United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) released a report titled “Economic and Social Survey of Asia and the Pacific 2024: Boosting affordable and longer-term financing for Governments”.
- As per the report, India is expected to lose approximately 5.8% of daily working hours due to increasing temperatures by 2030. This would lead to decrease in productivity and lower collection of fiscal revenues.
India-Specific Key Findings:
i.The report highlighted that climate change will contribute to the spread of diseases in India which will further lower government revenue collection.
- In order to mitigate such adverse effects, government will be required to increase fiscal expenditures.
ii.The report mentioned that climate change may lead to larger agricultural subsidies, as farm subsidies account for 20% of total farm incomes in India.
iii.The report noted that the Asia and Pacific region specifically about India which is home to 60 crore youth aged between 15 to 24 years required to frame policies to enhance the productivity of young labour, if they are to match the regional demand from decreasing labour force in developed economies which have higher productivity.
- Recommendation: The report suggested that Indian Government need to focus on increasing the skills of the youth through better and more accessible education.
- Due to rapid digital and green transitions that youth will need flexible, market-oriented skills to ensure access to the labour market.
- India emerged as the fastest developing economy in the world with 6.8% in 2023. and formal unemployment was at a 12-year low of 4.1%.
v.The report underscored opportunities that will help women to use their economic and social talents as care demands may decrease.
- Women’s role in different sectors such as: manufacturing and tourism are integrated into macroeconomic analysis to inform appropriate policies the initiate change.
Note: The productivity of non-farm workers in developed economies is about 8 times that of India.
About United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP):
It is one of the 5 regional commissions of United Nations Economic and Social Council (ECOSOC)
Executive Secretary: Armida Salsiah Alisjahbana
Headquarters: Bangkok, Thailand
Established: 1947
Members – 53 members and 9 associate members
