|
|
|
Real GDP to grow at around 9.5% in FY22: SBI Ecowrap
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 09 Jan, 2022
India's real GDP is expected to grow at around 9.5 per cent in 2021-22
on a year-on-year (YoY), an SBI Ecowrap report said on Saturday.
The
report comes a day after the National Statistical Office (NSO) released
the First Advance Estimates of National Income for financial year
2021-22.
Accordingly, the estimates had said that India's economy
is expected to clock a growth of 9.2 per cent in terms of real GDP for
FY22.
The NSO data had indicated that Real GDP' or 'GDP at
Constant Prices' (2011-12) in the year 2021-22 rose to Rs 147.54 lakh
crore from Rs 135.13 lakh crore, the 'Provisional Estimate of GDP' for
the year 2020-21.
The Ecowrap report said: "We believe that NSO's
estimate is on the conservative side, as the calculated GDP growth for
H2FY22 for construction comes at (-) 0.9 per centa Services is at a mere
2 per cent for H2FY22.
"We still believe that real GDP will grow
at around 9.5 per cent in FY22. Meanwhile, this estimate however has a
shelf-life of only two months and is only used as an input for budget
arithmetic."
Besides, the report said that the NSO will release the first revised estimate of FY19, FY20 and FY21 on 31 Jan'21.
"We believe that for FY22 the figures would be revised again in February'21 and May'21."
As
per the report, going forward, even if the rising Covid infections
could impact mobility, yet economic activity is not expected to get
affected much.
"Cases have been rising significantly in India as
well as across the globe. However, studies so far reveal that the
current Omicron variant is less severe than the Delta variant. Data also
substantiates this fact," the report said.
"While number of new
cases increased from 1.3 crore in October'21 to almost double to 2.5
crore in December'21 the number of deaths remained constant (just 2,200
more deaths occurred in Dec as compared to Oct)."
In addition,
the report said that taking into account the revised GDP figures, "even
if we consider the additional spending announced by the government in
early Dec'21 fiscal deficit of the government still comes at Rs 15.88
lakh crore or 6.8 per cent of the GDP".
"For FY23, the fiscal consolidation should remain limited to 30-40 bps from the current fiscal."
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|