CURRENT AFFAIRS

Detailed explanation-1: -6. Amidst these volatile global developments, the Indian economy remains resilient. 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-2: -Taking all these factors into consideration, real GDP growth for 2022-23 is projected at 7.0 per cent with Q2 at 6.3 per cent; Q3 at 4.6 per cent; and Q4 at 4.6 per cent, and risks broadly balanced. For Q1:2023-24, it is projected at 7.2 per cent (Chart 2).

Detailed explanation-3: -Taking all these factors into consideration, real GDP growth for 2022-23 is projected at 6.8 per cent, with Q3 at 4.4 per cent and Q4 at 4.2 per cent. The risks are evenly balanced. Real GDP growth is projected at 7.1 per cent for Q1:2023-24 and at 5.9 per cent for Q2.

Detailed explanation-4: -The RBI projects the real GDP growth projection at 6.8% in 2022-23 and at 7.1% for Q1 2023-24. The central Bank projects inflation at 6.7% in 2022-23, with Q3 at 6.6% and Q4 at 5.9%. CPI inflation for Q1 2023-24 is projected at 5% and for Q2 at 5.4%.

Detailed explanation-5: -On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 7, 2022) decided to: • Increase the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points to 6.25 per cent with immediate effect.