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India's Economy to Grow at 6.9% in FY23

Published on June 09, 2022
Current Context: The Organization for Economic Cooperation and Development (OECD) forecasted India’s FY23 economic growth at 6.9%.
India's Economy to Grow at 6.9% in FY23
  • Earlier the Gross domestic product growth was 8.7% in FY22, and now it has reduced to 6.9% in FY23 and 6.2% in FY24.
  • The main reason behind it was with weaker external demand growth and tighter monetary conditions were mitigated by strong government spending and an ambitious set of measures to simplify the business environment.
  • Apart from that, it has also been estimated that headline inflation will remain above the central bank’s upper tolerance limit of 6% throughout 2022 and 2023.
  • Besides the World Bank had cut its FY23 real GDP growth forecast for India to 7.5% from 8%.
  • Even though the country's economic growth recorded the strongest rebound from the Covid-related downturn of any G20 economy but still faces the issue related to rising global food and energy prices.

Question:

Q.1 As per the OECD report what will be India’s economic growth for FY23?
a. 8.7%
b. 6.9%
c. 7.2%
d. 6.2%

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