CURRENT AFFAIRS

Detailed explanation-1: -India’s GDP Growth Decelerates to 7 percent for fiscal 2016-17: World Bank. The World Bank on January 11, 2017 cut the India’s GDP growth for 2016-17 fiscal ending on March 31, 2017 to 7 percent from its previous estimate of 7.6 percent due to demonetization.

Detailed explanation-2: -Agriculture and food management: The production of Kharif food-grains during 2016-17 is estimated at 135.0 million tonnes compared to 124.1 million tonnes in 2015-16. The area sown under kharif and rabi crops during 2016-17 was 3.5 per cent and 5.9 per cent higher respectively compared to 2015-16.

Detailed explanation-3: -Net capital inflows were slightly lower at US$ 36.8 billion (1.6 per cent of GDP) in 2016-17 as compared to US$ 40.1 billion (1.9 per cent of GDP) in the previous year, mainly due to fall in NRI deposits. Gross FDI inflows to India increased significantly to US$ 60.2 billion in 2016-17 from US$ 55.6 billion in 2015-16.

Detailed explanation-4: -The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year.

Detailed explanation-5: -The report forecasts that the Indian economy will grow at 6.6% in the next financial year (2023-24), which is lower than its earlier projection of 7%.