The Indian economy has completely collapsed due to Corona. GDP fell by 23.9 per cent in the first quarter of FY 2020-21. But now the International Monetary Fund (IMF) says that if India takes fast reform measures, then the growth rate could reach 8.8 percent in FY 2021-22.

Estimated to fall by 10.3 percent during 2020
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A top IMF official said that the government will have to take fiscal and monetary measures as well as structural measures to get the Indian economy out of the grip of the corona virus epidemic. The IMF has said in its estimates that India’s economy may decline by 10.3 percent during FY 2020.

The picture may change in 2021
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According to PTI, the IMF believes that in 2021, India’s growth rate can reach an impressive 8.8 percent, but for this the country will have to intensify its efforts in various fields.

Need to help affected families
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Malhar Shyam Nabar, Head of Division of IMF’s Research Department, said on the sidelines of the annual meeting of IMF and World Bank that the things that can be done definitely include fiscal measures, but IMF believes that the epidemic affected It is more important to provide help to the families and companies that have passed.

Need more emphasis on tax relief measures
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He further said that there is a need to put more emphasis on direct spending and tax relief measures, and a little less trust in measures like cash support, loan guarantee, although these are important for increasing the loan provision in the economy. He said that more emphasis was laid on such measures. But the IMF feels that there is a need to provide more amount of direct relief and expenditure support.

Per capita GDP figures
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The IMF has shared the per capita GDP figures amid the Corona crisis. It shows that the per capita GDP in India may continue to decline. In 2020, it can be up to $ 1880. Whereas in Bangladesh this figure will increase and will now reach 1876 dollars.

 

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