Global Economic Trends 2023

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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?

The average CPI inflation in FY2023 was 6.7%, which declined to 5.4% in FY2024. Signup and view all the answers

Identify two major sectors that registered high growth rates of 9.9% in the economy.

Construction and manufacturing sectors registered high growth rates of 9.9%. Signup and view all the answers

What were two key monetary policy measures implemented to manage inflation?

Proactive monetary policy tightening included a cumulative increase in the policy repo rate by 250 basis points. Signup and view all the answers

What was the trend in new trade restrictions imposed by countries from 2022 to 2023?

About 3,200 new restrictions were imposed in 2022, compared to 3,000 in 2023, indicating a slight reduction. Signup and view all the answers

What were some supply-side measures taken by the government to combat inflation?

Supply-side measures included placing export restrictions, excise duty cuts on fuel, and market release of foodgrains. Signup and view all the answers

What is the purpose of the digital crop survey being conducted in 400 districts?

To integrate data from 6 crore farmers into national registries and streamline access to agricultural services. Signup and view all the answers

How will shrimp farming be boosted to enhance its export potential?

By establishing a network of nucleus breeding centres for shrimp brood stocks and facilitating funding through NABARD. Signup and view all the answers

What is the goal of the Pradhan Mantri Janjati Unnat Gram Abhiyan?

To improve the socio-economic conditions of tribal communities. Signup and view all the answers

What is the significance of the National Cooperation Policy in India?

It aims for the systematic and all-round development of the cooperative sector. Signup and view all the answers

What are women-specific skilling programmes intended to achieve?

To increase the participation of women in the workforce. Signup and view all the answers

What historic cooperative legislation was enacted in 1904?

The Cooperative Credit Societies Act, 1904. Signup and view all the answers

Under which constitutional framework are cooperative societies governed in India?

They are governed under Entry 32 of the State List of the Seventh Schedule of the Constitution of India. Signup and view all the answers

Which act established cooperative societies in a state or Union Territory?

The Cooperative Societies Act of their respective state/Union Territory. Signup and view all the answers

What was the total agricultural exports in FY2024, and how does it compare to FY2023?

$48.8 billion; it was only modestly lower than in FY2023. Signup and view all the answers

What is the purpose of the World's Largest Decentralised Grain Storage Plan (WLGSP)?

To reduce post-harvest losses and prevent distress sales by farmers. Signup and view all the answers

How many new multipurpose PACS are set to be established in the next five years?

2 lakh new multipurpose PACS. Signup and view all the answers

What initiative was launched to help women SHG members achieve sustainable income?

'Lakhpati Didis' programme. Signup and view all the answers

In addition to grain storage, what other services are being diversified by PACS?

Retail distribution of gas/petrol, custom hiring centres, and fair price shops. Signup and view all the answers

What is the goal of the Farmer Producers' Organisations (FPOs) initiative?

To enhance bargaining power, improve access to inputs, and raise farmer incomes. Signup and view all the answers

How many households have been linked through self-help groups (SHGs) by March 2024?

17.7 crore households. Signup and view all the answers

What are the expected benefits of PACS computerisation?

Improved efficiency in operations and better service delivery to farmers. Signup and view all the answers

What are the four main domains of NABARD's role in the cooperative sector?

Refinance support, developmental support, policy support, and supervisory role. Signup and view all the answers

How does NABARD support rural cooperative banks (RCBs) in terms of refinance?

NABARD extends refinance to RCBs to enhance their resources for both short-term and long-term lending. Signup and view all the answers

What percentage of total ground level credit disbursed by rural credit cooperatives comes from NABARD?

Over 55%. Signup and view all the answers

What is the Cooperative Development Fund, and when was it established?

It is a fund established by NABARD in FY1993 to provide developmental support to cooperatives. Signup and view all the answers

How does NABARD promote financial inclusion in rural areas?

NABARD promotes financial inclusion through its Financial Inclusion Fund. Signup and view all the answers

What is the purpose of the statutory inspections conducted by NABARD?

To ensure compliance with statutory and regulatory provisions among rural cooperative banks. Signup and view all the answers

Name a centrally sponsored scheme related to NABARD's support for computerisation in the cooperative sector.

The scheme for the computerisation of the Primary Agricultural Cooperative Societies (PACS). Signup and view all the answers

What inputs did NABARD provide for the formulation of the National Policy on Cooperation?

NABARD provided inputs to the Committee for the National Policy of Cooperation. Signup and view all the answers

What percentage of the global cooperative movement is represented by India?

India accounts for nearly 27% of all cooperatives in the world. Signup and view all the answers

How many cooperative societies are there in India?

There are nearly 8 lakh cooperative societies in India. Signup and view all the answers

Which Indian cooperative is ranked 72nd among the top 300 cooperatives by turnover?

IFFCO is ranked 72nd among the top 300 cooperatives. Signup and view all the answers

What sector accounts for the largest proportion of cooperatives in India?

Housing accounts for 24% of all the cooperatives in India. Signup and view all the answers

What was the main impact of dairy cooperatives during India's White Revolution?

Dairy cooperatives transformed India from a milk-deficient country to the largest milk producer. Signup and view all the answers

Which Indian cooperative is known for its significant role in milk production?

Amul is widely recognized for its contribution to milk production. Signup and view all the answers

What percentage of the Indian population is estimated to be part of the cooperative movement?

Over 20% of the Indian population is estimated to be part of the cooperative movement. Signup and view all the answers

What contribution does the dairy sector make to India's GDP?

The dairy sector contributes to over 5% of India's GDP. Signup and view all the answers

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.