Prime Minister Narendra Modi on Saturday chaired a meeting with the members of the Economic Advisory Council (EAC) to the prime minister and discussed a plethora of ideas and measures to bolster India's economic growth amid global turmoil.
The prime minister and the EAC-PM members discussed various ideas and measures to further boost India's economic growth in times of global turmoil, they said.
The members also gave their assessment of the impact of the West Asia conflict on India and the world.
West Asia Conflict's Potential Impact
Ever since the war in West Asia began, economies around the world have felt adverse impacts in various aspects; be it energy prices spiralling out of control, restriction to air spaces, or security threats.
Additionally, conflict and military escalation threatens to push 2.5 million people in India into poverty and the country is projected to experience some loss in its human development progress, according to estimates and projections by the United Nations.
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The United Nations Development Programme, in a report titled 'Military Escalation In The Middle East: Human Development Impacts Across Asia And The Pacific' noted that the conflict is "widening human development pressures across Asia and the Pacific.
Through higher fuel, freight, and input costs, the shock is diminishing household purchasing power, raising food insecurity, straining public budgets, and weakening livelihoods."
The preliminary assessment, issued Tuesday, estimates that globally 8.8 million people are at risk of falling into poverty and the West Asia military escalation could cost Asia-Pacific up to $299 billion.
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