CURRENT AFFAIRS

Detailed explanation-1: -The real GDP has been projected to grow at 7 per cent, as per the First Advance Estimate of the National Account Statistics; and the RBI has projected that inflation for the year will settle at 6.8 per cent. Taken together, these figures would yield a nominal economic growth rate of close to 14 per cent.

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: -Against the backdrop of tepid 3.2% global growth in 2022 the IMF expects India’s GDP to expand by 7.4%. This is the fastest growth of any large economy except Saudi Arabia which is the incidental beneficiary of upward pressure on global oil prices from Russian President Vladimir Putin’s war against Ukraine.

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: -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.