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GDP forecast of 10.4% for FY22 looks a bit ambitious: SBI
May 07, 2021
Urges prioritising single-dose vaccines to reduce the severity of infections.
State Bank of India’s Economic Research Department said its real GDP growth forecast of 10.4 per cent for FY22 looks a bit ambitious given the rise in Covid-19 cases and restriction now imposed in every state.
SBI’s ERD had revised its real GDP growth forecast downwards from 11 per cent to 10.4 per cent in FY22 on April 23, 2021, due to the Covid-19 pandemic related to partial/local/weekend lockdown in almost all States.
In its report “Ecowrap”, the ERD observed that with the second wave and associated lockdown/ restrictions, economic disruption is now clearly visible. At least 20 states are now in lockdown, it added.
2021-05-06 14:35:44 GMT2021-05-06 22:35:44(Beijing Time) Xinhua English
LONDON, May 6 (Xinhua) Britain s service sector output witnessed the fastest rise in April since October 2013 as business and consumer spending rebounded significantly amid the easing of lockdown restriction, according to a joint report released here Thursday.
The purchasing managers index (PMI) Business Activity Index for the service sector surged to 61.0 in April, up from 56.3 in March, signalling the sharpest rate of output expansion for seven and a half years, revealed a joint survey by IHS Markit, a London-based global information provider, and the Chartered Institute of Procurement & Supply (CIPS), which serves the procurement and supply profession.
®.
The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management
® (ISM
®) Services Business Survey Committee: The Services PMI
® registered 62.7 percent, which is 1 percentage point lower than last month s all-time high of 63.7 percent. The April reading indicates the 11th straight month of growth for the services sector, which has expanded for all but two of the last 135 months. The Supplier Deliveries Index registered 66.1 percent, up 5.1 percentage points from March s reading of 61 percent. (Supplier Deliveries is the only ISM
®
Report On Business
® index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) The Prices Index figure of 76.8 percent is 2.8 percentage points higher than the March reading of 74 percent, indicating that prices increased in April, and at a faster rate. This is the index s highest readi
ISM®
A rate of 62.7% means the economy is growing.
The report cited a shortage of construction contractors as the top economic concern in the services sector in April.
Due to high demand and shortage of supply of goods and services, pricing is experiencing inflationary pressures, which should be short lived.
Construction experienced the highest price increases of all 18 services industries.
The business activity index was at its highest since 1997.
Economic growth in April was strong, down only 1% from March’s record high of 63.7%, according to a monthly economic report.
The Institute of Supply Management (ISM) issues monthly economic reports on the manufacturing and services sectors based on surveys with executives in those industries.