India's GDP To Grow 12.6 Per Cent In 2021-22, Projects OECD's Interim Economic OutlookPrime Minister Narendra Modi with Finance Minister Nirmala Sitharaman (Representative image)

India's economy is projected to grow at the rate of 12.6 per cent in 2021-22, making it the only major economy in the world to witness a double digit growth, according to an interim report by the Organization for Economic Co-operation and Development (OECD).

The OECD has raised India's growth rate projection by 4.7 percent from 7.9 Per Cent, which was projected in its December economic outlook report.

In its interim report on economic outlook, OECD said: “Activity moved above pre-pandemic levels in China, India, and Turkey, helped by strong fiscal and quasi-fiscal measures and a recovery in manufacturing and construction.”

The projection for global economic growth has also been raised by 1.4 per cent to 5.6 Per Cent in 2022-23 in the OECD economic outlook report.

The OECD, however, pegged India's economic growth rate to come down to 5.4 per cent in 2022-23. Despite the fall in the growth in FY23, India will be one of the fastest growing major economy, according to the OECD.

Further, the Indian economy was officially projected to decline by 8 per cent in the current fiscal year. However, OECD believes that contraction would be less steep at 7.4 per cent, reports Business Standard.

An Appeal...

Dear Reader,

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.

Become A Patron
Become A Subscriber
Advertisement