Q2's economic growth rate is expected to decline to 4.20 percent

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Mumbai, Ta. November 12, 2019, Tuesday

In view of sluggish automobile sales, reduction in air traffic traffic, low rate of basic sector growth and reduction in investment in construction and infrastructure, SBI has projected the country's economic growth rate for the second quarter of the current financial year to 8.5 percent. The current fiscal year's economic growth rate has also been reduced to 5 percent from the earlier estimate of 5.5 percent.

Thus, SBI has joined with other agencies like ADB, World Bank, RBI and IMF. On the basis of our key indicators, we say that the country's economic growth rate, which was five percent in the first quarter of the current fiscal year, will fall to 8.2 percent in the second quarter, according to an SBI report.

India's economic growth rate in the June quarter was at five-year low with a five-year low. Our 3 high frequency key indicators have fallen to 5 percent in the second quarter of the current fiscal year.

According to Skymet's report, the rainfall in India this year has been 5% of the long-term average. Which is more than usual. However, heavy rains in some places have resulted in adverse effects on kharif crops. Madhya Pradesh, Gujarat, Maharashtra, Punjab and Karnataka have affected kharif crops.

In Madhya Pradesh, soybean crops are hit by 3 to 5 percent. Madhya Pradesh is the largest producer of soybean in the country. Besides, peanuts and cotton crops have been affected in Gujarat.

As these states are the leading states in agriculture, the growth rate of agriculture can be negatively impacted. In view of each of these factors and the global recession, we expect the economic growth rate of the current financial year to be five percent.

The industrial growth figures for September also stood at 8.5%, which is a very worrying low. Nevertheless, in the financial year 1, the country's economic growth rate is expected to rise again to 8.5 percent.

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