Current Affairs - Economy

India has reduced the windfall tax on domestically produced crude oil from Rs 9,600 to Rs 8,400 per metric ton, effective May 1. This adjustment reflects a decrease in the tax burden on crude oil producers, aimed at fostering a conducive environment for the oil industry while ensuring reasonable taxation.

The National Institute of Public Finance and Policy (NIPFP) predicts India's GDP growth for the fiscal year 2024-25 to be 7.1%. This forecast is based on high-frequency models and reflects the emphasis on fiscal discipline, tax buoyancy, and compression of revenue expenditure as highlighted by NIPFP.

India's electronics exports surged by 23.6% in FY24, reaching $29.12 billion, which is a significant increase compared to the previous year's figures. This growth demonstrates the positive trajectory and competitiveness of India's electronics industry in the global market.

The IMF has revised India's GDP growth forecast for 2024-25 to 6.8%, citing robust domestic demand as a key factor driving this upward revision. This reflects the IMF's confidence in India's economic resilience and potential for growth despite global challenges.

India's merchandise trade deficit for FY23-24 reached $240.2 billion, representing a notable reduction and marking an 11-month low in trade deficit.