CURRENT AFFAIRS

Detailed explanation-1: -The National Statistical Office (NSO), in its first revised estimates of GDP, has said the Indian economy shrunk by 6.6 per cent in 2020-21, primarily due to the COVID-19 pandemic and nationwide lockdown curbs imposed by the government.

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: -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-4: -According to Economic Survey 2020-21, real the growth rate for the financial year 2022 is assumed as based on IMF estimates of 11.5 Percent. In 2020–2021, the survey predicts nominal GDP growth of 15.4% and real GDP growth of 11%.

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.