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.
Although risks from advanced economies have eased and growth is firming, despite ongoing contraction in the Euro Area, the pick-up in developing countries will be modest because of capacity constraints in several middle income countries.
India's economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in 2021, the World Bank said on Tuesday. In its Global Economic Prospects report, the World Bank said that the informal sector, which accounts for four-fifths of employment, has been subject to severe income losses during the COVID-19 pandemic.
Growth projections for 2013-14 has been arrived at by taking into account present internal and external factors.
The Maharashtra government, which is finding difficult to get investors for irrigation projects in the state, has now decided to rope in the International Finance Corporation (IFC), World Bank's lending arm for the private sector.
World Bank is likely to give Mumbai projects Rs 275 crore less, in wake of the appreciation of rupee against the dollar.
The World Bank's move came as it told the two countries that it was responding to their separate proceedings initiated under the Indus Waters Treaty 1960.
The Congress shared a video clip from a recent podcast Mallya did with social media influencer Raj Shamani in which he claimed he had informed Jaitley before leaving India in 2016.
This will be Jim Young Kim's first visit to India after taking over as President of the World Bank Group last July.
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.
Money to be used for the Rs 174,000-crore Bharat Nirman programme to develop rural infrastructure.
"We have sought assistance from World Bank for 37,000 km of roads as we plan to take up work on these projects soon," Road Minister C P Joshi told reporters after a meeting with a World Bank delegation, headed by its South Asia Region Vice President Isabel Guerrero.
India and China will continue to be the focus of the World Bank as these countries represent 70 per cent of the poor in the world, said the Bank president Robert Zoellick. "You've more poor in India than in all of sub-Saharan Africa. So if we're focused on poverty, we have to focus on these countries (India and China)", he told BBC in an interview to be broadcast on Sunday.
The downgraded World Bank forecast follows a similar move by the International Monetary Fund, which cut its growth forecasts two months ago
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
The race for the top position at the Bank is really heating up.
OYO founder Ritesh Agarwal has invited name suggestions for its parent firm Oravel Stays, in a strategic move as the global travel tech platform prepares to launch its IPO and looks to have more premium segment offerings. There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that OYO has been working to launch in the near future, people familiar with the strategy told PTI.
From the Sensex firms, Mahindra & Mahindra, HCL Tech, Tata Motors, Nestle, ITC, Hindustan Unilever, Larsen & Toubro, and Tech Mahindra were the biggest gainers. In contrast, Eternal, UltraTech Cement, Power Grid, Tata Steel and Kotak Mahindra Bank were among the laggards. Eternal dropped 4.51 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.
The United States has a moral and national interest in helping poor and struggling countries transform themselves into free and hopeful societies, Bush said.
The youth today want to go where they feel happy, learn something, feel challenged, rewarded and intellectually stimulated. And then, they meet 'the manager', a relic of the first industrial revolution. A fascinating excerpt from Aseem Dhru's book, Mondays @ 7.
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.
In South Asia, the poverty would fall to 13.5 per cent in 2015.
A feature of this year's BRICS summit was economic cooperation.
A World Bank study has virtually questioned the methodology of sovereign rating by the international agencies, saying there was evidence that Moody's such rating had low predictive power for currency crises.\n\n\n\n
Wipro had denied allegations of providing improper benefits to Bank staff.
They don't just want better returns -- they're looking for global opportunities, more variety and smarter ways to grow their money, says Soubho Moulik, CEO, Appreciate.
Current President Robert Zoellick, who took office in July 2007, is schedule to retire in June.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
World Bank on Monday said it would help the bank in moving away from an individual 'ring-fenced' project financing to a broad-based assistance to India.
Robert B Zoellick will succeed Paul Wolfowitz as the 11th president of the International Bank for Reconstruction and Development, or the World Bank, for a five-year term from July 1, 2007.
Kim, 52, will take over at the beginning of July, after the current president, Robert B Zoellick, steps down at the end of his five-year term.
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 road transport ministry has asked the National Highways Authority of India (NHAI) to ascertain the findings of a report by the World Bank's Institutional Integrity Unit. According to the report, contractors paid bribes and gifts to influence the actions of NHAI officials and consultants.
The report, Doing Business in India 2009, took into account 17 states in the\ncountry and noted that Hyderabad and Bhubaneshwar are the two nodal locations\nsuitable for opening and operating business easily.
India on Monday hoped that World Bank would resume funding for a child health programme, as the government has agreed to put in place measures to check corruption and take action against those involved.
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.
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