Current Affairs - Economy

India's Foreign Exchange Reserves rose by $140 million, reaching an all-time high of $642.631 billion during the week ended March 22, reflecting a positive trend in the country's economic stability and financial resilience.

Government e Marketplace (GeM) has achieved a remarkable GMV of ₹4 lakh crore in fiscal year 2023-24, doubling from the previous year. This growth highlights the platform's significant procurement of services and its plans for potential expansion, including opening the portal for consumer use and enhancing services.

The Index of Eight Core Industries (ICI) witnessed a significant 6.7% increase (provisional) in February 2024 compared to the same month in 2023, reflecting positive growth and performance across key sectors contributing to India's industrial production.

Morgan Stanley has revised India's GDP growth forecast for FY25 to 6.8%, indicating a positive outlook on India's economic strength and stability. This upward revision reflects optimism about continued growth momentum and economic activities across various sectors.

India's current account deficit (CAD) narrowed to 1.2% of GDP in the October-December quarter, revised from the earlier estimate of 1.3%. The CAD represents the difference between the country's exports and imports of goods and services, reflecting its trade balance with the rest of the world.