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2021 could be worse for India's economy
2021 could be worse for India's economy
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New Delhi, May 12 (Prensa Latina) The second wave of Covid-19 is destroying India's hopes of achieving an economic revival in 2021, NewsClick informed on Wednesday.
In the absence of universal vaccination, India is currently staring at another year of economic slowdown or recession, the online publication stated.
The source highlighted that the global recession pushed down prices of raw materials in 2020 and helped India's companies make record profits even though their sales dropped.
This year, a certain global recovery is pushing up raw material costs and that puts pressure on national companies, while the country may face a worse year in 2021.
However, a United Nations report predicted that India would be the world's fastest growing major economy in 2022, All India Radio station informed.
United Nations projected that the Indian economy would grow at 10.1 percent in 2022, according to its update of the World Economic Situation and Prospect.
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