World Bank: News

11% of India's $647B external debt owed to World Bank

India's external debt has skyrocketed to a whopping $646.8 billion, according to the International Debt Report 2024 from the World Bank.

India's external debt rose to $647B in 2023: World Bank

India's external debt saw a sharp rise of $31 billion in 2023, amounting to $646.79 billion, according to the World Bank's International Debt Statistics (IDS) report.

Why S&P has lowered India's growth targets for FY26, FY27

S&P Global Ratings has kept its GDP growth forecast for India unchanged at 6.8% for fiscal year 2024-25.

G7 leaders agree to loan $50 billion to Ukraine

The Group of Seven (G7) leaders have agreed to lend Ukraine around $50 billion.

World Bank raises India's growth forecast to 7% for FY25

The World Bank has revised India's growth forecast for the fiscal year 2025, raising it from an initial projection of 6.6% to a more optimistic figure of 7%.

IMF approves $7 billion loan to aid Pakistan's economy

The International Monetary Fund (IMF) has approved a $7 billion loan to Pakistan in an effort to stabilize its struggling economy.

Explained: Why Indian city temperatures are reaching unprecedented highs 

Metropolitan cities in India have seen record-breaking temperatures in May, June, and July over recent years.

6 months of Israel-Hamas conflict: What has changed

On October 7, a group of Hamas terrorists breached the seemingly impenetrable "Iron Wall" to enter Israel, where they killed around 1,139 people.

World Bank forecasts 7.5% growth for India's economy in 2024

The World Bank has revised its growth forecast for India's economy, now predicting a significant increase of 7.5% in 2024, up by 1.2% from its previous estimate.

Oil prices might touch $102 due to Middle East tensions

World Bank predicts that global oil prices will reach $90 per barrel in the fourth quarter, dropping to an average of $81 this year because of slowed growth and decreased demand.

World Bank keeps India's GDP growth unchanged at 6.3%

The World Bank has opted to retain the economic growth forecast for India at 6.3% in the fiscal year (FY) 2023-24, despite the nation grappling with significant external challenges, Economic Times reported.

World Bank lowers 2023 growth forecasts for East Asia 

The World Bank recently adjusted its growth predictions for developing countries in East Asia and the Pacific, pointing to tighter financial conditions and a sluggish global environment.

40% of Pakistanis now live below poverty line: World Bank

Pakistan is battling a major poverty crisis, with 40% of its population currently living below the poverty line, news outlet Dawn reported, citing a World Bank report.

G20 Summit: Modi-Biden bilateral meeting on Friday, says White House

United States (US) President Joe Biden is set to travel to India next week for the G20 Summit, where he will have a bilateral meeting with Prime Minister Narendra Modi next Friday, the White House said on Saturday.

Why 40+ countries want to join BRICS

BRICS—a coalition of large emerging economies comprised of Brazil, Russia, India, China, and South Africa—reportedly aims to expand nearly 22 years after its inception.

US nominee Ajay Banga to become World Bank president unopposed 

Ajay Banga, the former CEO of Mastercard, is set to become the World Bank president after nominations closed on Wednesday and no country chose to field a challenger, reported Bloomberg.

World Bank president nominee Ajay Banga tests positive for COVID-19

Ajay Banga, the United States (US) nominee for World Bank president, tested positive for COVID-19 after arriving in New Delhi on Thursday.

Who is Ajay Banga, US nominee for World Bank president

An Indian-American could be at the helm of the World Bank. Former MasterCard CEO and businessman Ajay Banga has been nominated by the US to lead one of the Bretten Woods twins.

India questions World Bank's stand on Indus Waters Treaty

In a significant development in the Indus Waters Treaty (IWT) matter, India on Thursday questioned the World Bank's move to appoint two separate processes—a neutral expert and a court of arbitration—to resolve disputes between Pakistan and New Delhi on the Ratle and Kishenganga hydroelectric projects in Jammu and Kashmir (J&K).

India wants to change Indus Waters Treaty, cites Pakistan's 'intransigence'

India issued a notice to Pakistan on Wednesday expressing its wish to modify the Indus Waters Treaty (IWT) of 1960, blaming the latter for "intransigence" regarding the treaty's implementation.

India's economy 'resilient,' to grow 6.9% in FY23: World Bank

Upgrading India's gross domestic product (GDP) forecast from 6.5% to 6.9% for the current fiscal year, the World Bank on Tuesday termed India's economy as "more resilient" than 10 years ago.

Pakistan's finance minister quits, tainted PML-N leader to replace him

Amid a worsening economic crisis after the deadly floods, Pakistan's Finance Minister Miftah Ismail resigned on Sunday.

New anti-COVID drug may cost up to Rs. 3,000: Report

Molnupiravir, an antiviral medication, is projected to cost between Rs. 2,000 and Rs. 3,000 for a full treatment.

How Taliban's foreign currency ban affects Afghanistan

The Taliban has banned all foreign currency in Afghanistan and ordered its citizens to only use Afghan currency for trade.

COVID-induced economic slowdown caused 1 lakh infant deaths in India

India recorded a third of global excess infant deaths in 2020 due to COVID-induced economic slowdown, a World Bank study has found.

World Bank deployed $157bn in 15 months to fight COVID-19

In its largest-ever crisis response, the World Bank deployed over $157 billion to fight the impact of the COVID-19 pandemic on health, economic and social fronts over the last 15 months.

India's Serum Institute signs COVID-19 vaccine deal with America's Novavax

Serum Institute of India (SII) is set to source the COVID-19 vaccine developed by American biotech company Novavax.

Coronavirus aftermath: 1.1 billion could become extremely poor, globally

The economic repercussions of coronavirus, which has already taken 423,844 lives globally, are mountainous. Thanks to lockdowns, enforced to break the transmission chain, even the richest countries are staring at oblivion.

World Bank announces $1 billion social protection package for India

In the fight against coronavirus, the Indian government has got support from the World Bank. On Friday, the global bank announced a $1 billion social protection package for the programs of the government of India.

India to witness severe economic slump, says World Bank

The spread of COVID-19, and the disruption ensuing from it, is likely to cause a sharp economic slump for India and neighboring countries, the World Bank said on Sunday.

Coronavirus: World Bank approves $1bn emergency fund for India

The World Bank on Thursday approved a $1 billion emergency fund for India to deal with the coronavirus pandemic, which has killed over 70 in the country and infected 2,543.

Last year, India lost over $1.3 billion from internet shutdowns

The problem of internet shutdowns has grown worse over the years, affecting both businesses and households alike.

India 63rd on World Bank's Ease of Doing Business ranking

India moved up 14 ranks to take the 63rd spot on the World Bank's Ease of Doing Business ranking released today.

#EconomicSlowdown: World Bank cuts India's growth rate projection to 6%

The country's "well-learned" union ministers may want you to believe that there is no economic slowdown whatsoever, but data points otherwise.

FATF's Asia Pacific arm blacklists Pakistan for not curbing terror-funding

In a big setback for Pakistan, the Asia Pacific division of global terror watchdog Financial Action Task Force (FATF) has put the country on its blacklist over its failure to curb terror financing.

NITI Aayog CEO says 'too many reforms' behind economic slowdown

Recently, data compiled by the World Bank revealed that India slipped to the 7th spot in the global GDP rankings of 2018.

What is South Korea's #NoMarriage movement all about

South Korea is looking at an economic crisis and they have narrowed down the problem to the one source: women.

#CareerBytes: Important topics every UPSC CSE aspirant must cover

The UPSC Civil Services Examination (CSE) is one of the toughest competitive exams in the country. The three-stage CSE comprises Preliminary examination, Main examination, and Personality Test/Interview.

Delhi: In a first, mother, daughter receive PhD degrees together

Getting a PhD is a huge achievement and a memorable experience. However, for 56-year-old Mala Dutta, whose dream of receiving a PhD came true 34 years after college, it was even more memorable.

What is Indus Waters Treaty? Here's everything you should know

In the aftermath of the Pulwama terror attack, the Center has decided to block water supply to Pakistan from the rivers flowing from India.

US team reaches China to engage in trade deal talks

US negotiators were in Beijing today for another round of talks on a trade deal with the clock ticking towards a March 1 deadline set by US President Donald Trump.

Donald Trump nominates David Malpass for World Bank President

US President Donald Trump has nominated David Malpass, a vocal critic of the World Bank, to head the international financial institution, sparking concerns that he may seek to reduce the role of the global lender.

India aims 'Top-50' rank next year in ease-of-doing biz: Modi

Prime Minister Narendra Modi today inaugurated the 9th edition of Vibrant Gujarat Summit in Gandhinagar.

Indra Nooyi, former PepsiCo CEO, could head World Bank

Indra K. Nooyi, who led PepsiCo for 12 years before leaving the company in August last year, is being considered for the top post of World Bank, multiple reports claimed.

India's GDP to grow 7.5% in next two years: World-Bank

India's GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

World Bank promises $200 billion in 2021-25 climate action investment

The World Bank today unveiled $200 billion in climate action investment for 2021-25; adding this amounts to a doubling of its current five-year funding.

PM Modi inaugurates India's first inland waterway: Details here

On Monday, a vessel carrying PEPSICO (India) cargo docked at the holy city of Varanasi, marking India's first inland voyage by a container ship since it gained Independence.

Ease of Doing Business: India jumps 23-places, now ranks 77

In what can be seen as a big achievement of the Modi government, India climbed 23 ranks in the World Bank's latest ease of doing business rankings.

#CareerBytes: List of important topics for UPSC exam

The UPSC Civil Services exam is one of the toughest in India, thus thorough preparation and solid determination are vital to crack it.

The world's fastest growing economy is choking on toxic air

India might be the world's fastest growing economy, but it is fighting an increasingly uphill battle against air pollution.

Orderly depreciation of rupee would increase competitiveness: World Bank official

An orderly depreciation of the rupee would increase competitiveness and relieve some pressures in the capital market, said Martin Rama, the Chief Economist for the South Asia region of the World Bank.

World Bank, IMF urge US, China to follow trade rules

The heads of the World Bank and IMF urged the US and China to play by world trade rules and de-escalate a dispute over China's technology development strategy that threatens to do lasting damage to the global economy.

Several Indian companies debarred by World Bank over corruption practices

Several Indian companies and some Indians have been barred by the World Bank from its various projects across the globe, the multilateral lending agency said in its first report on its efforts to fight corruption and safeguard donor resources.

Entire world's economy is slowing down, India's is growing: Naidu

India has made tremendous progress under PM Modi in last four years and the entire world is now looking towards the country, Vice President Venkaiah Naidu told a gathering of Telugu Americans in Chicago.

India, Pakistan to resume talks on Indus Waters Treaty

India and Pakistan will resume their talks on various aspects of the crucial Indus Waters Treaty in Lahore on Wednesday, the first bilateral engagement since Prime Minister Imran Khan took office.

Punjab CM announces Rs. 3,600cr-worth development projects for Ludhiana

Punjab Chief Minister Amarinder Singh today announced a slew of development projects worth over Rs. 3,600cr for Ludhiana district, ranging from infrastructure to water supply and industries to education.

Govt trying to start 5 river inter-linking projects in FY19

The government is trying to start work on five river inter-linking projects in the current fiscal and secure financial assistance from World Bank and Asian Development Bank for the Rs. 2 lakh crore project, Union Minister Nitin Gadkari said.

Indian-origin economist, working for World Bank, drowns at Bali beach

A young Indian-origin senior economist, working with the World Bank, drowned after strong currents pulled her away while she was swimming in a restricted area at a beach in Bali, Indonesia on Saturday.

$15-30 trillion loss if girls don't finish school: World Bank

Not educating girls or creating barriers in their school education globally costs between $15-30 trillion, the World Bank said as the UN marks "Malala Day" today.

India overtakes France to become 6th largest economy

In a significant feat, India has pushed France aside to claim the position of the 6th biggest economy in the world, World Bank data for 2017 reveals.

Andhra Pradesh tops ease of doing business ranking, again

For the second year in a row, Andhra Pradesh has topped the list in terms of ease of doing business among all states and union territories (UTs), according to a list released by the Department of Industrial Policy and Promotion in collaboration with the World Bank.

Greece: India working towards becoming $5-trillion-economy by 2025, says Kovind

India is striving to become a $5 trillion economy and the world's third-largest consumer market by 2025, President Ram Nath Kovind said in Greece, quoting World Bank, which stated India's growth rate is going to be high.

Want to make Maharashtra trillion-dollar economy by 2025: Fadnavis

Maharashtra is aspiring to make the state the first trillion-dollar economy by 2025, CM Devendra Fadnavis said in Washington.

Want to make Mumbai a financial technology hub: CM Fadnavis

Maharashtra CM Devendra Fadnavis said he wants to make Mumbai a hub for financial technology.

Over 41,000 cases filed under RTE since 2010: World Bank

According to the World Bank policy research paper, 41,343 cases have been filed in India under the Right To Education (RTE) Act since 2010.

Business Roundup: Here are today's top 5 Business news

India retains fastest-growing economy tag; World Bank forecasts 7.3% growth

The World Bank has forecast a growth rate of 7.3% for India in the fiscal year 2018-19 and 7.5% in FY 2019-20, making it the fastest-growing country among major emerging economies.

Mobile-manufacturing factories rose from 2 to 120 since 2014: Prasad

India is becoming a major manufacturing hub of mobile phones with the number of handset factories in the country going up to 120 in the last three-and-a-half years, Union Minister for Information Technology Ravi Shankar Prasad said.

Is it right for agitated-farmers to spill milk, throw vegetables?

The food and dairy supplies are likely to take a hit as farmers across 7 states started a 10-day protest, demanding minimum support price (MSP), loan-waivers, and permanent monthly income, from the government.

No progress in resolving Indus Water Treaty dispute: World Bank

The World Bank has said that it could not reach an agreement with Pakistan over its concerns regarding the Indus Waters Treaty with India after two days of talks in Washington.

India, Pakistan spar over Indus Waters Treaty at World Bank

A Pakistani delegation raised the issue of India's alleged violation of the Indus Waters Treaty with the World Bank yesterday, officials said.

US Supreme Court to hear dispute over Gujarat power plant

The US Supreme Court has agreed to hear a petition filed by Indian villagers seeking to hold a US-based international financial institution responsible for widespread environmental damage they blame on a power plant it financed in Gujarat.

World Bank denies Sharif laundered $4.9 billion to India

The World Bank has denied as "incorrect" the media reports in Pakistan that cited its report to allege that former Prime Minister Nawaz Sharif laundered $4.9 billion to India.

Bollywood celebs' definition of poor is both funny and depressing

What do you think being poor means? Hiding skin using tattered clothes, sleeping on empty stomach, right?

85% of India's population has access to electricity: World Bank

India is doing "extremely well" on electrification with nearly 85% of the country's population having access to electricity, the World Bank said in its latest report.

India's Aadhaar doesn't pose any privacy issue: Bill Gates

India's Aadhaar technology doesn't pose any privacy issue as it's just a bio-ID verification scheme, Microsoft founder Bill Gates said.