- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
- Stay or go? Pacific Islanders face climate's grim choice
- Florida bracing for 'unsurvivable' Hurricane Helene
- Poverty rises to over 52 percent in Milei's Argentina
- Chloe's see-through look may not be for Kamala Harris
- Champagne houses abuzz over English sparkling wine
- Macron, Trudeau pledge to work for 'decarbonized' economies
- Hurricanes, storms, typhoons... Is September wetter than usual?
- China stimulus, tech optimism boost stock markets
- 'Unsurvivable' Hurricane Helene races towards Florida
- Macron meets Trudeau in Canada as both face political setbacks
- South Korea surges in UN innovation index
- Chloe's see-through look may not be for Kamala
- Floods threaten Niger's historic 'gateway to the desert'
- China economy hopes boost global equities
- Ubisoft shares sink after 'Assassin's Creed' delay
- German economy to shrink again in 2024: think tanks
- Hong Kong's New World Development replaces CEO Adrian Cheng
- Swiss central bank cuts rate again amid strong franc worries
- Germany's BASF to focus on 'core units' in major overhaul
- China admits economy facing new 'problems', vows to fix property sector
- Stock markets boosted by China hopes, tech rally
India forecasts world-beating growth on Covid recovery
India expects to lead the world in economic growth this year in a post-pandemic bounceback, government forecasts showed Monday, but with expansion slowing despite widespread vaccine coverage and recovering exports.
Covid pummelled Asia's third-largest economy, which suffered its worst recession since independence in 1947 after a drastic lockdown brought factories and consumer spending to a standstill.
Last year saw the economy bounce back to pre-pandemic levels despite a devastating virus outbreak that overwhelmed hospitals, with 9.2 percent growth estimated for the 12 months to March 2022.
But with the recovery now tapering, India expects slower growth of 8.0-8.5 percent for the following financial year, according to the annual economic survey presented to parliament on Monday.
"The economy is in a good place to grow strongly into the next year or two and all the macro stability indicators suggest that there is a fair amount of buffer," said Sanjeev Sanyal, the finance ministry's principal economic advisor.
The report puts India well ahead of the International Monetary Fund's 2022 calendar year forecasts for other major economies, with neighbouring China expected to grow 4.8 percent in the year to December.
The IMF last week slashed its global growth outlook in the wake of the Omicron variant's impact, but still forecast 9 percent growth for India in 2022.
Widespread Covid vaccinations, robust exports and rises in both private investment and public spending will maintain strong growth for the year ahead, India's survey said, provided there was "no further debilitating pandemic related economic disruption".
But analysts warn the government's growth forecast may be "too optimistic", in light of elevated inflation, unemployment and other headwinds.
"They've made certain assumptions. They've said there is no fourth wave, that crude oil prices will remain at $70-75. All this can be debated," Bank of Baroda chief economist Madan Sabnavis told AFP.
Monday's survey comes a day before India's next budget is presented to parliament.
The Mumbai stock exchange closed up 1.42 percent after the forecast was announced.
Ch.Lefebvre--CPN