Friday, 4 December 2020

World Bank cuts India’s growth projection to 6 per cent

Photo: AFP/archivo

NEW DELHI: The World Bank said that the India’s growth rate is projected to fall to 6 per cent after a deceleration of the economy in the initial quarters of this fiscal year. In 2018-19, the growth rate of India stood at 6.9 percent.

Established in 1944, the five institutions body, World Bank Group is headquartered in Washington, DC.

In its latest edition of the South Asia Economic Focus, the World Bank said that the country was expected to gradually recover to 6.9 percent in 2021 and 7.2 per cent in 2022. It assumed that the monetary stance would remain accommodative, given benign price dynamics.

The World Bank’s observation came through a report released ahead of the annual meeting of the World Bank with the International Monetary Fund. The report noted that India’s economic growth decelerated for the second consecutive year.

The growth rate had declined from 7.2 percent in the 2017-18 financial year to 6.8 percent in 2018-19.

Due to the pick-up in manufacturing activities, the industrial output growth increased to 6.9 percent. The growth in agriculture and the services sector moderated to 2.9 and 7.5 percent, respectively.

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