economy

Pandemic impeded sustainable development goals of nations, says finance ministry

Pandemic impeded sustainable development goals of nations, says finance ministry

NEW DELHI: The coronavirus pandemic has led to considerable human and economic costs setting countries back on their developmental goals and India is no exception, the finance ministry said in its latest monthly economic review. The pandemic also led to serious impediments to attainment of sustainable development goals, the ministry said. The year 2021 is a “catch-up year for the global economy including India, trying to recover the output level of 2019, the ministry said. The 17 sustainable development goals adopted in 2015 by all UN member nations include eliminating poverty and ensuring quality education, and gender equality. These goals form a blueprint for prosperity for people and the planet. They also recognise that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality and spur economic growth, while tackling climate change. At the national level, India has covered two thirds of the distance to achieving the goals and needs to bridge the gap by 2030. The ministry said that the Reserve Bank of India in its latest forecast has projected 9.5% growth for FY22, implying a full recovery and a 1.6% growth over the pre-pandemic FY20 gross domestic product. Major multi-lateral and credit rating agencies expect India to grow 8-10% in FY22 and 7-10% in FY23. India’s economy is likely to grow on the back of a series of second generation and more nuanced structural reforms in the pandemic years of 2020 and 2021, the ministry said. “Reforms in India is expected to support an annual growth rate of 7% plus until the end of this decade. India will be among the few economies to rebound so strongly from the contraction last year due to Covid-19, the ministry said. It added that India’s economic recovery is expected to strengthen in the remaining quarters of the financial year, as evident from 19 among 22 high frequency indicators in September, October and November, crossing their pre-pandemic levels in the corresponding months of 2019. “Yet, Omicron, a new variant of Covid-19 may pose a fresh risk to the ongoing global recovery. However, preliminary evidence suggests that the Omicron variant is expected to be less severe and more so with increasing pace of vaccination in India, the ministry said. Download.

economy 2021-12-12 Livemint