CURRENT AFFAIRS

Detailed explanation-1: -India’s GDP had grown at 8.7% in the year ending 31 March, 2022. The country’s nominal GDP growth for FY23 is estimated at 15.4% as against 19.5% in FY22, the Ministry of Statistics & Programme Implementation said in a statement.

Detailed explanation-2: -India’s gross domestic product (GDP) growth is projected to slip to 7 per cent in the current fiscal ending March 2023 owing to weak demand, according to the first official estimate released by the Statistics Ministry on Friday. India had recorded a 8.7 per cent GDP growth in 2021-22.

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: -"We maintain our GDP forecast of 7.2 per cent for FY2023, aided by a revival in contact-intensive services owing to pent-up demand, and a back-ended pick-up in government and private capex.

Detailed explanation-5: -Full Year GDP Growth in India averaged 6.12 percent from 2006 until 2023, reaching an all time high of 8.70 percent in 2022 and a record low of -6.60 percent in 2021. This page includes a chart with historical data for India Full Year GDP Growth.