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“India’s Economic Growth To Drop To 6.6% In Next Fiscal Year”: World Bank

World Bank

World bank further said: “Increased infrastructure spending and business facilitation measures will, however, crowd-in private investment and support the expansion of manufacturing capacity.”

Mumbai: India’s economic growth will slow to 6.6% in the next fiscal year from an expected 6.9% in the current year, the World Bank said in its latest economic update.

“The slowdown in the global economy and rising uncertainty will weigh on export and investment growth,” the World Bank added.

World bank further said: “Increased infrastructure spending and business facilitation measures will, however, crowd-in private investment and support the expansion of manufacturing capacity.”

The global apex bank further said, India is expected to be the fastest-growing economy of the seven largest emerging markets and developing economies.

Also Read Uttarakhand: Joshimath Authorities Mark 86 Homes As Unsafe

Beyond the fiscal year ending March 2024, growth in India is likely to slip back towards its potential rate of just over 6%, the bank added.

For the South Asian region, growth in 2023 and 2024 is seen at 3.6% and 4.6% respectively. “This is mainly due to weak growth in Pakistan,” the World Bank said.

Globally, the bank is forecasting a sharp, long-lasting slowdown, with global growth declining to 1.7% in 2023 from the 3% expected just six months ago.

“This reflects synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from the Russian Federation’s invasion of Ukraine.”

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Joshimath: Owner of damaged hotel and kin sit in protest, demand compensation

ANI
Joshimath

Joshimath: Amid reports that two hotels damaged by the landslide and subsidence in the Joshimath area are likely to be dismantled, the owner of one of the hotels sat in protest with his family on Wednesday demanding compensation.
Speaking to ANI, Thakur Singh Rana, the hotel owner said, “My son stays in France. I can move there. But I am sitting in protest instead in solidarity with fellow (Joshimath) residents.” His wife said, “We need to be compensated as those affected by the ongoing Badrinath redevelopment work. We are even prepared to sit out in the freezing cold till our demand is met.”

Hotel Inn and Hotel Mount View, which have developed more cracks, will be dismantled in a few days, officials had said earlier, adding that all residents have been safely evacuated from the ‘unsafe zones’.
According to sources, the hotel owners will meet the district magistrate in their push for compensation.
Officials had earlier said buildings will be dismantled under the supervision of a team of experts from the Central Building Research Institute (CBRI), Roorkee.
A team from the National Disaster Response Force (NDRF) is on standby to assist the district administration in the dismantling work, as and when required.
“Experts are on the ground and the administration will take action on their directions and advice,” said the NDRF.

Also Read: Sinking Joshimath: Locals in tears as they leave homes marked for demolition

“They will be dismantling these hotels for the safety of the 15-20 families still living here. Our houses have been destroyed,” said Manmohan Singh Rawat, a local.
On Monday, District Magistrate Himanshu Khurana informed that a central team would arrive in Chamoli district to survey the damage wrought to properties by the land subsidence and suggest a way forward while coordinating with the local administration in relief and rescue efforts.
“A team from the Ministry of Home Affairs will come to Joshimath on Tuesday. Demolition of buildings will start tomorrow under the supervision of the team of Central Building Research Institute (CBRI) Roorkee,” Khurana had said.
On Monday, a team from the Union Jal Shakti Ministry also arrived at Joshimath. Occupants of buildings in areas that are to be brought down have been shifted by the administration after they were declared ‘unsafe zones’.
The officials of the National Disaster Management Authority (NDMA) also called on Uttarakhand Chief Minister Pushkar Singh Dhami at his residence on Monday to discuss relief and rescue operations.
The officials assured the chief minister of an investigation into the geographical condition of the Joshimath area and the causes of the landslide. The state administration was also assured of central assistance in mobilising disaster relief.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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