Current Trends in Indian Economy
GDP growth dips to 6.3% as manufacturing slides
- Manufacturing and mining output contracted year on year in the July – September quarter, dragging Gross Value Added growth to a slower than expected 5.6%, which together with high inﬂation and weak exports combined to slow overall Gross Domestic Product (GDP) growth to a 6.3% pace, as per estimates released by the National Statistical Oﬃce.
- The April to June quarter of 2022 fiscal had witnessed GDP growth of 13.5%, with GVA expanding 12.7%.
Reports and Indices
Climate Investment Opportunities in India’s Cooling Sector
- The report titled, “Climate investment opportunities in India’s cooling sector” was released by the World Bank.
Key Highlights of the Report
- From 2030, 160 million to 200 million people will be exposed to lethal heat waves in India every year, and nearly 34 million Indians will face job losses due to heat stress related productivity decline.
- By 2037, the demand for cooling is likely to be eight times more than the current level.
- India should deploy alternative and innovative energy efficient technologies for keeping spaces cool which could open an investment opportunity of $1.6 trillion by 2040, besides reducing greenhouse gas emissions signiﬁcantly and creating 3.7 million jobs.
- There will be a demand for a new air conditioner every 15 seconds in the coming years.
- The report proposes a road map to support New Delhi’s India Cooling Action Plan (ICAP), 2019, through new investments in three major sectors: building construction, cold chains and refrigerants.
- It proposed enacting a policy for “district cooling”. District cooling technologies generate chilled water in a central plant which is then distributed to buildings via underground insulated pipes. This brings down the cost for providing cooling to individual buildings.
About World Bank
- Formation – December 1945
- President – David Malpass
- Headquarters – Washington DC