. india is preparing for this export thrust through initiatives such as the production - linked incentive scheme, districts as export hubs ; and supporting the export potential of micro, small and medium enterprises ( msmes ). global capability centres ( gccs ) set up in india are already exploiting these innate strengths. they are already leveraging on india's workforce, leading product innovation, driving technological advancements, creating next - gen intellectual property ( ip ) and spearheading digitalisation initiatives. as india emerges as an export powerhouse backed by a strong manufacturing base, a natural corollary will be the full internationalisation of the indian rupee. several factors are already in place. the indian diaspora is the biggest in the world and india is the top recipient of remittances. the indian rupee trades three times more offshore than onshore. india is expanding local currency settlement arrangements with several countries in asia and the middle east and interlinking of payment systems is underway. deep and liquid financial markets are developing. the international financial centre in gift city, gujarat is emerging as global financial and technology hub with a thriving financial ecosystem. the policy emphasis on macroeconomic and financial stability is also a positive for the inr going international. 6 / 8 bis - central bankers'speeches the last challenge i will dwell upon is the greening of the indian economy for sustainable development. this involves managing climate change. climate change is overwhelming us, putting the planet and humanity at risk. it is manifesting itself at an alarming scale and pace globally, undermining livelihoods, infrastructure, and endangering health, food, energy, and water security. climatic disasters are occurring more frequently and across the globe. the year 2023 turned out to be the hottest ever. in 2024, india is experiencing among its worst heatwaves and forest fires. bengaluru is facing a water crisis. reservoirs are going dry. australian and us weather agencies are predicting floods in this monsoon season due to la nina. we cannot be immune or inactive any longer. at the conference of the parties 26 ( cop26 ) in 2021, india's commitment towards the environment by 2030 has included : ( i ) 500 gw non - fossil energy capacity ; ( ii ) energy mix comprising 50 percent renewable energy ; ( iii ) reducing total projected carbon emissions by one billion tonnes ; ( iv ) reducing the carbon intensity of its economy by less than 45 percent ; and ( v ) achieving net zero by 2070

, 87 per cent for germany, 80 per cent for france and 73 per cent for uk. financial stabilization in the world has come at a huge cost. financial stabilization cost 1 is highest for the us at 12. 7 per cent of gdp and lowest for italy at 0. 9 per cent of gdp. for the uk, it is 9. 1 per cent, 4. 4 per cent for canada, 3. 1 per cent for germany, and 1. 8 per cent for france ( gfsr, 2009 ). collapsing growth in advanced economies led to a sharp contraction in economic activity in emes, due, inter alia, to an unprecedented drop in export demand that coincided, with a significant reversal in international bank lending and foreign portfolio investment. emerging and developing economies are projected to post a much subdued growth of 1. 5 per cent in 2009, notwithstanding an expected pick up in growth momentum during the second half of 2009. emerging asia is estimated to grow by 5. 5 percent in 2009 and 7. 0 percent in 2010, owing to improving prospects in china ( 7. 5 per cent and 8. 5 per cent ) and india ( 5. 4 per cent and 6. 5 per cent ). african countries are forecast to register much lower growth of 1. 8 per cent in 2009 and recover to 4. 1 per cent in 2010. on the contrary, latin america is projected to contract by 2. 6 per cent in 2009, before a recovery to 2. 3 per cent in 2010. badly affected by the reversal of capital flows and sharp contraction in commodity exports, countries in central and eastern europe and in commonwealth of independent states are expected to suffer net cost, which is gross minus recovery over the next five years. more severe shrinkage of 5. 0 per cent and 5. 8 per cent respectively in 2009 ( weo, 2009a ). these countries are highly dependent on western european banks, which own the majority of banking systems in these countries. cross - border bank funding has been disrupted as the banking crisis in western europe intensified. this real sector weakness has been adversely affecting the banking sector in these countries through the negative feedback loop. global response by sovereigns and regulators it is not therefore surprising that there has been so much soul searching, especially in the advanced economies, of what went so seriously wrong with the international financial system leading to the worst crisis since the great depression. the various factors that led to and precipitated the crisis are now well known and documented