India Ratings Cuts FY23 GDP Growth Forecast to 6.9%

17 September 2022
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India Ratings Cuts FY23 GDP Growth Forecast to 6.9%

India Ratings became the latest agency to cut its FY23 gross domestic product forecast. The ratings agency cut the forecast to 6.9 per cent from 7 per cent, joining other institutions who have cut their projections to below 7 per cent since the release of the April-June quarter GDP data.

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What It Said:

“Despite private final consumption expenditure (PFCE) and gross fixed capital formation (GFCF) growth coming in better than our expectations in Q1, the agency expects the slowdown in the growth of government final consumption expenditure (GFCE) and worsening of net exports to weigh on the FY23 GDP growth,” India Ratings said in a statement.

Other Agencies Prediction:

Global rating agency Fitch also lowered India’s economic growth forecast for FY23 to 7 per cent from its June 2022 estimate of 7.8 per cent. It now expects the GDP to slow further to 6.7 per cent in FY24 as compared to its earlier forecast of 7.4 per cent. India Ratings projects GDP growth of 7.2 per cent in July-September FY23 quarter, 4 per cent in October-December and 4.1 per cent in February-March. “Recovering the lost output due to COVID-19 will be a long haul. Our estimate shows that even if GDP grows at 7.6 per cent every year after FY23, then also India would be able to catch up with pre-pandemic trend growth only by FY35”, said Sunil Kumar Sinha, Principal Economist.

Economy’s Main Thrust:

The agency did say that India’s biggest strength continues to be domestic economic activity, which has shown more resilience compared to the rest of the world. It said that it expects the growth momentum to sustain, averaging around mid-single digit in the remaining quarters, mainly buoyed by the upcoming festival season. “However, ‘K-shaped’ recovery is neither allowing the consumption demand to become broad based nor helping the wage growth especially of the population that are part of the lower half of the income pyramid,” the agency said. “Household sector, which accounts for 44-45 per cent of the gross value added, has witnessed nearly flat or negative growth in their real wages (adjusted for inflation) since FY19. Wage growth in June 2022 in real terms stood at about negative 3.7 per cent in urban areas and negative 1.6 per cent in rural areas,” it said.

Growth So For:

India’s Q1-FY23 GDP came in at 13.5 per cent, despite the low base of the equivalent period of 2021-22, when economic activity was severely impacted by the Delta wave of the pandemic. Sequentially, GDP contracted 9.6 percent in Q1-FY23 compared with Q4-FY22. The RBI had projected Q1-FY23 GDP growth at 16.2 pe rcent. After the official data, a number of banks and financial institutions slashed their economic growth estimates for the current financial year. These included State Bank of India, Goldman Sachs, Citigroup and ratings agency Moody’s.

15-­year­-old Pranav Anand becomes India’s 76th Chess Grandmaster

17 September 2022
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15-­year­-old Pranav Anand becomes India’s 76th Chess Grandmaster

15-­year­-old, Pranav Anand from Bengaluru, Karnataka became India’s 76th Chess GrandMaster (GM) after winning against International Master (IM) Emin Ohanyan of Armenia. He received the title after he crossed the 2,500 Elo points in the ongoing World Youth Chess Championship in Mamaia, Romania. A month before Pranav Anand became India’s 76th GM, Pranav Venkatesh became India’s 75th Grandmaster.

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In order to qualify for the GM title, a player must secure 3 GM norms covering 27 games and cross the live rating of 2,500 Elo points. Pranav Anand needs to cross the live rating of 2,500 which he did in the penultimate round of the World Youth Under­16 Open 2022. In July, he scored the 3rd and final GM norm at the 55th Biel Chess Festival in Switzerland. He has drawn his game against Spain’s No.5 GM Eduardo Iturrizaga Bonelli (2619) in the penultimate round.

About GrandMaster (GM):

GrandMaster is the highest title apart from World Champion awarded to Chess players International Chess Federation FIDE. India’s 1st Chess GrandMaster was won by Viswanathan Anand at the age of 14 in 1988.

World Patient Safety Day observed on 17 September

17 September 2022
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World Patient Safety Day observed on 17 September

World Patient Safety Day is observed every year on 17 September to create awareness about different safety measures that should be taken to ensure patient safety. The day focuses on preventing and reducing risks, errors, and harm that patients face. In modern society, it is important to understand the implications of negligent patient care and work toward modern standards regarding patient care.

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The main objective of World Patient Safety Day is to increase public awareness, enhance global understanding and call for solidarity and united action by all countries and international partners to increase patient safety and reduce patient harm.

World Patient Safety Day 2022: Theme and Slogan

Every year, World Patient Safety Day is observed under a specific theme. This year, the theme of World Patient Safety Day 2022 is ‘Medication Safety’ along with the slogan ‘Medication Without Harm’ with a call to action to ‘Know, Check & Ask’. Medication errors and unsafe medication practices can lead to severe patient harm, disabilities, and deaths.

World Patient Day 2022: Significance

The day brings together patients, families, caregivers, communities, health workers, healthcare leaders, and policy-makers to show their commitment to patient safety. Empower and encourage patients, caregivers and family members to avoid medication errors and ensure safe use of medicines and to prevent patient harm. Advocate immediate action to promote drug safety and raise global awareness about the significant burden of medication errors and unsafe medication practices.

World Patient Safety Day: History

September 17 is one of the World Health Organization’s (WHO) global public health days called World Patient Safety Day. It was established in 2019 by the 72nd World Health Assembly through the adoption of resolution WHA 72.6 – ‘Global Action on Patient Safety ‘.