Page 20 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

worldwide in 2023, up 2.7% from 2022 with notable contributions from leading economies in Asia. This
increase was largely driven by residents in China, the United States, Japan, South Korea, and India.

The findings from WIPO’s World Intellectual Property Indicators 2024 showcase India’s advancements in
innovation and IP. The steady increase in resident filings demonstrates the impact of government
initiatives, which aim to make India a global innovation leader.

8. S&P Global retains India 2024-25 GDP forecast, lowers for next two years

S&P Global Ratings retained India’s GDP forecast for the current financial year 2024-25 at 6.8 per cent
while cutting economic growth forecasts for the next two years.

For 2025-26 and 2026-27, the global rating agency pegged India’s GDP forecast at 6.7 per cent and 6.8 per
cent, respectively, down 20 basis points from its previous estimates. For 2027-28, the rating agency
pegged India’s forecast at 7 per cent.

While purchasing manager indices (PMIs) remain convincingly in the expansion zone, other high-
frequency indicators indicate some transitory softening of growth momentum due to the hit to the
construction sector in the September quarter, the rating agency added.

Indian economy grew 6.7 per cent in the April-June quarter, lower than RBI’s 7.1 per cent forecast. The
RBI has pegged India’s 2024-25 GDP growth at 7.2 per cent. IMF and World have pegged it at 7.0 per cent.

9. India leads climate action indicatives at CoP29 UN Climate Change Conference in Baku

India collaborated with various agencies to organize side events on several aspects of climate action
during the CoP29 UN Climate Change Conference at Baku, Azerbaijan, from 11th-22nd November, 2024.
India participated in these side events and shared experiences/initiatives to deal with the climate
challenges.

The important side events include the following:

• Integrating Disaster Resilient Infrastructure into the Adaptation Strategies, 13.11.2024 (CDRI
Pavilion)
Organizers: Govt. of India (MoEFCC) and Coalition for Disaster Resilient Infrastructure (CDRI)

The session was designed as a panel discussion to explore key approaches, challenges, and
opportunities for integrating disaster risk reduction (DRI) into national adaptation strategies, offering
a pathway toward more resilient and sustainable development. The panel deliberated on how
countries can better assess infrastructure vulnerability in the face of changing climate risks, how DRI
can be embedded into national adaptation strategies and long-term development goals, innovative
financing mechanisms, collaboration among stakeholders to advance DRI.

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