India’s GDP Growth Forecast Revised Downwards by RBI
The Reserve Bank of India (RBI) on Wednesday cut the FY2024 GDP growth forecast to 5.5% from 6.5%.
It is attributed to the global economic slowdown, inflation rising in the world, and the geopolitical tensions, particularly in Eastern Europe and Asia.
RBI has stated its resolve to control inflation. CPI inflation is projected at 5.2% in FY2024.
Key sectors of the growth challenge are expected to come in the form of manufacturing, exports, and private investments.
India’s Forest Cover Increases by 1,000 sq km: Forest Survey of India
India’s forest cover has increased by 1,000 square kilometers as per the Forest Survey of India (FSI) for the current year.
This is due to more afforestation and better conservation activities, especially in northeast India.
India has now covered a total area of 24.56 percent of its geography in the forests; there has been an assured steady march toward environmental sustainability.
The FSI report highlights forests as important areas of biodiversity conservation, carbon sequestration, and ecosystem services.
Government Allocates ₹10,000 Crore to National Infrastructure Pipeline (NIP)
The Indian government has sanctioned ₹10,000 crore for speeding up the National Infrastructure Pipeline, and it has emphasized infrastructure sectors that are crucial to its success.
Key investment sectors include transport, energy, urban infrastructure, and logistics to create employment opportunities and accelerate the growth of economy.
It would upgrade India’s ranking globally on infrastructure. In this initiative, it plans to remove the bottlenecks faced while implementing the projects.
Government wants to finish all NIP by 2025 in major metropolis and industrial cities where such effects would be more profound.
India Signs Defence Pact with the United States to Enhance Military Cooperation
India and the United States signed a significant defence cooperation agreement enhancing bilateral military cooperation.
It includes joint military training, intelligence sharing, and advanced technology exchanges. It focuses on strategic security in the Indo-Pacific.
This deal looks forward to further interoperability between Indian and US armed forces, mainly in terms of regional stability and countering terrorism.
The deal is seen as a strategic step against China’s growing influence in the region of Indo-Pacific.
PM-GatiShakti: A Master Plan to Revolutionize Infrastructure
The government has initiated the PM-GatiShakti National Master Plan, an integrated framework that combines the railway, roadways, and ports sectors.
The aim is to optimize infrastructure development and logistics efficiency to create better connectivity across rural and urban areas in India.
By reducing delays and improving inter-departmental coordination, PM-GatiShakti is expected to drive economic growth and enhance India’s global competitiveness.
The plan also focuses on improving access to domestic and international markets to boost India’s manufacturing sector.
India Takes Major Step Towards Carbon Neutrality with Green Hydrogen Plans
India is moving ahead with its push toward carbon neutrality by focusing on green hydrogen, with plans to scale up its production significantly by 2030.
The government announced plans to develop a Green Hydrogen policy, to decarbonize hard-to-abate sectors like steel and cement.
The green hydrogen push is in line with the broader strategy of India for meeting its renewable energy targets, including achieving 500 GW of non-fossil energy capacity by 2030.
India’s focus on green hydrogen is critical for meeting its international climate commitments, especially its net-zero emissions target by 2070.
India’s Economic Reforms: Labour Code Amendments for Worker Welfare
The Indian government has brought amendments to the labour code to improve working conditions and provide better social security benefits for workers.
The amendments also include provisions for gig workers, ensuring they receive the same benefits as traditional employees in terms of pay and safety.
These reforms streamline labor regulations and reduce the compliance burden for businesses, particularly in the MSME sector.
The government hopes these changes will bring about an improvement in the ranking of ease of doing business in India and boost foreign investments.
India’s Renewed Commitment to Global Climate Action at COP28
India has reaffirmed its pledge to achieve net-zero carbon emission by 2070 at the ongoing COP28 summit. It, however, laid emphasis on the developed world making financial provisions.
India has targeted a reduction in carbon intensity by 45% through 2030, along with expansion of renewable sources and technological innovations.
Indian stand emphasizes climate justice as well as responsibility sharing.
The roadmap of the country involves scaling up solar energy, energy-efficient technologies, and sustainable urban development.
Key Terms and Policies
National Infrastructure Pipeline (NIP): The initiative by the government to develop necessary infrastructure in transport, energy, and urban development sectors for economic growth and improvement in quality of life.
PM-GatiShakti: A digital platform for infrastructure development integrating 16 ministries to reduce delays and optimize project execution in transport and logistics sectors.
Green Hydrogen: This can be produced using renewable energy sources, a large part of India’s plan in achieving carbon neutrality by 2070 and decarbonizing challenging sectors.
Labour Code Amendments: Reforms to provide better conditions of work, higher wages, enhanced social security benefits to workers along with ease of compliance to the employer.
COP28: 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, global leaders convene and discuss mitigating and adapting strategies about climate change.
