Page 2 - World Bank

India's growth rate among shiniest parts in world economy: Ajay Banga

India's growth rate is the shiniest part in the global economy, World Bank president Ajay Banga said on Thursday, noting that a lot of this is driven by the domestic market. There is no doubt that India's growth rate is among the shiniest parts in the world economy. I think being able to grow at six, seven per cent and more in this kind of environment shows you that they've done a number of things to get there, Banga told reporters ahead of next week's annual meeting of the World Bank and the International Monetary Fund. A lot of that growth is in India, is driven by the domestic market as well, which actually is a healthy sign, in some ways. What India needs to work on as the prime minister laid out is things on quality of life, like air and the quality of water and the like, he said. We are actively engaged with them on a number of topics to do with these, and I think we will see more results of those coming out in the coming months in terms of projects, Banga said in response to

India should join World Bank's international investment dispute centre

The World Bank's International Centre for Settlement of Investment Disputes can assist India in achieving its globalisation goals

WB president Banga bats for more bilateral debt forgiveness to poor nations

Banga said that the World Bank has already answered calls for its share of debt relief in restructurings by providing billions of dollars in additional grants

Poorest countries confront 18-yr high debt as conflicts & disasters surge

A World Bank report reveals that 26 of the poorest nations are facing their highest debt levels since 2006, struggling with post-pandemic recovery, conflict, and increased disaster risks

US Treasury calls for new IMF, World Bank steps on liquidity pressures

The plan "will require hard work and innovation" at the international financial institutions, US Treasury official said

World Bank raises S Asia growth forecast to 6.4% on Indian domestic demand

India's economic growth forecast for the current fiscal year, ending in March 2025, was revised to 7 per cent year-on-year

India's rise as high-income developed country 'not guaranteed': Gill

Gill noted that there were only 34 countries which transitioned from a middle-income to a high-income country in the period between 1990-2023, he says

World Bank ready to extend Rs 15k cr loan for Amaravati: Andhra CM Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday said that the World Bank has agreed to extend Rs 15,000 crore loan to the state government for the construction of the capital Amaravati and its work will start from December. Addressing a press conference here, Naidu, thanking Prime Minister Narendra Modi, whom he met on Monday, said, the Centre has agreed to release Rs 12,500 crore towards the construction works of Polavaram project. He further said oil and gas major Bharat Petroleum Corporation Ltd will be setting up a refinery with an investment outlay of Rs 85,000 crore in the state and the company is currently conducting a feasibility study into selecting the location. The chief minister said he appraised the PM of "Swarna Andhra Pradesh 2047" vision document which is under preparation, aiming to make the state a USD 2.5 trillion economy with USD 40,000 per capita income. "The World Bank has agreed to give Rs 15,000 crore for the construction of Amaravati capital ..

UP can play significant role in driving India's 'Mission 2047': World Bank

Uttar Pradesh can play a significant role in driving India's 'Mission 2047' to make the country a developed nation or 'Viksit Bharat' when it completes 100 years of Independence, Martin Raiser, World Bank Vice President, South Asia Region has said. Raiser during his interactions which Chief Minister Yogi Adityanath and chief secretary Manoj Singh held discussions on how the World Bank could help UP become a USD 1 trillion economy. "We are at the beginning of a new (lending) strategy cycle for India and those strategy cycles are usually for four-five years. Part of the work we are trying to do is map out what we can do in the long term. "If all the ideas that we discussed with the UP CM and chief secretary over the last two days result in World Bank projects, I think we could reach, in the next two-three years, (lending or monetary support) of USD 1 billion or more, Raiser told PTI in an interview. UP, he added, could play a significant role in driving India's 'Mission 2047'. "I t

Export share of manufacturing companies' sales nears a record low

Drop across listed and unlisted companies

World Bank pledges additional $2 bn to support critical reforms in B'desh

The World Bank on Tuesday said that it could mobilise an additional USD 2 billion in financing to Bangladesh in this fiscal year to support critical reforms, flood response, better air quality and health. World Bank Country Director Abdoulaye Seck pledged the new assistance when he called on interim government's Chief Adviser Muhammad Yunus at the State Guest House Jamuna in Dhaka on Tuesday. Seck said that the World Bank "is committed to increasing lending to Bangladesh in this fiscal year to help the reform agenda of the Interim Government," the chief adviser posted on X. "Seck informed that the World Bank can mobilise about $2 billion new financing in this fiscal year to support critical reforms, flood response, better air quality and health," Yunus said in another post on X. Seck's remarks came days after the US Agency for International Development (USAID)-Bangladesh on Sunday said it would provide USD 202.25 million in aid to Bangladesh to advance development, empower youth, .

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