1. World Bank cuts India's economic growth forecast to 7.5% for FY23
Tags: Economics/Business
The World Bank on June 7 slashed India's economic growth forecast for the current fiscal to 7.5 per cent, keeping in mind rising inflation, supply chain stagnation and geopolitical tensions.
This is the second time that the World Bank has revised its GDP growth forecast for India in the current fiscal year 2022-23 (April 2022 to March 2023).
In April 2022, the World Bank had lowered the forecast from 8.7 percent to 8 percent, after which it is now estimated to be 7.5 percent.
Economic growth forecast expected to be 7.1 percent in 2023-24
The World Bank report also said that India's growth is expected to slow further to 7.1 per cent in 2023-24.
However, this is 30 basis points higher than the previous estimate of 6.8 percent.
India's GDP growth 6.5 percent in 2025
India's GDP growth for the financial year 2024-25 has been pegged at 6.5 percent by the World Bank.
However, this figure of decline in the growth forecast for the financial year 2022-23 is higher than the local estimation.
The Reserve Bank of India (RBI) has pegged GDP growth at 7.2 per cent for the financial year 2022-23.
India's other growth projections
Global rating agencies also downgraded India's economic growth forecast.
Moody's Investors Service cut its GDP forecast for 2022 to 8.8 percent from 9.1 percent, citing high inflation.
S&P Global Ratings too had cut India's growth projection for 2022-23 to 7.3 per cent, from 7.8 percent.
In March, Fitch had cut India's growth forecast to 8.5 per cent, from 10.3 percent.
The IMF has also lowered the projection to 8.2 percent from 9 per cent.
Asian Development Bank (ADB) has pegged India's growth at 7.5 per cent.
In April, the RBI lowered the forecast to 7.2 per cent from 7.8 per cent amid volatile crude oil prices and supply chain disruptions due to the Russia-Ukraine war.
2. Gautam Adani in the list of 100 Most Influential People in Titans category
Tags: Person in news International News
Gautam Adani has been included in the list of 100 Most Influential People in Titans category along with personalities like Apple CEO Tim Cook and American host Oprah Winfrey.
On behalf of India, Supreme Court advocate Karuna Nandi and eminent Kashmiri human rights activist Khurram Parvez have also been included in this list.
Karuna Nandi and Khurram Parvez have been ranked in the Leaders category along with Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelensky.
In this list of Time magazine, US President Joe Biden, Chinese President Xi Jinping, European Commission President Ursula von der Leyen, tennis star Rafael Nadal, current Chief Justice of Pakistan Justice Omar Ata Bandiyal have also been included in different categories. .
This list is divided into six categories. These categories are Icons, Pioneers, Titans, Artists, Leaders and Innovators.
Key persons nominated in different categories
Titans- Gautam Adani, Tim Cook, Oprah Winfrey, Kristyl Lagarde, Kris Jenner, Andy Jessie, Sally Rooney, Elizabeth Alexander, David Jaslav and Megan Rapinoe, Becky Sorbrunn and Alex Morgan.
Leaders- Karuna Nandi, Khurram Parvez, Volodymyr Zelensky, Ketanji Brown Jackson, Joe Rogan, Xi Jinping, Ursula von der Leyen, Joe Biden, Yoon Suk-yeol, Vladimir Putin, Olaf Scholz, Samia Suluhu Hassan, Abiy Ahmed, Kirsten Cinema, Gabrielle Boric, Valerie Jaluzhni, Lynn Fitch, Omar Ata Bandial and Sun Chunlan.
Innovators - Taika Waititi, Miranda Lambert, Derrick Palmer and Chris Smalls, Josh Wardle, Michen Genre, Demna, Mike Cannon-Brooks, Bella Bajaria, Sevgil Musayeva, Francis Keir, David Velez, Michael Schatz, Karen Meiga, Evan Eichler and Adam Philippi .
Artists - Simu Liu, Andrew Garfield, Joe Kravitz, Sarah Jessica Parker, Amanda Seyfried, Quinta Branson, Pete Davidson, Channing Tatum, Nathan Chen, Mila Kunis, Jeremy Strong, Faith Ringgold, Ariana DiBose, Jasmine Sullivan and Michael R. Jackson.
Icons- Mary J Blige, Dmitry Muratov, Isa Ray, Keanu Reeves, Adele, Rafael Nadal, Maya Lin, John Batista, Nadine Smith, Peng Shuai, Hoda Silent.
Pioneers- Candace Parker, Frances Hogan, Ahmir 'Questalv' Thompson, Sonia Guzzara, Stephanie Bansell, Emily Oster, Eileen Gu, Nan Goldin, Meijen Darvish and Anwar Lal Bunny, Emmet Schelling, Christina Villarreal Velasquez and Ana Christina Gonzalez Velez and Gregory L. Robinson.
