The Reserve Bank of India (RBI) has brought down India’s GDP growth forecast for FY2024 to 5.5% from 6.5% earlier, citing global uncertainties and domestic demand slowdowns.
Rising inflation and higher oil prices are contributing factors, with the RBI projecting CPI inflation at 5.2%.
RBI stresses the need for structural reforms for the long-term stability of economy, while monetary tightening is necessary for curbing inflation.
India’s Solar Power Capacity Hits 75 GW
India has achieved 75 GW in solar energy. In this way, India now emerges as one of the global leaders in renewable sources.
The government plans for a 500 GW capacity for non-fossil fuel-based installed electricity by 2030 with an aim to be primarily derived from solar power.
This is part of India’s overall strategy to reduce carbon emissions and increase the share of renewable energy in the national grid.
Government Approves ₹10,000 Crore for Infrastructure Development
The Cabinet has approved ₹10,000 crore for the National Infrastructure Pipeline (NIP), designed to accelerate critical infrastructure development across the country.
Key sectors that will benefit include transportation, energy, and urban development, with an emphasis on job creation and sustainable growth.
The step is also in keeping with the government’s focus on the long-term growth drivers; major projects are likely to be completed by 2025.
India Signs Key Defence Deal with the United States
India and the United States have agreed on a big defence cooperation treaty that also includes joint military exercises and sharing of technology
The strategic agreement comes ahead of Chinese encroachment on the Indo-Pacific region.
The deal will enhance interoperability between Indian and US military forces, thereby improving regional security dynamics.
Forest Survey of India (FSI) Report: 1,000 sq km Increase in Forest Cover
India has added 1,000 square kilometers to its forest cover over the last year, said the latest report by the Forest Survey of India (FSI).
The gains are due to afforestation efforts as well as better forest management practices, particularly in northeastern states.
The total forest cover now constitutes 24.56% of India’s geographical area, with growing emphasis on biodiversity conservation.
Government Introduces New Schemes to Support MSMEs
The government has rolled out several new schemes in India to support micro, small, and medium enterprises (MSMEs) with a focus on access to credit.
These schemes are meant to ease compliance and provide financial support, especially for those affected by the pandemic.
It will improve the competitiveness of MSMEs, increase employment opportunities, and enhance sectoral GDP.
PM-GatiShakti: The National Master Plan for Infrastructure Connectivity
PM-GatiShakti was developed as a digital platform for the improvement of India’s infrastructure connectivity; the platform connected 16 key ministries working on infrastructure.
The initiative is expected to standardize project implementation, check delays, and improve the speed of infrastructure projects across the country.
It is concerned with developing multimodal transport systems, including roadways, railways, and ports, to enhance India’s logistics sector.
India’s Role in Global Climate Action: Net Zero by 2070
India committed to achieving net-zero carbon emissions by 2070 during the recent global climate summit despite its growing population and developmental needs.
A mid-term target has been set to reduce emissions by 45% by 2030 from the 2005 levels with heavy investments in renewable energy and green technologies.
Indian equity and climate justice calls for adaptation financing and technological support from the developed world.
Key Terms and Policies
National Infrastructure Pipeline (NIP): The government’s initiative to enhance India’s infrastructure, focusing on transportation, energy, and urban development, with the aim of attracting private investments and promoting sustainable growth.
PM-GatiShakti: A digital platform that aims to streamline project coordination and reduce delays in infrastructure development by integrating key ministries.
Forest Survey of India (FSI): A report released by the Forest Survey of India that tracks the status of forest cover, biodiversity, and afforestation efforts across India.
Defence Cooperation Pact: An agreement between India and the United States to enhance military coordination, technology sharing, and joint exercises, strengthening regional security.
Zero by 2070: India’s commitment to reduce its carbon emissions to zero by 2070 while balancing its developmental priorities and climate justice.
