New Delhi: India is currently badly affected by the second wave of the Corono virus. Due to lockdown in many states, industries have all been shut down and the economy has derailed once again. The opposition has been consistently alleging that the Modi government is pushing the country into poverty and the economy will get worse in the coming days. But in the meantime, a major statement from the United Nations (UN) has surfaced. In a statement last Tuesday, UN said, India's Gross Domestic Product (GDP) growth rate is projected at 10.1 per cent in 2022.
UN said India will be the fastest growing economy among major countries of the world at that time. It also said that in 2022, the growth rate will be higher than that of China. The report projected China's growth rate at 5.8 per cent in 2022, down from the expected 8.2 per cent in 2021. However, UN also said that the growth scenario of 2021 is still looking extremely fragile. This is due to the rapid spread of pandemic in the country. UN said in a mid-term review of the World Economic Situation and Prospects (WESP) Report that India's growth rate will be 10.1 per cent in 2022. This is nearly double the 5.9 per cent increase in the report released in January.
The mid-term report projected India's growth rate at 7.5 per cent in 2021, compared to a decline of 6.8 per cent in 2020. On the other hand, Dr. Arudeep Nandi of Nomura says that the economy is in recession due to the outbreak of corona virus. The Nomura India Business Resumption Index (NIBRI) has reached a pre-epidemic level of 64.5 per cent in the week ended May 9 amid the ongoing war against the corona epidemic in India. This week, it has declined by another 5 per cent.
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