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VOL IX / ISSUE 08 / FEBRUARY 2021
Shot in the Arm for Economy
The International Monetary Fund recently revised upwards the growth forecast for India’s economy to 11.5% in 2021, in its World Economic Outlook, making it the only major economy expected to record double-digit growth amidst the pandemic followed by China, which is likely to grow 8.1% in 2021. However, China grew 2.3% in 2020 – the only major economy to record positive growth. The IMF revised higher the forecast for India's growth in 2021 by 2.7 percentage points, "reflecting carryover from a stronger-than-expected recovery in 2020 after lockdowns were eased".
The positivity stems from the vaccination drive that has rolled out globally. The International Labour Organisation has projected that economies of most countries will recover in H2 of 2021.
Steel prices have headed north though they are still lower than international rates. Our Cover Story, on pg 25, takes a look at the reasons for the rally, whether there is room for further increase, and impact on user-industries.
The Union Budget, tabled on February 1, carried the weight of expectations from India Inc. Industry, on pg. 18, explores the key takeaways and also the demands charter from the steel sector. Plus, we focus on a lot more.