India’s GDP likely to grow 8.1% in Q2 FY22: SBI report
According to an SBI research report, the country’s GDP growth will be around 8.1 percent in the second quarter of this fiscal year and between 9.3 and 9.6 percent in fiscal 2022.The GDP grew by 20.1 percent in the first quarter of FY 22. The RBI expects real GDP growth of 9.5 percent in fiscal 2022, with 7.9 percent in Q2, 6.8 percent in Q3, and 6.1 percent in Q4.”According to SBI’s Nowcasting Model, GDP growth for Q2 FY22 is expected to be 8.1 percent, with an upward tendency.” “Our original forecast of 8.5-9 percent for full-year (FY22) GDP growth has been revised upwards to 9.3-9.6%,” according to the Ecowrap research study.
According to the report, the anticipated 8.1 percent growth rate in Q2 FY22 is the highest among all economies.In Q3 (2021), the average GDP growth of 28 chosen economies slowed to 4.5 percent, down from 12.1 percent in Q2 (2021).The country’s real GDP growth would currently be 1.5-1.7 percent higher than the pre-pandemic level of FY20, at an annual pace of 9.3-9.6%.
Prime Minister Narendra Modi said on November 19 that the government would repeal the three farm laws. He also stated that a committee will be formed to make decisions on issues such as promoting zero-budget farming, scientifically modifying crop patterns to meet changing country needs, and making MSP (Minimum Support Price) more effective and transparent.
Five agricultural reforms, according to the research, might operate as enablers even if these laws are not passed.”First, instead of using MSP as a price guarantee, the government might include a quantity guarantee provision for a minimum of five years, requiring that the procurement to production percentage of crops (now procured) be at least equal to previous year’s proportion,” according to the paper.
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