At a growth rate of 10.1 per cent in 2022, india will be the fastest growing major economy in the world, ahead of china, which is projected to grow at 5.8 per cent, a slowdown from 8.2 per cent in 2021. The mid-year update said that india will register a 7.5-per cent growth rate in calendar year 2021, after an estimated contraction of 6.8 per cent in 2020. The mid-year update provides an upward revision for growth projections for india from the UN forecasts released in January. The january World Economic Situation and Prospects report had estimated that the indian economy will contract by 9.6 per cent in 2020, and projected a 7.3 per cent growth rate in 2021 and a 5.9 per cent GDP growth in 2022.