CURRENT AFFAIRS

Detailed explanation-1: -CRISIL has revised its forecast for India’s real gross domestic product (GDP) growth to 7 per cent for the current fiscal (2022-23) from 7.3 per cent estimated previously. The credit rating agency said this is primarily because the slowdown in global growth has started to impact India’s exports and industrial activity.

Detailed explanation-2: -Slowdown in the manufacturing sector, external risks and inflation were the primary reasons cited. The one exception there was ICRA, which held on to its projection of 7.2 per cent growth in FY23.

Detailed explanation-3: -Indian economy: Expecting slowdown in Indian economy to 6.1% in 2023 from 6.8% in 2022, says IMF-The Economic Times.

Detailed explanation-4: -“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 slowdown in the global economy and rising uncertainty will weigh on export and investment growth, ” according to the World Bank’s latest Global Economic Prospects report.

Detailed explanation-5: -The growth in real GDP during 2022-23 is estimated at 7 per cent as compared to 8.7 per cent in 2021-22, it stated.