Synopsis
India is expected to grow at 10% next fiscal to become one of the fastest-growing economies in Asia-Pasific.
Professor of Economics, Delhi School of Economics, Contributor Content
Solution: To achieve the $5 trillion economy dream, India needs to make massive investments. Three sectors calling out for specific attention are healthcare, agriculture and infrastructure.
Will the Indian economy cross the $5-trillion mark? It is like asking if the sun will rise tomorrow. The real question is: when?
Belying many doomsday predictions, the Covid-struck Indian economy has proven to be resilient. Recent data provides some evident signs of recovery. Auto sales, consumer durables, freight traffic, and consumption of petroleum products, all have shown a marked acceleration in the last 3-4 months. The GST figures for December 2020 at Rs 1.15 lakh crore are by far the highest monthly collection with an impressive year-on-year growth rate of 11.6 percent.
The World Bank revised upward its forecast for Ukraine's gross domestic product (GDP) growth in 2021 to 3%, while early October it estimated the prospects for recovery to be twice as modest – at 1.5%.
Financial News
World Bank warns global debt to reach new high at 99% of 2020 GDP The global community needs to act rapidly and forcefully to make sure the recent debt accumulation does not end with a string of debt crises, a senior official said By Wednesday January 6, 2021 3:02 pm
Global government debt is expected to reach 99% of GDP in 2020 – a new record – as governments scrambled to support their economies as they ground to a halt under lockdowns to prevent the spread of Covid-19, the World Bank has said.
The World Bank’s Global Economic Prospects 5 January report said that the Covid-19 pandemic has made the “massive increase” in global debt levels “more dangerous”.