New Delhi: In the Ecowrap report of the country’s largest lender State Bank of India, it has been said that despite the sharp improvement after the second, the Indian economy is still behind by Rs 3.2 lakh crore from the previous level. Last year, during April-May, the country’s economy was hit by Rs 11.40 lakh crore in the first half of the financial year 2020-21 due to complete lockdown across the country and partial restrictions in July-September 2020.
SBI said that after this the country’s economy moved towards improvement. Due to this, Rs 8.2 lakh crore was offset in the first half of the financial year 2021-22. In this way, Rs 3.2 lakh crore is still needed to compensate for this loss in Gross Domestic Product (GDP). At the same time, SBI has said that during the current financial year, the growth rate of the country’s GDP will be above 9.5 percent, more than the Reserve Bank of India (RBI) estimate.
RBI has expressed concern over the increasing debt of the states
The Reserve Bank has expressed concern over the increasing debt of the states. RBI says that the ratio of debt to GDP is estimated to be 31 percent by March 2022. This is worryingly higher than the target of 20 percent to be achieved by the financial year 2022-23. At the same time, the 15th Finance Commission has expressed apprehensions that in the financial year 2022-23, the debt of the states will reach a high level of 33.3 percent. Gradually it will come down and by the financial year 2025-26 it will come down to 32.6 percent.
There are signs of rapid improvement in the country’s economy
The GDP growth figures for the second quarter of the current financial year 2021-22 were released by the central government on Tuesday. According to the data released by the National Statistical Office (NSO), the country’s GDP stood at 8.4 percent (India GDP) in the second quarter of the current financial year. GDP in the first quarter was 20.1 percent. In the monetary policy review of October-2021, the Reserve Bank had retained its estimate of real GDP growth in the financial year 2021-22 at 9.5 percent. In this, it was said to grow 7.9 percent in the second quarter, 6.8 percent in the third quarter and 6.1 percent in the fourth quarter.
India Ratings-Moody’s also projected more than 9%
Leading rating agency India Ratings has estimated that the country’s economy will grow at 8.3 percent in the July-September 2021 quarter, while the GDP growth rate for the entire fiscal year 2021-22 will be 9.4 percent. At the same time, rating agency Moody’s Investors Service (Moody’s) has predicted a strong recovery in economic growth in India. The rating agency has expected the GDP growth forecast for the financial year 2021-2022 to be 9.3 percent, while the country’s GDP growth in the financial year 2022-2023 (FY23) has been said to be 7.9 percent.
