CURRENT AFFAIRS

Detailed explanation-1: -While the economy was moderating prior to the COVID-19 shock, the pandemic implied unprecedented challenges. Two COVID-19 waves caused a health and economic crisis however, the economy is gradually recovering. Following the first wave, GDP contracted an unprecedented 7.3 percent in FY2020/21.

Detailed explanation-2: -According to Economic Survey 2020-21, real the growth rate for the financial year 2022 is assumed as based on IMF estimates of 11.5 Percent. In 2020–2021, the survey predicts nominal GDP growth of 15.4% and real GDP growth of 11%.

Detailed explanation-3: -The Indian economy had contracted by 7.3 per cent in the 2020-21 fiscal year. The IMF’s forecast for the current financial year is less than 9.2 per cent that the government’s Central Statistics Office has predicted and 9.5 per cent that the Reserve Bank of India has estimated.

Detailed explanation-4: -The International Monetary Fund (IMF) has projected India’s GDP growth at 6.8 percent for the ongoing fiscal year, and has warned of debt sustainability risks. The IMF’s executive board has concluded the 2022 Article IV consultation with India.

Detailed explanation-5: -Real GDP is projected to grow at 6.8 percent and 6.1 percent in FY2022/23 and FY2023/24 respectively. Reflecting broad‑based price pressures, inflation is projected at 6.9 percent in FY2022/2023 and is expected to moderate only gradually over the next year.