SBI : India's GDP to grow 8.1% in Q2 FY 2022

Mumbai : According to a latest research report released by State Bank of India, India's GDP is expected to grow at 8.1% in 2nd Quarter of current Fiscal Year, ie, FY 2022.

Riding on the back of economic bounce back after Covid second wave, the GDP growth of India in first quarter was seen to be a whopping 20.1% in first quarter of FY 2022.

According to this SBI report, the full year (FY22) GDP growth is now revised upwards to (9.3-9.6)% per cent from its earlier estimate of (8.5-9)%. This estimate is slightly different from Reserve Bank of India's prediction of real GDP growth to be at 9.5 per cent -- 7.9 per cent in Q2, 6.8 per cent in Q3 and 6.1 per cent in Q4. 

The projected 8.1% growth rate in Q2 FY22 is the highest growth across all economies. Also at an annual rate of (9.3-9.6)%, the country's real GDP growth would now be (1.5-1.7)% higher than the pre-pandemic level of FY20.  

It also observed that the recent announcement by PM Narendra Modi to repeal all 3 contentious Farm laws and the subsequent reforms that will follow could be a major factor in boosting India's economy in the coming future.