Current Affairs - Economy

India's market capitalization has reached a historic milestone of $5 trillion, showcasing the nation's robust economic resilience and investor confidence. This achievement places India in the elite league of countries with a $5 trillion market cap, alongside stalwarts like the US, China, Japan, and Hong Kong.

Ind-RA forecasts a GDP growth rate of 6.7% for the March quarter, reflecting a moderation from the exceptionally high growth rate of 8.4% observed in the December quarter. This projection aligns with the absence of factors like the significant boost from tax collections seen in the third quarter, leading to a more cautious estimate for the final quarter of the fiscal year.

The Periodic Labour Force Survey (PLFS) revealed that the urban unemployment rate in India for individuals aged 15 years and above declined to 6.7% in the January-March 2024 period. This indicates a slight improvement in the urban employment scenario compared to the same period the previous year.

The annual UK-India Strategic Dialogue in London focused on reaffirming commitment to a mutually beneficial Free Trade Agreement (FTA), indicating the UK as the counterpart in negotiations.

The United Nations revised India's 2024 economic growth projection upwards to 6.9%, indicating a robust expansion driven by strong public investment and private consumption.