CURRENT AFFAIRS

Detailed explanation-1: -Last year, India’s gross domestic product (GDP) grew by 20.1 per cent year-on-year after witnessing a contraction of 24.4 per cent in the financial year 2020-21 on account of nation-wide lockdown imposed to curb the spread of Covid-19 pandemic.

Detailed explanation-2: -Giving more details, the Minister stated that as per provisional estimates released by National Statistical Office (NSO), Indian economy in 2021-22 has fully recovered the pre-pandemic real GDP level of 2019-20. The real GDP growth in 2021-22 stands at 8.7 per cent, 1.5 per cent higher than the real GDP of 2019-20.

Detailed explanation-3: -"We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity.

Detailed explanation-4: -NSO First revised FY21 GDP estimates The National Statistical Office recently released the first revised GDP estimates for the fiscal year 2021. According to the estimates, the GDP contracted by 6.6%.

Detailed explanation-5: -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.