CURRENT AFFAIRS

Detailed explanation-1: -The global agency Moody’s has cut India’s Gross Domestic Products (GDP) growth forecast by 110 basis points for the calendar year 2022. It now estimates growth to be 7.7 per cent in 2022 against 8.3 per cent in 2021.

Detailed explanation-2: -"For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent. The downward revision assumes higher inflation, high-interest rates and slowing global growth will dampen economic momentum by more than we had previously expected, ” the agency said in its Global Macro Outlook 2023-24.

Detailed explanation-3: -India’s real GDP growth will slow from 8.3% in 2021 to 7.7% in 2022 and will decelerate further to 5.2% in 2023, Moody’s Investor Service said in a report on Thursday. Rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis, it said.

Detailed explanation-4: -Moody’s Cuts India’s 2022 GDP Growth Forecast to 7%, Sees 2023 Growth at 4.8%

Detailed explanation-5: -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.