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Imf slashed indian economy growth rate 3 per cent in fy2021-22

Imf slashed indian economy growth rate 3 per cent in fy2021-22
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Imf slashed indian economy growth rate 3 per cent in fy2021-22

Imf slashed indian economy growth rate 3 per cent in fy2021-22

The International Monetary Fund has retained its global growth forecast for 2021 at 6 per cent. Whereas the Indian economy has cut its previous estimate of growth rate by 3 percent.

New Delhi. After the second wave of the Corona epidemic, the International Monetary Fund (IMF) has cut its previous estimate of the growth of the Indian economy in its report. The IMF has said in the latest estimate that India’s economic growth rate will be 9.5 percent in the current financial year 2021-22. It has also been told that due to the second wave of corona virus and slow vaccination campaign, the confidence of the consumers is slowly returning.

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Signs of an increase of 1.6 growth rate in 2022

Apart from this, the IMF has now cut the previous estimate of 12.5 percent by 3 percent. The IMF report states that the second wave of corona during March-May 2021 has reduced the prospects of development in India. At the same time, the IMF has increased India’s growth forecast for the financial year 2022 by 1.6 percent. The country’s growth rate may increase by 8.5 percent in the next year. But it has been warned that due to the new variant or wave of Corona, economic reforms may be affected worldwide.

Global growth rate remains at 6%

The IMF has retained the global growth forecast for 2021 at 6 percent. While for emerging markets like India and developing economies, especially emerging Asia, the IMF has lowered growth projections. The economies of those countries have been looked at with hope, which have better access to corona vaccines.

Big challenge before India and Indonesia

Earlier, the IMF had raised much better expectations about the Indian economy. The IMF had projected India’s economic growth rate to reach 12.5 percent in FY 2021. The Monterrey Fund has said in the report that India and Indonesia have the most challenges in the G-20 countries. Kovid-19 will have a minor impact in the financial year 2021-22 on the fast-vaccination economies like Britain and Canada.

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