Read more about Indian economy may contract by 9.6% in 2020, grow at 7.3% in 2021: UN on Business Standard. In 2020, the world economy shrank by 4.3%, over two and half times more than during the global financial crisis of 2009The modest recovery of 4.7% expected in 2021 would barely offset the losses of 20
India’s economy may contract 9.6% in 2020: UN report
India’s economy may contract 9.6% in 2020: UN report
A new United Nations report has indicated that the Indian economy may contract 9.6 per cent in 2020. However, it also projected the economy to grow at 7.3 per cent in 2021.
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UPDATED: January 26, 2021 13:45 IST
The Indian economy is expected to bounce back in 2021 after contracting in 2020. (Photo: Reuters)
India s economy is projected to grow at 7.3 per cent in 2021, even as it is estimated to contract by 9.6 per cent in 2020 as lockdowns and other efforts to control the COVID-19 pandemic slashed domestic consumption, the UN has said.
Representative image: An employee works inside a garment factory in Mumbai. | Danish Siddiqui/Reuters
The International Monetary Fund on Tuesday projected an 11.5% growth rate for India’s economy in 2021, in its World Economic Outlook report for January. The body estimated that India’s economy contracted by 8% in 2020. The figure is a positive revision of its estimate in October 2020, when it had predicted that the growth rate will shrink by 10.3%.
The IMF report suggested that India will be the only major economy to register a double-digit growth this year, followed by China, which is expected to grow by 8.1% in 2021. However, China grew by 2.3% in 2020, according to the IMF data, making it the only major economy to record positive growth. China thus has a higher base for year-on-year GDP growth rate calculation.
Red Fort breached, internet put off: Farmers tractor rally holds up Delhi Thousands of farmers on tractors entered New Delhi on Tuesday as the country marked its Republic Day, escalating protests against new agricultural laws passed by the government. TV news channels flashed images of farmers hoisting flags at Red Fort in the heart of Delhi, with hundreds of them deviating from agreed routes. Farmers commandeered cranes and used ropes to tear down roadblocks miles from routes approved by the police, forcing the police in riot gear to fall back and let them pass during Republic Day celebrations, news reports said.
India s economy is projected to grow at 7.3 per cent in 2021, even as it is estimated to contract by 9.6 per cent in 2020 as lockdowns and other efforts to control the COVID-19 pandemic slashed domestic consumption, the UN has said.