The State Bank of India (SBI) has a research project on the Indian economy to grow at 7.5 per cent in the Financial year 2022-23, which is revised by 20 basis points. As data showed, the economy grew by 8.7 per cent in FY22, net adding Rs 11.8 lakh crore in the year to Rs 147 lakh crore, the report said, adding this was, however, only 1.5 per cent higher than the pre-pandemic year of FY20.

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“Given the high inflation and the subsequent upcoming rate hikes, we believe real GDP will increase by Rs 11.1 lakh crore in FY23. This still translates into a real GDP growth of 7.5 per cent for FY23, up by 20 basis points over our previous forecast,” said SBI chief economist Soumya Kanti Ghosh.
Nominal GDP expanded by Rs 38.6 lakh crore to Rs 237 lakh crore, or 19.5 per cent annualized. In FY23, as inflation remains elevated in the first half, nominal GDP will grow 16.1 per cent to Rs 275 lakh crore. To optimism on the rising corporate revenue and profit and the growing bank credit coupled with ample liquidity in the system.
On rising corporate growth, the report notes that in FY22, around 2,000 listed companies reported 29 per
cent top-line growth and a 52 per cent jump in net profit over the previous year.
Construction sectors, including cement, steel, etc., reported impressive growth in revenues and net income with 45 per cent and 53 per cent, respectively, in revenue.