CURRENT AFFAIRS

Detailed explanation-1: -The Indian economy is expected to expand 7% in fiscal 2022/23, slower than a previous estimate of 7.4% and the central bank’s 7.2% projection, according to a survey by India’s leading industry body.

Detailed explanation-2: -The latest estimate has come from industry body, FICCI, which has pegged Indian median GDP growth forecast for FY23 at 7.4%. The Economic Outlook Survey pegs GDP growth at 6% on the lower side and at 7.8% on the higher side, with median estimates falling at 7.4%.

Detailed explanation-3: -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-4: -The Union Finance Minister tabled the Economic Survey for the Financial Year 2022-23, after the President’s address. The Economic Survey 2022-23 highlighted that India’s economic recovery from the pandemic is complete and the economy is expected to grow in the range of 6% to 6.8% in the coming financial year 2023-24.

Detailed explanation-5: -The Survey says, in real terms, the economy is expected to grow at 7 per cent for the year ending March 2023. This follows an 8.7 per cent growth in the previous financial year.