The Reserve Bank of India (RBI) does not target any price level on the rupee, Governor Sanjay Malhotra reiterated at an International Monetary Fund and World Bank event on Wednesday.
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.
The government and World Bank on Tuesday signed an agreement for a credit of 180 million SDR ($250 million equivalent) from International Development Agency for the Technical Engineering Education Quality Improvement Project.
The government is in talks with the World Bank for technical and financial assistance for overall e-governance projects in the country.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
In line with its decision to maintain borrowing within its "load bearing" capacity, Karnataka has decided against going in for more loans from the World Bank and other agencies, Chief Minister S M Krishna said on Wednesday.
The additional finance will also help the government focus on improving the quality of water supply.
The World Bank has approved a $120 million loan to support the development of India's small and medium enterprises sector.
With discretionary spending still under pressure, the information technology (IT) services industry continued to face an uncertain demand environment in the third quarter of 2025-26 (Q3FY26).
World Bank is optimistic that the Indian economy can grow by 6-8 per cent in the coming years but has asked the government to improve social services like education and health.
'Her outstanding performance in the World Cup has definitely added to her brand value significantly. The high WPL bids validate it more.'
The World Bank and IMF have announced that they will try to complete reforms in the Bank's voting structure by next year, a move which would give emerging economies like China and India a greater say in the affairs of the financial institutions.
With the music industry pushing for growth in the paid subscription segment, Universal Music India anticipates that the Indian market will mature, potentially becoming a highly impactful paid market for music over the next five years.
Investors believe Indian is a tough place to do business with.
Pakistan will get a whopping $6.2 billion aid from the World Bank in the next three years to come out of the current economic crisis, reduce poverty and improve the fragile security situation in the country.
Amid criticism over engaging experts from multilateral agencies like World Bank, Planning Commission on Wednesday asserted that none of the "outside bodies"
While the DMK depends on a 'silver sieve' of welfare schemes to stay in power, its support is slowly draining away under the weight of poor governance, corruption, and voters who are no longer satisfied with benefits alone and now want basic administration to work, observes N Sathiya Moorthy.
The Supreme Court has put on hold the Uttar Pradesh government's plan to develop the Shri Banke Bihari Temple Corridor in Vrindavan, citing a lack of consultation with key stakeholders. The court questioned the state's approach and the urgency of enacting an ordinance to take over the temple's management.
India's Railways has struggled to expand to keep up with demand
The revised projection comes after a 17% rise in the April-June.
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.
After disclosing late last year its decision banning Satyam Computer Services, the World Bank said earlier this month that Wipro and another Indian IT firm Megasoft have also been debarred from directly doing business with it under its corporate procurement programme. The Bank had disclosed the ban on Satyam on December 25, while debarment of Wipro and Megasoft was revealed on January 11.
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.
Pulok Chatterjee, secretary in the Prime Minister's Office, has been appointed as executive director in the World Bank
Which are some of most special places in the world to celebrate Christmas?
India is on track to register its entire 1.25 billion population using its Aadhaar digital ID.
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.
Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.
The World Bank has approved a $1.5 billion loan for the ambitious clean India campaign.
Chatterji, an IAS officer from the Uttar Pradesh cadre, will take over from Dhanendra Kumar for a term of three years, an official spokesperson said. Kumar, a 1968 batch IAS officer from the Haryana cadre, was to retire on October 31. However, he has been granted an extension till January 31, next year.
This was stated by Union urban development minster Sugata Roy in Rajya Sabha today in response to a written question.
This comes at a time when the global recovery remains fragile and is expected to slow later this year as the impact of the fiscal stimulus measures wanes.
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
The panel, headed by Congress MP Saptagiri Sankar Ulaka, had called Patkar to hear her views on the implementation and effectiveness of the land acquisition law enacted by Parliament when the Congress-led UPA government was in power in 2013.
The Bank's projections show that developing countries face a financing shortfall of $270 to $700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty.
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.
Modi said the ease of doing business ranking improved because the government initiated reforms to end difficulties in the lives of people.
India's computer services exports have risen 30 per cent since the advent of ChatGPT in November 2022, even as overall services exports have plateaued, World Bank's South Asia Chief Economist Franziska Ohnsorge said, terming Artificial Intelligence (AI) and the conclusion of more trade agreements that can trigger a "manufacturing renaissance", as the two big investment opportunities for India in coming years.
