CURRENT AFFAIRS

Detailed explanation-1: -Moody’s said it now expects India’s GDP growth to slow to 7% in 2022 – versus its previous estimate of 7.7% – and then decelerate to 4.8% in 2023, before recovering to around 6.4% in 2024. The Reserve Bank of India expects 2022-23 growth of 7%.

Detailed explanation-2: -According to Moody’s, growth is expected to decelerate to 4.8 per cent in 2023 and then to rise to around 6.4 per cent in 2024. India’s 7 per cent growth in 2022 is still higher than China’s expected growth of three per cent.

Detailed explanation-3: -Like real growth, India’s nominal growth is also expected to decline next year, thanks to cooling inflation. Moody’s sees nominal growth falling to 10.9 percent in 2023-24, sharply lower than 19.5 percent in 2021-22 and 15.4 percent this year.

Detailed explanation-4: -This can be attributed to external headwinds like slowing global growth and tightening of monetary policies that the Indian economy has been witnessing. “For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent.

Detailed explanation-5: -NEW DELHI, Jan 31 (Reuters) - India forecast economic growth of 6% to 6.8% in the 2023/24 fiscal year, slowing from the 7% growth projected for the current year ending on March 31, as a global slowdown is likely to hurt exports.