India economy projected to grow 8% in coming fiscal year
ABC News
India’s economy is projected to grow 8% to 8.5% in the financial year beginning April 1, signaling a strong recovery after it was slammed by the COVID-19 pandemic
NEW DELHI -- India’s economy is projected to grow 8% to 8.5% in the financial year beginning April 1, signaling a strong recovery after it was slammed by the COVID-19 pandemic.
The government’s annual economic survey, released Monday, comes a day before Finance Minister Nirmala Sitharaman is due to present the national budget for the 2022-23 fiscal year.
The survey also forecast that India’s economy will expand at a 9.2% annual pace in the current financial year. That would make Asia's third-largest economy one of the fastest growing major economies after it suffered a 7.3% contraction the year before, its worst performance in 40 years.
Almost all indicators show that the economic impact of the COVID-19 surge last year, driven by the Delta variant, was “much smaller than that experienced during the full lockdown phase in 2020-21 even though the health impact was more severe," the report said.
