SBI estimates, India’s GDP may be 5.8% in the December quarter, the government can give 50 thousand to the poor

According to the report of SBI Research, the government can provide livelihood loan up to Rs 50 thousand to the rural poor. This will lead to a tremendous increase in demand.

Growth rate is estimated to be 5.8% in the third quarter.

State Bank Of India Research Report Ecowrap ,SBI research report- Ecowrap) according to the country Gross Domestic Product ,India GDP) may grow at the rate of 5.8 percent in the third quarter of the financial year 2021-22 ie October-December. The country’s economy grew at the rate of 8.4 percent in the second quarter of 20211-22. However, the GDP growth rate in July-September was lower than the 20.1 per cent growth in the previous quarter. The National Statistical Office (NSO) will announce the GDP estimates for the third quarter of the current fiscal on February 28. The report said on Friday, “According to the SBI Nowcasting model, the estimated GDP growth for the third quarter of the financial year 2021-22 will be 5.8 percent. The GDP growth forecast for the full year (FY 2021-22) has been reduced from 9.3 per cent to 8.8 per cent.

The Nowcasting model is based on 41 high frequency indicators related to industrial activities, service activities and the global economy. According to the report, there is no hopeful increase in domestic economic activity. Private consumption has still not reached the pre-Corona level. Some indicators are also indicating a reduction in demand in the December quarter, which is also in the month of January.

Rural demand still under pressure

Talking about rural demand, since August 2021, there is a steady decline in the sales of two wheelers and tractors. In January, the domestic tractor sales registered a huge decline of 32.6 percent on a yearly basis. There has also been a sharp decline in the sales of two wheelers in January.

Gradual improvement in urban demand

Talking about urban demand indicators, sales of consumer durables and passenger vehicles registered a decline in the December quarter. Domestic air traffic has also come down due to the Omicron variant. However, there is a gradual improvement in investment.

50 thousand loan can be available for rural poor

According to the report, the government can offer livelihood loans up to Rs 50,000 to the rural poor. With the help of this loan, the government can increase consumption, which is very important for the economy.

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