India’s GDP to contract by 9.6% in FY21—By World Bank

Published on October 09, 2020
Current Context: World Bank has predicted that India’s GDP to contract by 9.6% in financial year of 2021.
India’s GDP to contact by 9.6% in FY21—By World Bank
  • This prediction is based on the current nationwide lockdown situation and due to the income shock experienced by households and businesses due to outbreak of Coronavirus.
  • Earlier in June 2020, World Bank predicted that the Indian economy will shrink by 3.2% in FY21.
  • As per the World Bank, India’s growth is projected to rebound to 5.4% in 2022.
  • Also, regional growth for South Asia is expected to rebound to 4.5% in 2021. 
  • As per predictions by World Bank, fiscal deficit to rise above 12% in FY2021, assuming that combined deficit of the states is within 4.5% to 5% of GDP.
  • Public debt is predicted to remain elevated around 94%.
  • Static Part: 
    • HQ of World Bank: Washington DC, US
    • President of World Bank: David Malpass

Question: 

Q.1 As per World Bank, India’s GDP to contact by ___% in FY 2021?
a. 7.6%
b. 8.6%
c. 9.6%
d. 10.6%

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