Oxford Economics lowers India’s GDP growth rate for 2021 to 10.2%

Global forecasting firm Oxford Economics on April 26, 2021, lowered India’s GDP growth forecast for 2021 to 10.2 per cent from 11.8 per cent.

Oxford Economics cited that, “The lack of a convincing government strategy to contain the coronavirus pandemic, faltering vaccination rate, and country’s escalating health burden prompted us to downgrade India’s 2021 GDP growth forecast to 10.2 per cent from 11.8 per cent previously.”

The global forecasting firm expressed that despite further mobility restrictions, India needs to adopt a targeted lockdown approach, develop resilient business and consumer behaviour, and less stringent restrictions to alleviate the economic impact of the second wave.

The firm is expecting a sequential decline in the GDP of the country in the second quarter.

The global forecasting firm further added that they are more likely to lower the growth forecast further if states, due to struggling health systems, resorted to stringent lockdowns such as in Maharashtra.

Meanwhile, the International Monetary Fund (IMF) said that the country is projected to grow at an impressive growth rate of 12.5 per cent. The S&P Global Rankings had projected India’s GDP to grow at 11 per cent in the current financial year. The Economic Survey of India projected a growth rate of 11 per cent in 2021-22. The Reserve Bank of India (RBI) had predicted a GDP growth rate of 10.5 per cent for FY’22.

India’s Central Statistics Office (CSO) had projected the Indian economy to contract 8 per cent in 2020-21.

Global forecasting firm Oxford Economics

Oxford Economics is a global forecasting and quantitative analysis firm comprising more than 1,500 financial institutions, government organizations, institutions, and international corporations.

The firm houses global analytical tools and economic and industry models to forecast economic, business and social impact, and market trends across the world.

The firm is based in Oxford, United Kingdom.

India: COVID-19 Tracker

#CoronaVirusUpdates:

📍#COVID19 India Tracker
(As on 27 April, 2021, 08:00 AM)

➡️Confirmed cases: 1,77,36,307
➡️Recovered: 1,45,56,209 (82.54%)👍
➡️Active cases: 28,82,204 (16.34%)
➡️Deaths: 1,97,894 (1.12%)#IndiaFightsCorona#Unite2FightCorona#StaySafe @MoHFW_INDIA pic.twitter.com/ubDgZkre4o

— #IndiaFightsCorona (@COVIDNewsByMIB) April 27, 2021

India, on April 27, 2021, has reported 1,77,36,307 confirmed COVID-19 cases with 28,82,204 active cases and 1,97,894 deaths. In the past 24 hours, the country reported 68,546 new active cases and 2,771 deaths.

India has been severely hit the second wave of the pandemic. The country is fighting more than 3 lakh daily new COVID-19 cases along with the crisis of medical oxygen shortage.