India’s Economic Growth to Slow Down to 6.4% in 2023-24: ADB Report

Key Points

·         ADB report highlights India's economic growth slowdown and future outlook.

ADB: India’s Growth to Moderate Due to Global Slowdown

·         The Asian Development Bank (ADB) has projected a moderate economic growth rate for India due to various factors such as a global slowdown, tight monetary conditions, and elevated oil prices. According to the latest ADB outlook, India’s economic growth rate is expected to reach 6.4% in 2023-24 from 6.8% in FY23, while the growth forecast for the current year has been revised downwards to 6.4% from 7.2% earlier projected. However, India’s economic growth rate is still stronger than many peer economies and reflects robust domestic consumption and less dependence on global demand.

Private Consumption and Investment to Drive India’s Future Growth: ADB

·         ADB country director for India Takeo Konishi has mentioned that India’s future growth would be driven by private consumption and investment, and the government’s infrastructure push, logistics development, and industrial corridor development will contribute significantly to raising industrial competitiveness.

·         The report has appreciated the government’s commitment to fiscal prudence and budgeting higher capital investment for the coming year. ADB has also highlighted that geopolitical tensions and weather-related shocks are the key risks to India’s outlook.

ADB Expects Goods Exports to Improve from Next Year in India

·         Furthermore, ADB expects that recovery in tourism and contact-intensive sectors would help service sector growth, while manufacturing growth would take off only from 2024-25.

·         Goods exports are expected to improve from next year as production-linked incentive schemes and efforts to improve the business environment bear fruit, leading to improved performance in electronics and other areas of manufacturing growth.

India’s Inflation to Decline to 5% in 2023-24: ADB Report

·         ADB has also projected a decline in inflation, assuming that food and oil prices remain low, and expects the inflation rate to decline to 5% in 2023-24 and further to 4.5% in the next year.

·         Tighter monetary policy is expected to persist in the current fiscal, with the Reserve Bank of India expected to raise rates by 0.25 percentage points to 6.75% on April 6. Accommodation is expected to take place next fiscal.

·         However, ADB raised concerns about states’ quality of expenditure and off-budget borrowings, indicating that states had not followed the Centre’s approach of increasing infrastructure and health expenditure.

·         Finally, the report indicates that the opening of China is a brightening outlook for Asia and the global economy, with growth expected to return to pre-pandemic levels in the coming year. However, financial stability risks and the escalation of the Russia-Ukraine conflict could still hold back recovery.

Peru removed as host of 2023 FIFA Under-17 World Cup

Why In News

·         FIFA announced that it had withdrawn Peru's hosting rights to the FIFA U-17 World Cup 2023™. The decision was made following extensive discussions between FIFA and the Peruvian Football Federation.

Key  Points

·         FIFA announced that it had withdrawn Peru’s hosting rights to the FIFA U-17 World Cup 2023™. The decision was made following extensive discussions between FIFA and the Peruvian Football Federation (FPF). The reasons for the withdrawal of Peru’s hosting rights were not immediately clear, but FIFA officials cited concerns over the country’s ability to meet the requirements for hosting such a major tournament.

A Major Blow to Peru:

·         The decision was a major blow to Peru, which had been preparing for the event for several years. The country had been investing heavily in the development of its football infrastructure, including the construction of new stadiums and the refurbishment of existing ones.

FIFA opened a new bidding process:

·         FIFA has since opened a new bidding process to find a replacement host for the tournament. Several countries have expressed interest in hosting the event, including Argentina, Brazil, Colombia, and Mexico.

About FIFA U-17 World Cup:

·         The FIFA U-17 World Cup is a biennial international football tournament organized by FIFA for players under the age of 17. The tournament features 24 teams from around the world and is seen as an important platform for young players to showcase their talents and gain valuable experience.

·         In conclusion, the withdrawal of Peru’s hosting rights to the FIFA U-17 World Cup 2023™ was a disappointment for the country, which had been working hard to prepare for the event.

Indian-American physician Dr. Nitya Abraham honoured with young urologist of the year award

Why In News

·         An Indian-American physician and professor Dr. Nitya Abraham has been honoured with the Young Urologist of the Year Award conferred by the American Urological Association (AUA). 

Key  Points

·         An Indian-American physician and professor Dr. Nitya Abraham has been honoured with the Young Urologist of the Year Award conferred by the American Urological Association (AUA). 

·         Dr. Abraham is an Associate Professor at Albert Einstein College of Medicine and Program Director for the Montefiore Urology residency programme.

·         She is among the honorees of the 2023 Young Urologist of the Year Award. Abraham is among members selected by their colleagues who serve on the Young Urologists Committee and endorsed by their respective Section/Society to receive the special honour for 2023.

·         Abraham has been chosen from the New York region for her accomplishments and contributions. Abraham has mentored countless students, residents, fellows and junior faculty both at her institution and others in the New York region. She serves as the Chair of the Executive Curriculum Committee for Albert Einstein College of Medicine.

·         She is a member of the Society for Urodynamics, Female Pelvic Medicine, and Urogenital Reconstruction (SUFU) Young Urologists Committee and social media committee.

·         Abraham has received funding from the US Department of Defense for urinary diagnostic markers of interstitial cystitis, and is also a co-author of the AUA White Paper on Rationale and Strategies for Reducing Urologic Post-Operative Opioid Prescribing.

·         The awards committee described her as a prolific researcher with a clinical research focus on the impact of social determinants of health on pelvic floor health.

Other honourees:

·         The other honourees are Rena Malik, MD from the Mid-Atlantic Section at the University of Maryland; Jesse D. Sammon, DO from New England Section at Maine Medical Partners Urology; Sarah Vij, MD from North Central Section at Cleveland Clinic and Alexander J. Ernest from MD, Society of Government Service Urologists at Brooke Army Medical Center.

·         It also includes Kerri Thurmon, MD from the South Central Section at the Denver Health and the University of Colorado School of Medicine; Zachary Klaassen, MD from the Southeastern Section at the Medical College of Georgia; and Yahir Santiago- Lastra, MD from the Western Section at the UC San Diego Health.

Brazilian Dante Akira Uwai Wins Medal Design Competition for Gangwon 2024

Why In News

·         Brazilian artist Dante Akira Uwai has won the Winter Youth Olympic Games Gangwon 2024 medal design competition.

Key  Points

·         Brazilian artist Dante Akira Uwai has won the Winter Youth Olympic Games Gangwon 2024 medal design competition.

·         After six weeks and over 3,000 submissions to the International Olympic Committee competition, Akira Uwai’s creation – ‘A Sparkling Future’ – was chosen by a panel of judges including Olympian Laurenne Ross, former winner Zakea Page, IOC Young Reporters, Young Leaders, and Gangwon 2024 ​Youth Supporters.

·         Akira Uwai’s victory means his design will feature on the medals for Gangwon 2024 which will be awarded in the Republic of Korea from 19 January to 1 February next year. Art has always been integral to the 27-year-old architect who was born in Sao Paulo and brought up in Brasilia.

About the Gangwon 2024

·         Gangwon 2024 will be the fourth iteration of the Winter YOG, and the first in Asia. The previous editions took place in Innsbruck (2012), Lillehammer (2016), and Lausanne (2020).

·         The Opening Ceremony will take place on 19 January 2024, and the Closing Ceremony is on 1 February 2024. The Youth Olympic Village will be located at student accommodation facilities at Gangneung-Wonju University.

·         The aim of Gangwon 2024 is to drive positive change and social unity in the region, impacting society in the areas of sport, culture and education.

·         The Gangwon 2024 programme will consist of 15 disciplines across seven sports. For the first time ever at a Winter YOG, there will be no mixed National Olympic Committee (NOC) events. The Gangwon 2024 slogan of “Grow together, shine forever” was launched at the 500 days-to-go countdown celebration.