00:00For the Indian economy, the news of bad news is not taking the name of being cold.
00:09The country's largest government bank, the State Bank of India, has also predicted a break in the pace of the development of the Indian economy.
00:18For the financial year 2024-25, the SBI has reduced the GDP growth rate to 6.3%,
00:25which is less than 6.4% of the National Statistical Office.
00:30On 7 January 2025, the NSO released data on GDP growth prediction and said that the growth rate of the Indian economy can remain at 6.4% in the current financial year.
00:43SBI Group Chief Economic Advisor Soumya Kanti Ghosh has prepared this research report.
00:48According to the SBI research report, there has been a slowdown in the GDP growth rate due to a slowdown in manufacturing activity from the rate of lending in the current financial year.
01:01In his note, the SBI said that the worry is that there is a slowdown in all sub-segments of the industry and this 6.2% growth rate can be seen in the financial year 2024-25, which was more than 9.5% in the financial year 2023-24.
01:18The growth rate of the manufacturing and mining sector can fall below this financial year compared to the past financial year.
01:25The service sector will show a growth rate of 7.2% compared to 7.6% last year.
01:33At the same time, the growth rate of trade, hotels, transport, communication and broadcasting can fall below 5.8%, which was 6.4% in the past financial year.
01:44In addition, the growth rate of real estate and profitable services is expected to remain at 7.3%, which was 8.4% in the last financial year.
01:55According to SBI research, this is a slowdown in the growth rate of all these industries.
02:01The public administration is expected to increase from the rate of 9.1% of the sub-segment, which increased from the rate of 7.8% in the last financial year.
02:11According to SBI research, although the rate of GDP growth has slowed, there is an expectation of an increase of Rs 35,000 per capita in the financial year 2024-25.
02:22Due to government spending and inflation, the nominal terms can show an 8.5% GDP growth rate, while the real terms are expected to remain at 4.1%.
02:33According to the CGA report, by November 2024, 56.9% of the budget has been spent, 60.1% of the revenue expenditure and 46.2% of the capital expenditure.
02:53According to the report, the capital expenditure of the central and state governments can be less than the average expenditure for four years.
03:00Out of the 17 major states, only 5 states have spent more than the average of four years, which has affected the GDP growth rate.
03:10The credit growth of commercial banks decreased to Rs 11,05,000 crores this year, which was Rs 21,00,000 crores last year, and a 15.4% increase was seen in it.
03:21According to the study, the slowdown in the rate of spending has also reduced the GDP growth rate.
03:26So what is your opinion on this report of SBI? Give us your opinion in the comment box and keep watching Good Returns for such updates.
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