The World Bank on Monday said hardening interest rates and a surge in oil prices worldwide will have only a marginal impact on India's economy and the country would continue to witness high GDP growth.
Responding to questions, the World Bank president insisted that this slowdown is temporary.
"GDP growth in India eased to a still strong 8.7 per cent in 2007, from 9.7 per cent in 2006, and is projected to slow further to 7 per cent in 2008," said the World Bank report on Global Development Finance released on Tuesday. World Bank attributed the moderation in GDP to 'monetary tightening in 2007 (that) led to softening in domestic demand'.
For the remaining projects, it is difficult to arrive at an estimate.
The World Bank on Sunday said the coronavirus outbreak has severely disrupted the Indian economy, magnifying the pre-existing risks to its outlook. In its 'South Asia Economic Update: Impact of Covid-19', the World Bank estimated the Indian economy to decelerate to 5 per cent in 2020 and projected a sharp growth deceleration in fiscal 2021 to 2.8 per cent in a baseline scenario.
'After the Galwan clash, the rules of engagement changed with the army commanders allowed to use any means at their disposal as they deem fit for tactical operations.'
Gujarat police arrest a woman allegedly involved in trafficking job aspirants to Myanmar and Thailand for cyber slavery. The accused lured people with promises of high-paying jobs and forced them to work for international cyber crime syndicates.
The Bank suggested reforms in infrastructure sector.
'For those in for the long haul, this is a God-given opportunity.' 'Your market is falling despite strong fundamentals, and such a clear roadmap has been announced.'
'In India, there is this first generation migrant, say from a small village in UP. He didn't go to the Gulf to buy a big house but make the life of his family better.' 'He may have paid 1 lakh rupees to an agent to go to the Gulf. Imagine what will happen to him and his family if he has to come back. He and his family will become poor again.' 'He went to the Gulf to come out of poverty, but this war will make his family trapped in poverty once again.'
Spiralling prices of wheat, maize, sugar and oils apart from food items such as vegetables turning costlier, are pushing food inflation higher, according to World Bank.
The World Bank has retained India's economic growth forecast for the current fiscal at 8.3 per cent as the recovery is yet to become broad-based. As per the first advanced estimates of the national income released by the National Statistical Office (NSO) last week, the economy is projected to grow at 9.2 per cent in 2021-22, surpassing pre-COVID level in actual terms, mainly on account of improved performance, especially in farm, mining and manufacturing sectors. "India's economy is expected to expand by 8.3 per cent in fiscal year 2021/22 (ending March 2022), unchanged from last June's forecast as the recovery is yet to become broad-based.
'India is quickly becoming the beating heart of modern chess, and its role as an economic power is more and more visible.'
Indian economy is expected to grow at over 7.5 per cent, to overtake China.
Attacking the industrialised countries for agricultural protectionism, which was hurting the economies of poor nations, the World Bank has stressed that global trade liberalisation was critical for reducing poverty in developing countries.
Sustaining 8 per cent-plus growth rates is necessary if we are to reach high-income status by 2047, points out Amitabh Kant.
The World Bank and The International Monetary Fund concluded their annual spring meeting here by increasing the voting rights of India, China and Brazil, among others, thus giving them more say in the institutions' functioning.
On the back of an aggressive asset monetisation push, the government will press the throttle on the build-operate-transfer (BOT) model - under which private developers fund highway construction - for future highway development, Union Minister for Road Transport and Highways Nitin Gadkari said.
The IMF on Monday raised India's growth projection to 7.3 per cent for fiscal 2025-26, up 0.7 percentage point from its October forecast, on the back of better-than-expected performance of the economy. The Washington-headquartered multilateral lending agency has also revised India's Gross Domestic Product (GDP) growth forecast to 6.4 per cent for fiscal year 2026-27 beginning April 1, 2026, from its earlier estimate of 6.2 per cent.
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
Fight on toward goals that keep receding, or exit with most objectives unmet. Trump is agitated, his poll numbers falling below the Plimsoll line, his base fractured between those who back the war and those who remember that he campaigned on ending them.
A World Bank team and experts from the US will visit the floods-affected areas on Saturday to discuss financial assistance and other help to rebuild the infrastructure.
In South Asia, the poverty would fall to 13.5 per cent in 2015.
"Oil prices are not going to come down. The era of cheap food is over and prices are likely to remain high for at least the next 10 years," World Bank South Asia Region Vice-President Praful Patel told PTI. He said the current situation has 'caught the whole world by surprise' and the crisis was due to a combination of factors, he said.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
The government had projected the GDP growth to be at 8.5%.
ilver continues to outperform the yellow metal, with the gold-to-silver price ratio declining to its lowest level since 2013. The ratio fell to around 57 on Wednesday in the international market, from a five-year high of 100.8 at the end of April 2025.
Empathising with Indian exporters hit by a rising rupee, the World Bank on Monday said government should look at options beyond tax sops to raise productivity and make the industry globally competitive.
In its global economic forecast update for 2009, the World Bank projected a growth rate of 4 per cent for India during 2009-10, while the ADB, in its outlook, expects the economy to expand by 5 per cent. A separate outlook by the Organisation for Economic Cooperation and Development, a club of developed countries, has forecast a 4.3 per cent growth rate for India. India had last grown below this level in 2002-03, when the economy expanded by 3.8 per cent.
World Bank President Jim Yong Kim, who is on a three-day visit to India, said a projected five per cent GDP growth in the current financial year was disappointing, but future prospects for the country were good.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
In its latest report, the Bank has lowered its forecasts for developing countries, now eying growth at 4.8 per cent this year, down from its January estimate of 5.3 per cent.
World Bank on Wednesday asked developed countries to work out a "trade deal" including removal of trade barriers to accelerate growth in the developing nations.
Current President Robert Zoellick, who took office in July 2007, is schedule to retire in June.
World Bank on Wednesday warned that a prolonged war in Iraq may adversely affect India's GDP growth prospects in this fiscal.
'Within six months I expect petrol, diesel, and electric vehicles (EVs) to reach cost parity,' says Union Minister for Road Transport and Highways Nitin Gadkari.
The World Bank said on Wednesday rise in interest rates and oil prices is likely to slow down India's growth for the next few years.
India, along with other South Asian countries, is expected to sustain a growth of 6-6.3 per cent in the next two years, although global economic growth is slated to decline to 3.2 per cent, the World Bank said on Wednesday.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
The government on Thursday permitted RBI to invest $4.3 billion in special bonds of the World Bank, which would raise the agency's lending limit to India by a similar amount to $21.8 billion for infrastructure investment.
