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The State Bank of India’s (SBI) Economic Research Department estimates that the country’s GDP (gross domestic product) growth in the current fiscal year is 8.5-9%.
However, the SBI forecast in the survey report is below the RBI forecast of 9.5%. State-owned lenders recorded 20.1% GDP growth in the first quarter of 2010, adding that “it (the 2010 GDP growth forecast) is now down to 9.3%.”
“It’s too early to predict GDP growth in 2010, but we think it will be in the single digits in 2010, in the range of 8.5-9.0%, but the two days in August are the best. , Vaccination has exceeded 100 million rupees including August 31st, “SBI said in its latest Ecowrap report.
Read again: India recorded a GDP growth of 20.1% in the first quarter due to a low manufacturing improvement.
Public lenders lowered India’s 2010 growth outlook from 10.4% to 7.9% in June.
“Overall, the story is in the first quarter of 2009, and the country showed a real GDP loss of 8.7 rupees (year-on-year) due to the national blockade. The profit in the first quarter of 2010 was about 5.4 rupees. This indicates a loss of rupees. To reach pre-pandemic levels, 3.3 rupees need to be recovered. “
For the GDP growth of 20.1% reported in the first quarter of 2010, SBI forecasts 18.5%. The bank further noted in its report that the actual GVA (total value added) increased by 18.9%.
Agricultural growth in the first quarter of 2010
Agriculture and related sectors increased 4.5% in the first quarter of 2010, compared to 3.5% in the first quarter of 2009 and 3.1% in the previous quarter, according to the report. “This sector is unaffected by a pandemic and is growing strongly,” according to SBI’s research report Ecowrap.
Industry growth in the first quarter of 2010
The report states that the industry was the worst affected sector of the COVID-19 pandemic, with a sharp recovery in the first quarter of 2010, with 49.6% growth in manufacturing and 68.3% growth in construction (46.6%). Growth). However, he said most of the growth was due to a very low base in the first quarter of 2009.
Read again: Ind-Ra revised GDP growth rate for FY2010 to 9.4%
Service sector growth in the first quarter of 2010
According to the report, the services sector grew 11.4% year-on-year, but shrank 11.8% on a QoQ (quarterly) basis. “Growth was seen in’finance, insurance, real estate and bus services’, but’trade, hotels, transportation’and’administration and defense’shrinked significantly on a QoQ basis,” he said.
GDP: Spending side
On the spending side, the report states that the year-on-year growth rate of private final consumption spending in the first quarter of 2010 was a record high of 19.3% due to the fundamental impact.
“Compared to the first quarter of 2010, the degrowth rate was 11.9%, so there was no recovery as Indian households were struck by the second wave in the first quarter,” the report said. Stated.
Investment scenarios look optimistic
“According to today’s project, we look optimistic about the investment announcements made so far in the last five months (April to August) of around Rs. 56,000,” SBI said in a report. Stated.
Banks account for about 70% of the investment announcements mentioned above, with Rs 384,000 coming from the private sector and about 30% from the government.
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