SBI
SBI predicts real GDP growth for FY22 to be higher than 9.5 pc
New Delhi/UNI: The real Gross Domestic Product (GDP) would be higher than the Reserve Bank of India (RBI)'s estimate of 9.5 per cent for financial year 2022, a report said here on Wednesday.
The report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said the economy is still operating at 95.6 per cent of pre-pandemic level (with ‘Trade, Hotels, Transport, Communication and Services related to Broadcasting’ still at 80 per cent) and should take one more quarter to recoup the losses.
It said with private sector contributing around 67 per cent of this or Rs 5.80 lakh crore, it seems private investment revival is on the horizon. The SBI Business Activity Index at 110.7 for the week ended November 29 indicated further pick-up in economic momentum.
The report said the new investment announcements in current year looked encouraging with around Rs 8.6 lakh crore investment announcements made so far in the past seven months of FY22.
However, it said the echoes of the fast-spreading latest virus strain, Omicron, declared a 'variant of concern' by WHO seem to have reignited the worst fears of multiple nations.
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