News in Shorts- 13 June

13 Jun 2024

G-7 Outreach Meeting

The Prime Minister of India will travel to Italy on June 13 for a G-7 outreach meeting.

G-7

G-7 intergovernmental organisation, formed in 1975, convenes annually to address shared concerns such as global economic governance, international security, and energy policy. 

  • Members: The G7 comprises the UK, Canada, France, Germany, Italy, Japan, and the US. 
    • All G7 members are also part of the G20. 
  • No Charter: Unlike formal organisations, the G7 operates without a charter or a secretariat. 
  • Presidency and Agenda Setting: Each year, the presidency rotates among member nations, which leads to agenda-setting. 
    • Sherpas, ministers, and envoys collaborate on policy initiatives before the summit.
  • Last summit: The 49th G7 summit took place in Hiroshima, Japan.
  • Participation of India: India, though not a member of the G7, participated as a guest in the 2019, 2021, and 2022 G7 summits upon invitations from France, the UK, and Germany respectively.

Inflation dip meets output rise in FY25

In early FY25, the Indian ecnomy showed resilience with increased factory output and marginal fall in retail inflation.

  • Retail Inflation: Retail inflation based on the consumer price index (CPI) fell to 4.75% in May from 4.83% in April, touching the lowest in a year
  • Core Inflation: Core inflation remained benign and moderated further to 3.1% in May. 
  • Food Inflation: Food inflation, which accounts for nearly 40% of the overall consumer price basket, rose 8.69% year-on-year in May, compared with 8.70% in April. 
    • Reasons: Food prices have remained elevated for over a year, primarily due to last year’s uneven and below-normal monsoon rains. 
  • Growth and Variations: India’s economy expanded at 8.2% in FY24, supported by a 7.8% increase in the January-March quarter. This belied fears of a slowdown as manufacturing, electricity, and construction continued to perform well.

 

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