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New Delhi : State Bank of India i.e. SBI, one of the major banks of the country, has recently released a report regarding the second quarter of the financial year 2024-25. According to this report, it has been revealed that India's GDP growth in this quarter may be around 6.5 percent. However, it has also been made clear in this report that there has been a slight decline in growth in this second quarter, due to which there may be a temporary recession.

This report of SBI states that the decline in growth in the second quarter could have proved to be a dead end, but due to the surge in rural demand, the pace of recovery has increased again, which is a sign of better income levels.

Recovery took place in October

In this report of SBI, it has been said that recovery has been seen in the month of October, which shows that the GDP growth in the third and fourth quarter of the financial year 2024-25 can come close to 7 percent. The report said that we estimate that the GDP growth in the second quarter of the financial year 2024-25 may be around 6.5 percent and in the third and fourth quarters, the GDP growth may be around 7 percent on an annual basis.

government initiative effect

However, the report emphasizes the need to accurately capture “soft data” to reflect changing consumer behaviour, especially as quick commerce (Q-commerce) takes hold in urban areas. It also noted that rural demand has been strong, supported by high consumer sentiment. This positive sentiment shows that government initiatives aimed at supporting low-income populations are having an impact.

consumer sentiment more than 100

In H1FY25, rural consumer sentiment has consistently remained above 100 and is gradually in line with urban consumer sentiment levels. It said that in all months of the first half of FY 2024-25, rural consumer sentiment is above 100 and is gradually in line with urban consumer sentiment.