Projected 9.5% growth for Indian economy this year14. October 2021
India’s economy was hit by a 7.3 per cent contraction at the hands of the ongoing pandemic but is now set to grow by 9.5 per cent in 2021, according to the International Monetary Fund which has released its projections on Tuesday. The overall growth followed the improved performance of sectors such as engineering goods and petroleum products, many of which require BIS certification and PESO certification for import and distribution in India.
According to the latest World Economic Outlook update, which was published before the annual meeting of the IMF and the World Bank, the world economy is expected to grow at 5.9 per cent in 2021 and 4.9 per the following year.
“The Indian economy is recovering, and we welcome that. It’s going through to the other side of the Covid of the, the latest wave.” said David Malpass, president of the World Bank.
India’s overall exports (merchandise and services combined) grew 21.44 per cent on a year-on-year (YoY) basis in September 2021 to $54.06 billion. In comparison, the growth rate over September 2019 (pre-Covid-19 level) was 26.03 per cent, as shown by the the Ministry of Commerce & Industry data.
Imports grew also in September 2021 by 70 per cent YoY to $68.49 billion, and 44.11 per cent over September 2019. Merchandise exports alone rose 22.63 per cent YoY to $33.79 billion in September.
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