SBI economists, in its research report “Ecowrap”, has sharply cut the GDP growth estimates for the Indian economy to 7.9 per cent in FY22, compared to an earlier projection of 10.4 per cent. This is the lowest growth rate estimate for India among all analysts.
The key factor for revision in the growth estimate is the impact of the second wave of COVID-19 infections. The SBI economists project a “W-shaped” recovery in FY22, with two troughs, instead of the earlier anticipated “V-shaped” recovery.
Important takeaways for all competitive exams:
- SBI Chairperson: Dinesh Kumar Khara.
- SBI Headquarters: Mumbai.
- SBI Founded: 1 July 1955.