Current Affairs Section
- The Reserve Bank of India (RBI), in its December 2024 Financial Stability Report (FSR), projected India’s GDP growth at 6.6% for FY25, driven by a revival in rural consumption, increased government spending, and strong services exports
Category: Economics
- South Indian Bank (SIB) has taken a significant step to support the rapidly growing startup ecosystem in India.
- The bank has introduced two specialized startup current account products, namely the SIB Business Startup Current Account and SIB Corporate Startup Current Account, both designed to cater to the unique needs of entrepreneurs.
- These accounts offer a range of benefits that aim to simplify banking for startups and help them focus on scaling their businesses.
Category: Economics
- The 55th World Economic Forum (WEF) Annual Meeting commenced in Davos, Switzerland, with the presentation of the prestigious Crystal Awards to three distinguished individuals: David Beckham, Diane von Furstenberg, and Riken Yamamoto.
- David Beckham, a UNICEF Goodwill Ambassador, was honored for his unwavering commitment to improving the lives of vulnerable children globally.
- Architect Riken Yamamoto was recognized for his innovative approach to sustainable design and commitment to social and environmental responsibility
- Fashion designer and philanthropist Diane von Furstenberg received the Crystal Award for her exceptional contributions to empowering women
Category: Economics
- Deloitte India has revised its GDP growth projection for the fiscal year 2024-25 to a range of 6.5% to 6.8%, citing global trade uncertainties and domestic challenges.
Comparative Analysis with Other Projections
- Reserve Bank of India (RBI): The RBI has adjusted its annual growth forecast to 6.6%, reflecting a more conservative outlook amid global uncertainties.
- National Statistical Office (NSO): The NSO estimates GDP growth at 6.4% for the current fiscal year, aligning with a cautious economic outlook.
- PHD Chamber of Commerce and Industry (PHDCCI): PHDCCI projects a higher growth rate of 6.8% for FY2024-25, driven by enhanced business efficiency and an investment-friendly climate.
- United Nations (UN): The UN forecasts India’s economy to grow by 6.6% in 2025, supported by robust private consumption and investment.
Category: Economics
- Despite a downward revision in India’s GDP growth forecast for the fiscal year 2024-25, the government’s fiscal deficit target of 4.9% of GDP remains attainable.
- The National Statistics Office (NSO) has projected a nominal GDP growth of 9.7% for FY25, slightly below the earlier estimate of 10.5%.
- This adjustment is expected to have a minimal impact on the fiscal deficit, as the government plans to reduce capital expenditure to offset the lower GDP growth.
Category: Economics