CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) expects the Indian economy to grow 7.2 per cent in the current fiscal (April-March). The growth last year (2021-22) was 8.7 per cent.

Detailed explanation-2: -India had recorded a 8.7 per cent GDP growth in 2021-22. If the forecast by the National Statistical Office (NSO) holds true, India’s GDP growth will be lower than Saudi Arabia’s expected 7.6 per cent expansion.

Detailed explanation-3: -S&P Lowers India GDP Growth Forecast by 30 bps to 7% For 2022-23. S&P Global Ratings cut India’s economic growth forecast for the current fiscal year ending March to 7 per cent as against 7.3 per cent projected earlier.

Detailed explanation-4: -The provisional estimate of GDP for the year 2021-22 stood at Rs 147.36 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22, according to data released by the NSO, Ministry of Statistics and Programme Implementation.

Detailed explanation-5: -S&P Global Ratings has cut India’s economic growth forecast for current fiscal year to 7%, but said the domestic demand-led economy will be less impacted by the global slowdown, it said on Monday. S&P had in September projected the Indian economy to grow 7.3% in 2022-23 and 6.5% in next fiscal year (2023-24).