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Tag: World Bank

Indian economy grew 7.2% in 2018-19, likely to top at 7.5%: World Bank

New York: As Finance Minister Nirmala Sitharaman prepares her budget, the World Bank reports Indias economy grew by 7.2 per cent in 2018-19 in contrast to the recent Indian Central Statistical Office (CSO) estimate of only 6.8 per cent growth during the period. The Bank’s Economic Prospects Report released on Tuesday forecast India’s economy to […]

World Bank maintains China's 6.2% growth forecast for 2019

Beijing: The World Bank on Friday maintained its growth forecast for China in 2019 at 6.2 per cent, although it lowered the country’s 2020 growth figure to 6.1 per cent and said domestic demand will be key to facing economic uncertainty. In a report, the institution said Chinese economic growth remained “resilient” with GDP growth […]

Fani Aftermath: World Bank teams assess loss in Puri, Cuttack

Puri/Cuttack: More than three weeks after cyclone Fani struck coastal parts of Odisha, two teams of World Bank today visited Puri and Cuttack districts to assess the loss incurred due to the natural disaster. A 26-member team visited several areas in Puri to assess the damages suffered by educational institutions, healthcare system, tourism, industries, heritage […]

David Malpass takes office as World Bank president

Washington: David Malpass on Tuesday took office as the president of the World Bank Group, and said he looks forward to undertaking the task with enthusiasm. Malpass made his debut as the 13th president of the World Bank at its headquarters in Washington on Tuesday morning. “I want to thank the Board of Directors and […]

World Bank provides Afghanistan $235 mn for development

Kabul: The World Bank has provided a grant of $235 million to the Afghan government to support its efforts for development and stimulating growth in the country, the country’s Finance Ministry said on Thursday. On Wednesday, Acting Minister of Finance Humayon Qayoumi and World Bank Country Director for Afghanistan Shubham Chaudhuri signed the new financial […]

Trump nominates David Malpass to head World Bank

Washington: US President Donald Trump on Wednesday nominated David Malpass, one of his top economic advisers and a Wall Street veteran, to be the next president of the World Bank. Malpass, currently the under secretary for international affairs at the Treasury Department, has been a point person in the Trump administration’s trade negotiations with China […]

World Bank President resigns

Washington: World Bank President Jim Yong Kim has abruptly resigned from his post to join a private infrastructure investment firm, an unexpected departure that comes nearly three years before the end of his term. Kim, who had served in the role since 2012, announced on Monday that he would leave his post well ahead of […]

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World Bank praises India's renewable energy success

Katowice (Poland): The World Bank on Monday praised India’s success in renewable energy auctions that delivered record-setting low prices for solar power and said that the number of countries with strong policy frameworks for sustainable energy more than tripled — from 17 to 59 — in the eight years till 2017. Many of the world’s […]

India expected to receive total remittance of $80 bn in 2018

Washington: India is expected to receive a total remittance of $80 billion in 2018, said the latest edition of the World Bank’s Migration and Development Brief, released on Saturday. “Among major remittance recipients, India retains its top spot, with remittances expected to total $80 billion this year, followed by China ($67 billion), Mexico and the […]

World Bank President hails Modi for India's rise in Ease of Doing Business

New Delhi: With India jumping 23 ranks on Ease of Doing Business index, World Bank chief Jim Yong Kim on Friday called up Prime Minister Narendra Modi to congratulate him for the ‘historic rise’ in the rankings. According to a PMO release, Kim said this has been made possible, in large measure, due to the […]

Ease of biz ranking: Indian can improve further, says Jaitley

New Delhi: Buoyed by a 23-place jump on World Bank’s ease of doing business ranking, Finance Minister Arun Jaitley Wednesday said India can crack into top 50 if it improves on time taken for registering real estate, starting business and enforcement of contracts. Addressing a news conference soon after the World Bank released its 2019 ranking, […]

India jumps 23 ranks in World Bank's ease of doing business, now at 77

New Delhi: India has climbed 23 places in the World Bank’s (WB) latest ease of doing business rankings in a near repeat of its performance last year and now stands at 77 among 190 countries assessed by the multilateral lender. The World Bank’s latest Doing Business Report 2019 released here on Wednesday showed that various […]

Bangladesh, World Bank sign deal for cash transfer

Dhaka: The Bangladesh government and the World Bank on Sunday signed an agreement to improve the transparency and efficiency of its major cash transfer programmes. Mahmuda Begum, an Additional Secretary of Bangladesh’s Economic Relations Division, and Qimiao Fan, World Bank country Director for Bangladesh, Bhutan and Nepal, signed the agreement worth $300 million here, reports […]

Odisha ranked Aspiring Leader in investment preparedness

Bhubaneswar: Odisha has been ranked an “Aspiring Leader” in a survey of 21 states conducted by Invest India and World Bank, an official said on Monday. Odisha scored 80 per cent marks overall as against a national average of 70 per cent and was placed in the “Aspiring Leaders” category along with four other states. […]

World Bank to lend $21.7 mn for Rajasthan's public financial management

New Delhi: India on Tuesday signed a $21.7 million loan agreement with the World Bank for strengthening public financial management in Rajasthan. The project will contribute towards improving budget execution, enhancing accountability and greater efficiency in revenue administration in the state, an official statement said. “The project size is approximately $31 million, of which $21.7 […]

India must create 8.1 million jobs annually: World Bank

New Delhi: India needs to create more than 8 million jobs a year to maintain its employment rate which has been declining over the past decade, according to the latest World Bank report. In its biannual South Asia Economic Focus (SAEF) report released in Washington on Sunday, the multilateral lender also projected India’s growth rate […]

Tourism projects worth Rs 156 cr for Taj Mahal, nearby areas

Lucknow: The Uttar Pradesh government has proposed a slew of tourism projects worth Rs 370 crore, around half of which is meant for the Taj Mahal and its surrounding areas, an official release said today. The details have been released in the wake of reports in a section of the media saying the Taj Mahal […]

India fails to educate students to succeed in life: World Bank

Washington: The World Bank has warned of a learning crisis in global education particularly in low and middle-income countries like India, underlining that schooling without learning is not just a wasted development opportunity, but also a great injustice to children worldwide. The Bank in a latest report yesterday noted that millions of young students in […]

'Odisha should transform bumper agricultural production into entrepreneurship'

Bhubaneswar: World Bank’s global head for Rural Livelihoods and Agricultural Jobs Parmesh Saha on Thursday suggested that Odisha government transform the state’s bumper agricultural production base into entrepreneurship by setting up more incubation centres and food processing clusters. “Because of a series of promotional interventions during last years, the state has been able to build […]

Gujarat CM’s Principal Secretary appointed ED in World Bank

New Delhi: Senior bureaucrat S Aparna, presently Principal Secretary to Gujarat Chief Minister Vijay Rupani, has been appointed as an Executive Director in the World Bank in the US. Aparna, a 1988-batch IAS officer of the Gujarat cadre, has been appointed to the post for three years, an order issued by the Department of Personnel […]

Time to Ban Eucalyptus, Acacia Plantations

The findings are startling. A study undertaken by the Karnataka forest department has found that large scale plantation of eucalyptus and acacia has played havoc with ground water level in three districts of the state – Bengaluru Rural, Kolar and Chikkaballapur – and converted them into barren lands.  Based on the findings, the Karnataka government […]

World Bank
India to grow at 7.2% in 2017-18: World Bank

New Delhi: The World Bank on Monday projected a 7.2 per cent growth rate for India in 2017-18 due to the impact of demonetisation and protracted investment recovery. In its bi-annual economic India Development Update, the World Bank said the growth will accelerate to 7.2 per cent from 6.8 per cent in 2016-17. “Economic activity […]

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World Bank to deepen cooperation with AIIB

Washington: The World Bank and the Asian Infrastructure Investment Bank (AIIB) signed a memorandum of understanding (MoU) here to strengthen cooperation between the two institutions, officials said. Under the MoU, both sides on Sunday agreed to cooperate on areas, including development financing, staff exchanges, and analytical and sector work, Xinhua news agency reported. “It paves […]

Arun Jaitley
India-US ties more stronger, matured: Jaitley

Washington: India-US ties have significantly improved over the last few decades, becoming more “stronger” and “matured” and defying changes in governments in both the countries, Finance Minister Arun Jaitley said today. Jaitley, speaking at a reception hosted by India’s Ambassador to the US Navtej Sarna, said the Indian government is looking forward to working with […]

Naveen Patnaik
Odisha to ensure grounding of investment plans: Naveen

Bhubaneswar: Overwhelmed over the total investment intent of over Rs 2 lakh crore received during the recently concluded ‘Make in Odisha’ Conclave, Chief Minister Naveen Patnaik today said the state government will take steps to ensure grounding of these investments. “I am particularly pleased that the proposed investments have the potential to generate 1.4 lakh […]