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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.