“In the Indian context, low-interest rate witnessed during pandemic has resulted in the behavioural shift which is good for us," Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India mentions
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Speaking on economic growth this year, Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India said, “In Q2, the global GDP growth rate of 20 economies was 4.9 per cent and India at 13.5 per cent is more than two times at the global average. However, that doesn’t mean India has done remarkably well. Agriculture and Services sectors have done well in line with the expectations of the market and the manufacturing has shown disappointment, the growth rate in this sector is a statistical artefact”.
Ghosh believes that if we grew at six to seven per cent continuous for a period of seven to eight years, that’s not a bad achievement. The technological change that has happened to the public in the last three years has raised the transactions in value and volume to 330 per cent in the last five years. A revolution and structural transformation happening in the financial sector which is leading the economy towards growth.
Also, Ghosh commented on how he sees the entire scenario of high inflation rates, interest rates and stagflation in the next two to three years, he said, “In the Indian context, low-interest rate witnessed during pandemic has resulted in the behavioural shift on the top which is good for us”.