Insta
After 10.3 Per Cent Contraction In FY21, Indian Economy To Bounce Back With 8.8 Per Cent Growth In FY22: IMF
Swarajya Staff
Oct 14, 2020, 08:08 AM | Updated 08:08 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Revising its growth estimates for India, the International Monetary Fund (IMF) on Tuesday (13 October) observed that India will witness an economic contraction to the tune of 10.3 per cent in 2020-21, following which it shall see strong rebound of 8.8 per cent in 2021-22, reports Economic Times.
As per the IMF, India's projected growth of 8.8 per cent in 2021-22 will be the highest in the world.
Meanwhile, elaborating on the 10.3 per cent of estimated contraction in the ongoing year, IMF said that the revision is on account of the economy contracting much more severely than expected in the second quarter which ended in September.
It should be noted that days ago the Reserve Bank of India (RBI) had also shared its estimate of a 9.5 per cent contraction in the economy in the ongoing year. The World Bank has also projected a 9.6 per cent contraction for the ongoing year.
The IMF report said that all the emerging market and developing economies including India and Indonesia are expected to contract. Meanwhile, China's economy is expected to post a growth of 1.9 per cent in this 2020-21.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.