World Bank: Improvement in India's GDP growth rate forecast for 2022-23, but a big decline compared to the previous financial year

Posted on 6th Dec 2022 03:18 pm by rohit kumar

A major decline in gross domestic product (GDP) growth is expected in FY 2022-23 as compared to the previous year amid a deteriorating external environment. According to the estimates of the World Bank, the GDP growth rate is expected to come down to 6.9% in the financial year 2022-23, which is considered a big decline as compared to 8.7% in 2021-22. However, this is an improvement over the October estimate, as the World Bank had projected a GDP growth of 6.5 percent for 2022-23 in October.

 

 

Impact on GDP due to rising inflation

To control rising inflation, central banks around the world, including the Reserve Bank of India, are continuously increasing their interest rates. This has a direct impact on the country's gross domestic product. Along with this, due to the Corona lockdown in China, the supply chain of the whole world has been badly affected. In such a situation, the fear of recession has increased in the whole world.

 

 

What is GDP

Gross Domestic Product (GDP) is the total value of all goods and services produced in a country in a year. GDP shows the level of economic activity and it shows which sectors have led to growth or decline. The GDP is estimated by the Ministry of Statistics and Program Implementation, Government of India.

 

Also Read: World Bank: Migrant workers sent the most money to India, for the first time a country's remittance crossed $100 billion

Other news

Telangana: Government's decision- Muslim employees will be able to take a leave one hour earlier during Ramzan, BJP opposed

The Telangana government made a big decision given the month of Ramadan. Under this, a special ex

Jiah Khan Suicide Case: Family happy after Sooraj Pancholi's acquittal, sweets distributed in media too

Jiah Khan Suicide Case: Ten years ago on June 3, 2013, the news of the death of actress Jiah Khan

Raksha Bandhan 2023: Keep these things on the plate of Aarti on the day of Rakshabandhan, the relationship between brother and sister will deepen

Raksha Bandhan Aarti Thali: The festival of Rakshabandhan is celebrated every year on the full mo

Anurag Thakur criticized New York Times, saying- Foreign media spreading propaganda against India and PM

Union Minister Anurag Thakur has criticized some foreign newspapers. He also commented on the Ame

World Cup 2023: When will Hardik Pandya be fit? Against which team will you play the match? Know the latest updates here

Indian all-rounder Hardik Pandya will be fit before the semi-finals. India will face England in L

Rahul reached Britain's Cambridge University in a new look: beard set, seen in coat-tie, will give speech on experiences of Bharat Jodo Yatra

Congress leader Rahul Gandhi reached Britain on Tuesday on a 7-day tour. He will give a speech he

IND vs SA Day 3 of the first Test: Play will start at 1 pm; Shatakvir Elgar is not out, and South Africa is ahead by 11 runs

The first Test between India and South Africa is being played in Centurion. On the second day, So

Indiana Jones 5 Review: 'Indy' Gets a grand farewell, Ford's innings end in 'Indiana Jones' Franchise

With the action-adventure film Indiana Jones and the Dial of Destiny, the franchise's popular cha

Earthquake: 6.8 magnitude earthquake wreaks havoc in Tibet, 32 people killed, 38 injured

Strong earthquake tremors were felt in Tibet on Tuesday. More than 32 people died in this severe

Ayodhya Ram Mandir: 392 pillars, 44 doors, and 161 feet height...built in Nagara style; Know the special features of Ram temple

Preparations are being finalized for the consecration of Ram Lalla to be held in Ayodhya on 22 Ja