Current Affairs - Economy

Mumbai's 92 billionaires, as reported by the Hurun Research Institute, signify its rise as Asia's third billionaire capital, surpassing Beijing. This milestone underscores India's growing economic influence and highlights Mumbai's prominence in the global wealth landscape.

S&P Global's forecast for India's GDP growth in FY25 is 6.8%, as per their Q2 2024 report. This forecast is slightly lower than the official projections but reflects cautious optimism and anticipates potential rate cuts to support economic growth.

India's foreign exchange reserves surged to a two-year high of $636.1 billion, with a $10.47 billion increase, marking the highest weekly rise since July 2023. This record-breaking increase reflects positive trends in India's economic stability and currency strength.

Fitch Ratings has increased India's GDP growth forecast for FY25 to 7%, citing strong domestic demand and sustained confidence levels among businesses and consumers. This revision reflects positive indicators for economic growth in the upcoming fiscal year.

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.