CURRENT AFFAIRS

Detailed explanation-1: -India Ratings became the latest agency to cut its FY23 gross domestic product forecast. On Thursday, the ratings agency cut the forecast to 6.9 per cent from 7 per cent, joining other institutions who have cut their projections to below 7 per cent since the release of the April-June quarter GDP data.

Detailed explanation-2: -Giving more details, the Minister stated that as per provisional estimates released by National Statistical Office (NSO), Indian economy in 2021-22 has fully recovered the pre-pandemic real GDP level of 2019-20. The real GDP growth in 2021-22 stands at 8.7 per cent, 1.5 per cent higher than the real GDP of 2019-20.

Detailed explanation-3: -NSO First revised FY21 GDP estimates The National Statistical Office recently released the first revised GDP estimates for the fiscal year 2021. According to the estimates, the GDP contracted by 6.6%.

Detailed explanation-4: -India’s real GDP growth in the second half of 2022-23 is estimated to halve to 4-4.5 per cent from 9.7 per cent in the first half of the fiscal, according to India Ratings and Research (Ind-Ra).

Detailed explanation-5: -The correct answer is Saving Lives and Livelihoods. The foundational Theme of the Economic Survey is Saving Lives and Livelihoods. It is the annual financial document released by the Ministry of Finance. It contains the most authentic source of data on India’s Economy.