Economic Growth Current Affairs - 2020
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The World Productivity Congress has been conducted by the World Confederation of Productivity Science since 1969. It was last held in India in 1974. The Congress is held under the theme
Theme: Industry 4.0-Innovation and Productivity
The 19th World Productivity Congress to be held in Bengaluru aims at catalyzing government approaches in enhancing productivity. It is to be held between May 6, 2020 and May 8, 2020.
The Congress will act as a platform to shape future productivity growth. It will also help India and other attending stakeholders to learn innovative approaches that are essential to support the growing population. It is expected that the world population will reach 9.7 billion by 2050 and 11.2 billion by 2100 according to the United Nations.
According to the World Economic Forum, India will become the third largest economy in the world after US and China by 2030. Also, in the next few years India is expected to grow at 7% though it is facing a slowdown currently. This huge market potential of India makes it an ideal choice for the 19th world productivity congress.
Tags: Economic Growth • Economic Slowdown • Industrial production • Innovation • United Nation
The GoI think tank NITI Aayog joined hands with the National Association of Software and Services (NASSCOM) and launched the Artificial Intelligence module for school students. The NITI Aayog is to be represented by Atal Innovation Mission of the think tank.
The Artificial Intelligence module is to be implemented in 5,000 Atal Tinkering labs and this is to empower 2.5 million students. NITI Aayog believes that India shall add 1.3% of its GDP if machine learning and Artificial Intelligence are developed.
It is expected that the global Artificial Market is likely to grow to the range of 15 to 15.5 trillion USD by 2030. Of this India is to certainly contribute 1 trillion USD. Therefore, its is important to prepare work power to sustain the growth of the field. If Indian work power is not being prepared to fill the future requirement, the spaces will be occupied by foreign nationals. This will create unemployment amongst Indian citizens and also push Indian economy backwards.
Tags: Artificial Intelligence • Atal Innovation Mission • Atal Tinkering Lab • Economic Growth • Employment generation