CURRENT AFFAIRS

Detailed explanation-1: -India’s output will expand 7% in fiscal year 2022-2023 and 6% in next fiscal year,” S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said. Meanwhile, SBI Research expects FY23 economic growth at 6.8% as against the RBI’s projection of 7%. In addition, it estimated Q2FY23 growth at 5.8%.

Detailed explanation-2: -India’s economic growth is estimated at 7 percent for FY23, said Finance Minister Nirmala Sitharaman in her Union Budget 2023 speech in Parliament on Wednesday.

Detailed explanation-3: -Real GDP growth is estimated at 7.0 per cent in 2022-23, according to the first advance estimate of the National Statistical Office (NSO).

Detailed explanation-4: -2023 GDP Growth Outlook The world economy is projected to see just 2.9% GDP growth in 2023, down from 3.2% projected for 2022. This is a 0.2% increase since the October 2022 Outlook thanks in part to China’s reopening, higher global demand, and slowing inflation projected across certain countries in the year ahead.

Detailed explanation-5: -Fitch Ratings has retained India’s GDP growth forecast at seven per cent for 2022-23. However, GDP growth projection for 2023-24 and 2024-25 has been revised downwards to 6.2 per cent and 6.9 per cent, respectively.