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India’s GDP growth in June quarter surges to 20.1%—All you need to know

The Union government on Tuesday revealed that India’s gross domestic product (GDP) grew at an unprecedented pace of 20.1 per cent in the quarter ending June on the back of a weak base and a sharp rebound in consumption demand. In a statement, the National Statistical Office (NSO) under the Ministry of Statistics and Programme...

World Bank downgrades India’s growth forecast to 8.3% in 2021-22

After the second wave of the COVID-19 pandemic battered India, the World Bank has downgraded its growth forecast for the country from 10.1 per cent in April to 8.3 per cent in 2021-22.  It has predicted a growth of 7.5 per cent for the 2022-23 financial year and 6.5 for the subsequent financial year. “In...

India ranks 116 in World Bank’s Human Capital Index

India has secured the 116th position in the latest edition of the World Bank’s Human Capital Index. However, India’s score increased to 0.49 from 0.44 in 2018, as per the Human Capital Index report released on Wednesday. Last year, India had raised “serious reservations” over the Human Capital Index, wherein it was ranked 115 out...

Gujarat-cadre IAS officer gets key appointment in World Bank

A 1996 batch Gujarat-cadre Indian Administrative Services (IAS) officer Rajeev Topno, who has served as a key aide to Prime Minister Narendra Modi, has been appointed as senior advisor to the World Bank Executive Director. Topno’s next assignment was cleared by the PM Modi-led Appointments Committee of the Cabinet  (ACC) on Thursday. The committee also...

Indian economist Abhas Jha occupies key position in World Bank

An Indian economist, Abhas Jha, has been appointed by the World Bank to a key position on climate change and disaster management in South Asia, the global lender said. Jha’s appointment comes at a time when cyclone Amphan has badly hit West Bengal, Odisha in India, and Bangladesh. In his capacity as World Bank’s Practice...

World Bank approves another US$1 billion aid to India

World Bank on Friday announced a US$1 billion social protection package for India linked to the Government of India programmes. The package was announced in the wake of the rising coronavirus cases across the country. In April, the World Bank approved a plan to roll out $160 billion in emergency aid over 15 months to...

Coronavirus crisis will wipe out South Asia’s progress made in poverty alleviation: World Bank

The global coronavirus pandemic will hit South Asia very hard and the significant gains made in poverty alleviation in the region are likely to be wiped out due to the impact of the deadly disease, the World Bank warned on Sunday. In its twice-a-year regional update, the bank said that South Asian governments must ramp...

UN Also Gives Modi Government Blow After World Bank, India’s Projected GDP Lowered

United Nations has lowered India’s GDP growth forecast. The UN said that India’s economic growth rate could be 5.7 percent in the current financial year. During this financial year, some internationally recognised agencies, such as the World Bank, have lowered India’s GDP growth estimate numbers. The United Nations has downplayed its earlier estimates. Last...