# GDP growth

• The Indian economy expanded at its fastest pace in nearly 22 years in 2021-22.
• However, the growth rate in fourth quarter of the last financial year dropped to less than 5% in backdrop of omicron variant curbs.
• To put the numbers in context, the 8.7% expansion comes against the backdrop of a very low base as the economy contracted by 6.6% in the previous financial year.
• The national statistical office had earlier estimated growth to be 8.9%.
• The latest numbers for 2021-22 makes India one of the fastest growing major economies in the world.

# Delhi health minister

• A special court sent Delhi cabinet minister Satyendar jain to the enforcement Directorate’s custody for 10 days on Tuesday.
• The enforcement directorate said his custodial interrogation was important to verify the source of more than ₹5 crore that he had allegedly received from Kolkata based shell companies in entities controlled by him.
• ED informed court that Jain had received “accommodation enteries” from 56 shell companies of three hawala operators based in Kolkata.

# Fiscal deficit

• Buoyant tax collections and higher growth in nominal GDP (including inflation) helped the centre contain its fiscal deficit at 6.7% of GDP, against the 6.9% target for 2021-22.
• Meanwhile, the global crude oil prices hit $125 per barrel on account of sanction by European Union on Russian oil.

# LIC

• LIC’s market capitalization dropped below that of ICICI Bank (₹5.2 lakh crore) on Tuesday to the 7th position after recent decline in its share prices.
• LIC’s shares fell 3% or by ₹25 to ₹811, bringing down its market capitalization to ₹5.1 lakh crores.