{"id":227061,"date":"2023-02-17T20:36:04","date_gmt":"2023-02-17T15:06:04","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=227061"},"modified":"2023-02-20T12:40:06","modified_gmt":"2023-02-20T07:10:06","slug":"use-a-clear-compass-to-navigate-our-challenges-and-opportunities","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/use-a-clear-compass-to-navigate-our-challenges-and-opportunities\/","title":{"rendered":"Use a clear compass to navigate our challenges and opportunities"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cUse a clear compass to navigate our challenges and opportunities\u201d <\/strong>published in Live mint <\/strong>on 17th February 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS3- Economy<\/p>\n

Relevance: <\/strong>Socio-economic development<\/p>\n

News- <\/strong>The article emphasizes the need to analyse the economic and geopolitical conditions affecting the world.<\/p>\n

What is the present macroeconomic scenario around the world?<\/strong><\/h2>\n

According to World Bank projections,<\/strong> the share of trade as a percentage of global GDP climbed from roughly 25% in 1970<\/strong> to 52% in 2020<\/strong>.<\/p>\n

Global value chains (GVCs) have grown and spread across the globe. Asia is expected to generate $22 trillion <\/strong>in new wealth between 2020 and 2025.<\/p>\n

In 2023, emerging markets will grow more than twice as quickly as developed markets, predicts the IMF<\/strong>.<\/p>\n

What are the other events that have impacted the world?<\/strong><\/h2>\n

Climate change<\/strong> is yet another phenomenon that has had an impact on not just the world economy, but also our entire society. The decade from 2011 to 2020 <\/strong>has been the warmest on record.<\/p>\n

It has become essential for nations to include climate change in all policy deliberations.<\/p>\n

Digitalization<\/strong> has also strongly influenced all aspects of society which picked up steam after the pandemic struck.<\/p>\n

How can India push for its interests in this situation?<\/strong><\/h2>\n

Strategic integration<\/strong> with GVCs is one option. It can increase production by transferring information, investing in them and using international best practices.<\/p>\n

India can benefit from investing in climate-resilient and sustainable infrastructure<\/strong>. According to a World Bank analysis<\/strong>, investing in more resilient infrastructure would produce an average net benefit of $4.2 trillion.<\/strong><\/p>\n

The country has an opportunity to continuously expand their own digital infrastructure<\/strong>.<\/p>\n

A significant digital payment platform in India, the Unified Payments Interface (UPI),<\/strong> has enrolled 376 banks and facilitated 7.3 billion transactions, with a total value of \u20b911.9 trillion.<\/p>\n

What is the way forward?<\/strong><\/h2>\n

India will soon have to deal with many of the same issues <\/strong>affecting the rest of the world, such as rising debt levels, inflation, food and energy crises, and geopolitical conflicts.<\/p>\n

Overcoming obstacles <\/strong>in a changing external environment necessitates deliberate action <\/strong>across all socioeconomic domains.<\/p>\n

It also necessitates a mentality change<\/strong> that accepts the certainty of change.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cUse a clear compass to navigate our challenges and opportunities\u201d published in Live mint on 17th February 2023. Syllabus: GS3- Economy Relevance: Socio-economic development News- The article emphasizes the need to analyse the economic and geopolitical conditions affecting the world. What is the present macroeconomic scenario around… Continue reading Use a clear compass to navigate our challenges and opportunities<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10501],"class_list":["post-227061","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704918882},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/227061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=227061"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/227061\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=227061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=227061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=227061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}