GDP growth rate to be 1.3 per cent in March quarter, projected to decline in 2020-21: SBI Research

New Delhi, 25 May 2021 Tuesday

The country's gross domestic product (GDP) growth rate will be 1.3 per cent in the fourth quarter of FY20-21. This has been speculated in SBI Research's report Ecorap. The report said that the Indian economy is expected to grow by about 7.3 per cent in the last financial year. The National Statistics Office (NSO) will release preliminary GDP estimates for the March quarter and May 31, 2020-21.

"According to our no-casting model, GDP growth is projected at 1.3 per cent in the fourth quarter. The NSO has forecast a decline of one per cent in the fourth quarter. It had earlier projected a decline of 7.4 per cent in the entire financial year.

In collaboration with the State Bank Institute of Leadership (SBIL), Kolkata, State Bank of India (SBI) has developed a 'no-casting model' based on 41 highly cyclical indicators of industrial activity, service activity and the global economy.

According to the report, India will be the fifth fastest growing economy among the 25 countries with a growth rate of approximately 1.3 per cent. These 25 countries have released their GDP figures.

Earlier, a report by SBI Research said that on the one hand, consumers have mostly bought online on the one hand, while platforms like Grofers, Nature Basket, Lichius have started selling products at higher prices. Most onsterline stores have seen large reductions in discounts during epidemics.

According to the report, prior to Corona, prices of products sold at online stores were lower than its MRP, as physical stores offered the most discounts to attract customers to compete, now with the fear of transition and lockdowns, most customers have started shopping online. , Which has also reduced the stores to give discounts.