CURRENT AFFAIRS

Detailed explanation-1: -THE WORLD Bank raised its gross domestic product (GDP) growth forecast for India during the current financial year (FY23) to 6.9 per cent from 6.5 per cent, citing the economy’s relative resilience to external headwinds, and “a strong out-turn” in the second quarter of the current financial year.

Detailed explanation-2: -The International Monetary Fund (IMF) has also lowered India’s gross domestic product (GDP) growth projection for 2022-23 to 6.8% from the earlier 7.4%, citing the impact of a slowing global economy, stubborn inflation, rising interest rates and the Ukraine war.

Detailed explanation-3: -The World Bank on Tuesday projected the Indian economy to grow at a robust 6.6 per cent in 2023-24 (FY24), slowing down from an estimated 6.9 per cent in 2022-23 (FY23), citing “limited spillovers” to Asia’s third-largest economy from a projected global slowdown.

Detailed explanation-4: -The growth in real GDP during 2022-23 is estimated at 7.0 percent as compared to 8.7 percent in 2021-22.” The Indian economy is estimated to grow at 7 percent in 2022-23, as against the expansion of 8.7 percent in the previous fiscal, the National Statistical Office (NSO) said on Friday.