Page 2 - World Bank Report

Govt on track to meet fiscal deficit target of 6.4% for current FY: Report

The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, especially Goods and Services Tax (GST), despite tax cuts on fuel. Notwithstanding an increase in spending due to expanded fertilizer subsidies and food subsidies for vulnerable households in response to the commodity price shock, the government is on track to meet its FY22/23 fiscal deficit target of 6.4 per cent of GDP and the general government deficit is projected to decline to 9.6 per cent from 10.3 per cent in FY21/22 and 13.3 per cent in FY20/21. Public debt is also projected to decline to 84.3 per cent of GDP in FY'23, from a peak of 87.6 per cent in FY'21, it said. The central government's revenues increased by 9.5 per cent and spending by 12.2 per cent. As a .

Investment opportunities in space cooling to be $1.5 trn by 2040 in India

Market potential and investment opportunities in space cooling will be $1.5 trn by 2040 in India. Therefore, it would be imperative for the govt to create an adequate enabling investment framework

Spotlight on innovation in non-solar areas in emerging green energy sector

Businesses built on renewable infrastructure are gaining traction but banks are still figuring out ways to finance them

World Bank holds Ease Doing Business report over data irregularities

In a statement, World Bank said over the 17 years of its existence, the Doing Business report has been a valued tool for countries seeking to measure costs of doing business

India must invest $109 bn in 10 yrs to halve road fatalities: World Bank

The bank said such an investment will bring economic benefits equivalent annually to 3.7 per cent of the GDP.

World Bank sees protracted recovery for India, limited fiscal fillip scope

This projected recovery could be stronger if recent policy actions - particularly those that have mitigated trade tensions - lead to a sustained reduction in policy uncertainty, said the report

India's market turnover among lowest globally, shows World Bank data

According to the World Bank, India's turnover ratio at 58 in 2018 was a 43 per cent drop from 101 recorded in 2004

India highest recipient of remittances at $79 billion in 2018: World Bank

India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said

World Bank debars several Indian firms for fraudulent & corrupt practices

Olive Health has been debarred for 10 years and six months, Modi has been debarred for seven years and six months

66% Working Indians earn less because of childhood stunting: World Bank

India's childhood stunting rate is one of the world's worst, surpassed only by Bangladesh (73%) and Afghanistan (67%)

With 1.57 bn accounts, 80% Indians save outside banks: World Bank

The increase in the number of bank accounts bodes well for the financial system as the dependence on informal and unorganised players reduces for both savings as well as credit

India fastest growing but must create 8.1 mn jobs annually: World Bank

World Bank projected the growth rate to increase further to 7.5 per cent in the following two years

Cross-border trade ranking: Reforms yet to reach the shores

Lower ranking as World Bank did not take into account some changes