Current Affairs - Economy

India's Wholesale Price Index (WPI) moderated to a three-month low of 0.27% in January due to decreased prices of food articles and manufacturing products. This decline marks the third consecutive month of positive territory for wholesale inflation after experiencing deflation for a significant part of the previous fiscal year.

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.