In the second quarter of the current fiscal, the GDP grew by 8.4% and is believed to grow even more.
An SBI research report shows that the economy of the country is likely to grow by 9.5% in terms of Gross Domestic Product (GDP) in the fiscal 2021-22. According to the data released by the National Statistical Office (NSO), the economy of the country grew by 8.4% in the second quarter of the current fiscal. The growth stood at 20.1% in the April-June quarter of the fiscal.
The Reserve Bank of India (RBI), estimated the growth of the GDP at 9.5% in 2021-22 consisting of a growth of 7.9% in Q2, 6.8% in Q3 and 6.1% in Q4, as revealed in the October’s monetary policy review. Whereas the research says that, the economic growth will be much higher than the RBI’s estimate of 9.5% assuming that the RBI’s numbers in Q3 and Q4 must be more precise and calculated. They added that the real economic growth will be around 10%.
The economy was hit very hard by the pandemic. Although presently, the economy is still operating at 95.6% of the pre-pandemic time (whereas trade, hotels, transportation, communication, and broadcasting services are working at 80%), it might take just one more quarter to fully recover the losses.