CURRENT AFFAIRS

Detailed explanation-1: -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-2: -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-3: -S&P Global Ratings has cut India’s economic growth forecast for current fiscal year to 7%, but said the domestic demand-led economy will be less impacted by the global slowdown, it said on Monday. S&P had in September projected the Indian economy to grow 7.3% in 2022-23 and 6.5% in next fiscal year (2023-24).

Detailed explanation-4: -India’s output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year, ” S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said. The Indian economy grew 8.5 per cent in 2021.