CURRENT AFFAIRS

Detailed explanation-1: -The first advance estimate for 2022-23 released by the National Statistical Office (NSO) on Friday estimated GDP growth at 7%, slower than the 8.7% expansion posted in 2021-22. The estimate is a shade higher than the Reserve Bank of India (RBI), which pegged it at 6.8%.

Detailed explanation-2: -Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament today, which projects a baseline GDP growth of 6.5 per cent in real terms in FY24. The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI, domestically.

Detailed explanation-3: -Rating agency Crisil on Monday pared its 2022-23 real GDP growth forecast to 7%, from 7.3% estimated earlier, and said it expects the Indian economy to face more stress in 2023-24 with growth likely to slow to 6% due to the global slowdown and tightening financial conditions at home.

Detailed explanation-4: -CRISIL has revised its forecast for India’s real gross domestic product (GDP) growth to 7 per cent for the current fiscal (2022-23) from 7.3 per cent estimated previously.

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.