Table of Contents
- The fiscal deficit for the 2021-22 financial year is 6.7 percent of the GDP, less than the Finance Ministry’s revised Budget estimate projection of 6.9 percent.
- The revenue gap for FY22 was recorded at Rs 10.33 lakh crore, close to the Ministry’s Budget estimate of Rs10.89 lakh crore.
conclusion
- Asia’s third largest economy had just begun recovering from the pandemic-induced slump when a surge in Omicron cases in January brought back some of the virus-related restrictions.
- The war in Ukraine, in February, further added to its woes, pushing up commodity prices and squeezing supplies further.
- In the March quarter, the agriculture sector grew 4.1%, while the manufacturing segment contracted 0.2%.
- High inflation is dampening consumer sentiments and growth prospects.
- In April Consumer price inflation has hit a eight-year high of 7.8% and is seen averaging 6.52% this fiscal, up from 6% projected in an earlier survey.
- The RBI is expected to raise repo rate by another 50 basis points to 4.9% by June.
- Analysts said the outlook remains clouded for future growth with geopolitical uncertainties and soaring crude oil prices.
Q) Net National Product at factor cost is also known as?
- Personal Income
- National Income
- Net Domestic Product
- Gross National Product
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