It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
Delhi Police ask for 45 documents for opening a restaurant, only 19 for a gun: Survey
During that period, the World Bank Group's private sector arm, IFC, committed $1.2 billion in India.
However, if the rupee depreciates much, the economy in dollar terms would be that much smaller.
India leads global remittances in the year 2013 with a whopping $70 billion in its kitty, of which USD 65 billion were earned from the country's flagship software services exports, the World Bank reported.
Even in this darkest hour of a crumbling economy and raging disease, there is hardly a murmur of protest against the government, observes Sumit Bhattacharya.
The World Bank on Wednesday cut India's economic growth projection to 6% for the current fiscal from 6.9% estimated earlier and blamed the slow down on corruption scandals and a host of policy issues including uncertainty in tax policies.
'We expect a pick-up in the second half of the current fiscal. But before that, data is likely to show a further slowdown. The second quarter print is likely to be worse than the first quarter,' said a senior official.
India's power sector faces annual losses of $27 billion by 2017 unless sweeping reforms are taken to tackle inefficient subsidies, theft and political meddling in utility companies, the World Bank said.
'Better hygiene practices could lower a person's immunity and make the person susceptible to auto-immune diseases.'
UN economists announced a likely USD 50 billion drop in the worldwide manufacturing exports in February alone as the extent of the damage to the global economy caused by the novel coronavirus (COVID-19) moved further into focus. Citing the China Manufacturing Purchasing Manager's Index (PMI), Pamela Coke-Hamilton, who heads UNCTAD's Division on International Trade and Commodities, said that it had fallen to 37.5 -- a drop of about 20 points -- the lowest reading since 2004. "This also correlates directly to exports and also implies a two per cent drop in overall exports," she said, with a resulting "ripple effect" worldwide "to the tune of a USD 50 billion fall in exports."
Kaushik Basu, till recently the chief economic adviser of the government of India, who created a political firestorm in April when he said here on the sidelines of the World Bank/International Monetary Fund meetings that no economic reforms were likely in India before 2014 when parliamentary elections are due, has been appointed the World Bank's Chief Economist and Senior Vice President.
Subbarao said, short-term as well as medium-term prospects or Indian economy continue to be grim. Fiscal deficit is going to be much higher, the debt burden much larger and the financial sector will be in a worse shape.
The government on Thursday permitted RBI to invest $4.3 billion in special bonds of the World Bank, which would raise the agency's lending limit to India by a similar amount to $21.8 billion for infrastructure investment.
'MGNREGA is definitely like a lifeline and is the employer of the last resort'
India's Railways has struggled to expand to keep up with demand
Nordhaus, a professor at Yale University, is best known for his work on climate economics. Romer, of New York University's Stern School of Business, is a proponent of a theory that examines how the world can achieve sustainable growth.
A whitepaper released by the Chinese government gave a lengthy explanation to refute the allegations of cover up and delay by Beijing on reporting the COVID-19 outbreak last year in Wuhan. United States President Donald Trump and leaders of several countries have accused China of not being transparent in reporting the deadly disease, leading to huge human casualties and economic crisis across the world.
While other states are becoming competitive, Gujarat, say experts is not paying enough attention to maintaining its own position in terms of business reforms.
The Railways plans to float an independent fund.
'People are getting back to work.' 'The worst seems to be over.' 'It is very likely that the recovery is mostly among the informal, self-employed, workers who cannot afford to be away from work for too long,' notes Mahesh Vyas.
The worst-affected Sindh province reported 90 new coronavirus cases, taking the provincial tally to 357. The new cases have been detected in pilgrims who returned from Iran and have been quarantined in Sukkur, according to a spokesperson for the Sindh health department.
Speaking at an Assocham event, Modi said the recent cut in corporate tax has brought rates to all-time low for businesses, adding that labour force should also be taken care of.
India should take 'measured approach' with stimulus packages to deal with COVID-19 by limiting interventions to the provision of food, shelter and basic necessities of life for all; forbearance on payments of outstanding loans; and extra provision of working capital including what will be necessary to cover outstanding wages from lockdown period to enterprises.
In the World Bank's latest 'Doing Business' 2017 report, India's place remained unchanged from last year's original ranking of 130 among the 190 economies that were assessed on various parameters. But last year's ranking has been revised to 131 from which the country has improved its place by one spot.
The World Bank would provide loans to India at higher than its existing concessional rates but lower than the market rate.
Now, 83 per cent males and 77 per cent females have formal bank accounts but they are hardly using them
The ones who came more recently were clutching the green cards that gave them an escape hatch through which to return to green pastures: Arvind Panagariya, Raghuram Rajan, Arvind Subramanian and other perfectly honourable gentlemen like them, points out T N Ninan.
The coronavirus has infected 1.2 million Americans and killed more than 73,000.
Under Aadhar, more than 1 billion people have their online identity.
In India, economic activity slowed substantially in 2019, with the deceleration most pronounced in the manufacturing and agriculture sectors, whereas government-related services sub-sectors received significant support from public spending, the Bank said.
Observing that the turmoil in global capital should come as a wake-up call for South Asia, which was the second-fastest growing region in the world in the aftermath of the global crisis, the World Bank said on Wednesday its recent performance has been less stellar, and it has been sustained by potentially volatile portfolio inflows.
India is on track to register its entire 1.25 billion population using its Aadhaar digital ID.
Export sectors that showed positive growth last month included chemical, iron ore, electronics, marine products and pharmaceuticals. Decline in overall imports, including oil and gold, led to narrowing of trade deficit.
'Just as coronavirus has come to us from China, this disease is also coming from that country.' 'India is a strong democracy and you cannot compromise on labour laws in this manner.' 'These changes will be challenged in court.'
The world's biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
The Mumbai Metropolitan Region Development Authority, which is implementing the project, said that it was in talks with the World Bank for funding the project.
A key government official involved in initiatives to make doing business in the country easier said improving the ranking to 50th in a year was not possible but the country could certainly do that over two years.
The ravines, which are sharp, steep mud hillocks, stretch over three states - Madhya Pradesh, Rajasthan, and Uttar Pradesh, once home to several dreaded dacoits have long been the subject of several projects and government schemes to make them agriculturally viable.
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