CURRENT AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year.

Detailed explanation-3: -Moody’s Investors Service on Friday lowered India’s economic growth projection for 2022 to 7% from 7.7% earlier.

Detailed explanation-4: -Following revisions to the historical series, Q2 2022 GDP was estimated at 0.2% below its Q4 2019 level, and Q3 2022 GDP was estimated at 0.4% below this level. Data shown in this release was last updated on the 18th of November 2022.

Detailed explanation-5: -The RBI had projected the real GDP growth for 2022-23 at 6.8%, with the third quarter at 4.4% and the fourth at 4.2%. The GDP growth in the second quarter of the fiscal had slowed to 6.3% from 13.5% in the preceding three months.