CURRENT AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -The economic survey forecast India’s economy to grow at 6.5 per cent in 2023-24, compared to 7 per cent this fiscal and 8.7 per cent in 2021-22. The 6.5 per cent means India’s economic growth next fiscal year will still be the fastest among major economies.

Detailed explanation-3: -The growth in real GDP during 2022-23 is estimated at 7 per cent as compared to 8.7 per cent in 2021-22, it stated.

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 forecast is in line with the Reserve Bank of India’s projection of 6.8% GDP growth for 2022-23. It highlighted that monetary policy tightening to fight inflation and geopolitical uncertainty due to Russia’s war in Ukraine would continue to weigh on global economic activity in 2023.