CURRENT AFFAIRS

Detailed explanation-1: -The MPC has forecast Q1FY24 growth at 7.8 per cent, Q2 at 6.2 per cent, Q3 at 6 per cent and Q4 at 5.8 per cent. The MPC in its December 2022 meeting had forecast real GDP growth for 2022-23 at 6.8 per cent, with Q3 at 4.4 per cent and Q4 at 4.2 per cent.

Detailed explanation-2: -“Taking all these factors into consideration, the real GDP growth for 2022-23 is projected at 6. 8%, with Q3 at 4. 4% and Q4 at 4. 2%, with risks evenly balanced.

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: -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.

Detailed explanation-5: -RBI pegs GDP growth at 6.8% for FY23, projects inflation to fall below 6% by March 2023. The Reserve Bank of India on Wednesday marginally lowered the country’s GDP growth projection for the current fiscal from 7% to 6.8%.