Economic climate encouraging; 7.3% GDP growth estimate very positive: SBI chairman

Gandhinagar: State Bank of India chairman Dinesh Kumar Khara on Wednesday termed the 7.3 per cent growth estimate for the country for FY24 as a "very positive" development.

Speaking to PTI on the sidelines of the biennial Vibrant Gujarat Global Summit here, Khara said the overall economic climate is "very encouraging" at present.

Last week, the National Statistical Office (NSO) estimated the real GDP growth in FY24 to come at 7.3 per cent in its advanced estimates.

The GDP growth rate is far higher than all the prevailing estimates which said the economy will expand at less than 6.5 per cent. Last month, the RBI had upwardly revised its estimate to 7 per cent from 6.5 per cent earlier, and termed the new assumption as "conservative".

Citing the silent period that the bank is in right now, Khara declined to comment on the business outlook of the country's largest lender.

When asked about his expectations from the upcoming Union Budget, Khara said that it will be a vote on account, hinting that we should not expect major policy decisions in the document.