[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111334-en":3,"doc-seo-111334-105":28,"detail-sidebar-cat-0-en-105":89},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":11,"language":21,"language_code":22,"site_id":23,"html_lang":22,"table_of_contents":24,"faqs":25,"seo_title":13,"seo_description":14,"update_tm":26,"read_time":27},111334,4398048949847,"Eliana","https://ap-avatar.wpscdn.com/avatar/400002536579ef2da7f?_k=1778318612642679267",8,"Research & Report","109th Meeting of the Development Committee - Statement by Ajay Seth (April 19, 2024)","Statement by Mr. Ajay Seth at the 109th Meeting of the Development Committee on April 19, 2024, addressing global economic conditions and priorities for developing countries. It reviews challenges to growth and stability from overlapping shocks, geopolitical tensions, trade disruptions, high interest environments, currency depreciation risks, and rising debt distress. It then outlines recent developments in the constituency, highlighting India’s robust growth, inflation moderation, investment and manufacturing momentum, and progress in digital transactions, as well as initiatives such as the India AI Mission to catalyze AI innovation and partnerships.","Public Disclosure Authorized Pub lic Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND NINTH MEETING WASHINGTON, DC – APRIL 19, 2024  \nDC/S/2024-0009 April 19, 2024  \nStatement by  \nMr. Ajay Seth Secretary of Economic Affairs, Ministry of Finance  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \nStatement by  \nMr. Ajay Seth  \nSecretary of Economic Affairs, Ministry of Finance  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \n109th Meeting of the Development Committee  \nApril 19, 2024  \nWashington, DC  \n1. Today, as we meet, the global economic landscape is showing some signs of recovery but continues to face challenges to economic growth and stability. Owing to the multiple and overlapping shocks over the past four years, the outlook for developing economies remains uncertain, with heightened geopolitical tensions and conflicts disrupting trade lines, continued high interest regime, currency depreciation vulnerabilities, and rising risks of debt distress. However, some economies are demonstrating remarkable resilience, and adaptability, and have seen a sustained period of recovery and growth.  \n2. This complex environment calls for a collective global action and concerted efforts from all stakeholders-governments, international organizations, and private sector to spur economic growth and strive towards early achievement of the Sustainable Development Goals (SDGs) .  \n3. With these brief remarks, I take this opportunity to outline recent developments in our constituency countries.  \nINDIA  \n4. Despite challenging global scenario, the Indian economy has shown robust growth over the past year backed by the sustained consumption and investment demand. The GDP growth estimate for FY24, which has been revised upwards from 7.3 percent to 7.6 percent in the second advance estimates, highlights the enduring strength and resilience of the Indian economy. India grew above 8 percent for three consecutive quarters ofFY24, reaffirming its position as a standout performer amidst sluggish global growth trends.  \n5. Similar sentiments have been echoed by various agencies who have revised India’s FY24 growth estimate closer to 8 percent. India's proactive stance on reform and investment in sustainable growth avenues sets a benchmark for emerging economies.  \n6. Government’s thrust on capex continued to crowd in private investment resulting in enhanced Gross Fixed Capital Formation (GFCF) at constant prices registering a growth above 10 percent in FY24 . There has been a strong pick-up in investment, as reflected in the rising share of GFCF, which increased from 29.6 percent in FY22 to 31.3 percent of GDP in FY24 .  \n7. India's inflation outlook appears positive with headline and core inflation trending downwards, indicating a broad-based moderation in price pressures. On the external front, the narrowing merchandise trade deficit and the rising net services receipts are expected to result in an improvement in the current account balance in FY24 .  \n8. To catalyse and democratise the Artificial Intelligence (AI) innovation ecosystem in the Country, the government has approved the “India AI Mission” with a budget outlay of INR  \n103 billion for building computing infrastructure, developing indigenous AI capabilities,  \nstreamlining access to datasets, attracting AI talent, and financing AI start-ups. The Mission aims to establish a robust AI ecosystem through strategic programs and partnerships across the public and private sectors. The focus on infrastructure and technology is expected to propel India to stay on the curve of technological innovation, consolidate and solidify its position in global supply chain.  \n9. Private consumption continues to support growth. The latest Household Consumption Expenditure Surve","cbCairFzNscxDJDa","https://ap.wps.com/l/cbCairFzNscxDJDa","pdf",180617,1,"English","en",105,"# Global economic outlook\n## Developing countries’ challenges\n# Collective action and SDGs\n# Constituency updates: India\n## Growth performance and GDP revisions\n## Investment, capex, and capital formation\n## Inflation and external sector trends\n## India AI Mission and AI ecosystem\n## Consumption, manufacturing, and services\n## Digital transactions and UPI growth","[{\"question\":\"What global challenges to developing economies does the statement emphasize?\",\"answer\":\"It highlights uncertain growth prospects due to overlapping shocks, geopolitical tensions, disrupted trade lines, high interest conditions, currency depreciation vulnerabilities, and rising risks of debt distress.\"},{\"question\":\"What does the statement say about India’s recent economic performance?\",\"answer\":\"It reports robust growth over the past year, including an upward revision to the FY24 GDP growth estimate and growth above 8 percent across consecutive quarters.\"},{\"question\":\"Which initiative is mentioned to advance India’s AI innovation ecosystem?\",\"answer\":\"The statement cites the “India AI Mission,” with funding aimed at building computing infrastructure, developing indigenous capabilities, improving dataset access, attracting AI talent, and financing AI 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global challenges to developing economies does the statement emphasize?","Question",{"text":73,"@type":74},"It highlights uncertain growth prospects due to overlapping shocks, geopolitical tensions, disrupted trade lines, high interest conditions, currency depreciation vulnerabilities, and rising risks of debt distress.","Answer",{"name":76,"@type":71,"acceptedAnswer":77},"What does the statement say about India’s recent economic performance?",{"text":78,"@type":74},"It reports robust growth over the past year, including an upward revision to the FY24 GDP growth estimate and growth above 8 percent across consecutive quarters.",{"name":80,"@type":71,"acceptedAnswer":81},"Which initiative is mentioned to advance India’s AI innovation ecosystem?",{"text":82,"@type":74},"The statement cites the “India AI Mission,” with funding aimed at building computing infrastructure, developing indigenous capabilities, improving dataset access, attracting AI talent, and financing AI 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