Construction Infrastructure
India’s GDP contracts 7.3% in FY21: State Bank of India
The country’s gross domestic product (GDP) growth rate will be 1.3 percent in the fourth quarter of the last fiscal year 2020-21. This has been estimated in SBI Research’s report Ecowrap.
The report said that the Indian economy is expected to decline by about 7.3 percent in the last financial year. The National Statistics Office (NSO) will release the initial estimates of GDP for the March quarter and 2020-21 on May 31.
According to the report, “According to our Nowcasting Model” GDP growth is estimated to be 1.3 percent in the fourth quarter. The NSO has forecast a one per cent decline in the fourth quarter. “
The report said that GDP is projected to decline by about 7.3 percent in the entire fiscal year 2020-21. It had previously projected a decline of 7.4 percent for the entire financial year.
The State Bank of India (SBI), in collaboration with the State Bank Institute of Leadership (SBIL), Kolkata, has developed the ‘Nowcasting Model’, which is based on 41 highly cyclical indicators of industrial activity, service activity and the global economy.
The report said that India will be the fifth fastest-growing economy among 25 countries, based on an estimate of a 1.3 percent growth rate. These 25 countries have released their GDP figures.
News Source: ConstructionWorld
Construction Infrastructure
The Adani Enterprises unit has received a letter of approval for an NH project in Maharashtra
Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises, has received LoA for a project involving six laning of Kagal-Satara section of NH-48 (old NH4) in Maharashtra. The project will be executed under the Bharatmala Pariyojana at ₹2,008.47 crores. The construction period for the 67-km long road project is expected to be 2 years from the date of appointment and the concession period will be 18 years.
With this project award, Adani’s road portfolio will have total 14 projects with more than 5,000 lane km with asset value exceeding ₹41,000 crore spread across India.
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