SBI Report: India's GDP maybe 5.8 percent in the December quarter, SBI economists estimate

The country's GDP growth can be 5.8 percent in the October-December quarter. This estimate has been expressed in the research report Ecowrap of State Bank of India (SBI). It said that the country's economy grew at a rate of 8.4 percent in the second quarter of 2021-22. However, the GDP growth rate in July-September was lower than the 20.1 percent growth in the previous quarter.

NSO forecast on February 28

Significantly, the National Statistical Office (NSO) will announce the GDP estimates for the third quarter of the current financial year on February 28. According to this research report released by SBI on Friday, according to the SBI Nowcasting model, the estimated GDP growth rate for the third quarter of the financial year 2021-22 will be 5.8 percent. In this, the GDP growth forecast for the full year (FY 2021-22) has been reduced from 9.3 percent to 8.8 percent.

Poor can get 50 thousand rupees

The Nowcasting model is based on 41 high-frequency indicators related to industrial activities, service activities, and the global economy. Along with this, the report states that the government can offer livelihood loans up to Rs 50,000 to the rural poor.

States' fiscal deficit is 3.6%

Rating agency India Ratings has revised the fiscal outlook for states from 'neutral' to 'improving' for 2022-23. Said that based on revenue growth, the total fiscal deficit of the states can come to 3.6 percent of their GDP. Earlier, the agency had projected the fiscal deficit to be 4.1 percent of GDP in the next financial year.

It has been forecast to be 3.5 percent of GDP in 2021-22. The agency said that the gross market borrowing of the states in 2021-22 is estimated at Rs 6.6 lakh crore and net market borrowing at Rs 4.6 lakh crore. This is lower than the previous estimates of Rs 8.2 lakh crore and Rs 6.2 lakh crore, respectively.