India’s Economic Recovery Steady But Fuel Shortage, High Oil Prices Could Be Spoilers: UN Report

India is expected to grow at a rate of 6.5 per cent 2021-22, a fall from the 8.4 per cent GDP forecast in the previous financial year, the United Nations (UN) has said, adding that though the economic recovery is on a “solid path” amid rapid vaccination progress, coal shortages and high oil prices could put the brakes on economic activity in the near term.

The flagship United Nations World Economic Situation and Prospects (WESP) 2022 report, has said that India’s GDP is expected to grow at 6.5 per cent in fiscal year 2022, a contraction from the estimated growth of 8.4 per cent in fiscal year 2021.

Growth is projected to further slow down to 5.9 per cent in the financial year 2023, the report said.

On a calendar year basis, the report says that India’s GDP is projected to expand by 6.7 per cent in 2022 after a 9 per cent expansion in calendar year 2021, as base effects wane.

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