News Desk
Washington
Noting that India’s economic growth rate has decelerated for the second consecutive year, the World Bank (WB) has projected it will fall to six per cent following a broad-based deceleration in the initial quarters of this fiscal year, Indian media outlets reported on Sunday.
The report, which was released ahead of the annual meeting of the WB with the International Monetary Fund (IMF) noted that India’s growth rate stood at 6.8 per cent in the fiscal year 2018-19 – falling from 7.2 per cent in 2017-18.
The report said India is expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022, assuming that the monetary stance would remain accommodative due to benign price dynamics.
India’s industrial output growth increased to 6.9 per cent due to an increase in manufacturing and construction. The growth in the agriculture and services sector, however, was 2.9 per cent and 7.5 per cent respectively.
