World Bank revises growth projection for India at 8.3%

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Buoyed by an increase in public investment and incentives to boost manufacturing, India’s economy is expected to grow by 8.3% 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 pandemic, the World Bank has said in its latest report.
World Bank Chief Economist for the South Asia Region Hans Timmer said when one looks at the high frequency data, they see that as a result of the second wave of the Covid pandemic, the recovery paused, and some indicate that the recovery actually declined briefly.
On March 31, the World Bank said India’s real GDP growth for fiscal year 21/22 could range from 7.5 to 12.5% in its latest South Asia Economic Focus report released ahead of the annual meeting of the World Bank and the International Monetary Fund.
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
Headquarters: Washington, D.C., United States
President: David Malpass
Founded: July 1944, Bretton Woods, New Hampshire, United States.
Motto: "Working for a World Free of Poverty"