India economy seen growing at world’s quickest rate despite Covid outbreak | Despite Corona, the country’s GDP growth will remain in double digit, economy on the path of 10% growth

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  • India Economy Seen Growing At World’s Quickest Rate Despite Covid Outbreak

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New Delhi19 minutes ago

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The potential of the Indian economy will be tested after the end of the Kovid-19 epidemic. Despite this, there is no doubt that the Indian economy will emerge as one of the fastest growing economies in the world. The Indian economy is on track to grow by 10% in the fiscal year commencing from 1 April. Bloomberg said this based on the estimates of 12 economists. However, due to the restrictions imposed at the local level due to the second wave of Corona, some economists have also cut their estimates.

Demand increased when the economy opened last year

Last year, a strict lockdown was in force for nearly two months due to a corona infection. After this, when the economy opened, the demand for all items from mobile phones to cars increased. Bloomberg Economics says that in the past month, many states have increased the level of lockdown at their level. But the fall from this is a message of not taking the recovery of the economy lightly. Economists say that the easing of sanctions in states will speed up the strength of recovery. At the same time, consumers are ready to spend, as they were unable to spend in lockdown last year. This will be quite important.

Parts of the country may open from June

Abhishek Gupta of India Economist says that corona cases have started declining. In such a situation, some parts of the country may open from June. Despite this, consumers are unlikely to spend freely. This will cause economic uncertainty and unemployment. Economist Yuvika Singhal of Quantico Research says families will prefer savings over spending. Yuvika Singhal has reduced the full year growth by 150 basis points to 10%.

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Kovid-19 has the most impact on demand

The Reserve Bank of India said earlier this month that the second wave of Kovid-19 has had the biggest impact on demand. Along with this, mobility, non-spending and employment have also been affected. The Reserve Bank will review the interest rates this week. It is believed that the Reserve Bank can keep the interest rates unchanged. Also add more liquidity to the system to support growth.

Losses may be higher than anticipated

Barclays economist Rahul Bajoria said that the number of cases of the second wave of Kovid-19 in India has started to decline. Despite this, the economic loss may be more than anticipated. The slow pace of vaccination and the imposition of lockdown will also have a major impact on India’s economic recovery. Bajoria says that if India faces the third wave of Kovid, then the growth may fall to 7.7%.

Corona epidemic statistics in the country

  • Total new cases came in the last 24 hours: 1.53 Lakh
  • Total cured in last 24 hours: 2.37 lakhs
  • Total deaths in last 24 hours: 3,129
  • Total infected so far: 2.80 Crore
  • Fix till now: 2.56 Crore
  • Total deaths so far: 3.29 Lakh
  • Total number of patients currently undergoing treatment: 20.22 lakh

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