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).
