Current Affairs - Economy

APEDA facilitated the first export of GI-tagged Tezpur Litchi from Assam to Dubai on June 7, 2026, marking an important achievement for India's agricultural export sector. Tezpur Litchi is known for its distinctive quality and includes varieties such as Bombaya, Bilati, Elaichi, Piyaji, and Sahi. The initiative was undertaken to expand international market access for farmers and strengthen agricultural exports from the North Eastern region. As a result of the export, farmers received nearly 10% higher prices compared to domestic markets. The move also supports the integration of North Eastern farmers into global value chains and promotes regional economic development.

India has set an ambitious target of increasing its seafood exports to $30 billion by the year 2031. This goal was highlighted during a national workshop on seafood exports inaugurated by Union Minister Piyush Goyal in Visakhapatnam, Andhra Pradesh. The target represents a significant increase from the current export value of approximately $8.5 billion. To achieve this objective, the government is focusing on expanding market access through free trade agreements, improving fisheries infrastructure, and supporting exporters. Andhra Pradesh, India's leading seafood-exporting state, is expected to play a crucial role in helping the country reach this milestone.

Larsen & Toubro (L&T) signed an MoU with the Tamil Nadu government on June 4, 2026, committing an investment of ₹18,600 crore across multiple sectors. The investment includes ₹15,000 crore for data centre expansion in Kancheepuram, ₹2,500 crore for an electronics manufacturing facility in Coimbatore, and ₹1,100 crore for shipbuilding expansion at the Kattupalli complex in Tiruvallur. These projects are expected to generate around 8,200 jobs and support sectors such as cloud computing, artificial intelligence, electronics manufacturing, and maritime infrastructure. The initiative also aligns with Tamil Nadu’s long-term objective of becoming a $1.5 trillion economy by 2036.

India's economy recorded a strong GDP growth rate of 7.8% in the fourth quarter (January–March) of FY26, outperforming projections made by the Reserve Bank of India and major market estimates. The growth was driven by robust investment activity, expansion in the services sector, improved agricultural output, and steady construction growth. This performance contributed to the upward revision of the full-year FY26 GDP growth estimate to 7.7%. Strong domestic demand, increased capital formation, and resilience against global economic uncertainties and geopolitical tensions helped sustain India's economic momentum during the quarter.

3.2% was the year-on-year growth rate recorded in gross GST collections for May 2026. During the month, gross GST revenue reached ₹1.94 lakh crore, reflecting steady growth in tax collections. The increase was supported by higher economic activity, with taxable goods supplies growing by 26.9% and taxable services supplies rising by 22.2%. After accounting for refunds of ₹27,281 crore, net GST revenue stood at ₹1.67 lakh crore, registering a 3.3% increase. GST, implemented on July 1, 2017, remains one of India's most significant indirect tax reforms aimed at creating a unified national market.