CURRENT AFFAIRS

Detailed explanation-1: -It is the worst economic contraction on record. India’s April-June quarter GDP contracted by a massive 23.9 per cent year-on-year (YoY), the first GDP contraction in more than 40 years. As per the National Statistical Office (NSO), gross value added (GVA) came in at-22.8 per cent.

Detailed explanation-2: -India’s real GDP fell to 26.9 lakh crore in constant terms, 23.9% lower than a year ago, showed data released by the Ministry of Statistics and Programme Implementation on Monday. Nominal GDP fell to Rs 38.08 lakh crore, 22.6% lower than the same period last year.

Detailed explanation-3: -The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year.

Detailed explanation-4: -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-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.