What’s in the news?

• India’s fourth quarter GDP growth slowed to 4.1 per cent, slowest pace of growth in a year, as the omicron variant hampered economic activity while the war in Ukraine worsened fuel and food inflation. 
• According to the Ministry of Statistics and Programme Implementation, economic growth in the last fiscal year stood at 8.7 per cent. 
• Going ahead, global macroeconomic factors such as Russia-Ukraine war, high global commodity and food prices, and global central bank’s monetary policy tightening will have bearing on India’s economic growth. 
• Economists expect FY 2023 GDP growth between 7% and 8%, even though India is expected to continue to be the fastest growing major economy of the world.

Reference:

https://www.financialexpress.com/economy/gdp-2022-growth-slows-to-4-1-in-q4-india-to-face-global-heat-this-year-yet-remain-fastest-growing-economy/2544202/