ANALYSIS India’s economy to contract 9.6% in FY21, steeper than 3.2% shrinkage projected earlier: World Bank

Omar del Sur

FAKEDEMIC = COMMUNISM
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India’s economy to contract 9.6% in FY21, steeper than 3.2% shrinkage projected earlier: World Bank


New Delhi: The World Bank expects India’s economy to contract 9.6% FY21, steeper than 3.2% shrinkage projected earlier.

South Asia as a region is set to plunge into its worst ever recession with a sharper than expected contraction of 7.7%, the World Bank said in its half-yearly South Asia Focus update released on Thursday.

India’s growth is projected to rebound to 5.4% in FY22, mostly reflecting base effects, assuming Covid19 -related restrictions are completely lifted by 2022. As per the bank, weak activity, domestically and abroad, is also likely to depress both Indian imports and exports.

India’s economy shrank an unprecedented 23.9% in the first quarter.

“India’s economy was already slowing before the pandemic. (Though) we are impressed by the government’s response with limited resources and fiscal space…the big problem is that the informal sector has no coverage. There are no systems in place to support those people,” said Hans Timmer, World Bank Chief Economist for the South Asia Region.

The report highlighted that informal workers are not generally covered by social insurance and few have savings or access to finance, and three-quarters of all workers in South Asia depend on informal employment.

“While the poor have faced rising food prices, the Covid-19 crisis has also affected informal workers in the middle of the income distribution who experienced sharp drops in earnings,” the bank said.

“The impact is not only on the poor but also people above the poverty line who have been hit hard,” said Timmer, adding that the self-employed and those in the services sector earlier had ways of absorbing the shocks but are unable to do so now.

Noting that there are serious vulnerabilities in India’s banking sector and solvency of firms, which are not being helped by the pandemic, he said the region will witness muted recovery as a whole and the case is the same for India.
 

Omar del Sur

FAKEDEMIC = COMMUNISM
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we love to see it
I understand your sentiment but I don't love to see it. India, I believe, has millions who suffer from hunger and I do not wish that on people. I'm not against India. I am against Hindutva and I wish India would go back to its earlier principles of being more in the direction of letting Muslims and Hindus co-exist peacefully. They are artificially promoting interreligious hatred and for what? To get the support of some Hindu fanatics and some international Zionist interests? I admire India's struggle against the British. I have much hope that the BJP will leave power and that India will return to something closer to normality. That is what I hope. Allah knows what will happen.
 
I understand your sentiment but I don't love to see it. India, I believe, has millions who suffer from hunger and I do not wish that on people. I'm not against India. I am against Hindutva and I wish India would go back to its earlier principles of being more in the direction of letting Muslims and Hindus co-exist peacefully. They are artificially promoting interreligious hatred and for what? To get the support of some Hindu fanatics and some international Zionist interests? I admire India's struggle against the British. I have much hope that the BJP will leave power and that India will return to something closer to normality. That is what I hope. Allah knows what will happen.
My bad, I assumed India was already food secure so this would just lead to a pop. revolt against Modi's government. If the domestic situation is that serious then yeah I hope it eases for them.
 

Omar del Sur

FAKEDEMIC = COMMUNISM
VIP
My bad, I assumed India was already food secure so this would just lead to a pop. revolt against Modi's government. If the domestic situation is that serious then yeah I hope it eases for them.
Well I mean who is at fault here? People are starving- but Modi's supporters think that bashing Muslims is more important than that their fellow Indians are starving?? Strange choice of priorities.
 

Omar del Sur

FAKEDEMIC = COMMUNISM
VIP
Did you read about the Gujarat massacre? Very sick
Yes but what I want to know is this- do we know for sure that Modi has any responsibility?

There are Indians who claim that Modi is not responsible. I don't really believe them. But I want to learn more about the case in order to know if we have any proof.

I know about what happened but I want to learn more so I can look at the evidence for myself.
 

QueenofKings

Kick in the door wavin the .44
Yes but what I want to know is this- do we know for sure that Modi has any responsibility?

There are Indians who claim that Modi is not responsible. I don't really believe them. But I want to learn more about the case in order to know if we have any proof.

I know about what happened but I want to learn more so I can look at the evidence for myself.
Modi was responsible. He did things like ordering the police not to respond to calls from Muslims who were being attacked. He incited/whipped the crowd into anti Muslim hysteria. Even now in some villages my friend tells me there are Hindu lynching mobs who attack Muslims for ...the simplest stupidest reason. Like confusing lamb meat with beef, or wearing the colour green.

All this shouldn’t surprise you. Hindutvata has quite literally modelled it self on the Nazis right down to the youth wings (which are actually instigators of considerable violence.)

Modi was cleared of any wrong doing in court; the same way trump was cleared of any wrong doing. And the Indians who say Modi isn’t involved are no different to the Americans who will swear to you Trump loves blacks and immigrants and has no bad bone in his body.

We need to judge acta non verba.

Some of my friends made a documentary on this as part of their PhD, I’ll try and find it for you. It was a very good account of the lead up and events.
 

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