SBI Slashes This Year's Growth Forecast To Below 7%, Reflecting Gloomy Outlook

Chief economist at SBI has revised down the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023.

Chief economist at State Bank of India has revised downward the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023, citing "the way below GDP numbers for the first quarter".

The National Statistical Office on Wednesday released the Q1 growth numbers which showed a consensus growth of 13.5 per cent, pulled down by the poor show of the manufacturing sector, which reported a paltry 4.8 per cent expansion in the first three months of FY23, negating the robust show by the services sector.

Consensus forecast was 15-16.7 per cent of which the RBI made the highest forecast of 16.7 per cent.

SBI group chief economic adviser Soumya Kanti Ghosh had also forecast a 15.7 per cent growth for the first quarter.