|HT|
India’s economy is likely to grow at over 9.5% during 2021-22, the country’s largest lender State Bank of India said in its latest Ecowrap research report on Wednesday. It also projected inflation-adjusted gross domestic product (GDP), or real growth, to be nearly 10%. Growth in Asia’s third-largest economy clocked 8.4% in the second quarter of the current fiscal year, data released by the National Statistical Office on Tuesday showed, beating expectations. During the April-June quarter, the economy expanded 20.1%.
A Bloomberg poll of economists expected growth to be 8.1% for the second quarter. In its October meeting, the Reserve Bank of India’s monetary policy committee projected September quarter growth to be 7.9%.
“We now expect GDP growth for FY22 to top 9.5%, the Reserve Bank of India’s forecast. We believe that the real GDP growth would now be higher than the RBI’s estimate of 9.5%, assuming the RBI growth numbers for Q3 and Q4 to be sacrosanct,” Soumya Kanti Ghosh, group chief economic adviser of the country’s largest lender said in the report.
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