Indian Economy Collapse Updates: The estimates released in SBI's new report on India's GDP growth rate and private consumption are highlighting the changing trends of the country's economic development. In fact, the National Statistical Office (NSO) has estimated India's GDP growth rate for 2024-25 to be 6.4 percent. This figure shows that the country's growth rate in the current financial year will be the lowest in 4 years.
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#india #GDP #economy #indianeconomy #sbi #growth
Also Read
India's GDP Growth Pegged At 6.4% for FY25, Slowest Since Pandemic; What Does It Mean? :: https://www.goodreturns.in/news/indias-gdp-growth-pegged-at-6-4-for-fy25-slowest-since-pandemic-what-does-it-mean-1398045.html?ref=DMDesc
From 'Sone Ki Chidiya' To Falling On Loop, Bengal's Economy Dire; List Of Richest & Poorest States In India :: https://www.goodreturns.in/news/from-sone-ki-chidiya-to-falling-on-loop-bengals-economy-dire-list-of-richest-poorest-states-in-india-1377131.html?ref=DMDesc
India's GDP Grows Slowest In Five Quarters To 6.7% In Q1 FY25, Misses RBI's Estimates :: https://www.goodreturns.in/news/india-gdp-grows-to-6-7-in-q1-of-fy25-misses-rbis-estimates-1373431.html?ref=DMDesc
~HT.178~PR.147~ED.148~GR.124~
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NewsTranscript
00:00For the Indian economy, the news of bad news is not taking the name of being cold.
00:09The country's largest government bank, the State Bank of India, has also predicted a break in the pace of the development of the Indian economy.
00:18For the financial year 2024-25, the SBI has reduced the GDP growth rate to 6.3%,
00:25which is less than 6.4% of the National Statistical Office.
00:30On 7 January 2025, the NSO released data on GDP growth prediction and said that the growth rate of the Indian economy can remain at 6.4% in the current financial year.
00:43SBI Group Chief Economic Advisor Soumya Kanti Ghosh has prepared this research report.
00:48According to the SBI research report, there has been a slowdown in the GDP growth rate due to a slowdown in manufacturing activity from the rate of lending in the current financial year.
01:01In his note, the SBI said that the worry is that there is a slowdown in all sub-segments of the industry and this 6.2% growth rate can be seen in the financial year 2024-25, which was more than 9.5% in the financial year 2023-24.
01:18The growth rate of the manufacturing and mining sector can fall below this financial year compared to the past financial year.
01:25The service sector will show a growth rate of 7.2% compared to 7.6% last year.
01:33At the same time, the growth rate of trade, hotels, transport, communication and broadcasting can fall below 5.8%, which was 6.4% in the past financial year.
01:44In addition, the growth rate of real estate and profitable services is expected to remain at 7.3%, which was 8.4% in the last financial year.
01:55According to SBI research, this is a slowdown in the growth rate of all these industries.
02:01The public administration is expected to increase from the rate of 9.1% of the sub-segment, which increased from the rate of 7.8% in the last financial year.
02:11According to SBI research, although the rate of GDP growth has slowed, there is an expectation of an increase of Rs 35,000 per capita in the financial year 2024-25.
02:22Due to government spending and inflation, the nominal terms can show an 8.5% GDP growth rate, while the real terms are expected to remain at 4.1%.
02:33According to the CGA report, by November 2024, 56.9% of the budget has been spent, 60.1% of the revenue expenditure and 46.2% of the capital expenditure.
02:53According to the report, the capital expenditure of the central and state governments can be less than the average expenditure for four years.
03:00Out of the 17 major states, only 5 states have spent more than the average of four years, which has affected the GDP growth rate.
03:10The credit growth of commercial banks decreased to Rs 11,05,000 crores this year, which was Rs 21,00,000 crores last year, and a 15.4% increase was seen in it.
03:21According to the study, the slowdown in the rate of spending has also reduced the GDP growth rate.
03:26So what is your opinion on this report of SBI? Give us your opinion in the comment box and keep watching Good Returns for such updates.
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