"Oil prices are not going to come down. The era of cheap food is over and prices are likely to remain high for at least the next 10 years," World Bank South Asia Region Vice-President Praful Patel told PTI. He said the current situation has 'caught the whole world by surprise' and the crisis was due to a combination of factors, he said.
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.
India is the largest client for the World Bank Group.
Ruhl, a Dutch national, was previously the Director for Operations Services and Quality in the South Asia Region of the World Bank, the multi-lateral funding agency said in a statement on Monday.
In its report 'Global Economic Prospects 2010' the World Bank has said: 'Global GDP, which declined by 2.2 per cent in 2009, is expected to grow 2.7 per cent this year and 3.2 per cent in 2011'.
From the Sensex firms, Tata Steel tanked the most by 4.57 per cent. ICICI Bank, Power Grid, HCL Tech, Tech Mahindra, Infosys and Kotak Mahindra Bank were also among the laggards. Mahindra & Mahindra, State Bank of India, ITC and Bharat Electronics were among the gainers.
The market rally was driven by strong buying in telecom, banking, realty, metal, FMCG and PSU counters.
The business value of the league, popularly called the IPL, surged to a record $18.5 billion last year, U.S.-based investment bank Houlihan Lokey says.
Reforms can be the game changer for poor and help economy goes back on growth trajectory.
Jammu and Kashmir Chief Minister Omar Abdullah has urged the central government to approve West Bengal's request to rename the state, following the approval of a similar proposal for Kerala.
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.
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).
The World Bank would provide loans to India at higher than its existing concessional rates but lower than the market rate.
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.
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.
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.
The recent correction suggests that while precious metals hedge geopolitical tension and inflation, they are not immune to sharp short-term corrections and profit-booking.
World Bank is likely to give Mumbai projects Rs 275 crore less, in wake of the appreciation of rupee against the dollar.
Money to be used for the Rs 174,000-crore Bharat Nirman programme to develop rural 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.
Growth projections for 2013-14 has been arrived at by taking into account present internal and external factors.
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.
The United States has a moral and national interest in helping poor and struggling countries transform themselves into free and hopeful societies, Bush said.
On the 95th anniversary of Bhagat Singh's martyrdom, Utkarsh Mishra revisits the ideas and philosophy of the revolutionary giant.
"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.
This will be Jim Young Kim's first visit to India after taking over as President of the World Bank Group last July.
The race for the top position at the Bank is really heating up.
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
After a disappointing loss in the first ODI, the Indian women's cricket team aims for a stronger batting performance in the second match against Australia to keep the series alive. Australia leads the three-match series after winning the first match by six wickets.
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.
'In India, there is this first generation migrant, say from a small village in UP. He didn't go to the Gulf to buy a big house but make the life of his family better.' 'He may have paid 1 lakh rupees to an agent to go to the Gulf. Imagine what will happen to him and his family if he has to come back. He and his family will become poor again.' 'He went to the Gulf to come out of poverty, but this war will make his family trapped in poverty once again.'
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.
'For those in for the long haul, this is a God-given opportunity.' 'Your market is falling despite strong fundamentals, and such a clear roadmap has been announced.'
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.
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.
Wipro had denied allegations of providing improper benefits to Bank staff.
The downgraded World Bank forecast follows a similar move by the International Monetary Fund, which cut its growth forecasts two months ago
