Current Affairs - Economy

Moody's has upgraded India's GDP growth forecast for 2024 to "6.8%". This revision is attributed to India's status as the fastest-growing economy among G20 nations, stable inflation rates, and policy continuity, all of which contribute to its positive economic outlook.

India's forex reserves surged to $619 billion, with a notable increase of $2.975 billion reported by the Reserve Bank of India for the week ending February 23. This increase was primarily driven by rises in Foreign Currency Assets (FCA) and gold reserves.

India's Manufacturing PMI for February reached 56.9, marking its highest level in five months. This indicates robust growth in the manufacturing sector, extending its expansion streak for the 32nd consecutive month.

The NSSO survey, as highlighted by NITI Aayog CEO, reveals a poverty rate below 5% in India, showcasing a remarkable decline in poverty levels. This significant reduction signifies substantial progress towards alleviating poverty, with both rural and urban areas experiencing a notable increase in per capita spending since 2011-12.

Geeta Batra, a distinguished Indian economist, has been appointed as the Director of the Independent Evaluation Office (IEO) of the World Bank's Global Environment Facility (GEF). This significant appointment makes her the first woman from a developing country to hold this prestigious role, reflecting her expertise and commitment to environmental sustainability.