Current Affairs - Economy

Moody's Investor Service, a prominent global rating agency, has delivered an optimistic assessment of India's economic prospects in 2023. In a significant adjustment, the agency has raised its projection for India's Gross Domestic Product (GDP) growth to 6.7%, marking a substantial increase from its earlier estimate of 5.5%.

The latest government data reveals a noteworthy decline in FDI inflows into India during the first quarter of the fiscal year 2023-24. The decline, amounting to 34%, saw FDI plummet to $10.94 billion from $16.58 billion in the same period of the previous fiscal year.

Online grocery delivery startup Zepto has successfully raised $200 million in a Series-E funding round, achieving a valuation of $1.4 billion.

The Competition Commission of India (CCI) has recently taken a stern stance against Bharti Airtel, imposing a penalty of Rs 1 crore for its failure to adhere to the stipulations outlined in Section 6(2) of the Competition Act, 2002.

The Insurance Regulatory and Development Authority of India (IRDAI) has slashed the minimum capital requirement for foreign reinsurance branches from Rs 100 crores to Rs 50 crores.