1 June 2024, The Indian EXPRESS
GDP crosses 8% in FY24 as services, manufacturing power Q4 growth to 7.8%
Page no- 1
GS3-Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development
- India’s real Gross Domestic Product (GDP) grew by a surprise 7.8 per cent in January-March, taking the full-year growth rate to 8.2 per cent in financial year 2023-24, the third consecutive year of 7 per cent-plus growth, data released by National Statistical Office (NSO) on Friday showed.
- Boosted by manufacturing, construction, public administration, defence and other services, the Q4 growth rate of 7.8 per cent turned out to be way higher than the highest estimate of 7.3-7.4 per cent by economists.
- And the full-year growth rate of 8.2 per cent is higher than the RBI-projected 7 per cent and the NSO second advance estimate of 7.6 per cent for 2023-24.
UN Secy Gen confers gender advocate award on Indian Major: ‘True role model’
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GS4-Human Values - Lessons from the Lives and Teachings of Great Leaders, Reformers and Administrators
- Major Radhika Sen is a true leader and role model and her service is a true credit to the United Nations, UN Secretary-General Antonio Guterres said, as he conferred a prestigious award on the Indian peacekeeper.
- Major Sen, who served with the United Nations Organisation Stabilisation Mission in the Democratic Republic of the Congo (MONUSCO), received the prestigious ‘2023 United Nations Military Gender Advocate of the Year Award’ from Guterres during a ceremony at the world body’s headquarters on Thursday on the occasion of the International Day of UN Peacekeepers.
Journey to 2047
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GS3-Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development
- In light of recent developments at home and abroad, we need to have a clear roadmap for India’s growth.
- The expectations of the people are clear, we want to become a developed country by 2047, that is, when India completes 100 years since Independence. But what does it mean to become a developed country?
- International financial organisations currently classify countries with per capita income of $13,845 and above as developed countries. In 2047, this would be higher.
- India’s per capita income as of now is $2,500 (IMF, April 2024), which shows the distance we have to travel.
- Based on assumptions of the future exchange rate of rupee and domestic inflation, we need to have an average annual real rate of growth of six to seven per cent to achieve this level of per capita income. Is it possible?
The growth story
Page no- 12
GS3-Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development
- Surpassing even the most optimistic projections, the Indian economy grew at a robust 8.2 per cent in the just concluded financial year (2023-24), as per the provisional estimates released by the National Statistical Office.
- This is higher than the RBI’s earlier projection of 7 per cent, the NSO’s own estimate, which had pegged growth at 7.6 per cent, and assessments by most private forecasters.
- The full year growth estimate has been pushed up by the fourth quarter numbers, where the economy is now estimated to have grown at 7.8 per cent, as opposed to the implicit growth of 5.9 per cent in the NSO’s earlier estimate.
Poverty debate in numbers
Page no- 12
GS2-Issues relating to Poverty
- The release of the factsheet of the Household Consumption Expenditure Survey (HCES) has sparked a flurry of activity, with everyone trying to push a narrative about the trends and causalities.
- The debate has largely been on the rate of poverty reduction and, more importantly, whether that has been higher under the NDA or UPA.
- The differences in the poverty estimates are due to the reference period for data collection in the base year, the poverty line considered and the price index used.
Cheap engg, etch talent helping India transition up the service value chain
Page no- 15
GS3-Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development
- A popular Canada-based multinational clothing company that does not yet have a store of its own in India uses data analyses done by its workers in India to tell its global teams what they should stock up on after poring through sales data.
- An American retail giant which has no stores in India manages its entire global inventory through offices in the country. Welcome to the home for global capability centres (GCCs).
- Back in the early 90s India made a name for itself at the global stage as the back office of the world.
- Today, more high-tech services are being exported from India, with firms offshoring tasks such as data analysis to research and development, helping fuel a new wave of services-led growth for India.
India’s FY24 fiscal deficit lower than RE at 5.6%; subsidies down sharply
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GS3-Government Budgeting
- The central government’s finances performed better than expected in 2023-24 as the fiscal deficit for the year came at 5.6% against the revised estimate of 5.8%.
- The fiscal deficit in value was Rs 16.54 lakh crore against the revised budget estimate of Rs 17.35 lakh crore.
- The lower-than-estimated fiscal deficit was as a result of better than anticipated receipts and lower than estimated revenue spending, and a marginal miss in the capital expenditure.
PDA, BAAP, others: short history of parties, their social coalitions
Page no- 19
GS1- Post-independence Consolidation and Reorganization within the country
- As counting day nears, in UP and Bihar, which together send 120 members to Lok Sabha, opposition leaders Akhilesh Yadav and Tejashwi Yadav will be hoping that the social alliances they tried to build during the election campaign — PDA and BAAP respectively — turn out to be more than just catchy acronyms.
- In a large and diverse country, politics has long been the art of bringing together various groups of people in a social coalition that can take a party first past the post.
- This has been true of this election and earlier ones; in the Hindi heartland and elsewhere in North India.
Potency test
Page no- 19
GS3- Science and Technology- Developments and their Applications and Effects in Everyday Life
- The SIT is considering putting MP Prajwal Revanna through a potency test, which would involve assessments such as physical examination and other tests to gather evidence.
- Prajwal, who is facing allegations of sexually abusing several women, was taken to Bowring and Lady Curzon Hospital in Shivajinagar on Friday afternoon for a medical examination.
- A hospital official confirmed to TNIE that Prajwal arrived at 1pm and was at the hospital till 1.15pm. All his vital parameters were normal.
Warmer nights, rising humidity: why heatwaves are becoming more deadly
Page no- 19
GS3- Disaster and Disaster Management
- Large parts of the country are witnessing a searing and longer-than-usual heatwave, with record-breaking day temperatures.
- Over the past few days, the heat has claimed lives in multiple states including Delhi, Bihar, Odisha, and Gujarat.
- Studies have shown that cities, in particular, are getting warmer and more humid due to urbanisation and declining green cover.
- This, in addition to higher night time temperatures, makes heatwaves more intense and deadly, especially for the poor, who get little respite from heat fatigue.
