Current Affairs - Economy

Smartphones have risen to become India's fourth-largest export item, experiencing a significant growth of 42% to reach $15.6 billion in FY24. This reflects the sector's robust performance and its growing contribution to India's export economy.

Delhi leads the Indian cities in the latest Oxford Economics’ Global Cities Index, securing the 350th position globally. While Bengaluru, Mumbai, and Chennai also make appearances in the index, Delhi holds the top position among them, indicating its economic, social, and environmental standings in comparison to other Indian cities.

India's market capitalization has reached a historic milestone of $5 trillion, showcasing the nation's robust economic resilience and investor confidence. This achievement places India in the elite league of countries with a $5 trillion market cap, alongside stalwarts like the US, China, Japan, and Hong Kong.

Ind-RA forecasts a GDP growth rate of 6.7% for the March quarter, reflecting a moderation from the exceptionally high growth rate of 8.4% observed in the December quarter. This projection aligns with the absence of factors like the significant boost from tax collections seen in the third quarter, leading to a more cautious estimate for the final quarter of the fiscal year.

The Periodic Labour Force Survey (PLFS) revealed that the urban unemployment rate in India for individuals aged 15 years and above declined to 6.7% in the January-March 2024 period. This indicates a slight improvement in the urban employment scenario compared to the same period the previous year.