15 JAN,2024 | MEDC
Around a year ago, most economists predicted a global recession. Rather than that happening, it is the opposite that mostly occurred. Inflation fell more than expected, but remained sticky. Most advanced economies, particularly that of the USA, averted a recession, but their growth still remains below potential, and inflation is not yet under control. Under these conditions, one cannot expect rate-cuts to occur in the short-term. And if some more geopolitical shocks trigger another bout of inflation, the postponement of rate cuts by Central Banks the world over remains a distinct possibility.
Multiple transitions – economic, technological, demographic, and political – provide ammunition for social polarization. That is being witnessed all over the world, and with a quarter of humanity voting in elections this year, the world – and by extension – the global economy, is likely to be even more unpredictable in 2024. Going by pre-poll surveys in India, policy continuity is likely to be maintained, and that is a source of relief. Regardless of who comes to power, whether in India or the USA, an orderly transition to the next government is of the utmost importance for the national and global economy.
India’s climate goals are navigating a complex policy dilemma. Even after more than three decades of liberalization, collaboration between the government and the private sector on climate goals remains elusive and in relatively unchartered territory. But there are glimmers of hope. India is pursuing climate-resilient urban development, waste management recycling, and the creation of a circular economy. It is also moving towards large-scale afforestation and restoration of mangroves in its coastal areas.
A slew of policy changes, private sector initiatives, and government and private investments are being unleashed to drive significant progress towards these ambitious socioeconomic targets. That is bound to leave its mark on sustainable growth, not just in India but all over the world. Sustainability is a primary driver of competitive economic advantage, long-term strategic growth, and lower costs … and it is gratifying to note that this is being increasingly recognized by the corporate world. But our traditions also play a positive role here – the Indian ethos, grounded in respect for natural resources and thrift, is being harnessed to contribute to a more climate-friendly society that will support the government and business efforts on sustainable economic growth in 2024 and beyond.
We now live in a global village. The principle of One World One Family One Future is no longer a cliché, but a prerequisite to welfare, at both the local and global levels. Structural reforms all over the world have enhanced the economy’s capacity, capability and competitiveness. Whether it is a hard landing or a soft landing for the global economy, the worst-case scenarios appear increasingly unlikely. Geopolitical developments could yet play spoilsport, but, even under those circumstances, it is stagnation rather than stagflation that seems more likely. It is, ultimately, visionary leadership that will make the difference.
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Tourism and its contribution to the Economy
De-coding skills-based pro-bono
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra