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.
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.
The danger today, he said, is no longer, fortunately, one of a collapsing world economy. The danger today is one of complacency.
The World Bank has approved a $120 million loan to support the development of India's small and medium enterprises sector.
With the new Indian government showing signs of economic reforms and brings in transparency in governance, the World Bank feels that the world's third-largest economy could achieve a growth rate of 5.5 per cent this year as compared to 4.7 per cent last year.
This comes at a time when the global recovery remains fragile and is expected to slow later this year as the impact of the fiscal stimulus measures wanes.
India has emerged as the 12th wealthiest nation in the world with its GDP touching $785.47 billion or Rs 35,34,615 crore in 2005, the World Bank said.
The multilateral agency had earlier projected that the world economy would expand by 3.6 per cent this year.
The World Bank on Thursday forecast a 6.7 per cent growth rate for India by next fiscal as exports and private investment are projected to strengthen and provide a boost to growth.
The slowdown in global remittance flows that became evident in the last quarter of 2008 has continued in the first half of 2009. However, South Asian countries like India, Pakistan and Bangladesh have continued to post strong growth till now because of remittances from the Gulf region.
The Communist Party of India-Maoist on Tuesday finally broke its silence over the tragic death of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy. The outlawed organisation described his death as the end of an era of a 'dictator, a war lord and an undemocratic World Bank agent'.Koteshwara Rao alias Kishenji, a senior underground leader of the CPI-Maoist, dismissed the outpouring of grief across the state after YSR's demise as an orchestrated show.
Taking a dig at India and other countries that believe economic activities must be spread geographically to benefit the poor, a new World Bank report has called for concentration of production, mobility of people and economic integration to lift rural people out of poverty. Population shift from villages to cities is natural and should be encouraged, it said.
Amid criticism over engaging experts from multilateral agencies like World Bank, Planning Commission on Wednesday asserted that none of the "outside bodies"
The State Department remarks came as the World Bank started the process to select its new head, who would replace it current President, Robert Zoellick.
On the eve of World AIDS Day 2011, the World Bank has released groundbreaking new evidence from India that demonstrates major advances in the understanding and prevention of HIV/AIDS of up to 3 million HIV/AIDS cases.
Following another disappointing year in 2014, developing countries should see an uptick in growth this year, boosted in part by soft oil prices, a stronger US economy, continued low global interest rates, and receding domestic headwinds in several large emerging markets, it added.
The Bank's projections show that developing countries face a financing shortfall of $270 to $700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty.
The unemployment rate for women was last this low around Diwali in 2022. The unemployment rate has dropped for women from 14.9 per cent in December 2023 to 11 per cent in January 2024, according to data from the Centre for Monitoring Indian Economy (CMIE). It was higher in January 2023 at 13.5 per cent.
Crisil Ratings on Wednesday projected India's GDP growth at 6.8 per cent in the next fiscal and said the country will become an upper middle-income nation by 2031 with the economy doubling to $7 trillion. In its India Outlook report, Crisil said the Indian economy will take support from domestic structural reforms and cyclical levers and can retain -- perhaps even improve -- its growth prospects to become the third largest economy by 2031. "After a better-than-expected 7.6 per cent this fiscal, India's real GDP growth will likely moderate to 6.8 per cent in fiscal 2025," said the Crisil India Outlook report.
The World Bank has approved the Second Andhra Pradesh Economic Reform Loan worth $220 million, to back the state's efforts to achieve better socio-economic outcome and reduce poverty.
The two countries will also account for almost half the global manufacturing investment.
Sources close to Mohamed Mushin say he regrets the indiscretion of purchasing the shares that he did, and even though it was perfectly legal, it gave the perception of conflict of interest, that his buying them under the Friends and Family IPOs seemed as it was a quid pro quo by the two companies that had secured handsome Bank contracts.
.jpg)
The World Bank in its report said the relative importance of remittances as a source of external resources is expected to increase further.
World Bank is expected to extend $2.5 billion loans to India this fiscal, which is lower than the targeted $3 billion annually during 2004-07.
The government should use interest rates for more than administrative measures to handle economic growth in the long term.
The World Bank, the United Nations and private sector partners recently launched a competitive development marketplace aimed at identifying and funding innovative approaches to reduce stigma and discrimination associated with HIV and AIDS in India and other South Asian countries. The initiative, called 'Tackling HIV and AIDS Stigma and Discrimination: From Insights to Action,' targets communities across India and the rest of the subcontinent.
The World Bank has lauded India for the 'remarkable progress' it made in alleviating poverty as well as educating children through the Universal Elementary Education programme.
India's GDP growth to reach 8% by 2017. says World Bank
A feature of this year's BRICS summit was economic cooperation.
Firmly rejecting the contention that rising consumption in developing nations was responsible for the soaring food and fuel prices, India has blamed the policies of World Bank and IMF and 'excessive and unsustainable' demand in developed countries for the crisis.
Bandhan Bank has filed a draft red herring prospectus with Sebi for an IPO of up to 119 million equity shares, with face value of Rs 10 each.
In the face of burgeoning forex reserves at over $93 billion, the government has quietly prepaid $1.4 billion worth of costly foreign loans to World Bank and Asian Development Bank.
