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India’s GDP 2021 : GDP growth for this year lowers to 10.2%
Two minute reads :
Oxford Economics has lowered the GDP growth forecast of India for the year 2021 to 10.2%.
Earlier, the predicted growth rate was 11.8 percent.
The global forecasting firm stated that the lack of convincing government strategy, flattering rate of vaccination, and escalating health burden had downgraded India’s GDP growth forecast.
Key points :
- India is struggling with the second wave of pandemic with more than 3,00,000 daily new corona virus cases being reported in few days.
- It expects GDP to contract sequentially in rhe second quarter.
- India’s health system has collapsed in the worst hit states, with even the national capital Delhi facing an acute shortage of oxygen and Covid – 19 hospital beds.
- Struggling health systems force more states to resort to stricter lockdowns like Maharashtra, we will likely lower the growth forecast.
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