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| Indian economy to expand by more than 18% in April-June – report | Indian economy to expand by more than 18% in April-June – report |
| (2 months later) | |
| India’s gross domestic product (GDP) is projected to increase by around 18.5% in the three months through June, according to the latest research revealed by the State Bank of India (SBI). | India’s gross domestic product (GDP) is projected to increase by around 18.5% in the three months through June, according to the latest research revealed by the State Bank of India (SBI). |
| Growth in the first quarter of the current fiscal year, which starts on April 1 in India, is mainly attributed to a low base performance in the previous quarter due to the coronavirus pandemic. | Growth in the first quarter of the current fiscal year, which starts on April 1 in India, is mainly attributed to a low base performance in the previous quarter due to the coronavirus pandemic. |
| The report also projects that the gross value added (GVA) will be 15% in the indicated period. The analysts noted that the corporate reports posted so far reveal a substantial recovery in corporate GVA, which comprises earnings before interest, taxes, depreciation, and amortization added to employee cost in the first quarter of the current financial year. | The report also projects that the gross value added (GVA) will be 15% in the indicated period. The analysts noted that the corporate reports posted so far reveal a substantial recovery in corporate GVA, which comprises earnings before interest, taxes, depreciation, and amortization added to employee cost in the first quarter of the current financial year. |
| State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy. | State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy. |
| According to the report, the corporate GVA of 4,069 corporations registered a growth of 28.4%, lower than growth recorded in the previous quarter, thereby corroborating a lower GDP estimate than was earlier thought. | According to the report, the corporate GVA of 4,069 corporations registered a growth of 28.4%, lower than growth recorded in the previous quarter, thereby corroborating a lower GDP estimate than was earlier thought. |
| The Mumbai-based multinational downgraded its earlier forecast of 21.4% growth for the period. | The Mumbai-based multinational downgraded its earlier forecast of 21.4% growth for the period. |
| Meanwhile, the business activity index demonstrated further growth in August, with the latest reading for the week ended August 16, 2021, at 103.3, the report added. | Meanwhile, the business activity index demonstrated further growth in August, with the latest reading for the week ended August 16, 2021, at 103.3, the report added. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |