Current Affairs - Economy

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.

The annual UK-India Strategic Dialogue in London focused on reaffirming commitment to a mutually beneficial Free Trade Agreement (FTA), indicating the UK as the counterpart in negotiations.

The United Nations revised India's 2024 economic growth projection upwards to 6.9%, indicating a robust expansion driven by strong public investment and private consumption.

According to data from the Global Trade Research Initiative (GTRI), China emerged as India's largest trading partner in FY23-24, surpassing the United States. This shift in trade dynamics reflects the significant growth in two-way commerce between India and China, with trade values exceeding those of the US during this period.