Good news and warning: UN said – Indian economy will grow at the rate of 6.5 percent in 2022, two big threats to economic activities

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World Desk, Amar Ujala, New York

Published by: Kirtivardhan Mishra
Updated Thu, 13 Jan 2022 10:22 PM IST

Summary

The UN said that it is only because of the accelerated vaccination campaign in India that the country’s economy is now on a strong path.

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United Nations
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Scope

The United Nations (UN) has praised India’s corona vaccination program. The UN said that it is only because of the accelerated vaccination campaign in India that the country’s economy is now on a strong path. With this, the Indian economy is projected to grow at the rate of 6.5 percent in the financial year 2022.

However, the UN has also warned of a sudden halt to India’s economic growth. On behalf of the United Nations, it was said that due to the shortage of coal and high oil prices, there may be a brake on India’s economic activities in the coming time.

It is worth noting that in the financial year 2020-21, the UN had projected India’s GDP growth rate to be at 8.4 percent. That is, the new estimate shows a decline compared to the earlier. In this UN report, India’s growth has been projected to fall further to 5.9 percent in the coming fiscal year 2022-23.

If seen according to the calendar year, India’s GDP is expected to grow at 6.7 per cent in 2022, as against nine per cent in 2021. The reason for this is that during the first wave of Corona, the effect of the decline in GDP is now over. “India’s economic recovery is on a forced path amid a rapid pace of vaccination and a favorable fiscal and monetary stance,” the report said.

However, the United Nations report has also expressed the possibility of stopping India’s economic growth due to high oil prices and shortage of coal. This will be very important to encourage private investment.

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