BANKING AFFAIRS

Detailed explanation-1: -Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament today, which projects a baseline GDP growth of 6.5 per cent in real terms in FY24. The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI, domestically.

Detailed explanation-2: -Prices and Inflation: Successful Tight-Rope Walking While India’s retail inflation rate peaked at 7.8 per cent in April 2022, above the RBI’s upper tolerance limit of 6 per cent, the overshoot of inflation above the upper end of the target range in India was however one of the lowest in the world.

Detailed explanation-3: -The Gross State Domestic Product (GSDP) of West Bengal for 2019-20 (at current prices) is estimated to be Rs 13, 14, 529 This is 14% higher than the revised estimate for 2018-19. Total expenditure for 2019-20 is estimated to be Rs 2, 37, 964 crore, a 4.9% increase over the revised estimate of 2018-19.

Detailed explanation-4: -State of the Economy 2022-23: Recovery Complete Recovering from pandemic-induced contraction, Russian-Ukraine conflict and inflation, Indian economy is staging a broad based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23.