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Bridging the chasm of global inequality
What were the main outcomes of the Summit of the Future?
- Resulted in a Global Digital Impact initiative and a Declaration on Future Generations
- Established an International Scientific Panel and a Global Dialogue on AI
- Called for categories of members in Security Council reform
- Pledged to give developing countries a greater say in global financial institutions
How does the article characterize the current state of global governance?
- Continued imbalance in institutions and agenda-setting favoring developed countries
- G-7 countries still have significant influence in shaping the global agenda
- Developing countries’ concerns receive less attention
- Inequality persists in key areas despite the re-emergence of China and India
What historical trends in global power distribution does the article highlight?
- Shift in natural resource consumption from Western dominance to increasing Asian share
- Change in GDP share, with developing countries’ combined GDP growing relative to G-7
- Energy consumption patterns showing a trend towards a more equal world
- Technological imbalances still favoring the West, with China and India as outliers in certain areas
What challenges do developing countries face in global governance?
- Limited ability to set the global agenda despite gaining a voice
- Lack of exploitation of opportunities presented by the UN system
- Global governance shaped by consensual science developed by ‘official experts’
- Need for deeper involvement in expert bodies on AI and GDP to influence global priorities
Can you answer the following question?
Analyze the evolving dynamics of global governance in light of the Summit of the Future and the historical shifts in economic and political power.
Make in India Achievements
What were the main objectives of the Make in India (MI) policy launched in 2014?
- Raise the manufacturing sector’s share in GDP to 25% from 14%-15%
- Create 100 million additional industrial jobs by 2025
- Similar to the New Manufacturing Policy 2012, but actually implemented
What are the outcomes of the Make in India policy after 10 years?
- Manufacturing real gross value added (GVA) growth rate slowed from 8.1% (2001-12) to 5.5% (2012-23)
- Manufacturing sector’s GDP share stagnated at 15%-17% over the last three decades
- Manufacturing employment declined from 12.6% (2011-12) to 11.4% (2022-23)
- Unorganised manufacturing employment declined by 8.2 million from 38.8 million in 2015-16 to 30.6 million by 2022-23,
- Agriculture’s share in the workforce increased from 42.5% (2018-19) to 45.8% (2022-23)
Why is India experiencing premature de-industrialisation?
- Fixed investment growth collapsed
- Industrial output growth rate is much lower than official estimates
- Gross fixed capital formation (GFCF) growth rate was practically zero
- Booming imports, mainly from China, met the demand
- The World Bank’s Ease of Doing Business index improvement did not translate to increased domestic investments.
What suggestions does the article provide to reverse de-industrialisation?
- Re-imagine industrial policy to align trade and industrial policies
- Promote domestic value addition and learning
- Implement protection policies to secure dynamic comparative advantage
- Aim for investment-led growth and technological catching up
- Support domestic R&D for adaptive research and indigenisation of imported technology
- Establish publicly funded development finance institutions for affordable long-term credit
Can you answer the following question?
Critically analyze the outcomes of the Make in India policy launched in 2014.
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