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.
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.
From the Sensex firms, Tech Mahindra, Tata Steel, Tata Motors, Titan, HDFC Bank, IndusInd Bank, Infosys and Kotak Mahindra Bank were among the biggest laggards. On the other hand, Adani Ports, Mahindra & Mahindra, Power Grid, Eternal and Hindustan Unilever were among the gainers.
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
CPGRAMS -- an online platform available to citizens 24x7 to lodge their grievances to public authorities on service delivery -- has existed for close to two decades. But it has never been this active, points out Tamal Bandyopadhyay.
The Reserve Bank of India (RBI) does not target any price level on the rupee, Governor Sanjay Malhotra reiterated at an International Monetary Fund and World Bank event on Wednesday.
In South Asia, the poverty would fall to 13.5 per cent in 2015.
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.
"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.
The government had projected the GDP growth to be at 8.5%.
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.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
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.
Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.
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.
Current President Robert Zoellick, who took office in July 2007, is schedule to retire in June.
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.
World Bank on Wednesday warned that a prolonged war in Iraq may adversely affect India's GDP growth prospects in this fiscal.
US-based Citigroup is likely to allocate more global roles to India than to any other centre it operates in due to the country's strong talent pool, said Jane Fraser, chief executive officer of Citigroup, on Wednesday in an interaction with CNBC-TV18. Fraser also expressed confidence that India will remain the world's fastest-growing economy.
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.
After Chennai, it is Coimbatore, Madurai, and Tiruchirappalli, that are emerging as manufacturing hubs. Coimbatore is India's top Tier-II city in terms of the number of GCCs, according to a report by Cushman & Wakefield.
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.
India's merchandise exports grew in the first three weeks of November compared with the same period last year, according to preliminary government data, Commerce and Industry Minister Piyush Goyal said on Tuesday. The uptick comes despite globa
Gold's glittering rally is expected to continue, with prices likely to climb towards $4,500 per ounce in overseas markets, supported by sustained global central bank purchases, persistent geopolitical tensions, and strong Asian demand, according to a report by Motilal Oswal Financial Services Ltd. Silver, which has outperformed gold in terms of returns so far this year, is projected to climb to around $75 per ounce, aided by robust industrial consumption and a widening supply deficit, the report said.
Buoyed by an increase in public investment and incentives to boost manufacturing, India's economy is expected to grow by 8.3 per cent in the fiscal year 2021-22, less than the previous projection early this year before the country was hit by the second wave of the COVID-19 pandemic, the World Bank has said in its latest report. World Bank chief economist for the South Asia Region Hans Timmer told PTI here that when one looks at the high frequency data, they see that as a result of the second wave of the COVID-19 pandemic, the recovery paused, and some indicate that the recovery actually declined briefly. "We project for this fiscal year 8.3 per cent (growth rate for Indian economy) that is less than we projected early in the year before the health crisis caused by the second wave. "Given the sharp contraction of the economy last year, it might not look like a lot, but in my view, that is actually very positive news, given the violent second wave and the severity of the health crisis," he said on Thursday.
The market rally was driven by strong buying in telecom, banking, realty, metal, FMCG and PSU counters.
Fitch Ratings on Wednesday raised India's GDP growth forecast to 6.9 per cent for current fiscal year, from 6.5 per cent earlier, citing strong June quarter growth and domestic consumption-led demand.
The World Bank said on Monday hardening interest rates and a surge in oil prices worldwide will have a marginal impact on India's economy and the country would continue to witness high GDP growth.
A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.
The World Bank on Friday approved a $80-million loan for the renovation and modernisation of old, polluting and inefficient coal-fired power plants in India, in a move that could help lower carbon emissions.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
As per the latest government data, India's second quarter economic growth inched up to 4.8 per cent during second quarter (July-September) of 2013-14, well above 4.4 per cent in the first quarter (April-June).
The IFC Global Corporate Governance Forum has signed an agreement with the Reuters Foundation to encourage these journalists and help them report on governance more effectively, the two organisations said.
Adani Enterprises' subsidiary Kutch Copper (KCL) and Australian Securities Exchange-listed Caravel Minerals on Thursday signed a non-binding memorandum of understanding (MoU) for collaboration on the Caravel Copper Project in Western Australia's Murchison region, for an undisclosed amount, according to a joint statement.
Meera Shankar, Indian Ambassador to the United States, informed that India has convened a ministerial meeting in September in New Delhi to see how we can bring the Doha Round back on track and as a follow up to that meeting experts were expected to meet in October in Geneva.
A recent World Bank report placing India among the most equal countries globally may present a limited view of inequality, with economists suggesting that broader data sets could tell a different story. According to the report, India's Gini index (or coefficient/ratio), a key measure of inequality, stood at 25.5 in 2022-23, placing the country fourth globally in terms of equality, behind only the Slovak Republic, Slovenia, and Belarus.
'Deepotsav aligns with the Adityanath government's vision to enhance Ayodhya's spiritual and cultural grandeur and transform it into a global pilgrimage and tourism hub.'
