Current Affairs - Economy

The government has allocated ₹30,000 crore to expand the Pradhan Mantri Fasal Bima Yojana portal. This initiative will transform the PMFBY into a comprehensive platform that will extend insurance coverage beyond crops to include a wide range of agricultural assets.

The Indian government has approved the export of 1.34 million tonnes of Non-Basmati White Rice to seven countries. This export approval has been issued by the Directorate General of Foreign Trade (DGFT). The approved exports are intended for seven countries, namely Nepal, Cameroon, Cote D’Ivoire, Republic of Guinea, Malaysia, Philippines, and Seychelles.

The FICCI Economic Outlook Survey predicts a 6.3% expansion in India's economy for the fiscal year FY24. This is a slight moderation from the 7.2% growth recorded in FY23, but it is still a healthy rate of growth. The survey attributes the expected slowdown to several factors, including the ongoing global economic uncertainty, the impact of the monsoon on agricultural output, and the rising cost of living.

The World Bank has estimated India's economic growth rate in FY22/23 to be 7.2%. This is a significant achievement, given the global challenges faced by the country during the year. The growth was primarily driven by strong domestic demand and a revival in the services sector. The World Bank has also projected India's economic growth rate to moderate to 6.3% in FY23/24. This is due to several factors, including the ongoing global economic uncertainty, the impact of the monsoon on agricultural output, and the rising cost of living.

The female labour force participation rate in India in 2022-23 is 37.0%, as per the Periodic Labour Force Survey. This is a significant increase of 4.2 percentage points from the previous year. The increase is attributed to several factors, including the government's efforts to promote gender equality and the growing number of women in education and employment.