Current Affairs - Economy

India’s trade with Africa reached a historic milestone of over USD 100 billion in 2024–25, reflecting deepening economic and strategic ties between the two regions. This achievement nearly doubles the USD 56 billion recorded in 2019–20, underscoring rapid growth in commerce and investment. India has invested more than USD 75 billion in Africa since 1996, positioning itself among the continent’s top five investors. Beyond trade, India has extended concessional loans, grant aid, and thousands of scholarships to African students. These efforts, coupled with collaboration in renewable energy and disaster resilient infrastructure, showcase a strong and expanding partnership rooted in mutual development.

India’s seafood exports for FY2024–25 recorded a total value of USD 7.45 billion, reflecting a slight increase from USD 7.38 billion the previous year. Despite the growth in value, the overall export volume declined to 16.98 lakh tonnes from 17.81 lakh tonnes, showing challenges in international market demand and supply chain dynamics. Frozen shrimp continued to dominate, contributing USD 5.17 billion and nearly 70% of the total earnings, consolidating India’s global leadership in shrimp exports. The United States remained the largest buyer, followed by China, the European Union, Southeast Asia, Japan, and the Middle East, highlighting India’s wide-reaching seafood trade network.

India suspended the 11% cotton import duty until September 30, 2025, as a relief measure for its garment and textile industry. This sector, which employs millions, has been under pressure from high input costs and growing competition from countries like China, Bangladesh, and Vietnam. The duty suspension reduces raw material costs, giving exporters breathing space to remain competitive in global markets. Additionally, the move benefits U.S. cotton growers by expanding their market access in India. It also serves as a diplomatic gesture to ease trade tensions with the U.S., while reinforcing India’s role in the global textile supply chain.

In July 2025, India’s infrastructure output, measured by the Index of Eight Core Industries (ICI), recorded a growth of 2% compared to the same month in the previous year. This performance was largely driven by strong growth in steel and cement sectors, which posted double-digit increases of 12.8% and 11.7% respectively. Fertilizer production also contributed positively with a rise of 2%, while electricity generation showed a smaller increase of 0.5%. The 2% growth reflects resilience in core industries despite mixed performances across sectors, highlighting steel and cement as major drivers of infrastructure development during this period.

India’s marine fish production in 2023–24 reached 44.95 lakh tonnes, marking a significant increase from 34.76 lakh tonnes in 2020–21, with an impressive average annual growth rate of 8.9%. This surge is attributed to the government’s dual strategy of sustainable fisheries development and climate-resilient practices under initiatives such as the PM Matsya Sampada Yojana (PMMSY) and the National Innovation in Climate Resilient Agriculture (NICRA). These programs focus on ecological restoration, climate adaptation, and infrastructure support for coastal communities. The achievement not only highlights India’s growing fishery sector but also underscores its commitment to sustainability and long-term resilience against climate impacts.