Questions and Answers
What was the global growth rate in 2023, and how did it compare to 2022?
The global growth rate in 2023 was 3.3%, reflecting a modest deceleration from the 3.5% growth recorded in 2022.
By what percentage did global merchandise trade contract in 2023?
Global merchandise trade contracted by 1.2% in 2023.
What trend was observed in foreign direct investment (FDI) to developing economies in 2023?
Foreign direct investment to developing economies declined by 9% in 2023.
What was the average consumer price index inflation in FY2023, and how did it compare to FY2024?
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Identify two major sectors that registered high growth rates of 9.9% in the economy.
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What were two key monetary policy measures implemented to manage inflation?
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What was the trend in new trade restrictions imposed by countries from 2022 to 2023?
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What were some supply-side measures taken by the government to combat inflation?
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What is the purpose of the digital crop survey being conducted in 400 districts?
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How will shrimp farming be boosted to enhance its export potential?
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What is the goal of the Pradhan Mantri Janjati Unnat Gram Abhiyan?
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What is the significance of the National Cooperation Policy in India?
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What are women-specific skilling programmes intended to achieve?
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What historic cooperative legislation was enacted in 1904?
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Under which constitutional framework are cooperative societies governed in India?
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Which act established cooperative societies in a state or Union Territory?
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What was the total agricultural exports in FY2024, and how does it compare to FY2023?
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What is the purpose of the World's Largest Decentralised Grain Storage Plan (WLGSP)?
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How many new multipurpose PACS are set to be established in the next five years?
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What initiative was launched to help women SHG members achieve sustainable income?
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In addition to grain storage, what other services are being diversified by PACS?
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What is the goal of the Farmer Producers' Organisations (FPOs) initiative?
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How many households have been linked through self-help groups (SHGs) by March 2024?
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What are the expected benefits of PACS computerisation?
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What are the four main domains of NABARD's role in the cooperative sector?
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How does NABARD support rural cooperative banks (RCBs) in terms of refinance?
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What percentage of total ground level credit disbursed by rural credit cooperatives comes from NABARD?
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What is the Cooperative Development Fund, and when was it established?
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How does NABARD promote financial inclusion in rural areas?
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What is the purpose of the statutory inspections conducted by NABARD?
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Name a centrally sponsored scheme related to NABARD's support for computerisation in the cooperative sector.
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What inputs did NABARD provide for the formulation of the National Policy on Cooperation?
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What percentage of the global cooperative movement is represented by India?
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How many cooperative societies are there in India?
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Which Indian cooperative is ranked 72nd among the top 300 cooperatives by turnover?
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What sector accounts for the largest proportion of cooperatives in India?
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What was the main impact of dairy cooperatives during India's White Revolution?
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Which Indian cooperative is known for its significant role in milk production?
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What percentage of the Indian population is estimated to be part of the cooperative movement?
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What contribution does the dairy sector make to India's GDP?
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Study Notes
Global Economic Overview
- Global growth in 2023 was 3.3%, a slight decrease from 3.5% in 2022.
- Global merchandise trade contracted by 1.2% in 2023, with goods and services trade growing by only 0.8%.
- Countries imposed approximately 3,200 and 3,000 new trade restrictions in 2022 and 2023, respectively.
- Foreign direct investment in developing economies declined by 9% in 2023.
Economic and Investment Growth
- Growth rates for the past three years were 9.7% (FY 2021), 7.0% (FY 2023), and projected at 8.2% (FY 2024).
- A robust investment growth of 9% was observed in FY 2024, driven by fiscal policy support for capital expenditure.
- Sectors like construction and manufacturing exhibited high growth rates of 9.9% each.
Inflation Trends
- Average CPI inflation surged to 6.7% in FY 2023 due to rising global food and energy prices linked to the Russia-Ukraine War.
- Inflation moderated to an average of 5.4% in FY 2024 with core inflation dropping below 4% in the last four months of the year.
- Proactive monetary policy included a cumulative rate hike of 250 basis points between May 2022 and February 2023, aiding inflation control.
Agricultural Export and Initiatives
- Agricultural exports in FY 2024 totaled $48.8 billion, only slightly lower than in FY 2023, despite export curbs on rice and sugar.
- The World's Largest Decentralised Grain Storage Plan was launched to mitigate post-harvest losses and improve farmers' pricing power.
- Plans to establish 2 lakh new multipurpose cooperative societies in five years aim to enhance agricultural credit and reduce costs for farmers.
Cooperative Sector Development
- Historical milestones in India's cooperative movement include landmark acts and committees from 1904 to 2021, shaping the cooperative landscape.
- Cooperative societies are a state subject as outlined in India's Seventh Schedule, governed by state-specific acts.
- India has nearly 8 lakh cooperatives, representing about 27% of global cooperatives and with over 29 crore members contributing to equitable growth.
Sectoral Distribution and Impact
- Major cooperative sectors include dairy, housing, credit, and consumer goods.
- The dairy sector significantly contributes to India's GDP (over 5%) and transformed the country into the world's largest milk producer.
- NABARD supports cooperatives through refinancing, developmental, and policy support, ensuring compliance and capacity building.
Women Empowerment and Digital Growth
- The 'Lakhpati Didis' initiative aims to enable women self-help groups to achieve sustainable incomes exceeding ₹1 lakh per household.
- A digital crop survey in 400 districts will integrate data from 6 crore farmers, enhancing access to agricultural services.
- Aimed at shrimp farming and exports, a network of breeding centres will be funded through NABARD to boost sector growth.
Conclusion
- The cooperative movement in India is a vital part of the economy, fostering sustainable growth and development across multiple sectors, particularly in agriculture and dairy.
- Ongoing initiatives focus on improving the socio-economic conditions of marginalized communities, enhancing women's participation in the workforce, and leveraging digital technology for agricultural advancement.
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Description
This quiz explores the global economic growth rates, trade trends, and foreign direct investment dynamics reported in 2023. Test your knowledge on how these factors interplay in the context of international trade and investment in developing economies. Delve into the statistics and insights provided by major economic organizations.