Close to 8% in FY24, Says SBI Report

State Bank of India (SBI) has released a report estimating that India’s GDP growth for the financial year 2023-24 is likely to be around 8%, This optimistic forecast comes after India recorded an impressive 8.4% growth in the December quarter, with the National Statistics Office (NSO) revising down the GDP estimates for the first and second quarter of the financial year.

Highlights of the report

strong economic performance

The Indian economy displayed strong growth, achieving 8.4% in the third quarter of FY 2023-24, after growing by more than 8% in the previous two quarters.
This growth momentum is supported by a significant 32% year-on-year growth in indirect tax collections, indicating a boom in the economy.

revised GDP estimates

The NSO adjusted the GDP growth figures for the first and second quarters to 8.2% and 8.1%, respectively, above initial estimates of 7.8% and 7.6%.
As a result, the cumulative GDP growth for the April-December period of the current financial year stands at 8.2%.

per capita gross domestic product milestone

According to the SBI report, the government’s initiatives to enhance the quality of life for all citizens and reduce benefit leakage through direct benefit transfers have contributed significantly to economic growth.
For the first time, per capita GDP at current prices has crossed the Rs 2 lakh mark in FY 2023-24.
In constant price terms, per capita GDP has also seen an increase, reaching Rs 1.24 lakh in the current financial year.

intent

The findings of the SBI report underline the strength and resilience of the Indian economy despite global economic uncertainties. The uptick in GDP estimates and significant growth in indirect tax collections reflect the strong performance of the economy. Furthermore, crossing the Rs 2 lakh mark in per capita GDP highlights the positive impact of government policies on economic growth and welfare of citizens. This growth trajectory positions India as a bright spot in the global economic landscape, with potential implications for investor confidence and future economic policies.

Important information for all competitive exams

  • SBI Chairman: Dinesh Kumar Khara;
  • SBI Established: 1 July 1955;
  • SBI Headquarters: Mumbai.

India's GDP growth forecast: Close to 8% in FY24, says SBI report_40.1

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