Current Affairs - Economy

The urban jobless rate in India for Q3FY24, as per PLFS data analysis, is 6.5%. This indicates a positive trend in urban labour markets, with a slight decrease from the previous quarter and a significant improvement from the peak observed during the Covid-affected period in FY22.

The International Energy Agency (IEA) forecasts India to become the primary driver of global oil demand growth by 2030, despite a projected decline in domestic production.

The Organization for Economic Co-operation and Development (OECD) has raised India's GDP growth forecast for FY25 to 6.2%, a slight increase from the previous estimate of 6.1%. This upward revision reflects a positive outlook for India's economic performance in the upcoming fiscal year.

India's core sector, a significant economic indicator, witnessed a substantial decline in output growth, reaching a 14-month low of 3.8% in December 2023. This marked a notable drop from the previous month's 7.9%. The Ministry of Commerce and Industry attributed this decline to a high base and a slowdown in six key sectors. Among these sectors, only fertilizers (5.8%) and cement (1.3%) experienced an acceleration in output during December. This slowdown reflects challenges and fluctuations in India's industrial and economic landscape.

Explanation: The report titled "The Indian Economy: A Review" was authored by Chief Economic Adviser (CEA) V Anantha Nageswaran and his team, providing a comprehensive analysis of India's economic journey over the past ten years. It aims to assess the state of the Indian economy and provide insights into its future outlook, emphasizing factors like domestic demand and supply-side measures.