World Bank cuts India's FY22 estimated GDP growth to 8.3% from 10.1%

Updated : June 08, 2021 20:57:17 IST

The growth projection for India has been trimmed by the World Bank by about 2%.

If World Bank projections hold true, India is not likely to achieve its dream of becoming the fastest growing economy in this financial year.

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The latest World Bank report on global economic recovery post the COVID-19 pandemic has predicted India’s GDP growth at 8.3 percent for the financial year 2021-22. The growth projection has been slashed from 10.1 percent predicted in April due to the second wave of the COVID-19 in the country.

In its South Asia Economic Focus report in April, the World Bank raised India’s growth forecast compared to earlier prediction in January of 5.4 percent. The global lender also predicted India’s real GDP growth rate between 7.5 to 12.5 percent for the same period.

The World Bank has predicted India's growth rate at 7.5 percent for FY23. This is against its 5.8 percent forecast in April and 5.2 percent forecast in January for the same period. The projected growth rate for FY24 is estimated to remain at 6.5 percent.

However, in its recently released Annual Report, the RBI projected India’s real GDP growth rate at 9.5 percent in the financial year 2021-22. Other rating agencies have also projected a higher growth rate for India for FY22.

CRISIL has projected India’s growth rate to be at 9.5 percent while Moody’s estimated a 9.3 percent growth rate and Nomura estimates the same to be 10.8 percent.

Among the bankers the State Bank of India recently projected India’s growth rate to be at 7.9 percent, Barclay’s projected 9.2 percent and HSBC predicted 8 percent growth rate.

The World Bank predicts that the global economy will record the fastest post-recession economic recovery in 80 years. Global economic recovery will ride on "strong rebounds from a few major economies, adds the report. The report anticipates China to rebound at 8.5 percent growth this year.

The World Bank forecast for global economic growth projects 5.6 percent growth rate in 2021 as against -3.5percent in 2020. The report states that the global economic recovery will ride on "strong rebounds from a few major economies" like the United States and China.

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