Current Affairs - Economy

India Ratings and Research (Ind-Ra) raised the GDP growth estimate for the current fiscal year to 6.7%, citing a robust economy, sustained government capital expenditure, and the potential for new private corporate capital expenditure. The revision reflects the agency's optimism despite acknowledged risks such as weak global growth, trade uncertainties, and volatile geopolitical situations.

India made payments in rupees for crude oil from the UAE, aiming to boost the global use of its currency and fulfil obligations related to price caps on Russian oil.

The $100 million project by the central government and ADB is dedicated to revitalizing tourism and upgrading urban services in Tripura. The initiative includes strengthening urban water systems, upgrading roads, and enhancing key skills for local urban bodies. High-profile sites like Chaturdash Temple, Kasba Kalibari, and Neermahal Palace will undergo upgrades as part of the 10-year tourism plan.

The Centre for Economics and Business Research (CEBR) report predicts that India will ascend to the position of the world's third-largest economy by 2032, marking a significant milestone in its economic growth trajectory. This projection underscores India's potential to become a global economic powerhouse in the coming decades.

The production-linked incentive (PLI) schemes introduced by the Indian government have attracted an impressive investment of Rs 95,000 crore as of September 2023, contributing significantly to enhancing India’s manufacturing capabilities and exports.