India’s GDP may decrease by 1.3 percent due to Ukraine war, World Bank gave information

World bank Forecast: Due to the Russia-Ukraine war, the growth rate of India’s Gross Domestic Product (GDP) may decrease by 1.3 percent. At the same time, the country’s income growth may decrease by 2.3 percent. A top World Bank official said this on Wednesday. However, the World Bank also said that India is recovering rapidly from the crisis of Kovid-19.

Know what is the opinion of the economist?
In a conversation with the media, Hans Timmer, Chief Economist of the World Bank’s South Asia Region, said that in the long term, India will need to work hard to reduce dependence on fuel. Apart from this, India will have to move towards renewable energy. At the same time, the share of women in the labor force will have to be increased, which is currently at a low level of 20 percent.

There will be a decrease in income growth
In response to a question, Timer said, “Our overall assessment is that India’s income growth will decrease by 2.3 percent due to the war and the GDP growth rate will be lower by 1.3 percent.” The reason for this is the positive change in the recent figures.

Know what the report says
The World Bank, in its recent report focused on the economy of South Asia, has said that India’s projected growth rate will be 8.3 percent in 2021-22, which will come down to eight percent in 2022-23 and to 7.1 percent in 2023-24.

The war started on 24 February
Russia launched a military operation against Ukraine on 24 February. Now this war has entered the eighth week. Western countries led by America have imposed strict sanctions on Russia. Timer said that India was coming out of a deep lethargy before the start of the Kovid-19 cycle. He said that India is still on the path of revival and all the challenges have not been overcome.

Timmer said that despite the fact that India has still been able to buy some cheaper crude oil from Russia, the bigger picture is that it is still affected by commodity prices. As far as positive ‘surprises’ are concerned, India has achieved considerable success in the production and export of services in recent quarters, he said. There is a great demand for services at the international level and India can meet this demand.

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