Breaking news
Ini Utharam Movie Writer Ranjith-Unni Interview -
Sonakshi Sinha looking hot in red bodycon dress -

sbi economists cut economic growth forecast for 202223 to 68 percent

Mumbai, Sep 1 (PTI) Economists at the country’s largest bank SBI have cut the economic growth forecast for the current fiscal to 6.8 per cent from 7.5 per cent. He said that the reason for this is that the GDP (Gross Domestic Product) figure in the first quarter remained below the estimates.

According to the data released by the National Statistical Office (NSO) on Wednesday, the GDP growth rate in the first quarter of the current financial year 2022-23 stood at 13.5 per cent. The lower-than-expected growth rate is due to the poor performance of the manufacturing sector. The sector grew only 4.8 percent in the first quarter. However, the growth was supported by better performance of the services sector.

Experts had projected a growth rate of 15 to 16.7 per cent in the first quarter. In this, the Reserve Bank of India had estimated the highest growth rate of 16.7 percent.

State Bank of India’s (SBI) Chief Economic Adviser Soumya Kanti Ghosh had predicted a GDP growth rate of 15.7 per cent in the first quarter.

Ghosh said in a report on Thursday that the growth in real GDP declined by 9.6 per cent on a quarterly basis, with the growth rate at 13.5 per cent. But the seasonally adjusted real GDP growth series indicates an uptick in economic activity. Under this, a growth of 5.6 percent was registered in the first quarter as compared to 4.1 percent in the first quarter of the financial year 2021-22 and 1.9 percent in the fourth quarter of 2021-22.

He said that GDP figures hide more than they reveal. It is time to look at the group of commodities included in the measurement of Index of Industrial Production (IIP) and CPI (Consumer Price Index). It was last reviewed in 2012.

Ghosh said that although the GDP has grown in double digits but this market is less than expected. The main reason for this is the growth of the manufacturing sector which stood at just 4.8 per cent in the first quarter.

He said that in view of this, the economic growth rate is estimated to be 6.8 percent for the whole financial year.

Ghosh said he expects GDP growth to be 6.9 per cent in the second quarter of the current financial year 2022-23, 4.1 per cent in the third quarter and 4.0 per cent in the fourth quarter.

“Based on this, we are now revising the annual GDP growth forecast for 2022-23 to 6.8 per cent. This is a statistical adjustment. However, he added that the growth momentum is expected to pick up in the second half.

Ghosh had earlier projected the economic growth rate to be 15.7 percent in the first quarter.

He said that the most disappointing thing is the GDP growth rate of 26.7 percent at current prices, which was 32.4 percent in the first quarter of 2021-22 and 14.9 percent in the fourth quarter of 2021-22.

In real terms, private final consumption expenditure improved to 10 per cent, which is higher than the pre-pandemic level.

The article is in Hindi

Tags: sbi economists cut economic growth forecast percent

PREV IND vs SA 2nd T20 Dream11 Prediction Team: Make your Dream11 team in India vs South Africa second T20 match
NEXT After having 2 daughters, Gyanvati had asked for a vow to be a boy, mother-in-law and daughter also died. After having 2 daughters, Gyanvati had sought a vow to be a boy, mother-in-law and daughter also died, Ghatampur Accident News, Kanpur Accident News Update, PM Narendra Modi, CM Yogi Adityanath, Kanpur News, Kanpur