Page 9 - World Bank

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for India to reconsider joining RCEP (Regional Comprehensive Economic Partnership) is based on flawed assumptions and outdated projections.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

Maldives faces high debt distress risk, financing challenges: World Bank

Highlighting that the Maldives has been spending beyond its means for decades, the World Bank has warned that the archipelagic nation faces high debt distress risk and financing challenges, making it vulnerable to shocks. World Bank Country Director for the Maldives, Nepal, and Sri Lanka Faris H Hadad-Zervos also said that the island nation's annual debt servicing needs are likely to be USD 512 million for the current and following years, and another USD 1.07 billion in 2026. Hadad-Zervos's statement, posted on his official X account, comes days after the Ministry of Finance here said that the public and publicly guaranteed debt is almost 110 per cent of Maldives' GDP. The heavily tourism-dependent nation had suffered badly due to the COVID-19 pandemic-induced lockdowns and started recovering only in 2023. According to the Ministry of Finance's Quarterly Debt Bulletin for Quarter 1, 2024 published on June 1, the public and publicly guaranteed (PPG) debt has risen to USD 8.2 billion

India remains world's fastest growing major economy globally: World Bank

The global economic report of the World Bank noted that in the South Asian region, India is set to sustain its robust growth momentum although it will moderate in coming years

India to remain fastest-growing among largest economies, says World Bank

For FY26 and FY27, the World Bank projected India's economy to grow at 6.7 per cent and 6.8 per cent respectively