CURRENT AFFAIRS

Detailed explanation-1: -The consequent depreciation of other currencies has been widening the CAD and increasing inflationary pressures in the net importing economies. India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally.

Detailed explanation-2: -The growth in real GDP during 2022-23 is estimated at 7.0% as compared to 8.7% in 2021-22,” the ministry said. The output of the manufacturing sector is estimated to decelerate to 1.6% as against a growth of 9.9% in FY22 while construction growth may moderate to 9% in FY23 from 11.5% in FY22.

Detailed explanation-3: -The International Monetary Fund (IMF) has retained India’s FY23 growth forecast at 6.8%, terming the country a bright spot and major engine of growth amid an expected fall in global growth to 2.9% in 2023 from an estimated 3.4% in 2022.

Detailed explanation-4: -Real GDP is projected to grow at 6.8 percent and 6.1 percent in FY2022/23 and FY2023/24 respectively. Reflecting broad‑based price pressures, inflation is projected at 6.9 percent in FY2022/2023 and is expected to moderate only gradually over the next year.