The country's GDP will grow the fastest in the world, Gross domestic , product, india, japan, china, Gross, domestic product | The country's GDP will grow the fastest in the world, there may be a growth of 8-9% in 2021-22 | NewsBust The country's GDP will grow the fastest in the world, Gross domestic , product, india, japan, china, Gross, domestic product | The country's GDP will grow the fastest in the world, there may be a growth of 8-9% in 2021-22 | NewsBust

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The country’s GDP will grow the fastest in the world, Gross domestic , product, india, japan, china, Gross, domestic product | The country’s GDP will grow the fastest in the world, there may be a growth of 8-9% in 2021-22

By Amit - January 14, 2022

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Mumbai3 hours agoAuthor: Ajit Singh

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Despite the third wave of Corona, the country’s economy will shine. It will grow at the fastest rate in the world. During the current fiscal year 2021-22, the GDP can grow at the rate of 8 to 9%.

The world economy will grow at the rate of 5.5%

According to the World Bank, the GDP of the whole world can grow at the rate of 5.5% in this year while during April 2022 to March 2023 it can grow at the rate of 4.1%. The US economy will grow by 5.6 and 3.7% during the same period, while China’s economy will grow at 8 and 5.1%.

Japan’s economy may grow at 1.7%

Similarly, Japan’s economy is projected to grow at 1.7 per cent in 2021-22 and 2.9% in 2022-23. While the economy of Russia can grow at the rate of 4.3 and 2.4%. India’s GDP is projected to grow at 8.3% in the current fiscal and 8.7% in the next year.

India’s economy is expected to grow at the rate of 8.3%

The World Bank has estimated that India’s GDP may grow at 8.3% during the fiscal year 2021-22. It had forecast a gain of 10.01% 7 months ago. Whereas between 2022-23 i.e. April 2022 to March 2023, it will grow at the rate of 8.7%. This is because the private sector will increase investment.

PLI scheme will help the country’s economy

The World Bank said that the Modi government’s Production Linked Incentive (PLI) scheme will help the country’s economy grow. Under this scheme, assistance of Rs 1.97 lakh crore will be given for 13 sectors in five years. Its major sectors are telecom, electronics, auto parts, pharma and solar energy etc. This will lead to a production of $520 billion in five years.

India’s GDP will grow manifold compared to emerging economies such as China, Indonesia and Bangladesh. China’s GDP can grow at 5.1%, Indonesia’s 5.2 and Bangladesh’s 6.4%.

United Nations estimate of 6.5%

Although the United Nations has estimated GDP growth at 6.5%. Its earlier estimate was 8.4%, which it said in 2021. It said that despite rapid vaccination progress in the country, shortage of coal and high oil prices could put a halt to the economic activities in the near term.

Oxford Economics estimates 7.9%

Global firm Oxford Economics estimates that GDP can grow at the rate of 7.9% in the current financial year. Its earlier estimate was 7.8%. The change in estimate is because the Kovid vaccination can be faster and it can lead to recovery. It said that we expect the third wave to have less impact on the economy.

Government’s expectation of 9.2%

Earlier, the government had said that the economy may grow at 9.2% during 2021-22. The data released on Friday said that this time will see good growth as compared to a decline of 7.3% in 2020-21. Its estimate is the highest in the last 17 years.

Omicron’s effect may be visible – UBS

Foreign brokerage house UBS has said that Omicron’s infection and overall economy activity will be impacted in the March quarter. Swiss brokerage house UBS Securities has slashed its estimates. Earlier it had talked about a rise of 9.5%, which has now been reduced to 9.1%. However, it is not seeing much impact of the third wave in the next financial year.

Citigroup downgrades

Foreign bank Citigroup has reduced GDP growth by 0.8% in view of the third wave of Corona. It said the country’s economy could grow at the rate of 9%. Earlier it was estimated at 9.80%. Rating agency ICRA has claimed in its released report that GDP growth can be 9% during this financial year and next financial year.

GDP-SBI may grow at the rate of 9.5%

Bank of America has estimated the impact of the third wave of Corona on consumption and demand. Both of these have been the main drivers of growth for the last few years. The country’s largest bank State Bank of India (SBI) has said that GDP growth at the rate of 9.5%. It believes that the third wave will not have much impact on the economy.

RBI’s estimate of 9.5%

RBI had said during its monetary policy in December that the country’s GDP could grow at the rate of 9.5%. Earlier, during 2020-21, the country’s economy showed a decline at the rate of -7.3%. This was the lowest growth in the last 40 years. Earlier in 1979-80 a growth of -5.2% was registered.

The GDP growth which was estimated 7 months ago, has all been reduced due to the third wave. For example RBI has reduced from 10.5% to 9.5, World Bank has reduced from 10.1% to 8.3%. UBS has reduced it from 11.5 to 9.1% and Citi from 12.5 to 9%.

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