India on Wednesday ranked at 77th position in the World Bank's 'ease of doing business' index. India has recorded a jump of 23 positions against its rank of 100 in 2017.&nbsp;

The World Bank has recognized India as one of the top improvers for the year.&nbsp;Last year in 2017, India jumped 30 places to rank 100th among 190 nations in World Bank's 'ease of doing business' index. &nbsp;

India has improved its rank by 53 positions in last two years and 65 positions in last four years.

India is the first BRICS and South Asian country to be recognized as top improvers in consecutive years.

India is recognised among top 10 improvers for the 2nd consecutive year. India is now ranked first among South Asian countries compared to 6th rank in 2014.

For the Narendra Modi administration, the development is a welcome news and endorses its reform credentials.

<blockquote>
"When we came to power the PM had said that we have to come within the top 50 ranks. Today, we are at Rank 77. DIPP has worked on how to up the ranking on each criterion. You have to crack the code &amp; try and improve on the criterion in which we lack," said finance minister Arun Jaitley.

"It’s teamwork between Central, state governments. It's collaborative effort and a combination of several interventions that have resulted in improvement into this ‘ease of doing business’ index," said Union Minister Suresh Prabhu.
</blockquote>

“India continued its reform agenda, implementing six reforms in the past year. India is now the region’s top-ranked economy,” the World Bank said, ahead of Bhutan (81) and Sri Lanka (100), Nepal (110), the Maldives (139), Pakistan (136) and Afghanistan (167) and Bangladesh (176).

India has improved its rank in six out of the 10 indicators and has moved closer to international best practices on seven out of 10 indicators.

The World Bank index ranks 190 countries on the basis of 10 indicators, namely starting a business, dealing with construction permits, registering a property, getting credit, getting electricity, trading across borders, resolving insolvency, enforcing contracts, protecting minority investors and paying taxes.

India reduced the time and cost to export and import through various initiatives, including the implementation of electronic sealing of containers, the upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures, the World Bank said.

In the World Bank Group’s annual ease of doing business rankings, the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots, respectively, for a second consecutive year, followed by Hong Kong SAR, China; Republic of Korea; Georgia; Norway; United States; United Kingdom and FYR Macedonia.&nbsp;

India's performance over the past ten years

2018: Rank 77 
2017: Rank 100 
2016: Rank 130&nbsp; 
2015: Rank 130&nbsp; 
2014: Rank 142 
2013: Rank 134 
2012: Rank 132 
2011: Rank 132 
2010: Rank 134 
2009: Rank 133

(With inputs from agencies)

India on Wednesday ranked at 77th position in the World Bank's 'ease of doing business' index. India has recorded a jump of 23 positions against its rank of 100 in 2017.

India on Wednesday ranked at 77th position in the World Bank's 'ease of doing business' index. India has recorded a jump of 23 positions against its rank of 100 in 2017. The World Bank has recognized India as one of the top improvers for the year. Last year in 2017, India jumped 30 places to rank 100th among 190 nations in World Bank's 'ease of doing business' index. India has improved its rank by 53 positions in last two years and 65 positions in last four years. India is the first BRICS and South Asian country to be recognized as top improvers in consecutive years. India is recognised among top 10 improvers for the 2nd consecutive year. India is now ranked first among South Asian countries compared to 6th rank in 2014. For the Narendra Modi administration, the development is a welcome news and endorses its reform credentials. "When we came to power the PM had said that we have to come within the top 50 ranks. Today, we are at Rank 77. DIPP has worked on how to up the ranking on each criterion. You have to crack the code & try and improve on the criterion in which we lack," said finance minister Arun Jaitley. "It’s teamwork between Central, state governments. It's collaborative effort and a combination of several interventions that have resulted in improvement into this ‘ease of doing business’ index," said Union Minister Suresh Prabhu. “India continued its reform agenda, implementing six reforms in the past year. India is now the region’s top-ranked economy,” the World Bank said, ahead of Bhutan (81) and Sri Lanka (100), Nepal (110), the Maldives (139), Pakistan (136) and Afghanistan (167) and Bangladesh (176). India has improved its rank in six out of the 10 indicators and has moved closer to international best practices on seven out of 10 indicators. The World Bank index ranks 190 countries on the basis of 10 indicators, namely starting a business, dealing with construction permits, registering a property, getting credit, getting electricity, trading across borders, resolving insolvency, enforcing contracts, protecting minority investors and paying taxes. India reduced the time and cost to export and import through various initiatives, including the implementation of electronic sealing of containers, the upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures, the World Bank said. In the World Bank Group’s annual ease of doing business rankings, the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots, respectively, for a second consecutive year, followed by Hong Kong SAR, China; Republic of Korea; Georgia; Norway; United States; United Kingdom and FYR Macedonia. India's performance over the past ten years 2018: Rank 77 2017: Rank 100 2016: Rank 130 2015: Rank 130 2014: Rank 142 2013: Rank 134 2012: Rank 132 2011: Rank 132 2010: Rank 134 2009: Rank 133 (With inputs from agencies)

India jumps 23 positions to rank 77 in World Bank's 'ease of doing business' ranking

Before actually formally approaching the International Monetary Fund(IMF) for a bailout, the global governance institute has warned Pakistan against “excessive loans” from China. It is almost a surety that Pakistan will approach the Fund for its variegated economic and financial issues. But, a not too subtle warning has already been issued to the country which has over a period of time drifted to China’s orbit. (This has been couched in a technocratic gloss and verbiage). 
 
The reasons are not too difficult to figure out: the institutions of global governance like the IMF are not merely technocratic institutions designed to maximize peoples welfare or merely to “look after” the global economy; they are institutions where the ingress of ideology( free market capitalism or &nbsp;market fundamentalism) and politics is all too prevalent. 
 
The quota system of the IMF and the voting rights thereof are loaded towards developed and industrialised (or even post-industrial) nations, especially the United States (which has had no qualms in maintaining the status quo from which it benefits). Complemented with the geopolitical heft and clout of the country, &nbsp;the United States’ influence at and in the IMF gives it enormous leverage. 
 
In terms of the ideological flavour of the IMF, it is loaded towards free-market capitalism and the gravamen of its approach towards countries in financial and economic distress is to goad these countries towards this variety of capitalism. The IMF has a “one size fit all” prescription for distressed countries toward this end (Obiter Dictum, Thomas Friedman, the famous and influential columnist of the New York Times, in his best selling book, “ The World is Flat”, essentially in the nature of an irrationally exuberant ode to free-market capitalism inspired globalisation called this “the Golden Straitjacket”).

But, countries that form the international system are neither uniform nor homogenous in terms of their development, economic growth and patterns thereof for a whole host of reasons. So, a “straitjacketed” prescription for all countries or economies is not only impractical but suggests an ideological agenda. This agenda is translated into action through “conditionalities” and “structural reforms” foisted upon economies in distress by the IMF. And, given the voting power discrepancies, there are other political agendas involved as well. The case of Indonesia after the Asian financial crisis in 1997 comes to mind here as an egregious example. More contemporarily, the IMF’s involvement and its role in Greece constitutes another example.

All this is not to demean and denigrate the IMF. This global governance institution is a much-needed one. But the political power embedded in it, its nature and the institutions’ ideological predilections(discredited in and after the 2008 global financial crisis) need urgent reform.

&nbsp;Now, in terms of the instance of Pakistan , whose financing gaps have become enormous over the years, the country has been moving away from the United States and drifting into the Chinese orbit, being a substantive partner in China’s One Belt One Road Initiative’s, (OBOR) corollary, the China Pakistan Economic Corridor(CPEC). If both the OBOR and the CPEC actually fructify, then there will be a recalibration of economic and global power globally which, in turn, will have geopolitical implications and consequences. This might even constitute a challenge to the United States domination of the global economic and financial system, creating another powerful pole in the process. The IMF, in this instance, appears to be used to make a point to Pakistan. There then is politics involved here.

The example of Pakistan and other countries in the past must concentrate the minds of developing and emerging economies which are at a structural disadvantage in many respects vis a vis the developed world. Given the inherent volatility of the world financial system, especially in its more globalised avatar and given that economic fluctuations are part and parcel of the capitalist growth process, emerging and developing economies face vulnerabilities that can perhaps best be mitigated by institutions like the IMF. The institution then is both needed and desirable. But, at the risk of sounding tautological, it needs reform at both conceptual and structural levels.

The world that we inhabit contemporarily is not the same world it was in the seventies. Profound structural transformations have occurred that have both upended and rejigged past paradigms and shibboleths. The developing world, as a group, albeit a differentiated one, no more bears the depredations of post colonialism but has emerged as an entity which can hold its own, in many domains. It cannot and must not be relegated to the margins in institutions of global governance. 
 
Developing countries need an agency and robust representations in institutions of import. One good starting point for this would be a comprehensive and robust reform of the IMF. If and when this happens, it could be a prelude to a more equitable world order. Till then, global governance will reflect and bear the imprimatur of power with developing countries, especially those in distress, suffering in the crucible of and at the altar of power politics.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Before actually formally approaching the International Monetary Fund(IMF) for a bailout, the global governance institute has warned Pakistan against “excessive loans” from China.

Before actually formally approaching the International Monetary Fund(IMF) for a bailout, the global governance institute has warned Pakistan against “excessive loans” from China. It is almost a surety that Pakistan will approach the Fund for its variegated economic and financial issues. But, a not too subtle warning has already been issued to the country which has over a period of time drifted to China’s orbit. (This has been couched in a technocratic gloss and verbiage). The reasons are not too difficult to figure out: the institutions of global governance like the IMF are not merely technocratic institutions designed to maximize peoples welfare or merely to “look after” the global economy; they are institutions where the ingress of ideology( free market capitalism or market fundamentalism) and politics is all too prevalent. The quota system of the IMF and the voting rights thereof are loaded towards developed and industrialised (or even post-industrial) nations, especially the United States (which has had no qualms in maintaining the status quo from which it benefits). Complemented with the geopolitical heft and clout of the country, the United States’ influence at and in the IMF gives it enormous leverage. In terms of the ideological flavour of the IMF, it is loaded towards free-market capitalism and the gravamen of its approach towards countries in financial and economic distress is to goad these countries towards this variety of capitalism. The IMF has a “one size fit all” prescription for distressed countries toward this end (Obiter Dictum, Thomas Friedman, the famous and influential columnist of the New York Times, in his best selling book, “ The World is Flat”, essentially in the nature of an irrationally exuberant ode to free-market capitalism inspired globalisation called this “the Golden Straitjacket”). But, countries that form the international system are neither uniform nor homogenous in terms of their development, economic growth and patterns thereof for a whole host of reasons. So, a “straitjacketed” prescription for all countries or economies is not only impractical but suggests an ideological agenda. This agenda is translated into action through “conditionalities” and “structural reforms” foisted upon economies in distress by the IMF. And, given the voting power discrepancies, there are other political agendas involved as well. The case of Indonesia after the Asian financial crisis in 1997 comes to mind here as an egregious example. More contemporarily, the IMF’s involvement and its role in Greece constitutes another example. All this is not to demean and denigrate the IMF. This global governance institution is a much-needed one. But the political power embedded in it, its nature and the institutions’ ideological predilections(discredited in and after the 2008 global financial crisis) need urgent reform. Now, in terms of the instance of Pakistan , whose financing gaps have become enormous over the years, the country has been moving away from the United States and drifting into the Chinese orbit, being a substantive partner in China’s One Belt One Road Initiative’s, (OBOR) corollary, the China Pakistan Economic Corridor(CPEC). If both the OBOR and the CPEC actually fructify, then there will be a recalibration of economic and global power globally which, in turn, will have geopolitical implications and consequences. This might even constitute a challenge to the United States domination of the global economic and financial system, creating another powerful pole in the process. The IMF, in this instance, appears to be used to make a point to Pakistan. There then is politics involved here. The example of Pakistan and other countries in the past must concentrate the minds of developing and emerging economies which are at a structural disadvantage in many respects vis a vis the developed world. Given the inherent volatility of the world financial system, especially in its more globalised avatar and given that economic fluctuations are part and parcel of the capitalist growth process, emerging and developing economies face vulnerabilities that can perhaps best be mitigated by institutions like the IMF. The institution then is both needed and desirable. But, at the risk of sounding tautological, it needs reform at both conceptual and structural levels. The world that we inhabit contemporarily is not the same world it was in the seventies. Profound structural transformations have occurred that have both upended and rejigged past paradigms and shibboleths. The developing world, as a group, albeit a differentiated one, no more bears the depredations of post colonialism but has emerged as an entity which can hold its own, in many domains. It cannot and must not be relegated to the margins in institutions of global governance. Developing countries need an agency and robust representations in institutions of import. One good starting point for this would be a comprehensive and robust reform of the IMF. If and when this happens, it could be a prelude to a more equitable world order. Till then, global governance will reflect and bear the imprimatur of power with developing countries, especially those in distress, suffering in the crucible of and at the altar of power politics. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The reform of the IMF is imperative for an equitable world order

Growth in India is firming up and projected to accelerate to 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in the next two years, the World Bank said Sunday.

The global lender said the Indian economy appears to have recovered from the temporary disruptions caused by demonetisation and the introduction of the Goods and Services Tax (GST).

However, domestic risks and a less benign external environment impact the macro-economic outlook, it said.

Growth reached 6.7 per cent in fiscal year 2017/18, with a significant acceleration in recent months, it said.

"Prompted by the adoption of the 'Goods and Services Tax' (GST) and the recapitalisation of banks, growth in India is firming up and it is projected to accelerate further," the World bank said in its latest report on South Asia.

Growth in India, it said, is expected to rise to 7.3 per cent in fiscal year 2018/19, and to 7.5 per cent in the following two years, with stronger private spending and export growth as the key drivers.

On the production side, the turnaround in the second half was led by manufacturing (that grew at 8.8 per cent versus 2.7 per cent in the first half). Agriculture growth improved, and services growth held steady at 7.7 per cent, the report said.

On the demand side, the pick-up in growth was reflected in a sharp acceleration in gross fixed capital formation to 11.7 per cent in the second half, from 3.4 per cent in the first.

Consumption, growing at seven per cent in the second half, remained the major driver of growth, the report said.

Observing that the external situation has become less favourable and the current account balance has deteriorated, the Bank said that a worsening trade deficit has led the current account deficit to widen -- on the back of a strong import demand, higher oil prices and exchange rate depreciation -- from a benign 0.7 per cent of the GDP in fiscal year 2016/17 to 1.9 per cent in fiscal year 2017/18.

External headwinds - monetary policy 'normalisation' in the US coupled with recent stress in some Emerging Market and Developing Economies ? have triggered portfolio outflows from April 2018 onwards, the report said.

It said that as a result, the nominal exchange rate depreciated by about 12 per cent from January to September 2018, and foreign reserves declined by over 5 per cent since March, while remaining comfortable at about nine months of imports.

Of the view that India faces continued internal and external risks, the World Bank said that high oil prices and an uncertain global trade environment may pose challenges for the current account.

"A widening trade deficit is likely to lead to a current account deficit of around 2.6 per cent of the GDP in fiscal year 2018/19, and tighter global financing conditions will put added emphasis on India's ability to attract Foreign Direct Investment (FDI)," it said.

Fiscal consolidation is expected to resume in fiscal year 2018/19, but slippages could happen on both the revenue side (as the GST is still stabilising) and the expenditure side (ahead of state and federal elections), it said.

"Elevated oil prices, a recent hike in agricultural support prices and further exchange rate depreciation could keep the inflation outlook challenging, possibly resulting in further monetary policy actions," the report added.&nbsp; 
&nbsp;

Growth in India is firming up and projected to accelerate to 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in the next two years, the World Bank said Sunday.

Growth in India is firming up and projected to accelerate to 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in the next two years, the World Bank said Sunday. The global lender said the Indian economy appears to have recovered from the temporary disruptions caused by demonetisation and the introduction of the Goods and Services Tax (GST). However, domestic risks and a less benign external environment impact the macro-economic outlook, it said. Growth reached 6.7 per cent in fiscal year 2017/18, with a significant acceleration in recent months, it said. "Prompted by the adoption of the 'Goods and Services Tax' (GST) and the recapitalisation of banks, growth in India is firming up and it is projected to accelerate further," the World bank said in its latest report on South Asia. Growth in India, it said, is expected to rise to 7.3 per cent in fiscal year 2018/19, and to 7.5 per cent in the following two years, with stronger private spending and export growth as the key drivers. On the production side, the turnaround in the second half was led by manufacturing (that grew at 8.8 per cent versus 2.7 per cent in the first half). Agriculture growth improved, and services growth held steady at 7.7 per cent, the report said. On the demand side, the pick-up in growth was reflected in a sharp acceleration in gross fixed capital formation to 11.7 per cent in the second half, from 3.4 per cent in the first. Consumption, growing at seven per cent in the second half, remained the major driver of growth, the report said. Observing that the external situation has become less favourable and the current account balance has deteriorated, the Bank said that a worsening trade deficit has led the current account deficit to widen -- on the back of a strong import demand, higher oil prices and exchange rate depreciation -- from a benign 0.7 per cent of the GDP in fiscal year 2016/17 to 1.9 per cent in fiscal year 2017/18. External headwinds - monetary policy 'normalisation' in the US coupled with recent stress in some Emerging Market and Developing Economies ? have triggered portfolio outflows from April 2018 onwards, the report said. It said that as a result, the nominal exchange rate depreciated by about 12 per cent from January to September 2018, and foreign reserves declined by over 5 per cent since March, while remaining comfortable at about nine months of imports. Of the view that India faces continued internal and external risks, the World Bank said that high oil prices and an uncertain global trade environment may pose challenges for the current account. "A widening trade deficit is likely to lead to a current account deficit of around 2.6 per cent of the GDP in fiscal year 2018/19, and tighter global financing conditions will put added emphasis on India's ability to attract Foreign Direct Investment (FDI)," it said. Fiscal consolidation is expected to resume in fiscal year 2018/19, but slippages could happen on both the revenue side (as the GST is still stabilising) and the expenditure side (ahead of state and federal elections), it said. "Elevated oil prices, a recent hike in agricultural support prices and further exchange rate depreciation could keep the inflation outlook challenging, possibly resulting in further monetary policy actions," the report added.

Growth in India firming up, projected to accelerate further: World Bank

Pakistan has asked India to immediately share the data showing inflow and discharge of water at the Kishanganga dam in Jammu and Kashmir and sought a date for its inspection, according to a media report.&nbsp;

During the 115th meeting of the Permanent Commission for Indus Waters, India had agreed to allow Pakistan to inspect the projects built on the Jhelum basin, including Kishanganga hydroelectric project.

Islamabad had also agreed to allow New Delhi to carry out inspection of the Kotri barrage over the Indus River.&nbsp;

"We recently asked Indian authorities for Indus waters in writing to give us dates for inspection of the Kishanganga dam as soon as possible. Through the letter, we have also pressed Indian authorities to immediately share the data concerning flows of water at the river and releases/discharges, in/outflows at the dam with us under the relevant provisions of the Indus Water Treaty," Dawn newspaper quoted Pakistan's Commissioner for Indus Waters Syed Muhammad Mehr Ali Shah as saying.

"We are receiving water at Jhelum basin in our territory, but to ascertain our need or requirement we need data India is obligated to share with us time to time," he said.&nbsp;

Besides Kishanganga, India had also agreed to let Pakistani experts inspect sites of two hydropower projects 1,000MW Pakal Dul and 48MW Lower Kalnal at Chenab basin by the end of September.

According to the report, Indian authorities had confirmed October 7 to 11 as dates for inspection of the projects by a three-member Pakistani team, headed by the Indus water commissioner. But finally, it postponed the inspection on the pretext of local elections in held Kashmir.

Shah said that Pakistani authorities wanted to have a detailed tour of the Kishanganga project since Pakistan had already raised various objections on its design and construction.

Pakistan has already approached the World Bank, demanding constitution of a seven-member court of arbitration to address its concerns. On the other hand, India wants a neutral expert over the issue.

However in June this year, the World Bank reportedly requested Pakistan to stand down from pursuing its stand of referring to the Kishanganga dam dispute to the court of arbitration and instead accept India's offer of appointing a neutral expert, but Pakistan didn't do so and stuck to its stance to date.&nbsp;

He said that Pakistan had also written a letter to Indian authorities to give dates for inspection of Pakal Dul and Lower Kalnal projects at Chenab basin.&nbsp;

Pakistan has asked India to immediately share the data showing inflow and discharge of water at the Kishanganga dam in Jammu and Kashmir and sought a date for its inspection, according to a media report.

Pakistan has asked India to immediately share the data showing inflow and discharge of water at the Kishanganga dam in Jammu and Kashmir and sought a date for its inspection, according to a media report. During the 115th meeting of the Permanent Commission for Indus Waters, India had agreed to allow Pakistan to inspect the projects built on the Jhelum basin, including Kishanganga hydroelectric project. Islamabad had also agreed to allow New Delhi to carry out inspection of the Kotri barrage over the Indus River. "We recently asked Indian authorities for Indus waters in writing to give us dates for inspection of the Kishanganga dam as soon as possible. Through the letter, we have also pressed Indian authorities to immediately share the data concerning flows of water at the river and releases/discharges, in/outflows at the dam with us under the relevant provisions of the Indus Water Treaty," Dawn newspaper quoted Pakistan's Commissioner for Indus Waters Syed Muhammad Mehr Ali Shah as saying. "We are receiving water at Jhelum basin in our territory, but to ascertain our need or requirement we need data India is obligated to share with us time to time," he said. Besides Kishanganga, India had also agreed to let Pakistani experts inspect sites of two hydropower projects 1,000MW Pakal Dul and 48MW Lower Kalnal at Chenab basin by the end of September. According to the report, Indian authorities had confirmed October 7 to 11 as dates for inspection of the projects by a three-member Pakistani team, headed by the Indus water commissioner. But finally, it postponed the inspection on the pretext of local elections in held Kashmir. Shah said that Pakistani authorities wanted to have a detailed tour of the Kishanganga project since Pakistan had already raised various objections on its design and construction. Pakistan has already approached the World Bank, demanding constitution of a seven-member court of arbitration to address its concerns. On the other hand, India wants a neutral expert over the issue. However in June this year, the World Bank reportedly requested Pakistan to stand down from pursuing its stand of referring to the Kishanganga dam dispute to the court of arbitration and instead accept India's offer of appointing a neutral expert, but Pakistan didn't do so and stuck to its stance to date. He said that Pakistan had also written a letter to Indian authorities to give dates for inspection of Pakal Dul and Lower Kalnal projects at Chenab basin.

Pakistan asks India to share data of water inflow and discharge at Kishanganga dam

<a href="http://www.wionews.com/business-economy/centre-has-decided-to-cut-fuel-prices-by-rs-25-with-immediate-effect-state">Centre has decided to cut fuel prices by Rs 2.5 with immediate effect: Jaitley</a>

Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices.&nbsp;

<a href="http://www.wionews.com/india-news/government-deports-7-rohingya-immigrants-to-myanmar-169424">Government deports 7 Rohingya immigrants to Myanmar</a>

The government today deported seven Rohingya immigrants, who were staying in Assam illegally, to their country of origin Myanmar, in a first such move.

The illegal immigrants were detained in 2012 and since then they had been lodged in Cachar Central Jail in Assam's Silchar.

<a href="http://www.wionews.com/india-news/several-indian-companies-barred-by-world-bank-in-2018-169408">Several Indian companies barred by World Bank in 2018</a>

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.

<a href="http://www.wionews.com/sports/cristiano-ronaldo-left-out-of-portugal-squad-169438">Cristiano Ronaldo left out of Portugal squad</a>

Cristiano Ronaldo on Thursday was left out of the Portugal squad for upcoming fixtures against Poland and Scotland.

However, it is still unclear if his omission is related to the rape allegations against him.

<a href="http://www.wionews.com/world/four-russians-agents-expelled-on-cyber-attack-dutch-intelligence-169413">Four Russians agents expelled for cyber attack: Dutch intelligence</a>

Dutch intelligence thwarted a Russian cyber attack targeting the global chemical weapons watchdog in April and expelled four Russian agents, the government said Thursday.

Centre has decided to cut fuel prices by Rs 2.5 with immediate effect: Jaitley Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices.

Centre has decided to cut fuel prices by Rs 2.5 with immediate effect: Jaitley Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices. Government deports 7 Rohingya immigrants to Myanmar The government today deported seven Rohingya immigrants, who were staying in Assam illegally, to their country of origin Myanmar, in a first such move. The illegal immigrants were detained in 2012 and since then they had been lodged in Cachar Central Jail in Assam's Silchar. Several Indian companies barred by World Bank in 2018 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. Cristiano Ronaldo left out of Portugal squad Cristiano Ronaldo on Thursday was left out of the Portugal squad for upcoming fixtures against Poland and Scotland. However, it is still unclear if his omission is related to the rape allegations against him. Four Russians agents expelled for cyber attack: Dutch intelligence Dutch intelligence thwarted a Russian cyber attack targeting the global chemical weapons watchdog in April and expelled four Russian agents, the government said Thursday.

News brief: Big stories of the day

Several Indian companies and some Indians have been barred by the <a href="http://www.wionews.com/world/not-educating-girls-costs-15-30-trillion-world-bank-150969">World Bank</a> 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.

<a href="http://www.wionews.com/india-news/world-bank-endorses-plan-india-transition-higher-middle-income-country-166894">Also read: World Bank endorses </a><a href="http://www.wionews.com/india-news/world-bank-endorses-plan-india-transition-higher-middle-income-country-166894">plan</a><a href="http://www.wionews.com/india-news/world-bank-endorses-plan-india-transition-higher-middle-income-country-166894"> for India to transition to higher middle-income country</a>

The World bank Group Sanctions System Annual Report for the year 2018 said Olive Health Care and Jay Modi from India have been debarred from for their fraudulent and corrupt practices. They were working on a World Bank project in Bangladesh.&nbsp;

While Olive Health has been debarred for 10 years and six months, Modi has been debarred for seven years and six months, the report said.

In all 78 companies and individuals have been debarred by the World Bank.&nbsp;

The inaugural report, the bank said, is the result of efforts by the Integrity Vice Presidency (INT), the Office of Suspension and Debarment (OSD) and the Sanctions Board to prepare a joint overview of the Bank Group Sanctions System and its activities over the past year.

India-based Angelique International Limited has been debarred by the World Bank for four years and six months for their fraudulent and corrupt practices. The company had a World Bank project in Ethiopia and Nepal.

Family Care from India too has been debarred by the World Bank for four years on similar grounds. They had projects in Argentina and Bangladesh.

For fraudulent practices, Madhucon Projects Ltd from India has been debarred by the World Bank for two years. It had World Bank projects in India. R KD Construction Pvt Ltd has been debarred for one year and six months for the same reason. It has projects in India.

Among other Indian companies debarred by the World Bank for less than a year are Tatve Global Environment Pvt Ltd, SMEC (India) Pvt Ltd, and Macleods Pharmaceuticals Ltd.

In addition to the 78 debarments, five firms were sanctioned with conditional non-debarment, which means they remain eligible to participate in World Bank-financed projects but will be debarred if they do not meet certain agreed-upon conditions.

Each of the sanctions related to a finding that the firm or individual engaged in one of the institution's five sanctionable practices - fraud, corruption, collusion, coercion or obstruction - while participating in a Bank Group-funded project, the bank said.

The institution also recognised 73 cross-debarments from other multilateral development banks.

In addition to evaluating allegations of fraud and corruption, INT works to prevent corruption in ongoing Bank Group projects. INT staff identified and worked to mitigate integrity risks in 390 projects, steps that made progress in safeguarding the equivalent of USD 2.2 billion in project commitments, it said.&nbsp;

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.

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. Also read: World Bank endorses plan for India to transition to higher middle-income country The World bank Group Sanctions System Annual Report for the year 2018 said Olive Health Care and Jay Modi from India have been debarred from for their fraudulent and corrupt practices. They were working on a World Bank project in Bangladesh. While Olive Health has been debarred for 10 years and six months, Modi has been debarred for seven years and six months, the report said. In all 78 companies and individuals have been debarred by the World Bank. The inaugural report, the bank said, is the result of efforts by the Integrity Vice Presidency (INT), the Office of Suspension and Debarment (OSD) and the Sanctions Board to prepare a joint overview of the Bank Group Sanctions System and its activities over the past year. India-based Angelique International Limited has been debarred by the World Bank for four years and six months for their fraudulent and corrupt practices. The company had a World Bank project in Ethiopia and Nepal. Family Care from India too has been debarred by the World Bank for four years on similar grounds. They had projects in Argentina and Bangladesh. For fraudulent practices, Madhucon Projects Ltd from India has been debarred by the World Bank for two years. It had World Bank projects in India. R KD Construction Pvt Ltd has been debarred for one year and six months for the same reason. It has projects in India. Among other Indian companies debarred by the World Bank for less than a year are Tatve Global Environment Pvt Ltd, SMEC (India) Pvt Ltd, and Macleods Pharmaceuticals Ltd. In addition to the 78 debarments, five firms were sanctioned with conditional non-debarment, which means they remain eligible to participate in World Bank-financed projects but will be debarred if they do not meet certain agreed-upon conditions. Each of the sanctions related to a finding that the firm or individual engaged in one of the institution's five sanctionable practices - fraud, corruption, collusion, coercion or obstruction - while participating in a Bank Group-funded project, the bank said. The institution also recognised 73 cross-debarments from other multilateral development banks. In addition to evaluating allegations of fraud and corruption, INT works to prevent corruption in ongoing Bank Group projects. INT staff identified and worked to mitigate integrity risks in 390 projects, steps that made progress in safeguarding the equivalent of USD 2.2 billion in project commitments, it said.

Several Indian companies barred by World Bank in 2018

The World Bank has said it failed to arrive at an agreement with a visiting Pakistani delegation on a way forward to address Islamabad's concerns regarding the Indus Waters Treaty with India.

Over two days -- Monday and yesterday -- a high-powered Pakistani delegation led by Attorney General, Ashtar Ausaf Ali, met with Kristalina Georgieva, World Bank Chief Executive Officer, and the regional management for South Asia.

During the meetings, held at Pakistan's request to discuss issues regarding the Indus Waters Treaty and opportunities within the treaty to seek an amicable resolution, "several procedural options" for resolving the disagreement over the interpretation of the treaty's provisions were discussed, the bank said.

"While an agreement on the way forward was not reached at the conclusion of the meetings, the World Bank will continue to work with both countries to resolve the issues in an amicable manner and in line with the treaty provisions," the Bank said in a statement at the end of the talks.&nbsp;

"The delegation of the Government of Pakistan also shared with the Bank their concerns about the recent inauguration of the Kishanganga hydroelectric plant," the statement said.&nbsp;

Last week, Prime Minister Narendra Modi had inaugurated the 330 MW Kishanganga hydroelectric project in Jammu and Kashmir. Pakistan had protested the inauguration claiming that the project on a river flowing into Pakistan will disrupt water supplies.

The Embassy of Pakistan here did not immediately respond to questions related to the World Bank meeting.

"The Indus Waters Treaty is a profoundly important international agreement that provides an essential cooperative framework for India and Pakistan to address current and future challenges of effective water management to meet human needs and achieve development goals," the Bank said.

As a signatory to the Treaty, the World Bank's role is limited and procedural, it noted.&nbsp;

"In particular, the role in relation to differences and disputes is limited to the designation of people to fulfil certain roles when requested by either or both parties," the bank said.

At the conclusion of the talks, the World Bank said it remained committed to "act in good faith and with complete impartiality and transparency" in fulfilling its responsibilities under the treaty while continuing to assist the two countries.

The World Bank did not respond to question if it approached India on the Pakistani allegations.&nbsp;

Islamabad had been raising objections over the design of the 330 MW Kishanganga hydroelectric project, saying it is not in line with the criteria laid down under the Indus Waters Treaty between the two countries. But, India says the project design was well within parameters of the treaty.

The project, located at Bandipore in North Kashmir, envisages diversion of water of Kishan Ganga river to underground powerhouse through a 23.25-km-long headrace tunnel to generate 1713 million units per annum.

The Kishanganga project was started in 2007 but on May 17, 2010, Pakistan moved for international arbitration against India under the provisions of the Indus Waters Treaty.

The Hague-based International Court of Arbitration allowed India in 2013 to go ahead with construction of the project in North Kashmir and upheld India's right under the bilateral Indus Waters Treaty to divert waters from the Kishanganga for power generation in Jammu and Kashmir.

The international court, however, decided that India shall release a minimum flow of nine cubic metres per second into the Kishanganga river (known as Neelam in Pakistan) at all times to maintain environmental flows.

Pakistan is building a 969 MW Neelum-Jhelum hydroelectric project downstream.&nbsp;

Pakistan is building a 969 MW Neelum-Jhelum hydroelectric project downstream

The World Bank has said it failed to arrive at an agreement with a visiting Pakistani delegation on a way forward to address Islamabad's concerns regarding the Indus Waters Treaty with India. Over two days -- Monday and yesterday -- a high-powered Pakistani delegation led by Attorney General, Ashtar Ausaf Ali, met with Kristalina Georgieva, World Bank Chief Executive Officer, and the regional management for South Asia. During the meetings, held at Pakistan's request to discuss issues regarding the Indus Waters Treaty and opportunities within the treaty to seek an amicable resolution, "several procedural options" for resolving the disagreement over the interpretation of the treaty's provisions were discussed, the bank said. "While an agreement on the way forward was not reached at the conclusion of the meetings, the World Bank will continue to work with both countries to resolve the issues in an amicable manner and in line with the treaty provisions," the Bank said in a statement at the end of the talks. "The delegation of the Government of Pakistan also shared with the Bank their concerns about the recent inauguration of the Kishanganga hydroelectric plant," the statement said. Last week, Prime Minister Narendra Modi had inaugurated the 330 MW Kishanganga hydroelectric project in Jammu and Kashmir. Pakistan had protested the inauguration claiming that the project on a river flowing into Pakistan will disrupt water supplies. The Embassy of Pakistan here did not immediately respond to questions related to the World Bank meeting. "The Indus Waters Treaty is a profoundly important international agreement that provides an essential cooperative framework for India and Pakistan to address current and future challenges of effective water management to meet human needs and achieve development goals," the Bank said. As a signatory to the Treaty, the World Bank's role is limited and procedural, it noted. "In particular, the role in relation to differences and disputes is limited to the designation of people to fulfil certain roles when requested by either or both parties," the bank said. At the conclusion of the talks, the World Bank said it remained committed to "act in good faith and with complete impartiality and transparency" in fulfilling its responsibilities under the treaty while continuing to assist the two countries. The World Bank did not respond to question if it approached India on the Pakistani allegations. Islamabad had been raising objections over the design of the 330 MW Kishanganga hydroelectric project, saying it is not in line with the criteria laid down under the Indus Waters Treaty between the two countries. But, India says the project design was well within parameters of the treaty. The project, located at Bandipore in North Kashmir, envisages diversion of water of Kishan Ganga river to underground powerhouse through a 23.25-km-long headrace tunnel to generate 1713 million units per annum. The Kishanganga project was started in 2007 but on May 17, 2010, Pakistan moved for international arbitration against India under the provisions of the Indus Waters Treaty. The Hague-based International Court of Arbitration allowed India in 2013 to go ahead with construction of the project in North Kashmir and upheld India's right under the bilateral Indus Waters Treaty to divert waters from the Kishanganga for power generation in Jammu and Kashmir. The international court, however, decided that India shall release a minimum flow of nine cubic metres per second into the Kishanganga river (known as Neelam in Pakistan) at all times to maintain environmental flows. Pakistan is building a 969 MW Neelum-Jhelum hydroelectric project downstream.

No agreement with Pak on resolving Indus Waters dispute: World Bank

The US Supreme Court has agreed to take up an appeal by Indian villagers against a power plant in Gujarat, funded by US-based International Finance Corporation (IFC), which has allegedly resulted in environmental damages.

"Petition granted", the Supreme Court said on Monday. The case would come up for hearing in the next session, beginning October.

The villagers, led by Budha Ismail Jam, along with several other farmers and fishermen, allege that coal-fired Tata Mundra Power Plant has resulted in widespread environmental damages.

Washington DC-based IFC, the financing wing of the World Bank, has provided USD 450 million in financial assistance to the project.

The Supreme Court said it would decide whether the IFC enjoyed immunity under the 1945 International Organisations Immunity Act.

Jam and other petitioners knocked the door of the Supreme Court this year after lower courts dismissed their petitions arguing that the IFC enjoyed immunity, like other foreign countries, under the 1945 International Organizations Immunity Act.

In their petition, the villagers argued that the Tata Mundra Power Plant has failed to comply with international environmental standards. This has resulted in devastation of local environment.

"International organisations play an ever-increasing role in the economic landscape of this country and the world. Therefore, the question whether they are absolutely immune from any kind of lawsuit - no matter how strictly commercial their activities no matter how egregious their actions and no matter the views of the Executive Branch - has great significance," the petitioners argued.

In 2015, the applicants - Indian farmers, fishermen, a trade union of fishworkers, and a local government entity - sued the IFC in the US District Court for the District of Columbia. They brought claims for negligence, negligent supervision, public nuisance, private nuisance, trespass, and breach of contract.

The petitioners lost the case before a district court in 2016 and the US Court of Appeals for the District of Columbia in 2017. Both the courts argued that IFC enjoys immunity.

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The villagers allege the coal-fired Tata Mundra Power Plant, funded by the US-based International Finance Corporation, has caused widespread environmental damage

The US Supreme Court has agreed to take up an appeal by Indian villagers against a power plant in Gujarat, funded by US-based International Finance Corporation (IFC), which has allegedly resulted in environmental damages. "Petition granted", the Supreme Court said on Monday. The case would come up for hearing in the next session, beginning October. The villagers, led by Budha Ismail Jam, along with several other farmers and fishermen, allege that coal-fired Tata Mundra Power Plant has resulted in widespread environmental damages. Washington DC-based IFC, the financing wing of the World Bank, has provided USD 450 million in financial assistance to the project. The Supreme Court said it would decide whether the IFC enjoyed immunity under the 1945 International Organisations Immunity Act. Jam and other petitioners knocked the door of the Supreme Court this year after lower courts dismissed their petitions arguing that the IFC enjoyed immunity, like other foreign countries, under the 1945 International Organizations Immunity Act. In their petition, the villagers argued that the Tata Mundra Power Plant has failed to comply with international environmental standards. This has resulted in devastation of local environment. "International organisations play an ever-increasing role in the economic landscape of this country and the world. Therefore, the question whether they are absolutely immune from any kind of lawsuit - no matter how strictly commercial their activities no matter how egregious their actions and no matter the views of the Executive Branch - has great significance," the petitioners argued. In 2015, the applicants - Indian farmers, fishermen, a trade union of fishworkers, and a local government entity - sued the IFC in the US District Court for the District of Columbia. They brought claims for negligence, negligent supervision, public nuisance, private nuisance, trespass, and breach of contract. The petitioners lost the case before a district court in 2016 and the US Court of Appeals for the District of Columbia in 2017. Both the courts argued that IFC enjoys immunity. ×

US Supreme Court to hear appeal by Indian villagers against Gujarat power plant

The World Bank (WB) is going to provide Bangladesh with a grant to meet the basic needs of around one million Rohingyas who fled their homeland Myanmar.

"The World Bank has agreed to provide Bangladesh with the full fund as grant money at its spring meeting held in April in the US," The Daily Star quoted Additional Secretary of the Economic Relations Division of the government Mahmuda Begum as saying.

However, neither the government nor the WB could confirm the amount.

A WB team will be visiting Bangladesh to discuss the issue with the government.

Bangladesh sought assistance from the WB, in October last year.

It said it would provide a mix of soft loans and grant, but Bangladesh refused to take loans.

Bangladesh Finance Minister AMA Muhith told the WB that the amount would be somewhere between $400 to $500 million and it would be a grant.

But the WB rejected the request saying, such a big amount could not be given as a grant.

As per the WB's conditions, the entire fund that the WB has finally agreed to provide Bangladesh with will have to be spent for the Rohingyas only.

The grant amount has not been confirmed — neither by the Bangladesh government, nor the World Bank

The World Bank (WB) is going to provide Bangladesh with a grant to meet the basic needs of around one million Rohingyas who fled their homeland Myanmar. "The World Bank has agreed to provide Bangladesh with the full fund as grant money at its spring meeting held in April in the US," The Daily Star quoted Additional Secretary of the Economic Relations Division of the government Mahmuda Begum as saying. However, neither the government nor the WB could confirm the amount. A WB team will be visiting Bangladesh to discuss the issue with the government. Bangladesh sought assistance from the WB, in October last year. It said it would provide a mix of soft loans and grant, but Bangladesh refused to take loans. Bangladesh Finance Minister AMA Muhith told the WB that the amount would be somewhere between $400 to $500 million and it would be a grant. But the WB rejected the request saying, such a big amount could not be given as a grant. As per the WB's conditions, the entire fund that the WB has finally agreed to provide Bangladesh with will have to be spent for the Rohingyas only.

World Bank to give Bangladesh grant to meet basic needs of 1 million Rohingya refugees

The World Bank today described as "incorrect" media reports in Pakistan about allegations that former prime minister Nawaz Sharif laundered $4.9 billion to India.&nbsp

In the past day, there have been media reports citing the World Bank's Remittances and Migration Report of 2016.&nbsp

These media reports were "incorrect", the World Bank said in a statement here.&nbsp

The World Bank's Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world, it said.&nbsp

The report does not include any mention of money laundering nor does it name any individuals,&nbspsaid the World Bank, which was issued after media reports cited its annual report for allegations that Sharif laundered $4.9 billion from Pakistan to India.&nbsp

In its annual report, the statement said that the World Bank estimates bilateral remittances between countries using the methodology summarised in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report.&nbsp

The World Bank also referred to a statement by the State Bank of Pakistan which rejects estimates of $4.9 billion in remittances from Pakistan to India on September 21, 2016, and provides an explanation of the methodology used in the World Bank report and the official remittances numbers. &nbsp

The World Bank also referred to a statement by the State Bank of Pakistan which rejects estimates of $4.9 billion in remittances from Pakistan to India on September 21, 2016

The World Bank today described as "incorrect" media reports in Pakistan about allegations that former prime minister Nawaz Sharif laundered $4.9 billion to India. In the past day, there have been media reports citing the World Bank's Remittances and Migration Report of 2016. These media reports were "incorrect", the World Bank said in a statement here. The World Bank's Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world, it said. The report does not include any mention of money laundering nor does it name any individuals,&nbspsaid the World Bank, which was issued after media reports cited its annual report for allegations that Sharif laundered $4.9 billion from Pakistan to India. In its annual report, the statement said that the World Bank estimates bilateral remittances between countries using the methodology summarised in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report. The World Bank also referred to a statement by the State Bank of Pakistan which rejects estimates of $4.9 billion in remittances from Pakistan to India on September 21, 2016, and provides an explanation of the methodology used in the World Bank report and the official remittances numbers.

Reports linking Nawaz Sharif laundering $4.9 billion to India 'incorrect': World Bank

Days after the government <a href="http://www.wionews.com/india-news/next-aim-to-electrify-each-household-in-the-country-by-december-31-2018-power-minister-133817">announced electrification had reached every </a>village in India, the World Bank backed the government's claim saying that India is doing more on electrification than any other country.

Leisang in Manipur was the last village to get an electricity connection, according to government records a village is considered electrified if 10% households, schools and health centres get access to electicity.

"India is doing extremely well on electrification. We are reporting India about 85 per cent of the population has access to electricity," said Vivien Foster, lead World Bank author of the latest report on Energy Progress.&nbsp

This, she said is higher than that of the Indian government figures.&nbsp

"That might surprise you. The government is currently reporting in low 80s," she said. &nbsp

Between 2010 and 2016, India providing electricity to 30 million people each year, more than any other country, the World Bank said.&nbsp

"In absolute terms, India is doing more on electrification than any other country. Thirty million a year, is really an astounding performance and it stands out from the crowd," Foster said.&nbsp

The World Bank report said 250 million people may gain electricity access by early 2020s, when India reaches full access.&nbsp

"We know that in some parts of India or having the connection doesn't necessarily guarantee the energy's reliable supply. So, getting the connection obviously is very important, but India still has a long way to continue to work on actually making that access meaningful in terms of hours of service," Foster said.

The rapid growth of electricity access in India is propelled by the country's $2.5 billion electrification programmes to reach universal electrification, the report said.&nbsp

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The World Bank report said 250 million people may gain electricity access by early 2020s, when India reaches full access.

Days after the government announced electrification had reached every village in India, the World Bank backed the government's claim saying that India is doing more on electrification than any other country. Leisang in Manipur was the last village to get an electricity connection, according to government records a village is considered electrified if 10% households, schools and health centres get access to electicity. "India is doing extremely well on electrification. We are reporting India about 85 per cent of the population has access to electricity," said Vivien Foster, lead World Bank author of the latest report on Energy Progress. This, she said is higher than that of the Indian government figures. "That might surprise you. The government is currently reporting in low 80s," she said. Between 2010 and 2016, India providing electricity to 30 million people each year, more than any other country, the World Bank said. "In absolute terms, India is doing more on electrification than any other country. Thirty million a year, is really an astounding performance and it stands out from the crowd," Foster said. The World Bank report said 250 million people may gain electricity access by early 2020s, when India reaches full access. "We know that in some parts of India or having the connection doesn't necessarily guarantee the energy's reliable supply. So, getting the connection obviously is very important, but India still has a long way to continue to work on actually making that access meaningful in terms of hours of service," Foster said. The rapid growth of electricity access in India is propelled by the country's $2.5 billion electrification programmes to reach universal electrification, the report said.

85 per cent India's population has access to electricity, more than government's figure: World Bank

India's Aadhaar technology does not pose any privacy issue and the Bill and Melinda Gates Foundation has funded the World Bank to take this approach to other countries as it is worth emulating, Microsoft founder Bill Gates has said.

The 62-year-old multi-billionaire entrepreneur and philanthropist said Nandan Nilekani, Infosys founder who is considered as the chief architect of Aadhaar, was consulting and helping the World Bank on the project.

Asked if India's Aadhaar technology is worth emulating by other countries, he replied, "Yes".

"The benefits of that (basic ID -- Aadhaar) are very high," he told PTI.&nbsp;

More than a billion people in India have enrolled in Aadhaar, the world's largest biometric ID system.

"Yes, countries should adopt that approach because the quality of governance has a lot to do with how quickly countries are able to grow their economy and empower their people," Gates said in response to a question.

"We have funded the World Bank to take this Aadhaar approach to other countries," he said.&nbsp; 
It is believed that several countries, including some from India's neighbourhood, have approached New Delhi for assistance in this matter.

"Aadhaar in itself doesn't pose any privacy issue because it's just a bio ID verification scheme," Gates, the head of the Bill and Melinda Gates Foundation, said when asked about the concerns about privacy issues raised by certain quarters in India.

"The individual applications that use Aadhaar, you have to look and see what's been stored and who has access to that information. And so, application by application, you have to make sure that's well managed. In the case of the financial bank account I think it's handled very well," he said.

"(It uses) Aadhar to set up the accounts so that you can both get your cell phone and get your bank account," he added.

Observing that Aadhaar was started before Prime Minister Narendra Modi came into office, Gates said that it was very much to his credit that he was willing to embrace it.

"I'm both good friend and an admirer of Nandan Nilekani and some of the initiatives of digitisation efforts that can help with education that can help with governance," he said.&nbsp;

In his lecture on 'Technology for Transformation' organised by NITI Aayog on November 2016, Gates had said that Aadhaar is something that had never been done by any government before, not even in a rich country.&nbsp;

Aadhaar is a 12-digit unique identity number for Indians, based on their biometric and demographic data. The data is collected by the Unique Identification Authority of India (UIDAI), a statutory authority established in January 2009 by the Government of India. PTI

The Microsoft founder added that the Bill and Melinda Gates Foundation has funded the World Bank to take Aadhaar to other countries since it is worth emulating

India's Aadhaar technology does not pose any privacy issue and the Bill and Melinda Gates Foundation has funded the World Bank to take this approach to other countries as it is worth emulating, Microsoft founder Bill Gates has said. The 62-year-old multi-billionaire entrepreneur and philanthropist said Nandan Nilekani, Infosys founder who is considered as the chief architect of Aadhaar, was consulting and helping the World Bank on the project. Asked if India's Aadhaar technology is worth emulating by other countries, he replied, "Yes". "The benefits of that (basic ID -- Aadhaar) are very high," he told PTI. More than a billion people in India have enrolled in Aadhaar, the world's largest biometric ID system. "Yes, countries should adopt that approach because the quality of governance has a lot to do with how quickly countries are able to grow their economy and empower their people," Gates said in response to a question. "We have funded the World Bank to take this Aadhaar approach to other countries," he said. It is believed that several countries, including some from India's neighbourhood, have approached New Delhi for assistance in this matter. "Aadhaar in itself doesn't pose any privacy issue because it's just a bio ID verification scheme," Gates, the head of the Bill and Melinda Gates Foundation, said when asked about the concerns about privacy issues raised by certain quarters in India. "The individual applications that use Aadhaar, you have to look and see what's been stored and who has access to that information. And so, application by application, you have to make sure that's well managed. In the case of the financial bank account I think it's handled very well," he said. "(It uses) Aadhar to set up the accounts so that you can both get your cell phone and get your bank account," he added. Observing that Aadhaar was started before Prime Minister Narendra Modi came into office, Gates said that it was very much to his credit that he was willing to embrace it. "I'm both good friend and an admirer of Nandan Nilekani and some of the initiatives of digitisation efforts that can help with education that can help with governance," he said. In his lecture on 'Technology for Transformation' organised by NITI Aayog on November 2016, Gates had said that Aadhaar is something that had never been done by any government before, not even in a rich country. Aadhaar is a 12-digit unique identity number for Indians, based on their biometric and demographic data. The data is collected by the Unique Identification Authority of India (UIDAI), a statutory authority established in January 2009 by the Government of India. PTI

Aadhaar does not pose any privacy issue: Bill Gates

US&nbspTreasury Secretary Steven Mnuchin said on Saturday he may travel to China, a move that could ease tensions between the world's two largest economies, as international policymakers acknowledged Beijing needs to change its trade practices.

The United States has threatened to impose tariffs on up to $150 billion of Chinese imports to try to force changes in Beijing's industrial policies, which Washington says are aimed at acquiring American intellectual property.

Mnuchin told reporters he was continuing to have discussions with his Chinese counterparts to try to resolve the differences over trade, but said he may go to Beijing.&nbsp

"A trip is under consideration," Mnuchin said at a news conference during the International Monetary Fund and World Bank spring meetings in Washington.&nbsp

"I am not going to make any comment on timing, nor do I have anything confirmed, but a trip is under consideration."

Mnuchin also declined to say what he wants from a trade deal with China, adding, "If we have a deal, you'll know what it looks like when we have it."&nbsp

China has threatened retaliation against US&nbspexports if Washington pushes ahead with the tariffs. The row, which comes as the world economy records its strongest growth in years, cast a pall over the semi-annual gathering of the world's finance officials.

IMF Managing Christine Lagarde warned this week that a US-China trade war threatened to damage confidence, investment and growth. On Saturday, she told a news conference there would be no winners from such a conflict.

"It is important that as a global community we keep trade open, we ensure that we work within the multilateral system that we have to make sure if there are disputes, these disputes are resolved," she said.

Mnuchin said he met China`s new central bank governor, Yi Gang, during the IMF and World Bank meetings and discussed the potential for China to open its markets to more foreign competition.

"I did meet with the Chinese here. The discussions were really more around the governor's actions at the PBOC (People's Bank of China) and certain actions they've announced in terms of opening some of their markets, which we very much encourage and appreciate."

In a statement on Saturday to the International Monetary and Financial Committee, Yi said China would "vigorously" push forward the reform and opening of its financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties and actively expand imports.

On Sunday, China's commerce ministry said it would welcome US&nbspofficials to discuss trade and economic issues.

"The Chinese side has received information that the US&nbspside hopes to come to Beijing to discuss economic and trade issues. China welcomes this," the ministry said in a statement on its website.

Beijing announced on Wednesday that it would gradually eliminate ownership caps on foreign manufacturers of autos, aircraft and ships.

Regarding trade with Japan, Mnuchin said the Trump administration wants a bilateral trade agreement and has had discussions with Tokyo about such talks.

Japan wants the United States to rejoin the multilateral Trans-Pacific Partnership trade pact, as it fears opening talks for a bilateral free trade agreement could put it under pressure to open up politically sensitive markets like agriculture.

Adjusting to Trump

A year after US&nbspPresident Donald Trump first rankled multilateral finance meetings with his "America First" trade agenda, some officials are starting to acknowledge he has changed the conversation on trade, even if they disagree with his tariff plans.

"No one can be in any doubt that the US&nbsphas a valid point about intellectual property theft" by China, British finance minister Philip Hammond said on Friday. "It's been going on, on an industrial scale, over many years and we've been targets of it just as the US&nbsphas."

At the same time, Hammond said using tariffs was the wrong way to settle trade disputes, and he was urging China to do more to open its markets to foreign competitors, particularly in services.

A senior Japanese government official drew a clear distinction between Japan's trade issues with the United States and the US-China dispute.

"It's a separate issue," the official said on condition of anonymity. "If Trump can help change China’s behavior, there is room for Japan to benefit."&nbsp

A European official at the meetings said policymakers were trying to reduce trade pressures during the talks, but added that they wanted to "make sure there is a level playing field on trade, that China is in the same framework that others share."

Mnuchin said he was not trying to "recruit" allies to put pressure on China, but having discussions with other countries that have similar issues. "A lot of these issues are not unique to the United States."

A number of officials expressed a desire for clarity on what the United States ultimately wants from China, and whether Trump will settle for lower Chinese auto tariffs, a short-term reduction in the US-China trade deficit or hold out for fundamental changes in industrial policy.

"I hope it is a negotiating strategy. But they need to articulate actions to be taken," said Robert Holleyman, a former deputy US&nbspTrade Representative in the Obama administration.

The United States has threatened to impose tariffs on up to $150 billion of Chinese imports to try to force changes in Beijing's industrial policies, which Washington says are aimed at acquiring American intellectual property

US&nbspTreasury Secretary Steven Mnuchin said on Saturday he may travel to China, a move that could ease tensions between the world's two largest economies, as international policymakers acknowledged Beijing needs to change its trade practices. The United States has threatened to impose tariffs on up to $150 billion of Chinese imports to try to force changes in Beijing's industrial policies, which Washington says are aimed at acquiring American intellectual property. Mnuchin told reporters he was continuing to have discussions with his Chinese counterparts to try to resolve the differences over trade, but said he may go to Beijing. "A trip is under consideration," Mnuchin said at a news conference during the International Monetary Fund and World Bank spring meetings in Washington. "I am not going to make any comment on timing, nor do I have anything confirmed, but a trip is under consideration." Mnuchin also declined to say what he wants from a trade deal with China, adding, "If we have a deal, you'll know what it looks like when we have it." China has threatened retaliation against US&nbspexports if Washington pushes ahead with the tariffs. The row, which comes as the world economy records its strongest growth in years, cast a pall over the semi-annual gathering of the world's finance officials. IMF Managing Christine Lagarde warned this week that a US-China trade war threatened to damage confidence, investment and growth. On Saturday, she told a news conference there would be no winners from such a conflict. "It is important that as a global community we keep trade open, we ensure that we work within the multilateral system that we have to make sure if there are disputes, these disputes are resolved," she said. Mnuchin said he met China`s new central bank governor, Yi Gang, during the IMF and World Bank meetings and discussed the potential for China to open its markets to more foreign competition. "I did meet with the Chinese here. The discussions were really more around the governor's actions at the PBOC (People's Bank of China) and certain actions they've announced in terms of opening some of their markets, which we very much encourage and appreciate." In a statement on Saturday to the International Monetary and Financial Committee, Yi said China would "vigorously" push forward the reform and opening of its financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties and actively expand imports. On Sunday, China's commerce ministry said it would welcome US&nbspofficials to discuss trade and economic issues. "The Chinese side has received information that the US&nbspside hopes to come to Beijing to discuss economic and trade issues. China welcomes this," the ministry said in a statement on its website. Beijing announced on Wednesday that it would gradually eliminate ownership caps on foreign manufacturers of autos, aircraft and ships. Regarding trade with Japan, Mnuchin said the Trump administration wants a bilateral trade agreement and has had discussions with Tokyo about such talks. Japan wants the United States to rejoin the multilateral Trans-Pacific Partnership trade pact, as it fears opening talks for a bilateral free trade agreement could put it under pressure to open up politically sensitive markets like agriculture. Adjusting to Trump A year after US&nbspPresident Donald Trump first rankled multilateral finance meetings with his "America First" trade agenda, some officials are starting to acknowledge he has changed the conversation on trade, even if they disagree with his tariff plans. "No one can be in any doubt that the US&nbsphas a valid point about intellectual property theft" by China, British finance minister Philip Hammond said on Friday. "It's been going on, on an industrial scale, over many years and we've been targets of it just as the US&nbsphas." At the same time, Hammond said using tariffs was the wrong way to settle trade disputes, and he was urging China to do more to open its markets to foreign competitors, particularly in services. A senior Japanese government official drew a clear distinction between Japan's trade issues with the United States and the US-China dispute. "It's a separate issue," the official said on condition of anonymity. "If Trump can help change China’s behavior, there is room for Japan to benefit." A European official at the meetings said policymakers were trying to reduce trade pressures during the talks, but added that they wanted to "make sure there is a level playing field on trade, that China is in the same framework that others share." Mnuchin said he was not trying to "recruit" allies to put pressure on China, but having discussions with other countries that have similar issues. "A lot of these issues are not unique to the United States." A number of officials expressed a desire for clarity on what the United States ultimately wants from China, and whether Trump will settle for lower Chinese auto tariffs, a short-term reduction in the US-China trade deficit or hold out for fundamental changes in industrial policy. "I hope it is a negotiating strategy. But they need to articulate actions to be taken," said Robert Holleyman, a former deputy US&nbspTrade Representative in the Obama administration.

US Treasury chief may visit China as trade tensions simmer

India has 19 crore adults without a bank account despite the success of the ambitious Jan Dhan Yojana, making it the world’s second largest unbanked population after that of China, the World Bank said on Thursday.

Besides, almost half of the bank accounts remained inactive in the past year, the multilateral financial institution said in a report, even as it lauded the Indian government’s financial inclusion scheme, the Jan Dhan Yojana, for bringing in additional 31 crore Indians into formal banking system by March 2018.

It also said the country’s adult population with a bank account has more than doubled to 80% since 2011. The Jan Dhan Yojana was launched by the Modi government in 2014.

According to the latest Global Findex Database released by the World Bank on the sidelines of the annual Spring meeting of the International Monetary Fund and the World Bank, 11% of the world’s unbanked adults are in India.

Globally, 695 of adults – 3.8 billion people – now have an account at a bank or mobile money provider, a crucial step in escaping poverty.

This is up from 62% in 2014 and just 51% in 2011. From 2014 to 2017, 515 million adults obtained an account, and 1.2 billion have done so since 2011, according to the Global Findex database.

The bank said China and India, despite having relatively high account ownership, claim large shares of the global unbanked population because of their sheer size.

Home to 225 million adults without an account, China has the world’s largest unbanked population, followed by India (190 million or 19 crore), Pakistan (100 million), and Indonesia (95 million).

The Modi government’s massive push in 2014 to increase account ownership through biometric identification cards has benefited traditionally excluded groups, the World Bank said, but expressed concern that almost half of account owners have an account that remained inactive in the past year.

Part of the explanation might be India’s Jan-Dhan Yojana scheme, developed by the government to increase account ownership, brought an additional 310 million Indians into the formal banking system by March 2018, many of whom might not yet have had an opportunity to use their new account, it said.

In India, the share of adults with an account has more than doubled since 2011, to 80 per cent, the World Bank said, adding that an important factor driving this increase was a government policy launched in 2014 to boost account ownership among unbanked adults through biometric identification cards.

“This policy benefited traditionally excluded groups and helped ensure inclusive growth in account ownership,” the report said.

Between 2014 and 2017, account ownership in India rose by more than 30 percentage points among women as well as among adults in the poorest 40 per cent of households.

Among men and among adults in the wealthiest 60 per cent of households it increased by about 20 percentage points.

The World bank said a strong government push to increase account ownership through biometric identification cards in India helped narrow both the gender gap and the gap between richer and poorer adults.

In India three years ago, men were 20 percentage points more likely than women to have an account.

“Today, India’s gender gap has shrunk to 6 percentage points thanks to a strong government push to increase account ownership through biometric identification cards,” the report said.

Observing that for governments, switching from cash to digital payments can reduce corruption and improve efficiency, the World bank said in India the leakage of funds for pension payments dropped by 47 per cent (2.8 percentage points) when the payments were made through biometric smart cards rather than being handed out in cash.

According to the report, the gender gap in the use of digital payments varies substantially among developing economies.

In India, for example, 42 per cent of male account owners use digital payments, while just 29 per cent of female account owners do, it said.

“In the past few years, we have seen great strides around the world in connecting people to formal financial services,” World Bank Group President Jim Yong Kim said.

“Financial inclusion allows people to save for family needs, borrow to support a business, or build a cushion against an emergency.

“Having access to financial services is a critical step towards reducing both poverty and inequality, and new data on mobile phone ownership and internet access show unprecedented opportunities to use technology to achieve universal financial inclusion,” he added.

Globally, 1.7 billion adults remain unbanked, yet two-thirds of them own a mobile phone that could help them access financial services.

Digital technology could take advantage of existing cash transactions to bring people into the financial system, the report finds.

In South Asia, the share of adults with an account rose by 23 percentage points, to 70 per cent.

Progress was driven by India, where a government policy to increase financial inclusion through biometric identification pushed the share with an account up to 80 per cent, with big gains among women and poorer adults.

Globally, 1.7 billion adults remain unbanked, yet two-thirds of them own a mobile phone that could help them access financial services

India has 19 crore adults without a bank account despite the success of the ambitious Jan Dhan Yojana, making it the world’s second largest unbanked population after that of China, the World Bank said on Thursday. Besides, almost half of the bank accounts remained inactive in the past year, the multilateral financial institution said in a report, even as it lauded the Indian government’s financial inclusion scheme, the Jan Dhan Yojana, for bringing in additional 31 crore Indians into formal banking system by March 2018. It also said the country’s adult population with a bank account has more than doubled to 80% since 2011. The Jan Dhan Yojana was launched by the Modi government in 2014. According to the latest Global Findex Database released by the World Bank on the sidelines of the annual Spring meeting of the International Monetary Fund and the World Bank, 11% of the world’s unbanked adults are in India. Globally, 695 of adults – 3.8 billion people – now have an account at a bank or mobile money provider, a crucial step in escaping poverty. This is up from 62% in 2014 and just 51% in 2011. From 2014 to 2017, 515 million adults obtained an account, and 1.2 billion have done so since 2011, according to the Global Findex database. The bank said China and India, despite having relatively high account ownership, claim large shares of the global unbanked population because of their sheer size. Home to 225 million adults without an account, China has the world’s largest unbanked population, followed by India (190 million or 19 crore), Pakistan (100 million), and Indonesia (95 million). The Modi government’s massive push in 2014 to increase account ownership through biometric identification cards has benefited traditionally excluded groups, the World Bank said, but expressed concern that almost half of account owners have an account that remained inactive in the past year. Part of the explanation might be India’s Jan-Dhan Yojana scheme, developed by the government to increase account ownership, brought an additional 310 million Indians into the formal banking system by March 2018, many of whom might not yet have had an opportunity to use their new account, it said. In India, the share of adults with an account has more than doubled since 2011, to 80 per cent, the World Bank said, adding that an important factor driving this increase was a government policy launched in 2014 to boost account ownership among unbanked adults through biometric identification cards. “This policy benefited traditionally excluded groups and helped ensure inclusive growth in account ownership,” the report said. Between 2014 and 2017, account ownership in India rose by more than 30 percentage points among women as well as among adults in the poorest 40 per cent of households. Among men and among adults in the wealthiest 60 per cent of households it increased by about 20 percentage points. The World bank said a strong government push to increase account ownership through biometric identification cards in India helped narrow both the gender gap and the gap between richer and poorer adults. In India three years ago, men were 20 percentage points more likely than women to have an account. “Today, India’s gender gap has shrunk to 6 percentage points thanks to a strong government push to increase account ownership through biometric identification cards,” the report said. Observing that for governments, switching from cash to digital payments can reduce corruption and improve efficiency, the World bank said in India the leakage of funds for pension payments dropped by 47 per cent (2.8 percentage points) when the payments were made through biometric smart cards rather than being handed out in cash. According to the report, the gender gap in the use of digital payments varies substantially among developing economies. In India, for example, 42 per cent of male account owners use digital payments, while just 29 per cent of female account owners do, it said. “In the past few years, we have seen great strides around the world in connecting people to formal financial services,” World Bank Group President Jim Yong Kim said. “Financial inclusion allows people to save for family needs, borrow to support a business, or build a cushion against an emergency. “Having access to financial services is a critical step towards reducing both poverty and inequality, and new data on mobile phone ownership and internet access show unprecedented opportunities to use technology to achieve universal financial inclusion,” he added. Globally, 1.7 billion adults remain unbanked, yet two-thirds of them own a mobile phone that could help them access financial services. Digital technology could take advantage of existing cash transactions to bring people into the financial system, the report finds. In South Asia, the share of adults with an account rose by 23 percentage points, to 70 per cent. Progress was driven by India, where a government policy to increase financial inclusion through biometric identification pushed the share with an account up to 80 per cent, with big gains among women and poorer adults.

19 crore Indian adults don’t have bank account: World Bank

The Global Findex Report, 2017 released by the World Bank today gives more than one reason for India to cheer.

The Report notes the rapid increase in financial inclusion that has taken place in India and how the number of account holders in the country has risen from 35% of the adults in 2011 and 53% in 2014 to 80% in 2017.

This, it states, is comparable to 80% of adults in China who have an account. The Report also attributes this progress as being driven by the Jan Dhan Yojana policy which has used biometric ID to expand access to financial services.

It may be pertinent to note that the Report sources its data largely from surveys that were conducted in the summer of 2017.

According to Government data sourced from the banks, the total number of Jan Dhan account holders has risen from 28.17 crore in March, 2017 to 31.44 crore in March, 2018. Total number of current and savings accounts in banks has risen from 122.3 crore in March, 2015 to 157.1 crore in March, 2017.

The Report states that about 51.4 crore accounts have been opened globally from 2014 to 2017. It is heartening to see that of these 51.4 crore accounts, the number of Jan Dhan Accounts opened in India during the same period is about 28.17 crore, constituting almost 55% of the accounts opened globally during this period.

The Report takes cognizance of the “dramatically increased account ownership” in India and reduced gender gap in ownership by 6 percentage points vis-à-vis 2014 with 83% of the men and 77% women now having an account. &nbsp;It may be further noted that among MUDRA loan beneficiaries, women account for almost 75%. &nbsp;

It reveals how, building on this basic foundation of providing a bank account to all its people, India has huge potential to further improve the account usage.

In what can be seen as an answer to apprehensions raised earlier by some critics on usage of digital payments in India, the Report states that 36% of account owners in India are already using their accounts to make or receive digital payments. It has also identified the large existing potential in India which can be utilized to improve on this count and give people more opportunities to use their accounts for digital transactions and mobile payments.

It recognizes the availability of bank accounts, debit cards and mobile connections in India, which would be critical in improving the account usage in future. In other words it may be said that the Report reaffirms the potential of the “Jan Dhan-Aadhar-Mobile (JAM) Trinity” in expanding financial inclusion.

Other potential target groups identified in the Report to increase digital payments are adults in India who have an account and a mobile phone. Among these are about 50 million adults receiving payments for sale of agricultural goods, about 70 million adults working in the private sector and receiving wage payments in cash and about 170 million adults who pay their utility bills in cash.

This heartening review of India’s financial inclusion and digital payment initiatives by the Global Findex Report, 2017 and the identification of potential waiting to be unlocked gives further impetus to the Government’s ongoing efforts for financial inclusion.

The Report notes the rapid increase in financial inclusion that has taken place in India and how the number of account holders in the country has risen from 35% of the adults in 2011 and 53% in 2014 to 80% in 2017.

The Global Findex Report, 2017 released by the World Bank today gives more than one reason for India to cheer. The Report notes the rapid increase in financial inclusion that has taken place in India and how the number of account holders in the country has risen from 35% of the adults in 2011 and 53% in 2014 to 80% in 2017. This, it states, is comparable to 80% of adults in China who have an account. The Report also attributes this progress as being driven by the Jan Dhan Yojana policy which has used biometric ID to expand access to financial services. It may be pertinent to note that the Report sources its data largely from surveys that were conducted in the summer of 2017. According to Government data sourced from the banks, the total number of Jan Dhan account holders has risen from 28.17 crore in March, 2017 to 31.44 crore in March, 2018. Total number of current and savings accounts in banks has risen from 122.3 crore in March, 2015 to 157.1 crore in March, 2017. The Report states that about 51.4 crore accounts have been opened globally from 2014 to 2017. It is heartening to see that of these 51.4 crore accounts, the number of Jan Dhan Accounts opened in India during the same period is about 28.17 crore, constituting almost 55% of the accounts opened globally during this period. The Report takes cognizance of the “dramatically increased account ownership” in India and reduced gender gap in ownership by 6 percentage points vis-à-vis 2014 with 83% of the men and 77% women now having an account. It may be further noted that among MUDRA loan beneficiaries, women account for almost 75%. It reveals how, building on this basic foundation of providing a bank account to all its people, India has huge potential to further improve the account usage. In what can be seen as an answer to apprehensions raised earlier by some critics on usage of digital payments in India, the Report states that 36% of account owners in India are already using their accounts to make or receive digital payments. It has also identified the large existing potential in India which can be utilized to improve on this count and give people more opportunities to use their accounts for digital transactions and mobile payments. It recognizes the availability of bank accounts, debit cards and mobile connections in India, which would be critical in improving the account usage in future. In other words it may be said that the Report reaffirms the potential of the “Jan Dhan-Aadhar-Mobile (JAM) Trinity” in expanding financial inclusion. Other potential target groups identified in the Report to increase digital payments are adults in India who have an account and a mobile phone. Among these are about 50 million adults receiving payments for sale of agricultural goods, about 70 million adults working in the private sector and receiving wage payments in cash and about 170 million adults who pay their utility bills in cash. This heartening review of India’s financial inclusion and digital payment initiatives by the Global Findex Report, 2017 and the identification of potential waiting to be unlocked gives further impetus to the Government’s ongoing efforts for financial inclusion.

Global Findex Report: India contributing to global growth in financial inclusion

The World Bank on Monday noted that the Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST) and predicted a growth rate of 7.3 per cent for the country in 2018.

Further, the apex international financial institution forecast a rate of growth of 7.5 per cent for 2019 and 2020.

The World Bank in its twice-a-year South Asia Economic Focus report said that the growth is expected to accelerate from 6.7 per cent in 2017 to 7.3 per cent in 2018, and will subsequently stabilise, supported by a sustained recovery in private investment and private consumption.

The report also noted that India should strive to accelerate investments and exports to take advantage of the recovery in global growth.

Meanwhile, the bank also acknowledged that disruptions from demonetisation and the implementation of GST led to a setback in the economic activity, and a potentially larger negative effect on the poor and vulnerable.&nbsp;

The bank added that India would grow at 7.5% in 2019 and 2020

The World Bank on Monday noted that the Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST) and predicted a growth rate of 7.3 per cent for the country in 2018. Further, the apex international financial institution forecast a rate of growth of 7.5 per cent for 2019 and 2020. The World Bank in its twice-a-year South Asia Economic Focus report said that the growth is expected to accelerate from 6.7 per cent in 2017 to 7.3 per cent in 2018, and will subsequently stabilise, supported by a sustained recovery in private investment and private consumption. The report also noted that India should strive to accelerate investments and exports to take advantage of the recovery in global growth. Meanwhile, the bank also acknowledged that disruptions from demonetisation and the implementation of GST led to a setback in the economic activity, and a potentially larger negative effect on the poor and vulnerable.

Indian economy has recovered from demonetisation, GST: World Bank

India needs to create 8.1 million jobs a year to maintain its employment rate, said a World Bank report which projected the country's growth to accelerate to 7.3 per cent in the current financial year.

It has projected the growth rate to increase further to 7.5 per cent in the following two years.

The report also said that India has recovered from the withdrawal of large denomination bank notes in November 2016 and Goods and Services Tax (GST), rolled out on July 1, 2017.

In its twice-a-year South Asia Economic Focus (SAEF) titled 'Jobless Growth?', the bank also said that the area has regained its lead as the fastest growing region in the world, supported by recovery in India.&nbsp

"Growth is expected to accelerate from 6.7 in 2017 to 7.3 per cent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption," it said, referring to India.&nbsp

The report projected the country's growth to further accelerate to 7.5 per cent in 2019-20 and 2020-21 and suggested that New Delhi should strive to accelerate investments and exports to take advantage of the recovery in global growth.&nbsp

"Every month, the working age increases by 1.3 million people and India must create 8.1 million jobs a year to maintain its employment rate, which has been declining based on employment data analyzed from 2005 to 2015, largely due to women leaving the job market," it said.

SAEF finds that the South Asia region could even extend its lead over East Asia and the Pacific.&nbsp

Much of the progress, however, is driven by India's growth rebound and is not consistent across countries. Despite accelerating global growth and trade, exports remain weak. Progress on fiscal consolidation is slow, and deficits are high.

The report argues that growth alone will not be enough to attain the higher employment rates enjoyed by other developing countries, especially among women.&nbsp

More than 1.8 million young people will reach working age every month in South Asia through 2025 and the good news is that economic growth is creating jobs in the region,&nbspsaid Martin Rama, World Bank South Asia Region Chief Economist.

But providing opportunities to these young entrants while attracting more women into the labour market, will require generating even more jobs for every point of economic growth, Rama added.

India needs to create 8.1 million jobs a year to maintain its employment rate, said a World Bank report which projected the country's growth to accelerate to 7.3 per cent in the current financial year

India needs to create 8.1 million jobs a year to maintain its employment rate, said a World Bank report which projected the country's growth to accelerate to 7.3 per cent in the current financial year. It has projected the growth rate to increase further to 7.5 per cent in the following two years. The report also said that India has recovered from the withdrawal of large denomination bank notes in November 2016 and Goods and Services Tax (GST), rolled out on July 1, 2017. In its twice-a-year South Asia Economic Focus (SAEF) titled 'Jobless Growth?', the bank also said that the area has regained its lead as the fastest growing region in the world, supported by recovery in India. "Growth is expected to accelerate from 6.7 in 2017 to 7.3 per cent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption," it said, referring to India. The report projected the country's growth to further accelerate to 7.5 per cent in 2019-20 and 2020-21 and suggested that New Delhi should strive to accelerate investments and exports to take advantage of the recovery in global growth. "Every month, the working age increases by 1.3 million people and India must create 8.1 million jobs a year to maintain its employment rate, which has been declining based on employment data analyzed from 2005 to 2015, largely due to women leaving the job market," it said. SAEF finds that the South Asia region could even extend its lead over East Asia and the Pacific. Much of the progress, however, is driven by India's growth rebound and is not consistent across countries. Despite accelerating global growth and trade, exports remain weak. Progress on fiscal consolidation is slow, and deficits are high. The report argues that growth alone will not be enough to attain the higher employment rates enjoyed by other developing countries, especially among women. More than 1.8 million young people will reach working age every month in South Asia through 2025 and the good news is that economic growth is creating jobs in the region,&nbspsaid Martin Rama, World Bank South Asia Region Chief Economist. But providing opportunities to these young entrants while attracting more women into the labour market, will require generating even more jobs for every point of economic growth, Rama added.

India must create 8.1 million jobs annually, says World Bank report

Pakistan has informed the World Bank about India's completing of the Kishanganga hydropower project during the bank's "pause" period and has urged it to "recognise its responsibility" under the Indus Waters Treaty, a media report said today.

Pakistan has approached the World Bank, the mediator between the two countries of the water distribution treaty, in the past and raised issues over Kishanganga and Ratle projects in Jammu and Kashmir.

It has been flagging concern over designs of India's five hydroelectricity projects - Pakal Dul (1000 MW), Ratle (850 MW), Kishanganga (330 MW), Miyar (120 MW) and Lower Kalnai (48 MW) - being built/planned in the Indus river basin, contending these violate the treaty.

The power division of the energy ministry sent a fresh communique early this week to the bank's vice president urging the international organisation to ensure that India abided by the provisions of the 1960 treaty while building the projects, a government official told Dawn newspaper.

The official said the letter had reached the bank's head office in Washington and had been delivered to its vice president concerned as confirmed by Pakistan's director to the bank, the report said.

The official said there was no doubt that India had completed the Kishanganga project during the period the World Bank "paused" the process for constitution of a Court of Arbitration (COA) as requested by Pakistan in early 2016.

Pakistan's request was countered by India by calling for a neutral expert.

Pakistan had called for resolution of disputes over Kishanganga project on the Neelum river and Ratle hydropower project on the Chenab.

Asked about the government's next move, the official said the authorities could not just sit back and had to take the matter to its logical conclusion.

Pakistan had received reports in August last year that New Delhi had completed the Kishanganga project as per the design that had been objected by Islamabad, the report said.

The letter was sent to the World Bank after a Pakistani delegation of the Indus Waters Commission was not allowed to visit various projects in India, including Kishanganga and Ratle schemes, it said.

Pakistan has raised objections over the design of the hydel project in Jammu and Kashmir, saying it is not in line with the criteria laid down under the Indus Water Treaty between the two countries.

India has, however, asserted the project design is "well within parameters" of the treaty and urged the bank to appoint a neutral expert.

In December 2016, the bank had announced that it had "paused" the process for either appointing a COA or a neutral expert and started mediation between the two countries on how to advance and develop consensus in the light of the treaty on the mechanism for resolution of faulty designs of the two projects.

Since then, the bank has arranged two rounds of talks between the two sides but the Indians kept on building the project, the report alleged.

The last round of bank-facilitated and secretary-level talks between India and Pakistan were held in Washington in September that ended in disappointment for Pakistan, it said.

In view of the inability of the parties to agree on whether a COA or a neutral expert is the way forward, the World Bank is reported to have called another round of discussions to minimise the differences but failed to bring New Delhi to the negotiating table.

Under the provisions of the Indus Waters Treaty, the waters of the eastern rivers&nbspthe Sutlej, Beas and Ravi had been allocated to India and that of the western rivers&nbspthe Indus, Jhelum and Chenab&nbspto Pakistan except for certain non-consumptive uses.&nbsp

Pakistan has informed the World Bank about India's completing of the Kishanganga hydropower project during the bank's 'pause' period and has urged it to 'recognise its responsibility' under the Indus Waters Treaty

Pakistan has informed the World Bank about India's completing of the Kishanganga hydropower project during the bank's "pause" period and has urged it to "recognise its responsibility" under the Indus Waters Treaty, a media report said today. Pakistan has approached the World Bank, the mediator between the two countries of the water distribution treaty, in the past and raised issues over Kishanganga and Ratle projects in Jammu and Kashmir. It has been flagging concern over designs of India's five hydroelectricity projects - Pakal Dul (1000 MW), Ratle (850 MW), Kishanganga (330 MW), Miyar (120 MW) and Lower Kalnai (48 MW) - being built/planned in the Indus river basin, contending these violate the treaty. The power division of the energy ministry sent a fresh communique early this week to the bank's vice president urging the international organisation to ensure that India abided by the provisions of the 1960 treaty while building the projects, a government official told Dawn newspaper. The official said the letter had reached the bank's head office in Washington and had been delivered to its vice president concerned as confirmed by Pakistan's director to the bank, the report said. The official said there was no doubt that India had completed the Kishanganga project during the period the World Bank "paused" the process for constitution of a Court of Arbitration (COA) as requested by Pakistan in early 2016. Pakistan's request was countered by India by calling for a neutral expert. Pakistan had called for resolution of disputes over Kishanganga project on the Neelum river and Ratle hydropower project on the Chenab. Asked about the government's next move, the official said the authorities could not just sit back and had to take the matter to its logical conclusion. Pakistan had received reports in August last year that New Delhi had completed the Kishanganga project as per the design that had been objected by Islamabad, the report said. The letter was sent to the World Bank after a Pakistani delegation of the Indus Waters Commission was not allowed to visit various projects in India, including Kishanganga and Ratle schemes, it said. Pakistan has raised objections over the design of the hydel project in Jammu and Kashmir, saying it is not in line with the criteria laid down under the Indus Water Treaty between the two countries. India has, however, asserted the project design is "well within parameters" of the treaty and urged the bank to appoint a neutral expert. In December 2016, the bank had announced that it had "paused" the process for either appointing a COA or a neutral expert and started mediation between the two countries on how to advance and develop consensus in the light of the treaty on the mechanism for resolution of faulty designs of the two projects. Since then, the bank has arranged two rounds of talks between the two sides but the Indians kept on building the project, the report alleged. The last round of bank-facilitated and secretary-level talks between India and Pakistan were held in Washington in September that ended in disappointment for Pakistan, it said. In view of the inability of the parties to agree on whether a COA or a neutral expert is the way forward, the World Bank is reported to have called another round of discussions to minimise the differences but failed to bring New Delhi to the negotiating table. Under the provisions of the Indus Waters Treaty, the waters of the eastern rivers&nbspthe Sutlej, Beas and Ravi had been allocated to India and that of the western rivers&nbspthe Indus, Jhelum and Chenab&nbspto Pakistan except for certain non-consumptive uses.

Pakistan approaches World Bank over Kishanganga project: Report

<a href="http://www.wionews.com/india-news/india-can-do-a-silicon-valley-in-5-years-but-innovation-ecosystem-needs-a-boost-world-bank-128109">India can do a Silicon Valley in 5 years but innovation ecosystem needs a boost: World Bank</a>

India has the potential to innovate on the lines of Silicon Valley but it needs to do more for expanding the innovation ecosystem as it aspires to become a middle-income country, World Bank India head Junaid Kamal Ahmad said today.'

<a href="http://www.wionews.com/india-news/scst-act-we-are-not-against-it-says-supreme-court-but-refuses-to-cancel-earlier-order-128083">SC/ST Act: We are not against it, says Supreme Court but refuses to cancel </a><a href="http://www.wionews.com/india-news/scst-act-we-are-not-against-it-says-supreme-court-but-refuses-to-cancel-earlier-order-128083">earlier</a><a href="http://www.wionews.com/india-news/scst-act-we-are-not-against-it-says-supreme-court-but-refuses-to-cancel-earlier-order-128083"> order</a>

The Supreme Court has said that it is not against the SC/ST Act and doesn't want the innocent to be punished. The court made these observations while hearing Attorney General K K Venugopal's submission during the hearing of Centre's petition of SC/ST Act.

<a href="http://www.wionews.com/india-news/maharashtra-government-passes-resolution-for-1-parallel-reservation-for-orphans-128118">Maharashtra government passes </a><a href="http://www.wionews.com/india-news/maharashtra-government-passes-resolution-for-1-parallel-reservation-for-orphans-128118">resolution</a><a href="http://www.wionews.com/india-news/maharashtra-government-passes-resolution-for-1-parallel-reservation-for-orphans-128118"> for 1% parallel reservation for orphans</a>

&nbsp;In one of&nbsp;the first ever reservation for orphans in government jobs in the country, Maharashtra government has issued a resolution of 1 per cent parallel reservation for orphans in the open category for education and jobs.

<a href="http://www.wionews.com/south-asia/boat-carrying-rohingya-refugees-intercepted-in-malaysia--128087">Boat</a><a href="http://www.wionews.com/south-asia/boat-carrying-rohingya-refugees-intercepted-in-malaysia--128087"> carrying Rohingya refugees intercepted in Malaysia </a>

Malaysia intercepted a boat carrying 56 Rohingya refugees from Myanmar off its northern island of Langkawi on Tuesday and will allow them to enter on humanitarian grounds, with rights groups expecting further such perilous journeys by sea.

<a href="http://www.wionews.com/world/stormy-daniels-case-should-be-settled-privately-trump-lawyer-128115">Stormy Daniels' case should be settled privately: Trump lawyer</a>

United States President Donald Trump and his attorney Michael Cohen have filed court papers on Monday asking a federal judge to demand porn star Stormy Daniels to raise her disputes through private arbitration.

India can do a Silicon Valley in 5 years but innovation ecosystem needs a boost: World Bank India has the potential to innovate on the lines of Silicon Valley but it needs to do more for expanding the innovation ecosystem as it aspires to become a middle-income country, World Bank India head Junaid Kamal Ahmad said today.' SC/ST Act: We are not against it, says Supreme Court but refuses to cancel earlier order The Supreme Court has said that it is not against the SC/ST Act and doesn't want the innocent to be punished. The court made these observations while hearing Attorney General K K Venugopal's submission during the hearing of Centre's petition of SC/ST Act. Maharashtra government passes resolution for 1% parallel reservation for orphans In one of the first ever reservation for orphans in government jobs in the country, Maharashtra government has issued a resolution of 1 per cent parallel reservation for orphans in the open category for education and jobs. Boat carrying Rohingya refugees intercepted in Malaysia Malaysia intercepted a boat carrying 56 Rohingya refugees from Myanmar off its northern island of Langkawi on Tuesday and will allow them to enter on humanitarian grounds, with rights groups expecting further such perilous journeys by sea. Stormy Daniels' case should be settled privately: Trump lawyer United States President Donald Trump and his attorney Michael Cohen have filed court papers on Monday asking a federal judge to demand porn star Stormy Daniels to raise her disputes through private arbitration.

India has the potential to innovate on the lines of Silicon Valley but it needs to do more for expanding the innovation ecosystem as it aspires to become a middle-income country, World Bank India head Junaid Kamal Ahmad said today.'

He said what drives productivity is pertinent when it comes to innovation and is a very relevant question for India as it seeks to move up the ladder from low middle income to high-income country.

Releasing a World Bank report on innovation in developing countries, he said: "I think we can do a Silicon Valley in India in the next five years..as the world is changing, we can leapfrog.

"I believe firm size, firm capability and innovation have a strong relationship. More needs to be done in the innovation ecosystem in India where firms continue to remain stagnant."

In developing countries, the concept of national innovation system must be expanded, said the World Bank Chief Economist for Equitable Growth, Finance and Institutions, William F Maloney.

According to the report, investments for innovation often consist of marginal improvements in process or products, rather than significant technology adoption or new product imitation.

"They very rarely involve frontier research...if a firm (or country) invests in innovation but cannot also import the necessary technology, contract or hire trained workers and engineers, or draw on new organisational techniques, the returns to that investment will be low."&nbsp;

Returns from investments in research and development (R&D) rise initially, but lack of complementary factors over time result in their decline, the report said.

"The policy maker's conception of the national innovation system (NIS) must go beyond the usual institutions and policies designed to offset standard innovation-related market failures. The scope of the NIS must include broader complementary factors and supporting institutions," it added.

Further, innovation cannot be supply driven, there must be demand from firms that have the capabilities to innovative.

"On this demand side, the firm and its decisions to innovate, policymakers must be concerned with the incentives for firms to accumulate the necessary physical, human and knowledge capital," Maloney said.

In developing countries, the concept of national innovation system must be expanded, said World Bank's chief economist for equitable growth

India has the potential to innovate on the lines of Silicon Valley but it needs to do more for expanding the innovation ecosystem as it aspires to become a middle-income country, World Bank India head Junaid Kamal Ahmad said today.' He said what drives productivity is pertinent when it comes to innovation and is a very relevant question for India as it seeks to move up the ladder from low middle income to high-income country. Releasing a World Bank report on innovation in developing countries, he said: "I think we can do a Silicon Valley in India in the next five years..as the world is changing, we can leapfrog. "I believe firm size, firm capability and innovation have a strong relationship. More needs to be done in the innovation ecosystem in India where firms continue to remain stagnant." In developing countries, the concept of national innovation system must be expanded, said the World Bank Chief Economist for Equitable Growth, Finance and Institutions, William F Maloney. According to the report, investments for innovation often consist of marginal improvements in process or products, rather than significant technology adoption or new product imitation. "They very rarely involve frontier research...if a firm (or country) invests in innovation but cannot also import the necessary technology, contract or hire trained workers and engineers, or draw on new organisational techniques, the returns to that investment will be low." Returns from investments in research and development (R&D) rise initially, but lack of complementary factors over time result in their decline, the report said. "The policy maker's conception of the national innovation system (NIS) must go beyond the usual institutions and policies designed to offset standard innovation-related market failures. The scope of the NIS must include broader complementary factors and supporting institutions," it added. Further, innovation cannot be supply driven, there must be demand from firms that have the capabilities to innovative. "On this demand side, the firm and its decisions to innovate, policymakers must be concerned with the incentives for firms to accumulate the necessary physical, human and knowledge capital," Maloney said.

India can do a Silicon Valley in 5 years but innovation ecosystem needs a boost: World Bank

The World Bank has said India&#39;s GST system is the most complex in the world.&nbsp;

The World Bank said, in a report, that India has the highest standard GST rate in Asia and the second-highest in the world after Chile.&nbsp;

India has five different GST rates &mdash; 0. 5, 12, 18, and 28 per cent. Which commentators say is contradictory, considering the idea of a goods and services tax is to replace a number of different taxes with one overarching tax. So why would you have &quot;one&quot;&nbsp;tax with different slabs.&nbsp;

On top of that, petroleum products, power and real estate have been kept outside the ambit of GST.&nbsp;

The government has promised to streamline the taxation system but has time and again said it will not pare it down to only one rate.&nbsp;

Union Finance Minister Arun Jaitley had recently said a rich country could afford to slap the same GST rate on a Mercedes car and, say, a bottle of water. But that a country like India with far higher levels of inequality could not afford to do the same.&nbsp;

The World Bank said, in a report, that India has the highest standard GST rate in Asia and the second-highest in the world after Chile

The World Bank has said India's GST system is the most complex in the world. The World Bank said, in a report, that India has the highest standard GST rate in Asia and the second-highest in the world after Chile. India has five different GST rates — 0. 5, 12, 18, and 28 per cent. Which commentators say is contradictory, considering the idea of a goods and services tax is to replace a number of different taxes with one overarching tax. So why would you have "one" tax with different slabs. On top of that, petroleum products, power and real estate have been kept outside the ambit of GST. The government has promised to streamline the taxation system but has time and again said it will not pare it down to only one rate. Union Finance Minister Arun Jaitley had recently said a rich country could afford to slap the same GST rate on a Mercedes car and, say, a bottle of water. But that a country like India with far higher levels of inequality could not afford to do the same.

India's GST system most complex globally: World Bank

The World Bank plans to raise lending to India by about $1 billion every year for the next five years from the current $3 billion to $3.5 billion, its country director to India said on Wednesday.

The lending will be mainly for infrastructure projects, Junaid Ahmad said.

Last November, India jumped into 100th place on the World Bank&#39;s ranking of countries by Ease of Doing Business for the first time in its report for 2018, up about 30 places, driven by reforms in access to credit, power supplies and protection of minority investors.

The lending will be mainly for infrastructure projects

The World Bank plans to raise lending to India by about $1 billion every year for the next five years from the current $3 billion to $3.5 billion, its country director to India said on Wednesday. The lending will be mainly for infrastructure projects, Junaid Ahmad said. Last November, India jumped into 100th place on the World Bank's ranking of countries by Ease of Doing Business for the first time in its report for 2018, up about 30 places, driven by reforms in access to credit, power supplies and protection of minority investors.

World Bank plans to boost lending to India by $1 billion every year for next 5 years: India head

The World Bank today projected India&#39;s GDP growth at 7.3 per cent for the next financial year and accelerate further to 7.5 per cent in 2019-20.

The World Bank&#39;s biannual publication, India Development Update: India&#39;s Growth Story, expects the economy to clock a growth rate of 6.7 per cent in the current fiscal ending March 31.

The report, however, observed that a growth of over 8 per cent will require &quot;continued reform and a widening of their scope&quot; aimed at resolving issues related to credit and investment and enhancing the competitiveness of exports.

&quot;The Indian economy is likely to recover from the impact of demonetisation and the GST, and growth should revert slowly to a level consistent with its proximate factors -- that is, to about 7.5 per cent a year,&quot; the report said.

In November 2016, the government had scrapped high-value currency notes of Rs 500 and Rs 1,000 in a bid to check black money, among others.

Later, India implemented its biggest indirect tax reform -- Goods and Services Tax (GST).

Both of these initiatives had impacted the economic activities in the country in short run.

India&#39;s economic growth had slipped to a three year low of 5.7 per cent in April-June quarter of the current fiscal, though it recovered in the subsequent quarters.

The economy is expected to grow at 6.6 per cent in the current fiscal ending March 31, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1 per cent in 2016-17. The earlier estimate was 6.5 per cent.

The Economic Survey tabled in Parliament has projected a growth rate of 7 to 7.5 per cent in the 2018-19 financial year.

The World Bank report further said that accelerating the growth rate will also require continued integration into global economy.

It pitches for making growth more inclusive and enhancing the effectiveness of the Indian public sector.&nbsp;

The World Bank's biannual publication, India Development Update: India's Growth Story, expects the economy to clock a growth rate of 6.7 per cent in the current fiscal ending March 31.

The World Bank today projected India's GDP growth at 7.3 per cent for the next financial year and accelerate further to 7.5 per cent in 2019-20. The World Bank's biannual publication, India Development Update: India's Growth Story, expects the economy to clock a growth rate of 6.7 per cent in the current fiscal ending March 31. The report, however, observed that a growth of over 8 per cent will require "continued reform and a widening of their scope" aimed at resolving issues related to credit and investment and enhancing the competitiveness of exports. "The Indian economy is likely to recover from the impact of demonetisation and the GST, and growth should revert slowly to a level consistent with its proximate factors -- that is, to about 7.5 per cent a year," the report said. In November 2016, the government had scrapped high-value currency notes of Rs 500 and Rs 1,000 in a bid to check black money, among others. Later, India implemented its biggest indirect tax reform -- Goods and Services Tax (GST). Both of these initiatives had impacted the economic activities in the country in short run. India's economic growth had slipped to a three year low of 5.7 per cent in April-June quarter of the current fiscal, though it recovered in the subsequent quarters. The economy is expected to grow at 6.6 per cent in the current fiscal ending March 31, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1 per cent in 2016-17. The earlier estimate was 6.5 per cent. The Economic Survey tabled in Parliament has projected a growth rate of 7 to 7.5 per cent in the 2018-19 financial year. The World Bank report further said that accelerating the growth rate will also require continued integration into global economy. It pitches for making growth more inclusive and enhancing the effectiveness of the Indian public sector.

World Bank projects India's FY19 GDP growth at 7.3 per cent

India&rsquo;s economy needs to grow 8% and higher a year for the next three decades to join the ranks of middle-income countries, which would require major reforms in the land, labour and financial sectors, the World Bank said on Wednesday.&nbsp;

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If that did happen, it would raise the income of at least 50% of India&rsquo;s 1.3 billion people to sustain consumption expenditure of $10 a day based on the purchasing power parity of the global middle class.

The government estimates India&rsquo;s per capita income could touch 86,689 rupees ($1,337.4), or $3.7 a day, in the current fiscal year ending this month.

Asia&rsquo;s third-largest economy, which grew at a rapid pace of 8.8 percent a year from 2004 to 2008, is expected to grow 6.7 percent this financial year, said Junaid Ahmad, country director of the World Bank while releasing a report.

He said the bank planned to lend $20 billion to $25 billion to India in the next five years, mainly for investment in infrastructure, human resources and natural resources management, to support inclusive economic growth.

&ldquo;India&rsquo;s long-term growth has become steady, stable, diversified and resilient,&rdquo; Ahmad said adding it now needed to undertake reforms for efficient use of scarce land, water and financial resources to achieve higher growth.

The world&rsquo;s seventh-largest economy needs to accelerate growth to create jobs for a million young people joining the labour force every month.

Prime Minister Narendra Modi, who faces a general election next year, has pushed up spending on rural infrastructure and jobs-creating sectors to bolster his popularity.

Last November, India jumped into 100th place on the World Bank&rsquo;s ranking of countries by Ease of Doing Business, for the first time, up about 30 places, driven by reforms in access to credit, power supplies and protection of minority investors.

The World Bank projected the $2.5 trillion economy could grow at 7.3 percent and 7.5% in the next two years, helped by tax reforms and benign global growth.&nbsp;

India needs to push land, labour and financial sector reforms and improve the competitiveness of exports to achieve higher growth, Poonam Gupta, lead author of the World Bank report said.

Referring to the slowdown in bank credit following a surge in bad loans in banks, estimated at nearly $150 billion, the World Bank suggested consolidation of state banks and more space for private banks.

&ldquo;Durable revival in private investments and growth would be crucial for India,&rdquo; Gupta said.

&ldquo;The hard-earned fiscal discipline must be protected.&rdquo;

The government estimates India’s per capita income could touch Rs 86,689 ($1,337.4), or $3.7 a day, in the current fiscal year ending this month

India’s economy needs to grow 8% and higher a year for the next three decades to join the ranks of middle-income countries, which would require major reforms in the land, labour and financial sectors, the World Bank said on Wednesday. × If that did happen, it would raise the income of at least 50% of India’s 1.3 billion people to sustain consumption expenditure of $10 a day based on the purchasing power parity of the global middle class. The government estimates India’s per capita income could touch 86,689 rupees ($1,337.4), or $3.7 a day, in the current fiscal year ending this month. Asia’s third-largest economy, which grew at a rapid pace of 8.8 percent a year from 2004 to 2008, is expected to grow 6.7 percent this financial year, said Junaid Ahmad, country director of the World Bank while releasing a report. He said the bank planned to lend $20 billion to $25 billion to India in the next five years, mainly for investment in infrastructure, human resources and natural resources management, to support inclusive economic growth. “India’s long-term growth has become steady, stable, diversified and resilient,” Ahmad said adding it now needed to undertake reforms for efficient use of scarce land, water and financial resources to achieve higher growth. The world’s seventh-largest economy needs to accelerate growth to create jobs for a million young people joining the labour force every month. Prime Minister Narendra Modi, who faces a general election next year, has pushed up spending on rural infrastructure and jobs-creating sectors to bolster his popularity. Last November, India jumped into 100th place on the World Bank’s ranking of countries by Ease of Doing Business, for the first time, up about 30 places, driven by reforms in access to credit, power supplies and protection of minority investors. The World Bank projected the $2.5 trillion economy could grow at 7.3 percent and 7.5% in the next two years, helped by tax reforms and benign global growth. India needs to push land, labour and financial sector reforms and improve the competitiveness of exports to achieve higher growth, Poonam Gupta, lead author of the World Bank report said. Referring to the slowdown in bank credit following a surge in bad loans in banks, estimated at nearly $150 billion, the World Bank suggested consolidation of state banks and more space for private banks. “Durable revival in private investments and growth would be crucial for India,” Gupta said. “The hard-earned fiscal discipline must be protected.”

India needs 8% growth for 30 years to join middle-income countries: World Bank

The World Bank&#39;s chief economist resigned on Wednesday amid a scandal that erupted when he raised questions about how the institution was ranking countries -- especially Chile -- in a key report.

World Bank President Jim Kim announced that Paul Romer was stepping down immediately from the post he had held since October 2016, but did not specify the reason for his exit.

In his only reference to the recent dispute -- which prompted Chile to demand an investigation -- Kim said, &quot;I appreciated Paul&#39;s frankness and honesty, and I know he regrets the circumstances of his departure.&quot;

Romer sparked controversy earlier this month when he told The Wall Street Journal the World Bank&#39;s method for ranking business competitiveness of member countries had changed in a way that could give the impression it weighted the results due to political considerations.

This had a particular impact on Chile&#39;s ranking in the &quot;Doing Business&quot; report in October, in which it dropped 23 places solely due to how the World Bank was scoring the components, not because of any changes in the government&#39;s policies, he said.

Romer apologized to Chile &quot;and to any other country where we conveyed the wrong impression,&quot; and said he planned to recalculate the rankings going back several years.

His statements sparked outraged responses from World Bank economists who defended the methodology changes, and from Santiago, where President Michelle Bachelet demanded an investigation since the rankings can &quot;impact investment and development.&quot;

Romer later apologized in a blog post for creating the impression that he &quot;suspected political manipulation or bias&quot; was at play. He said he simply intended to raise the need for the institution to &quot;do a better job of explaining what our numbers mean.&quot;

Kim said Romer will be returning to his position as an economics professor at New York University.

&quot;Paul is an accomplished economist and insightful individual, and we have had many good discussions on geopolitical issues, urbanization, and the future of work,&quot; Kim said.

The World Bank's chief economist resigned when he raised questions about how the institution was ranking countries -- especially Chile

The World Bank's chief economist resigned on Wednesday amid a scandal that erupted when he raised questions about how the institution was ranking countries -- especially Chile -- in a key report. World Bank President Jim Kim announced that Paul Romer was stepping down immediately from the post he had held since October 2016, but did not specify the reason for his exit. In his only reference to the recent dispute -- which prompted Chile to demand an investigation -- Kim said, "I appreciated Paul's frankness and honesty, and I know he regrets the circumstances of his departure." Romer sparked controversy earlier this month when he told The Wall Street Journal the World Bank's method for ranking business competitiveness of member countries had changed in a way that could give the impression it weighted the results due to political considerations. This had a particular impact on Chile's ranking in the "Doing Business" report in October, in which it dropped 23 places solely due to how the World Bank was scoring the components, not because of any changes in the government's policies, he said. Romer apologized to Chile "and to any other country where we conveyed the wrong impression," and said he planned to recalculate the rankings going back several years. His statements sparked outraged responses from World Bank economists who defended the methodology changes, and from Santiago, where President Michelle Bachelet demanded an investigation since the rankings can "impact investment and development." Romer later apologized in a blog post for creating the impression that he "suspected political manipulation or bias" was at play. He said he simply intended to raise the need for the institution to "do a better job of explaining what our numbers mean." Kim said Romer will be returning to his position as an economics professor at New York University. "Paul is an accomplished economist and insightful individual, and we have had many good discussions on geopolitical issues, urbanization, and the future of work," Kim said.

World Bank chief economist resigns amid Chile uproar

Prime Minister Narendra Modi will address the opening plenary at the WEF&#39;s Davos summit next week, while the keynote address will be given by US President Donald Trump at the annual jamboree of the global elite to be attended by 70 state heads.

Besides, 38 heads of major international organisations such as the WTO, the IMF and the World Bank, as also nearly 2,000 CEOs including over 100 from India will be present at the five-day World Economic Forum (WEF) Annual Meeting 2018, beginning on January 22 with a welcome reception to be hosted by India.

Announcing the official programme in Geneva today, the WEF said the summit will see the largest ever engagement of global leaders this year where the key talking points would include international security, environment and the global economy.

The theme of the meeting, spread over 400 sessions, would be &#39;Creating a Shared Future in a Fractured World&#39;, while the meeting would also see the largest ever proportion of women leaders (21 per cent) including all co-chairs being women this time including social entrepreneur Chetna Sinha from India and IMF&#39;s Christine Lagarde, the WEF said.

Modi will be accompanied by six union ministers, including Finance Minister Arun Jaitley, Piyush Goyal, Suresh Prabhu, Dharmendra Pradhan, M J Akbar and Jitendra Singh.

Besides, two chief ministers (Devendra Fadnavis and Chandrababu Naidu) and over 100 CEOs would take India&#39;s total presence to 129 -- the fourth highest after the US (780), the UK (266) and Switzerland (233 people). China will have 118 participants.

Women participants would account for 12 per cent of total Indian presence, compared to 27 per cent from the US, 24 per cent from the UK, 22 per cent from Germany, 20 per cent from Switzerland, 19 per cent for China and 18 per cent for France.

The WEF said its 48th Annual Meeting will focus on finding ways to reaffirm international cooperation on crucial shared interests, such as international security, the environment and the global economy.

The meeting comes at a time when geostrategic competition among states is generally seen to be on the rise.

Alongside international cooperation, an additional priority of the meeting will be to overcome divisions within countries, said the WEF which describes itself as an international public-private organisation focussed on improving the state of the world.

The WEF said divisions have often been caused by breakdowns in the social contract as a result of failure to protect societies from the transformational impacts of a succession of shocks, from globalisation to the proliferation of social media and the birth of the Fourth Industrial Revolution.

&quot;Collectively, these shocks have caused a loss of trust in institutions and damaged the relationship between business and society,&quot; it added.

&quot;Our world has become fractured by increasing competition between nations and deep divides within societies. Yet the sheer scale of the challenges our world faces makes concerted, collaborative and integrated action more essential than ever,&quot; WEF&#39;s Founder and Executive Chairman Klaus Schwab said.

He further said the summit aims to overcome these fault lines by reasserting shared interests among nations and securing multistakeholder commitment to renewing social contracts through inclusive growth.

This year&#39;s opening plenary will be delivered by Modi on January 23, Prime Minister of India, while Trump will deliver a keynote address before the close of the meeting on January 26, the WEF said.

This year a record number of leaders from G7 economies will participate, including Paolo Gentiloni, Prime Minister of Italy; Jean-Claude Juncker, President of the European Commission; Emmanuel

Macron, President of France; Theresa May, Prime Minister of the United Kingdom; and Justin Trudeau, Prime Minister of Canada, in addition to President Trump.

Other leaders from the G20 countries would include Liu He, Member of Political Bureau and General Director of CPC Central Committee of the People&#39;s Republic of China; Argentina President Mauricio Macri, South Africa Deputy President Cyril Ramaphosa and Brazil President Michel Temer.

From the host country, Alain Berset, President of the Swiss Confederation, will also participate.

Overall, the summit will have over 340 top political leaders with 10 heads of state/government from Africa, nine from Middle East and North Africa and six from Latin America.

These include Ethiopia Prime Minister Hailemariam Dessalegn, Zimbabwe President Emmerson Mnangagwa, Nigeria Vice President Yemi Osinbajo, Lebanon President Saad Al Hariri, Jordan King

Abdullah II Bin Al Hussein, Israel Prime Minister Benjamin Netanyahu and Columbia President Juan Manuel Santos.

The summit will also be attended by 40 arts and culture leaders, including Bollywood star Shahrukh Khan, Cate Blanchett and Elton John.

One of the key issues to be discussed would be navigating a multipolar and multiconceptual world and the balance between global cooperation and local autonomy to prevent the disintegration of the world order.

Besides, the leaders will also discuss how to overcome divisions in society and if outrage cycles in media and political rhetoric are widening societal fault lines and undermining tolerance, then what solutions can be jointly developed to restore the social compact, the WEF said.

Besides, 38 heads of major international organisations such as the WTO, the IMF and the World Bank, as also nearly 2,000 CEOs including over 100 from India will be present at the World Economic Forum (WEF) Annual Meeting 2018

Prime Minister Narendra Modi will address the opening plenary at the WEF's Davos summit next week, while the keynote address will be given by US President Donald Trump at the annual jamboree of the global elite to be attended by 70 state heads. Besides, 38 heads of major international organisations such as the WTO, the IMF and the World Bank, as also nearly 2,000 CEOs including over 100 from India will be present at the five-day World Economic Forum (WEF) Annual Meeting 2018, beginning on January 22 with a welcome reception to be hosted by India. Announcing the official programme in Geneva today, the WEF said the summit will see the largest ever engagement of global leaders this year where the key talking points would include international security, environment and the global economy. The theme of the meeting, spread over 400 sessions, would be 'Creating a Shared Future in a Fractured World', while the meeting would also see the largest ever proportion of women leaders (21 per cent) including all co-chairs being women this time including social entrepreneur Chetna Sinha from India and IMF's Christine Lagarde, the WEF said. Modi will be accompanied by six union ministers, including Finance Minister Arun Jaitley, Piyush Goyal, Suresh Prabhu, Dharmendra Pradhan, M J Akbar and Jitendra Singh. Besides, two chief ministers (Devendra Fadnavis and Chandrababu Naidu) and over 100 CEOs would take India's total presence to 129 -- the fourth highest after the US (780), the UK (266) and Switzerland (233 people). China will have 118 participants. Women participants would account for 12 per cent of total Indian presence, compared to 27 per cent from the US, 24 per cent from the UK, 22 per cent from Germany, 20 per cent from Switzerland, 19 per cent for China and 18 per cent for France. The WEF said its 48th Annual Meeting will focus on finding ways to reaffirm international cooperation on crucial shared interests, such as international security, the environment and the global economy. The meeting comes at a time when geostrategic competition among states is generally seen to be on the rise. Alongside international cooperation, an additional priority of the meeting will be to overcome divisions within countries, said the WEF which describes itself as an international public-private organisation focussed on improving the state of the world. The WEF said divisions have often been caused by breakdowns in the social contract as a result of failure to protect societies from the transformational impacts of a succession of shocks, from globalisation to the proliferation of social media and the birth of the Fourth Industrial Revolution. "Collectively, these shocks have caused a loss of trust in institutions and damaged the relationship between business and society," it added. "Our world has become fractured by increasing competition between nations and deep divides within societies. Yet the sheer scale of the challenges our world faces makes concerted, collaborative and integrated action more essential than ever," WEF's Founder and Executive Chairman Klaus Schwab said. He further said the summit aims to overcome these fault lines by reasserting shared interests among nations and securing multistakeholder commitment to renewing social contracts through inclusive growth. This year's opening plenary will be delivered by Modi on January 23, Prime Minister of India, while Trump will deliver a keynote address before the close of the meeting on January 26, the WEF said. This year a record number of leaders from G7 economies will participate, including Paolo Gentiloni, Prime Minister of Italy; Jean-Claude Juncker, President of the European Commission; Emmanuel Macron, President of France; Theresa May, Prime Minister of the United Kingdom; and Justin Trudeau, Prime Minister of Canada, in addition to President Trump. Other leaders from the G20 countries would include Liu He, Member of Political Bureau and General Director of CPC Central Committee of the People's Republic of China; Argentina President Mauricio Macri, South Africa Deputy President Cyril Ramaphosa and Brazil President Michel Temer. From the host country, Alain Berset, President of the Swiss Confederation, will also participate. Overall, the summit will have over 340 top political leaders with 10 heads of state/government from Africa, nine from Middle East and North Africa and six from Latin America. These include Ethiopia Prime Minister Hailemariam Dessalegn, Zimbabwe President Emmerson Mnangagwa, Nigeria Vice President Yemi Osinbajo, Lebanon President Saad Al Hariri, Jordan King Abdullah II Bin Al Hussein, Israel Prime Minister Benjamin Netanyahu and Columbia President Juan Manuel Santos. The summit will also be attended by 40 arts and culture leaders, including Bollywood star Shahrukh Khan, Cate Blanchett and Elton John. One of the key issues to be discussed would be navigating a multipolar and multiconceptual world and the balance between global cooperation and local autonomy to prevent the disintegration of the world order. Besides, the leaders will also discuss how to overcome divisions in society and if outrage cycles in media and political rhetoric are widening societal fault lines and undermining tolerance, then what solutions can be jointly developed to restore the social compact, the WEF said.

WEF@Davos: Modi to address opening plenary; Trump on final day

The World Bank said<a href="http://www.wionews.com/india-news/pm-modi-slams-opposition-for-downplaying-world-bank-report-23490"> today that India is expected to grow </a>over 6.7 per cent in 2017 and likely to register higher growth rate than other major emerging market economies in the next decade.

The World Bank <a href="http://www.wionews.com/business-economy/ease-of-doing-business-indias-rankings-zooms-to-100-in-world-bank-report-up-30-places-23243">said as far as the &quot;big picture&quot; </a>was concerned India has &quot;enormous growth potential&quot;.

&quot;In fact, we expect India to do better than its potential in 2018 and move forward,&quot; he said. India&#39;s growth potential, he said, would be around 7 per cent for the next 10 years,&quot; Ayhan Kose, Director, Development Prospects Group, World Bank, told PTI

Kose said in comparison to India, China&#39;s growth was slowing down with India expected to gradually accelerate despite setbacks in demonetization and Goods and Services Tax (GST).

India needs to step up investment in order to leap ahead of China, Klose said, adding that &quot;improved labor market reforms, education and health reforms as well as relaxing investment bottleneck will help improve India&#39;s prospects&quot;.

&quot;In that context, improving female labour force participation rate is going to be important. Female labour force participation still remains low relative to other emerging market economies. Bringing force right now idle outside of the productive activities will make a huge difference,&quot; Klose told PTI.

India needs to step up investment in order to leap ahead of China, Director, Development Prospects Group, World Bank Klose said.

The World Bank said today that India is expected to grow over 6.7 per cent in 2017 and likely to register higher growth rate than other major emerging market economies in the next decade. The World Bank said as far as the "big picture" was concerned India has "enormous growth potential". "In fact, we expect India to do better than its potential in 2018 and move forward," he said. India's growth potential, he said, would be around 7 per cent for the next 10 years," Ayhan Kose, Director, Development Prospects Group, World Bank, told PTI Kose said in comparison to India, China's growth was slowing down with India expected to gradually accelerate despite setbacks in demonetization and Goods and Services Tax (GST). India needs to step up investment in order to leap ahead of China, Klose said, adding that "improved labor market reforms, education and health reforms as well as relaxing investment bottleneck will help improve India's prospects". "In that context, improving female labour force participation rate is going to be important. Female labour force participation still remains low relative to other emerging market economies. Bringing force right now idle outside of the productive activities will make a huge difference," Klose told PTI.

India's 'growth potential' around 7 per cent for next 10 years: World Bank

Afghanistan&rsquo;s economy is expected to grow 2.6 per cent this year, up slightly from the previous year despite deteriorating security, the World Bank said in a report on Tuesday.

While the figure is up from 2.2 per cent last year, it does not keep up with the country&rsquo;s population growth of roughly 3 per cent, meaning that gross domestic product per capita continues to decline.

&ldquo;In the next three to four years, there are things that can be done to boost growth to between 4 and 5 per cent,&rdquo; said Shubham Chaudhuri, the World&rsquo;s Bank&rsquo;s Country Director for Afghanistan.

Chaudhuri, presenting a report on Afghanistan&rsquo;s economy at the World Bank&rsquo;s fortified headquarters in Kabul, said that agriculture, mineral attraction, and the country&rsquo;s youth were its biggest assets, as well as its geography as a regional land bridge.

The improved growth outlook will be welcomed by President Ashraf Ghani, whose technocrat government is seen as unstable but appears to be making the reforms that international donors - who provide more than half of Afghanistan&rsquo;s funding - have been seeking.

Parliamentary elections are due to be held next year, with a presidential vote expected in 2019.

Business sentiment is also on the rise, the World Bank said, though it is still lower than in 2014 when most foreign troops withdrew from Afghanistan.

Growth is significantly below the &ldquo;war economy&rdquo; figures of the late 2000s, which saw annual rises averaging nearly 10 per cent, but the World Bank believes it will continue to rise.

The organisation projects 3.2 per cent growth next year, though that assumes no deterioration in the country&rsquo;s security. This appears unlikely given a recent increase in attacks by various militant groups.

One of the major tests for Afghanistan&rsquo;s stability after a U.S.-led invasion ousted the Taliban government a decade and a half ago is its ability to collect taxes.

Tax revenue in the first eight months of the year was 13 per cent higher than the same period last year, the World Bank said.

The country has long been plagued by corruption and tax evasion.

Inflation remains in the single-digits, with consumer prices up 3.8 per cent in the 12 months to September.

While the figure is up from 2.2% last year, it does not keep up with the country?s population growth of roughly 3%, meaning that gross domestic product per capita continues to decline

Afghanistan’s economy is expected to grow 2.6 per cent this year, up slightly from the previous year despite deteriorating security, the World Bank said in a report on Tuesday. While the figure is up from 2.2 per cent last year, it does not keep up with the country’s population growth of roughly 3 per cent, meaning that gross domestic product per capita continues to decline. “In the next three to four years, there are things that can be done to boost growth to between 4 and 5 per cent,” said Shubham Chaudhuri, the World’s Bank’s Country Director for Afghanistan. Chaudhuri, presenting a report on Afghanistan’s economy at the World Bank’s fortified headquarters in Kabul, said that agriculture, mineral attraction, and the country’s youth were its biggest assets, as well as its geography as a regional land bridge. The improved growth outlook will be welcomed by President Ashraf Ghani, whose technocrat government is seen as unstable but appears to be making the reforms that international donors - who provide more than half of Afghanistan’s funding - have been seeking. Parliamentary elections are due to be held next year, with a presidential vote expected in 2019. Business sentiment is also on the rise, the World Bank said, though it is still lower than in 2014 when most foreign troops withdrew from Afghanistan. Growth is significantly below the “war economy” figures of the late 2000s, which saw annual rises averaging nearly 10 per cent, but the World Bank believes it will continue to rise. The organisation projects 3.2 per cent growth next year, though that assumes no deterioration in the country’s security. This appears unlikely given a recent increase in attacks by various militant groups. One of the major tests for Afghanistan’s stability after a U.S.-led invasion ousted the Taliban government a decade and a half ago is its ability to collect taxes. Tax revenue in the first eight months of the year was 13 per cent higher than the same period last year, the World Bank said. The country has long been plagued by corruption and tax evasion. Inflation remains in the single-digits, with consumer prices up 3.8 per cent in the 12 months to September.

Afghanistan's economy on slow rise, to grow 2.6% this year: World Bank

The BJP on Wednesday attacked the Congress by saying that &#39;ease of doing corruption&#39; has been replaced by the ease of doing business.

&quot;The difference between the UPA and NDA - &#39;The ease of doing corruption has been replaced by the ease of doing business&#39;,&quot; tweeted Finance Minister Arun Jaitley.

Jaitley was responding to Rahul Gandhi&#39;s charge that there was no ease of doing business in India as demonetisation and GST destroyed everything.

Addressing a public meeting in Gujarat&#39;s Bharuch,&nbsp; Gandhi said that BJP will &quot;get a&nbsp;shock of their life&quot; on the day of Gujarat election and added, &quot;there was no ease of doing business in India as demonetisation and GST have destroyed everything&quot;.

&quot;The BJP has been in power for the last three years. How many Swiss account holders are in jail? Tell me,&quot; the Gandhi scion asked saying that Vijay Mallya was still enjoying in the&nbsp;UK, he further said. 
&nbsp; 
&quot;Modiji gave loan worth Rs 33,000 crore for Tata Nano plant, almost free, charging the least possible rate. Using that money, they could have written off the loans of the farmers. Farmers in Gujarat are crying, they are being suppressed,&#39;&#39; he added.&nbsp;

Earlier BJP spokesperson Sambit Patra accused the UPA dispensation under the rule of&nbsp;Manmohan Singh of draining the country of its resources worth approximately 12-14 lakh crore through various corrupt scams.

&quot;Today when Rahul Gandhi is, in fact, challenging the World Bank&#39;s data saying that he knows as to how this data is produced, Rahul Gandhi should be answering whom he believes,&nbsp;his Pidi or the world bank,&quot; Patra added. 
&nbsp;

Addressing a public meeting in Gujarat, Rahul Gandhi said there was no ease of doing business in India as demonetisation and GST have destroyed everything.

The BJP on Wednesday attacked the Congress by saying that 'ease of doing corruption' has been replaced by the ease of doing business. "The difference between the UPA and NDA - 'The ease of doing corruption has been replaced by the ease of doing business'," tweeted Finance Minister Arun Jaitley. Jaitley was responding to Rahul Gandhi's charge that there was no ease of doing business in India as demonetisation and GST destroyed everything. Addressing a public meeting in Gujarat's Bharuch, Gandhi said that BJP will "get a shock of their life" on the day of Gujarat election and added, "there was no ease of doing business in India as demonetisation and GST have destroyed everything". "The BJP has been in power for the last three years. How many Swiss account holders are in jail? Tell me," the Gandhi scion asked saying that Vijay Mallya was still enjoying in the UK, he further said. "Modiji gave loan worth Rs 33,000 crore for Tata Nano plant, almost free, charging the least possible rate. Using that money, they could have written off the loans of the farmers. Farmers in Gujarat are crying, they are being suppressed,'' he added. Earlier BJP spokesperson Sambit Patra accused the UPA dispensation under the rule of Manmohan Singh of draining the country of its resources worth approximately 12-14 lakh crore through various corrupt scams. "Today when Rahul Gandhi is, in fact, challenging the World Bank's data saying that he knows as to how this data is produced, Rahul Gandhi should be answering whom he believes, his Pidi or the world bank," Patra added.

'Ease of doing corruption' replaced by ease of doing business: Arun Jaitley taunts UPA

The Congress on Wednesday asked the Narendra Modi government to do a &#39;reality check&#39; across India on ease of doing business.

The Congress&#39;&nbsp;demand has come after the World Bank&#39;s &#39;Doing Business 2018&#39;&nbsp;report said India is one of the top improvers and it ranks among the top 30 countries in three indicators.

Addressing a press conference, former union minister and senior Congress leader Rajeev Shukla said the Modi government, which is boasting about the World Bank report, should also do a reality check across the country.

&quot;We don&#39;t have any objection on World Bank report, but, we want to ask a question: what is the ground reality? The latest World Bank report is based on survey in Delhi and Mumbai only. But, what is happening in other parts of the country? Six hundred eighty startups have been shut. Exports have fallen down to a 14 year low. If there was ease of doing business then why did the exports fall? Apart from it, 3.72 crore people have lost jobs. Where is the ease of business?&quot; Shukla asked.

He also said that price rise is a continuous phenomenon under the Prime Minister Modi led National Democratic Alliance (NDA) government.

&quot;Price rise is continuous. The price of cooking gas has fallen up to 35 percent in the international market, but here in India the subsidised LPG cylinder that cost Rs 412 in 2014 is now being sold at Rs 487.18 in Delhi. The non-subsidised LPG cylinder has become dearer by Rs 141.50,&quot; the Congress leader said.

He also said that people should realise that today the price of petrol and diesel is more or less the same with the price during Congress rule when now the international price of crude oil is 50 US Dollar per barrel whereas we used to purchase at 110-120 US Dollar per barrel.

Earlier in the day, Union Minister of State Dr. Jitendra Singh said the World Bank report on ease of doing business is an answer to Congress and other political parties who have been targeting the Modi government over its economic reforms.

Singh termed improvement of India`s ranking in the World Bank report as a matter of pride not only for the ruling Bharatiya Janata Party (BJP) but for every Indian

Addressing a press conference here, former union minister and senior Congress leader Rajeev Shukla said the Modi government, which is boasting about the World Bank report, should also do a reality check across the country

The Congress on Wednesday asked the Narendra Modi government to do a 'reality check' across India on ease of doing business. The Congress' demand has come after the World Bank's 'Doing Business 2018' report said India is one of the top improvers and it ranks among the top 30 countries in three indicators. Addressing a press conference, former union minister and senior Congress leader Rajeev Shukla said the Modi government, which is boasting about the World Bank report, should also do a reality check across the country. "We don't have any objection on World Bank report, but, we want to ask a question: what is the ground reality? The latest World Bank report is based on survey in Delhi and Mumbai only. But, what is happening in other parts of the country? Six hundred eighty startups have been shut. Exports have fallen down to a 14 year low. If there was ease of doing business then why did the exports fall? Apart from it, 3.72 crore people have lost jobs. Where is the ease of business?" Shukla asked. He also said that price rise is a continuous phenomenon under the Prime Minister Modi led National Democratic Alliance (NDA) government. "Price rise is continuous. The price of cooking gas has fallen up to 35 percent in the international market, but here in India the subsidised LPG cylinder that cost Rs 412 in 2014 is now being sold at Rs 487.18 in Delhi. The non-subsidised LPG cylinder has become dearer by Rs 141.50," the Congress leader said. He also said that people should realise that today the price of petrol and diesel is more or less the same with the price during Congress rule when now the international price of crude oil is 50 US Dollar per barrel whereas we used to purchase at 110-120 US Dollar per barrel. Earlier in the day, Union Minister of State Dr. Jitendra Singh said the World Bank report on ease of doing business is an answer to Congress and other political parties who have been targeting the Modi government over its economic reforms. Singh termed improvement of India`s ranking in the World Bank report as a matter of pride not only for the ruling Bharatiya Janata Party (BJP) but for every Indian

Congress demands 'reality check' across India on ease of doing business

With the improvement in India&#39;s ranking in the World Bank&#39;s &#39;ease of doing business&#39; report to 100th position, bankers and experts today expressed hope that implementation of the GST will strengthen the country&#39;s position in the future.

<a href="http://www.wionews.com/business-economy/ease-of-doing-business-indias-rankings-zooms-to-100-in-world-bank-report-up-30-places-23243">&quot;Going forward, GST&#39;s incorporation in next year&#39;s assessment will provide another significant leap in doing- business rankings for India,</a>&quot; Yes Bank managing director Rana Kapoor said in a statement.

It is to be noted that the latest Ease of Doing Business report by the World Bank released today did not take into consideration the implementation of Goods and Services Tax (GST) from July 1, 2017.

Passage of the GST Bill was clearly a watershed moment for the economy but even otherwise there has been a sustained effort to simplify licencing and tax structures, thereby making India a much more investment-friendly place to do business, said Axis Bank managing director Shukla Dharma.

According to KPMG, the next paradigm shift to top 50 is still a long way ahead and will require India to maintain a strong momentum.

The GST reform that did not get considered this year will drive India&#39;s improvement in next year&#39;s assessment, but there is a need to continue to work on other areas including starting businesses, trading across borders as well as land reforms, KPMG partner Nilaya Verma said.

The change in ranking reflects the outcome of a significant effort by central, state and city administrations, another consultancy firm PwC said.

The improved investment climate will give an impetus to several economic corridors that are ready for investors, it added.&nbsp;

It is to be noted that the latest Ease of Doing Business report by the World Bank released today did not take into consideration the implementation of Goods and Services Tax (GST) from July 1, 2017.

With the improvement in India's ranking in the World Bank's 'ease of doing business' report to 100th position, bankers and experts today expressed hope that implementation of the GST will strengthen the country's position in the future. "Going forward, GST's incorporation in next year's assessment will provide another significant leap in doing- business rankings for India," Yes Bank managing director Rana Kapoor said in a statement. It is to be noted that the latest Ease of Doing Business report by the World Bank released today did not take into consideration the implementation of Goods and Services Tax (GST) from July 1, 2017. Passage of the GST Bill was clearly a watershed moment for the economy but even otherwise there has been a sustained effort to simplify licencing and tax structures, thereby making India a much more investment-friendly place to do business, said Axis Bank managing director Shukla Dharma. According to KPMG, the next paradigm shift to top 50 is still a long way ahead and will require India to maintain a strong momentum. The GST reform that did not get considered this year will drive India's improvement in next year's assessment, but there is a need to continue to work on other areas including starting businesses, trading across borders as well as land reforms, KPMG partner Nilaya Verma said. The change in ranking reflects the outcome of a significant effort by central, state and city administrations, another consultancy firm PwC said. The improved investment climate will give an impetus to several economic corridors that are ready for investors, it added.

GST will further boost India's ranking in ease of doing business, say experts

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