State Bank of India (SBI) has estimated the country’s economy to expand by 7.5-7.6%, slower than the prior quarter, mainly on account of a slowdown in rural demand. Its Ecowrap report says that the SBI Composite Leading Indicator (CLI), a basket of 21 leading indicators for the quarter in consideration, is showing a marginal declining trend. Consequently, the headline second quarter Gross Value Added (GVA) growth could be 7.3-7.4%, due to the slowing of rural demand. GVA is the measure of national income and output that includes taxes and excludes subsidies. As per the first-quarter (April-June) figures released earlier by the Central Statistics Office, GDP had grown by 8.2%. It also said that commercial vehicle sales, domestic air passenger traffic and cement production have maintained double-digit growth during the second quarter, pushing up the quarter’s GVA estimate.
About the author: IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.
More articles by the author
IPO Corner: JNK India LTD.
April 19, 2024
Vodafone Idea Ltd. FPO Opens on April 18
April 17, 2024
NSE revises lot size of Nifty 50 contracts
April 12, 2024
Second highest monthly Gross GST Revenue collection in March
April 10, 2024
Key Takeaways From Warren Buffett’s Annual Letter
April 8, 2024
BSE Increases the Circuit Limit
April 8, 2024
RBI MPC Meeting Key Takeaways
April 6, 2024
7 Pharma Stocks to Buy: At pink of their health
April 2, 2024