SBI chief economic advisor Soumya Kanti Ghosh, in the latest SBI EcoWrap report, foresaw 6.7 per cent growth for the entire fiscal ending March next year—more than the 6.5 per cent forecast by the government and the central bank.
The first quarter of this fiscal witnessed a huge increase in capital expenditure by both the central government and the states.
Ghosh sees signs of rapid growth in corporate results as well, noting that the April-June quarter saw Indian companies post profit after tax of more than 30 per cent.
Both public and private sector banks logged in equal pace of loan growth during Q1 FY24. Credit growth continued to grow in double digits and has become broad based across sectors.
ALCHEMPro News Desk (DS)
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