Current Affairs - Economy

India's foreign exchange reserves surged to a two-year high of $636.1 billion, with a $10.47 billion increase, marking the highest weekly rise since July 2023. This record-breaking increase reflects positive trends in India's economic stability and currency strength.

Fitch Ratings has increased India's GDP growth forecast for FY25 to 7%, citing strong domestic demand and sustained confidence levels among businesses and consumers. This revision reflects positive indicators for economic growth in the upcoming fiscal year.

NITI Aayog's 'Vocal for Local' initiative, launched under its Aspirational Blocks Programme, focuses on promoting local economies and grassroots entrepreneurship. By encouraging the use of indigenous products and supporting local businesses, this initiative aims to enhance self-reliance, foster sustainable growth, and empower communities at the grassroots level.

Retail inflation in February 2024 stood at 5.9%, marking a four-month low. This rate falls comfortably within the Reserve Bank of India's target range of 6% for the sixth consecutive month, indicating stable consumer price levels.

Crisil Ratings forecasts India's GDP to expand by 6.8% in FY25, indicating a slight moderation from the current fiscal year's growth rate. This projection underscores the significance of structural reforms and cyclical factors in driving India's economic trajectory.