- The International Monetary Fund (IMF) upgraded India’s GDP projections by 20 basis points to 7 percent, from previous estimate of 6.8 percent in April, reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas.
- For the year 2025, the IMF projected India’s growth rate at 6.5 per cent. It attributed robustness and strength in domestic demand and a rising working-age population behind its growth projections.
- With this, India continues to maintain its position as the fastest-growing economy among emerging markets and developing economies.
COP-29:
- COP29, held in Baku, was the 29th United Nations Climate Change, aimed to implement further measures to limit global warming to 1.5°C, emphasizing the urgent need for investment in climate action.
- COP-29 began on a controversial note as it was held in Azerbaijan, one of the major oil and gas producer with an alarming human rights record. Also, many pointed out that several official partners of COP29 being businesses directly owned by President of Azerbaijan Ilham Aliyev, or tied to the Aliyev family’s businesses.
- Simon Steill gave the opening address, with a warning that “We mustn’t let 1.5 slip out of reach. And even as temperatures rise, the implementation of our agreements must claw them back.”
- The International Energy Agency expects global clean energy investment to exceed USD 2 trillion for the first time in 2024.
- COP29 reached agreement on carbon markets, whereby countries agreed on the final building blocks that set out how carbon markets will operate under the Paris Agreement, making country-to-country trading and a carbon crediting mechanism fully operational.
- Countries also agreed a decision on gender and climate change, extending the enhanced Lima Work Programme on Gender and Climate Change for another 10 years, reaffirming the importance of gender equality and advancing gender mainstreaming throughout the convention.
- The proposal to increase the financial support to developing nations for climate-related projects, from the previous target of USD 100 billion annually to USD 300 billion annually by 2035, as a part of global efforts to help vulnerable countries transition to a low-carbon economy, mitigate climate impacts, and adapt to the changing climate.
- The COP-29 Secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of USD 1.3 trillion per year by 2035.
- The conference concluded with a new finance goal as an insurance policy to help countries to protect their people and economies against climate disasters, and share in the vast benefits of the clean energy boom.
India’s plea – Too little, Too Distant:
- India at the closing plenary of the UN climate conference, fiercely rejected the paltry $ 300 billion climate finance package for the Global South, calling it “too little, too distant”.
- The USD 300 billion figure is far cry from the USD 1.3 trillion the Global South has been demanding over the past three years of talks to tackle climate change.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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