Current Affairs - Economy

NITI Aayog's 'Vocal for Local' initiative, launched under its Aspirational Blocks Programme, focuses on promoting local economies and grassroots entrepreneurship. By encouraging the use of indigenous products and supporting local businesses, this initiative aims to enhance self-reliance, foster sustainable growth, and empower communities at the grassroots level.

Retail inflation in February 2024 stood at 5.9%, marking a four-month low. This rate falls comfortably within the Reserve Bank of India's target range of 6% for the sixth consecutive month, indicating stable consumer price levels.

Crisil Ratings forecasts India's GDP to expand by 6.8% in FY25, indicating a slight moderation from the current fiscal year's growth rate. This projection underscores the significance of structural reforms and cyclical factors in driving India's economic trajectory.

The Indian government aims to divest a 7% stake in NLC India through an Offer for Sale (OFS) route, intending to raise approximately Rs 2,100 crore. This move aligns with the government's disinvestment strategy to mobilize funds and meet fiscal targets.

The PMI for India's services sector dropped to 60.6 in February, indicating a slight moderation in growth compared to January's figure of 61.8. However, it remained well above the neutral mark of 50.0, reflecting a sharp rate of expansion.