What does the crystal ball say about 2024? French seer and astrologer Nostradamus predicted severe flooding due to climate change. He also foretold economic, environmental, political, and social changes in the coming year. He predicted conflicts with China, the war in the Middle East, a new Pope in the Vatican, and the replacement of King Charles of England.
Businesses in 2024 will face several challenges, such as political instability, inflation, talent shortages, cyber attacks, climate change, and artificial intelligence. Changing work styles will also impact our daily lives. Next year, national elections are scheduled in more than 40 countries, including seven with large populations. The upcoming US Presidential election is one of the most important of these elections. President Joe Biden and his predecessor, Donald Trump, are competing against each other. President Putin is running for reelection in Russia, seeking a fifth term.
President Zelenskky is considering running for re-election in Ukraine. Two women are running for the post of President of Mexico. Paris will host the 2024 Olympic Games from July 26 to August 11. The opening ceremony will be on boats that will carry athletes down the Seine. Banknotes with King Charles III’s image will soon be in circulation. Dutch schools have banned mobile phones. The Ram temple in Ayodhya will be inaugurated at the start of the new year in India. That has been a crucial electoral issue for the BJP. The party has already revoked Article 370, but implementing a uniform civil code remains another critical issue.
The Finance Minister, Nirmala Sitharaman, will present the annual budget on February 1. The 2024 Lok Sabha election will be crucial for PM Modi’s political future. The result will impact Rahul Gandhi’s leadership of the Congress and test the Opposition’s unity. It will also be a chance for BJP to gain support in southern India. The outcomes of the recent elections in five states have left the opposition parties dissatisfied. However, they have agreed to put aside their differences and work together.
Congress has acknowledged the situation and decided to join forces with the Opposition. To succeed, the Opposition must create a flexible political strategy that is on par with the BJP’s resources, leadership, and organization. The upcoming assembly elections in eight states will be significant, including Jammu and Kashmir. The 2024 economic outlook is a mix of good and bad news. Experts predict the US economy will grow by 2.4 per cent in 2023 and 1.2 per cent in 2024. But the growth rate will slow, leading to a mild recession in 2024. As per a Reuters forecast, the global growth rate is expected to decrease to 2.6 next year from 2.9 per cent.
India’s economy is expected to grow by 6.3 per cent in 2024, making it the fastest-growing major economy in the world for the third consecutive year. This is due to the country’s resilience and reduced vulnerability to external shocks. The International Monetary Fund predicts India’s growth rate to be over 6 per cent in 2023 and 2024, surpassing China’s 4-5 per cent growth rate. India is projected to become the world’s third-largest economy by 2027, with a GDP of $6.7 trillion expected by 2030-31. The education, healthcare, IT, and PLI industries may grow favourably. India’s leadership in the G20 in 2023 confirms its status as a global power and leader of the South. The next summit meeting will be held in Rio de Janeiro.
The Quad leaders’ summit, planned to be held in New Delhi in January, has been postponed to a later date in 2024. Additionally, the CHOGM meeting is also scheduled to take place in 2024. India’s “Neighborhood First” strategy establishes cooperative regional frameworks for promoting peace and development. The Prime Minister has been following this policy carefully. The US-India relationship is improving steadily, and policies are expected to remain unchanged during elections.
Officials from both countries collaborate to promote a peaceful, stable, and prosperous IndoPacific region through the 2+2 mechanism. There is cooperation between the two nations in several areas, such as space, defence, security, clean energy, multilateral collaboration, and people-to-people ties.
Furthermore, India and the US will work together to send an Indian astronaut to the International Space Station. Artificial Intelligence (AI) is predicted to replace millions of jobs. Automation will shape the future with the help of technology. Doctors will use AI to diagnose diseases, and robots will make the perfect cup of coffee. In FY 2022-23, the US became India’s top trading partner, with bilateral trade worth USD 128.55bn. India exported USD 78.31bn to the US, while importing USD 50.24bn. India wants to expand its defence relationships with the West. It is neutral on the Ukraine war. PM Modi expressed shock over the IsraelHamas conflict and stands with Israel.
India is now the world’s most populous country, according to UNFPA. This demographic shift can benefit India with a larger workforce and fewer children needing support, resulting in higher economic growth. This presents an opportunity for India to achieve higher economic development. Looking ahead to the new year, there are both challenges to overcome and opportunities to seize.
Source: The Statesman News Service