New Delhi: India’s Gross Domestic Product (GDP) ought to develop within the vary of 6.7-6.9 p.c throughout the third quarter (Q3) of FY24, an State Bank of India (SBI) analysis report has mentioned.
The Research Report from the State Bank of India’s Economic Research Department authored by Soumya Kanti Ghosh, SBI Group Chief Economic Adviser, mentioned, “Factoring the slight decline in economic activity in Q3 FY24, we estimate GDP should grow in the range of 6.7-6.9% with a GVA growth of 6.6%.”
The SBI Composite Leading Indicator (CLI) Index –which is a basket of 41 main indicators which incorporates parameters from virtually all of the sectors –based on month-to-month information exhibits a slight moderation in financial exercise in Q3.
The report mentions that as per First Advance Estimates, the estimated manufacturing of main Kharif crops for 2023-24 is 148.5 MMT, which is a decline of ~4.6% from FY23. While, the sowing season for rabi crops concluded on 23 Feb, point out a slight enhance in total acreage in comparison with the earlier 12 months. However, considerations arose over the sown space below cereals, which noticed a decline of 6.5% from the earlier 12 months.
While agriculture might even see some moderation if the rabi output doesn’t offset the kharif shortfall, worth added in in agriculture will decline, the SBI report added.
The inland fish manufacturing has proven a fast progress from 2014-15 to 2022-23. and reached to 131.13 lakh tonnes in 2022-23. The share of Fisheries sector constitutes about 1.07 % of the whole nationwide GVA and 6.86 % of Agricultural GVA. So, this may assist the Agri & Allied sector progress in FY24, it mentioned.
“As a counter narrative to the global gloom, consumer confidence has strengthened further in India, driven chiefly by optimism about the general economic situation and employment conditions. Various enterprise surveys also point towards strong business optimism,” the report added.
Source: zeenews.india.com
