Indian economy now in recovery mode from COVID-19 pandemic: World Bank president David Malpass
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World Bank president David Malpass has said the Indian economy that was hit hard by the COVID-19 pandemic is now in recovery mode. He also said that India, which faces huge challenges of integrating more people into the formal sector economy and raising the earnings of the people, has made some progress but that's not enough.
Malpass said ‘Indians were hard hit by the waves of COVID and that's unfortunate. They responded with the huge production of vaccines and there's been progress on the vaccination effort. But we have to recognise the hit that COVID caused on the Indian economy and especially on the informal sector of the Indian economy which is large.’ He noted that India, like other nations, is now facing a supply chain disruption due to the COVID-19.
He further said ‘I'm giving the general mixed view that there's progress, but not enough. India faces huge challenges of integrating more people into their economy into the formal sector economy and raising the earnings of people’. He added that the Indian government is focused on that. Recently, the World Bank has revised the country's growth forecast to 8.3 per cent for the current financial year 2021-22, compared to the earlier estimate of 10.1 per cent.
