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SBI Chairman Claims Global Recession Unlikely To Hit India

New Delhi: A day after the International Monetary Fund (IMF) praised the Indian economy as a bright spot amid the global crisis, State Bank of India (SBI) Chairman Dinesh Khara also said that the impact of global recession is unlikely to be pronounced on India as compared to other nations. He further added that India is doing well with a projected growth rate of 6.8%.

“With a projected growth rate of 6.8 per cent and inflation much under control, India is doing reasonably well”, said Khara during an address with the press.

Citing India’s National Survey Organisation (NSO), Union Finance Minister Nirmala Sitharaman  placed the GDP growth for quarter 1 of the current financial year 2022-23 at 13.5 percent on yearly basis. The figures are believed to be the highest among large economies.

Meanwhile, the central government is on a consolidation path and has budgeted to prune the GFD-GDP ration to 6.4 percent from 6.7 percent in 2021-22 and 9.2 percent in 2020-21. On investment side, India’s gross fixed capital formation (GFCF) growth spot shot up to 20 per cent in quarter 1, driven largely by government and public sector undertakings (PSUs) in the transport sector.

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