Lucknow: The Japan International Cooperative Agency (JICA) has offered the Uttar Pradesh government financial assistance for the Metro rail project and a host of other projects, including the Agra-Lucknow expressway, officials said Tuesday. JICA sought details of the projects at a meeting with Chief Secretary Jawed Usmani Monday.
The World Bank has already expressed its willingness to give funding for the Lucknow Metro rail and Agra-Lucknow expressway projects. Both these projects require funding of Rs 12,000 crore each.
Officials said the central government has also assured financial assistance for the projects, but offers of assistance from JICA and the World Bank have come as a big relief for the state government. So far, 15 companies have showed interest in the Agra-Lucknow expressway project.
The state government is likely to finalise a developer for the ambitious project soon, an official said. The Metro rail project also has been expedited with the state housing department giving final shape to the route it will take in the state capital Lucknow. Officials of the Delhi Metro Rail Corporation (DMRC) have already inspected the route....
more
11:21 AM, May 14, 2013
Mumbai: Hong-Kong entrepreneur Ramesh Tainwala spent 18 months operating branded clothing retail stores in India before deciding it was impossible to succeed without paying bribes. Tainwala, a 55-year-old expatriate Indian, owns Planet Retail, which held the India franchise rights for US fashion labels Guess and Nautica as well as UK retailers Next and Debenhams. He sold the brands last September to various Indian businesses. "Right now it's not possible to...
12:37 PM, May 05, 2013
New Delhi: IMF has projected 5.8 per cent economic growth for India in this fiscal 2013-14 and said pace of investment in infrastructure should increase to get back to 8 per cent expansion level. "We are forecasting India to grow at about 5.8 per cent this fiscal (2013-14) and 6.3 per cent in 2014-15. This compares to an average growth rate of 8.7 per cent for the five years prior...
08:55 PM, May 01, 2013
New Delhi: World Bank on Tuesday scaled down India's growth forecast to 6.1 per cent for the current fiscal from 7 per cent projected six months ago. The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2 per cent during 2013-14 against the previous estimate of 2.7 per cent despite normal monsoon projection. However, the multi-lateral funding agency...
01:39 PM, Apr 30, 2013
Washington: India received $69 billion remittance in 2012, the highest in the world, followed by China with $60 billion and the Philippines $24 billion, World Bank data showed. Other major recipients of foreign remittances were Mexico with $23 billion and Nigeria and Egypt with $21 billion each, according to the latest edition of the World Bank's Migration and Development Brief released here on Friday. "India remains the largest recipient country...
07:40 PM, Apr 20, 2013
Washington: Finance Minister P Chidambaram on Saturday refused to comment on the JPC draft report which gives him a clean chit in the 2G scam, saying that he has "never been concerned" about the allegations. "I have never been concerned about these allegations. In fact my concern has been the fraction of the media's concern," he told a select group of journalists here. The Joint Parliamentary Committee has given a...
01:41 PM, Apr 20, 2013
Washington: India accounts for one-third of the world poor, people living on less than $1.25 (about Rs 65) per day, a World Bank report on poverty has said. The report said that 1.2 billion people still living in extreme poverty across the world. "The State of the Poor: Where are the Poor and Where are the Poorest?," using data released in the latest World Development Indicators, shows that extreme poverty...
12:15 PM, Apr 19, 2013
Washington: The World Bank said on Thursday it would lend between $3 billion to $5 billion annually to India under a new four-year plan that focuses development projects on the country's poorest states. The World Bank said in a statement that 60 per cent of the financing will go to government-backed development projects and half of this, or 30 per cent, will go to the country's poorer states. Under the...
09:28 AM, Apr 12, 2013
Washington: The World Bank said on Thursday it would lend between $3 billion to $5 billion annually to India under a new four-year plan that focuses development projects on the country's poorest states. The World Bank said in a statement that 60 per cent of the financing will go to government-backed development projects and half of this, or 30 per cent, will go to the country's poorer states. Under the...
05:06 AM, Apr 12, 2013
In a major move aimed at reforming the global financial architecture, the BRICS finance ministers on Wednesday agreed on the setting up of a development bank to fund infrastructure and development projects in the five-nation grouping of emerging powers. ...
09:59 PM, Mar 27, 2013
The World Bank has welcomed the move by the BRICS countries to set up a development bank and vowed to work closely with the new lender. Finance ministers from the BRICS members (Brazil, Russia, India, China and South Africa) agreed on Tuesday to establish the bank to fund infrastructure in the five emerging economies, Chinese Finance Minister Lou Jiwei said in South Africa. ...
02:00 PM, Mar 27, 2013
Finance ministers of Brazil, Russia, India, China and South Africa have agreed on a BRICS bank on the lines of the World Bank and the International on Monetary Fund (IMF) that will address the development needs of emerging and poor economies. ...
12:24 AM, Mar 27, 2013
Shares in Larsen & Toubro Ltd fell as much as 2.7 per cent on Monday after World Bank barred the company from participating in any of the organisation's projects for six months. ...
10:39 AM, Mar 11, 2013
A senior officer of World Bank on Wednesday praised the high growth rate achieved by Bihar which indicates that an "encouraging" environment of progress has been created for faster economic development of the hitherto laggard state. ...
12:29 AM, Feb 28, 2013
The World Bank has asked the developing countries like India and Brazil to safeguard their economic growth, given that the world economy remains fragile and growth in high-income countries is weak four years after the onset of the global financial crisis. Developing countries need to focus on raising the growth potential of their economies, while strengthening buffers to deal with risks from the euro area and fiscal policy in the...
11:37 AM, Jan 16, 2013
India was the top recipient of migrant remittances in 2012, according to a new report released by the World Bank. According to the report, India received $70 billion as migrant remittances in one year, followed by China with $66 million. ...
01:46 PM, Jan 08, 2013
Washington: US intelligence has predicted that in 2030, India could be the rising economic powerhouse of the world as China is seen today and that it will continue to consolidate its power advantage over Pakistan. "In 2030 India could be the rising economic powerhouse that China is seen to be today. China's current economic growth rate - 8 to 10 per cent - will probably be a distant memory by...
11:02 AM, Dec 11, 2012
Bangalore: The World Bank will provide $70 million (Rs 387 crore) loan to finance the Karnataka health systems development and reform project. "The objective of the loan is to improve the health services delivery, public-private collaboration and financing particularly for the benefit of underserved and vulnerable groups in Karnataka," the bank said in a statement on Thursday. An agreement for the assistance was signed by joint secretary in the finance...
02:25 AM, Nov 23, 2012
New Delhi: The government on Tuesday signed an agreement with World Bank for $37-million loan to support Himachal Pradesh Mid-Himalayan Watershed Development Project. "The Government today signed a $37 million credit agreement with the World Bank for the ongoing Himachal Pradesh Mid-Himalayan Watershed Development Project to support the Government of Himachal Pradesh build sustainable watershed treatment models," an official release said. The original $60 million Mid-Himalayan Watershed Development Project is...
09:59 PM, Nov 20, 2012
New Delhi: The World Bank on Wednesday cut India's growth forecast for the current fiscal to 6 per cent, from the earlier estimate of 6.9 per cent, citing corruption scandals and uncertainty in policy issues. "Real GDP growth is forecast to reach around 6 per cent in 2012-13, after 5.3 per cent growth in the fourth quarter of 2011-12 and 5.5 per cent growth in the first quarter of 2012-13,"...
11:21 PM, Oct 10, 2012
