Even as the World Bank has revised India's growth figures by 0.4 percentage points as compared to its January forecast, India remains the fastest growing major economy in the world, the World Bank officials said.
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.
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.
The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, especially Goods and Services Tax (GST), despite tax cuts on fuel. Notwithstanding an increase in spending due to expanded fertilizer subsidies and food subsidies for vulnerable households in response to the commodity price shock, the government is on track to meet its FY22/23 fiscal deficit target of 6.4 per cent of GDP and the general government deficit is projected to decline to 9.6 per cent from 10.3 per cent in FY21/22 and 13.3 per cent in FY20/21.
'We expect growth to increase in 2017, after this brief period associated with the change in notes.'
In a major report prepared for the World Bank by the Potsdam Institute for Climate Impact Research and Climate Analytics, the rise in temperature will trigger a cascade of cataclysmic changes that include extreme heat-waves, declining global food stocks and a sea-level rise affecting hundreds of millions of people.
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.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
World Bank president Paul Wolfowitz on Friday met Finance Minister P Chidambaram and discussed the progress of Bank funded projects in India and country's future loan requirements.
For the remaining projects, it is difficult to arrive at an estimate.
Besides him, Brajendra Navnit who served in the Prime Minister's Office (PMO) has been appointed as Ambassador and Permanent Representative of India to the World Trade Organisation (WTO), Geneva, Switzerland. Topno is a 1996 batch Indian Administrative Service officer of Gujarat cadre.
Reserve Bank Governor Raghuram Rajan today criticised multilateral institutions like the IMF and the World Bank saying "they are not immune to cognitive capture".
World Bank President James D Wolfensohn on Friday called on Prime Minister Manmohan Singh at his residence as he wrapped up his 3-day visit to India.
The Pakistani delegation, in its meetings with World Bank officials, insisted on early appointment of the judges and setting up the court.
Satyam Computer Services on Wednesday announced the winning of a new long-term contract from its existing customer, the World Bank whereby it has been chosen as the World Bank's primary offshore IT services partner.
A report released by the World Bank had indicated that the financial and socio-economic health of Jharkhand may improve earlier than expected.
The Bank suggested reforms in infrastructure sector.
'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
Under Aadhar, more than 1 billion people have their online identity.
He will succeed incumbent Rajiv Gauba, who completes his unprecedented five-year term in the top bureaucratic post this month-end.
Nobel Peace Prize laureate and economist Muhammad Yunus has urged the World Bank to reform its policies, saying the development lender has failed to achieve its main goal of eradicating poverty because of its failure to modernise anti-poverty lending programmes.
World Bank report on Thursday called for initiatives at the policy and institutional level to tap the economic potential it offers.
The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said on Wednesday.
India retains the tag of the fastest growing country among the world's major emerging economies
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.
.jpg)
Diplomatic channels activated to keep India eligible for soft loans from World Bank affiliate, though rules show it's probably time we made way for the needier others.
Paul Romer, a New York University professor and economist
Indian economy grew at 7.9 per cent in fourth quarter of 2015-16.
The World Bank condoled the Mumbai blasts and expressed "deepest sympathies" to the families of the victims. \n
A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
World Bank has sounded the warning bells for Indian banks and financial institutions on their high non-performing assets and the risks of suffering losses if interest rate starts rising.
Paul D Wolfowitz took charge as the World Bank's 10th President on Wednesday.
Finding "sense" in the Common Minimum Programme of the United Progressive Alliance government, the World Bank on Thursday said India could at least grow by 6 per cent over the long term, but containing fiscal deficit was important.
The government had projected the GDP growth to be at 8.5%.
World Bank president James D Wolfensohn will begin his two-day India visit from Wednesday to monitor the bank-funded schemes and discuss with government officials ways to step up lending to the country.
