CURRENT AFFAIRS

Detailed explanation-1: -India is set to be the second-fastest growing economy in the G20 in FY 2022-23, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures. GDP growth will slow to 5.7% in FY 2023-24, as exports and domestic demand growth moderate.

Detailed explanation-2: -According to the CNBC-TV18 Poll, the FY23 real GDP is estimated at 6.9 percent, nominal GDP is seen growing at 15.8 percent to Rs 269 trillion, and the fiscal deficit works to Rs 17.2 trillion.

Detailed explanation-3: -The Organisation for Economic Co-operation and Development (OECD) has downgraded India’s GDP growth forecast to 6.6% for FY 2022-23 from 6.9% projected earlier on moderation in exports and domestic demand and inflation crimping private consumption.

Detailed explanation-4: -He said the country’s GDP size is likely to be $3.5 trillion by March 2023 and historically, over the last 30 years, India’s dollar-GDP has grown at 9 per cent in spite of the rupee’s depreciation.

Detailed explanation-5: -The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year.