Covid impact: World Bank slashes India's FY22 GDP growth forecast to 8.3%

The World Bank on Tuesday has slashed India's GDP forecast to 8.3 per cent for FY22, the fiscal year starting April 2021, as against its earlier estimate of 10.1 per cent. It has further projected India's growth to be 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave of the Covid-19, the largest outbreak in the world since the beginning of the deadly pandemic.
The Washington-based global lender, in its latest issue of Global Economic Prospects released here, noted that in India, an enormous second Covid-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of Fiscal Year 2020/21, especially in services.