SBI upgrades growth hopes to 9.3%-9.6% for 2021-22
The Hindu
Expects 8.1% rise in GDP in second quarter
The State Bank of India (SBI) has upgraded its GDP growth projections for this year to a range of 9.3% to 9.6%, from 8.5% to 9% forecast earlier, attributing the optimism to improved vaccination and lower incidence of COVID-19 cases in the country.
Citing 41 high-frequency indicators factored into its ‘Nowcasting’ model, SBI economists have forecast a GDP growth 8.1% with an upward bias for the July to September quarter. Official growth estimates for the second quarter are expected at the end of the month.
India’s GDP had grown 20.1% in the April to June quarter, compared to a 24.4% contraction in the same quarter of 2020. The second quarter of 2020-21 had recorded 7.9% negative growth.
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