The country's economic growth rate is expected to be 18.50 per cent: State Bank

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Mumbai: The country's economic growth rate in the first quarter of the current financial year is projected at 12.50 per cent, according to a report by the State Bank of India (SBI). The Reserve Bank has set an expectation of 51.50 per cent. Due to the low level of this period last year, the GDP growth estimate for the first quarter of the current year is seen to be high.

The first quarter results released by the corporates so far have seen a significant recovery.

SBI has developed a no-casting model covering 21 high frequency indicators linked to industrial activity, service sector activity and the global economy, on the basis of which it calculates the GDP growth rate.

The gross value editions of 206 companies grew by 3.50 per cent in the first quarter of the current financial year. However, the figure is lower than in the fourth quarter of FY21, the report said.

Meanwhile, the Ultra High Frequency Indicators-based August's Business Activity Index has seen an increase. The index for the week ended August 15 was 103.50. RTO recovery, power consumption and mobility indicators have improved.

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