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.
Prime Minister Narendra Modi on Thursday invited global businesses to participate in the growth story of India, which is the fastest growing large economy of the world.
'We kept importing educational models from outside that had no connection to our cultural and intellectual strengths.'
World Bank report on Thursday called for initiatives at the policy and institutional level to tap the economic potential it offers.
What is required is a radical reworking of business processes and incentives to which staff respond.
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.
Stocks of IT companies, including Wipro and Megasoft, took a beating at the bourses after it was revealed on Monday that the two firms were barred from doing businesses with the World Bank.
Foxnews.com on Tuesday reported that the World Bank ban started in September this year "due to alleged malpractice's including bribery". The news report said the World Bank debarment -- the harshest sanction ever made by the bank since 2004 -- was meted out for 'improper benefit to bank staff' and 'lack of documentation on invoices'.When contacted, a Satyam spokesperson said that "the company does not comment on individual clients".
The ministry is seeking a $2.96-billion World Bank funding for double-laning of 6,300 km of single-lane highways, out of a total of about 19,000 km single-lane highways in the country.
What looked like a delivery update quickly turned into a WhatsApp hijack, Rishika Shah discovered to her horror.
The World Bank has asked the government to cut a slew of duties, including entertainment tax on broadband Internet connections in some states, on telecom services.
World Bank on Tuesday resumed lending to three health projects in India amounting to $662 million (about Rs 2,9.79 billion), which were discontinued for more than a year.
This will be the last visit of Zoellick as President of World Bank as he is retiring on June 30.
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
World Bank President Robert B Zoellick in his remarks at the Rome Conference on Food Security pointed out that 28 countries have imposed export bans on food items and stressed 'these restrictions and taxes should be lifted, at a minimum for humanitarian food purchases and transportation by World Food Programme'. UN Secretary General Bank Ki-moon on Tuesday called upon the countries to resist the temptation to impose ban on export of foodgrain.
Prime Minister Narendra Modi on Friday launched a sharp attack on country's first premier Jawaharlal Nehru, claiming he prevented Sardar Vallabhbhai Patel from fully integrating Kashmir into the Indian Union.
Contradicting the International Monetary Fund, which does not want India and other countries to use any of its foreign exchange reserves for building infrastructure
...compared with 153,000 in all of 2024.
In the first two years, we spent Rs 15,000 crore, which was more than our target, says S K Chaturvedi, CMD, Power Grid Corp.
India has brought down the number of people living below $1 a day by 2 percentage points to 24.3 per cent in three years up to 2005, as Asia's third-largest economy accelerated to 7 per cent plus growth in those years, latest data from the World Bank revealed. In absolute numbers, 9.6 million people came out of poverty between 2002 and 2005, the largest reduction between two consecutive surveys released by the World Bank since 1981.
The World Bank has expressed concern over rising healthcare costs world wide while countries are struggling to cope with HIV/AIDS crisis and bird flu pandemic.
The government had projected the GDP growth to be at 8.5%.
The economic growth could slow down to 7.8 per cent in 2008 from over 9 per cent currently due to policy bottlenecks resulting in deceleration in investment growth in the country, says a World Bank report.
A credit agreement of $600 million equivalent, for the Second Elementary Education Project, was signed on Thursday between the government of India and the World Bank.
The World Bank has sounded a note of caution on the global economy, which it says has reached a turning point with a slowdown that has already begun.
Paul Romer, a New York University professor and economist
Find out what it's like to work at one of the biggest international organisations whose decisions affect the entire world.
New norms to keep Raghuram Rajan out of the race.
Payment apps PhonePe and Paytm have helped citizens avert potential financial frauds worth Rs 200 crore by using the fraud risk indicator platform developed by the Department of Telecom, a senior Walmart group official said on Wednesday.
The annual conference of the World Bank and International Monetary Fund where India was represented by Finance Minister P Chidambaram
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.
Cummins remains a doubtful for the Ashes opener at Perth starting on November 21 but Marsh is among the players who would be in fray for selection for the opening Test of the five-match series.
The opening ceremony was held in China's financial capital.
Figures of people living below the poverty line in India was being fudged by international agencies like the World Bank to paint a grim picture of the Indian economy, Planning Commission Member N K Singh said on Monday.
Concerned over terror funding, the World Bank and the IMF have launched an intense programme using a comprehensive methodology involving 75 client countries to identify the means of formal and information remittances used for money laundering.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances