New Delhi: State Bank of India (SBI) on Monday said it is committed to providing better services to its customers.SBI) recently reported that India's GDP growth The slowdown for the first quarter (Q1) of financial year 2024-25 (FY25) has exceeded the average decadal growth of 6.4 per cent for Q1.
“Although the first quarter growth rate slowed to 6.7 percent, it was still higher than the average decadal growth rate of 6.4 percent for the first quarter,” the report said.
According to official data released by the Ministry of Statistics and Program Implementation on Friday, the GDP growth rate in the first quarter of FY 2025 was 6.7%. The GDP growth rate has been more than 7% in the last four quarters.
Additionally, SBI reports that India's GDP growth forecast for financial year 2025 (FY25) may need to be lowered to 7%, as the actual growth rate is lower than the Reserve Bank of India's (RBI) earlier forecast of 7.1 percent for the same period.
The report attributed the slow growth in the first quarter to weak performance in both agriculture and services sectors. Agriculture grew by 2.0 percent, indicating challenges such as adverse weather conditions or low demand.
The services sector performed better, growing at 7.2 per cent, slower than the strong growth seen in previous quarters.
The report also mentioned that nominal GDP, which accounts for inflation, grew by 9.7 per cent in 2014-15. Q1 FY25Higher than the 8.5 per cent growth recorded in the first quarter of FY24.
Furthermore, the report showed that government expenditure grew by 4.1 percent during the first quarter, which is slower than the previous period, however this can be attributed to the general elections held during this quarter.
“Although the first quarter growth rate slowed to 6.7 percent, it was still higher than the average decadal growth rate of 6.4 percent for the first quarter,” the report said.
According to official data released by the Ministry of Statistics and Program Implementation on Friday, the GDP growth rate in the first quarter of FY 2025 was 6.7%. The GDP growth rate has been more than 7% in the last four quarters.
Additionally, SBI reports that India's GDP growth forecast for financial year 2025 (FY25) may need to be lowered to 7%, as the actual growth rate is lower than the Reserve Bank of India's (RBI) earlier forecast of 7.1 percent for the same period.
The report attributed the slow growth in the first quarter to weak performance in both agriculture and services sectors. Agriculture grew by 2.0 percent, indicating challenges such as adverse weather conditions or low demand.
The services sector performed better, growing at 7.2 per cent, slower than the strong growth seen in previous quarters.
The report also mentioned that nominal GDP, which accounts for inflation, grew by 9.7 per cent in 2014-15. Q1 FY25Higher than the 8.5 per cent growth recorded in the first quarter of FY24.
Furthermore, the report showed that government expenditure grew by 4.1 percent during the first quarter, which is slower than the previous period, however this can be attributed to the general elections held during this quarter.