CURRENT AFFAIRS

Detailed explanation-1: -NEW DELHI: Global think tank OECD on Wednesday lowered India’s growth projection for the current year to 6.6% from 6.9% earlier, but retained its status as the second-fastest growing economy after .

Detailed explanation-2: -Economic Outlook Note - India India is set to be the second-fastest growing economy in the G20 in FY 2022-23, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures. GDP growth will slow to 5.7% in FY 2023-24, as exports and domestic demand growth moderate.

Detailed explanation-3: -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.

Detailed explanation-4: -India’s GDP to grow at 6.9% in FY23 & will remain one of the fastest-growing major economies, says World Bank.

Detailed explanation-5: -The Organisation for Economic Co-operation and Development (OECD) has downgraded India’s GDP growth forecast to 6.6% for FY 2022-23 from 6.9% projected earlier on moderation in exports and domestic demand and inflation crimping private consumption.