The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
World Bank economists have urged the Indian government to cut unproductive farm subsidies and utilize agriculture spending the most productive manner.
India has managed to move a smaller share of its working-age population away from farm-related work than many of its neighbours. Bangladesh, Bhutan, Sri Lanka and Nepal managed to shift a bigger share of jobs to non-agricultural work than India, shows data from the year 2000 to 2023 the compiled from the World Bank's April South Asia Development Update report. Only Pakistan and the Maldives show a lower shift among South Asian peers.
The market rally was driven by strong buying in telecom, banking, realty, metal, FMCG and PSU counters.
Braulio Ferreira de Souza Dias, the executive secretary, Convention on Biological Diversity, stressed that poverty eradication has a lot to do with the agenda on biodiversity which needs to be understood by all.
In a critical comment on India, one of the fastest-growing economies in the world, the World Bank said that robust economic growth and food security alone would not remove the tag of being 'one of the most malnourished nations'.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
With this India will continue to retain the position of being the fastest growing emerging economy. And by 2021, its growth rate is projected to be 1.5 per cent more than China's 6 per cent.
Moody's Ratings on Tuesday said India's growing water shortage can disrupt farm and industry sectors and is detrimental to the credit health of the sovereign as rising food inflation and decline in income may spark social unrest. It said decreases in water supply can disrupt agricultural production and industrial operations, resulting in inflation in food prices and hence can be detrimental to credit health of sectors that heavily consume water, such as coal power generators and steel-makers.
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World Bank resumed financing the Mumbai Urban Transport Project on Thursday lifting the suspension imposed in March.
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.
N Chandrababu Naidu, when he was chief minister of the state, had sought funding for the project in 2015, but the Bank had deferred its decision in the light of the alleged government excesses.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
There is lack of scientific basis in computing the poverty line, says govt.
This will be the last visit of Zoellick as President of World Bank as he is retiring on June 30.
India was the World Bank's favourite last financial year when it came to extending financial aid in the form of loans, both among developing countries and the world's poorest nations.
The World Bank group has been publishing annually 'Doing Business Report' since 2004.
A World Bank reports says the country has shown signs of "some softening" that could slow down the pace of growth slightly in 2011.
When it comes to issue of women's jobs, there is quite a bit of anomaly in India.
During that period, the World Bank Group's private sector arm, IFC, committed $1.2 billion in India.
Pharma firm Ambalal Sarabhai Enterprises Ltd, Mumbai-based Chemito Technologies, New Delhi-based Global Spin Weave Ltd and its director Sudhir Agrawal, have been banned from participating in any World Bank-financed or executed projects.
Indian economy is expected to grow at over 7.5 per cent, to overtake China.
Modi said the ease of doing business ranking improved because the government initiated reforms to end difficulties in the lives of people.
Former US Trade Representative and US Deputy Secretary of State, Robert B Zoellick (53), is said to be the frontrunner for the post of the next World Bank president, according to a report in the Financial Times.
The World Bank has agreed to provide give a $900 million financial aid to Pakistan which is facing devastating flood that has affected 14 million people.
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 downgraded World Bank forecast follows a similar move by the International Monetary Fund, which cut its growth forecasts two months ago
Financially burdened Prasar Bharati on Thursday sought government facilitation to help it receive assistance from the World Bank in its modernisation efforts.
Purchasing power parity revision set to alter poverty estimation; fall won't be so steep once the global poverty line is revised too.
Terming India's fiscal decentralisation as 'flawed', the World Bank has mooted six broad strategies, including strengthening the state finance commissions, broadening tax base and greater devolution of power to Panchayati Raj institutions.
South Asia has the highest gender inequality in the world, says Kalpana Kochhar.
The ministry is also holding a road show aimed at projecting investment opportunities in the sector. The visit is significant as the ministry is scouting investment of $70 billion for road construction in the next 3-4 years, out of which about $45 billion is expected to come from the private sector, including $10 billion from foreign investors.
The government should reduce entry and exit barriers for the manufacturing sector and remove infrastructure bottlenecks for improving investment climate, the World Bank has said.
Amid the controversy over 'ownership issue', Reliance Industries vice-chairman Anil Ambani on Wednesday skipped a World Bank conference on 'Improving India's Investment Climate'.
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.
The World Bank has suggested that cess on petrol and diesel be doubled to Rs 3 per litre to partly generate Rs 100,000 crore (Rs 1,000 billion) needed by 2011 for constructing roads and highways in the country.
