Mumbai: The growth of the country’s GDP is likely to be around 8.1 percent in the second quarter of the current financial year and in the range of 9.3-9.6 percent during fiscal 2022, according to SBI research reports.
In the first quarter of TA 22, the economy grew 20.1 percent.
For fiscal 2022, the RBI has expected real GDP growth to reach 9.5 percent – 7.9 percent in Q2, 6.8 percent in Q3 and 6.1 percent in Q4.
“According to the NOWCASTING SBI model, GDP growth that is estimated to Q2 FY22 will be 8.1 percent, with the upward bias.
Full year GDP growth (FY22) is now revised upward to 9.3-9.6 percent of our previous estimate of 8.5 – 9 percent, “research report, ecowrap, said.
The growth rate of 8.1 percent projected in Q2 FY22 is the highest growth in all economies, he said.
The average GDP growth of 28 elected economies has slowed to 4.5 percent in Q3 (2021) by opposing 12.1 percent.
Also at an annual rate of 9.3-9.6 percent, the growth of real GDP countries will now be 1.5-1.7 percent higher than the Pre-Pandemic level of FY20.
On November 19, Prime Minister Narendra Modi announced the government would revoke three agricultural laws.
He also said that a committee will be formed to decide on things, including zero budgeting cultivation promotions, scientifically changing plant patterns by remembering the changes in the country’s requirements and making MSP (minimum support price) more effective and transparent.
The report also said that five agricultural reforms could act as enabler even without this bill.
“First, not MSP as a guarantee of the price that the farmers demanded, the government can include the quantity warranty clause for a minimum period of five years that procurement for the percentage of plant production (currently obtained) at least must be equal to last year percentage,” said the report.
It also suggests exploring converting MSP prices to auction floors in the national agricultural market (six).
Furthermore, the report said that efforts must continue to strengthen the APMC market infrastructure and establish contract agricultural institutions in India which will have exclusive rights to oversee the discovery of contracts in contract agriculture.
It also proposes to ensure symmetrical procurement throughout the state.