Indian economy projected to grow 6.5% in 2024: UNCTAD.

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

Continue Reading