The country’s gross domestic product (GDP) growth rate will be 1.3 percent in the fourth quarter of the last financial year 2020-21. It has been estimated in SBI Research’s report EcoRap. The report said that the Indian economy is expected to decline by 7.3 percent in the last financial year. National statistics […]
SBI Report on GDP
The country’s gross domestic product (GDP) growth rate will be 1.3 percent in the fourth quarter of the last financial year 2020-21. It has been estimated in SBI Research’s report Ecorep. The report said that the Indian economy is expected to decline by 7.3 percent in the last financial year.
The National Statistics Office (NSO) will release the initial estimates of GDP for the March quarter and 2020-21 on May 31. “Our Nowcasting Model” states that GDP growth will be 1.3 percent in the fourth quarter, according to the report. Estimates. The NSO has forecast a one per cent decline in the fourth quarter. ”
7.3 percent decline projected
The report said that GDP is expected to fall by about 7.3 percent in the entire financial year 2020-21. Previously it had projected a decline of 7.4 percent for the entire financial year. The State Bank of India (SBI), in collaboration with the State Bank Institute of Leadership (SBIL), Kolkata, has developed a ‘Nowcasting Model’, which is based on 41 highly cyclical indicators of industrial activity, service activity and the global economy.
5th Fastest Growing Economy in 25 Countries
The report says that India will be the fifth fastest growing economy in 25 countries, based on an estimate of 1.3 percent growth rate. Only these 25 countries have released their GDP figures. Earlier, 80 percent of respondents in this survey conducted by Care Rating Agency said that due to the current situation of COVID-19, demand and investment of non-essential goods can have a profound impact. He says, the cases of infection are reaching record highs, in such a situation, the pace of improvement in the economic sector is slowing down. Nearly seven out of every 10 people who answer are expected to have GDP growth below 9 percent in FY 2021-22.
Crisil had reduced the estimate
At the same time, rating agency Crisil also said that India’s GDP growth rate can be reduced to 9.8 percent under normalcy. This will happen when the second wave of Corona virus reaches its peak in May and comes down. But if it continues till the end of June, then the pace of economic growth will be further reduced to 8.2 percent.
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