Indian economy to cross 7 percent growth in FY&23: SBI report
SBI Research Report: In the latest research report of the State Bank of India (SBI), it has been told that in the fourth quarter of FY-23, India's growth rate has been estimated to be 5.5 percent. Because of this, the country's growth rate is likely to be 7.1 percent in the year 2023.
Junjaram Thory 
Relief news has come out for the growth of India's growth rate. According to a report released by the State Bank of India (SBI), the Indian economy is projected to cross a growth rate of 7 percent in the financial year 2023. India's growth is likely to slow to 5.5 percent in the fourth quarter of FY2023, taking the country's growth rate to 7.1 percent for FY23, said a State Bank of India research report. Amid fears of a worldwide economic slowdown, SBI in its Ecowrap report said that the fourth quarter (Q4) FY23 GDP growth is pegged at 5.5 percent. The RBI is projecting GDP growth at 6.5 percent for 2023-24, as against 7.6 percent in the first quarter.
SBI Research report states that India is expected to continue its performance to follow a different path focusing on the drivers of growth, supporting the services sector to adopt increased efficiency will seek a renewed boom in flexible manufacturing.
Domestic consumption and investment will benefit from strong prospects for agriculture and allied activities, strengthening business and consumer confidence, and credit growth, while supply response and cost conditions are likely to improve as inflation moderates, the report said. The pressure is coming down. The report said that the emphasis on capital expenditure in the Union Budget 2023-24 is expected to increase private investment, generate employment and strengthen demand, and increase our growth potential.
SBI's Artificial Neural Network (ANN) model is based on 30 high-frequency indicators from key sectors. Tuned/coached to project GDP numbers, which forecast quarterly GDP growth for Q4 FY2023 at 5.5 percent.
The thrust on capital expenditure in the Union Budget 2023-24 is expected to crowd in private investment, generate employment and strengthen demand, and enhance our growth potential. RBI estimates Q4FY23 real GDP growth at 5.1 percent and full-year FY23 estimate by NSO at 7.0 percent.
