Current Affairs - Economy

India's digital services exports reached $257 billion in 2023, surpassing China and marking a 17 per cent increase from the previous year, as highlighted in the World Trade Organisation (WTO) report on digital services exports.

Moody’s Analytics forecasts India's economy to grow by 6.1% in 2024, slightly higher than the previous estimate of 6%, reflecting a modest uptick in economic expansion amidst persistent challenges such as inflation and geopolitical tensions.

The Asian Development Bank (ADB) has raised India's GDP growth forecast for FY25 to 7% from the previous estimate of 6.7%, citing robust investment in public and private sectors and improving consumer demand as key drivers of growth.

India's household debt levels reached a historic high of 40% of GDP by December 2023, indicating a significant financial burden on households and highlighting the need for policy interventions to address this issue.

The RBI projects CPI inflation at 4.5% for FY25, as stated by Governor Shaktikanta Das during the Monetary Policy Committee (MPC) announcement. This projection takes into account fluctuations across quarters and emphasizes the importance of maintaining moderate inflation for economic stability.