Current Affairs - Economy

India ranks as the 3rd largest digitalized economy globally, behind the United States and China, according to the State of India’s Digital Economy (SIDE) Report 2024. Despite this strong position in overall digitalisation, India ranks 12th among G20 nations in terms of individual user digitalisation. The digital economy contributed 11.74% to India’s GDP in 2022-23, with projections to reach 13.42% by 2024-25. By 2029-30, it is expected to contribute 20% of GDP, surpassing both agriculture and manufacturing. The report also highlights disparities in digitalisation levels across different Indian states.

Kerala has secured a ₹2,424.28 crore loan from the World Bank under the Programme for Results (P for R) model to implement the Kerala Health System Improvement Programme. This initiative aims to enhance value-based healthcare, prevent non-communicable diseases, address climate-related health risks, and improve emergency response systems. The programme also focuses on strengthening healthcare services for the underprivileged and improving coordination between various state departments. This financial support is expected to significantly boost Kerala’s healthcare infrastructure and ensure better medical services for its population.

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.