Ecowrap, an SBI research report has projected that the India’s gross domestic product (GDP) is likely to grow more than 9.5 per cent in fiscal 2021-22.
According to the data released by the National Statistical Office (NSO) the economy has grown at 8.4 per cent in the second quarter (Q2) of the current fiscal. The growth in the April-June quarter (Q1) of this fiscal stood at 20.1 per cent.
Earlier, the Reserve Bank of India had retained its projection for real GDP growth at 9.5 percent in 2021-22, consisting of 7.9 percent in Q2, 6.8 percent in Q3, and 6.1 percent in Q4 of 2021-22.
However, we believe that the real GDP growth would now be higher than the RBI’s estimate of 9.5 per cent, assuming the RBI growth numbers for Q3 and Q4 to be favourable. The real GDP growth may be near to 10 per cent, the research report added.
Further, in Q2 FY22, the FMCG sector has reported year-on-year growth of 11 per cent, while EBIDTA and PAT has grown by 4 per cent each. The new investment announcements in the current year looks encouraging, with around Rs 8.6 lakh crore investment announcements made so far in the last seven months of FY22. Out of which private sector is contributing Rs 5.80 lakh crore, constituting 67 percent of this, it added.