Current Affairs - Economy

India is expected to become the largest producer of potatoes globally by 2050, according to experts from the International Potato Centre (CIP). Currently producing about 60 million tonnes annually, India’s potato output is projected to increase to 100 million tonnes by 2050. This growth is driven by scientific innovations, strategic partnerships, government agricultural reforms, and sustained investments in research and food security. Potatoes and other tuber crops play a vital role in climate resilience, nutrition, and rural development, making India’s rise in potato production significant for its economic and social progress.

The proposed legislation introduced in the US Congress suggests a 5% excise tax on all international remittances made by non-citizens, including H-1B and F-1 visa holders. This provision, outlined in Section 112105 of the bill titled “The One Big Beautiful Bill,” would primarily impact immigrant communities such as the Indian diaspora, which remitted over $23 billion to India in 2023 alone. The tax aims to generate revenue by applying a $50 charge for every $1,000 transferred abroad. The measure has sparked concerns over economic fairness, the risk of increased use of informal transfer channels, and potential burdens on immigrant workers and their families.

The UN’s World Economic Situation and Prospects (WESP) mid-year report projects India’s GDP growth rate at 6.3% for the year 2025 and increases slightly to 6.4% in 2026. This solid forecast underscores India’s position as the fastest-growing large economy globally. The projection is supported by robust private consumption and sustained public investment, which continue to fuel economic expansion despite global headwinds. In contrast, the global economic growth rate is anticipated to be significantly lower, at 2.4%, due to persistent trade tensions and uncertainty in policy environments. These figures highlight India’s relative economic resilience and positive outlook in the international context.

In April 2025, India's unemployment rate stood at 5.1% according to data released by the Ministry of Statistics and Programme Implementation (MoSPI). This figure represents the proportion of the labour force that was actively seeking work but remained unemployed. The data also included figures for the Labour Force Participation Rate (LFPR), which was 55.6% overall, with 58% in rural areas and 50.7% in urban regions. These statistics are part of the government’s first monthly labour force and unemployment data collection, offering a more granular view of the country’s employment landscape.

India, despite having one of the largest cooperative movements globally, with over 8.5 lakh cooperatives, still reflects significant gender disparity in cooperative participation. As per the 2023 NITI Aayog report, only 2.52% of these cooperatives are women-only, highlighting the underrepresentation of women in formal cooperative structures. This figure underscores the need for greater gender inclusion in cooperative governance and support systems. Cooperative societies, by their nature, are intended to be inclusive and community-driven, but historical, structural, and cultural barriers have limited women's active participation. Enhancing women’s role in cooperatives could contribute significantly to social equity and grassroots economic empowerment.