Page 7 - World Bank

India's financial prospects not fully explored globally: Smriti Irani

Observing that there is a lack of information about how much progress India has made, former Indian minister Smriti Irani on Monday said the financial prospects of the country have not been fully explored internationally. "I don't think the financial prospects of our country are fully explored internationally. India as an economy is looked upon from the myopia of the lens, let's say that gets discussed at Davos or that gets discussed at the (World) bank, but operationally, we create opportunities in so many layers that are not visible," Irani said in response to a question during her appearance at the Observer Research Foundation America. Irani, who is currently on an unofficial trip to the US, said there is a lack of information about how much India has progressed. "There isn't much information about the climate action that has been undertaken by India. Similarly, let's say in precision manufacturing, in agro-based industry, the misconception is that our economy is open only for bi

World Bank experts meet Kerala CM Vijayan, praise state's education reforms

In a significant boost to Kerala's efforts to revamp its higher education system, a team of World Bank experts on Monday met with Chief Minister Pinarayi Vijayan, praising the state's reforms and expressing interest in a collaborative initiative to draw international students to the state. The World Bank experts, including Nina Arnhold (Global Lead for Tertiary Education), Denis Nikolaev (Senior Education Specialist), and Ambarish Ambuj (Consultant, Education, South Asia Region), met the CM at his office here to discuss a potential partnership, according to an official release. The project seeks to attract foreign students to Kerala and improve the overall higher education system, with a focus on sustainability and social justice. "The World Bank representatives were impressed by the reforms taking place in the higher education sector. They expressed interest in collaborating with the state Higher Education Council to attract foreign students to Kerala as part of a related project,"

India needs more trade, and being inside RCEP is better than staying out

While India's growth over the past decades has appeared impressive, the contribution of trade to that acceleration has been small and is decreasing

World Bank approves $68 mn cross-border bank lifeline for Pacific Islands

The funding includes $9 million each to eight Pacific Island countries to establish a service

World Bank's suggestion to join RCEP based on flawed projections: GTRI

Think tank GTRI on Wednesday said that the World Bank's suggestion for India to reconsider joining RCEP (Regional Comprehensive Economic Partnership) is based on flawed assumptions and outdated projections. For developing countries like India, policy decisions must be rooted in real-world data and a thorough understanding of the long-term implications, it said. The rising trade deficits among RCEP members and the over-reliance on China-centric supply chains underscore the importance of a cautious, well-researched approach, the Global Trade Research Initiative (GTRI) said. India pulled out of the RCEP in 2019 after entering negotiations in 2013. The RCEP bloc comprises 10 Asean group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners - China, Japan, South Korea, Australia and New Zealand. It added that the World Bank should focus on thorough, data-based analysis that considers the specific ...

World Bank raises India's FY25 GDP growth forecast to 7% from 6.6% earlier

India grew at 8.2% in FY 2023-24, becoming the fastest-growing major economy in the world

India lags in filling void left by Chinese export retreat: World Bank

India's share of global apparel exports has decreased from 4 per cent in 2018 to 3 per cent in 2022, mainly due to rising production costs and declining productivity, according to the World Bank

World Bank follows IMF. Revises India's FY25 GDP growth forecast to 7%

The International Monetary Fund had earlier also raised India's growth forecast to 7 per cent for the financial year 2024-25 (FY25), following the conclusion of general elections in the country

Telangana holding talks with WB for loans with low interest rates: CM Reddy

In a veiled attack on the previous BRS regime, Telangana Chief Minister A Revanth Reddy on Thursday said his government would not make the mistake of borrowing funds with higher interest rates and impose a heavy burden on people, even as he highlighted his vision to develop Telangana as the 'future state'. In his Independence Day address after hoisting the National Flag at the historic Golconda Fort here, the CM said the government is already making efforts to restructure the state debts and he met with the World Bank President during his recent visit to the US in this regard. "I am delighted to announce that talks with the World bank representatives were cordial over extending financial assistance with low interest rate for state development. My government will not commit the mistakes of borrowing funds with higher interest rates and putting a heavy burden on people," he said. "The total state debt at the time of formation of Telangana was Rs 75,577 crore and it has increased to Rs

WB, Telangana govt discuss partnerships in skill development, Net Zero

World Bank backing would give a massive boost to several of the key visions of Chief Minister Revanth Reddy

Growth challenges

Global prospects have worsened in recent years

World Bank looking to issue first 'drought' bond in next 12-18 months

The drought bond would be a new instrument in the multilateral lender's suite of so-called cat bonds - fixed income instruments that pay out to countries in the event of a natural disaster

Amid Ukraine war, Russia upgraded to 'high-income' nation; here's why

Thriving in a war economy: Amid heavy sanctions, Russia's economy defied expectations, achieving a high-income status for the first time since 2014, according to the World Bank

Priority sector tag needed for women-led rural enterprises: World Bank

Recommends institutional reforms to support growth and contribution of women's entrepreneurship

World Bank approves $1.5 bn loan to support India's green hydrogen push

This is the second round of funding from the World Bank towards India's green energy push

Sidbi bats for sustainable development of MSMEs; pilots several projects

Small Industries Development Bank of India (SIDBI) has been making efforts for sustainable development of the MSME sector, which plays a key role in the economy, a senior official of the financial institution said on Thursday. Deputy Managing Director of SIDBI, Sudatta Mandal, said it has taken proactive steps to make the MSME eco-system green with several financial and non-financial engagements. Speaking at an interactive session on the occasion of International MSME Day organised by the MCCI, Mandal said SIDBI has launched various lending products on competitive terms to facilitate energy-efficient transition of the MSMEs. "In the green space, SIDBI has piloted several projects and validated models such as Partial Risk Sharing Facility for energy efficiency programme supported by the World Bank with a corpus of USD 37 million, he said. Mandal said SIDBI has made continuous efforts for holistic development of the MSME sector, which now contributes to 45 per cent of India's exports

Indian diaspora breaks record with $107 billion remittance surge in FY24

According to a survey by the Reserve Bank of India on post-Covid-19 remittances, the United States emerges as the primary contributor, constituting 23% of the total amount

Mindspace becomes first Indian REIT to issue sustainability-linked bonds

Mindspace Business Parks REIT raises Rs 650 crore from the World Bank's International Finance Corporation

Pandemic exposure lowered wage aspirations of rural women: World Bank

The research was conducted in Haryana on a sample of 3,180 female vocational trainees between June and August 2022

World Bank, animal husbandry dept conduct avian influenza crisis drill

The Ministry of Animal Husbandry, Fisheries and Dairying and the World Bank conducted a two-day simulation exercise this week in Madhya Pradesh to enhance the preparedness for potential avian influenza or Bird Flu, amid outbreak of such cases in parts of the country and globally. The exercise on June 19-20 in Bhopal, Madhya Pradesh, brought together 40 participants from various sectors to practice outbreak detection, rapid response strategies and inter-agency coordination for containing the spread of avian flu. "Such initiatives are vital in building resilient health systems as the world contends with an increasing number of zoonotic diseases," the Department of Animal Husbandry and Dairying (DAHD) said in a statement. The drill comes as India sees avian flu outbreaks in Kerala and a rise in global spillover cases to non-poultry species like cattle. Inaugurated by DAHD's Animal Husbandry Commissioner Abhijit Mitra, the programme involved interactive scenarios mimicking real outbrea