: "The downward revision for 2021 reflects a downgrade for advanced economies -- in part due to supply disruptions -- and for low-income developing countries, largely due to worsening pandemic dynamics."

IMF's Chief Economic Gita Gopinath said in her foreword to the WEO, "The global recovery continues but the momentum has weakened, hobbled by the pandemic. Fuelled by the highly transmissible Delta variant, the recorded global Covid-19 death toll has risen close to 5 million and health risks abound, holding back a full return to normalcy. Pandemic outbreaks in critical links of global supply chains have resulted in longer-than-expected supply disruptions, further feeding inflation in many countries. Overall, risks to economic prospects have increased, and policy trade-offs have become more complex," she warned.

They projected a wary outlook: "Overall, the balance of risks for (global) growth is tilted to the downside. The major source of concern is that more aggressive SARS-CoV-2 (Covid-19) variants could emerge before widespread vaccination is reached."

The WEO, which stressed the importance of vaccination, said:, "The development of Covid-19 vaccines was encouraged by unprecedented public support." As an example, it cited the help in scaling up manufacturing by the Indian government grants to vaccine producers.

The IMF forecast is more than a per cent higher than the World Bank's estimate of 8.3 per cent for this fiscal year, which puts it behind China's 8.5 per cent growth this year.

The Bank's Regional Economic Update released last week said India's GDP growth is expected to moderate to 7.5 per cent next year and 6.5 per cent in 2023-24.

The United Nations, which made its forecast for the calendar year, rather than the fiscal, said it expected India's economy to grow by 7.5 per cent this calendar year and rebound to 10.5 per cent next year. India's consumer price index is expected to grow by 5.6 per cent this fiscal year and by 4.9 the next, according to the IMF's WEO.

The Maldives, whose economy shrunk by 32 per cent last year, is expected to rebound to 18.9 per cent this year and moderate to13.2 per cent next year, the WEO said.

Elsewhere in South Asia, growth is expected to be slower. Pakistan's GDP is forecast to grow by 3.9 per cent this year, and by 4 per cent the next, and Bangladesh by 4.6 per cent this year and 6.5 per cent the next year, according to the WEO.

Sri Lanka's growth is forecast to grow 3.6 this year and moderate to 3.3 next year, while Nepal's GDP is expected to grow by 1.8 per cent this year and then rebound to 4.4 per cent, the report said.

Bhutan's economy is forecast to continue to shrink by 1.9 per cent this year, but grow by 4.2 per cent next year, according to the WEO. (IANS/JB)


Keywords: India, Indian Economy, IMF, GDP, Global Economy, United States, B


Popular

Photo by S'well on Unsplash

There's a lot of debate about whether or not you should eat after dinner.

By N. Lothungbeni Humtsoe

Do you have a strong desire for a late-night snack but you are trying to control the temptation to avoid gaining weight? Many people, due to many reasons, feel hungry again after having dinner. It can be due to work shifts, boredom, stress or if you have had a smaller or earlier dinner. There's a lot of debate about whether or not you should eat after dinner. And, if that's okay, what are the foods to consume at that hour? As per Dietitian and Nutritionist Sakina Mustansir, if you snack wisely, you will not gain weight.

Mustansir suggest foods that you can binge on late at night.

* Berries -- Berries are loaded with fibre which helps you feel full, besides they also contain magnesium, a mineral that relaxes nerves and muscles to speed faster.

bowl of red and black berries Berries are loaded with fibre which helps you feel full. | Photo by Brooke Lark on Unsplash

Keep Reading Show less
Wikimedia Commons

Bangles of every colour; red, green, blue, yellow, gold-lined, edged silver, you name it the city has it.

If you're even a little familiar with the Indian culture you'll be aware of the traditional bracelets made of glass worn by women in India. Firozabad, a small industrial town approximately 200 km from the capital of India, Delhi is famous for its glass industry and especially its bangles. Thus it is rightfully known as "The Bangle City" or the "The Glass City of India". This city had is notable for the production of the bulk amount of indigenous glass. Bangles of every colour; red, green, blue, yellow, gold-lined, edged silver, you name it the city has it. Gorgeous bangles with intricate designs and rich colours are the unique art crafted by the hands of thousands of artisans living in Firozabad.

Making glass useful and a decorative object has been the city's tradition for more than 200 years. 75% of Firozabad's population including children are directly or indirectly involved in the traditional glasswork industry. Bangle making is a household business with generations passing on traditional techniques, from grandparents to parents and then to children. The city employs thousands of craftsmen and around town. Some of the town's units run 24 hours. There are about 150 bangle-making and decoration units in the city. A single bangle is expected to move to pass as many as 45 to 50 hands before turning it from a pure lump of glass into a piece of disposable jewellery.

Keep Reading Show less
Unplash

Forums like Reddit are; at best a time-wasters and at worst invites cyberbullying.

By- Lisa Frank

When COVID-19 hit, teachers and students got a crash course in video conferencing apps and remote learning. While many schools are now transitioning away from the remote format, technology and education have nonetheless become inseparable. Interaction with others via the internet is now a fact of life both in school and outside of it.

Keep reading... Show less