With the new Indian government showing signs of economic reforms and brings in transparency in governance, the World Bank feels that the world's third-largest economy could achieve a growth rate of 5.5 per cent this year as compared to 4.7 per cent last year.
The World Bank on Thursday forecast a 6.7 per cent growth rate for India by next fiscal as exports and private investment are projected to strengthen and provide a boost to growth.
The multilateral agency had earlier projected that the world economy would expand by 3.6 per cent this year.
This comes at a time when the global recovery remains fragile and is expected to slow later this year as the impact of the fiscal stimulus measures wanes.
The World Bank has approved a $120 million loan to support the development of India's small and medium enterprises sector.
India has emerged as the 12th wealthiest nation in the world with its GDP touching $785.47 billion or Rs 35,34,615 crore in 2005, the World Bank said.
The slowdown in global remittance flows that became evident in the last quarter of 2008 has continued in the first half of 2009. However, South Asian countries like India, Pakistan and Bangladesh have continued to post strong growth till now because of remittances from the Gulf region.
Moody's Investors Service on Thursday said India is likely continue to face challenges in raising longer-term growth potential and creating enough jobs for its young population in the absence of higher trade openness. In its report on South Asia sovereigns, Moody's said compared with other South Asian economies, India appears to be in a better position to deepen its integration in global value chains, attract FDI and increase exports. The country has better macroeconomic fundamentals, more stable politics and a more developed export sector.
The Communist Party of India-Maoist on Tuesday finally broke its silence over the tragic death of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy. The outlawed organisation described his death as the end of an era of a 'dictator, a war lord and an undemocratic World Bank agent'.Koteshwara Rao alias Kishenji, a senior underground leader of the CPI-Maoist, dismissed the outpouring of grief across the state after YSR's demise as an orchestrated show.
Taking a dig at India and other countries that believe economic activities must be spread geographically to benefit the poor, a new World Bank report has called for concentration of production, mobility of people and economic integration to lift rural people out of poverty. Population shift from villages to cities is natural and should be encouraged, it said.
The State Department remarks came as the World Bank started the process to select its new head, who would replace it current President, Robert Zoellick.
Following another disappointing year in 2014, developing countries should see an uptick in growth this year, boosted in part by soft oil prices, a stronger US economy, continued low global interest rates, and receding domestic headwinds in several large emerging markets, it added.
India may be 15th among the top 25 Artificial Intelligence nations, but it has the 'the greatest upward potential' according to research by Tufts University's business school, the Fletcher School. At the top is the US, followed by China, fighting for global leadership in AI followed by the UK, Japan, and Germany. In the 15th spot, India is ahead of Brazil, Argentina, Indonesia, Mexico, Turkey, Indonesia and Thailand.
On the eve of World AIDS Day 2011, the World Bank has released groundbreaking new evidence from India that demonstrates major advances in the understanding and prevention of HIV/AIDS of up to 3 million HIV/AIDS cases.
Amid criticism over engaging experts from multilateral agencies like World Bank, Planning Commission on Wednesday asserted that none of the "outside bodies"
The Bank's projections show that developing countries face a financing shortfall of $270 to $700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty.
The two countries will also account for almost half the global manufacturing investment.
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The World Bank in its report said the relative importance of remittances as a source of external resources is expected to increase further.
The World Bank has approved the Second Andhra Pradesh Economic Reform Loan worth $220 million, to back the state's efforts to achieve better socio-economic outcome and reduce poverty.
'When one was with Mother, one realised you were with somebody who was the nearest person to God.' 'She must have been God incarnate.'
Sources close to Mohamed Mushin say he regrets the indiscretion of purchasing the shares that he did, and even though it was perfectly legal, it gave the perception of conflict of interest, that his buying them under the Friends and Family IPOs seemed as it was a quid pro quo by the two companies that had secured handsome Bank contracts.
The government should use interest rates for more than administrative measures to handle economic growth in the long term.
World Bank is expected to extend $2.5 billion loans to India this fiscal, which is lower than the targeted $3 billion annually during 2004-07.
Bandhan Bank has filed a draft red herring prospectus with Sebi for an IPO of up to 119 million equity shares, with face value of Rs 10 each.
The World Bank, the United Nations and private sector partners recently launched a competitive development marketplace aimed at identifying and funding innovative approaches to reduce stigma and discrimination associated with HIV and AIDS in India and other South Asian countries. The initiative, called 'Tackling HIV and AIDS Stigma and Discrimination: From Insights to Action,' targets communities across India and the rest of the subcontinent.
India's GDP growth to reach 8% by 2017. says World Bank
A feature of this year's BRICS summit was economic cooperation.
The World Bank has lauded India for the 'remarkable progress' it made in alleviating poverty as well as educating children through the Universal Elementary Education programme.
From the landing of Chandrayaan 3 to the bombardment of Palestine by Israel, a look at some events that shaped the world in the second half of 2023.
Firmly rejecting the contention that rising consumption in developing nations was responsible for the soaring food and fuel prices, India has blamed the policies of World Bank and IMF and 'excessive and unsustainable' demand in developed countries for the crisis.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
The new project will concentrate on the states of Himachal Pradesh, Jharkhand, Meghalaya, Punjab, Rajasthan, Uttarakhand, and Uttar Pradesh, the Bank said.
India attracted a major chunk of the record $40.1 billion capital that flowed into South Asia in 2006, but restrictive policies could stunt investment growth leading to slower economic expansion, the World Bank warned in a report.
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