The country already embarked on its mass vaccination drive from 16 January 2021 onwards
Country with the fastest-growing economy revealed. Source: unsplash.com
According to GlobalData, with rising demand for goods and services and revival of key economic sectors amid the declining rates of COVID-19 cases, India’s GDP growth rate is forecasted to witness a V-shaped recovery with 9.72% growth in 2021.
From mid-September 2020, the COVID-19 cases exhibited a declining trend with a recovery rate of 96.5% and a fatality rate of just 1.4% of the total cases.
The data states that India’s economy will be the fastest-growing economy with a 9.72% growth rate compared to other major economies such as China (8.65%), France (6.23%), the UK (5.46%), and the US (3.96%) in 2021.
At the same time, India’s Index of Industrial Production, which contracted from March to August 2020, exhibited growth from September 2020 onwards.
We’ve reported that while 1 in 2 of the richest 20% of India’s households use e-payments, up to 1 in 4 of the poorest 40% also use them.
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