CURRENT AFFAIRS

Detailed explanation-1: -The full year (FY22) GDP growth is now revised downwards to 8.8% from our earlier estimate of 9.3%. With this the real GDP will be around Rs 2.35 lakh crore more / 1.6% higher than the FY20 Real GDP of Rs 145.69 lakh crore.

Detailed explanation-2: -GD GROWTH & OUTLOOK: Q2FY23 4.7% in 2021 to 8.8% in 2022 but will decline to 6.5% in 2023 and to 4.1% by 2024. making resilient progress in Q2 FY23 in spite of the drag from global spill overs, elevated inflation and some slackening of external demand as geopolitical developments take their toll on world trade.

Detailed explanation-3: -India’s output will expand 7% in fiscal year 2022-2023 and 6% in next fiscal year, ” S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said. Meanwhile, SBI Research expects FY23 economic growth at 6.8% as against the RBI’s projection of 7%. In addition, it estimated Q2FY23 growth at 5.8%.

Detailed explanation-4: -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-5: -"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.