World Bank has raised Indian GDP growth prediction for 2021-22 fiscal to 10.1 percent from 5.4 percent projected in January. The international bank said, given the significant uncertainty amid Covid-19 effects on the economy, the real India GDP growth could be in the range from 7.5 percent to 12.5 percent.
The World Bank in its South Asia Economic Focus Spring update report said that it has revised the projection amid a strong rebound in private consumption and investment growth. The international bank noted that government consumption is expected to rise by about 16.7 percent during the reported fiscal.
The World Bank, however, sounded a warning as economic activity is well below pre-Covid-19 estimate. It said that businesses need to make up for lost revenue and millions of workers, most of them in the informal sector, still reel from job losses and falling incomes should be taken care.