Foxnews.com on Tuesday reported that the World Bank ban started in September this year "due to alleged malpractice's including bribery". The news report said the World Bank debarment -- the harshest sanction ever made by the bank since 2004 -- was meted out for 'improper benefit to bank staff' and 'lack of documentation on invoices'.When contacted, a Satyam spokesperson said that "the company does not comment on individual clients".
India's GDP growth is likely to slow down over the next couple of years as a result of restrictive policies -- manifested as higher interest rates and fiscal tightening -- aimed at curbing inflation, a World Bank report has said.
Warning that India's farm subsidy had mounted to 5.6 per cent of agriculture GDP, the World Bank on Wednesday said the country should instead be investing more in rural education, social and infrastructure development.
India's private and state government-owned ports (non-major ports) continued to grow faster than those owned by the Centre (major ports) through the first three quarters of 2023-24 (FY24), cargo handling data shows. At 604 million metric tonnes (mmt), cargo at major ports grew by 5 per cent between April and December, while non-major ports' cargo traffic growth was 11 per cent at 531 mmt. During December 2023, central government-owned ports in India handled cargo volumes of 69.9 mmt, a tepid year-on-year (Y-o-Y) growth of 0.7 per cent.
'Re-electing Jim Yong Kim will allow the World Bank to continue to build on important initiatives and reforms.'
Lauding India for its decade-old economic reforms, World Bank vice president Nicholas H Stern said on Tuesday that the country has shown the developing world the right kind of economic policies to be adopted.
World Bank President Robert B Zoellick in his remarks at the Rome Conference on Food Security pointed out that 28 countries have imposed export bans on food items and stressed 'these restrictions and taxes should be lifted, at a minimum for humanitarian food purchases and transportation by World Food Programme'. UN Secretary General Bank Ki-moon on Tuesday called upon the countries to resist the temptation to impose ban on export of foodgrain.
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.
India has brought down the number of people living below $1 a day by 2 percentage points to 24.3 per cent in three years up to 2005, as Asia's third-largest economy accelerated to 7 per cent plus growth in those years, latest data from the World Bank revealed. In absolute numbers, 9.6 million people came out of poverty between 2002 and 2005, the largest reduction between two consecutive surveys released by the World Bank since 1981.
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.
The World Bank has approved a $1.5 billion loan for the ambitious clean India campaign.
The five warmest years in Indian weather history have occurred in the past 14 years -- the others being 2009, 2017 and 2010, in order of intensity.
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.
A credit agreement of $600 million equivalent, for the Second Elementary Education Project, was signed on Thursday between the government of India and the World Bank.
Spiralling prices of wheat, maize, sugar and oils apart from food items such as vegetables turning costlier, are pushing food inflation higher, according to World Bank.
The World Bank would provide loans to India at higher than its existing concessional rates but lower than the market rate.
Growth projections for 2013-14 has been arrived at by taking into account present internal and external factors.
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).
World Bank is likely to double loan sanctions to India to about $3 billion annually for the next four years, as part of its Country Assistance Strategy to be announced in New Delhi on Friday.
The Washington-based multilateral lender had extended only $2.2 billion loan to the country for the year ended June 2009.
The economic growth could slow down to 7.8 per cent in 2008 from over 9 per cent currently due to policy bottlenecks resulting in deceleration in investment growth in the country, says a World Bank report.
This will be Jim Young Kim's first visit to India after taking over as President of the World Bank Group last July.
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.
The World Bank has asked the government to cut a slew of duties, including entertainment tax on broadband Internet connections in some states, on telecom services.
"GDP growth in India eased to a still strong 8.7 per cent in 2007, from 9.7 per cent in 2006, and is projected to slow further to 7 per cent in 2008," said the World Bank report on Global Development Finance released on Tuesday. World Bank attributed the moderation in GDP to 'monetary tightening in 2007 (that) led to softening in domestic demand'.
World Bank President Paul Wolfowitz, says a Financial Times report, had ordered the Bank's HR chief to give Shaha Riza, a lady official of the bank with whom Wolfowitz was romantically linked, a huge pay hike and promotion.
India is on track to register its entire 1.25 billion population using its Aadhaar digital ID.
The World Bank has approved a $348 million loan to help improve the quality, capacity and safety of the road network in Tamil Nadu.
Notwithstanding US reservations over the Iran-Pakistan-India gas pipeline, the World Bank has described it as a win-win deal and expressed readiness to fund the $7 billion project.
In a time of tight credit, the facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the World Bank said.
Appreciating India's initiatives in containing spread of AIDS, vice president and corporate secretary of the World Bank Ngozi Okonjo-Iweala said the World Bank is working closely with New Delhi to further improve the health scenario in the country.
The International Monetary Fund and World Bank heads want their shareholders' consensus before working to rebuild Iraq, but some countries worry the United States is trying to use the multilateral lenders to cut out the United Nations.
Reforms can be the game changer for poor and help economy goes back on growth trajectory.
Global warming can cause extreme floods and droughts and can mean snowfall is replaced by rain, with higher evaporation rates.
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 the first two years, we spent Rs 15,000 crore, which was more than our target, says S K Chaturvedi, CMD, Power Grid Corp.
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