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.