The global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022. Prospects for emerging markets and developing economies have been marked down for 2021, especially for Emerging Asia.
If India plans to double its economy to $5 trillion (Rs 350 lakh crore) by 2022 as Prime Minister Narendra Modi stated in August 2018 and grow at 8% per year as he predicted, it will need to invest more in health and education.
In India, the economic recovery is underway. Indian exports in July 2021 increased by 47.91% to $ 35.17 billion. India's manufacturing sector rebounded in July. The PMI of industrial productions was 55.3 in July as against in June 2021 when it was just 48.1. Should the pandemic continue to recede we expect a 9.7% annual increase in industrial production in the calendar year. GST collections are 25% higher to Rs. 1,16,393 crores in July2021. The unemployment rate in July has also come down 6.95%in July from 9.17% in June 2021 and 11.90% in May 2021.