Mumbai. According to the State Bank of India’s research report Ecowrap, the country’s Gross Domestic Product (GDP) can grow at the rate of 5.8 percent in the third quarter (October-December) of the financial year 2021-22.
The country’s economy grew at the rate of 8.4 percent in the second quarter of 20211-22. However, the GDP growth rate in July-September was lower than the 20.1 per cent growth in the previous quarter. The National Statistical Office (NSO) will announce the GDP estimates for the third quarter of the current financial year on February 28.
The SBI report said on Friday, ‘According to the SBI Nowcasting model, the estimated GDP growth rate for the third quarter of the financial year 2021-22 will be 5.8 percent. The GDP growth forecast for the full year (FY 2021-22) has been reduced from 9.3 per cent to 8.8 per cent.
The Nowcasting model is based on 41 high frequency indicators related to industrial activities, service activities and the global economy. The report said that the basis for recovery in domestic economic activity is yet to be broadened, as private consumption is lower than pre-pandemic levels. The report suggested that the government may offer livelihood loans up to Rs 50,000 to the rural poor.
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India’s economy will grow at the fastest rate among major countries: Finance Ministry report
Significantly, according to the monthly economic review of the Ministry of Finance, on the strength of various initiatives taken by the government in the Union Budget 2022-23, the Indian economy will register the fastest growth among the major countries. “The manufacturing and construction sectors will be the main drivers of growth due to PLI schemes and public capital investment in infrastructure,” the review report said.
The report further said that the agricultural sector is also witnessing steady growth due to the beneficial minimum support price and income transfer through the Pradhan Mantri Kisan Yojana. The report said that India is so far the only large and major country whose growth forecast has been increased by the IMF for 2022-23. Significantly, the IMF has reduced its global growth forecast for the year 2022.
Tags: GDP, GDP growth, India’s GDP
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