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.
'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.'
"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.
'Calibrated depreciation will help rebalance external fundamentals, offset some of the tariff differentials with competitors, improve the competitiveness of domestic substitutes vis-a-vis Chinese imports, and contribute to the easing of financial conditions at a time when the inflation rate is unusually low,' explains Sajjid Z Chinoy, head of Asia Economics at JP Morgan.
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.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
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.
India's equity markets may have expanded rapidly, but initial public offerings (IPOs) are increasingly becoming exit vehicles for early investors rather than as engines for raising long-term capital, a shift that undermines the spirit of public markets, Chief Economic Advisor V Anantha Nageswaran warned on Monday at a CII event.
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.
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.
Learning from East Asia, India must reform its district administration with performance, accountability, and vision to achieve the goal of Viksit Bharat, points out Deepak Mishra.
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.
...compared with 153,000 in all of 2024.
Once a quiet riverside ritual, Dev Deepawali has evolved into UP's largest soft-power spectacle -- merging faith, art, enterprise into a global cultural brand that reflects state's growing confidence.
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.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
Assessing where their funds are flowing gives traders a hidden edge in predicting the market direction and momentum.
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.
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.
'An asset must generate income. Equities yield dividends, bonds pay coupons, deposits give interest, and real estate earns rent.' 'Gold, silver, and even Bitcoin produce no income, they merely store value. So, they should not be compared to productive assets.'
The market rally was driven by strong buying in telecom, banking, realty, metal, FMCG and PSU counters.
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 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.
India will argue for Pakistan's return to the Financial Action Task Force (FATF) grey list due to its alleged failure to combat money laundering and terror financing. The move comes after recent tensions between the two countries following a terror attack in Pahalgam, India. India believes Pakistan has not adequately addressed the issue of terrorism emanating from its territory and has diverted funds from multilateral agencies towards arms purchases.
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.
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.
While UIDAI has given a nod for face authentication, banks need to join the process.
'The danger is that when the music stops, the fall will be sudden, faster, and deeper than anyone expects,' warns Debashis Basu.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
In a statement on Wednesday, World Bank said that its President Robert B Zoellick has announced that he would step down at the end of a five-year term in which a transformed Bank played an historic role during the global economic crisis, using record replenishments to provide more than $247 billion to help developing countries boost growth and overcome poverty.
What appeared to be a generous act of friendship was, in truth, a manoeuvre within a much larger strategic game. The United States used the 1962 war not just to aid India but to test how far it could be pulled into the Western fold, points out Dr Kumar.
