AUGUSTE TANO KOUAM
World Bank lends $1.5 billion push to power green hydrogen market
India's energy transition supported by the World Bank includes green hydrogen promotion, renewable energy scaling, and grid code amendments for enhanced integration of battery energy storage solutions.
Cities becoming health traps; need clean air and open spaces: CEA Nageswaran
India's Chief Economic Advisor, V Anantha Nageswaran, emphasized the importance of cities exploring diverse funding sources, including capital markets, to address urban challenges. Speaking at an event in Delhi, he discussed the need for cities to prioritize clean air and open spaces. Nageswaran also addressed issues such as land-use conversion, advocating for streamlined processes.
Stellar GDP growth in Q1 results in better employment numbers
The Indian economy grew 7.8% in the first quarter of the year on the back of services growth and strong domestic demand. The improving employment situation in the country also translated into an improvement in female labour force participation in urban areas to 23.2% from 22.7% in the previous quarter. Male labour force participation remained steady at 73.5%. Labour Force Participation Rate (LFPR) is defined as the percentage of population in the labour force, as per the report.
India forges ahead like 'jawan' amid many threats from global conditions
The Reserve Bank of India's Governor, Shaktikanta Das, stated that India's economy remains resilient despite global trends. He mentioned that domestic economic activity is strong due to robust domestic demand. However, Das also warned of risks to India's outlook, including geopolitical tensions, global economic slowdown, and uneven monsoon. The panel projected India's real GDP growth for 2023-24 at 6.5% and emphasized the need to remain vigilant.
India must grow at 8% to be 'developed' by 2047, says World Bank's Kouame
India needs to achieve a growth rate of 8% to become a developed economy by 2047, according to the World Bank's India country director. The bank has kept its growth forecast for India at 6.3% for FY24, which is still one of the highest growth rates among major economies. Despite concerns about high inflation and interest rates, the Indian economy has shown resilience to global headwinds.
World Bank to provide assessment of damages due to Himachal floods
The World Bank has offered to conduct an assessment in collaboration with the Global Facility for Disaster Reduction and Recovery (GFDRR) to quantify losses suffered in various sectors such as roads, power, water supply, housing, public buildings, irrigation, agriculture, horticulture, livestock, ecological services, the statement said.
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World Bank OKs $1.5bn for India's low carbon energy sector
The government plans to issue bids for 50 GW of renewable energy each year from FY23-24 to FY27-28, which will avoid carbon emissions of 40 million tons per annum by 2026.
World Bank approves $1.5 billion financing for India's low carbon energy sector
The World Bank has approved $1.5 billion in financing to accelerate India's low carbon energy sector. The funds will be used to promote renewable energy, green hydrogen development, and climate finance for low-carbon energy investments. The program aims to support India's National Green Hydrogen Mission, which aims to attract $100 billion in private sector investment by 2030.
World Bank approves USD 255.5 million loan to improve technical education in India
India's tertiary education has been expanding gradually, from 29 million students enrolled in 40,000 colleges in 2011-12 to 39 million students enrolled in 40,000 universities in 2019-20. Despite being one of the largest in the world, India's tertiary education system has recently been found to have growing gaps in both technical and non-technical abilities like reasoning, interpersonal communication, and conflict resolution.
World Bank approves USD 255.5 million loan for better technical education in govt-run institutions
The Multidisciplinary Education and Research Improvement in Technical Education Project will support improving student skills and employability by focusing on better research, entrepreneurship, and innovation; and improve governance in technical institutions.
Money for show horses, not work horses, on India's rails
The crash, which also injured more than 1,100 people, occurred when a passenger train heading south at about 80 mph toward the city of Chennai veered onto the wrong track and hit a parked freight train, authorities say. The first train's derailed cars then plowed into a second passenger train that was heading toward it, leaving a scene of carnage.
Meghalaya CM Conrad K Sangma presents state’s vision to be a $10 Billion economy to the World Bank panel
Under the able leadership of Sangma the state government has taken up a multi-thronged approach to realize its dream vision. State has implemented many citizen-centric initiatives augmenting all facets of socio-economic development and governance. Taking cognizance of the needs of the citizens and rapid evolving global order, the state has initiated several reforms in the sectors of roads, water, and governance.
World Bank approves USD 82 mln for zoonotic disease prevention in India
"It will strengthen India's One Health approach, which recognizes that people and animals are connected with their shared environment," World Bank said on Thursday in a release. An infection or disease that is transmissible from animals to humans under natural conditions is called zoonotic.
MPC meet outcome: RBI raises India FY24 GDP growth forecast marginally to 6.5%
The RBI’s rate-setting panel has projected India's real GDP to grow at 6.5% in FY24, Governor Shaktikanta Das announced on Thursday. The MPC unanimously decided to leave benchmark lending rates unchanged. Repo rate remains at 6.5 per cent.
World Bank revises India’s growth forecast downward to 6.3% in FY24
Slower consumption growth and challenging external conditions will lead to India’s growth slowing down to 6.3% in 2023-24, according to the World Bank, but the growth will remain resilient to external shocks. The World Bank revised its growth forecast downwards for the current year from 6.6% to 6.3%
With Ajay Banga at the helm, likely road ahead for World Bank-India ties
India’s association with the Bank goes back to the pre-Independence era when it became a founding member in 1945. Four years later, in 1949, India was the first Asian country to receive a loan from the Bank, $34 million, which it deployed for a railway project. In the past, the Bank extended loans for several iconic projects.
World Bank approves $100 million to improve disaster response in Odisha
According to the World Bank, the loan will also enhance Odisha's social protection coverage for poor and vulnerable households through digital platforms.
World Bank approves $363 million loan to Karnataka for rural water supply programme
The World Bank has approved a $363m loan to provide clean drinking water to two million rural households in the Indian state of Karnataka. The project involves the construction of drinking water distribution networks and the installation of water meters in rural homes, and aims to benefit 10 million people across all 31 districts of the state.
World Bank approves $108 mn for Assam to improve disaster preparedness
The $108 million loan from the International Bank of Reconstruction and Development (IBRD) has a maturity of 11.5 years and a grace period of 4 years.
Global experts call on EMs to rethink long-term financing
The participants highlighted that the traditional structures were not equipped to handle such requirements, given the risky nature of these investments.
New type of public-pvt partnership needed to fund green growth, reduce dependence on banks: World Bank Country Director
Participating in a CII panel discussion on 'Financing Growth in Emerging Markets', Kouame said there was a need for more 'blended finance' and at the same time strengthening regulations to deal with non-payment and bailout, wherever needed.
Mission 2047: India's march to become third-largest economy
The World Bank's revision of Indian GDP growth projections from 6.4 per cent to 6.9 per cent in the current fiscal year is one among the many affirmations Indian policies and reforms have received in recent times.
'Warming to spur demand for a new AC every 15 secs by 2037'
Rising average temperature due to climate change will increase the demand for cooling in India by eight times more than current levels by 2037 leading to demand for a new air-conditioner every 15 seconds, according to a report released by the World Bank. The report flagged that over 160-200 million people across the country could be exposed to lethal heat waves annually by 2030.
Heat stress may wipe out 4.5% of India’s GDP, cost 34mn jobs by 2030
The challenge for India is to meet its growing cooling needs without adding to its greenhouse gas emissions and it ispossible through use of innovative technologies that would also help emissions significantly and create nearly 3.7 million jobs, according to the report, ‘Climate Investment Opportunities in India’s Cooling Sector’.
India needs to invest nearly $55 billion a year in urban infra: World Bank report
The report underlined the need to improve the financing avenues for India's urban local bodies, better involve the private sector in project implementation, and improve revenue streams by leveraging more private and commercial investments.
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