India’s economic growth to get affected amidst COVID-19 

India’s economic growth to get affected amidst COVID-19 

Part of: GS Prelims and GS-III – Economy & GS-II – Global groupings 

In News:

• 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. 

Key takeaways:

• 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. 

World Bank

• 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