World Bank Projects India’s Growth At -3.2%

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ON INDIA

The multilateral lending institution took note of measures taken by the government, including-
Spending on health care to bolster the covid-19 response, wage support, in-kind and cash transfers to lower-income households, deferral of tax payments, as well as loan and liquidity support for small businesses and financial institutions.
“Spillovers from contractingglobal growth and balance sheet stress in the financial sector will also adversely impact activity, despite some support from fiscal stimulus and continued monetary policy easing,“World bank added.

Most professional forecasters including Fitch, S&P, Goldman Sachs and UBShave projected the Indian economy to contract at least by 5%in FY21.
India significantly reopened its economy on Monday with resumption of operations at shopping malls, hotels and restaurantsunder the first phase of the end of the prolonged lockdown that began on 25 March.
“Our first order of business is to address the global health and economic emergency.
Beyond that, the global community must unite to find ways to rebuild as robusta recovery as possible to prevent more people from falling into poverty and unemployment.”