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Sunday, January 23, 2022

After GDP, another blow to the government, SBI also reduced the growth estimate for the financial year 2022

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SBI’s Ecowrap report has forecast a growth of 7.9 per cent for India’s GDP, lower than its previous 10.4 per cent growth estimate.

SBI on Indian Economy

The country’s GDP figures disappointed on Monday due to Corona. Now the country’s largest state-run bank SBI has also expressed concern about the economy. According to SBI’s Ecowrap report, the second wave of COVID-19 and the restrictions imposed have again paralyzed economic activities. Due to which the pace of the economy may come to a standstill in the coming days.

SBI’s Ecowrap report has forecast a growth of 7.9 per cent for India’s GDP, lower than its previous 10.4 per cent growth estimate. However, it added, “We are doing so with the expectation of 1 crore vaccinations per day from mid-July as per government estimates.

big impact on the economy

It also noted that there is likely to be a ‘disproportionately large’ impact on the economy this time around and given that rural is not as resilient as urban, spurt in demand will lead to a huge gap in FY22 GDP estimates. Not likely to come. Hence it can only be a minor pickup.

slashed growth forecast

On Monday, India reported a 7.3 percent contraction in its economy. SBI EcoRAP noted that in the provisional estimates, real GDP for FY21 has been revised to Rs 135.13 lakh crore from Rs 134.09 lakh crore as per the second advance estimates.

GDP growth at -7.3 percent

Thus, the real GDP growth for FY21 was recorded at -7.3 per cent as against the earlier SBI estimate of -8.0 per cent. It said, “The positive growth rate in Q4 FY21, which was projected to be negative in the second advance estimates, has helped contain the decline in GDP. This decline of GDP has come after 40 years on an annual basis. Earlier in 1979, India’s annual GDP growth was close to -5 percent.

(With IANS input)

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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