Indian economy projected to grow 6.5% in 2024: UNCTAD.
Indian economy projected to grow 6.5% in 2024: UNCTAD.
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | April 18, 2024
| Syllabus: GS-III; Subject: Current affairs Topic: Indices and reports, Issue: Economy Growth Projection. |
Context: Indian Economic Growth Projection by UNCTAD: 6.5% growth in Indian economy for 2024.
Growth Drivers:
- Strong public investment and services sector drove 6.7% growth in 2023.
- Multinationals shifting manufacturing to India to diversify supply chains, boosting exports.
- Response to supply chain diversification, especially compared to China.
Global Economic Outlook:
- Global growth projected at 2.6% in 2024, slightly slower than previous year.
- China’s growth forecasted at 4.9% in 2024, facing external uncertainties and subdued consumption.
Challenges:
- UNCTAD report highlights global challenges: trade disruptions, climate change, low growth, under-investment, inequalities.
Prelims Connect (Institutions in news)
| United Nations Conference on Trade and Development (UNCTAD):
· UN’s leading institution for trade and development. · Established: 1964 by UN General Assembly. · Objective: Assist developing countries in global economy integration. · Functions: Provides economic analysis, consensus-building, and technical assistance. · Headquarters: Geneva, Switzerland. · Activities: Advisory in nature, focusing on inclusive and sustainable development. Reports: · Trade and Development Report · World Investment Report · The Least Developed Countries ReportTop of Form |
Leave a Reply
You must be logged in to post a comment.