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India’s GDP growth is expected to reach 1.2% in Q4 FY20: SBI Ecowrap report

India’s GDP growth seen at 1On May 26, 2020 According to the State Bank of India’s(SBI) Ecowrap report India’s Gross Domestic Product(GDP) is estimated to grow at 1.2% in the last quarter(Q4) of FY20 as economic activity came to a halt since last week of March due to the nationwide lockdown.

Major Highlights of the report

i.The GDP is likely to be 4.2% for FY20 as compared to the 5% projected earlier and (-)6.8% for FY21. The gross value added (GVA) growth would be nearly (-) 3.1%. for FY21

ii.The GDP growth of 3rd quarter of FY20 slipped to a nearly seven-year low of 4.7%,  in Q1 it was 5.1% & in Q2 was 5.6%. 

iii.The report forecast a loss of at least Rs 1.4 lakh crore during the last week of March.

  • In red zones & almost all the big districts of the country, the loss is maximum (around 50%). The combined loss of orange and red zones is around 90% of total loss.
  • In case of state-wise analysis, the top 10 states accounted for 75% of total GDP loss with Maharashtra contributing 15.6% of total loss followed by Tamil Nadu (9.4%) and Gujarat (8.6%).

iv.The estimates in the report are based on an assessment of current trends which may change rapidly as the cyclone disaster in West Bengal & the continued return of migrant labourers.

About SBI:
Headquarters– Mumbai, Maharashtra
Chairman– Rajnish Kumar