Indian Economy to grow at 11.5% in 2021 say IMF

[rinkidas14]

Indian seen growing by 11.5% in FY22; global outlook improves, say IMF in latest World Economic Outlook report.
       World Economic Outlook Reports
A Survey by the IMF staff usually published twice a year. It presents IMF staff economists' analyses of global economic development during the near and medium term. Chapters give an overview as well as more detailed analysis of the world economy; consider issues affecting industrial countries, developing countries, and economies in translation to the market; and address topics of pressing current interest. Annexes, boxes, charts, and an extensive statistical appendix augment the text.
 
For more information about this: https://m.timesofindia.com/business/india-business/imf-projects-11-5-gdp-growth-experts-say-india-to-achieve-5-trillion-economy/amp_articleshow/80475641.cms

      Is this possible?

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[Ozero]

It seems to me that these figures do not reflect the actual situation in the world. Just today, I came across a forecast for the development of the world economy for this year and it says that the world economy in 2021 will fall by 3.5 percent. I think that these figures are quite optimistic and not entirely accurate. The economies of all states continue to suffer material losses due to the ongoing fight against the coronavirus pandemic, and we do not yet know when and with what losses it will end. I don't think India's economic situation is different from the rest of the world.

[DrBeer]

India is developing quite actively and is now a major regional player. The availability of resources, a large population, a convenient geographic location - all this gives India a good chance to take a worthy position in the world economy!
The only caveat is that there is now a total problem associated with the Covid19 virus. Now in India, mass vaccination has begun, and it is not yet very clear how this will affect the level of infection of the population, and how it would not be - the impact of the virus on the economy is negative and very strong

[Fesatmas]

It is possible, if India is growing rapidly and can get out of the economic crisis. But are the data really based on the feelings of all Indian citizens? or just create some sort of survey with random data?
isn't it that data can easily be manipulated for the benefit of state reports about public lies.
I couldn't believe it until Indians said this publicly and broadcast all over the world.

Due to the fact that with a large population in India, growth of 11.5% is not enough.

[Tstar]

It is possible but less likely. These figures cannot be accurate in the pandemic situation.

The coronavirus will require lockdowns at least for another year or more. I don't see how India can achieve 11.5% in 2021.

[livingfree]

Possible but for this year, the percentage of growth looks high. But with India having the productions of vaccine, it will play an important part for the growth of their economy.

I'm not good with stats but most countries are still down and just crawling up to get back to a better economy unlike China and other few countries that have mitigated the corona outbreak.

[stompix]

After you rise back up from your fall you'll be able to run 100 times faster than the time you were on the ground screaming...  
India is expecting a 7.7% GDP drop in 2020, so the 11% growth will look something like this:

2019 - 100
2020 -  92.3
2021 - 102.9

Basically, the huge 11.5% growth will only mean 3% compared to 2019.
If the drop in GDP in 2020 will be higher than 9% than will mean there will be no relative growth compared to 2019, just a recovery.

But are the data really based on the feelings of all Indian citizens?
Due to the fact that with a large population in India, growth of 11.5% is not enough.

Who cares what their "feelings" are, we're talking about the gross domestic product feelings means nothing, neither does the size of the country.

[Sithara007]

^^^ So that is essentially a 3% growth in 24 months. Anyway, being an Indian resident I am happy that at least now the economy is back on track. Unlike the North American and European nations, the COVID 19 situation in India seems to be under control. We used to have more than 100,000 new infections and 1,000+ new deaths per day when the pandemic was at its peak (September 2020). Now these figures have been decreased by around 90%. That would have certainly helped the economy.

[Hydrogen]

Indian seen growing by 11.5% in FY22

      Is this possible?

The report is misleading.

New York: The International Monetary Fund (IMF) projects India's economy to bounce back by 11.5 per cent in the next financial year.

The report, however, expected the gross domestic product (GDP) to dip in 2022-23 fiscal year to 6.8%.

https://www.onmanorama.com/news/business/2021/01/26/imf-indian-economy-growth-fastest.html

....


11.5% is a "bounce back" rebound stat. Later its mentioned true GDP is expected to decline up to 6.8%.

India sharing a border with china and being a main trading partner, is a likely motive behind the over optimistic report. This glowing positive report is meant to make china's economy *look good*.

The united states achieved greater than 10% economic growth annually. When it was more sparsely populated and deregulated in the 1800s to 1900s.

10% economic growth is an achievable goal. Although not by the restrictive bureaucracies and high taxation business environments of today.

[samcrypto]

India and China keeps on growing over the past years and even if there's a pandemic, they prove to be the best so I have no doubt that India will become a more of a power country in the future. I also adore India for creating their own version of a Covid19 Vaccine, they are one of the best right now. There's also a lot of reason why Indian economy will continue to grow over time, and 11.5% is a big speculation for this year. Hopefully more countries will start to recover from the pandemic and revive their economy.

[Coyster]

I wonder how they managed to develop their economy in pandemic year. Maybe their government was clever enough not to introduce quarantine limitations and total lockdown like many other countries (USA, UK, Germany, Ukraine, Italy, Spain, etc.).

Of course, lockdowns and quarantining protocols were implemented in India, as is expected, especially in a country like India that has recorded more than ten million covid-19 positive cases. They haven't developed their economy per se, they prolly have taken a little step forward, which every country's economy will see now and then, but economic recovery is still pretty far. The vaccine is in one way or another the panacea to all of this economic plunge, if the vaccines stops the spread, then the workforce can become effective again, though it'll take a pretty long time before country's start to experience economic normalcy again.

[avikz]

Indian seen growing by 11.5% in FY22; global outlook improves, say IMF in latest World Economic Outlook report.
       World Economic Outlook Reports
A Survey by the IMF staff usually published twice a year. It presents IMF staff economists' analyses of global economic development during the near and medium term. Chapters give an overview as well as more detailed analysis of the world economy; consider issues affecting industrial countries, developing countries, and economies in translation to the market; and address topics of pressing current interest. Annexes, boxes, charts, and an extensive statistical appendix augment the text.
 
For more information about this: https://m.timesofindia.com/business/india-business/imf-projects-11-5-gdp-growth-experts-say-india-to-achieve-5-trillion-economy/amp_articleshow/80475641.cms

      Is this possible?

I don't know if it's possible but I really hope it happens! The COVID has done grave damages around the world and India is no exception! While developed countries like US or Canada or Australia were able to provide with financial packages to their citizens, India couldn't do anything other than zoomla! So I am little doubtful that the recovery will reach 11.5% if 2022. However, as the markets have opened up, the economy is showing signs of recovery. That 11.5% is a speculation only!

Like whatever is happening around the world, happening in India too! Everywhere the economy is showing signs of recovery and the same is happening in India. The GST collection is reaching new heights, personal tax collection has also broke previous records, so things are coming back to normal. Let's hope we really achieve a sustainable growth!

[Nora Olin]

As the second most populous country in the world, India has sufficient labor and low cost, which will naturally attract many foreign-funded enterprises to set up factories in India. For example, Chinese companies such as Xiaomi also have production lines in India. The huge population shows that India’s domestic demand market is huge. Filling in gaps in many fields will naturally trigger economic growth.

[Obito]

It seems to me that these figures do not reflect the actual situation in the world. Just today, I came across a forecast for the development of the world economy for this year and it says that the world economy in 2021 will fall by 3.5 percent. I think that these figures are quite optimistic and not entirely accurate. The economies of all states continue to suffer material losses due to the ongoing fight against the coronavirus pandemic, and we do not yet know when and with what losses it will end. I don't think India's economic situation is different from the rest of the world.

It won't reflect because the ones that are benefiting from the growths are the people upstairs, the 1% who owns the companies. The estimate to be honest is misleading, they do not want people to see reality as raw as it can be, they want the people to not panic over something that will affect them but not the rich people. I can't really agree with your statement that India's economy not being different from the rest of the world because I do not live there, but I can guarantee that in my country only the top of the pyramid are going to benefit. And in my opinion, if the economy of India is growing, then how come there are still poverty present in their country with almost 60% living at around 3$ a day.

[GbitG]

As the second most populous country in the world, India has sufficient labor and low cost, which will naturally attract many foreign-funded enterprises to set up factories in India. For example, Chinese companies such as Xiaomi also have production lines in India. The huge population shows that India’s domestic demand market is huge. Filling in gaps in many fields will naturally trigger economic growth.

Right now China is taking some good advantage of India as now they are investing good funds just because of low cost labor and populous country this is giving some good benefit to India just because of covid-19 they have some serious issues but hopefully now these are going to be end in near future which mean bright future is waiting for this all but current government need to fix few issues which are bringing some domestic violence very badly in north part of country.

[bitterguy28]

It will be Only possible if the People or the Indians will Go along the Government because if not then whats the sense of this article ?

Growth is always come to the country that the People and the government are working together , the problem in most country is that  people keep asking for improvement and development but don't contribute at all.

[AicecreaME]

In 2020, their economic growth was minus 10.3% which is the exact opposite of their GDP in 2015 because they are the fastest economy compare to China way back then according to this article. But it is not impossible for them to gain back their name as the fastest growing economy followed back by China if they succeeded on neutralizing the spread of COVID-19 to ensure that it'll happen within the year 2021.

[bryant.coleman]

In 2020, their economic growth was minus 10.3% which is the exact opposite of their GDP in 2015 because they are the fastest economy compare to China way back then according to this article. But it is not impossible for them to gain back their name as the fastest growing economy followed back by China if they succeeded on neutralizing the spread of COVID-19 to ensure that it'll happen within the year 2021.

Certain sectors such as IT were not affected by the pandemic and they are contributing to the growth right now. But most of the other sectors, such as manufacturing and agriculture are showing a negative growth. On paper they may be able to show that the GDP grew by 2.9% from the 2019 levels. But this growth is very uneven and until the pandemic is contained the economy will remain in a precarious state.

[YOSHIE]

All countries have had a bad impact on the economy during this pandemic, that's a major factor, but India is nearing a recovery now, There are many problems that must be done by the Indian government to return to the position of a developing economy.

One of the things that India must do to achieve an economic recovery is especially about taxes and credits that must be lightened and companies that are almost bankrupt due to the impact of the pandemic, both fiscal and monetary.

If this can be re-elected by the Indian government, I am sure India will find it ranked number one in the world in economic recovery during this pandemic.

what is certain is what you are telling and in the news has not happened, if.

[Sithara007]

All countries have had a bad impact on the economy during this pandemic, that's a major factor, but India is nearing a recovery now, There are many problems that must be done by the Indian government to return to the position of a developing economy.

One of the things that India must do to achieve an economic recovery is especially about taxes and credits that must be lightened and companies that are almost bankrupt due to the impact of the pandemic, both fiscal and monetary.

If this can be re-elected by the Indian government, I am sure India will find it ranked number one in the world in economic recovery during this pandemic.

what is certain is what you are telling and in the news has not happened, if.

India do have one of the lowest corporate tax rates in the world, so any further lowering of these rates are not expected right now. However they need to consider lowering the personal income tax. The topmost slab is 42.7%, which is quite high. In the recent financial budget also the minister had refrained from reducing the tax rates. Rather than imposing such heavy tax burden, the government should widen the tax net. As of now, only around 4% of the population pay their income tax and the remaining 96% are exempted.