Dikhyaa Mohanty 
During the current fiscal year, the World Bank has forecast that the Indian economy would grow by 8.3 per cent and an increase of nearly 3 per cent from its January projection, but lower than the April estimate by almost 2 per cent.
According to the reports, the Bank’s Global Economic Prospects report releases its report where it stated that India would be the second-fastest-growing major economy, behind only China which is forecast to grow by 8.5 per cent.
The report also stated that India’s growth forecast is supported by plans for higher spending on infrastructure, rural development, and health, and a stronger-than-expected recovery in services. It also said that the economic growth is expected to slow to 7.5 per cent during the next fiscal year as the economy is expected to follow the same, yet less pronounced, collapse and recovery were seen during the first wave.
The report also moderated the shrinkage in India’s economy to 7.3 per cent in the last fiscal year, less than the 9.6 per cent projected in January. It also said that reflecting the rebounds in some major economies, the global growth in 2021at 5.6 per cent is expected to reach its strongest post-recession pace in 80 years.
India accounts for most of the upgrade for the region as strong services sector activity more than offsets the economic effects of the worsening pandemic and the outlook is underpinned by a rebound in private consumption.
According to the bank, Pakistan’s economy is expected to grow by only 2 per cent this fiscal year, Bangladesh’s by 5.1 per cent Bhutan by 5 per cent and Nepal by 3.9 per cent.
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