Daily News - Friday, 11 October 2024

UNDP to work with NITI Aayog on sustainable development (mint)

The United Nations Development Programme (UNDP) will collaborate with India’s NITI Aayog on sustainable development, supporting the scaling up of institutions to meet the 2030 Agenda, with India being home to a sixth of humanity. UNDP will provide technical support for India’s third Voluntary National Review (VNR), covering data analysis and civic engagement, while India, using its SDG India Index, has created a robust SDG localization model at state and district levels. Additionally, UNDP has helped set up SDG coordination centres in 10 Indian states and union territories, including Haryana, Tamil Nadu, and Karnataka, while India supports global sustainable development through the $150 million India-UN Development Partnership Fund. 

Inflation likely hit a 3-month high in September: Mint poll (mint)

⁠India’s retail inflation likely rose to 5.1% in September, up from two months of sub-4% inflation, driven by rising vegetable prices and a fading base effect, according to a Mint poll of 20 economists. Economists forecast inflation to range between 4.7% and 5.3%, with only three expecting it to remain below 5%, and official data will be released on 14 October. Despite this rise, average inflation for July-September is projected at 4.1%, aligning with the RBI’s forecast, although persistent food inflation (comprising 40% of the inflation basket) may keep inflation elevated in upcoming months, complicating policy decisions.

⁠World Bank sticks to 7% GDP growth for India in FY25 (Financial Express)

⁠India’s economic growth is projected at 7% in FY25, driven by stronger-than-expected agricultural output and policies promoting employment, although public consumption growth is expected to moderate due to fiscal consolidation, according to the World Bank. The Reserve Bank of India (RBI) forecasts GDP growth slightly higher at 7.2%, while other economists predict a more modest 6.8%. Inflation has remained within the RBI’s target range of 2-6%, but elevated food and beverage prices since July 2023 and muted goods exports remain concerns, though services exports have been resilient. 

⁠WTO revises world trade growth forecast to 2.7% (Financial Express)

The World Trade Organization (WTO) has revised its forecast for global trade growth in 2024 to 2.7%, slightly higher than the previous 2.6%, but warned that rising geopolitical tensions and economic uncertainties remain significant risks. The WTO also lowered its 2025 trade growth projection from 3.3% to 3%, citing similar concerns. In the first half of 2024, Asia saw a strong export rebound, with countries like Singapore, Malaysia, India, and Vietnam growing despite China’s modest performance, while India’s merchandise trade deficit widened to $116.64 billion during April-August 2024 compared to $99.16 billion the previous year. 

Textiles Sector likely to Grow to $350 b by 2030 (The Economic Times)

India’s textile sector is projected to grow to $350 billion by 2030, with the government expecting investments exceeding ₹90,000 crore through the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme over the next 3-5 years. Seven PM MITRA parks have been sanctioned, each expected to attract ₹10,000 crore in investment, while the PLI scheme aims to generate ₹28,000 crore in investments and a turnover of over ₹2 lakh crore. This expansion could create around 2.5 lakh jobs, boosting production of man-made fiber apparel, fabrics, and technical textiles.