India is the largest client for the World Bank Group.
World Bank and its private lending arm International Finance Corporation are planning to float rupee-denominated bonds worth $100 million each when market conditions are 'favourable.'
Stocks of IT companies, including Wipro and Megasoft, took a beating at the bourses after it was revealed on Monday that the two firms were barred from doing businesses with the World Bank.
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.
Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said.
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".
The ministry is seeking a $2.96-billion World Bank funding for double-laning of 6,300 km of single-lane highways, out of a total of about 19,000 km single-lane highways in the country.
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.
Arvind Subramanian was appointed CEA in October 2014 and got a year's extension in September 2017
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.
Attributing the growth to an upswing in consumption and investment, the World Bank has said India will continue to be the fastest growing major economy in the world.
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.
'Re-electing Jim Yong Kim will allow the World Bank to continue to build on important initiatives and reforms.'
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
Prime Minister Narendra Modi on Wednesday said he does not have a house in his name, but his government turned lakhs of daughters in the country house-owners.
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 Mumbai Metropolitan Region Development Authority, which is implementing the project, said that it was in talks with the World Bank for funding the project.
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.
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.
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.
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.
The World Bank has approved a $1.5 billion loan for the ambitious clean India campaign.
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.
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.
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 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.
The Washington-based multilateral lender had extended only $2.2 billion loan to the country for the year ended June 2009.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
This will be Jim Young Kim's first visit to India after taking over as President of the World Bank Group last July.
Ajay Banga will be a 'transformative leader', who will bring expertise, experience, and innovation to the position of World Bank President, United States President Joe Biden has said after the top Indian-American business executive was confirmed as the new head of the international lender.
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.
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.
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