Current Affairs - Economy

JP Morgan Chase & Co. is set to include Indian government bonds in its renowned benchmark emerging-market index from June 28, 2024, with India allotted a maximum 10% weight. This is a significant development, as it is expected to attract substantial foreign investments into India’s debt market. The inclusion of Indian government bonds in JP Morgan’s emerging-market index is a testament to India’s growing economic importance. It is also a positive sign for the Indian government, as it will help to reduce its borrowing costs.

Singapore has surpassed Hong Kong to claim the title of the world's freest economy, according to the 2023 Fraser Institute report. This is a significant shift, as Hong Kong has held the top spot for 53 consecutive years. The Economic Freedom of the World Index, which has been tracking economic freedom since 1970, placed Hong Kong in second place for the first time.

The OECD has increased its GDP growth forecast for India in the fiscal year 2024 to 6.3%, up from the earlier estimate of 6%. This change is due to India's strong economic performance in agriculture, which was supported by favourable weather conditions.

S&P Global Market Intelligence has upgraded India's FY24 growth forecast to 6.6%, as mentioned in the passage, based on strong Q2 performance.

The Ministry of Coal has taken the lead as the top procurer on the Government e-Marketplace (GeM) Portal in the current financial year. As of September 20, 2023, the Ministry of Coal has procured goods and services worth Rs. 23,798 crore through GeM, which is more than its annual target for FY 2023-24 of Rs. 21,325 crore.