India will remain fastest growing economy; South Asia outlook poor: UN report

FILE PHOTO: A worker arranges food packets inside a retail store in Kolkata October 24, 2013. REUTERS/Rupak De Chowdhuri/File Photo
India will remain the fastest-growing major economy recording a growth of 5.8 per cent this year while the rest of the world will grow by a paltry 1.9 per cent, the UN said on Jan. 26, 2023. The UN’s World Economic Situation and Prospects (WESP) report sliced off 0.2 per cent from the 6 per cent gross domestic product growth projection made last May without affecting India’s rank as the country faces headwinds from the global economy Overall, the report said, “Growth in India is expected to remain strong at 5.8 per cent, albeit slightly lower than the estimated 6.4 per cent in 2022, as higher interest rates and a global slowdown weigh on investment and exports”. Next year, the UN expects India’s economy to grow by 6.7 per cent. The WESP gave a positive picture of India’s jobs scene, noting that its “unemployment rate dropped to a four-year low of 6.4 per cent in India, as the economy added jobs both in urban and rural areas in 2022”. For the world, the WESP forecast is 1.9 per cent this year and rising to 2.7 per cent next year. In New Delhi, India’s President Droupudi Murmu credited India’s economic performance to its leadership”. “India has been among the fastest-growing major economies because of the timely and proactive interventions of the government. The ‘Aatmanirbhar Bharat’ initiative, in particular, has evoked great response among the people at large,” Murmu said in her Republic Day speech. China, which came in second, is projected to grow by 4.8 per cent this year and 4.5 next year, after a 3 per cent growth in 2022. The US economy is projected to grow by 0.4 per cent this year and 1.7 per cent the next. For South Asia as a whole, the report said the region’s “economic outlook has significantly deteriorated due to high food and energy prices, monetary tightening and fiscal vulnerabilities” and it forecast a 4.8 per cent growth year and 5.9 per cent next year.This was buoyed by India as the report said, “The prospects are more challenging for other economies in the region. Bangladesh, Pakistan and Sri Lanka sought financial assistance from the International Monetary Fund (IMF) in 2022”.India will remain fastest growing economy; South Asia outlook poor: UN report
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The Surging South Asian Audience in the USA: Shaping Media and Economy for a New Era

New Jersey, USA — The South Asian population in the United States is rapidly growing, bringing with it a dynamic shift in demographics and its unique influence on the nation’s economy and media landscape. In this article, we explore the behavior, age groups, spending patterns, and evolving language preferences of the South Asian audience, as presented through the insights of Mr. Sai Sagar Patnaik, A Media Analyst with a wealth of knowledge and expertise in the South Asian media industry.

The South Asian population in the United States is rapidly growing, and its influence on the nation’s economy and media landscape is becoming increasingly evident. South Asians are starting businesses, contributing to the workforce, and shaping the culture of the United States. They are also consuming media in English and other South Asian languages, and their preferences are influencing the media landscape.

For instance, the presence of cricket matches on platforms like ESPN Plus is a clear testament to the growing significance of South Asian audiences in influencing media content and choices within the United States. Notably, the recent inclusion of cricket in the Olympics and the hosting of the T20 World Cup matches in the USA provide additional evidence of this trend.

South Asians are also influencing the American media landscape. With a growing Telugu & Hindi-speaking population, media outlets catering to regional-speaking audiences have emerged. This includes television channels, radio stations, and digital platforms, offering news, entertainment, and cultural content in Telugu. However, the South Asian audience is primarily English-speaking, and their preference for consuming content in English plays a pivotal role in their media choices. Traditionally, South Asian television networks struggled to generate substantial revenues due to the English-speaking ability of their audience. For instance, American corporations like the known food chain in America, aiming to target an English-speaking audience, would often prefer to allocate their advertising budgets to national TV networks rather than regional media, said Sai Patnaik.

Furthermore, South Asian influence is increasingly evident in mainstream media. TV networks and streaming platforms have recognized the value of capturing this audience, resulting in a surge of South Asian representation in American TV shows and movies. This not only enhances cultural diversity but also offers new opportunities for South Asian actors, writers, and producers.

The market for the South Asian population in the USA is thriving and rapidly expanding. South Asians are leaving an indelible mark on the American fabric, and their contributions are undoubtedly enriching the United States in many ways.

About the Author:Sai Sagar Patnaik is a South Asian Media Maven and Strategist with a passion for exploring and highlighting the cultural influences shaping media industries. As a seasoned professional, Sai brings a unique perspective to the evolving landscape of media and cultural intersections. For inquiries or further discussions, you can reach Sai via email at saisagar.patnaik@gmail.com The Surging South Asian Audience in the USA: Shaping Media and Economy for a New Era
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Brics+ and the Tricky Business of Balancing Global Geopolitics

By Priyal Singh: Will an expanded BRICS precipitate a new international order, or collapse under the weight of its internal contradictions? The words of 13th century Persian poet Jalāl al-Dīn Muḥammad Rūmī, 'As you start to walk the way, the way appears,' certainly found new resonance in Johannesburg last week at the 15th BRICS Summit. Apart from expanding the diplomatic club to include Iran, Argentina, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates, the summit revealed the global south's growing disillusionment with the current structure of the international system. These frustrations have bolstered BRICS' appeal as a counterweight to leading Western countries, such as those composing the G7. More significantly, an expanded BRICS represents a resounding call for international reform by global south states, exclusive from, and in opposition to, traditional Western powers. This unprecedented moment reflects the shifting locus of global power, and has propelled an expanded BRICS to chart a way into unknown territory. Decisions over the nature and trajectory of global order were once the sole preserve of the European 'great' powers, along with the United States (US). The contemporary international system will undoubtedly be shaped by the Asia-Pacific region, Africa, the Middle East and Latin America. If global institutions fail to evolve, international cooperation on pressing issues will inevitably fail If global institutions fail to evolve and accommodate this reality, international cooperation on the most pressing issues of our time will inevitably fail. On paper, this is the fundamental challenge BRICS intends to address in order to bring about a more 'representative, fairer international order, [and] a reformed multilateral system.' How it does so, however, remains poorly defined.  One likely approach is to use the group's combined economic clout to pursue global governance, financial and justice system reform, and alternative paths on specific issues like climate change. Already, the current BRICS states' collective economic output (based on GDP adjusted for purchasing power parity) is roughly US$3 trillion larger than the G7, which includes Canada, France, Germany, Italy, Japan, the US and United Kingdom. (As a non-enumerated member, the European Union is excluded.) With six new BRICS members in 2024, this difference rises to just under US$11 trillion. However, economic output measured by GDP based on current exchange rates places the G7 as the larger combined economy (even with the six new BRICS members). Coordinated action on points of contention may not be as easy for BRICS as for the G7 Regardless, countries in the global south are increasingly poised to challenge the economic dominance of traditional powers. And based on the former's current growth trajectories, will decisively outperform the G7 economies over the coming decades. This combined economic influence could help to secure greater representation and fairer rules and procedures in the United Nations Security Council, International Criminal Court, World Bank and International Monetary Fund - among others alluded to in the BRICS Johannesburg II Declaration. However, coordinating common action on specific points of contention may not be as easy for the expanded BRICS grouping as for the G7. G7 countries have structured their cooperation on global matters around shared liberal political values and norms, particularly on democracy and civil liberties. While these have been threatened in recent years by the rise of populist right-wing administrations, G7 members' considerable normative and political alignment underpins their global economic clout. The expanded BRICS grouping, on the other hand, is a more arbitrary constellation of states with very different (and sometimes diametrically opposed) political systems and values. They range from progressive constitutional democracies to closed and repressive theocracies, to countries experimenting with hybrid authoritarianism. Ironically, BRICS may be in its ascendency due to its ambiguity and loosely articulated vision: An analysis of various governance variables across member countries, including perceptions of political stability, rule of law, government effectiveness and basic freedoms, reveals a high level of variance. Scores for each of these variables show a standard deviation from the mean that is often more than double that of G7 countries. That raises serious questions about BRICS' ability to pursue coherent, coordinated action on global institutional reform, despite members agreeing that the international system is unfairly structured. Without a robust normative basis for cooperation, disagreements over issues such as gender equality, individual rights and liberties, and the character of a new international order, could derail momentum needed for meaningful change.  Ironically, BRICS may well be in its ascendency due to its ambiguity and loosely articulated vision of multipolarity and a reformed international system. However, as the group expands and evolves into something more concrete, difficult issues may not be as easy to kick down the road as before. For example, how do all members justify provisions in the Johannesburg II Declaration on respecting international humanitarian law in conflict situations, increased participation of women in peace processes, and the promotion and protection of democracy, human rights and fundamental freedoms for all? Squaring these provisions with the brazen violations by certain current and incoming BRICS members will test the mettle of the diplomatic club. These contradictions must be overcome for BRICS to muster not only its economic clout, but the moral and political capital to pursue reforms and serve as a counterweight to the G7. Rumi's wisdom still rings true, but as the expanded BRICS group marches towards a new world order, the way ahead may be murkier than initially expected.Priyal Singh, Senior Researcher, Africa in the World, ISS Pretoria. Source: https://allafrica.com/
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