The Covid-19 pandemic brought the global economy to a grinding halt, causing unprecedented damage to businesses and economies across the world. India and China, two of the world's largest economies, were not immune to the economic slowdown caused by the pandemic. However, as the world is slowly recovering from the pandemic, India's GDP growth rate has been remarkable. But has India beaten China in GDP growth after Covid? Let's find out.
India's GDP Growth After Covid
The pandemic had a severe impact on India's economy, causing its GDP to contract by 7.7% in FY 2020-21. However, the Indian economy has rebounded strongly, with the GDP growth rate projected to be 11.5% in FY 2021-22, according to the Reserve Bank of India. This growth rate is higher than the pre-pandemic growth rate of 6-7%. The IMF has also projected India's GDP growth rate to be 12.5% in 2021, making it the fastest-growing major economy in the world.
China's GDP Growth After Covid
China was the first country to be hit by the pandemic, and its economy was severely affected. However, China's economy has also bounced back, with a GDP growth rate of 2.3% in 2020. The IMF has projected China's GDP growth rate to be 8.1% in 2021, which is lower than India's projected growth rate.
Has India Beaten China in GDP Growth After Covid?
While India's GDP growth rate is higher than China's projected growth rate, it is important to note that China's economy is much larger than India's. In 2020, China's GDP was $14.3 trillion, while India's GDP was $2.9 trillion. China's economy is more than five times larger than India's economy. Therefore, even if India's GDP growth rate is higher than China's, it will take many years for India to catch up with China's economy.
FAQs:
Q: What caused India's GDP growth rate to drop in FY 2020-21? A: The Covid-19 pandemic caused the Indian economy to contract by 7.7% in FY 2020-21.
Q: Which is the fastest-growing major economy in the world? A: According to the IMF, India is the fastest-growing major economy in the world.
Q: Is India's economy larger than China's economy? A: No, China's economy is more than five times larger than India's economy.
Conclusion:
India's GDP growth rate after Covid has been impressive, and it has outpaced China's projected growth rate. However, it is important to note that China's economy is much larger than India's, and it will take many years for India to catch up with China's economy. Nonetheless, India's growth rate is a positive sign for the country's economy, and it shows that India has the potential to become a major player in the global economy in the coming years.
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