Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Fri, 18 Feb 2022 05:08 PM IST
Summary
SBI Research Report Ecowrap: India’s GDP growth has been estimated at 5.8 percent in the State Bank of India’s (SBI) Research Ecowrap. Along with this, economists have suggested that the government can offer livelihood loans up to Rs 50,000 to the poor.
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Expansion
NSO forecast on February 28
Significantly, the National Statistical Office (NSO) will announce the GDP estimates for the third quarter of the current financial year on February 28. According to this research report released by SBI on Friday, according to the SBI Nowcasting model, the estimated GDP growth rate for the third quarter of the financial year 2021-22 will be 5.8 percent. In this, the GDP growth forecast for the full year (FY 2021-22) has been reduced from 9.3 per cent to 8.8 per cent.
Poor can get 50 thousand rupees
The Nowcasting model is based on 41 high frequency indicators related to industrial activities, service activities and the global economy. Along with this, the report states that the government can offer livelihood loans up to Rs 50,000 to the rural poor.
States’ fiscal deficit of 3.6%
Rating agency India Ratings has revised the fiscal outlook of states from ‘neutral’ to ‘improving’ for 2022-23. Said that on the basis of revenue growth, the total fiscal deficit of the states can come to 3.6 percent of their GDP. Earlier, the agency had projected the fiscal deficit to be 4.1 per cent of GDP in the next financial year.
It has been forecast to be 3.5 percent of GDP in 2021-22. The agency said that the gross market borrowing of the states in 2021-22 is estimated at Rs 6.6 lakh crore and net market borrowing at Rs 4.6 lakh crore. This is lower than the previous estimates of Rs 8.2 lakh crore and Rs 6.2 lakh crore, respectively.