SBI India’s GDP Growth For Q2 FY23 In 5 8 | Rare Techy
Amid high inflation, tight financial conditions, Russia-Ukraine war and the lingering Covid-19 pandemic, the State Bank of India on Monday projected India’s gross domestic product (GDP) growth for Q2 FY23 at 5.8 percent. guessed
The bank said in a report that overall, a growth of 6 percent if it materializes in Q2, may mean that India is likely to expand below the 7 percent target.
“However, we believe that there has been a disconnect between leading indicators and GDP growth since the beginning of the pandemic,” the bank said in the report.
Growth forces continue to be strong and it may be best to wait a few quarters for the headline GDP numbers before reaching a firm conclusion about the direction of growth.
At the same time, the International Monetary Fund (IMF) predicted that global growth will decrease from 6 percent in 2021 to 3.2 percent in 2022 and 2 percent in 2023. 7 decrease.
Several indicators point to a resilient growth in the Indian economy in Q2 FY23, despite challenges from global spreads, rising inflation and some subdued external demand as geopolitical developments take a toll on global trade, it added.
SBI’s Composite Futures Index (CLI) (a basket of 41 major indicators that includes benchmarks of almost all sectors) shows a slowdown in economic activity from June 2022 to September 2022 based on monthly data.
In October 2022, it shows turning points with increased economic activity, making Q3 FY 23 GDP growth more optimistic.