India becoming 3rd largest Economy by 2029 is not SBI’s opinion

Claim

According to several news outlets, “State Bank of India had said in its report that India would become the 3rd largest economy by 2029.”

Rating

Explanation

There was a report published in the State Bank of India’s website on 3rd September 2022. The report claimed that India will become 3rd largest economy by 2029. It is being widely shared and published in majority of the news sites with a title somewhat relating to the tune that State Bank of India is forecasting that India will become 3rd largest economy by 2029.

What’s the truth?

In our search, we found the ‘report’ that is being cited by the news sites while publishing their story, in State Bank of India’s official website. In the report, it is actually said that India would become 3rd largest economy in 2029 surpassing Germany in 2027 and Japan by 2029 following the current trends and various macro-economic changes are quoted to make the claim.

However, these forecasts or claims come with a disclaimer that “The Ecowrap is not a priced publication of the Bank. The opinion expressed is of the Research team and not necessarily reflects those of the Bank or its subsidiaries.” The disclaimer also mentions, “The Bank or the Research Team assumes no liability if any person or entity relies on views, opinion or facts & figures finding in Ecowrap.”

This is not an official opinion of State Bank of India, but by the Ecowrap research team, which is an unit of SBI. The team researches and shares its findings which is independent of the Bank’s official stand or opinion. However, several news outlets had a misleading title leading people to think that it was indeed the Bank’s own official report. This is particularly important because some of these news outlets have indeed in the past mentioned “Ecowrap” in their title in the past to differentiate quite clearly, as compared to the current title that says only as “SBI” report.

Some links for the old articles from some of these news sites mentioning the word “Ecowrap” along with the word “SBI” in the titles are given below.

Conclusion

In our fact-check, we find that the news articles from several media sites are misleading. The report cited by news sites are from the Ecowrap Research Team, a part of SBI, but as per the disclaimer provided in the report, the team’s opinion does not reflect State Bank of India’s opinion. SBI has not revealed an official statement or a report that it predicts that India will be 3rd largest economy by 2029.

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