CURRENT AFFAIRS

Detailed explanation-1: -UBS cut India’s 2022-23 economic growth forecast by 70 basis points to 7% on Friday, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market.

Detailed explanation-2: -Moody’s said it now expects India’s GDP growth to slow to 7% in 2022 – versus its previous estimate of 7.7% – and then decelerate to 4.8% in 2023, before recovering to around 6.4% in 2024.

Detailed explanation-3: -India’s gross domestic product (GDP) growth is projected to slip to 7 per cent in the current fiscal ending March 2023 owing to weak demand, according to the first official estimate released by the Statistics Ministry on Friday. India had recorded a 8.7 per cent GDP growth in 2021-22.

Detailed explanation-4: -The Economic Survey 2022-23 estimated India’s GDP growth at 6.5 per cent, which is lower than the projected 7 per cent growth for the ongoing financial year.

Detailed explanation-5: -Full Year GDP Growth in India averaged 6.12 percent from 2006 until 2023, reaching an all time high of 8.70 percent in 2022 and a record low of -6.60 percent in 2021. This page includes a chart with historical data for India Full Year GDP Growth.