{"id":7807,"date":"2022-11-12T11:21:52","date_gmt":"2022-11-12T05:51:52","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=7807"},"modified":"2025-03-28T23:01:05","modified_gmt":"2025-03-28T17:31:05","slug":"indias-economic-growth","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/indias-economic-growth\/","title":{"rendered":"India\u2019s Economic Growth"},"content":{"rendered":"<h2><strong>About India\u2019s Economic Growth:<\/strong><\/h2>\n<ul>\n<li>The report titled \u2018Global Macro Outlook 2023-24: Global economy faces a reckoning over inflation, geopolitics and policy trade-offs\u2019.<\/li>\n<\/ul>\n<h3><strong>Highlights:<\/strong><\/h3>\n<ul>\n<li>The downward revision assumes higher inflation, high interest rates and slowing global growth will dampen economic momentum by more than previously expected.<\/li>\n<li>The weakening of the rupee and high oil prices continue to exert upward pressure on inflation, which has remained above the Reserve Bank of India\u2019s \u20184 per cent -\/+ 2 per cent\u2019 target range for much of this year.<\/li>\n<li>Annual headline CPI inflation increased to 7.5 per cent in September, 2022 after dipping below 7 per cent in July.<\/li>\n<li>Wholesale price inflation, however, declined for four straight months, from a peak of 16.6 per cent in May to 10.7 per cent in September.<\/li>\n<li>From May to September, the RBI has raised the repo rate a cumulative 190 bps to 5.9 per cent to contain inflation risks.<\/li>\n<\/ul>\n<h3><strong>Other revisions:<\/strong><\/h3>\n<ul>\n<li>This is not the first downward revision of the Indian economy, though all the revisions are for the fiscal year.<\/li>\n<li>The\u00a0<strong>International Monetary Fund (IMF)<\/strong>\u00a0cut India\u2019s GDP forecast for the current fiscal (FY23) by 60 basis points to 6.8 per cent from 7.4 per cent estimated earlier.<\/li>\n<li>Before that, the\u00a0<strong>World Bank<\/strong>\u00a0cut the forecast by 1 percentage point to 6.5 per cent,\u00a0<strong>ADB<\/strong>\u00a0by 50 basis points to 7 per cent,\u00a0<strong>Fitch<\/strong>\u00a0by 80 basis points to 7 per cent and the\u00a0<strong>RBI<\/strong>\u00a0by 20 basis points to 7 per cent.<\/li>\n<li><strong>S&amp;P Global and OECD<\/strong>\u00a0have maintained the forecast at 7.3 per cent and 6.9 per cent, respectively.<\/li>\n<\/ul>\n<hr \/>\n<p><strong>Source :\u00a0<\/strong><a href=\"https:\/\/epaper.thehindubusinessline.com\/ccidist-ws\/bl\/bl_chennai\/issues\/15126\/OPS\/GP7AGJRPP.1.png?rev=2022-11-11T21:49:28+05:30&amp;cropFromPage=true\" target=\"_blank\" rel=\"nofollow noopener\">The Hindu Businessline<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s economic growth rate is expected to reach 6.4% in 2023-24 from 6.8% in FY23<\/p>\n","protected":false},"author":5,"featured_media":7808,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-7807","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/7807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=7807"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/7807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/7808"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=7807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=7807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=7807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}