India’s economy to grow by 8.3%, making it 2nd fastest growing-major economy

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By Arul Louis
United Nations, Oct 8 |
India’s economy is expected to grow by 8.3 per cent this fiscal year, according to the World Bank, making it the second-fastest-growing major economy.

The Bank’s Regional Economic Update released on Thursday said that after the “deadly second wave” of Covid-19 in India “the pace of vaccination, which is increasing, will determine economic prospects this year and beyond”.

“The trajectory of the pandemic will cloud the outlook in the near-term until herd immunity is achieved,” it cautioned.

According to the Update issued ahead of the Bank’s annual meeting next week, India’ gross domestic product (GDP) — which shrank by 7.3 per cent (that is, a minus 7.3 per cent) under the onslaught of the pandemic last fiscal year — is expected to record the 8.3 per cent growth this fiscal year, which will moderate to 7.5 per cent next year and 6.5 per cent in 2023-24.

Of the major economies, China is ahead with its economy expected to grow by 8.5 per cent during the current calendar year after the Bank revised it upwards from the 8.1 per cent projection in April.

China’s growth rate is projected to come down to 5.4 per cent next year and 5.3 per cent in 2023. Last year, it grew by 2.3 per cent.

For the entire South Asia region, the Bank’s Update estimates the GDP growth to be 7.1 per cent this year and the next.

Maldives’ tiny economy of $3.8 billion, which had the steepest fall of 33.6 per cent last calendar year is expected to recover and record a growth of 22.3 per cent this year. Next year it is expected come down to 11 per cent and 12 per cent in 2023.

Bangladesh, which recorded a growth of 5 per cent last fiscal year, is expected to grow by 6.4 per cent this year and 6.9 per cent the next.

Pakistan’s economy that grew by 3.5 last fiscal year, is expected to grow by 3.4 per cent this year and 4 per cent next year.

For Sri Lanka, the Bank expects a growth of 3.3 per cent this calendar year compared to a shrinkage of 3.6 per cent last year and to grow by 2.1per cent next year and 2.2 per cent the following year.

Bhutan, which had a negative growth of 1.2 per cent the last fiscal year, is expected to reach 3.6 per cent this fiscal year and 4.3 per cent the next.

Nepal’s growth is expected to rebound from last fiscal year’s 1.8 per cent to 3.9 per cent this fiscal year and 4.7 per cent the next.

The Bank said, “The Covid-19 pandemic led India’s economy into a deep contraction in FY21(fiscal year 2020-21) despite well-crafted fiscal and monetary policy support.”

It said that growth recovered in the second half of the last fiscal year “driven primarily by investment and supported by aunlocking’ of the economy and targeted fiscal, monetary and regulatory measures. Manufacturing and construction growth recovered steadily.”

Although significantly more lives were lost during the second wave of the epidemic this year in India, compared to the first wave in 2020, “economic disruption was limited since restrictions were localised,” with the GDP growing by 20.1 per cent in the first quarter of the current fiscal year compared to the first quarter of 2020-21, the Update said.

It attributed the spurt to “a significant base effect” (that is, coming off a very big fall in the compared quarter), “strong export growth and limited damage to domestic demand.”

Looking ahead, the Bank’s Update said that “successful implementation of agriculture and labour reforms would boost medium-term growth” while cautioning that “weakened household and firm balance sheets may constrain it.”

“The Production-Linked Incentives scheme to boost manufacturing, and a planned increase in public investment, should support domestic demand,” it said.

The extent of recovery during the current fiscal year “will depend on how quickly household incomes recover and activity in the informal sector and smaller firms normalises.”

Among the risks, it listed “worsening of financial sector stress, higher-than-expected inflation constraining monetary-policy support, and a slowdown in vaccination.”

Taking stock of the pandemic’s effects, the Bank said, “The toll of the crisis has not been equal, and the recovery so far is uneven,leaving behind the most vulnerable sections of the society – low-skilled, women, self-employed and small firms.”

But it said that the Indian government has taken steps to strengthen social safety nets and ease structural supply constraints through agricultural and labour reforms deal with the inequality.

It said that the government continued investing in health programs “have started to address the weaknesses in health infrastructure and social safety nets (especially in the urban areas and the informal sector) exposed by the pandemic.”

(Arul Louis can be reached at arul.l@ians.in and followed @arulouis)

Source: IANS

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Guy Kawasaki has rightly said that pursuing your passions makes you more interesting, and interesting people are enchanting. Passion is an underrated term as people believe more in hard work and dedication. We often forget that passion is what guides us to success. Deependra Singh Shekhawat is one of the few who proved that hurdles are hidden opportunities, and when utilized appropriately, they will lead you to victory.

Deependra Singh Shekhawat, being the son of a farmer, has the background of a middle-class family. He belongs to a small village of Udaipurwati, district Jhunjhunu of Rajasthan. However, his status never deterred him from dreaming. Dreams full of his passion gave him the strength to fight the battles in his life. After graduation, he initially started from a regular job. However, he was not content with his occupation. He sensed stagnancy in his career. Soon, he started thinking and strategizing about business. This thought process led him to join a renewable energy company, Adani Renewable Energy, to learn about business as the next step in his professional journey. From then on, there was no stopping him; he was on a roll. In 2015, he established Vertex Solution Company and became one of the top vendors of Adani Solar Energy. He went the extra mile by working with India’s well-known renewable energy organizations as Avada Sola, Tata Solar, O2 Power, and many more.

Deependra says that his passion for renewable energy spawns from the fact that renewable energy is one of the significant contributors to boosting the country’s economy and generating jobs. He further adds that adopting renewable sources of energy is a healthier option. He claims it is high time we start living peacefully with nature for the sanity of itself and humankind. Additionally, he has provided with job opportunities for the youth of his village Sarai and has become the Youth icon of Rajasthan. Despite belonging to a middle-class family, he left no stones unturned to achieve success and rose from the bottom of the pit to flying like an eagle. From having big dreams to making others’ dreams come true, he has come a long way.

His journey is inspiring hundreds and thousands of youngsters of middle-class families throughout the country. People are burning with passion after witnessing the change in his life. His life journey is constantly changing the lives of many for the best. He is igniting the fire of eagerness for victory in them.

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Recruitment Mantra to introduce its new job portal MyhireIndia for a seamless recruitment process

India witnessed massive downfall in the employment rate in the year 2020. Not only have the youth been denied equal job opportunities, but some of the upcoming job trends have also failed the modern age individuals.

Today, job sites are the most widely used portals used by individuals across the globe to find the right job that meets the qualification requirements. Every job is one search away. These portals have transformed the recruitment process to provide seamless and unified  experience to individuals.

Crediting the same, Recruitment Mantra is going to introduce their own job portal named myhireindia.com to enable recruiters and individuals find the best job as per their requirement. The portal will enable employers to post unlimited jobs in this portal and hire the right talented candidates as per their requirements at free of cost. Jobseekers can register and upload their CV in this portal free of cost and can also search and apply for unlimited job openings through this portal.

Emerging as one of the best job sites in India that acts as a bridge between recruiters and job seekers, the platform has uniquely been curated to serve as a comprehensive for both students and young professionals looking for employment opportunities in their preferred location.

As one of the best job portals in India, MyhireIndia allows its users to search for either internship or job opportunities within a few clicks. The company review section enables the users to go through the reviews from the companies registered on the platform to get a glimpse of the work-life at the firm behind the curtain.

  • Keyword search: The keyword search function available on job search sites allows users to look for his/her preferred jobs in a single-click just by typing in the job keyword like retail jobs, media, pharmacy job, etc. on the keyword search bar.
  • User-friendly interface: The job site is developed for the key purpose of making job searches easier for its users. A user-friendly interface allows users to browse through job opportunities in his/her preferred areas of life without losing his/her focus in doing the same.
  • Options to filter preferences: The filters available on the job site allow users to filter out their job preferences exactly according to their needs and requirements. You can filter out your job search with your location, salary, job type, and other preferences.
  • Easy application process: If a job site has a complicated application option for jobs, it will automatically receive backlash for its services. The platform serves an easy application option to users, allowing them to apply for jobs within minutes.

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