Current Affairs - Economy

India has emerged as the world's 2nd largest mobile manufacturer, driven by the rapid expansion of its electronics industry. The country now has over 300 mobile manufacturing units, a significant rise from just 2 in 2014. Nearly 99.2% of mobile phones sold in India are locally produced, with the manufacturing value surging from ₹18,900 Cr in FY14 to ₹4,22,000 Cr in FY24. Additionally, mobile phone exports have surpassed ₹1,29,000 Cr, reflecting India's growing role in the global electronics supply chain. The focus is now shifting towards semiconductor production and strengthening the electronics value chain.

India's fruit and vegetable exports witnessed a significant growth of 47.3% in volume over five years, from 2019-20 to 2023-24. This surge was driven by various factors, including trade expansion to 123 countries, entry into 17 new markets like Brazil, Ghana, and the Czech Republic, and promotional efforts by APEDA. Additionally, initiatives under the Agriculture Export Promotion Scheme (2021-26), trade fairs, and financial assistance contributed to strengthening India's position in the global fruit and vegetable export market.

The unemployment rate in the country has reduced to 3.2% from the previous 6% in the last fiscal year during July 2023 – June 2024, as per the latest Periodic Labour Force Survey (PLFS). This decline is significant, especially among individuals aged 15 and above. The government has launched five employment schemes under the Prime Minister’s Package, aiming to create job opportunities and benefit over four crore youth in the next five years. These initiatives reflect the government’s focus on reducing unemployment and strengthening the job market through policy measures and economic reforms.

Digital payment transactions in India saw a remarkable growth of 44% in the last fiscal year, reaching ₹18,000 crore. The Unified Payments Interface (UPI) played a crucial role in driving this expansion, alongside significant contributions from IMPS and the National Electronic Toll Collection system. To further boost digital payments, the government allocated ₹3,500 crore for RuPay and BHIM-UPI promotion incentives. Additionally, the RBI’s Payment Infrastructure Fund facilitated the installation of 4.08 crore digital payment touchpoints in remote areas, enhancing financial inclusion and accessibility across the country.

Canada has imposed a 25% tariff on $155 billion worth of U.S. imports in response to U.S. tariff actions. The initial phase includes $30 billion worth of goods, with additional tariffs on another $125 billion set to follow in 21 days. This move is part of a broader trade conflict involving multiple countries, as China and Mexico are also considering countermeasures. The retaliatory tariffs highlight the ongoing tensions in global trade policies, particularly between Canada and the United States.