World Bank has said that the Indian economy has bounced back from the decline it witnessed during the Covid-19 lockdown. The World bank predicted that the Gross Domestic Product (GDP) of India will grow upwards in the 2021-2022 Financial Year. As per World Bank, India’s real GDP growth for 21-22 Financial Year could range from 7.5 to 12.5%.
World bank said this in its South Asia Economic Focus report. The report was published ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF).
GDP growth rate was at 8.3% in 2017. It later declined to 4.0% in 2020. As per the report, the decline was due to a decline in private consumption growth.