The Centre for Economics and Business Research (CEBR) from UK has predicted that Indian economy will become the world’s third largest by the year 2031. In the year 2022, India is set to regain its sixth position in World Economic League Table (WELT) from France, as per CEBR.
In the year 2020, India’s GDP had witnessed a contraction of 7.3% due to COVID-19 pandemic and subsequent lockdown leading to constraints on economic activity. India has witnessed a large scale spread of infections and has the third highest death toll worldwide, behind US and Brazil. However, with the help of emergency aid and prompt measures taken by the Indian government, the country has recovered from the second wave of COVID-19.
Economic activity has rebounded in 2021, due to drop in daily new cases of infections. The economy is estimated to grow 8.5% in 2021, due to economic recovery after a contraction of 7.3% in 2020. In July-September quarter of 2021, GDP growth was 8.4%, after recording a sharp rebound of 20.1% in April-June quarter.
The risk to 2022 outlook is Omicron variant, which is spreading rapidly with higher reinfection risk and evasion of vaccine protection.
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