Economy

 

Indian Economy Current Affairs, important for Competitive Exams.

India’s GDP projected to grow at 6.4% in the fiscal year 2024-25

India’s Gross Domestic Product (GDP) is projected to grow at 6.4% in the fiscal year 2024-25, as per the first advance estimates by the National Statistics Office (NSO). Nominal GDP has witnessed a growth rate of 9.7%. In the previous fiscal year, GDP growth was 8.2%, while Nominal GDP growth was 9.6%.

Real Gross Value Added (GVA) has grown by 6.4%, compared to 7.2% in FY 2023-24. Nominal GVA growth rate is 9.3%, up from 8.5% in the previous year. The agriculture and allied sectors’ real GVA is estimated to grow by 3.8%, a significant increase from 1.4% the previous year. The construction sector’s real GVA is projected to rise by 8.6%, and the financial, real estate, and professional services sector is expected to grow by 7.3%.

Satya Nadella, Microsoft Chairman and CEO, Meets Indian Prime Minister Narendra Modi

On 6th January 2025, Microsoft Chairman and CEO Satya Nadella met with Prime Minister Narendra Modi in New Delhi. They discussed technology, innovation, and artificial intelligence.

Shri Modi expressed enthusiasm about Microsoft’s expansion and investment plans in India, calling the meeting a delightful and insightful discussion.

UPI transactions surge to record 16.73 bn in Dec 2024

National Payments Corporation of India (NPCI) has said that Unified Payments Interface (UPI) has:

  1. Record Transactions: Unified Payments Interface (UPI) processed nearly 16.73 billion financial transactions in December 2024.
  2. Transaction Value: The total value of these transactions was approximately 23.25 lakh crore rupees.
  3. Year-on-Year Growth: There was a 39 percent Year-on-Year growth in the transaction count.
  4. Growth in Transaction Value: The transaction value saw a 28 percent Year-on-Year growth.
  5. Daily Transactions: The average daily transaction amount reached 74,990 crore rupees in December last year.

NPCI Lifts UPI User Limit for WhatsApp Pay

WhatsApp Pay UPI User Limit Removed: On 31 December 2024, The NPCI has lifted the unified payments interface (UPI) user onboarding cap for WhatsApp Pay, allowing it to extend services to its entire Indian user base of over 500 million.

Previous Restrictions: WhatsApp Pay was previously limited to onboarding 100 million users, with expansion permitted in phases.

Compliance: WhatsApp Pay must adhere to existing UPI guidelines applicable to third-party app providers (TPAPs).

UPI Transaction Cap Deferred: The rule capping any single app’s UPI transaction share at 30% has been deferred until December 31, 2026.

UPI Growth: UPI processes over 13 billion monthly transactions, with Google Pay and PhonePe controlling over 85% of the market. Between January and November 2024, UPI recorded 15,547 crore transactions worth ₹223 lakh crore.

UPI’s Impact: Since its 2016 launch, UPI has transformed financial access in India, benefiting 300 million individuals and 50 million merchants.

NPCI Vision: NPCI continues to drive innovations in retail payment systems, aiming for a secure, accessible, and cost-effective digital economy aligned with India’s vision of becoming a fully digital society.

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