The world’s largest and most influential development bank said on Wednesday it would lift its longstanding ban on funding nuclear power projects. The decision by the board of the World Bank could have profound implications for the ability of developing countries to industrialize without burning planet-warming fuels such as coal and oil. The ban has been formally in place since …
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NEW DELHI: While sounding upbeat about the economy, finance secretary Ajay Seth on Friday underlined the need to ensure fiscal consolidation and remain agile to deal with challenges facing the economy.“India can’t remain fixated. We have to be adept and agile, and as things are evolving, we cannot take things for granted. India is close to a $4 trillion economy. …
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NEW DELHI: India has successfully lifted 171 million people out of extreme poverty in the decade spanning from 2011-12 to 2022-23, according to the World Bank‘s latest “Poverty & Equity Brief.”The report reveals that extreme poverty, defined as living on less than USD 2.15 per day, fell from 16.2% in 2011-12 to 2.3% in 2022-23. This significant reduction marks the …
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Treasury Secretary Scott Bessent on Wednesday called for major overhauls to the missions of the International Monetary Fund and the World Bank but said that the United States remained committed to maintaining its leadership role at the global economic institutions. The comments, made at a speech on the sidelines of the spring meetings of the I.M.F. and the World Bank, …
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NEW DELHI : The World Bank has estimated that India will need to grow 7.8% on an average over the next 22 years to become a high-income economy by 2047 and underlined the need for a series of reforms to achieve the goal.The latest India Country Economic Memorandum, released on Friday, said India’s growth at an average 6.3% between 2000 …
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As the Trump administration imposes deep cuts on foreign aid and renewable energy programs, the World Bank, one of the most important financiers of energy projects in developing countries, is facing doubts over whether its biggest shareholder, the United States, will stay on board. While the Trump administration has voiced neither support nor antipathy for the bank, it has issued …
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The leaders of more than half of Africa’s nations gathered this week in Dar es Salaam, Tanzania’s sprawling seaside metropolis, to commit to the biggest burst of spending on electric-power generation in Africa’s history. The World Bank, African Development Bank and others are pledging at least $35 billion to expand electricity across a continent where more than a half-billion people …
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NEW DELHI: The International Monetary Fund (IMF) on Friday retained India’s growth forecast for 2024-25 at 6.5% but said that growth in the country has slowed more than predicted, led by a sharper-than-expected deceleration in industrial activity.“In India, growth is projected to be solid at 6.5% in 2025 and 2026, as projected in Oct and in line with potential,” the …
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