Introduction: The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) released its report titled “Economic and Social Survey of Asia and the Pacific 2024: Boosting Affordable and Longer-Term Financing for Governments.” The report outlines the significant economic and social challenges India faces due to climate change.
Key Findings:
- Productivity Loss: India is expected to lose approximately 5.8% of daily working hours by 2030 due to rising temperatures, leading to decreased productivity and lower fiscal revenues.
- Disease Spread: Climate change will contribute to the spread of diseases in India, further reducing government revenue collection and increasing fiscal expenditures.
- Agricultural Subsidies: Climate change may necessitate larger agricultural subsidies, which currently account for 20% of total farm incomes in India.
Youth and Labor Market:
- Youth Population: India is home to 60 crore youth aged between 15 to 24 years. The report emphasizes the need for policies to enhance the productivity of young labor to meet regional demands from decreasing labor forces in developed economies.
- Skill Development: The report recommends that the Indian government focus on increasing youth skills through better and more accessible education. Rapid digital and green transitions require youth to have flexible, market-oriented skills to ensure access to the labor market.
Economic Growth:
- Fastest Developing Economy: India emerged as the fastest developing economy in the world with a growth rate of 6.8% in 2023. Formal unemployment was at a 12-year low of 4.1%.
Women’s Economic Opportunities:
- Role of Women: The report underscores the importance of providing opportunities for women to utilize their economic and social talents. It suggests integrating women’s roles in various sectors such as manufacturing and tourism into macroeconomic policies to drive change.
Productivity Comparison:
- Non-Farm Workers: The productivity of non-farm workers in developed economies is about eight times that of India.
About UNESCAP:
- Executive Secretary: Armida Salsiah Alisjahbana
- Headquarters: Bangkok, Thailand
- Established: 1947
- Members: 53 members and 9 associate members
The report provides a comprehensive analysis of the economic and social impacts of climate change on India, highlighting the urgent need for targeted policies and investments to mitigate these effects and ensure sustainable growth.
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