CLAT Current Affairs and GK Practice Questions 5

Directions: read the following passage and answer the questions that follow

Fitch Ratings has revised its forecast for India's economic growth in FY24, raising it to 6.3% from the earlier prediction of 6%. This upward revision is attributed to a stronger performance in the first quarter and positive momentum in the near term. In comparison, the GDP expanded by 7.2% in FY23 and 9.1% in the previous fiscal year (FY22). Fitch highlights the broad-based strength of India's economy, with a 6.1% year-on-year growth in GDP during Q1 2023, robust auto sales, PMI surveys, and credit growth. Additionally, the recovery in manufacturing, construction, and farm output has contributed to the positive outlook. While the economy continues to benefit from high bank credit growth and infrastructure spending, slowing global trade may pose challenges. Fitch expects the Reserve Bank of India (RBI) to pause its rate cycle before cutting rates early next year due to the moderation in inflation and the need to support growth.

According to Fitch Ratings, why did they revise their economic growth forecast for India in FY24?

Which factor contributed to GDP growth in the January-March period?

What is the projected growth rate for India in the fiscal year 2024-25 and 2025-26, according to Fitch Ratings?

What is the main reason for the Reserve Bank of India (RBI) to keep policy rates unchanged in 2023?

What is Fitch Ratings' expectation regarding the RBI's future interest rate policy?

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