CURRENT AFFAIRS

Detailed explanation-1: -As per the second advance estimates released, manufacturing sector is estimated to contract 8.4 per cent during FY21, while electricity is likely to grow at 1.8 per cent. Among services sectors, trade, hotel, transport are projected to contract 18 per cent.

Detailed explanation-2: -The growth in GDP during 2021-22 is estimated at 8.7 percent as compared to a contraction of 6.6 percent in 2020-21. Nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain a level of ₹ 236.65 lakh crore, as against ₹ 198.01 lakh crore in 2020-21, showing a growth rate of 19.5 percent.

Detailed explanation-3: -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-4: -Real GDP Growth YoY data in India is updated quarterly, available from Jun 2005 to Sep 2022, with an average rate of 7.3 %.

Detailed explanation-5: -Real GDP projections for FY21 and FY22 are based on estimates from the MoSPI and IMF respectively. These forecasts are very similar to the IMF’s predictions of real GDP growth in India of 11.5% in 2021–2022 and 6.8% in 2022–2023.