CURRENT AFFAIRS

Detailed explanation-1: -Credit Suisse has projected India’s real GDP growth for 2023-24 at seven per cent, higher than the current consensus forecast of six per cent.

Detailed explanation-2: -Stating that India’s level of economic activity is closer to the pre-pandemic path, global brokerage firm Credit Suisse expects the Gross Domestic Product (GDP) growth of the country going ahead will be stronger than the current consensus forecast of 6 per cent in the financial year 2023-24 (FY24).

Detailed explanation-3: -The International Monetary Fund (IMF) has also lowered India’s gross domestic product (GDP) growth projection for 2022-23 to 6.8% from the earlier 7.4%, citing the impact of a slowing global economy, stubborn inflation, rising interest rates and the Ukraine war.

Detailed explanation-4: -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.

Detailed explanation-5: -The Economic Survey 2022-23 estimated India’s GDP growth at 6.5 per cent, which is lower than the projected 7 per cent growth for the ongoing financial year.