SBI Ecowrap Downgrades India's GDP For Current Fiscal
Capital MarketThe State Bank Of India (SBI), in its current edition of research update Ecowrap noted that given the current circumstances of partial/local/weekend lockdowns in almost all states, its growth forecast for Indian economy is now revised downwards. The bank now revised its FY22 projection at 10.4% real GDP and 14.3% nominal GDP. Earlier, the bank has estimated a growth of 11% in FY22. Total loss estimated at Rs 1.5 lakh crores, of which Maharashtra, Madhya Pradesh and Rajasthan account for 80%. Maharashtra alone at 54%. SBI business activity index shows decline in activity in Apr'21 with the latest reading for the week ended 19 Apr'21 of 86.3. This is the lowest in 5 months.
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