India’s economic growth to get affected amidst COVID-19
Part of: GS Prelims and GS-III – Economy & GS-II – Global groupings
- According to World Bank’s South Asia Economic Focus report, India may record its worst growth performance this fiscal year (2020-21) since the 1991 liberalisation.
- Coronavirus outbreak is the main cause of severely disrupting the economy.
- India’s economy is expected to grow at 1.5% to 2.8% in the 2020-21.
- The World Bank approved USD 1 billion to India to fight the COVID-19 pandemic recently.
Important value additions:
The South Asia Economic Focus report
- It is a biannual economic update presenting recent economic developments and a near-term economic outlook for South Asia.
- It covers South Asian countries – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
- It aims at providing important background information and timely analysis of key indicators and economic and financial developments.
- It is an international financial institution.
- It provides loans and grants to the poorer countries for the purpose of pursuing capital projects.
- It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
- Headquarter : Washington D.C