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GDP may remain 4.6% between October to December quarter in 2022-23, SBI economists estimate

February 21, 2023
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GDP Data: The economic growth rate is estimated to be 4.6 percent during the third quarter of the financial year 2022-23 from October to December. State Bank of India’s Group Chief Economic Advisor Soumya Kanti Ghosh said that India’s GDP could be 7 percent in the financial year 2022-23, which was earlier estimated to be 6.8 percent. 

SBI economists have estimated 4.6 percent GDP in the third quarter. He believes that there are 30 high frequency indicators which are not as strong as in previous quarters. Despite this, however, SBI’s estimate is higher than RBI’s estimate of 4.4 per cent. According to the report, poor corporate results are also responsible for the low estimate of GDP. According to the data, the operating profit of the companies has increased at the rate of only 9 percent, which increased at the rate of 18 percent in the same quarter of the last financial year.  As per SBI report, despite a 15% jump in sales, profits declined by 16%. 

Earlier, India Ratings said in its report that India’s GDP in 2023-24 can be only 5.9 percent, which is very low compared to all estimates. However, India Ratings said that from the government’s increased budget for capital expenditure to reduction in debt of corporates, decline in NPAs to PLI scheme and fall in commodity prices are positive for the Indian economy. However, this is not enough to take the GDP beyond 6 per cent in 2023-24.  

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