CURRENT AFFAIRS

Detailed explanation-1: -The World Bank has revised India’s 2022-23 GDP growth forecast upward to 6.9 per cent from the earlier estimate of 6.5 per cent, due to robust economic activities according to Dhruv Sharma, Senior Economist at the World Bank.

Detailed explanation-2: -"Growth in India is projected to slow from 8.7% in FY2021/22 to 6.9% in FY2022/23, the latter revised 0.6 percentage point lower since June,” the report said. It further said that India is expected to be the fastest growing economy of the seven largest emerging markets and developing economies (EMDEs).

Detailed explanation-3: -India gdp growth rate for 2021 was 8.95%, a 15.54% increase from 2020. India gdp growth rate for 2020 was -6.60%, a 10.33% decline from 2019. India gdp growth rate for 2019 was 3.74%, a 2.72% decline from 2018. India gdp growth rate for 2018 was 6.45%, a 0.34% decline from 2017.

Detailed explanation-4: -India’s nominal growth, which includes inflation, is projected to be at 15.4% for 2022/23, up from an earlier 11.1% estimate. “The nominal GDP growth is higher, implying that the government’s fiscal deficit target will be achieved,” said Sabnavis.