The United Nations Conference on Trade and Development (UNCTAD) has released its Trade and Development report on September 15, 2021. According to the report, India’s economic growth rate will be increased to a four-year high of 7.2 per cent in 2021 as compared to a contraction of 7 per cent in 2020.
UNCTAD: Indian economy to expand by 7.2% in 2021
With this growth rate, India will be the fastest growing economy after China. China is projected to grow by 8.3 per cent. These calculations were made on the basis of GDP at constant dollars in 2015.
UNCTAD has also projected that, India’s economy will outpace all other major economies in the year 2022 even though the growth would be slower, at 6.7 per cent. According to the report, India’s economy that reduced by seven per cent in 2020, showed a strong growth of 1.9 per cent in first quarter of 2021, in the backdrop of the momentum of second half of 2020. It was also supported by government spending in goods and services.
