The opening ceremony was held in China's financial capital.
India will catch up with China's growth at 7 per cent during 2016-17, the World Bank has forecast, saying India's economy has recovered in the wake of the economic reform measures taken by the new Indian government, falling oil prices and lower interest rates.
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.
World Bank President Jim Yong Kim said on Tuesday that he sees much promise in Uttar Pradesh chief minister Akhilesh Yadav, with whom he held an hour-long meeting on Tuesday morning.
The World Bank is likely to sanction a reform-linked loan of Rs 16,000 crore (Rs 160 billion) to the UP government. The loan, called "UP Development Policy Loan", is in an advanced stage of negotiation and likely to be credited to UP in the current fiscal. The loan will help the state government retire costly old debt, which will reduce the annual interest burden by Rs 700 crore (Rs 7 billion).
World Bank will provide another $220 million loan to Andhra Pradesh to expedite the reforms process even as it was considering sanctioning such loans to Tamil Nadu and Orissa as well.
In its reply to the World Bank's allegations of corruption in five health projects worth a total of $ 568 million, the Indian govt has sent a report denying the charges. The report said World Bank has misunderstood protocols and has not provided evidence to substantiate the charges. The Union Health Ministry has said that the report erroneously created an impression that the health sector delivery system is beset with fraud and corruption. It has also damaged its credibility.
World Bank on Wednesday asked developed countries to work out a "trade deal" including removal of trade barriers to accelerate growth in the developing nations.
World Bank on Monday said it would help the bank in moving away from an individual 'ring-fenced' project financing to a broad-based assistance to India.
The government is in talks with the World Bank for technical and financial assistance for overall e-governance projects in the country.
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.
The Tamil Nadu Irrigated Agriculture Modernisation and Water-Bodies Restoration and Management Project is designed to modernise irrigation systems covering over 600,000 hectares in 63 selected sub-basins throughout the state.
World Bank is optimistic that the Indian economy can grow by 6-8 per cent in the coming years but has asked the government to improve social services like education and health.
In line with its decision to maintain borrowing within its "load bearing" capacity, Karnataka has decided against going in for more loans from the World Bank and other agencies, Chief Minister S M Krishna said on Wednesday.
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.
The government and World Bank on Tuesday signed an agreement for a credit of 180 million SDR ($250 million equivalent) from International Development Agency for the Technical Engineering Education Quality Improvement Project.
India and China will continue to be the focus of the World Bank as these countries represent 70 per cent of the poor in the world, said the Bank president Robert Zoellick. "You've more poor in India than in all of sub-Saharan Africa. So if we're focused on poverty, we have to focus on these countries (India and China)", he told BBC in an interview to be broadcast on Sunday.
World Bank on Wednesday warned that a prolonged war in Iraq may adversely affect India's GDP growth prospects in this fiscal.
WCP Mauritius Holding, an investment vehicle promoted by former World Bank president James Wolfensohn, has bought a minority stake in India's ethnic wear company Fabindia for about $11 million, a Financial Times report said.
China remained a developing country facing many challenges, including alleviating poverty in rural areas, despite emerging as a second largest economy of the world, World Bank President Robert B Zoellick has said.
Lula da Silva congratulated Modi and thanked India for its efforts to give voice to the topics of interest to emerging economies.
The World Bank now projects Gross Domestic Product growth of 11.3 per cent in 2007, but below 11 per cent in 2008, the World Bank's China Quarterly Update said.
The president of République Française needed to attend the inaugural game of the rugby World Cup at the Stade de France in Paris on Friday night.
Robert B Zoellick will succeed Paul Wolfowitz as the 11th president of the International Bank for Reconstruction and Development, or the World Bank, for a five-year term from July 1, 2007.
With the backdrop of the famous wheel from the Konark Sun temple in Odisha, Prime Minister Narendra D Modi welcomed G20 leaders at the Bharat Mandapam, venue of the G20 Summit in New Delhi, on Saturday, September 9, 2023.
The Cabinet on Wednesday approved $1.5 billion (about Rs 9,000 crore) World Bank support for the Swachh Bharat Mission (SBM) in rural areas.
World Bank on Monday said its lending in India is estimated to increase from its current annual average of $2.5 billion to an average of $4 billion over the next two-three years.
Jim Yong Kim, president of the International Bank for Reconstruction and Development concluded his three-day visit to India on Wednesday.
The World Bank will not reduce financial assistance to India for poverty alleviation measures because of the recent official data that showed a decline in the number of poor people in the country.
The World Bank said on Monday hardening interest rates and a surge in oil prices worldwide will have a marginal impact on India's economy and the country would continue to witness high GDP growth.
Starting a business in India has become much easier in the last two years.
India's gross domestic product (GDP) can grow at seven per cent or more, provided the process of reforms is expedited, the World Bank has said.
This arrangement, while facilitating a $4.3 billion increase in support to India, is designed to maintain IBRD's net exposure within the limit of US$ 17.5 billion established by the IBRD for lending to a large, highly creditworthy borrower like India.
India on Thursday said it cannot be compelled to participate in "illegal" proceedings at the Permanent Court of Arbitration over the Kishenganga and Ratle hydropower projects in Kashmir after The Hague-based tribunal ruled that it has the "competence" to consider the dispute between New Delhi and Islamabad on the matter.
The World Bank on Thursday projected Indian economy to grow at 8.7 per cent this year but estimated that the high growth would moderate in 2008 due to tighter financial and fiscal conditions.
A fresh $1-billion (nearly 4,600-crore) loan from the World Bank under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), to be routed through the Union government, would be linked to cities adopting certain efficiency parameters.
Moody's Investors Service on Thursday said India is likely continue to face challenges in raising longer-term growth potential and creating enough jobs for its young population in the absence of higher trade openness. In its report on South Asia sovereigns, Moody's said compared with other South Asian economies, India appears to be in a better position to deepen its integration in global value chains, attract FDI and increase exports. The country has better macroeconomic fundamentals, more stable politics and a more developed export sector.
The danger today, he said, is no longer, fortunately, one of a collapsing world economy. The danger today is one of complacency.
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