CURRENT AFFAIRS

Detailed explanation-1: -This projects India as the fastest growing major economy in the world in all these three years. Referring to First Advance Estimates, the Survey states that the Indian economy is estimated to grow by 9.2 per cent in real terms in 2021-22, after a contraction of 7.3 per cent in 2020-21.

Detailed explanation-2: -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. India’s GDP growth is expected to remain robust in FY24.

Detailed explanation-3: -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-4: -Despite the markdown in near-term growth, India is expected to remain a growth outperformer over the medium run. 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.

Detailed explanation-5: -India’s GDP had grown at 8.7% in the year ending 31 March, 2022. The country’s nominal GDP growth for FY23 is estimated at 15.4% as against 19.5% in FY22, the Ministry of Statistics & Programme Implementation said in a statement.