Syllabus: General Studies Paper 2

India’s economic growth is expected to decline to 5.7% this year from 8.2% in 2021, the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022 projected citing higher financing cost and weaker public expenditures.

The UNCTAD report on India’s GDP estimate for 2022-23 makes for disturbing news as India’s economic growth is expected to decline to a shocking 5.7% this year from 8.2% from last year.

Concerns

• Higher financing cost and weaker public expenditures
• High level of joblessness and distress –  5,907 MSMEs have shut shop in the last two years.
• Lack of contribution by the informal sector –  2017-18 contribution was as much as 52% which has now plummeted to less than 20%.
• Unemployment levels have consistently remained well above 8% for the past two years.

UNCTAD

• It is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
• It is part of the UN Secretariat and also the United Nations Development Group(UNDP).
• It reports to the UN General Assembly and the Economic and Social Council but has its own membership, leadership, and budget.
• Headquarters: Geneva, Switzerland 

Reports

• The Trade and Development Report 
• The World Investment Report 
• Technology and Innovation Report
• Digital Economy Report