India has suspended the Indus Waters Treaty with immediate effect, accusing Pakistan of breaching the pact by refusing to negotiate modifications and engaging in sustained cross-border terrorism. The decision follows a recent terror attack in Jammu and Kashmir that killed 26 people. Pakistan has rejected India's move, calling it an "act of war."
After Chennai, it is Coimbatore, Madurai, and Tiruchirappalli, that are emerging as manufacturing hubs. Coimbatore is India's top Tier-II city in terms of the number of GCCs, according to a report by Cushman & Wakefield.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The World Bank has announced that it will stop all its programmes in Russia and Belarus with "immediate effect" in response to Moscow's military operations in Ukraine and "hostilities" against the people of the war-torn country. On February 24, Russian forces launched military operations in Ukraine, three days after Moscow recognised Ukraine's breakaway regions - Donetsk and Luhansk - as independent entities. The decision comes as a large number of countries, organisations and businesses are severing ties and have imposed sanctions on Russia over the country's invasion of Ukraine, and with Belarus for its support and cooperation with Moscow.
Growth in India is expected to slow to 6.3 per cent in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January, the World Bank said Tuesday but noted there is an unexpected resilience in private consumption and investment and robust growth in the services. The World Bank made these points in its latest edition of Global Economic Prospects according to which global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023. In Emerging Markets and Developing Economies (EMDEs) other than China, growth is set to slow to 2.9 per cent this year from 4.1 per cent last year. These forecasts reflect broad-based downgrades.
Amid surging coronavirus cases in India, Finance Minister Nirmala Sitharaman on Tuesday made it clear that the government would not go for lockdowns in a big way and only resort to local containment. In a virtual meeting with World Bank Group president David Malpass, Sitharaman appreciated the initiatives of the World Bank to increase the lending space for India to enhance availability of finance for development.
Remittances to India are likely to drop by 23 per cent from USD 83 billion last year to USD 64 billion this year due to the coronavirus pandemic, which has resulted in a global recession, the World Bank has said. Globally remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns, according to a World Bank report on the impact of the Covid-19 on migration and remittances released on Wednesday.
There is mounting evidence that suggests that Omicron subvariants -BA.4 and BA.5 - are infecting people who have been vaccinated.
During that period, the World Bank Group's private sector arm, IFC, committed $1.2 billion in India.
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 World Bank also approved $200 million for Pakistan, $100 million for Afghanistan, $7.3 million for the Maldives and $128.6 million for Sri Lanka.
The pandemic has led to the International Finance Corporation massively ramping up its impact investment in the country - its largest client nation globally - at $1.7 billion as of June, a 51 per cent rise over the past 12 months, the largest developmental lender into third world private sector said on Tuesday. This is nearly half of its investment in the whole of South Asia since the pandemic, which touched $3.8 billion as of June 2021, it said. "Our total commitment to India, which is our largest client country globally, at the end of June stood at $1.7 billion representing an increase of over 51 per cent from last year," IFC vice-president for Asia and the Pacific region Alfonso Garcia Mora said in a statement.
India is the largest client for the World Bank Group.
For the first time, the bank is recruiting the CFO from outside its experienced talent pool of top management.
India's rural employment guarantee programme MNREGA has been ranked as the world's largest public works programme, providing social security net to almost 15 per cent of the country's population, the World Bank has said.
India ranks 130th out of 189 economies on the World Bank's Doing Business report.
Non-profit Code for India, which inspires techies to volunteer their time and talent to the developing world, on Thursday announced that parallel India-US hackathon will be held at the Google campuses in Bangalore and in Mountain View, California.
The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
The company will use the proceeds to fund its expansion plan and repay debt.
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."
Pausing the process for now, the bank would hold off from appointing the Chairman for the Court of Arbitration or the neutral expert -- appointments that had been expected on December 12 as earlier communicated by the bank.
This will be Jim Young Kim's first visit to India after taking over as President of the World Bank Group last July.
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.
Bandhan Bank has filed a draft red herring prospectus with Sebi for an IPO of up to 119 million equity shares, with face value of Rs 10 each.
PMO joint secretary Subrahmanyam to play a key ro#8804 full-time finance minister likely before October
Fast growing virtual online currencies and digital work worth $ 3 billion is providing real income opportunities to people in developing countries with more than 100,000 people in countries like China and India earning a living through online games and websites disseminating micro-tasks, a World Bank study says.
Explore the map to see and compare different countries' Doing Business Index in 2015.
IFC, a member of the World Bank Group, is helping one of Japan's leading banks, Mizuho Corporate Bank, finance a project that would operate power transmission links between East, North-East and electricity-starved North India.
The World Bank will extend a loan of $1.5 billion (about Rs 6,800 crore) to India for building 24,000 km of all-weather roads in the rural areas of seven economically poor and hilly states like Uttar Pradesh and Himachal Pradesh.
Jaitley, 66, has become 'very weak' as his health has deteriorated over the past few weeks, sources said, adding that he has developed some throat condition as well that prevents him from speaking for long.
World Bank President Robert Zoellick on Friday called on Prime Minister Manmohan Singh and discussed funding for the changing needs of the country.
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 four-paragraph letter, Jaitley said he had orally informed Modi about his desire not to be a part of the new BJP government to enable him to concentrate on treatment and health.
'Reports in a section of media regarding Union Minister Shri Arun Jaitley's health condition are false and baseless. Media is advised to stay clear of rumour mongering,' Government Spokesman Sitanshu Kar tweeted.
The IFC Global Corporate Governance Forum has signed an agreement with the Reuters Foundation to encourage these journalists and help them report on governance more effectively, the two organisations said.
It is projected to cross the $3 trillion mark in 2019
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
International Finance Corporation, the private equity venture of the World Bank Group, DEG, one of the largest European development finance institutions, are eyeing a stake in State Industrial Corporation of Maharashtra.
'Re-electing Jim Yong Kim will allow the World Bank to continue to build on important initiatives and reforms.'
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