FOREX TradingCharts.com

Financial News: Indian Economy To See 'V'-shaped Recovery, Govt's Economic

Indian Economy To See 'V'-shaped Recovery, Govt's Economic Survey Says

01/29/2021 - 10:48:00 (RTTNews)

(RTTNews) - India's economy is set for a 'V'-shaped recovery in the next fiscal year, thanks to a massive vaccination drive and an expected rebound in the services sector, the Finance Ministry's latest Economic Survey report said Friday.

Real GDP is set to grow 11.0 percent n 2021-22 after an estimated 7.7 percent contraction in 2020-21 financial year.

Elsewhere on Friday, the statistics ministry revised the 2019-20 GDP growth estimate to 4.0 percent from 4.2 percent. In 2018-19, GDP grew 6.8 percent.

"The V-shaped economic recovery is supported by the initiation of a mega vaccination drive with hopes of a robust recovery in the services sector and prospects for robust growth in consumption and investment," the ministry said.

The economy would take two years to reach and go past the pre-pandemic level, the report said.

Earlier this week, the IMF forecast 11.5 percent growth for the Indian economy in 2021-22, which would be the fastest among major economies, and 6.8 percent for 2022-23. The economy is estimated to have shrunk 8 percent in 2020-21.

The survey showed that agriculture output is set to grow 3.4 percent in 2021-22, while output in industry and services are expected to contract 9.6 percent and 8.8 percent, respectively.

Further, the ministry forecast a current account surplus of 2 percent of GDP in the fiscal year 2021, which will mark a historic high after 17 years. The Finance Minister is set to present the latest budget on February 1.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Hungary Producer Price Inflation Slows In January (02 hr(s), 16 min(s) ago)
(RTTNews) - Hungary's producer price inflation eased in January, figures from the Hungarian Ce ...Full Story»

German Retail Sales Fall More Than Expected (02 hr(s), 19 min(s) ago)
(RTTNews) - Germany's retail sales decreased for a second straight month and at a faster than ...Full Story»

Romania Producer Prices Rise For Second Month (02 hr(s), 38 min(s) ago)
(RTTNews) - Romania's producer prices rose for the second month in a row in January, data from ...Full Story»

Philippines Producer Prices Fall Further (03 hr(s), 04 min(s) ago)
(RTTNews) - Philippines producer prices declined further in January, data from the Philippine Stat ...Full Story»

UK House Price Inflation Accelerates Unexpectedly (03 hr(s), 20 min(s) ago)
(RTTNews) - UK house price inflation accelerated in February, defying expectations for further slo ...Full Story»

Estonia Retail Sales Increase In January (03 hr(s), 31 min(s) ago)
(RTTNews) - Estonia retail sales increased in January, data from Statistics Estonia showed on Tues ...Full Story»

Finland Jobless Rate Rises In January (04 hr(s), 14 min(s) ago)
(RTTNews) - Finland's jobless rate increased in January, figures from Statistics Finland showe ...Full Story»

RBA Holds Rate, QE Steady (05 hr(s), 51 min(s) ago)
(RTTNews) - Australia's central bank left its cash rate and asset purchase programme unchanged ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Hungary Producer Price Inflation Slows In January

03/02/2021 - 03:38 AM (RTTNews)
(RTTNews) - Hungary's producer price inflation eased in January, figures from the Hungarian Ce ...Full Story>>

German Retail Sales Fall More Than Expected

03/02/2021 - 03:35 AM (RTTNews)
(RTTNews) - Germany's retail sales decreased for a second straight month and at a faster than ...Full Story>>

Romania Producer Prices Rise For Second Month

03/02/2021 - 03:16 AM (RTTNews)
(RTTNews) - Romania's producer prices rose for the second month in a row in January, data from ...Full Story>>

Philippines Producer Prices Fall Further

03/02/2021 - 02:50 AM (RTTNews)
(RTTNews) - Philippines producer prices declined further in January, data from the Philippine Stat ...Full Story>>

UK House Price Inflation Accelerates Unexpectedly

03/02/2021 - 02:34 AM (RTTNews)
(RTTNews) - UK house price inflation accelerated in February, defying expectations for further slo ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.