Current Affairs - Economy

Department for Promotion of Industry and Internal Trade (DPIIT) signed a Memorandum of Understanding with Voltas Limited to promote collaboration between industry and start-ups working in cooling and smart appliance technologies. The initiative aims to support innovation in areas such as HVAC systems, artificial intelligence, machine learning, power electronics, and advanced control technologies. Through programs like the Startup India initiative and the Bharat Start-up Grand Challenge, selected start-ups will receive mentorship, technical support, and access to testing infrastructure. The partnership also encourages the development of energy-efficient cooling solutions, IoT-enabled appliances, air-quality monitoring systems, and predictive maintenance technologies.

L&T Finance introduced the ‘Spoorthi’ programme to support and empower women entrepreneurs by offering specialised financial products such as home loans and loans against property (LAP). The initiative aims to encourage women-led businesses and improve access to credit for women who are running or co-running enterprises or professional ventures. Under the programme, eligible applicants can benefit from extended loan tenures of up to 25 years for home loans and LAP, along with flexible eligibility norms such as higher debt-to-income ratios. These features are designed to provide greater financial flexibility, enabling women entrepreneurs to invest in property ownership, expand businesses, and strengthen their economic participation.

The Government of India formed a high-level committee to recommend comprehensive reforms for the Special Economic Zones (SEZ) policy with the aim of developing a modern SEZ 2.0 framework. This committee consists of 17 members representing key government institutions and policy bodies. Members include representatives from the Ministry of Commerce, the Central Board of Indirect Taxes and Customs (CBIC), the Department for Promotion of Industry and Internal Trade (DPIIT), and NITI Aayog, along with other stakeholders. The panel’s role is to review the SEZ Act of 2005, identify gaps, align SEZ policies with export promotion schemes, evaluate recent reforms, and address operational challenges faced by SEZ developers and units.

₹5,925 is the Minimum Support Price approved for Raw Jute (TD-3 grade) for the 2026-27 marketing season. The decision was taken by the Cabinet Committee on Economic Affairs to ensure better remuneration for jute farmers. This price guarantees a return of 61.8% over the all-India weighted average cost of production, in line with the government’s commitment to fix MSP at least 1.5 times the production cost. The revised MSP represents an increase over the previous season and aims to promote jute cultivation, strengthen rural incomes, and support the overall jute industry supply chain.

7.2% is the GDP growth rate projected by ICRA for India in the third quarter of FY26. This estimate reflects a moderation compared to the 8.2% growth recorded in the second quarter. The slowdown has been attributed to weaker performance in services and agriculture, even though the industrial sector showed improvement. Key contributing factors include a high base effect, a significant decline in central government capital expenditure, nearly flat state spending, subdued exports, and reduced services export growth. However, festive demand supported economic activity, helping maintain overall growth above the 7% mark during the quarter.