What's Hot

    Adani saga will not affect Indian economy: Nirmala Sitharaman

    February 4, 2023

    Budget’s main focus is growth; Mumbai should be liking proposals: FM

    February 4, 2023

    Privatisation of 2 public sector banks and 1 general insurance firm not on the table: DIPAM Secretary

    February 3, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Invest PolicyInvest Policy
    Subscribe
    • Banking
    • Economy
    • Finance
    • Insurance
      • LIC
    • Investment
    • Market
    • Money
    • MF
    • More
      • Scheme
      • Property
    Invest PolicyInvest Policy
    Home SBI projects Q2 GDP growth of 5.8%, lower than other agencies’ estimates
    Banking

    SBI projects Q2 GDP growth of 5.8%, lower than other agencies’ estimates

    InvestPolicyBy InvestPolicyNovember 28, 2022No Comments2 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Indian economy is likely to clock a GDP growth of just 5.8% in the second quarter of this year

    The Indian economy is likely to clock a GDP growth of just 5.8% in the second quarter of this year, State Bank of India (SBI) economists have estimated in a report. This is less than half the 13.5% uptick recorded in the April-to-June quarter.

    Last week, economists at Bank of Baroda and rating agencies such as Crisil and ICRA had projected a 6.5% growth in the July to September quarter. The National Statistical Office will release its estimates for the economy’s Q2 performance on Wednesday.

    “There is a wide divergence in market consensus regarding Q2 GDP numbers. Consensus estimates are at 6.1%,” the author, group chief economic adviser Soumya Kanti Ghosh, noted in the report

    The bank’s own nowcasting model, which uses 30 high-frequency indicators and machine learning-based artificial neural networks, pegs GDP growth for Q2 at 5.8%. Economic activity, it said, had been declining between June and September 2022, but had increased in October, so the bank exuded more optimism about growth prospects in the ongoing third quarter.

    “Q2 Manufacturing sector growth is likely be weak on the back of margin compression,” SBI said, pointing to a 14% year-on-year decline in earnings before interest, depreciation, tax and amortisation (EBIDTA) during the quarter among corporates outside the banking and financial services space. “Further, corporate margin seems to be under pressure, as reflected in results of around 3,000 listed entities ex BFSI, on account of higher input costs” he pointed out.

    Mr. Ghosh, however, emphasised that there is ‘somehow a large disconnect between leading indicators and GDP growth’ since the pandemic’s onset. “Growth impulses continue to be strong and it may be better to look through the GDP headline numbers for a couple of quarters before arriving at a definitive conclusion about the growth trajectory,” he concluded.

    bank of baroda Crisil and ICRA depreciation earnings before interest economy of india FY23 GDP growth rate gdp deflator GDP Growth Rate GDP of India gdp per capita group chief economic adviser Soumya Kanti Ghosh latest business news the hindu Q2 performance State Bank of India (SBI) economists tax and amortisation The National Statistical Office
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleIndia most favoured destination globally for investments: Vice-President Jagdeep Dhankhar
    Next Article Bank credit grows at 17.2% in Sept. quarter: RBI data
    InvestPolicy

      Related Posts

      Rupee may remain under depreciation pressure, says Economic Survey

      January 31, 2023

      Top 5 Investment Plans in India: Save For Your Future

      January 11, 2023

      India plans tax waivers for IDBI Bank buyer, say sources

      December 20, 2022
      Add A Comment

      Leave A Reply Cancel Reply

      Top Posts

      Trade deficit to moderate, goods exports could hit $480 billion: Commerce Secretary

      August 23, 2022

      More U.S. rate increases could add to the pressure on rupee: Fitch Ratings

      October 19, 2022

      Bajaj Allianz Travel Insurance, Claim, Review, Policy Copy Download

      January 9, 2022
      Advertisement

      Our main motto is to help our customers in making personal finance decisions easy and convenient as per their comfort. We are committed to provide accurate and unbiased information at your doorstep and keep it transparent among our customers.

      We're social. Connect with us:

      Facebook Twitter YouTube LinkedIn
      Top Insights

      Adani saga will not affect Indian economy: Nirmala Sitharaman

      February 4, 2023

      Budget’s main focus is growth; Mumbai should be liking proposals: FM

      February 4, 2023

      Privatisation of 2 public sector banks and 1 general insurance firm not on the table: DIPAM Secretary

      February 3, 2023
      Must Read

      What is UTR Number in Phonepe and Google Pay? how to check

      March 1, 2022

      What is the minimum balance required in SBI Savings Account?

      December 5, 2021

      What is Aadhaar Paperless Offline E-KYC? How to download XML file?

      April 27, 2022
      © 2023 Invest Policy.
      • About Us
      • Contact Us
      • Advertise
      • Privacy Policy

      Type above and press Enter to search. Press Esc to cancel.