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"current state is" is a grammatically correct and usable phrase in written English.
It is typically used to describe the present condition or situation of something. Example: The current state is that our company's profits have declined by 20% in the last quarter.
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Previous studies show that FinTech, in its current state, is being highlighted by the press but is hardly present in IS research (Zavolokina et al. 2016).
"Their current state is completely deplorable," she said.
Just keeping Europe together in its current state is tough.
The United Nations in its current state is worthy of withering disdain.
The Nehru-Gandhi regime, in its current state, is broadly benign.
Its current state is a clear and present danger to the eurozone and the moment of truth is approaching.
But in certain respects her current state is preferable to that of displaced people who are still in Darfur.
Heatedly debating Ms. Gheorghiu's vocal artistry in its current state is a favorite pastime of opera buffs.
Your last chance to see the pool in its current state is over the summer, perhaps during an M.I.A. concert, or a screening of "Desperately Seeking Susan".
Thompson missed the heyday of the Twig and Leaf, but said that its existence in its current state is an indication of just how powerful nostalgia can be.
Appearing deflated and demotivated and even conceding that resigning had occurred to him earlier in the year, Van Basten's current state is denial.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com