CURRENT AFFAIRS

Detailed explanation-1: -S&P has also projected the Indian economy to grow 6 per cent in 2023 and 6.9 per cent in 2024. S&P Global Ratings on Monday lowered India’s economic growth forecast for the current fiscal year to 7 per cent, down from 7.3 per cent it projected in September.

Detailed explanation-2: -One of India’s fastest-growing industries is the FMCG sector. 50% of this segment’s sales come from personal care and household items alone.

Detailed explanation-3: -The agency has pegged India’s GDP growth rate in 2023 at 5.9 per cent from an estimated 6.9 per cent in 2022 as the boost from the reopening fades and monetary tightening weighs down domestic demand.

Detailed explanation-4: -The first advance estimate for 2022-23 released by the National Statistical Office (NSO) on Friday estimated GDP growth at 7%, slower than the 8.7% expansion posted in 2021-22. The estimate is a shade higher than the Reserve Bank of India (RBI), which pegged it at 6.8%.

Detailed explanation-5: -The firm projected India to expand by 5.9% in calender year 2023 from 6.9% earlier. Meanwhile, in its September monetary policy meet, RBI had lowered its GDP forecast for FY23 to 7% from the earlier 7.2%, citing impact of geopolitical tensions, tightening global financial conditions and slowing external demand.