The Asian Development Bank has downgraded India's economic growth forecast for the current financial year to 10 per cent.
The newly elected CII president said that the government can create common infrastructure in these industrial parks whether it is effluent systems, utilities, etc.
The multinational financier cited the country’s struggle with the second wave of the Covid-19 pandemic, which it says has hampered India’s economic recovery.
It also projected growth at 7.5 per cent in 2022 even as its recovery is being hampered by an unprecedented second wave of the COVID-19.
The 0.2 per cent trim in final deficit numbers is due to the combination of compressed expenditure and higher revenue collections than initially estimated.
Rating agency ICRA forecasts the fourth quarter GDP growth to be 2% while Societe General Corporate & Investment Banking (SGCIB) sees a contraction of 1%. Other predictions are within this range.
The neighbouring country claims average income at $2,227, higher than India’s $1,947 in FY21
Importantly, in India, the second wave of the pandemic is keeping market risk sentiment light and the USD-INR spot float.
Officials say that while the government is more prepared than last year, the second wave is worse than anticipated.
A further surge in global commodity prices may hit consumption and have serious implications for India’s economy which is still struggling to come out of the Covid-19 impact.
The World Economic Forum says that Indians born in low-income families will take seven generations to even approach the country's mean income.
Speaking at a webinar organised by the Bharat Chamber of Commerce, he said the country needs to keep the growth momentum and it is the only means to create employment and reduce poverty.
Congress' chief spokesperson Randeep Surjewala said the third quarter GDP data proves yet again that fault lines in the Indian economy are more visible than ever before.
Nirmala Sitharaman said that disinvestment does not mean the government wants those undertakings to be closed down but wants those companies to be run better, improve productivity.
PM Narendra Modi said that the initiatives taken by the government would provide opportunity to everyone to participate in nation building to its full potential.