World Bank Group

Will a poor monsoon have the same effect in 2025 as it did earlier?

India's agricultural sector is still largely dependent on the four-month-long Southwest monsoon, but that correlation may be weakening as irrigation infra develops

RBI will push payment systems innovations with soft touch regulations: Guv

The Reserve Bank will continue to promote innovations in payment systems with soft touch regulations within regulatory guardrails and expand the reach of UPI for more efficient cross-border payments, Governor Sanjay Malhotra said on Monday. In his address at the Inauguration of Digital Payments Awareness Week 2025 here, the governor said apart from the RBI, the government and other important stakeholders like banks and payment system operators have also taken a number of initiatives to encourage the adoption of digital payments. "While these efforts have produced results, as visible in the huge growth of digital payments, there is still a lot more to be done. Going forward, we will work on three broad areas," he said. The areas are soft-touch regulations to continue promoting innovation, promote awareness generation, and more efficient cross-border payments. "We will continue to encourage innovation while promoting safety and security through soft touch regulations," the RBI chief

World Bank bullish on India, reaffirms confidence in its economic potential

The World Bank on Wednesday expressed strong confidence in the Indian economy and appealed to all to come and invest in the country. Speaking at the Advantage Assam 2.0 Business Summit, World Bank country director Auguste Tano Kouame said the lender remains optimistic about India's economic prospects, despite a slight downward trend in growth. "We are not worried about India's growth at the moment. We are very bullish about India and will remain bullish," he added. He emphasised that fluctuations of one percentage point in economic growth do not alter the World Bank's positive outlook. "If somebody is worried about recent data, we would like to say that don't worry. India is the shining light in the world. If you are looking to invest, then come and invest here. The Indian growth makes it the place to invest," he added. For the current fiscal, the Reserve Bank of India (RBI) projected the economic growth at 7.2 per cent in December 2024, compared to 8.2 per cent in 2023-24.

World Bank to decentralize operations, shift regional VPs to overseas hubs

Members of the bank's executive board were broadly supportive when briefed about the plan in recent weeks, two sources familiar with the plans said

World Bank's triple-A rating threatened if Trump pulls support: Moody's

Last week, Trump signed an Executive Order to review US government support to all international intergovernmental organisations of which it is a member and to withdraw from some UN organisations

Kerala secures Rs 2,424 cr World Bank loan to strengthen healthcare system

The Kerala government on Wednesday approved the Kerala Health System Improvement Programme by availing a loan of Rs 2,424.28 crore from the World Bank. The state Cabinet meeting chaired by Chief Minister Pinarayi Vijayan, which granted approval, decided to implement the project under the Programme for Results (P for R) model. According to a CMO release, the main objective of the programme is to ensure an excellent standard of living and life expectancy while helping the people of the state build a life free from preventable diseases, accidents, and premature deaths. "All interventions under the programme will focus on ensuring the welfare of the poor. The project aims to establish resilient healthcare systems that provide value-based healthcare while addressing the state's evolving demographic and epidemiological challenges," it said. The government said the project will also enhance coordination between various state departments to effectively respond to emerging threats, includin

World Bank's Banga seeks $85 billion to leverage Africa's youth potential

Banga laid out a plan in which the World Bank, International Monetary Fund, African Development Bank and private investors may spend about $85 billion to bring power to 300 million people by 2030

HSBC, IFC launch $1 bn trade finance programme for emerging markets

Demand for trade finance far outpaces supply, especially in emerging markets, with the global trade finance gap last estimated at $2.5 trillion, according to a report from the Asian Development Bank

Myanmar's economy likely to shrink as floods compound crisis: World Bank

In June, the bank had projected Myanmar's economy would grow 1 per cent during the current fiscal year, which ends in March 2025, but warned of increasing poverty and escalating violence

World Bank gets $100 billion replenishment of fund for poorest countries

World Bank made the announcement today in Seoul at a pledging conference for the International Development Association, which provides grants and very low-interest loans to 78 low-income countries

Afghan economy shows modest signs of growth; recovery fragile: World Bank

Afghanistan's economy is showing modest signs of growth after two years of severe contraction, the World Bank said. In its latest development update issued late Wednesday, the financial institution said modest GDP growth of 2.7 per cent was driven by private consumption. The partial recovery, coupled with falling food prices, helped to gradually improve household welfare. Before the Taliban returned to power in August 2021, Afghanistan's economy relied heavily on foreign aid and corruption was rife. Their takeover three years ago sent the economy into a tailspin, as billions in international funds were frozen, and tens of thousands of highly skilled Afghans fled the country and took their money with them. Afghan's exports remained stable in 2023-24 but imports surged, creating a widening trade deficit, according to the World Bank. This deficit, exacerbated by dependence on imports for essential goods like fuel, food and machinery, could pose a risk to the country's economic ...

India reshapes its workforce to plug into the electric vehicle era

TaMo to upskill half its workforce in 5 years; Tamil Nadu teams up with World Bank to fuel the transition

US President Biden announces $4 billion to replenish World Bank's IDA

Established in 1960, IDA complements the World Bank's original lending arm, the International Bank for Reconstruction and Development (IBRD) and helps low-income countries

India's path to becoming high-income nation: Escaping 'middle-income trap'

Five key course corrections for India to become an advanced country and set a better path for others

IFC commits $400 mn to Bajaj Finance to help boost finance, empower women

IFC, a member of the World Bank Group, has committed USD 400 million (about Rs 3,300 crore) to help expand access to finance for customers opting to buy EVs and energy efficient consumer goods as well as support women-owned microenterprises. This USD 400 million support is part of the USD 1 billion fundraising exercise by Bajaj Finance Ltd (BFL). The funding aims to increase competitiveness in the climate finance market, support the country's climate goals, and promote financial inclusion, a joint statement said on Wednesday. IFC's USD 400 million loan will enable BFL to expand access to finance for customers opting to buy EVs, including two-wheelers, three-wheelers and four-wheelers, and strengthen its presence in the energy efficient consumer goods (EECG) space. "Accelerating climate financing is crucial for India to meet its net-zero goals. IFC's investment in Bajaj Finance will boost market competition, inspiring other NBFCs and investors to expand their financing for ...

Global economy chiefs fret over Trump's return as US election nears

Financial markets are seeing a return of "Trump trades" in assets from stocks to bitcoin to the Mexican peso that bet in favor of a Trump victory as his poll numbers have improved

129 mn Indians living in extreme poverty in 2024: World Bank report

Earlier, the World Bank had said that extreme poverty in India declined by 38 million in 2021 to 167.49 million, following a surge in the two preceding years

Manufacturing output to jump 9% if more women join workforce: World Bank

The report said that in all South Asian countries, output gains from closing the gender gap in labour force participation would be driven by the manufacturing sector, followed by the services sector

India urges action to reform financial systems for debt-free Global South

India has called for a concerted global effort to reform the international financial architecture to ensure debt sustainability and prevent debt traps for the Global South that has been disproportionately impacted by multiple crises. India's Permanent Representative to the UN Ambassador P Harish was addressing the 79th Session of the UN General Assembly on 'Fostering Resilience and Growth in an Uncertain World' on Tuesday when he drew attention to how development gains have gone off the rails, threatening progress towards Sustainable Development Goals (SDG) targets. A concerted global effort is required to reform the international financial architecture to ensure debt sustainability and prevent debt traps, provide access to affordable finance, and address inequalities in global trade and investment flows, Harish said. Highlighting the need for focussing on the issues of the most vulnerable, with the aim of leaving no one behind, Harish said, Empowering women and youth is the key to

Yunus meets Chinese FM, WB President Banga; discusses bilateral cooperation

Earlier on Tuesday, Yunus called for repatriation of Rohingyas amid the "deteriorating" security situation in Bangladesh during a high-level meeting