SBI Research Report on GDP: State Bank of India’s research report states that India will cross the 7 per cent inflation rate in FY2023. The manufacturing sector will play an important role in this.
business
oi-Ankur Singh
Updated: Friday, May 26, 2023, 12:21 [IST]
SBI Research Report on GDP: State Bank of India has presented a report on India’s GDP. It has been said in this report that the Indian economy will grow at a speed of 7 percent in this financial year and the manufacturing sector will play an important role in taking it forward.
State Bank of India’s research report states that India’s growth rate has been 5.5 per cent in the fourth quarter of FY2023, which will work to propel the country forward at a pace of 7.1 per cent.
Earlier, in the report released by the National Statistical Office i.e. NSO in January, it was said that till March 31, 2023, India’s growth rate will be 7 percent.
According to the SBI report, different patterns of development are being seen across the world, due to which the policy makers are facing a lot of challenges. This challenge will continue not only this year but also in 2024 and 2025. Keeping inflation under control remains a challenge for central banks.
The way in which the possibility of recession is being expressed all over the world, the report of SBI has definitely worked to provide relief. It has been said in the report that the manufacturing sector will accelerate the engine of growth, while the service sector will help a lot in this direction.
Talking about the General Budget 2023-24, a lot of emphasis was laid on capital expenditure. In this, emphasis was laid on investment and employment generation in the private sector. Along with this, it was said to increase the pace of development.
In the data released by the Reserve Bank of India for the fourth quarter of the financial year 2023, the GDP growth has been 5.1 percent, while the growth rate in the entire financial year 2023 is expected to be 6.5 percent.
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The report of the World Economic Outlook, which was released by the International Monetary Fund in April, said that the world would grow at a rate of 2.8 percent, while in 2024 it could reach three percent.
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It has also been said in the SBI report that the way the financial condition of the banks of America was shaken, its effect was also seen on the investment of start-ups.
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english summary
SBI research reports predict 7 percent growth in financial year 2023
