Correct Answer : 7.2%
Moody’s Ratings has raised India's GDP growth forecast to 7.2% for FY 2024, an increase from the earlier estimate of 6.8%. This revision is attributed to resilient private consumption and improved business conditions in the country. The rating agency also adjusted its 2025 growth projection to 6.6%, reflecting positive economic momentum. Additionally, India recorded a strong 7.8% year-over-year growth in Q1 2024, highlighting the robust performance of its industrial and services sectors.
Correct Answer : 6.5%
The Reserve Bank of India (RBI) decided to maintain the repo rate at 6.5% during its August 2024 Monetary Policy Committee (MPC) meeting. This decision marked the ninth consecutive instance of keeping the rate unchanged, reflecting the RBI's cautious stance amid economic uncertainties. The 6.5% rate has been steady since February 2023, demonstrating the central bank's focus on maintaining economic stability. The decision was made by a 4:2 majority within the committee, underscoring the challenges in navigating the current economic environment.
Correct Answer : 8.1%
India's fiscal deficit for the first quarter of FY25 stood at 8.1% of the full-year estimate, a notable decrease from 25.3% during the same period the previous year. This reduction is due to increased tax collections and higher surplus payments from the RBI. The fiscal deficit amounted to Rs. 1.36 lakh crore by the end of June 2024, indicating effective fiscal management and robust revenue growth.
Correct Answer : 7.5%
India Ratings & Research (Ind-Ra) has increased its GDP growth forecast for FY25 to 7.5%, up from the previous forecast of 7.1%. This adjustment reflects stronger consumption demand and is supported by various factors such as government capital expenditure, improved corporate and bank balance sheets, private sector investment, and measures outlined in the union budget. Additionally, Private Final Consumption Expenditure is expected to rise to 7.4% due to favorable budget measures and a potentially above-normal monsoon, contributing to the overall growth projection.
Correct Answer : 6.22 lakh crore
The Ministry of Defence (MoD) has been allocated a record Rs 6.22 lakh crore in the regular Union Budget for the financial year 2024-25, the highest allocation among all ministries. The total allocation is 18.43% higher than the previous financial year, with 27.66% earmarked for capital expenditure.
Correct Answer : 2030
According to a NITI Aayog report, India has set an ambitious target to achieve $500 billion in electronics manufacturing by 2030. This target comprises $350 billion from finished goods and $150 billion from components. The current electronics production in India stands at $101 billion, indicating significant growth potential in the sector. Achieving this goal is expected to boost employment to around 6 million jobs and substantially increase exports.
Correct Answer : 7%
The Asian Development Bank (ADB) has maintained India's GDP growth forecast at 7% for the financial year FY25. This forecast is based on expectations of a rebound in agriculture due to above-normal monsoon projections and continued robust growth in services and industry sectors.
NITI Aayog member Arvind Virmani has projected that India's economy will grow at a rate of 7% in the fiscal year 2024-25. This optimistic forecast indicates expectations for robust economic recovery and growth momentum, driven by recovering private consumption and potentially increased foreign direct investment amidst favourable global economic conditions. The projection underscores efforts to sustain and accelerate economic growth in India, contributing to broader fiscal stability and developmental goals.
Correct Answer : 64.2
The Financial Inclusion Index (FI-Index) measures the extent of financial inclusion in India, with a scale from 0 to 100. In March 2024, the FI-Index rose to 64.2 from 60.1 in March 2023, reflecting overall growth across all sub-indices, especially in usage. This indicates significant progress in financial inclusion, showing that a larger portion of the population is engaging more frequently with financial services. The index's improvement highlights advancements in access, usage, and quality of financial services.
The National Council of Applied Economic Research (NCAER) forecasts India's GDP growth rate for the fiscal year 2024-25 (FY25) to potentially reach around 7.5%. This outlook suggests optimism about the resilience and growth momentum of the Indian economy, supported by various high-frequency indicators showing robust performance across sectors.
