Moody’s, the global credit rating agency, has raised its GDP forecast for India in 2024 to 6.8%, reflecting a positive economic outlook. This revision is based on India’s position as the fastest-growing economy among G20 nations, supported by robust growth prospects and policy continuity.

In February, India’s service sector sustained its growth trajectory, supported by positive demand trends. However, there was a slight moderation in growth compared to January, with the Purchasing Managers’ Index (PMI) dropping to 60.6 from 61.8. Despite this decline, the sector remained well above the neutral mark of 50.0, indicating a sharp rate of expansion.

Crisil Ratings predicts India’s economy to expand by 6.8% in FY25, with significant growth potential driven by domestic reforms and cyclical factors. By 2031, India aims to double its economy to $\$ $7 trillion and achieve upper-middle-income status.

UBS anticipates a moderation in India’s real GDP growth for fiscal years 2025 and 2026, projecting rates of 7% and 6.8%, respectively. Despite this, India is expected to maintain its position as one of the fastest-growing global economies. The report highlights the continuation of growth momentum in the first three quarters of fiscal year 2024, driven by cyclical recovery and structural improvements.

The Index of Industrial Production (IIP) for January 2024 reflects a growth rate of 3.8%, indicating a slowdown compared to December 2023. The data, released with a sixweek lag, provides insights into the performance of various sectors within the industrial landscape of India.

Retail inflation in February 2024 saw a decline to a fourmonth low of 5.09 per cent, remaining well within the Reserve Bank of India’s comfort zone of 6 per cent for the sixth consecutive month. While the overall inflation figure remained relatively steady compared to January, certain items within the food basket experienced price increases.

Fitch Ratings has raised India’s growth forecast for FY25 to 7%, up from the previous estimate of 6.5%. The upgrade is attributed to robust domestic demand and sustained growth in business and consumer confidence, following a strong 8.4% expansion in Q3FY24.

India’s foreign exchange reserves witnessed a significant surge, marking a third consecutive increase in the week ended March 8, 2024. This surge propelled the reserves to reach a two-year high of $\$ $636.1 billion, showing the highest weekly increase since July 14, 2023, according to data from the Reserve Bank of India (RBI).

In FY 2023-24, Gross Direct Tax collections soared to Rs. $\$ $22,27,067 crore, marking an 18.74 % increase from the previous year. Net collections rose by over 19.88%, with Advance Tax contributions hitting Rs. 9,11,534 crore, up 22.31%, showcasing robust economic growth.

In a notable increase, India’s outward foreign direct investment (FDI) commitments soared to $\$ $3.47 billion in February 2024, marking a significant rise from the $\$ $2.82 billion recorded in February 2023, and an increase from $\$ $2.18 billion in January 2024. This data, released by the Reserve Bank of India (RBI), highlights a growing trend in India’s financial commitments abroad.

In February 2024, the All-India Consumer Price Index (CPI) for Agricultural Laborers and Rural Laborers remained stable, with figures of 1258 and 1269, respectively, based on the 1986-87=100 index. However, there were notable fluctuations observed among constituent states. Eight states saw a decline in the CPI-AL, while seven experienced a similar trend in the CPI-RL, with two states showing no change.

In January 2024, the index of mineral production in the mining and quarrying sector stood at 144.1, indicating a 5.9% increase compared to January 2023. The cumulative growth for April-January 2023-24 over the corresponding period of the previous year is recorded at 8.3%.

S&P Global released its Economic Outlook Asia-Pacific Q2 2024 report, offering insights into the region’s economic landscape. The report focuses on GDP growth forecasts for various economies, factors influencing growth trajectories, and expectations regarding monetary policy adjustments.

In the third quarter of the fiscal year 2023-24, India’s current account balance showed a deficit of US $\$ $10.5 billion, equivalent to 1.2 per cent of GDP. This marked a decrease from US $\$ $11.4 billion ( 1.3 per cent of GDP) in the previous quarter and US $\$ $16.8 billion ( 2.0 per cent of GDP) in the same quarter of the previous fiscal year.

S&P Global Ratings anticipates a repo rate reduction of up to 75 basis points by the Reserve Bank of India (RBI) during the fiscal year 2024-25. This move aligns with projected adjustments in US policy rates, with the majority of the cuts expected in the latter half of the financial year. The agency also foresees similar rate adjustments in Indonesia, New Zealand, and the Philippines. Factors such as declining inflation, a reduced fiscal deficit, and lower US policy rates set the stage for the RBI to initiate rate cuts, possibly around June 2024 or later.

The Indian government has outlined its borrowing strategy for the first half of the fiscal year 2024-25, aiming to raise Rs 7.5 lakh crore from the market through the issuance of various bonds, including sovereign green bonds.

Morgan Stanley has increased its GDP growth forecast for India for the financial year 2024-25 (FY25) to 6.8 %, up from the previous estimate of 6.5%. This revision reflects a positive outlook on India’s economic trajectory, emphasizing its strength and stability in the current cycle. The firm also revised its growth forecast for the ongoing financial year, FY24, to 7.9%.

The Government e Marketplace (GeM) has witnessed a remarkable growth, doubling its Gross Merchandise Value (GMV) to ₹4-lakh crore in fiscal year 2023-24. CEO P K Singh announced plans for potential expansion, including opening the portal for consumer use and enhancing its services.

Ecommerce giant Flipkart has made a significant move in the digital payments space by introducing its own UPI services, Flipkart UPI, in partnership with Axis Bank. This initiative aims to provide customers with seamless payment options directly integrated into the Flipkart platform.

REC Limited, a prominent Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NonBanking Finance Company, has recently joined hands with the Unit of Science and Educational Development (UNISED) to bolster educational initiatives in Siddharthnagar district, Uttar Pradesh. Through its Corporate Social Responsibility arm, REC Foundation, REC has pledged a significant financial assistance of Rs. 9.91 crores for the education of approximately 75,500 children in the district.

In a virtual ceremony, Finance and Corporate Affairs Minister Nirmala Sitharaman received an interim dividend cheque of ₹2,441.44 crore from LIC Chairman Siddhartha Mohanty, showcasing the insurance giant’s financial strength. The event also marked the inauguration of LIC’s new international business centre at GIFT City, Gujarat, emphasizing the company’s dedication to offering topnotch insurance and financial services globally.

Tata Motors, India’s largest commercial vehicle manufacturer, has recently unveiled its next-generation, green-fuel powered commercial vehicles to Tata Steel. The fleet comprises Prima tractors, tippers, and the Ultra EV bus, which are powered by Liquefied Natural Gas (LNG) and battery electric technologies. The flag-off ceremony took place during Tata Group’s Founder’s Day celebrations in Jamshedpur, officiated by Mr. N Chandrasekaran, Chairman of Tata Sons.

The government of India has announced plans to sell up to 7% of its stake in NLC India, formerly known as Neyveli Lignite Corp, through an Offer for Sale (OFS). This move aims to raise between Rs 2,000 crore and Rs 2,100 crore, contributing to the government’s disinvestment goals.

Accenture, a global leader in technology consulting and services, has unveiled a strategic initiative aimed at enhancing upskilling opportunities for its clients. This involves a significant investment of $\$ $1 billion over three years and includes the acquisition of California-based edtech platform, Udacity.

Fly91, a regional airline headquartered in Goa, has reached a significant milestone in its journey with the issuance of its Air Operator Certificate (AOC) by the Directorate General of Civil Aviation (DGCA) under the Ministry of Civil Aviation.

State-owned Bharat Heavy Electricals Ltd (BHEL) has clinched a significant order from power giant NTPC to establish a 1,600 MW Singrauli thermal power project (Stage-II). This underscores BHEL’s continued prowess in the power generation equipment sector.

Indian Oil Corporation Ltd (IOC), the nation’s premier oil firm, is set to revolutionize the motorsports industry by manufacturing fuel tailored for adrenaline-pumping Formula One (F1) racing. With its latest offering, ‘Storm’ petrol, IOC aims to expand its repertoire of niche fuels, catering to the high-performance demands of motor racing enthusiasts.

Infibeam Avenues, India’s pioneering Al-powered fintech company and the country’s first listed entity in this domain, has achieved a significant milestone. On March 4, the Reserve Bank of India (RBI) granted the final authorization for Infibeam Avenues to function as a payment aggregator under its renowned payment gateway brand, CCAvenue. This development follows the in-principle approval given in October 2022.

The Union Cabinet has sanctioned a 4% increase in Dearness Allowance (DA) and Dearness Relief (DR) for central government employees and pensioners, effective from January 1. This decision aims to benefit over 10 million employees and 6.79 million pensioners, with a combined impact on the exchequer of Rs 12,869 crore annually.

NLCIL has emerged victorious in securing a 600 MW Solar Power Project tender within the GSECL Khavda Solar Park, initiated by GUVNL through a competitive bidding process. Reflecting its commitment to renewable energy initiatives, NLCIL has entrusted the project development responsibilities to NIGEL, its green energy wholly owned subsidiary.

The Department of Science and Technology (DST), in collaboration with T-Hub, has launched the Machine Learning and Artificial Intelligence Technology Hub (MATH) in Hyderabad. This initiative aims to accelerate Al innovation, facilitate job creation, and foster a supportive ecosystem for Al and ML startups.

Big Bang Boom Solutions (BBBS), a homegrown IDEX (Innovations for Defence Excellence) startup, clinches a major order exceeding Rs 200 Crores for its state-of-the-art anti-drone technology. Signed by the Ministry of Defence (MoD) with BBBS, this contract marks the largest under the IDEX initiative, aimed at benefiting the Indian Army and the Indian Air Force.

Aditya Birla Capital’s decision to merge with its whollyowned subsidiary, Aditya Birla Finance, is poised to reshape the NBFC landscape in India. This strategic move not only consolidates their financial services arm but also aligns with RBI’s regulations, avoiding the need for Aditya Birla Finance to go public.

Tata Power Solar Systems Limited (TPSSL), a fully integrated solar company in India and a subsidiary of TPREL (Tata Power Renewable Energy Limited), has achieved a significant milestone by completing the country’s largest Solar and Battery Energy Storage Systems (BESS) project in Rajnandgaon, Chhattisgarh.

National Institute of Electronics and Information Technology (NIELIT) of India and the Information Technology Institute (ITI) of Egypt. This significant event took place in Cairo, Egypt. This collaboration seeks to bridge the gap in ICT skills, enhancing industry engagement and fostering meaningful international cooperation between India and Egypt.

Aurionpro Solutions has clinched a significant deal with the State Bank of India (SBI) for the license, implementation, and support of its cutting-edge cash management and transaction banking platform, iCashpro+. Valued at nearly Rs 100 crore, this prestigious contract entails phased delivery of license and implementation over 12 months, followed by a 6-year maintenance and support period.

India’s Numaligarh Refinery Limited (NRL) opens its first overseas office in Dhaka, Bangladesh, signaling its commitment to international expansion and stronger regional ties. High Commissioner of India to Bangladesh, Pranay Verma, inaugurates NRL’s liaison office in the presence of NRL managing director Bhaskar Jyoti Phukan and other dignitaries.

Reliance Industries, India’s largest private company, has announced its acquisition of Paramount Global’s entire 13.01% stake in Viacom 18 Media for Rs 4,286 crore ($\$ $517 million). This significant transaction underscores Reliance’s strategic positioning in the media industry, further solidifying its presence in the competitive market.

The Department for Promotion of Industry and Internal Trade (DPIIT) releases the monthly Wholesale Price Index (WPI) for India. This report provides crucial information on price changes in various sectors of the economy, aiding in economic analysis and policy formulation. The WPI for February 2024, with a base year of 2011-12, reflects a 0.20% provisional annual inflation rate, driven primarily by increases in food articles, crude petroleum & natural gas, electricity, machinery & equipment, and motor vehicles, trailers & semi-trailers.

Adani Green Energy announced the operationalisation of an additional 126 MW capacity in its $300 \mathrm{MW}$ wind power project in Gujarat. This comes after the earlier operationalisation of $174 \mathrm{MW}$, marking a significant milestone for the company.

Max India Ltd announced a strategic partnership between its subsidiary, Antara Assisted Care Services Limited, and the Indian Institute of Technology Delhi (IIT Delhi). This collaboration aims to address the challenges faced by India’s aging population by developing tailored solutions to improve their quality of life.

Startup Mahakumbh 2024, a groundbreaking initiative led by industry giants such as ASSOCHAM, Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association, is set to unite over 1,000 startups, 50 unicorns, 500 incubators, and 5,000 delegates from 23 countries. This three-day event, supported by the Department for Promotion of Industry and Internal Trade (DPIIT), aims to foster innovation and collaboration across various sectors, featuring prominent figures like Amitabh Kant, Sivasubramanian Ramann, and Falguni Nayar.

Tata Sons, aiming to alleviate its debt, plans to sell 0.65% equity in Tata Consultancy Services (TCS) for ₹ $9,362.3$ crore. This move precedes a potential IPO, with related stocks rallying. TCS dividends, contributing 95% of FY23 revenue, highlight its strategic importance within Tata’s asset portfolio.

Reliance Consumer Products (RCPL) has solidified a strategic partnership with Elephant House, a prominent Sri Lankan beverage manufacturer. This collaboration aims to introduce, market, distribute, and sell Elephant House brand beverages throughout India, thereby augmenting RCPL’s beverage offerings.

Grid Controller of India Limited (GRID-INDIA) has achieved a significant milestone by being conferred with the status of Miniratna Category-I Central Public Sector Enterprise (CPSE). This recognition was bestowed upon by the Ministry of Power, Government of India, highlighting GRID-INDIA’s pivotal role in the nation’s power landscape.

The National Internet Exchange of India (NIXI) is gearing up to introduce the BhashaNet portal during the upcoming Universal Acceptance (UA) Day. This initiative aims to advance digital inclusion and linguistic diversity in India, showcasing collaborative efforts between NIXI and the Ministry of Electronics and Information Technology (MeitY).

In a significant move, the Gujarat Cooperative Milk Marketing Federation (GCMMF), the organization behind the iconic Amul brand, is set to launch its fresh milk products in the United States for the first time. This expansion marks a major milestone for the brand, as it aims to cater to the Indian diaspora and Asian population in the US.

PepsiCo, the U.S. food and beverage giant, has committed to investing an additional $\$ $$\mathrm{4 0 0}$ million in Vietnam. This decision was made public during a visit by delegations from over 60 U.S. enterprises, including Suntory PepsiCo Vietnam Beverage, to Vietnam last week.

Innoviti Payments and Concerto Software have received payment aggregator (PA) licences from the Reserve Bank of India (RBI), marking significant milestones in the digital payments landscape of India. Innoviti operates the PA ‘Innoviti Link’, serving 2,500 online merchants, while Concerto Software’s gateway ‘Vegaah’ joins the league of authorized PA solutions.

Adani Ports and Special Economic Zone (APSEZ), a subsidiary of the Adani Group, has acquired a controlling 95% stake in Gopalpur Port located in Odisha. The deal, valued at Rs 3,350 crore, solidifies APSEZ’s position in the ports and logistics sector.

Wipro-GE Healthcare, a prominent player in medical technology and digital solutions, is set to invest Rs $\mathrm{8,000}$ crore over the next five years in India. This investment aims to strengthen its manufacturing output and research and development capabilities. The company’s focus is on expanding its ‘Make in India for the World’ initiative, emphasizing increased localization and exports of medical equipment.

In a remarkable move, two of India’s richest businessmen, Mukesh Ambani and Gautam Adani, have joined forces for the first time. Reliance Industries, owned by Ambani, has acquired a $\mathrm{2 6 \%}$ stake in a power project owned by Adani’s company in Madhya Pradesh.

The Index of Eight Core Industries (ICI) witnessed a significant 6.7% increase (provisional) in February 2024 compared to the same month in 2023. This growth was driven by positive performances across various sectors, including Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity, and Refinery Products.

Tata Passenger Electric Mobility (TPEM), a unit of Tata Motors, has announced a strategic partnership with Hindustan Petroleum Corporation Ltd (HPCL) to establish a nationwide network of 5,000 public charging stations for electric vehicles (EVs) by the end of 2024.

The Adani Group has announced the start of the first phase of the world’s largest single-location copper manufacturing plant at Mundra in Gujarat. The facility, owned by Kutch Copper (a subsidiary of Adani Enterprises Ltd), will help reduce India’s dependence on copper imports and support the energy transition.