The Indian economy contracted by 7.3 percent in the fiscal year 2020-21 and suffered the deficit of 6.8 percent of the GDP. The forecast points that it will be further lowered to 4.5 percent by 2025-26.
The World Bank, on the other hand, made a projection in direct contrast to that of the Reserve Bank of India and noted the economy will grow at 8.3 percent. The Reserve Bank of India had lowered the growth projection from 10.5 percent to 9.5 percent for the year 2021-22.
The second wave coronavirus caused yet another chain reaction across industries, leading many of them to shut shops at the behest of the state governments. As a result, metropolitan cities witnessed protest against the respective governments for abruptly imposing lockdown without thinking about the consequences businessmen and workers surviving on their daily income would cope with yet another restriction.
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