UN slashes India's growth rate to 1.2% for 2020-21

The UN on Tuesday slashed India's economic growth projection for the current fiscal year to 1.2 per cent, which would still be the second-highest growth rate among major economies, trailing only China. The growth rate for the world ravaged by Covid-19 is projected to shrink by 3.2 per cent this year, with the developed countries bearing the brunt with their economic growth dropping by 5 per cent, according to the update.