Govt estimates record foodgrain production in 2023-24
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Inbound tourism lags, but forex earnings surge
Inbound tourism in India hit 90% of pre-pandemic levels in 2024, while foreign exchange earnings grew by 23% due to higher tourist spending. Bangladesh and China’s reduced demand impacted arrivals, but outbound tourism surged by 12%, driven by rising incomes and better travel options.
LEAD STORY
Agriculture Ministry estimates record food grain output
The country’s total food grain production for 2023-24 is estimated to reach a record 3,322.98 lakh metric tonne (LMT) which is higher by 26.11 LMT than the last financial year’s production of 3,296.87LMT. The overall rise in food grain production is attributed to the increased output of rice, wheat, and millets. Rice production reached an all-time high of 1,378.25 LMT, while wheat output also set a record at 1,132.92 LMT.
FACT OF THE DAY
India's centrally managed ports are set to almost double their container handling capacity to 40 million TEUs within the next five years, generating around two million jobs. Several states will see the development of shipbuilding and repair centers, backed by a new Greenfield Shipyard Building initiative. Additionally, plans for hydrogen manufacturing hubs aim to draw substantial investment.
Rise in government health spending with lower costs
Government health expenditure in India rose from 1.13% of GDP in 2014-15 to 1.84% in 2021-22, with its share in total health spending increasing from 29.0% to 48.0%. Per capita spending has tripled, and out-of-pocket costs decreased from 64.2% to 39.4%. Dr. V K Paul highlighted over Rs. 1 lakh crore in savings from the Ayushman Bharat PMJAY scheme.
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HIGHLIGHT OF THE DAY
Prime Minister Narendra Modi is set to launch key projects worth over ?22,600 crore in Pune, including the inauguration of the Pune Metro Phase-1 section from District Court to Swargate. He will also lay the foundation stone for the Swargate-Katraj Metro extension, a 5.46 km underground stretch with three new stations, developed at an estimated cost of ?2,950 crore.
Fashion retailers to see revenue growth of up to 15% in FY25
Fashion retailers will see revenue growth of up to 15% in FY25 according to ICRA, largely due to network expansion. Despite facing inflationary pressures, the segment is expected to maintain stability, with operating profit margins projected to be between 13-14%. This growth will be bolstered by the festive season and the launch of new stores.
TMT CEOs acknowledge disruptive impact of GenAI
Around 58% of C-suite executives in the Indian technology, media and telecom (TMT) industry have acknowledged that GenAI is a long term disruptor with transformative potential. Around 65% of TMT companies have rolled out at least one GenAI application, with nearly half of them having devised a comprehensive roadmap for GenAI implementation. The findings were revealed in a PwC report titled “GenAI in TMT: From concept to reality."?
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