SBI NET PROFIT CROSSES RECORD 10,000 CRORES

For the first time ever in the Indian banking sector net profit of an Indian bank is going to cross Rs.10,000 crores for FY11.

SBI chairman Mr.O.P. Bhatt stated "It (net profit) should cross Rs.10,000 crore this year".

The rise in net profit was due to a rise of 45.3 percent in net interest income.

Indian economy to double to $2 trillion post GST

Finance Minister Pranab Mukherjee recently said successful implementation of the goods and service tax (GST) can give a trillion-dollar boost to the economy, taking the total output to $2 trillion in a short span of time.

"The gain from GST will propel the country from one-trillion dollar economy to two trillion-dollar economy in a short span of time," he said while addressing a meeting of the industry chamber Ficci.

The country's gross domestic product (GDP) at the market and current prices was measured at USD 1.31 trillion in 2009-10 and is estimated to be USD 1.52 trillion in the current fiscal, the PMEAC said in its latest economic outlook.
(PMEAC is Prime Minister's Economic Advisory Council)

Pegging the GDP growth at nine per cent, the economy would reach a level of USD 1.72 trillion in 2011-12, it said.

If the nine per cent growth trend is maintained, India would become USD two trillion economy in 2013-14 fiscal.