CURRENT AFFAIRS

Detailed explanation-1: -In its October South Asia Economic Update, the World Bank had cited the spillovers from the Russia-Ukraine war and the tightening of global monetary policy as factors weighing on India’s economic outlook - as it slashed the country’s growth estimate by one percentage point to 6.5 per cent for FY23.

Detailed explanation-2: -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-3: -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.

Detailed explanation-4: -The World Bank has revised its 2022-23 GDP forecast upward from 6.5 per cent in October to 6.9 per cent.

Detailed explanation-5: -NEW DELHI: India’s gross domestic product (GDP) growth is estimated at 7% for 2022-23 on the back of a rebound in services and farm sectors but may face strong headwinds in the months ahead due to the geopolitical situation and possible recession in several countries across the globe.