The Indian economy that was hit hard by the COVID-19 pandemic is now in recovery mode and the World Bank welcomes that, president David Malpass said on Wednesday.
“Indians were hard hit by the waves of Covid-19 and that’s unfortunate. They responded with the huge production of vaccines and there’s been progress in the vaccination effort,” Malpass said .
“But we have to recognise the hit that Covid caused on the Indian economy and especially on the informal sector of the Indian economy, which is large,” he also added.
Malpass went to India in late 2019 and saw the changes that were being made that were quite positive in terms of banking system, financial system, civil service system.
And the ways that India was looking for ways to improve the clean water situation which is very important in India for child nutrition for improving nutrition.
Last week, the World Bank projected the Indian economy to grow at 8.3 per cent this year. He also said India, like other nations, is now facing supply chain disruption due to the Covid-19.
Economic recovery faster than Covid-19 damage
COVID-19 affected the economies of the entire world, including India. But India’s economy has recovered more strongly than it was halted by the pandemic
When big economies of the world were busy defending themselves during the pandemic,India was carrying out reforms.
When the global supply chains were disrupted, Indian government introduced the Production Linked Incentive scheme to turn new opportunities in favour of India.
As per the data released by the National Statistical Office, India’s economic growth surged to 20.1 per cent in the April-June quarter of this fiscal.
The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21.
The PLI scheme announced for 10 key sectors, including textile and automobiles by the Centre, is aimed at helping the country’s economy recover faster after the pandemic.