India's economy has bounced back amazingly from the Covid-19 pandemic and nationwide lockdown over the last one year, but it is not out of the woods yet, according to the World Bank, which in its latest report has predicted that the country's real GDP growth for fiscal year 21/22 could range from 7.5 to 12.5 per cent.
Buoyed by an increase in public investment and incentives to boost manufacturing, India's economy is expected to grow by 8.3 per cent in the fiscal year 2021-22, less than the previous projection early this year before the country was hit by the second wave of the COVID-19 pandemic, the World Bank has said in its latest report. World Bank chief economist for the South Asia Region Hans Timmer told PTI here that when one looks at the high frequency data, they see that as a result of the second wave of the COVID-19 pandemic, the recovery paused, and some indicate that the recovery actually declined briefly. "We project for this fiscal year 8.3 per cent (growth rate for Indian economy) that is less than we projected early in the year before the health crisis caused by the second wave. "Given the sharp contraction of the economy last year, it might not look like a lot, but in my view, that is actually very positive news, given the violent second wave and the severity of the health crisis," he said on Thursday.
The World Bank on Sunday said the coronavirus outbreak has severely disrupted the Indian economy, magnifying the pre-existing risks to its outlook. In its 'South Asia Economic Update: Impact of Covid-19', the World Bank estimated the Indian economy to decelerate to 5 per cent in 2020 and projected a sharp growth deceleration in fiscal 2021 to 2.8 per cent in a baseline scenario.
The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday. However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.
Netherlands Coach Marco Van Basten named a 23-men squad on Sunday for next month's World Cup finals in Germany.
Manchester United goalkeeper Edwin van der Sar is making a brief Dutch comeback for this month's World Cup qualifiers. Netherlands coach Bert van Marwijk included Van der Sar, who retired from international football after Euro 2008, in his 22-man squad for the Group Nine games against Iceland in Rotterdam on October 11 and away to Norway four days later. Goalkeepers Maarten Stekelenburg of Ajax and Feyenoord's Henk Timmer, who is in the squad, are both nursing injuries.
Klaas Jan Huntelaar scored twice as Ajax Amsterdam defeated arch-rivals Feyenoord 3-0 in the Dutch League on Sunday.
The Chilean striker scored the winner in their UEFA Cup semi-final first leg against AZ Alkmaar.
Bhuvneshwar Kumar has emerged as one of the five players nominated for the LG People's Choice Award ahead of the ICC annual awards.
He is only the fourth cricketer to win the coveted prize after Sachin Tendulkar, who was the first recipient in 2010, Sri Lanka's Kumar Sangakkara, who won it in 2011 and 2012, and India captain Mahendra Singh Dhoni, who won it last year.
Pakistan women cricket team's head coach New Zealander Mark Coles has resigned on Thursday, months before the ICC World T20 in Australia.
Freestyle queen Katie Ledecky made sure of her third swimming gold medal of the Rio Olympics, and fourth of her career, after anchoring the US women to victory in the 4x200 meters relay on Wednesday.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances