India fourth largest exporter of marine products.

♦ Union Commerce and Industry ministry said, India is now the fourth largest exporter of marine products.

♦ A total of 130 countries importing Indian marine products in FY 2024-25, as against 105 in 2014-15.

♦ In 2024-25, India exported 16.85 lakh metric tonnes (LMT) of marine products from 10.51 LMT in 2014-15.

♦ Backed by advancements in aquaculture practices, better cold chain infrastructure, and adherence to international quality norms, the country’s marine exports grew to $7.2 billion in 2024-25 from $5.4 billion in FY15.

♦ India’s ranking rose four notches from eighth in 2014-15 in marine product exports, signalling its growing competitiveness and credibility in the global market.

♦ With a Compound Annual Growth Rate of 3.15% during this period (2014-15), India has outpaced the global average growth rate of 2.7%, further solidifying its rising stature in the international seafood arena.

Expected to record a 6.3 percent growth this fiscal year (2025-26)

♦ According to the UN, India remains the fastest-growing large economy and is expected to record a 6.3 percent growth this fiscal year (2025-26), while the global economy faces a “precarious moment”.

♦ The UN’s mid-year update of the World Economic Situation and Prospects (WESP) report said India’s economy is projected to grow a tad faster next year at 6.4 per cent, even though it is also 0.3 percent lower than the January projection.

♦ The projection for China is 4.6 per cent, for the US 1.6 percent, Germany (negative) -0.1 percent, Japan 0.7 percent, and the European Union 1 percent.

Bhutan

♦ Bhutan became the first country to launch a nationwide tourism payment infrastructure powered by cryptocurrency, marking a significant milestone in national-level blockchain adoption.

♦ The initiative is a collaboration between Binance Pay and Bhutan’s state-owned DK Bank, a subsidiary of Druk Holding & Investments.

♦ The new system allows international tourists to use cryptocurrencies—including Bitcoin (BTC), Ethereum (ETH), BNB, and select stablecoins—to pay for a wide range of tourism-related services.

♦ These include visa fees, air travel, accommodations, tour guides, and even purchases at local markets.

♦ All transactions are processed through the Binance Pay platform.

Public sector banks

♦ Public sector banks' cumulative profit rose to a record level of Rs.1.78 lakh crore in the fiscal year ended March 2025, registering a growth of 26 percent over the previous year (2023-24). All 12 public sector banks had earned a total profit of Rs.1.41 lakh crore in FY24.

♦ The year-on-year increase in profit in absolute terms rose by about Rs 37,100 crore in FY25.

♦ Out of the total profit of Rs.1,78,364 crore earned during the FY25, market leader State Bank of India (SBI) alone contributed over 40 percent of the total earnings, as per the published numbers on stock exchanges.

♦ SBI logged a net profit of Rs.70,901 crore in FY25, 16 percent higher than the previous fiscal (Rs.61,077 crore).

♦ In percentage terms, Delhi-based Punjab National Bank reported the highest net profit growth of 102 percent to Rs.16,630 crore, followed by Punjab & Sind Bank with a 71 percent rise to Rs.1,016 crore.

♦ During the year, all 12 public sector banks (PSBs) reported a rise in profit.

Global sovereign credit rating agency on 9 May 2025

♦ India got a rating upgrade to ‘BBB’ with a ‘Stable’ outlook from Morningstar DBRS, a global sovereign credit rating agency on 9 May 2025.

♦ The rating scale for Morningstar DBRS is similar to the Fitch and S&P rating scales (It uses ‘high’ and ‘low’ as suffixes compared to the +/- nomenclature used by Fitch and S&P). ‘BBB-Low’ or ‘BBB- is the last investment grade.

♦ A 'BBB' rating denotes adequate credit quality, suggesting a capacity to meet financial obligations despite potential vulnerabilities to economic shocks.

♦ India’s overall debt-to-GDP ratio exceeds 80%, encompassing both state and central government debt.

♦ The central government’s debt ratio stood at 57.5% in FY24, projected to decline to 56.1% by FY26, according to the finance ministry.

International Monetary Fund (IMF)

♦ According to the latest World Economic Outlook released by the International Monetary Fund (IMF).
♦ India will become the world’s fourth-largest economy in 2025, overtaking Japan.

♦ The report estimates India’s nominal GDP will reach 4,187.02 billion dollars next year (2026), marginally ahead of Japan’s 4,186.43 billion dollars.

♦ The IMF forecasts that India will continue to be the fastest-growing major economy, maintaining a growth rate above 6 percent over the next two years.

♦ In contrast, Japan is expected to see muted growth of just 0.6 percent in both 2025 and 2026, as the global trade slowdown weighs on its export-driven economy.

♦ India’s strong economic momentum is likely to propel it further up the global rankings.

♦ By 2028, the country’s GDP is projected to rise to 5,584.48 billion dollars, placing it ahead of Germany and making it the third-largest economy globally.

Free Trade Agreement (FTA) on 6 May 2025

♦ India and the United Kingdom have officially signed a landmark Free Trade Agreement (FTA) on 6 May 2025, that promises to reshape the future of bilateral trade, create new employment opportunities, and strengthen India’s integration with global markets.

♦ Under the agreement, India will reduce duties on British exports such as Scotch whisky and premium automobiles by up to 90 per cent, making these goods more accessible to Indian consumers.

♦ In exchange, the UK will eliminate tariffs on Indian textile imports, a move that could lower prices for British consumers and enhance the competitiveness of Indian exporters.

♦ Concluded after more than three years of negotiations, the deal is expected to boost the UK economy by up to Euro 5 billion annually and significantly expand trade and investment between the two nations.

♦ Bilateral trade between India and the United Kingdom rose to USD 21.34 billion in 2023-24, up from USD 20.36 billion the previous year.

♦ Currently, goods imported from India into the UK attract an average tariff of 4.2 percent.

Reserve Bank of India

♦ As per the latest data released by the Reserve Bank of India, India’s total exports have touched an all-time high of 824.9 billion dollars in the financial year 2024-25, which includes the services trade for March 2025.

♦ This marks a growth of 6.01 percent over the previous year’s (2023-24) export figure of 778.1 billion dollars. Services exports led the surge, rising 13.6 percent to an all-time high of 387.5 billion dollars.

♦ In 2025 March alone, services exports grew 18.6 percent year-on-year to 35.6 billion dollars.

♦ Merchandise exports reached 437.4 billion dollars, with non-petroleum exports hitting a record 374.08 billion dollars, up 6 percent from the previous year (2024).

♦ The updated figures surpass the Commerce Ministry’s earlier estimate of 820.93 billion dollars, reflecting stronger-than-expected services trade performance.

Goods and Services Tax (GST)

♦ Goods and Services Tax (GST) collection rose 12.6 percent to an all-time high of about Rs 2.37 lakh crore in April 2025 compared to the same month last year.

♦ The GST mop-up was Rs 2.10 lakh crore in April 2024, the second highest collection ever since the roll-out of the indirect tax regime on July 1, 2017. In March 2025, the collection was Rs 1.96 lakh crore.

♦ GST revenue from domestic transactions rose 10.7 percent to about Rs.1.9 lakh crore, while revenue from imported goods was up 20.8 percent to Rs.46,913 crore.

♦ Refunds issuance rose 48.3 per cent to Rs.27,341 crore during April.

♦ After adjusting refunds, net GST collection rose 9.1 percent to over Rs.2.09 lakh crore in April.