World Bank slashes India's growth forecast to 8.3% in FY22

The projected growth compares to the worst ever contraction of 7.3 per cent witnessed in the fiscal year ended March 31, 2021 (FY21) and 4 per cent expansion in 2019-20.

The World Bank on Tuesday slashed its 2021-22 GDP growth forecast for the Indian economy to 8.3 per cent from 10.1 per cent estimated in April, saying economic recovery is being hampered by the devastating second wave of coronavirus infections. It projected a 7.5 per cent economic growth in the 2022-23 fiscal (April 2022 to March 2023). The Washington-based global lender, in its latest issue of Global Economic Prospects released here, said an enormous second Covid-19 wave in India is undermining the sharper-than-expected rebound in activity seen during the second half of fiscal year 2020-21, especially in services.