PROJECT CHEETAH
1. Context
2. Why was Project Cheetah launched?
- India's cheetah relocation program is perhaps among the most ambitious of its kind in the world.
- The attempt is to, over the next decade, bring in five to 10 animals every year until a self-sustaining population of about 35 is established.
- Unlike, cheetahs in South Africa and Namibia, which live in fenced reserves, India's plan is to have them grown in natural, unfenced, wild conditions.
- At Kuno, only six of the 17 adults are in the wild with the rest lodged in large, specially designed enclosures to help the animals acclimatize to Indian conditions.
- The plan is to release all the animals into the open by the yearend. The animals are radio-collared and tracked 24/7.
3. How do cheetahs die?
- The South African study also documented the causes of mortality, where it could be established, for 293 cheetah deaths.
- It found that holding camps caused 6.5% of cheetah deaths, immobilization/ transit caused 7.5% of deaths, and another 0.7% were caused by tracking devices. This added up to almost 15% so, one in every seven cheetah deaths was attributed to handling and management.
- Predation turned out to be the biggest killer in the study, accounting for 53.2% of cheetah mortality. Lions, leopards, hyenas, and jackals were primarily responsible. Several other wildlife including warthogs, baboons, snakes, elephants, crocodiles, vultures, zebras, and even ostriches killed cheetahs.
- It is well documented that cheetahs suffer very high cub mortality up to 90% in protected areas mainly due to predation. Consequently, nearly 80% of all cheetahs throughout their range in Africa are found living outside of protected parks and reserves.
4. Were these unfortunate cheetah deaths unexpected?
- The Cheetah Project did anticipate high mortality. The criteria for the project’s short-term success was only “50% survival of the introduced cheetah for the first year”. That would be 10 out of 20.
- As a result, the Madhya Pradesh government set a six-month deadline for readying Gandhisagar in the Chambal river valley in Mandsaur and Nimach districts for the cheetahs. There is also talk about moving a few animals from Kuno to the safety of an 80-sq-km fenced area in Rajasthan’s Mukundra Hills Tiger Reserve.
- The focus, therefore, is shifting from the project’s stated purpose that of establishing the cheetah in an open landscape as a free-roaming and self-sustaining population occupying thousands of square miles to managing the African imports as a few pocket populations in fenced-in or restricted areas.
5. How successful has Project Cheetah been so far?
- In September 2023, it will be one year since a batch of eight cheetahs from Namibia arrived in India.
- They were followed by 12 others from South Africa in February 2023. The official Cheetah Action Plan, the guiding document behind the project, observes that even half the cheetahs surviving the first year would be “an indicator of success”.
- Independent critics have, however, argued that there are some basic flaws in the project. For one, it is a mistake to have had all 20 cheetahs at Kuno as there is too little space and prey, given that the animal is a courser and needs larger fields of play.
- Some animals should have gone to the Mukundara reserve in Rajasthan. Forest officials in Madhya Pradesh have also admitted that they are stretched.
- However, the officials in the National Tiger Conservation Authority, the nodal agency of the Environment Ministry tasked with coordinating the project, say that Kuno is capable of hosting the first lot of animals and future batches will be sent to other reserves.
- The experience of raising cheetahs in fenced reserves in Africa can’t be replicated in India, say, experts, because India’s cultural values promote coexistence with beasts, and that underpinned the success of tiger, lion, and leopard conservation programs.
| For Prelims: Kuno National Park, National Tiger Conservation Authority (NTCA), Project Cheetah, Chambal river valley, and South Africa. |
Previous year Question
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1. Recently there was a proposal to translocate some of the lions from their natural habitat in Gujarat to which one of the following sites? (UPSC 2017)
A. Corbett National Park
B. Kuno Palpur Wildlife Sanctuary
C. Mudumalai Wildlife Sanctuary
D. Sariska National Park
Answer: B
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FREE TRADE AGREEMENT
1. Context
2. About the Free Trade Agreement
- A Free Trade Agreement (FTA) is an agreement between two or more countries to reduce or eliminate barriers to trade, such as tariffs, quotas, and subsidies.
- FTAs can also include provisions on other issues, such as investment, intellectual property, and labour standards.
- The goal of an FTA is to promote trade and economic growth between the signatory countries.
- By reducing or eliminating trade barriers, FTAs can make it easier for businesses to export their goods and services to other countries, which can lead to increased production, employment, and innovation.
3. Types of Free Trade Agreement
- Bilateral Free Trade Agreement (BFTA) involves two countries, aiming to promote trade and eliminate tariffs on goods and services between them. It establishes a direct trade relationship, allowing for a more focused and tailored agreement between the two nations.
- Multilateral Free Trade Agreement (MFTA) Involving three or more countries, an MFTA seeks to create a comprehensive trade bloc, promoting economic integration on a larger scale. It requires coordination among multiple parties, addressing diverse economic interests and fostering a broader regional economic landscape.
- Regional Free Trade Agreement (RFTA) involves countries within a specific geographic region, aiming to enhance economic cooperation and integration within that particular area. It focuses on addressing regional economic challenges and fostering collaboration among neighbouring nations.
- Preferential Trade Agreement (PTA) involves a reciprocal reduction of tariffs and trade barriers between participating countries, granting preferential treatment to each other's goods and services. It allows countries to enjoy trading advantages with specific partners while maintaining autonomy in their trade policies with non-participating nations.
- Comprehensive Economic Partnership Agreement (CEPA) is a broad and advanced form of FTA that goes beyond traditional trade barriers, encompassing various economic aspects such as investment, intellectual property, and services. It aims for a more comprehensive economic partnership, encouraging deeper integration and collaboration between participating countries.
- Customs Union While not strictly an FTA, a Customs Union involves the elimination of tariffs among member countries and the establishment of a common external tariff against non-member nations. It goes beyond standard FTAs by harmonizing external trade policies, creating a unified approach to trade with the rest of the world.
- Free Trade Area (FTA) with Trade in Goods (TIG) and Trade in Services (TIS): Some FTAs specifically emphasize either trade in goods or trade in services, tailoring the agreement to the specific economic strengths and priorities of the participating countries. This approach allows nations to focus on areas where they have a comparative advantage, fostering specialization and efficiency.
4. India's Free Trade Agreements
India is a member of several free trade agreements (FTAs) and is currently negotiating others. India's FTAs have helped to reduce trade barriers and promote trade and economic growth. They have also helped to attract foreign investment and create jobs.
- The South Asian Free Trade Agreement (SAFTA) was signed in 1995 by the seven countries of the South Asian Association for Regional Cooperation (SAARC). SAFTA aims to reduce or eliminate tariffs on trade between the member countries.
- The India-Bangladesh FTA was signed in 2010 and came into force in 2011. It is a comprehensive FTA that covers goods, services, and investments.
- The India-Sri Lanka FTA was signed in 1999 and came into force in 2000. It is a comprehensive FTA that covers goods, services, and investments.
- The India-ASEAN Free Trade Agreement was signed in 2002 and came into force in 2010. It is a comprehensive FTA that covers goods, services, and investments.
- The India-Korea Comprehensive Economic Partnership Agreement (CEPA) was signed in 2010 and came into force in 2011. It is a comprehensive FTA that covers goods, services, and investments.
- The India-Japan Comprehensive Economic Partnership Agreement(CEPA) was signed in 2022 and came into effect in 2023. It is a comprehensive FTA that covers goods, services, and investments.
- The India-UAE Comprehensive Partnership Agreement (CEPA) was signed in 2022 and came into effect in 2022. It is a comprehensive FTA that covers goods, services, and investments.
- The India-Australia Economic Cooperation and Trade Agreement (ECTA) was signed in 2022 and came into effect in 2022. It is a comprehensive FTA that covers goods, services, and investments.
- The India-Malaysia Comprehensive Economic Cooperation Agreement (CECA) was signed in 2010 and aims to enhance economic ties by addressing trade in goods and services, as well as investment and other areas of economic cooperation.
- The India-Thailand Free Trade Agreement was signed in 2003 and focuses on reducing tariffs and promoting trade in goods and services between India and Thailand.
- The India-Singapore Comprehensive Economic Cooperation Agreement (CECA) has been operational since 2005, this agreement covers trade in goods and services, as well as investment and intellectual property.
- The India-Nepal Trade Treaty While not a comprehensive FTA, India and Nepal have a trade treaty that facilitates the exchange of goods between the two countries.
- The India-Chile Preferential Trade Agreement was signed in 2006 and aims to enhance economic cooperation and reduce tariffs on certain products traded between India and Chile.
5. India - UK Free Trade Agreement
5.1. Background
- Both countries have agreed to avoid sensitive issues in the negotiations.
- The interim (early harvest agreement) aims to achieve up to 65 per cent coverage for goods and up to 40 per cent coverage for services.
- By the time the final agreement is inked, the coverage for goods is expected to go up to "90 plus a percentage" of goods.
- India is also negotiating a similar early harvest agreement with Australia, which is supposed to set the stage for a long-pending Comprehensive Economic Cooperation Agreement that both countries have been pursuing for nearly a decade.
- While the commencement of negotiations does mark a step forward in the otherwise rigid stance adopted and when it comes to trade liberalisation, experts point to impediments and the potential for legal challenges going ahead.
5.2. GATT (General Agreement on Trade and Tariffs)
- The exception to the rule is full-scale FTAs, subject to some conditions.
- One rider, incorporated in Article XXIV.8 (b) of GATT, stipulates that a deal should aim to eliminate customs duties and other trade barriers on "Substantially all the trade" between the WTO member countries that are signatories to an FTA.
- For this Agreement, a free-trade area shall be understood to mean a group of two or more customs territories in which the duties and other restrictive regulations of commerce are eliminated on substantially all the trade between the constituent territories in products originating in such territories.
- It is often beneficial to negotiate the entire deal together, as an early harvest deal may reduce the incentive for one side to work towards a full FTA.
- These agreements are not just about goods and services but also issues like investment.
- If you are trying to weigh the costs and benefits, it is always better to have the larger picture in front of you.
- In the case of the early harvest agreement inked with Thailand, automobile industry associations had complained that relaxations extended to Bangkok in the early harvest had reduced the incentive for Thailand to work towards a full FTA.
- Early harvest agreements may serve the function of keeping trading partners interested as they promise some benefits without long delays, as India becomes known for long-drawn negotiations for FTAs.
- Government emphasis on interim agreements may be tactical so that a deal may be achieved with minimum commitments and would allow for contentious issues to be resolved later.
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For Prelims: Free Trade Agreement, India-U.K, Bilateral Free Trade Agreement, G-20 Summit, Agenda 2030, Covid-19 Pandemic, SAARC, General Agreement on Trade and Tariffs, Comprehensive Economic Partnership Agreement, Multilateral Free Trade Agreement, Regional Free Trade Agreement, Preferential Trade Agreement, Customs Union,
For Mains:
1. Evaluate the potential impact of the India-UK FTA on the Indian economy, considering both positive and negative aspects (250 Words)
2. Critically evaluate the significance of Free Trade Agreements (FTAs) in promoting trade and economic growth, considering their potential benefits and drawbacks. (250 Words)
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Previous Year Questions
1. Consider the following countries:
1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA
Which of the above are among the free-trade partners' of ASEAN? (UPSC 2018)
A. 1, 2, 4 and 5 B. 3, 4, 5 and 6 C. 1, 3, 4 and 5 D. 2, 3, 4 and 6
Answer: C
2. Increase in absolute and per capita real GNP do not connote a higher level of economic development, if (UPSC 2018) (a) Industrial output fails to keep pace with agricultural output. Answer: C 3. The SEZ Act, 2005 which came into effect in February 2006 has certain objectives. In this context, consider the following: (2010)
Which of the above are the objectives of this Act? (a) 1 and 2 only (b) 3 only (c) 2 and 3 only (d) 1, 2 and 3 Answer: A 4. A “closed economy” is an economy in which (UPSC 2011) (a) the money supply is fully controlled Answer: D 5. With reference to the “G20 Common Framework”, consider the following statements: (UPSC 2022)
1. It is an initiative endorsed by the G20 together with the Paris Club. 2. It is an initiative to support Low Income Countries with unsustainable debt. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Answer: C
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EUROPEAN UNION (EU)
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The European Parliament (EP) represents the citizens of EU member states. Its main roles include negotiating EU laws with member state governments, which are represented by the European Council.
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The EP also has the authority to approve the EU budget, vote on international agreements, and decide on the enlargement of the bloc. Additionally, it can approve or reject the appointment of the European Commission president — currently Germany’s Ursula von der Leyen — and the commissioners.
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Unlike national parliaments, the EP does not have the right to propose laws; it can only negotiate those proposed by the executive European Commission.
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The EP consists of 720 Members (MEPs) who are elected every five years. These MEPs then elect their president for a term of two and a half years.
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In 21 member states, individuals aged 18 and above can vote.
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Citizens living in another EU country can choose to vote for candidates either from their home country or from their country of residence.
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In some member states, voters can only choose closed lists where they cannot change the order of preferred candidates, while in others, they can select individual candidates in a preferential system.
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All candidates must be EU citizens. Depending on the country, voters may choose from individual candidates or political parties’ delegates. Once elected, politicians from each nation join the European groups in the Parliament based on their political orientations. Elected individuals cannot hold positions in national governments or other political bodies such as the EU Commission
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What are the member countries of the EU?
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden
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1945-1957: Post-War Integration Efforts
- 1945: After the devastation of World War II, European countries seek to ensure lasting peace and economic stability.
- 1951: The European Coal and Steel Community (ECSC) is established by the Treaty of Paris, signed by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany. This organization aims to integrate the coal and steel industries of member countries, making war between them "materially impossible."
1957: The Treaties of Rome
- 1957: The Treaties of Rome are signed, establishing the European Economic Community (EEC) and the European Atomic Energy Community (EURATOM). The EEC aims to create a common market and a customs union among its members
960s-1980s: Growth and Challenges
- 1973: The first enlargement of the EEC occurs, with Denmark, Ireland, and the United Kingdom joining the Community.
- 1981: Greece becomes a member, followed by Spain and Portugal in 1986.
- 1986: The Single European Act is signed, aiming to create a single market by 1992, ensuring the free movement of goods, services, capital, and people.
1990s: Political and Economic Union
- 1992: The Maastricht Treaty is signed, formally establishing the European Union. The treaty introduces new forms of cooperation between governments, such as a common foreign and security policy, and lays the foundation for economic and monetary union, including the creation of a single currency.
- 1995: Austria, Finland, and Sweden join the EU.
- 1999: The euro is introduced as the single currency for 11 EU countries, with physical currency (banknotes and coins) entering circulation in 2002.
2000s: Major Enlargement and Institutional Reforms
- 2004: The EU undergoes its largest expansion, with ten new countries (Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia) joining.
- 2007: Bulgaria and Romania join the EU.
- 2009: The Lisbon Treaty comes into force, reforming the EU's institutional structure and increasing its powers in areas such as justice, security, and foreign policy
2010s: Economic Crises and Brexit
- 2010: The eurozone faces a significant debt crisis, prompting reforms and financial support mechanisms to stabilize the economies of member states.
- 2013: Croatia becomes the EU's 28th member state.
- 2016: The United Kingdom votes to leave the EU in a referendum, leading to Brexit.
- 2020: The UK officially leaves the EU on January 31, 2020
- The European Council comprises the heads of state or government of the EU member states, along with the President of the European Council and the President of the European Commission. The High Representative of the Union for Foreign Affairs and Security Policy also participates
- The European Council meets at least four times a year, usually in Brussels, Belgium. Additionally, extraordinary meetings can be convened to address urgent issues
- The European Council sets the EU's general political agenda and provides strategic leadership on key issues facing the EU. While it does not legislate or adopt laws, its decisions and recommendations guide the work of other EU institutions
- The European Council operates on the basis of consensus, with decisions typically reached through discussions and negotiations among its members. However, unanimity is not always required for certain decisions, particularly in areas where EU treaties allow for qualified majority voting
India and the European Union (EU) engage in cooperation across various sectors, reflecting their shared interests and objectives.
Some of the key areas of cooperation between India and the EU include:
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Trade and Investment: Both India and the EU are major trading partners. Efforts are underway to enhance bilateral trade relations through negotiations for a comprehensive free trade agreement known as the EU-India Broad-Based Trade and Investment Agreement (BTIA). Additionally, initiatives aim to promote investment flows between India and the EU.
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Political Dialogue and Strategic Partnership: India and the EU engage in regular political dialogues to discuss regional and global issues of mutual concern, including security, counter-terrorism, climate change, and sustainable development. They have established a strategic partnership framework to deepen cooperation in these areas.
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Research and Innovation: Collaboration in research and innovation is a growing area of cooperation between India and the EU. Joint research projects, technology partnerships, and academic exchanges are promoted to address common challenges and foster technological innovation.
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Education and Culture: India and the EU cooperate in the fields of education, culture, and people-to-people exchanges. Programs such as Erasmus+ facilitate student and academic mobility between India and EU member states, while cultural events and initiatives promote mutual understanding and appreciation.
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Energy and Climate Change: India and the EU collaborate on energy security, renewable energy, and climate change mitigation efforts. Dialogues and partnerships focus on promoting clean energy technologies, sustainable development, and the implementation of the Paris Agreement on climate change.
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Security and Counter-Terrorism: Cooperation in security and counter-terrorism is a priority for India and the EU. They exchange information, share best practices, and coordinate efforts to combat terrorism, cyber threats, and other transnational security challenges.
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Migration and Mobility: India and the EU engage in dialogue on migration and mobility issues, including legal migration, visa facilitation, and irregular migration management. Cooperation aims to promote safe, orderly, and regular migration flows while addressing challenges related to migration governance.
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Healthcare and Public Health: Collaboration in healthcare and public health is increasingly important, especially in areas such as pandemic preparedness, disease surveillance, and healthcare infrastructure development. India and the EU work together to strengthen health systems and respond to global health challenges.
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For Prelims: Current events of national and international importance
For Mains: GS-II:GS-II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
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Previous Year Questions
1.Consider the following statements: (UPSC CSE 2023)
The ‘Stability and Growth Pact’ of the European Union is a treaty that 1. limits the levels of the budgetary deficit of the countries of the European Union 2. makes the countries of the European Union to share their infrastructure facilitie 3. enables the countries of the European Union to share their technologie How many of the above statements are correct (a) Only one (b) Only two (c) All three (d) None Answer (a)
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ARTICLE 370
1. Context
2. Article 370 of the Indian Constitution
Article 370 of the Indian Constitution is a provision that granted special autonomous status to the state of Jammu and Kashmir (J&K). It played a crucial role in shaping the relationship between the Indian government and the region but has also been a topic of intense debate and controversy. This article aims to provide an overview of Article 370, its historical context, key provisions, and the debates surrounding its revocation.
3. Historical Context
Article 370 was incorporated into the Indian Constitution in 1949, during the process of integrating the princely states into the newly independent India. At the time, Jammu and Kashmir was a princely state ruled by Maharaja Hari Singh. The article was introduced to accommodate the unique circumstances of the region and to respect the wishes of its people.
4. Key Provisions of Article 370:
- Autonomy: Article 370 granted Jammu and Kashmir a certain degree of autonomy, allowing it to have its own constitution, flag, and the power to legislate on matters other than defense, foreign affairs, and communications.
- Application of Central Laws: The central government had limited jurisdiction in the state, and its laws were only applicable if the state government specifically consented.
- Dual Citizenship: Residents of Jammu and Kashmir were considered citizens of both the state and India. This provision was meant to preserve the distinct identity of the region.
5. Contemporary Debates and Criticisms:
- Integration vs. Alienation: Critics of Article 370 argued that it perpetuated a sense of separatism and hindered the integration of Jammu and Kashmir with the rest of India. They claimed that the special status prevented the extension of progressive laws and policies to the region.
- Gender Inequality: Another point of contention was the discriminatory provision that denied property rights to women who married individuals from outside the state. This provision was seen as undermining the principles of gender equality and human rights.
- National Security Concerns: Some argued that the autonomous status provided by Article 370 hindered the Indian government's ability to effectively tackle security challenges in the region, particularly the cross-border militancy.
6. Revocation of Article 370
In August 2019, the Indian government, under the leadership of Prime Minister Narendra Modi, made the historic decision to revoke the special status of Jammu and Kashmir. The government argued that this move would facilitate the integration of the region and bring socio-economic development to its people. However, the revocation was met with mixed reactions, both within and outside of the region.
7. Way forward
Article 370 of the Indian Constitution was a unique provision that granted special autonomous status to the state of Jammu and Kashmir. While it aimed to respect the aspirations of the people of the region, it also sparked debates and controversies. The decision to revoke Article 370 in 2019 marked a significant shift in the relationship between the Indian government and Jammu and Kashmir. The consequences of this decision, both positive and negative, are still unfolding, and the future trajectory of the region remains uncertain.
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For Prelims: Article 370, Jammu and Kashmir (J&K), Maharaja Hari Singh, Central laws, Dual Citizenship, Gender inequality. For Mains: 1. Discuss the historical background and significance of Article 370 of the Indian Constitution. Analyze its provisions and their impact on the governance and autonomy of Jammu and Kashmir. (250 words). |
Previous year Question1. When did the Constitution of Jammu and Kashmir come into force? (UPSC CAPF 2016) A.26th January 1957 B. 15th August 1947 C. 25th July 1956 D.14th November 1947 Answer: A 2. State Legislature of Jammu and Kashmir can confer special rights and privileges on permanent residents of J and K with respect to - (MPSC 2019) Find the correct options below. (a) Employment under State Government (b) Settlement in the state (c) Acquisition of immovable property (d) Right to Scholarship (e) Right to entry into heritage sites A. (a), (b), (c), (d), (e) B. (a), (b), (c), (d) C. (a), (b), (c) D. (a), (b) Answer: B |
WORLD BANK'S GLOBAL ECONOMIC PROSPECTS REPORT
- According to the World Bank, the global economy is projected to face a significant downturn by the end of 2024, potentially marking the slowest GDP growth in three decades, highlighting the urgent need for a major course correction.
- Increasing geopolitical tensions may introduce new short-term risks to the global economy, with the latest Global Economic Prospects report, released on January 9, 2024, indicating that this period could see the slowest five-year GDP growth rate in 30 years.
- A previous report by the World Bank in June 2023 indicated that the global economy was precariously positioned, with significant growth slowdowns anticipated due to sharp interest-rate hikes impacting economic activities and intensifying vulnerabilities in lower-income nations.
- This slowdown was linked to several factors, including overlapping negative impacts from the COVID-19 pandemic, Russia's invasion of Ukraine, and stringent monetary policies to combat high inflation.
- While the global economic situation has improved compared to the previous year, reducing the risk of a global recession primarily due to the robust performance of the United States' economy, the medium-term outlook for many developing countries has worsened. Most major economies are experiencing decelerating growth, weak global trade, and the tightest financial conditions in decades, the report noted.
- Global trade growth in 2024 is forecasted to be half of what it was in the decade before the pandemic. Developing economies, particularly those with low credit ratings, are expected to continue facing high borrowing costs, with global interest rates at their highest levels in four decades when adjusted for inflation.
- Global growth is anticipated to decelerate for the third consecutive year, decreasing from 2.6 percent last year to 2.4 percent in 2024, which is nearly three-quarters of a percentage point below the average growth rate of the 2010s. Developing economies are projected to grow at 3.9 percent, over a percentage point less than their average growth in the previous decade.
- Low-income countries, following a disappointing performance last year, are expected to grow by 5.5 percent, lower than earlier projections. By the end of 2024, roughly one-fourth of developing nations and about 40 percent of low-income countries will remain poorer than they were before the COVID-19 pandemic in 2019. Growth in advanced economies is expected to decline to 1.2 percent this year from 1.5 percent in 2023
- According to the World Bank’s latest Global Economic Prospects report, India's growth for the fiscal year 2023/24 (April 2023 to March 2024) is estimated to have risen to 8.2 percent, which is 1.9 percentage points higher than the January estimate.
- The report also indicates that global growth is expected to remain steady at 2.6 percent in 2024 and slightly increase to an average of 2.7 percent in 2025-26, which is significantly lower than the pre-COVID-19 average of 3.1 percent.
- "India is projected to continue as the fastest-growing among the world's largest economies, though its growth rate is expected to slow. Following a robust performance in FY2023/24, an average growth rate of 6.7 percent per year is anticipated for the three fiscal years starting in FY2024/25," the report states. This slowdown is primarily attributed to a decrease in investment from a high baseline
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What is the World Bank?
The World Bank is an international financial institution that provides financial and technical assistance to developing countries around the world. Its primary goal is to reduce poverty and support development by providing loans, grants, and expertise for projects that can improve infrastructure, education, health, and other critical areas. Here are some key points about the World Bank:
The main mission of the World Bank is to reduce poverty and improve living standards by promoting sustainable development. This includes funding projects that can lead to economic development, such as building infrastructure, improving education systems, and supporting agricultural development
The World Bank provides loans and grants to the governments of poorer countries to help them carry out development projects. These projects can range from building schools and hospitals to providing clean drinking water and improving roads and transportation systems
The World Bank is also a leading source of research and data on global development. It publishes numerous reports and datasets on economic trends, poverty, and development challenges, which are used by policymakers, researchers, and the public
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For Prelims: Indian Economy, International reports, World Bank
For Mains: GS-III: Indian Economy
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Previous Year Questions
1.‘Global Financial Stability Report’ is prepared by the (UPSC CSE 2016) (a) European Central Bank (b) International Monetary Fund (c) International Bank for Reconstruction and Development (d) Organization for Economic Cooperation and Development Answer (b) The 'Global Financial Stability Report' is prepared by the International Monetary Fund (IMF). This report provides comprehensive assessments of global financial markets, identifies potential vulnerabilities, and offers policy recommendations to foster financial stability. It is published twice a year, typically in April and October |
