The Economic Times
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| 20 January, 2021, 06:01 PM IST | E-Paper

    Ten ways coronavirus has changed the world economy

    Here is an overview of some of the transformations.

    Next 10 years make-or-break decade for Indian economy: Economists

    If everything goes according to plan, India will be able to reap the fruits of its favourable demography over 2030s and 2040s, before she loses that edge in the 2050s, according to economists.

    Ten ways Covid-19 has changed the world economy forever

    Measured by output, the world economy is well on the way to recovery from a slump the likes of which barely any of its 7.7 billion people have seen in their lifetimes. Vaccines should accelerate the rebound in 2021. But other legacies of Covid-19 will shape global growth for years to come.

    China's economy grows 2.3 per cent in 2020 as rebound from coronavirus gains

    That was China's weakest growth in decades but ahead of the United States and other major economies. They have yet to report 2020 growth but all are on track to show full-year activity contracting before vaccines are rolled out and commerce returns to normal.

    India took 'very decisive' steps to deal with coronavirus pandemic and its economic consequences: IMF chief

    The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.

    Global economy can shake off pandemic in 2021, leaders say

    World Bank Chief Economist Carmen Reinhart said increasing debt distress in many of those countries meant that China, now the world's largest official creditor, would need to start restructuring the debt it is owed.

    Pharmaceutical major Pfizer reassures Europe over coronavirus vaccines as pandemic surges

    The coronavirus pandemic is showing no signs of slowing down, with infections surging past 94 million and more than two million deaths, and Europe among the hardest-hit parts of the world.

    German economy shrank five percent in pandemic year 2020

    The state statistics office Destatis said Thursday that only the construction sector showed an upturn as industry and services saw deep declines. Agriculture, financial services, real estate and information and communication suffered smaller declines.

    US must 'act big' on next coronavirus relief package: Janet Yellen

    The proposed aid package includes $415 billion to bolster the U.S. response to the virus and the rollout of COVID-19 vaccines, some $1 trillion in direct relief to households.

    A year after Covid began, China’s economy is beating world

    After withstanding President Donald Trump’s trade war, China is deepening economic ties within Asia and Europe and looking to domestic consumption to power its next phase of growth.

    Stat of the economy: Understanding data in the time of pandemic

    The International Monetary Fund has forecast an 8.8% GDP growth for India in 2021-22. Economists and statisticians say if the economy starts recovering — GDP has contracted by minus 7.5% in the September quarter, from minus 23.9% in the June quarter — the graph next year is bound to be a mirror image of what would be achieved this year.

    Economic revival amidst Covid hit economy; optimism fills auto sector

    Maruti Suzuki sets target for 2021; asks vendors to be prepared for 2 million production in 2021. Now that India is back on track to revive its economy that has been massively hit by the COVID pandemic. Economic revival amidst Covid hit economy; optimism fills auto sector

    Dubai economy to grow 4% in 2021, rebounding from this year's contraction

    Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.

    Indian economy stabilizes in November as retail demand improves

    All eight high-frequency indicators tracked by Bloomberg News were steady last month, keeping the needle on a dial measuring the so-called ‘Animal Spirits’ unchanged at 5. The level was arrived at by using the three-month weighted average to smooth out volatility in the single-month readings.

    Covid-induced contraction in creative economy, income loss: Report

    Signalling that during the pandemic, the creative industries continue to face a very uncertain future, the report shows that the creative economy is contracting, organisations are closing permanently to avoid bankruptcy, and creative businesses are contending with increasingly difficult choices to cut staff and overheads to ensure they remain resilient.

    China's economy set to overtake U.S. earlier due to Covid fallout

    The world’s biggest and second-biggest economies are on course to trade places in dollar terms in 2028, five years earlier than expected a year ago, it said on Saturday.

    UK scientists worried vaccines may not work on South African coronavirus variant

    Scientists including BioNTech CEO Ugur Sahin and John Bell, Regius Professor of Medicine at the University of Oxford, have said they are testing the vaccines on the new variants and say they could make any required tweaks in around six weeks.

    India’s economy to reach pre-Covid level by 2021 end: NITI Aayog VC

    While speaking to ANI, NITI Aayog Vice Chairman Rajiv Kumar on December 31 said India economy will grow at 10% in 2021-22 in real terms. India’s economy to reach pre-Covid level by 2021 end: NITI Aayog VC

    Fed says bond-buying changes hinge on 'qualitative' call on economy

    USA-FED-Fed says bond-buying changes hinge on 'qualitative' call on economy

    Take a last glimpse at a nightmare year for the world economy

    What began as a year clouded by the milder threats of a fractious U.S. presidential election, ongoing trade tensions with China, and a hard deadline for U.K. relations with the European Union soon became an existential ordeal to salvage any economic growth at all amid unprecedented lockdowns.

    French economy contracted 4% in Q4 -central bank

    In light of the fourth quarter performance, the Bank of France said it was sticking with a previous estimate that the euro zone's second-biggest economy shrank 9% over the course of last year.

    China stocks retreat on coronavirus worries

    The blue-chip CSI300 index fell 1.5% to 5,437.52, while the Shanghai Composite Index slipped 0.8% to 3,566.38.

    China 2020 exports up despite coronavirus pandemic; surplus surges to $535 billion

    China's exporters benefited from the relatively early reopening of its economy and demand for masks and other Chinese-made medical supplies. Exporters have taken market share from foreign competitors that still face curbs imposed to fight the pandemic.

    One year, 400,000 coronavirus deaths: How the U.S. guaranteed its own failure

    For nearly the entire pandemic, political polarization and a rejection of science have stymied the United States’ ability to control the coronavirus. That has been clearest and most damaging at the federal level, where Trump claimed that the virus would “disappear".

    OECD sees global economy turning the corner on coronavirus crisis

    The global economy will grow 4.2% next year and ease to 3.7% in 2022, after shrinking 4.2% this year, the Organisation for Economic Cooperation and Development said in its latest Economic Outlook.

    Fed officials differ over economy's risks as coronavirus surges

    Daily new infections in the United States surpassed 163,000 on Thursday, crossing the 100,000 mark for a ninth consecutive day, and the death toll rose by 1,173 to a total of 242,982. Hospitals in some states are reaching capacity.

    Indian economy is gradually recovering: IMF

    India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. "India has indeed been severely affected by the pandemic but is gradually recovering," IMF chief spokesperson Gerry Rice said.

    Coronavirus crisis will not be the last pandemic: WHO chief Tedros Adhanom Ghebreyesus

    Tedros Adhanom Ghebreyesus also condemned the "dangerously short-sighted" cycle of throwing cash at outbreaks but doing nothing to prepare for the next one, in a video message marking Sunday's first International Day of Epidemic Preparedness.

    Coronavirus accelerating digital transformation: SCO Secretary-General

    Norov was speaking at the inaugural plenary of four-day 23rd Sustainable Development Conference (SDC) titled: Sustainable Development in the Times of COVID-19, inaugurated by the Sustainable Development Policy Institute (SDPI) in Islamabad on Monday.

    Parliamentary panel on finance will examine Covid long term impact on economy

    Government experts maintain that the Indian economy will come back to pre-Covid levels by the next financial year (2021-22) as it is recovering faster than expected. The committee, headed by former minister and BJP MP Jayant Sinha, has decided to prioritise the long-term impact of Covid-19 on the global economy.

    Saudi Arabia's economy shrinks 4.6% in Q3 as oil sector takes a hit

    Saudi Arabia is facing its worst economic decline in decades after the COVID-19 pandemic curbed global crude demand and measures to contain it also hurt other sectors. The world's largest oil exporter said on Tuesday it expects the economy to shrink by 3.7% this year but to swing back to growth of 3.2% next year.

    Singapore starts coronavirus vaccination for healthcare workers

    Singapore became the first Asian country to start vaccinating healthcare workers against Covid-19 with Pfizer-BioNTech vaccine on Wednesday. The health ministry's expert committee had recommended that persons at high risk of being infected, including healthcare workers and front-line workers, should be given priority for vaccination.

    Global demand to accelerate by April 2021 due to Covid vaccine rollout: Morgan Stanley report

    Many individuals have been holding back on their spending till clarity emerges before they make a purchase. Many global investors have been raising caution over the global economies. Although the stock markets across the world have seen a spurt in the last few months as large investors moved away from safe bets such as the US dollar and gold.

    Economy likely to maintain V-shaped recovery: Finance Ministry

    ​​The impending vaccination against the coronavirus would spur momentum in economic activity globally, the finance ministry said.

    Pakistan's economy to grow 1.5-2.5 per cent in current fiscal: Report

    In its annual report for the fiscal 2019-20 released on Wednesday, the State Bank of Pakistan (SBP) said the nation's economy seems poised to pick up from where it was before the COVID-19 shock, The Express Tribune reported on Wednesday.

    German economy stagnating or shrinking amid second wave of coronavirus: Bundesbank

    With schools open and restrictions mainly affecting the catering and hospitality sectors, Germany has taken a softer approach than some of its neighbours but was still bound to suffer from weaker demand from abroad.

    Covid-19 vaccine: World rolls up sleeves to take a shot

    Russia started vaccination of front-line workers and other high-risk people in Moscow on Saturday while China too has reportedly geared up for rollout of its domestically made Covid vaccine.

    Most major economies are shrinking. Not China’s.

    Keeping the virus at bay has been critical to China’s economic success over the past year. While the pandemic ravages other nations, Beijing’s aggressive top-down approach kept the virus from spreading rapidly across the country.

    Greek economy may contract 11% percent in 2020, central bank says

    The government now expects a contraction in output of around 10.5%, according to the latest 2020 projections in the 2021 government budget now pending approval in the country's parliament.

    Now that coronavirus vaccines are coming, what about poor countries?

    This being a pandemic (from the Greek word for “all people”), that welcome development presents all the usual problems of global differences in wealth, power and equity. Rich countries have already placed their orders. Poor countries can only hope not to be left out. What should be done?

    India has enough capacity to produce COVID-19 vaccines for itself and others

    FM Sitharaman asserted that India has to invest a lot more in health infrastructure and get more private partners into the sector.

    A pandemic atlas: How COVID-19 took over the world in 2020

    More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.

    Oil falls on coronavirus fears, strong dollar

    Brent crude was down 16 cents, or 0.3%, at $54.94 per barrel at 1445 GMT, and West Texas Intermediate U.S. crude fell 10 cents, or 0.2%, to $52.26.

    Taxed by the pandemic, Centre may go for a coronavirus cess in Budget 2021

    The industry has asked that no new taxes be levied as the economy is under stress in its budget recommendations. Experts also opposed the idea, saying the timing wasn’t right.

    Global COVID-19 cases breach 67.5-million mark

    As per the COVID-19 Dashboard by the Center for Systems Science and Engineering at JHU, the global tally stood at 67,535,605 as of 6.56 am (IST) Tuesday.

    View: Free coronavirus vaccinations are better than any stimulus the Centre can provide

    No amount of fiscal stimulus will revive the economy until fear is cured and service activities resume. To diminish fear, the top priority of the budget must be to vaccinate as many as possible as quickly as possible.

    US economy expands at record 33.1% pace after coronavirus plunge

    While the report makes clear that the economy has found a solid footing for now, analysts caution that growth will be much more modest and choppy in months to come.

    No vaccine, no entry! Is it possible for offices to allow only vaccinated employees resume work?

    Mandating vaccines would be especially important to help protect workers in minority.

    India's contracting economy rebooting from coronavirus blow

    Dussehra, Diwali and Durga Puja celebrations that extend through the Christmas and New Year holidays are an occasion to splurge on big ticket items like gold, homes and cars as well as clothing, smartphones and electronics.

    ADB launches USD 9 billion COVID-19 vaccine initiative for its developing member economies

    "As ADB's developing members prepare to vaccinate their people as soon as possible, they need financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably, and efficiently manage the vaccination process," ADB President Masatsugu Asakawa said.

    UK economy shrank in November as new lockdown hit

    Britain's economy shrank by 2.6% in November, the first monthly fall in output since the country was under its initial COVID lockdown last April as new restrictions were imposed to slow the spread of the disease.

    Biden names Vidur Sharma as Policy Advisor for Testing in COVID-19 Response Team

    The announcement of Sharma's appointment as Policy Advisor for Testing was made by Biden on Friday along with additional members of the White House COVID-19 Response Team.

    Herculean efforts paid off, Vardhan to scientists on COVID-19 vaccine approval

    India's drugs regulator on Sunday approved Oxford COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country, paving the way for a massive inoculation drive.

    Oil prices fall amid worries over new coronavirus strain

    Brent crude dropped 97 cents, or 1.9 per cent, to $51.29 a barrel by 0103 GMT after rising 1.5 per cent and touching its highest since March last Friday.

    Not just pent up demand that is reviving economy: FM

    “Recovery is consistently happening over the last few months… I am not sure if the pent up and festival demands will explain more than ₹1 lakh crore GST collection for two consecutive months,” she said.

    Dubai launches fifth coronavirus economic stimulus package

    The package, its fifth, takes the total economic stimulus from the government of Dubai, part of the United Arab Emirates, to 7.1 billion dirhams since March last year, Dubai Crown Prince Sheikh Hamdan bin Mohammed said on Twitter.

    For Europe, it’s wave after wave for coronavirus

    Since the fall, the Continent has watched with horror, and paralysis, as another wave struck with nearly equal force — and in some places far more. Hospital corridors were crammed again, respirators overloaded. As death rates spiked, governments imposed new, though watered-down, restrictions, hoping to salvage their economies while keeping the virus at bay.

    View: Is Trump trying to take the economy down with him?

    Secretary Mnuchin’s move comes just as President-elect Joe Biden is preparing to name his own Treasury secretary, and it fits a growing pattern of Mr. Trump’s team doing everything he can to undermine and kneecap the incoming administration’s ability to crisis manage.

    WHO team arrives in Wuhan to search for the origins of the coronavirus pandemic

    The 10-member team sent to Wuhan by the World Health Organization was approved by President Xi Jinping's government after months of diplomatic wrangling that prompted an unusual public complaint by the head of the WHO.

    Navigating 2021 with ET: Trends that will help you navigate a risky and uncertain world

    A number of themes will shape the course of the Indian economy through 2021 and beyond. These themes — investing, the future of work, the acceleration of digitisation, and the impact of the pandemic on contact-intensive.

    U.S. cities, left behind in COVID-19 aid, look for lifeline in Joe Biden era

    In the midst of cutbacks in workforce and emergency services and growing poverty, U.S. cities, especially the smaller ones, are hoping the next round of stimulus includes them and that President-elect Joe Biden advocates for them when he takes office on Jan. 20.

    Rolling-out of COVID-19 vaccination will start soon: Union Health Minister Harsh Vardhan

    Vardhan said the roll-out of COVID-19 vaccines will start "very soon". "India has finally received emergency approval from the apex regulator for two vaccines and we will be rolling out vaccination drives very soon," he said.

    Ten challenges Biden faces in fixing the economy

    The new president is expected to reverse many of Donald Trump’s policies that undid those of the Obama administration in which Biden was vice president

    Bill Gates, the coronavirus and the quest to vaccinate the world

    If the initiative, aided by Gates’ fortune and focus, manages to help protect the world’s poor from a virus that has already killed more than 1.3 million people, it will affirm the strategies he has promoted in his philanthropic work, including incentives for drug companies.

    Government has no strategy to deal with coronavirus pandemic, revive economy: Congress

    Citing grim International Monetary Fund (IMF) projections, she alleged India will become the "fastest falling economy" from being the fastest growing economy. She also cited the IMF projections of 10.3 per cent contraction in India's GDP, which is the highest in the world after the UK's 9.8 per cent.

    Spain's economic recovery to continue as long as virus is contained, says Economy minister

    Spanish gross domestic product expanded at a record pace of 16.7% in the third quarter from the previous one, after the lifting of a nationwide lockdown in June allowed the economy to begin recovering from its deepest ever recession. The GDP is still 8.7% smaller than a year ago.

    Australia bounces out of coronavirus-induced recession, economy grows 3.3 percent

    Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace. That's after GDP fell by 0.3% in the first quarter and then by a record 7% in the second quarter.

    Indian economy probably picked up in September quarter as hopes grow for vaccine: Poll

    Economists have marginally raised forecasts this month after a pick-up in consumer demand for autos, non-durables and rail freight during the festival season, as prospects grow for COVID-19 vaccines to be launched early next year.

    China's economy grows 4.9% in Q3, extending coronavirus recovery

    China's recovery has so far put it on track to be the only major economy expanding this year, according to International Monetary Fund forecasts, while nations around the world continue to struggle with lockdowns and new waves of infections.

    Goldilocks in Covid pandemic, things still under control: Morgan Stanley

    Goldilocks economy is often the one where the growth is high but the inflation is under control. That is the economy is in equilibrium or the best state possible: with good employment figures, economic stability and higher than world average growth.

    Ratan Tata on the 4 things India needs to keep in mind as it enters 2021

    The year 2020 will go down in history as literally the most unprecedented year this planet has ever seen. For the first time, from my perspective, it’s hard for me to say where we are headed or what’s in store for the year ahead. This is a test for the human race, and I am confident that we will find a way.Ratan Tata on the 4 things India needs to keep in mind as it enters 2021

    Kamal to kamal: Madhya Pradesh saw mid-way govt change in coronavirus year

    ​​The dramatic collapse of the 15-month-old Congress government helmed by party veteran Kamal Nath was the biggest political event of 2020 in Madhya Pradesh.

    Ratan Tata on the 4 things India needs to keep in mind as it enters 2021

    Whether we find an effective vaccine or not, I am hopeful that we will eventually find some cure that will reduce the intensity of this pandemic. But it will be imperative for all of us to learn not to take this pandemic for granted.

    Why the Biden economy could be the same slog as the Obama economy

    There are ways the Biden economy might escape the slow-growth economic outlook, if the Senate goes along with enough coronavirus rescue funds to prevent widespread business failures and sharp pullbacks by state and local governments.

    Federal Reserve signals readiness to do more for US economy as coronavirus rages

    The Federal Reserve kept its benchmark interest rate at a record low near zero Thursday and signaled its readiness to do more if needed to support an economy under threat from a worsening coronavirus pandemic. (AP)Federal Reserve signals readiness to do more for US economy as coronavirus rages

    PM Modi to address Bloomberg New Economy Forum

    The forum will witness discussions centered on refuelling the economy and charting a course for the future as the global economy grapples with the COVID-19 pandemic, the Prime Minister's Office (PMO) said.

    US House of Representatives passes bill to increase COVID-19 stimulus cheques to $2000

    The bill proposes to tweak the nearly USD 1 trillion stimulus package signed into law by Trump on Sunday so that its $600 stimulus cheques are increased to $2,000.

    India’s economy seen clawing back after slipping into recession

    A slew of indicators from car sales to services sector activity notched higher last month, while alternative data signal robust demand in an economy that’s primarily driven by domestic consumption.

    A year after first death in China, coronavirus source still a puzzle

    Nearly two million deaths later, the pandemic is out of control across much of the world, leaving tens of millions ill, a pulverised global economy and recriminations flying between nations.

    US economy surges by record 33.1% in Q3

    The overall increase in the gross domestic product, the country's total output of goods and services, remained the same as its first estimate, the Commerce Department reported Thursday, although some components were revised.

    US dollar gains on persistent rise in coronavirus cases

    ​​The dollar was also caught between two opposing forces, with a safety bid supporting it while renewed speculation over monetary easing to boost the economy held it back somewhat.

    COVID-19: India says meeting Nepal's vaccine requirement would be priority

    ​​Foreign Secretary Harsh Vardhan Shringla, addressing a lecture hosted by the Asian Institute of Diplomacy and International Affairs (AIDIA), a Kathmandu-based non-partisan foreign policy think-tank, said that India is "on the cusp of the availability of a vaccine for the novel coronavirus".

    German coronavirus deaths hit new high as lockdown starts

    Fears that the pandemic is spiralling out of control in Germany, Europe's biggest economy, prompted Chancellor Angela Merkel and the 16 state governors to announce on Sunday a tough lockdown until Jan. 10 at the earliest.

    Despite improved growth outlook, surge in infections presents risks for Indian economy

    According to a report by Reuters, India's economy is likely to have shown signs of a pick-up in the quarter to September after a record contraction the previous quarter, and is expected to recover early next year on hopes of better consumer demand fed by progress on coronavirus vaccines.

    British economy grew by record 16 percent in Q3 after first lockdown slump

    Gross domestic product grew by a record 16.0% in the third quarter - revised up from a previous estimate of 15.5% - but that still did not make up for its 18.8% slump in the April-June period.

    Covid-19 pandemic wiped out 81 million jobs in 2020 in Asia–Pacific region: ILO report

    As per the report, titled Asia–Pacific Employment and Social Outlook 2020: Navigating the crisis towards a human-centred future of work, overall labour income is estimated to have fallen by as much as 10% in the Asia–Pacific region in the first three quarters of 2020, equivalent to a 3% loss in gross domestic product.

    Congress reaches deal on $900 billion pandemic relief plan

    The plan would provide direct payments of $600 to most Americans and $300-per-week in enhanced unemployment benefits through March, according to lawmakers and aides. Expiring programs for gig workers and the long-term unemployed also would continue.

    Nigeria slips into recession, weighed down by COVID-19 and oil prices

    Africa's biggest economy was last in recession in 2016, its first in a generation, and emerged the following year.

    SEC to reconvene on January 1 to consider emergency use authorisation for COVID-19 vaccines

    ​​​​​​The subject expert committee on Covid-19 of the Central Drugs Standard Control Organisation (CDSCO) on December 9 had sought additional safety and efficacy data for Covid-19 vaccines of SII and Bharat Biotech after deliberating upon their applications.

    One vaccine side effect: Global economic inequality

    Wealthy nations in Europe and North America have secured the bulk of limited stocks of vaccines, positioning themselves for starkly improved economic fortunes. Developing countries — home to most of humanity — are left to secure their own doses.

    Economy improving fast, growth to turn positive in Q3, Q4 of FY21: Ashima Goyal

    Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.

    Dark deja vu for European economy as coronavirus cases spike

    While the new restrictions are so far not as drastic as the near-total shutdown of public life imposed in the spring, they are kicking an economy that's down. For many Europeans, there is a foreboding sense of deja vu.

    Wall Street closes lower as surging COVID-19 cases offset vaccine hopes

    Throughout the week, the ebb and flow of vaccine news and spiking infections had investors oscillating between economically-sensitive cyclical stocks and pandemic-resistant market leaders.

    Rate cut bets melt as vaccines boost economy hopes

    As recently as Oct. 20, markets were pricing rate cuts of up to 25 basis points from leading central banks by next autumn as the resurgent pandemic threatened a double-dip recession.

    Facing a record case spike, Bank of Japan extends coronavirus-linked lending programme

    In May, the central bank launched a new lending scheme aiming to channel funds to small and medium-sized businesses suffering from the economic fallout of the coronavirus pandemic.

    India’s economy to struggle with effects of virus through 2025

    Balance sheet stress that had been building before the coronavirus outbreak will probably worsen, Priyanka Kishore, head of economics for South Asia and South-East Asia, wrote in the report. She projects potential growth for India at 4.5% over the next five years, lower than 6.5% before the virus.

    Assured of victory, Joe Biden and Kamala Harris start focusing on public health and economy

    According to latest projections, Biden had 264 of the 538 electoral college votes up for grabs. He only requires another six electoral college votes to reach the magical number of 270, to be declared elected as the next US president.

    Sensex leaps towards 50,000 as India moves to vaccinate people

    Foreign investors have continued to provide support to the market as they have been extremely bullish on India in recent months. But this has taken valuations to scary levels, which is reflected in India VIX, indicating nervousness.

    Indian economy will recover from coronavirus crisis with right policies: IMF official

    The International Monetary Fund in its annual World Economic Outlook significantly downgrades India's growth for the fiscal year 2020 to minus 10.3 per cent. At the same time, IMF said that India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, but for this New Delhi needs to ramp up its efforts in various fields.

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