The most recent Global Economic Prospects edition from the World Bank anticipates a decline in worldwide growth from 3.1% in 2022 to 2.1% in 2023. Growth for Emerging Markets and Developing Economies (EMDEs), excluding China, is also predicted to drop this year, from 4.1% to 2.9%. Unemployment levels in India dipped to their lowest since the beginning of the COVID-19 pandemic during the first quarter of 2023, at 6.8%. The labor force participation rate also rose during this period. This transformation is due to various factors, including high inflation, an increase in borrowing expenses, and fiscal consolidation that affects both public and private consumption.
Despite these challenges, India is projected to maintain its position as the fastest-growing economy among the major EMDEs in terms of both aggregate and per capita GDP. The World Bank Group’s flagship report, Global Economic Prospects, is published twice a year and provides in-depth analysis and predictions on worldwide growth, trade, inflation, financial markets, and regional outlooks, with particular emphasis on emerging market economies and developing nations.
Indian Government Greenlights Jan Aushadhi Kendras Establishment in PACS
In a substantial move, the Indian government has allowed 2000 Primary Agricultural Credit Societies (PACS) to set up Pradhan Mantri Bhartiya Jan Aushadhi Kendras across the country. These kendras, part of the Pradhan Mantri Bhartiya Janaushadhi Pariyojana initiative started by the Ministry of Chemicals and Fertilizers’ Department of Pharmaceuticals in November 2008, aim to provide access to affordable, high-quality medicines for all, especially those residing in remote areas, thus reducing overall healthcare costs.
Jan Aushadhi Kendras stock generic drugs that offer the same quality and efficacy as higher-priced brand-name medications but are priced 50% to 90% cheaper. These centres also market auxiliary medical products typically found in chemists’ shops to ensure their viability. The supply, procurement, and marketing of these generic drugs are supervised by the Pharmaceutical & Medical Devices Bureau of India (PMBI), formed with the assistance of all Pharma Central Public Sector Undertakings (CPSUs) within the Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers.
World Oceans Day: Protection and Conservation
World Oceans Day, held annually on June 8, aims to increase public awareness about the crucial role of oceans and the importance of preserving and protecting marine resources. With the theme “Planet Ocean: tides are changing” for 2023, this global celebration emphasizes the ocean’s vast coverage area, making up 70% of our planet, its role as a significant oxygen producer (at least 50% of the planet’s oxygen), and its function as home to the majority of the world’s biodiversity.
Many communities worldwide depend on the ocean as their primary source of protein, with an estimated 40 million individuals projected to be employed by ocean-based industries by 2030. Yet, despite these benefits, the ocean requires our help urgently, with 90% of large fish populations depleted and 50% of coral reefs destroyed.
“Addiction Free Amrit Kaal”: National Campaign against Tobacco
The National Commission for Protection of Child Rights (NCPCR) launched the national campaign “Addiction Free Amrit Kaal” on World No-Tobacco Day (31st May). The initiative aims to establish a healthier, addiction-free India, specifically addressing the urgent issue of tobacco and drug addiction among the nation’s children. The campaign emphasizes the importance of the proposed amendment to the Cigarettes and Other Tobacco Products Act (COTPA) in creating a tobacco-free environment for children. Tobacco and drug addiction present severe health risks, with over 13 lakh deaths per year in India due to tobacco consumption alone.
To actively engage children in the fight against these habits, ‘Prahari Clubs’ have been launched in schools, with about 60,000 having been formed so far. These clubs serve as conduits for children to report any shops selling tobacco close to their schools, thereby serving as government informants.
