CURRENT AFFAIRS

Detailed explanation-1: -Separately, the World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23, from 6.5 per cent projected in October, saying the economy was showing higher resilience to global shocks. The Indian economy grew 8.7 per cent in 2021-22 fiscal.

Detailed explanation-2: -According to the IMF’s latest World Economic Outlook projections, India’s real GDP will grow at 9% in 2021-22 and 2022-23, and 7.1% in 2023-2024, making it the world’s fastest growing major economy for all three years.

Detailed explanation-3: -"For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent. The downward revision assumes higher inflation, high-interest rates and slowing global growth will dampen economic momentum by more than we had previously expected, ” the agency said in its Global Macro Outlook 2023-24.

Detailed explanation-4: -Fitch Ratings has retained India’s GDP growth forecast at seven per cent for 2022-23. However, GDP growth projection for 2023-24 and 2024-25 has been revised downwards to 6.2 per cent and 6.9 per cent, respectively.

Detailed explanation-5: -Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament today, which projects a baseline GDP growth of 6.5 per cent in real terms in FY24. The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI, domestically.