India's GDP likely to rebound to 8.5% in 2022, migrant crisis prevails - Business Insider

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.India's gross domestic product may rebound to 8.5% in 2022 before suffering a "deep contraction" in this fiscal year, according to S&P Global Ratings.

However, the world's fifth-largest economy is faced with both a migrant crisis of epic proportions and community distress as tens of thousands struggle to persevere during the pandemic in one of the world's most populous nations. A sharp rise in national debt is expected this year as the government reels out more stimulus to address the pandemic while dealing with weak revenue generation, but S&P expects its fiscal position to return once a global recovery stabilizes.$264 billion stimulus package

Particularly so for migrant laborers who do not own digital payments accounts. Many villagers who migrated to cities for higher-paid jobs wereonce the nationwide lockdown rendered their daily jobs redundant.

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