Reforms can be the game changer for poor and help economy goes back on growth trajectory.
The World Bank would provide loans to India at higher than its existing concessional rates but lower than the market rate.
In the 12-month cycle starting July 2013 and ending June 2014, World Bank had made financial commitments close to $5.2 billion in India.
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).
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.
The bulk loan offered to India is for developing its infrastructure projects and to achieve the millennium development goals. Further, part of the loan would be spent in the seven low-income states -- Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, Rajasthan, and Uttar Pradesh -- to support the poverty reduction programmes.
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.
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.
World Bank is likely to give Mumbai projects Rs 275 crore less, in wake of the appreciation of rupee against the dollar.
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 has stopped releasing water from the Baglihar Dam on the Chenab River and is planning similar measures at the Kishanganga Dam on the Jhelum River, following a recent terror attack in Jammu and Kashmir. These hydroelectric dams offer India the ability to regulate water releases. This decision potentially affects the Indus Waters Treaty, a decades-old agreement between India and Pakistan governing the use of the Indus River and its tributaries. The Baglihar and Kishanganga dams have been points of contention between the two nations in the past.
Growth projections for 2013-14 has been arrived at by taking into account present internal and external factors.
'We kept importing educational models from outside that had no connection to our cultural and intellectual strengths.'
Money to be used for the Rs 174,000-crore Bharat Nirman programme to develop rural infrastructure.
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.
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.
This will be Jim Young Kim's first visit to India after taking over as President of the World Bank Group last July.
"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.
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 race for the top position at the Bank is really heating up.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
What looked like a delivery update quickly turned into a WhatsApp hijack, Rishika Shah discovered to her horror.
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.
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 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.
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
The downgraded World Bank forecast follows a similar move by the International Monetary Fund, which cut its growth forecasts two months ago
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.
Pakistan has urged India to fully adhere to the Indus Water Treaty (IWT), expressing concerns about the level of detail in flood information shared through diplomatic channels.
Subramanian recommended five ways of financing additional expenditure over a period of one year, including cutting expenditure and borrowing directly from the RBI or monetising debt.
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.
A feature of this year's BRICS summit was economic cooperation.
Wipro had denied allegations of providing improper benefits to Bank staff.
In South Asia, the poverty would fall to 13.5 per cent in 2015.
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.
...compared with 153,000 in all of 2024.
Current President Robert Zoellick, who took office in July 2007, is schedule to retire in June.
