Coal to be back again as gas becoming unaffordable: India’s Finance Minister
NEW DELHI: Given the global energy crisis, India’s Finance Minister Nirmala Sitharaman has said that coal is going to be back again as gas has become unaffordable. Sitharaman, who attended the annual meetings of the International Monetary Fund and the World Bank, said the western world has seen countries moving to coal. The Western world […]
Rupee is not sliding, dollar is strengthening, says India’s Finance Minister in US
WASGINGTON: Finance Minister Nirmala Sitharaman has said that the rupee has not weakened but it is the dollar that has strengthened, as she defended the 8 per cent slide in the value of Indian currency against the greenback this year. Speaking to reporters after attending the annual meetings of the International Monetary Fund (IMF) and […]
India’s Finance Minister to leave for US on Tuesday to attend IMF, World Bank meetings
NEW DELHI: India’s Finance & Corporate Affairs Smt. Nirmala Sitharaman will be traveling to the USA on an official visit beginning October 11, 2022. During her visit, Sitharaman will be attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings. The […]
Gujarat gets over Rs 2,800 crore loan from World Bank for health care
NEW DELHI: The World Bank on Thursday said it has approved a USD 350 million (over Rs 2,832 crore) loan to Gujarat for spending towards public healthcare services, focussed specially on adolescent girls and disease surveillance. The World Bank’s Executive Board of Directors approved the USD 350 million loan to the state, the multilateral funding […]
India signs $125 million loan agreement with World Bank
NEW DELHI: The Government of India, the Government of West Bengal, and the World Bank signed a $125 million IBRD loan to support efforts to help poor and vulnerable groups access social protection services in the state of West Bengal. West Bengal runs more than 400 programs that provide social assistance, care services, and jobs. […]
Kaushik Basu says manipulation of World Bank’s Doing Business ranking is ‘shocking’
NEW DELH: Terming allegations of manipulation of World Bank’s Doing Business Ranking as ‘shocking’, former chief economist of World Bank Kaushik Basu said on Saturday that pressure was there from governments during his tenure, but the multilateral institution never gave in. The World Bank Group has decided to discontinue publication of its Doing Business (DB) […]
Over $157 billion deployed in last 15 months to fight Covid-19 pandemic: World Bank
NEW DELHI: In its largest-ever crisis response, the World Bank has deployed over USD 157 billion to fight the impact of the COVID-19 pandemic on health, economic and social fronts over the last 15 months. This represents an increase of more than 60 per cent over the 15-month period prior to the pandemic, the bank […]
India received $83 billion in remittances in 2020: World Bank report
NEW DELHI: India received over USD83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report. China, which received USD59.5 billion in remittances in 2020 against USD68.3 billion the previous year, is a distant second […]
World Bank says Indian economy expected to contract by 9.6% in FY21
NEW DELHI: India’s economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in 2021, the World Bank said on Tuesday. In its Global Economic Prospects report, the World Bank […]
World Bank signs $500 million project with India to develop green, resilient and safe highways
NEW DELHI: The government of India and the World Bank today signed a $500 million project to build safe and green national highway corridors in the states of Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh. The project will also enhance the capacity of the Ministry of Road Transport and Highways (MoRTH) in mainstreaming safety […]
India and World Bank sign $400 million project to protect India’s poor and vulnerable from the impact of COVID-19
NEW DELHI: The Government of India and the World Bank today signed a $400 million project to support India’s efforts at providing social assistance to the poor and vulnerable households, severely impacted by the COVID-19 pandemic. This is the second operation in a programmatic series of two. The first operation of $750 million was approved […]
India-World Bank sign 120 million USD agreement to implement Meghalaya Integrated Transport Project
NEW DELHI: The Government of India, the Government of Meghalaya and the World Bank signed a $120 million project to improve and modernise the transport sector of state of Meghalaya. This will help Meghalaya to harness its vast growth potential for high-value agriculture and tourism. The project will improve about 300 km of strategic road […]
India’s GDP expected to contract by 9.6 per cent this fiscal: World Bank
By Lalit K Jha NEW DELHI: The World Bank on Thursday said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is much worse […]
ATDC ties up with factories for World Bank-funded project
NEW DELHI: Apparel Training and Design Centre (ATDC), the training wing of the Apparel Export Promotion Council (AEPC), has partnered with 77 apparel manufacturing units in Tamil Nadu for a World Bank-funded skilling project. “We have received support letters from 77 factories based in Tirupur and Chennai apparel cluster for the World Bank funded Skills […]
Global economic recovery may take five years, says World Bank chief economist
MADRID:The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank’s chief economist Carmen Reinhart said on Thursday. “There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as […]
Coronavirus pandemic drives broadest economic collapse in 150 years: World Bank
The coronavirus pandemic inflicted a “swift and massive shock” that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said Monday. The world economy is expected to contract by 5.2 percent this year — the worst recession in 80 years — but the sheer number of […]