Note withdrawal may boost FY24 GDP: SBI

The ₹2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond the 6.5% estimated by the RBI, a report said on Monday

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The real GDP growth for the first quarter of FY24 will come at 8.1% with an upward bias and the Reserve Bank of India's 6.5% estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect QI FY24 GDP growth at 8.1% with an upward bias due to the impact of 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5%, basis the RBI estimate," a note said.