Now the United Nations (UN) has reduced India's GDP growth estimate. The UN said that India's economic growth rate could be 5.7 percent in the current financial year. Prior to this, many international agencies such as the World Bank have lowered India's GDP growth estimates.
The United Nations has reduced its earlier estimate. Last year, the UN had projected a GDP growth of 7.6 percent in the fiscal year 2019-20. The Central Statistics Office (CSO) of the Government of India and the World Bank have projected a GDP growth of only 5 per cent.
United States Says…
India had a GDP growth of 6.8 percent in FY 2018-19. A United Nations study says that GDP growth in some other emerging countries may increase somewhat this year.
The United Nations said this after the global economic growth rate last year was 2.3 percent. According to the news agency PTI, according to the United Nations World Economic Situation and Prospects (WESP), 2020, there is a possibility of 2.5 percent growth in 2020, but things may derail due to increasing trade tensions, financial constraints or geopolitical tensions. In the report about India, it has been said that the economic growth rate in the current financial year can be 5.7 percent.
At the same time, the economic growth rate in India in the next financial year has been estimated to be 6.6 percent. Earlier the UN had said that it should be 7.4 percent. The report said that India's GDP growth rate was 6.8 percent in the last financial year.
Earlier this year, the World Bank also lowered India's GDP growth estimate. The World Bank had said that in this financial year i.e. 2019-2020, India's GDP growth rate can be only 5 percent. After this, the World Bank had estimated only 5.8 percent increase in India's GDP in the next financial year. This is a big cut in the estimate of the World Bank. Earlier in October 2019, the World Bank had said that India's GDP could grow by 6 percent for the financial year 2019-20.
Government agreed
Earlier, a forecast released by the Central Statistics Office (CSO) of the Government of India also said that the country's GDP will grow by just 5 percent in this financial year. The forecast figures of GDP have been presented by the government recently. It states that GDP growth can be only 5 per cent in FY 2019-20. Earlier, the actual growth in 2018-19 was 6.8%. At the same time, GDP growth was 7.2 percent in the financial year 2017-18. Earlier, in the financial year 2008-09 ie in the global recession, the country's GDP was just 3.1 percent below 5 percent.
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