The International Monetary Fund has projected a 12.5 percent growth for India for FY22 in its fresh outlook
Bengaluru: The International Monetary Fund has projected a 12.5 percent growth for FY22 in its fresh outlook.
India Today notes that the 12.5 per cent growth projection is the highest not just among the countries that form the emerging economies but also among the elite group of advanced economies.
It is also to be noted that the body estimates GDP to contract by 8 percent.
IMF’s latest growth projection for India is one per cent higher than its previous prediction of 11.5 per cent in January.
“It’s one year since Covid-19 was declared a global pandemic, a year of terrible loss of lives and livelihoods. The rising human toll worldwide and the millions of people that remain unemployed are grim markers of the extreme social and economic strain that the global community still confronts,” the IMF’s outlook stated.
“Yet, even with high uncertainty about the path of the pandemic, a way out of this health and economic crisis is increasingly visible. Adaptation to pandemic life has enabled the global economy to do well despite subdued overall mobility, leading to a stronger-than-anticipated rebound, on average, across regions. Additional fiscal support in some economies — on top of an already unprecedented fiscal response last year and continued monetary accommodation —further uplift the economic outlook,” it added.
“As the vaccination drive continuously upscales in India and guided by the learnings of India’s successful management of pandemic during its first wave, India is now well armed to combat any downside risk posed by the recent surge in Covid-19 cases. With the end of a challenging FY 2020-21, the crest of a brighter and self-reliant FY 2021-22 awaits India,” the body said about how India had handled the pandemic during the 1st wave.
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