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IMF Forecast: Global GDP Growth to drop, India’s inflation to drop by 4% next year

12 October 2022
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IMF Forecast: Global GDP Growth to drop, India’s inflation to drop by 4% next year

International Monetary Fund, IMF Forecast: The International Monetary Fund made predictions that India’s global growth will drop from 6% in 2021 to 3.2 % in 2022 and 2.7 % in 2023. With the exception of the global financial crisis and the pandemic’s severe phase, the IMF’s growth projections indicate that this will be the weakest growth since 2001.

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IMF Forecast: Global GDP Growth to drop:

• The three biggest economies in the world—the US, China, and the Euro area—were predicted to remain stagnant.
• According to the IMF’s World Economic Outlook 2022 study, India will have the world’s fastest-growing big economy.
• The International Monetary Fund (IMF) revised its prediction for India’s GDP growth to 6.8% for the fiscal year 2023, predicting that the country will still be on course to rank among the world’s fastest-growing economies.

IMF Forecast: India’s inflation to drop by 4% next year

• The International Monetary Fund (IMF) anticipates that India’s inflation will decline to a range of 4% next year. According to the report, global inflation would probably reach a peak this year of 9.5 percent before declining to 4.1 percent by 2024.
• The IMF however cautioned that a severe economic downturn is still to come and that many people will perceive 2023 as a recession.

Important Takeaways for All Competitive Exams:

• IMF Chairman and MD: Kristalina Georgieva
• IMF Headquarters: Washington, D.C., United States

Edutech Adda247 raised $35 million led by WestBridge Capital, Google

13 October 2022
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Edutech Adda247 raised $35 million led by WestBridge Capital, Google

Metis Eduventures Pvt. Ltd, which runs the vernacular test preparation platform, Adda247 has raised $35 Million in a round led by WestBridge Capital. The funding round also saw Google joining as a new investor and participating from existing investors Info Edge and Asha Impact. The company plans to use the fresh capital to enhance its tech and product profile, expand its student counselling team, and hire for some key leadership roles. The aim is to go deeper into the vernacular test preparation category.

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According to CEO Anil Nagar, all our offerings focus on ‘building for Bharat as 85% of our user base comes from tier II, III and IV cities. We want to help create a level playing field by providing all kinds of learning solutions to students from all backgrounds.

About the edutech platform Adda247:

• The edutech platform offers content in over 12 vernacular languages, including English, Hindi, Tamil, Telugu, Marathi, Assamese, Bengali, Malayalam and Bhojpuri, for more than 500 government exams.
• Adda247 offers live-video classes, on-demand video courses, mock tests and books focused on government exams. It claims to have around 22 million monthly active users and two million paid users.
• The company is technology based providing education online to students and providing study material on government jobs. Recently, the company is also providing Bank exams, Staff Selection Commission Exams (SSC), Railways, Teaching exams & Defence exams to users. 
• The company also focused on high-quality content and customer satisfaction so Adda 247 updated new features in the app. The company delivers the study material at multiple platforms such as Adda 247 android app, Adda247 youtube channels, Currentaffairs adda.com, bankersadda.com, SSCadda.com, teachersadda.co.in, and career power.

History of Adda247:

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 provides online coaching for government job entrance tests and caters to the learning needs of millions of students from Tier-2, 3 cities in India. Both have worked tirelessly to build a category leader in the govt exam preparation space which is a very large market. It is one of the rare profitable ed-tech companies in India and is also growing at a rapid pace.

Adda247 has 22 million monthly active users, and 2 million paid users till date. Adda247 is one of the very few scaled-up tech companies which is profitable and growing very fast. Adda247 acquired Union Public Service Commission (UPSC) exam-focused ed-tech startup StudyIQ in a $20 Mn (INR 150 Cr) deal in December last year.

Important takeaways for all competitive exams:

• Adda247 CEO: Anil Nagar;
• Adda247 COO: Saurabh Bansal;
• Adda247 Headquarters: Gurugram, Haryana;
• Adda247 Established: 2016.