GDP Growth Project: The Economic Research Team of the country’s largest bank SBI has estimated in its report that in the current financial year 2021-22, Indian GDP can grow at the rate of 9.3-9.6 percent. Earlier the bank’s estimate was only 8.5-9 per cent. Apart from this, GDP is expected to grow by 8.1 percent in the second quarter of the current financial year, September 2021.
According to this report prepared by Soumya Kanti Ghosh, Chief Economic Adviser of SBI, the real GDP of the country in the current financial year will increase by about Rs 2.4 lakh crore from Rs 145.69 lakh crore in the financial year 2019-20 before Corona. The GDP growth forecast by SBI for the current financial year is equal to the RBI’s estimate. The central bank RBI has estimated that the country’s GDP can grow at the rate of 9.5 percent in the financial year 2022.
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Due to this increased growth forecast
According to the report, due to the pick-up in economic activity in the third quarter, SBI’s research team has increased the growth estimate. According to the report, economic activities have reached the level before the corona epidemic. In the third quarter of 2021 this year, July-September 2021, the threat of corona once again increased globally but it did not affect factors like infection, supply chain and inflation in India. The number of active cases of corona in the country stood at 1.24 lakh, which is the lowest since June 2020. The condition of vaccination in the country is also better and 115 crore doses have been applied. Of the people eligible for vaccination, 81 percent have received at least one dose, while 42 percent have received both doses. In view of all this, SBI’s research team has increased the GDP growth estimate.
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What is the situation at the global level
According to the report, when the threat of corona epidemic increased again in many countries, there were supply problems and production was also affected. In July-September 2021, US GDP growth fell from 12.2 per cent year-on-year to 4.9 per cent. The situation in China was also not better and GDP growth in the September quarter slipped from 7.9 per cent to 4.9 per cent due to the impact of production on a year-on-year basis. SBI’s research team assessed the GDP growth of 28 countries including the US, UK, China, Russia, Japan, besides India, and according to this, the GDP of these countries grew at the rate of 12.1 percent on an annual basis on the June quarter but in the September quarter. at the rate of 4.5 per cent.
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