CURRENT AFFAIRS

Detailed explanation-1: -It will no longer get this benefit. The office of the United States Trade Representatives (USTR) has updated its list of developing and least-developed countries, removing India from the list of countries that are designated as developing.

Detailed explanation-2: -The United States has updated its list of developing and least-developed countries pertaining to countervailing duty (CVD) law. The most notable change is that India has been removed from this list due to its share of global trade, one of the several factors considered in creating the list of developing countries.

Detailed explanation-3: -India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation. India is expected to grow at over 7% in the current fiscal year ending in March 2023 - the fastest among major economies.

Detailed explanation-4: -The World Bank has categorised India as a lower middle income country. Recently, the World Bank downgraded India’s GDP forecast for the current fiscal to 6.5 per cent. In June 2022, it had projected that Indian economy will grow at a rate of 7.5 per cent.