India forecasts 11% growth for 2021-22; Covid-19 cases slowing down - total at 10.73 million

  • India
  • Saturday, 30 Jan 2021

India's Prime Minister Narendra Modi pays homage at Rajghat, the memorial of India's founding father Mahatma Gandhi on Martyr's Day, in New Delhi on Saturday (Jan 30, 2020). - AFP

NEW DELHI, Jan 29 (AFP): India has forecast its pandemic-stricken economy would grow by 11 per cent in the 2021-22 financial year, after contracting by 7.7 per cent this year. The prediction, by the government's annual economic survey, backs an International Monetary Fund forecast that India will grow 11.5 per cent in the next financial year. The survey, released ahead of the government announcing its annual spending plans on Monday, said there would be a "V-shaped" recovery after the biggest economic decline in more than four decades. "After experiencing a sharp contraction of 23.09 percent in the first quarter of 2020-21, India is expected to be the fastest-growing economy in the next two years," said Krishnamurthy Subramanian, the government's chief economic adviser. The survey compared India's economic recovery from the coronavirus pandemic to the Indian cricket team's Test win in Australia this month. "Their resilience to rebound from 36 all out to winning the Test series was a V-shaped performance indeed!", it said. The country of 1.3 billion people has been the world's second worst-hit country by the coronavirus, with 10.7 million infections. But reported new cases have fallen dramatically in recent weeks, and authorities hope economic demand will be boosted by a major vaccination drive that started this month. In presenting the annual budget on Monday, Finance Minister Nirmala Sitharaman has to juggle between limited resources and a pressing need for social and infrastructure spending. The survey highlighted recent efforts to cut down on regulation and encourage investment in the agriculture and defence sectors. The government has faced violent unrest over its efforts to deregulate agricultural markets. Meanwhile, India's Covid-19 tally rose to 10,733,131 on Saturday as 13,083 new cases were registered during the past 24 hours, said the latest data from the federal health ministry. According to the official data, the death toll mounted to 154,147 as 137 Covid-19 patients died since Friday morning. There are still 169,824 active cases in the country, while 10,409,160 people have been discharged so far from hospitals after medical treatment. Jan. 16 was a crucial day in India's fight against the pandemic as the nationwide vaccination drive was kicked off during the day. So far more than 3.3 million people, mainly health workers, have been vaccinated across the country. According to the federal health ministry, as many as 213 adverse events following immunisation (AEFIs) have been reported till Friday evening. Two types of vaccines are being administered to the people in India. While the Covishield vaccine, made by the Serum Institute of India (SII), was supplied to all states, the Covaxin vaccine, made by the Bharat Biotech International Limited, was supplied to only 12 states.
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India , Economy , To Rise , 7% , 2021-2022 , Economists


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