BANKING AFFAIRS

Detailed explanation-1: -GDP at factor cost at current prices in the year 2013-14 is estimated at ‘104.73 lakh crore, showing a growth rate of 11.5 percent over the First Revised Estimates of GDP for the year 2012-13 of ‘ 93.89 lakh crore, released on 31th January 2014.

Detailed explanation-2: -Current-dollar GDP increased 3.4 percent, or $558.4 billion, in 2013, compared with an increase of 4.6 percent, or $710.8 billion, in 2012. During 2013 (that is, measured from the fourth quarter of 2012 to the fourth quarter of 2013) real GDP increased 2.7 percent.

Detailed explanation-3: -The services sector with an around 57 per cent contribution to the gross domestic product (GDP) in 2013-14, has made rapid strides in the last few years and emerged as the largest and fastest-growing sector of the economy.

Detailed explanation-4: -The Organisation for Economic Co-operation and Development (OECD) has downgraded India’s GDP growth forecast to 6.6% for FY 2022-23 from 6.9% projected earlier on moderation in exports and domestic demand and inflation crimping private consumption.