India’s Economy is set to grow by 7.4 per cent in the 4th Quarter of the Financial Year 2023-24, says the SBI’s Economic Research Unit’s Ecowrap note. The Research unit of the Public Sector Bank says, that the GDP of the Financial Year 24 is likely to touch 8 per cent.
The report, released on Tuesday, is also in line with the Reserve Bank of India’s estimates for the 4th Quarter of the Financial Year 24. The RBI estimates have put real GDP growth forecast at 7.3 per cent for the 1st Quarter of Financial Year 25, growth at 7.5 per cent and full Financial year 25 economic growth at 7 per cent.
It is to be noted that, India’s economic growth rose to 8.4 per cent in 3rd Quarter, 7.6 per cent in 2nd Quarter and 7.8 per cent in 1st Quarter of the Financial Year 24. The Government will announce the GDP estimates for the 4th Quarter and the Fiscal Year on 31st May 2024.
Across the Rural and Urban landscapes, there is a Secular Growth trend, especially in Rural areas, incremental growth is picking up. “Diesel consumption and two-wheeler sales are showing an uptick in rural economic momentum,” says the report.
On the other hand, “Passenger vehicle sales, airport passenger traffic, GST collection, credit card transactions, petroleum consumption and toll collection are all indicating improving urban economic momentum.”
