Rapid recovery in 2021
Austrade’s Ashley Brosnan points to India’s post-coved economic recovery based on fast rollout of the vaccine, falling caseloads, economic stimulus and Foreign Direct Investment – it has every angle covered:
The OECD projects that India’s economy will grow 12.6% in 2021. This will make India the only major country to achieve double digit growth in 2021.
It should be acknowledged that the Indian economy is among the worst affected by the pandemic, which has resulted in strict, multi-month lockdown restrictions. GDP fell 10.3% in 2020 damaging household income and business confidence.
But rapid economic growth in 2021 will be driven by an expansive vaccine rollout, falling COVID-19 caseloads, and extensive economic stimulus.
Not forgetting that India is now a top 10 destination for Foreign Direct Investment.