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: -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-3: -India’s GDP (gross domestic product) may grow 7% for financial year 2022-23, according to the first advance estimates released by the government Friday evening. The figures assume significance as they come ahead of the presentation of General Budget in Lok Sabha on 1 February, 2023.

Detailed explanation-4: -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-5: -It also said the nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore. The growth in nominal GDP during 2022-23 is estimated at 15.4 percent as compared to 19.5 percent in 2021-22.