India forecasts 11% growth for 2021-22

Published : 30 Jan 2021, 13:27

Sahos Desk

India projected its pandemic-stricken economy on Friday to expand by 11 percent in the 2021-22 financial year, after contracting this year by 7.7 percent.

The government's annual economic survey supports a prediction by the International Monetary Fund that India will rise by 11.5 percent in the next financial year.

The report, released ahead of the government announcing its annual spending plans on Monday, said that after the biggest economic recession in more than four decades, there will be a 'V-shaped' recovery.

India projected its pandemic-stricken economy on Friday to expand by 11 percent in the 2021-22 financial year, after contracting this year by 7.7 percent.

The government's annual economic survey supports a prediction by the International Monetary Fund that India will rise by 11.5 percent in the next financial year.

The report, released ahead of the government announcing its annual spending plans on Monday, said that after the biggest economic recession in more than four decades, there will be a 'V-shaped' recovery.

The country of 1.3 billion people was the second worst-hit coronavirus country in the world, with 10.5 million infections.

But in recent weeks, new confirmed cases have dropped sharply, and officials hope that economic demand will be strengthened by a major vaccination campaign that began this month.

In presenting the annual budget on Monday, Nirmala Sitharaman, finance minister, must juggle between restricted resources and an urgent need for social and infrastructure expenditure.

Recent attempts to minimize regulation and promote investment in the agricultural and defense sectors have been highlighted in the survey.

 

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