CURRENT AFFAIRS

Detailed explanation-1: -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-2: -GDP in India averaged 699.08 USD Billion from 1960 until 2021, reaching an all time high of 3176.30 USD Billion in 2021 and a record low of 37.03 USD Billion in 1960.

Detailed explanation-3: -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-4: -“Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at ₹273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of ₹236.65 lakh crore, released on 31st May, 2022.

Detailed explanation-5: -World Bank revises India’s GDP forecast to 6.9% for FY23 due to robust economic activities. The World Bank has revised India’s 2022-23 GDP growth forecast upward to 6.9 per cent from the earlier estimate of 6.5 per cent, due to robust economic activities according to Dhruv Sharma, Senior Economist at the World Bank.