CURRENT AFFAIRS

Detailed explanation-1: -The Swiss brokerage firm, UBS Securities has revised India’s real GDP growth projection for 2021-22 to 9.5 per cent from 8.5 per cent estimated earlier. The upward revision has been attributed to faster-than-expected recovery, rising consumer confidence and the resultant spending spike.

Detailed explanation-2: -India’s GDP growth will slow down to 5.5 per cent in FY24 from the 6.9 per cent expected in the current fiscal 2022-23, a Swiss brokerage said on Wednesday. The slowdown was attributed to slowing global growth and tightening of monetary policies in the report by economists at UBS India.

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: -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-5: -Govt may peg fiscal deficit at 5.8% of GDP in FY24 kharif sowing, we project the GDP expansion at 6.5-7.0% for Q2 FY2023, a base-effect led moderation from 13.5% in Q1 FY2023.” In Q1FY23, India’s real GDP is estimated at ₹36.85 lakh crore, as against ₹32.46 lakh crore in Q1 2021-22, showing a growth rate of 13.5%.