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Detailed explanation-1: -The forecast is in line with the Reserve Bank of India’s projection of 6.8% GDP growth for 2022-23. It highlighted that monetary policy tightening to fight inflation and geopolitical uncertainty due to Russia’s war in Ukraine would continue to weigh on global economic activity in 2023.

Detailed explanation-2: -“Growth in India is set to decline from 6.8% in 2022 to 6.1% in 2023 before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds,” said the IMF’s World Economic Outlook update.

Detailed explanation-3: -The International Monetary Fund (IMF) has projected India’s growth to be at 6.1 per cent in the fiscal year 2023.

Detailed explanation-4: -It also said the nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore. The growth in nominal GDP during 2022-23 is estimated at 15.4 percent as compared to 19.5 percent in 2021-22.

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.