Current Affairs - Economy

India's retail inflation, measured by the Consumer Price Index (CPI), eased to a 12-month low of 4.75% in May 2024, down slightly from 4.83% in April. This figure falls within the Reserve Bank of India's target range of 2-6%, indicating a stable inflationary trend.

The World Bank has retained India's growth forecast at 6.6% for FY25 in its latest biannual Global Economic Prospects report. This projection underscores India's position as the fastest-growing major economy globally. The forecast reflects a steady pace of economic expansion, supported by factors such as recovery in agricultural production, declining inflation, robust investment sentiment, and anticipated improvements in external demand. Despite a moderation from previous growth rates, India's economic outlook remains positive, driven by resilient consumption and investment dynamics amidst global economic shifts.

The new Indian Institute of Management (IIM) is proposed to be established in Assam's Kamrup district. This initiative aims to boost education and the economy in the region, addressing the need for quality management education and fostering collaborative efforts between educational institutions and the government.

India's GDP grew 8.2% in FY24, surpassing the RBI's estimate of 7%. This growth rate exceeded previous government estimates and was driven by strong performance in manufacturing and mining sectors, as reported by the National Statistical Office (NSO).

Goldman Sachs has raised India’s GDP growth forecast for 2024 to 6.7%, marking an upward revision of 10 basis points. This forecast reflects the anticipated growth trajectory of the Indian economy and indicates optimism regarding its performance in the coming years.