Economic Growth Current Affairs - 2020

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UNCTAD: FDI inflows are to drop by 15% due to Corona Virus

The United Nations Conference on Trade, Investment and Development has warned that the Foreign Direct Investment flows all over the world will reduce by 15% due to Corona Virus. According to the organization, the outbreak could cost 2 trillion USD to the global economy.

Highlights

The United Nations earlier pointed out that the growth of the global economy will be slow between 0.5% and 1.5% for the year 2020-21. With the spread of the virus, the organization has predicted further decline in the economic growth.

FDI in India

India has been easing protocols for foreign companies to invest in the country. The FDI inflow was over 318 billion USD between 2014 and 2019. In 2018-19, the FDI inflow was the highest and it stood at 62 billion USD. The FDI is used in India to track the measure of Make in India. The initiative was launched in 2014 to promote India as an investment destination and a global manufacturing hub.

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Corona Virus hits Diamond Industry of Surat greatly

Workers in Diamond Industry of India, especially in the parts of Surat have been facing job losses and pay cuts as Corona Virus has hit exports to China. China is the biggest market of precious stones and since February China is terribly affected with Corona Virus.

Highlights

There are more than 15,000 big and small firms in the state of Gujarat that supply processed diamonds to jewelers globally. The industry employs 1.5 million people. The Gem and Jewelery Export Promotion Council predicts that Indian Gem Industry is to lose 1 billion USD of exports due to Corona Virus.

The effects are already been seen according to the council. The exports to china fell by 14% and to Hong Kong fell by 21% in January, 2020.

How important is Gem Industry to India?

India is the largest exporter of Gems in the world. The Gems industry plays a vital role in Indian Economy. The industry contributes 7% of GDP of the country.

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