Indian economy recovering from COVID-19 crisis: World Bank president

The pandemic especially hit the Indian economy’s large informal sector and the country, like other nations, is now facing a supply chain disruption due to the pandemic, Malpass was quoted as telling reporters by a news agency.

The World Bank last week projected the Indian economy to grow at 8.3 per cent this year.

“I'm giving the general mixed view that there's progress, but not enough. India faces huge challenges of integrating more people into their economy into the formal sector economy and raising the earnings of people,” he said. The Indian government, he said, is focused on that.

Malpass said he went to India in late 2019 and saw the changes that were being made that were quite positive in terms of the banking system, the financial system, the civil service system, and ways that India was looking for ways to improve the clean water situation which is very important in India for child nutrition for improving nutrition.

Fibre2Fashion News Desk (DS)