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Another surge in virus infections puts paid to hopes for rapid growth
The IMF last week predicted a 12.5% annual growth for India in 2021, the fastest among major economies and the only one set to register a double-digit growth rate. The Straits Times' India Bureau Chief looks at opportunities and challenges ahead.
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A motorcyclist riding past shuttered stores in Mumbai at the weekend amid a lockdown. As India grapples with a second wave of coronavirus infections, growth is expected to be pushed back a quarter or two.
PHOTO: BLOOMBERG
Until the second wave of coronavirus infections, the International Monetary Fund had predicted that India's gross domestic product (GDP) would grow 12.5 per cent in the current financial year, faster than China's, which the fund said would hit 8.6 per cent the same year.
But a surge in cases is now likely to delay economic recovery in the country. While a national lockdown is not anticipated, growth is expected to be pushed back a quarter or two.
