India to Surpass US and Become World’s 2nd Largest Economy by 2075: Goldman Sachs Report
Goldman Sachs analysts project India to become the world’s second-largest economy by 2075.
The report suggests India will surpass the US in terms of GDP, reaching $52.5 trillion by 2075.
China is expected to overtake the US to become the largest economy by the 2030s.
Population and Progress:
India’s burgeoning population and progress in innovation and technology are driving its economic forecast.
Higher capital investment and rising worker productivity contribute to India’s economic growth.
The country’s dependency ratio is expected to be one of the lowest among regional economies.
India to Surpass US and Become World’s 2nd Largest Economy by 2075: Goldman Sachs Report
Boosting Labor Force:
Goldman Sachs Research’s India economist emphasizes the need to boost the participation of India’s labor force.
India aims to set up manufacturing capacity, continue growing services, and invest in infrastructure.
The government’s focus on infrastructure creation, including roads and railways, supports this goal.
Technology and Investments:
India’s progress in technology and innovation, particularly in the IT industry, drives economic growth.
Revenue in India’s technology industry is expected to increase by $245 billion by the end of 2023.
Capital investment is projected to play a significant role in India’s future growth.
Risks and Challenges:
The Achilles heel of the projection lies in the labor force participation rate, particularly for women.
The report highlights a decline in the overall labor force participation rate in India over the last 15 years.
Low participation of women in formal employment remains a challenge to India’s economic progress.
India’s Domestic Demand:
India’s economy is driven by domestic demand, with up to 60% of its growth attributed to domestic consumption and investments.
The country’s economic growth relies less on exports compared to other economies in the region.
S&P Global and Morgan Stanley also predict that India will become the third-largest economy by 2030.
India’s first-quarter GDP grew by 6.1% year-on-year, exceeding expectations.
The full-year growth for the current fiscal year is estimated at 7.2%.
Here’s a table summarizing the key information from the article:
TopicKey PointsProjectionIndia to surpass US and become 2nd largest economy by 2075GDP ProjectionsChina: $57 trillion by 2075; India: $52.5 trillion by 2075; US: $51.5 trillion by 2075Population and ProgressBurgeoning population, innovation, technology, capital investment, and rising worker productivity drive India’s forecasted growthBoosting Labor ForceEmphasis on boosting labor force participation, manufacturing capacity, services, and infrastructureTechnology and InvestmentsIndia’s progress in technology, IT industry revenue expected to increase by $245 billion by 2023Risks and ChallengesDeclining labor force participation rate, low participation of women in formal employmentIndia’s Domestic DemandEconomy driven by domestic consumption and investments, less reliant on exportsOther PredictionsS&P Global and Morgan Stanley also predict India to be the third-largest economy by 2030Recent GDP GrowthIndia’s first-quarter GDP grew by 6.1% year-on-year, exceeding expectationsConclusionIndia has the potential for significant economic growth, but challenges need to be addressed for sustained progress
National Law University Delhi launches ‘Eklavya’
National Law University (NLU), Delhi, has recently introduced a pioneering academic initiative called ‘Eklavya‘ – a Research Affiliate programme. This innovative scheme aims to strengthen NLU Delhi’s commitment to collaboration and draw upon the expertise and diverse perspectives of individuals without traditional law degrees. By actively seeking partnerships outside the university, NLU Delhi intends to develop high-quality legal scholarship that encompasses a broader range of experiences and knowledge.
To be eligible for the ‘Eklavya’ Research Affiliate programme, applicants must meet the following criteria:
Possess a minimum of three years of demonstrable experience working on issues with a significant interface with the law.
Completion of an undergraduate degree at least three years prior to the application.
Full-time or part-time employees require approval from their current organization or institution.
Self-employed individuals, freelancers, or independent consultants must provide a declaration stating their professional status.
Benefits and Opportunities
NLU Delhi aims to narrow the divide between legal academia and individuals involved in diverse aspects of the law beyond the University. By participating in the ‘Eklavya’ Research Affiliate programme, individuals gain access to a range of benefits and opportunities, including:
Collaboration: Engage with NLU Delhi’s faculty, researchers, and scholars to foster interdisciplinary research collaborations.
Mentorship: Receive guidance and mentorship from experienced academics and legal experts affiliated with NLU Delhi.
Resources: Access the extensive library resources and research facilities available at NLU Delhi.
Networking: Connect with a diverse community of legal professionals, policymakers, and researchers through seminars, conferences, and workshops. Publication Opportunities: Contribute to the development of legal scholarship through research papers, articles, and publications.
Recognition: Enhance your professional profile and receive recognition for your research contributions.
Peru declared National Emergency due to spike in Guillain-Barre Syndrome cases
Peru declared a state of National emergency amid a surge in patient suffering from Guillain-Barre Syndrome (GBS) which is a neurological condition characterized by an uncommon immune system mistakenly attack on nervous system.
What in News?
Peruvian authorities declared a 90-day nation-wide sanitary emergency in response to the unusual increase in Guillain-Barre Syndrome cases.
The emergency measures are also taken by the government which encompasses the procurement of intravenous immunoglobulin and human albumin as well as the implementation of specialized diagnostics for identifying the biological agents associated with the syndrome.
Arrangements are also being made for air-assisted transportation of patients in critical or emergency conditions.
According to the official document, at least 18 of the country’s, 24 departments and one constitutional province have reported at least one case of Guillain-Barre Syndrome.
According to the National Institute of Neurological Disorders and Stroke (NIH), Guillain-Barre Syndrome is a neurological condition characterized by an uncommon immune system response that mistakenly attacks on nervous system.
Guillain-Barre Syndrome can manifest in various degrees of severity, ranging from mild cases with brief episodes of weakness to more severe instances of paralysis.
In GBS, symptoms may progress gradually over a span of hours, days, or weeks eventually rendering certain muscles non-functional.
What can cause Guillain-Barre Syndrome:
GBS is usually triggered by a viral or bacterial infection. Rarely, viral or bacterial components look similar to body’s protein. When this happens, immune system become confused and starts to attack the body. When the nerves are attacked by immune system this results in GBS.
Symptoms of Guillain-Barre Syndrome:
Numbness or tingling in the hands or feet.
Muscle weakness (usually starts in the feet and moves upward.)
Difficulty in breathing.
Heart rate and blood pressure problems.
Treatment of Guillain-Barre Syndrome:
Guillain-Barre Syndrome does not have a cure but there are two treatments which can reduce the severity of GBS i.e. Plasma Exchange and Intravenous Immunoglobulin Therapy.
Plasma Exchange involves extracting a portion of blood using a catheter and returning it after removing the plasma.
Intravenous Immunoglobulin Therapy involves injecting immunoglobulin which are naturally produced protein by immune system to combat infecting organisms.
In addition to these treatments, special cure in addressing the various complications during paralysis is necessary.
Even after the full recovery with GBS, some patients may experience lingering weakness or long-term complications.
India rises in digital and sustainable trade facilitation rankings, scores 100% on transparency
India has achieved significant progress in digital and sustainable trade facilitation, according to the latest global survey conducted by the United Nations Economic and Social Commission for Asia Pacific (UNESCAP). The survey evaluates trade facilitation measures in over 140 economies, and India has emerged as a leading player, with a score of 93.55% in 2023 compared to 90.32% in 2021.
Impressive Overall Performance: India’s score in the UNESCAP survey has risen from 78.49% in 2019 to 90.32% in 2021, and further to 93.55% in 2023. This exceptional performance places India at the forefront of global trade facilitation efforts.
Perfect Scores in Key Areas: India has achieved perfect scores of 100% in key areas such as transparency, formalities, institutional arrangement and cooperation, and paperless trade. These achievements demonstrate India’s commitment to improving trade procedures and enhancing transparency.
Noteworthy Sub-Indicator Improvements: India has shown significant improvements in various sub-indicators:
Transparency: India achieved a perfect score of 100% in 2021, an increase from 93.33% in 2019.
Formalities: The score rose to 95.83% in 2021 from 87.5% in 2019.
Institutional Arrangement and Cooperation: India’s score improved to 88.89% in 2021 from 66.67% in 2019.
Paperless Trade: India achieved a score of 96.3% in 2021, up from 81.48% in 2019.
Cross-Border Paperless Trade: The score increased to 66.67% in 2021 from 55.56% in 2019.
Leading Regional and Global Performer: India’s performance surpasses other countries in the South and South West Asia region (64.30%) and the Asia Pacific region (66.76%). India’s overall score is also higher than several OECD countries, including France, the UK, Canada, Norway, and Finland. It even exceeds the average score of the European Union.
Focus on Gender Inclusivity: India has made significant strides in gender inclusivity by increasing its score in the “Women in Trade Facilitation” component from 66.7% in 2021 to an impressive 77.8% in 2023.
Key Initiatives Driving Success: India’s success in trade facilitation is attributed to initiatives such as Turant Customs, a faceless, paperless, and contactless customs process. Other notable initiatives include the single window interface for trade facilitation (SWIFT), pre-arrival data processing, e-Sanchit, and coordinated border management.
Positive Impact of Trade-Friendly Environment: India’s trade facilitation measures have streamlined trade procedures, improved ease of doing business, and created a trade-friendly environment. These measures have been particularly effective during the COVID-19 pandemic, with expedited imports of essential medical supplies.
About UN Global Survey on Digital and Sustainable Trade Facilitation 2023
The UN Global Survey on Digital and Sustainable Trade Facilitation 2023 celebrates global progress in advancing digital and sustainable trade facilitation.
Conceived in 2015, the Survey is conducted by the United Nations Regional Commissions and UNCTAD in collaboration with regional and international partners.
Key partners include ADB, ASEAN, and ICC.
The 2023 Survey provides an updated and comparative analysis of 60 trade facilitation measures implemented across 140+ countries worldwide.
The survey covers the WTO Trade Facilitation Agreement (TFA) and nearly 60 trade facilitation measures categorized into eleven sub-groups.
Sub-groups include Transparency, Formalities, Institutional arrangement and cooperation, Transit facilitation, Paperless trade, and others.
The survey is fact-based, focusing on evidence rather than perceptions.
Data collection and validation follow a three-step approach over a 6-month period every 2 years.
The survey’s insights empower countries and development partners to formulate evidence-based strategies and policies.
It fosters the exchange of exemplary and innovative practices in trade facilitation.
The survey helps identify capacity-building and technical assistance requirements.
UNESCAP – The Inclusive Intergovernmental Platform:
UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific) is the most inclusive intergovernmental platform in the Asia-Pacific region.
Established in 1947, it works to overcome the region’s challenges through projects, technical assistance, and capacity building.
Member countries: Consists of 53 members and 9 associate members, including India.
Headquarters: Located in Bangkok, Thailand.
World Population Day 2023: Date, Theme, Significance and History
World Population Day is commemorated annually on July 11th to raise awareness and educate individuals about the challenges and consequences associated with global population growth. It serves as a reminder to continuously work towards addressing these issues and improving the lives of everyone on the planet. The observance of World Population Day aims to promote understanding and encourage collective efforts in tackling the impacts of population growth.
World Population Day 2023 Theme
According to United Nations, the theme for this year’s World Population Day is – Unleashing the Power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities.
World Population Day 2023 Significance
World Population Day focuses on bringing attention to critical issues concerning the global population. It aims to raise awareness about various challenges such as gender inequality, economic crises, and poverty. This day serves as a reminder to actively strive for the betterment of people’s lives and drive positive transformations. The United Nations celebrates World Population Day with a vision of creating a future where everyone has equal opportunities and limitless potential. Moreover, it works towards building a sustainable world in line with the goals outlined in the 2030 Agenda for Sustainable Development.
World Population Day 2023 History
The United Nations Development Programme’s Governing Council established World Population Day in 1989, inspired by the Day of Five Billion observed on July 11, 1987. In 1990, the United Nations General Assembly, through Resolution 45/216, decided to continue celebrating World Population Day to raise awareness about population issues and their interconnection with the environment and development.
The first World Population Day was observed on July 11, 1990, in more than 90 countries. Since then, numerous organizations, institutions, and United Nations Population Fund (UNFPA) country offices, in partnership with governments and civil society, have been marking this day to bring attention to population-related concerns.
International Day of Combating Sand and Dust Storms 2023: Date, Significance and History
The United Nations General Assembly proclaimed July 12 as International Day of Combating Sand and Dust Storms (SDSs), aiming to raise awareness about the importance of health, and sustainability. The day is intended to raise awareness about the serious environmental, economic, and social impacts of SDS, and to promote action to mitigate their effects.
SDS are a natural phenomenon that occur when strong winds blow loose sand and dust from dry, desert areas. However, the frequency and intensity of SDS have been increasing in recent decades, due to a number of factors, including climate change, land degradation, and overgrazing.
International Day of Combating Sand and Dust Storms 2023- Significance
SDS can have a significant impact on human health, agriculture, and the global economy. They can cause respiratory problems, reduce visibility, damage crops and livestock, disrupt transportation and power grids, and increase the risk of flooding.
The International Day of Combating SDS is an opportunity to raise awareness about this important issue and to promote action to mitigate the effects of SDS. By working together, we can reduce the impact of SDS and build a more sustainable future for all.
Here are some of the significance of the International Day of Combating Sand and Dust Storms:
It raises awareness about the serious environmental, economic, and social impacts of SDS.
It promotes action to mitigate the effects of SDS.
It brings together stakeholders from different sectors to work together on solutions.
It provides a platform for sharing knowledge and best practices.
It helps to build a more sustainable future for all.
International Day of Combating Sand and Dust Storms 2023-History
Recognizing that sand and dust storms and their negative impacts at different scales are issues of international concern, the United Nations General Assembly proclaimed 12 July as the International Day of Combating Sand and Dust Storms (A/RES/77/294).
The United Nations General Assembly, furthermore, stressed the need for cooperation at the global and regional levels, with a view to preventing, managing and mitigating the effects of sand and dust storms through the enhancement of early warning systems and the sharing of climate and weather information to forecast sand and dust storms. The General Assembly affirmed that resilient action to combat and reduce sand and dust storms requires a better understanding of the severe multidimensional impacts of sand and dust storms, including the deterioration of the health, well-being and livelihood of people, increased desertification and land degradation, deforestation, loss of biodiversity and land productivity, threatening food security, and their impact on sustainable economic growth.
OCA elects Sheikh Talal as new President
Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA) following a vote overshadowed by allegations of corruption. Sheikh Talal replaces his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021 when he was forced to step down after being found guilty of forgery in a court in Geneva and sentenced to at least 13 months in prison.
The 58-year-old Sheikh Talal beat Kuwaiti Husain Al-Musallam, the organisation’s director general and President of World Aquatics, at the OCA General Assembly in Bangkok by 24 votes to 20. Sheikh Talal’s election means that the House of Sabah retains control of the OCA.
About the Olympic Council of Asia (OCA)
The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990 when he was killed defending Dasman Palace on the first day of the Iraqi invasion of Kuwait. The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees. The current President is Talal Fahad Al-Ahmad Al-Sabah.
In 1948, during the 1948 Summer Olympics, Asian National Olympic Committees (NOCs) decided to organize the Asian Games, under the auspices of Asian Games Federation. The following year the Asian Games Federation was organized. Decades later this would be reorganized and the Olympic Council of Asia (OCA) was established in New Delhi on 16 November 1982. The International Olympic Committee recognized the OCA within the same year.
The Olympic Council of Asia (OCA) together with the Asian Sports Federation (AESF) announced a new campaign for the upcoming 2022 Asian Games. The campaign, ‘Road to Asian Games’ will be officially organized by the AESF and aims to bring the Olympic spirit to eSports and introduce an education program for participating eSports athletes.