Washington: India has retained its spot as the world’s top remittance recipient with its diaspora sending $79 billion back home in 2018, the World Bank has said in a report. India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion), according to[Read More…]
Tag: World Bank
Trump nominates Malpass to head World Bank
US President Donald Trump on Wednesday announced that he has chosen David Malpass, undersecretary for international affairs at the US Treasury Department, as the US candidate for the next president of the World Bank. Calling Malpass a “very extraordinary man,” Trump said in a statement at the White House that[Read More…]
Indra Nooyi under Trump administration consideration to head World Bank
By Arul Louis New York, Indian-American business leader Indra Nooyi, who headed the multinational PepsiCo, is under consideration for heading the World Bank, according to multiple media reports. If she is nominated by US President Donald Trump to be the Bank’s president, she will succeed Jim Yong Kim, a Korean[Read More…]
India to retain status as fastest growing economy in 2019-20: World Bank
By Arul Louis United Nations, Fuelled by policy reforms and rebound in credit, India’s economy is forecast to expand by 7.5 per cent during the 2019-20 fiscal year and retain its position as the fastest growing major economy in a world of slowing growth, according to the World Bank. The[Read More…]
World Bank’s ease of doing business ranking: India secures 77th place
World Bank’s ‘ease of doing business’ ranking announced on Wednesday October 31, showed India pushed higher by 23 places, securing the 77th place on the list, helped by improvement in 6 out of 10 indicators. The data showed that the most dramatic improvements have been registered in the indicators related[Read More…]
World Bank will offer new initiative on Indus Treaty dispute: Pakistan
The World Bank would soon approach India and Pakistan with a fresh initiative to resolve the Indus Water Treaty dispute, its President Jim Yong Kim has told Islamabad’s Foreign Minister Shah Mahmood Qureshi, according to a statement from Pakistan’s UN Mission. It said that Qureshi met Jim at the UN[Read More…]
India has potential to triple its trade with South Asia: World Bank
India has the potential to more than triple its trade with its South Asian neighbours to $62 billion against its actual trade of $19 billion, said a World Bank report released here on Monday. “A Glass Half Full: The Promise of Regional Trade in South Asia” pointed out that intra-regional[Read More…]
Mumbai: World Bank steps back, says no to funding for 47 AC trains
Mumbai Rail Vikas Corporation (MRVC), the executing agency for the Mumbai Urban Transport Project–III’s (MUTP-III) rail component, has approached Indian Rail Finance Corporation (IRFC) for funds now as the World Bank has backed out of funding the purchase of 47 air-conditioned trains for Mumbai, condemning commuters to the city’s furnace-like trains for[Read More…]
World Bank, Bangladesh sign $50m deal to improve Rohingya healthcare
The Bangladesh government on Thursday signed a $50 million grant financing agreement with the World Bank to improve the country’s services to cater to the health, nutrition and family planning needs of the Rohingya refugee population. The agreement was signed by Kazi Shofiqul Azam, Senior Secretary of Bangladesh’s Economic Relations[Read More…]
Under-five mortality rate declined faster in India: UN
Death of children below the age of five continues to steadily reduce in India, declining from nearly 22 per cent in 2012 to 18 per cent in 2017, which is now for the first time below the one million mark, the UN said in a new report. “The under-five mortality[Read More…]
Studying the relationship between growth, inequality and poverty
An extensive data on poverty traps suggests that high levels of poverty deter growth. However, a seemingly basic implication of the underlying theoretical models, namely that countries suffering from higher levels of poverty should grow less rapidly, has remained untested. A parallel data has suggested a variety of mechanisms through which inequality may affect growth in opposing directions. Because inequality and poverty are different[Read More…]
Kerala Floods: Centre assures to enhance borrowing limit; CM meets World Bank for aid
Getting back to live, flood-ravaged Kerala is now focusing on rebuilding, the Centre has said it would favourably consider the state’s demand to enhance the borrowing limit. Chief Minister Pinarayi Vijayan held a discussion with World Bank officials as a part of efforts for resource mobilization where he said that[Read More…]
Study finds that India accounts for 1/5th of global deaths from floods
India accounts for one-fifth of global deaths due to floods, according to government data that lends perspective to a new World Bank study that says climate change will lower the standards of living of nearly half of the country’s population by 2050. As many as 107,487 people died due to[Read More…]
India surpasses France to become world’s sixth biggest economy
India surpasses France to become the world’s sixth-biggest economy, pushing France to seventh place, as per the updated World Bank figures for 2017. India’s gross domestic product (GDP) was $2.597 trillion at the end of last year, against $2.582 trillion for France. There was a strong economic growth from July[Read More…]
Indian GST system among most complex globally: World Bank
New Delhi: The Indian Goods and Services Tax (GST) system is among the most complex in the world with not only one of the highest tax rates but also one of the largest number of tax slabs, the World Bank has said. It added that India has the highest standard[Read More…]
‘Indian economy to grow by 7.3% in 2018-19, regain top spot’
The World Bank is estimating India’s economy to grow by 6.7 per cent during the current fiscal year, higher than the 6.5 per cent estimate by the Indian government. The Gross Domestic Product (GDP) growth is expected to rise to 7.3 per cent in 2018-19, making India again the world’s[Read More…]
‘India’s archaic laws need to be brought into 21st century’
Even as India moved into the top 100 for the first time in the World Bank’s Ease of Doing Business global rankings, there’s a lot more that needs to be done to keep up with the rest of the world, said Diljit Rana, one of the UK’s top businessmen and[Read More…]
PM attacks Congress for questioning World Bank ranking
Prime Minister Narendra Modi on Saturday attacked Congress for questioning the World Bank Report on ease of doing business in India and said with GST and other reforms, its report next year would show further improvement in ranking. The Prime Minister said those who had worked with the World Bank[Read More…]
World Bank ranking is recognition for our work: PM Modi
Prime Minister Narendra Modi on Saturday said India has improved 42 ranks on the World Bank’s ease of doing business ranking in a short span of three years, which was a recognition of his government’s work and slammed the opposition for voicing doubts about it. Speaking at ‘India’s Business Reforms’[Read More…]
India’s economy will get better very soon: World Bank
In wake of the ongoing economic slowdown of the country, World Bank President, Jim Yong Kim, said that it is an “aberration” caused by temporary disruptions in preparation for the Goods and Service Tax (GST) and asserted that it will be corrected in the near future. Responding to questions on[Read More…]
India is permitted to construct Kishanganga- Ratle projects under Indus Water Treaty: World Bank
India is now allowed to construct hydroelectric power facilities on tributaries of the Jhelum and Chenab rivers with certain restrictions under the 1960 Indus Waters Treaty (IWT), the World Bank confirmed. The comments of World Bank came as officials from India Pakistan concluded the secretary-level talks over the IWT. Pakistan[Read More…]
Trump administration releases ‘America-First’ budget proposal
Trump administration on Thursday released a preliminary 2018 budget proposal, which details many of the changes the US President wants to make to the federal government’s spending. To pay for an increase in defence spending, the ‘America First’ budget proposes dramatic cuts to many federal agencies including Environmental Protection Agency,[Read More…]
Indus Water Treaty: World Bank and Pakistan discuss issue
World Bank President Jim Yong Kim has held a telephonic conversation with Pakistan’s Finance Minster Senator Ishaq Dar and discussed with him Indo—Pak water dispute, days after the country asked the global lender to fulfil its obligations on the issue. Dawn newspaper quoted official sources as saying the call was[Read More…]
Andhra Pradesh, Telangana top ease of doing business list
In a list prepared by the World Bank with the Department of Industrial Policy and Promotion (DIPP) on the ease of doing business, Andhra Pradesh and Telangana jointly topped the rankings for 2015-16. Last year’s topper, Gujarat, slipped to third position. Commerce and Industry Minister Nirmala Sitharaman released the report[Read More…]
India at world’s centre stage but can do better, says Arun Jaitley
India is at the world’s centre stage more than ever before for “aspiring to do better in an adverse” environment, Finance Minister Arun Jaitley has said but cautioned that by its own yardstick, the country’s current growth rate is not enough. “More than even before we are at the centre[Read More…]