The international rating agency has reduced the rate of India’s GDP to 9.5% from the estimated 11% in March in view of the lockdown imposed during the second wave of Corona and the possibility of a new wave of Corona in the coming times. Along with this, Global Economic Research Agency Oxford Economics has also warned that the speed of vaccination in India is low and in such a situation, due to rapid unlocking by state governments, there is a risk of corona cases increasing again. On the economy weakened by the second wave of Corona, now the shadow of increasing suspicion about the new wave of the epidemic is deepening.
World Bank estimates, India’s GDP growth rate will be 8.3% in 2021, much less than RBI’s target
Global rating agency Standard and Poor Global Ratings has in its latest assessment report, the estimated pace of the Indian economy in 2021-22 will decline to 9.5% from the estimated 11% in March. Economic activities have been affected due to the lockdown in April-May. The threat to the economy may increase again due to the fear of a new wave of corona epidemic.
Lowest GPD growth: After the biggest setback in 40 years, SBI also reduced its estimate
On the other hand, Global Economic Forecasting Agency Oxford Economics has said in its latest report on the Indian economy that states have started giving relaxation in lockdown after the decline in corona cases. But the vaccination rate is still low in states with more population that are important from an economic point of view. We feel that this reopening strategy is not prudent as it may increase the cases of corona infection again. Keeping this in view, we have set the growth forecast for 2021 at 9.1%. is maintained.
S&P: India’s projected growth rate slows