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