SBI’s economic research team revised India’s FY20 GDP forecast to 5%

The economic research team from the State Bank of India (SBI) has revised India’s Gross Domestic Product(GDP) to 5% from its earlier estimate of 6.1% for the Fiscal Year 2020 (FY20). This downgrade was due to global slowdown in the index of industrial production (IIP). The SBI economic research team group has projected the second quarter (July-September) GDP growth at 4.2% in their report titled “EcoWrap”. It expects the growth rate to pick up in FY2021 to 6.2%.

Static/Current Takeaways Important For IBPS SO 2019:

  • Chairman of SBI: Rajnish Kumar; Formed: 1 July 1955.
  • Headquarters: Mumbai, Maharashtra.

Source: The Hindu

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