New Delhi, March 13 -- India must achieve an 8 per cent GDP growth rate to ensure sustainable progress, said Challa Sreenivasulu Setty, Chairman of the State Bank of India (SBI).

While the current growth rate hovers around 6 per cent, Setty believes this slowdown is temporary and that India's long-term economic trajectory remains strong.

Encouragingly, private consumption is rebounding, as indicated by a rise in Private Final Consumption Expenditure (PFCE) to 7.6 per cent. However, some sectors, such as automobiles, have seen a slowdown since December.

Setty acknowledged concerns over global trade uncertainties affecting private investments but remained optimistic. He highlighted SBI's corporate lending pipeline of Rs 4 lakh crore, wit...