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Indian Economy Is Recovering From Covid-19 Crisis, Says World Bank President – Good News: World Bank said – Indian economy is recovering from Corona crisis

Business Desk, Amar Ujala, Washington

Published by: Mukesh Kumar Jha
Updated Wed, 13 Oct 2021 10:31 PM IST

Summary

World Bank President David Malpass has said that the Indian economy is recovering from the Corona crisis and we welcome it.

World Bank President David Malpass said on Wednesday that the Indian economy, which has deteriorated due to the Corona epidemic, is improving and is recovering from this crisis. He said that India is facing great challenges of mobilizing more people in the formal sector economy and increasing the income of the people. Although, it has made some progress in this but it is not enough.

Indians have suffered a lot from Corona
Talking to reporters here, Malpas said, “Indians have been badly affected by the coronavirus pandemic and it is unfortunate. During this, he has praised India for its huge production of vaccines and vaccination efforts. He also said that the impact the pandemic has had on the Indian economy and its informal sector needs to be recognized. At the same time, in response to a question, he said, ‘Indian economy is recovering and we welcome it. It has overcome the latest wave of Kovid. It’s a good thing. But India, like other countries, is now being hit by supply chain disruptions and rising inflation in the world.

Indian economy to grow at 8.3 percent
Last week the World Bank said that the Indian economy is expected to grow at 8.3 per cent in 2021-22. However, this is lower than previously estimated for a second wave of the pandemic in early 2021. Hans Timmer, Chief Economist (South Asia) of the World Bank, said that this does not seem like much given the sharp decline in the economy last year, but I think it is really very important given the deadly second wave and the seriousness of the health crisis. There is positive news. We are still positive about the possible outcomes for the Indian economy. The more progress we are making in the current year, the lesser the uncertainty. On March 31, the World Bank had said in a report that during 2021-22, the real growth rate of India’s GDP could be between 7.5 to 12.5 percent.

Expansion

World Bank President David Malpass said on Wednesday that the Indian economy, which has deteriorated due to the Corona epidemic, is improving and is recovering from this crisis. He said that India is facing great challenges of mobilizing more people in the formal sector economy and increasing the income of the people. Although, it has made some progress in this but it is not enough.

Indians have suffered a lot from Corona

Talking to reporters here, Malpas said, “Indians have been badly affected by the coronavirus pandemic and it is unfortunate. During this, he has praised India for its huge production of vaccines and vaccination efforts. He also said that the impact the pandemic has had on the Indian economy and its informal sector needs to be recognized. At the same time, in response to a question, he said, ‘Indian economy is recovering and we welcome it. It has overcome the latest wave of Kovid. It’s a good thing. But India, like other countries, is now being hit by supply chain disruptions and rising inflation in the world.

Indian economy to grow at 8.3 percent

Last week the World Bank said that the Indian economy is expected to grow at 8.3 per cent in 2021-22. However, this is lower than previously estimated for a second wave of the pandemic in early 2021. Hans Timmer, Chief Economist (South Asia) of the World Bank, said that this does not seem like much given the sharp decline in the economy last year, but I think it is really very important given the deadly second wave and the seriousness of the health crisis. There is positive news. We are still positive about the possible outcomes for the Indian economy. The more progress we are making in the current year, the lesser the uncertainty. On March 31, the World Bank had said in a report that during 2021-22, the real growth rate of India’s GDP could be between 7.5 to 12.5 percent.

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