India’s GDP Likely To Grow By 5.8 Percent In October-December

India’s GDP likely to grow by 5.8 percent in October-December: SBI Ecowrap Report.

The country’s Gross Domestic Product (GDP) is expected to grow at 5.8 percent in the third quarter of the financial year 2021-22.

This information has been given in the research report Ecowrap of State Bank of India (SBI). The country’s economy grew at the rate of 8.4 percent in the second quarter of 20211-22.

However, the GDP growth rate in July-September was lower than the 20.1 percent growth in the previous quarter.

The National Statistical Office (NSO) will announce the GDP estimates for the third quarter of the current fiscal on February 28.

India’s GDP likely to grow: According to the SBI Nowcasting model, the estimated GDP growth for the third quarter of FY 2021-22 will be 5.8 percent, the report said on Friday.

The GDP growth forecast for the full year (FY 2021-22) has been cut from 9.3 percent to 8.8 percent.

The Nowcasting model is based on 41 high-frequency indicators linked to industrial activities, service activities, and the global economy.

The report suggested that the government could give livelihood loans up to Rs 50,000 to the rural poor.

It added that the basis for recovery in domestic economic activity is yet to be broadened, as private consumption remains lower than pre-pandemic levels.

The added benefit of these micro livelihood loans is that they will help the banking system to create a comprehensive database and credit history of marginal borrowers, which can be used to create new loan-worthy lending classes, the report said.

The existing overdraft facility for PMJDY accounts in the banking system, which has been in existence for some time, may be streamlined and technology-enriched with a central nodal agency/bank for monitoring and promotion of the scheme.

Gold Price on 18 Feb: If you are going to buy gold, then first check the rate, the prices of both have increased.

Gold became expensive on Friday, a jump was also seen in the price of silver. On Friday, gold rose by Rs 77 to Rs 50,037 per 10 grams in the national capital.

In the previous trade, gold had closed at Rs 49,960 per 10 grams. Silver rose by Rs 379 to Rs 63,869 per kg from Rs 63,490 per kg in the previous trade.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said spot gold of 24 carats in Delhi rose by Rs 77, reflecting an overnight rise in gold prices on COMEX.

In the international market, gold was trading 0.1 percent lower at USD 1,896 an ounce and silver at USD 23.94 an ounce.