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.
Voters are weighing a stark trade-off -- between preserving a socially driven policy and reversing course to revive revenue, restore fiscal balance, and rein in the underground liquor economy.
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.
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.
Kolkata Knight Riders splashed the cash as they spent a record breaking Rs 25.20 to buy Australian all-rounder Cameron Green.
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.
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.
'The danger is that when the music stops, the fall will be sudden, faster, and deeper than anyone expects,' warns Debashis Basu.
'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 Indian Premier League (IPL) 2026 auction saw some foreign names earning big bucks, headlined by Aussie all-rounder Cameron Green
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
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.
The Indian economy recorded a six-quarter high growth of 8.2 per cent in July-September, as factories churned out more products in anticipation of a consumption boost from the GST rate cut, according to government data.
This will be the last visit of Zoellick as President of World Bank as he is retiring on June 30.
The DMK may consider a two-tier campaign, where they keep the focus on Chief Minister Stalin, as a senior statesman with 50-plus years of political experience, and let EPS and the BJP shout in the wilderness. In such a case, the second-tier may project Udhayanidhi as the contender and chosen obstructionist in Vijay's path. The attempt, if any, would be to reduce Vijay to Udhayanidhi's level when the former is aiming at Stalin and Stalin alone in the state's political horizon, predicts N Sathiya Moorthy.
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.
If he cannot do it this term by using his bureaucracy and experts from different fields, it will be a tragedy, asserts Ramesh Menon.
Contradicting the International Monetary Fund, which does not want India and other countries to use any of its foreign exchange reserves for building infrastructure
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
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.
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 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 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.
The government had projected the GDP growth to be at 8.5%.
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.
Rajinikanth may have made his last Hindi film two decades ago but he can still set the screen alight, blazing away with a gun that has dozens of barrels. As Thalaiva turns 75 on December 12, Dinesh Raheja looks back at his 17 year journey in Hindi cinema.
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
'The impact will be minimal and it will only increase compliance cost on consent, data flows, localisation timelines, internal audits, data mapping, and new tooling.'
