World Bank raises India’s growth projection to 6.9%

• The World Bank on Tuesday raised India’s economic growth forecast for the current financial year to 6.9% from its October estimate of 6.5% citing the economy’s resilience in the face of challenging external environment and the September quarter performance.
• The multilateral agency lowered its India growth forecast for next fiscal to 6.6% from 7% made earlier.
• While the deteriorating external environment will weigh on India’s growth prospects, the economy is relatively well positioned to weather global spillovers compared to most other emerging markets, the World Bank said in its latest India development update titled ‘Navigating the Storm’.
• Impact of a tightening global monetary policy cycle, slowing global growth and elevated commodity prices will mean that the Indian economy will experience lower growth in 2022-23 compared to 2021-22, World Bank said in a statement.
• After growing at 8.7% in FY22, India’s GDP reported a 13.5% expansion in the June quarter and a 6.3% growth in the September quarter, as per data from the ministry of statistics and programme implementation. Despite the challenges, India is expected to register a strong GDP growth and remain as one of the fasted growing major economies in the world, due to robust domestic demand.

About World Bank Group

• With 189 member countries, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
• The Bank Group works with country governments, the private sector, civil society organizations, regional development banks, think tanks, and other international institutions on issues ranging from climate change, conflict, and food security to education, agriculture, finance, and trade.

World Bank Group Comprise of

Together, the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) form the World Bank, which provides financing, policy advice, and technical assistance to governments of developing countries. While the World Bank Group consists of five development institutions.

• International Bank for Reconstruction and Development (IBRD)provides loans, credits, and grants.
• International Development Association (IDA)provides low- or no-interest loans to low-income countries.
• The International Finance Corporation (IFC) provides investment, advice, and asset management to companies and governments.
• The Multilateral Guarantee Agency (MIGA)insures lenders and investors against political risk such as war.
• The International Centre for the Settlement of Investment Disputes (ICSID)settles investment-disputes between investors and countries.

All of these efforts support the Bank Group’s twin goals of ending extreme poverty by 2030 and boosting shared prosperity of the poorest 40% of the population in all countries.

U.P. govt. to build Ambedkar memorial amid outreach efforts

• Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday paid floral tributes to Dr BR Ambedkar, the architect of India’s Constitution, on his death anniversary, and said his efforts gave new inspiration to the deprived and downtrodden.
• CM Yogi announced that his government will build a grand cultural centre and memorial named after Dr BR Ambedkar.
• “On Mahaparinirvan Diwas, I pay homage to Dr Babasaheb Ambedkar. His efforts gave new energy and inspiration to the underprivileged. Baba Saheb’s name will be taken with immense pride whenever and wherever people will talk of freedom, equality, justice, and fraternity,” said Yogi Adityanath in Lucknow.
• Despite all the restrictions, Babasaheb dedicated his life to uplifting the downtrodden and deprived sections. The path shown by him in 1940-50 remains relevant even today, he said.
• CM Yogi said that it is a matter of pride that Babasaheb was born in India. Many initiatives are being taken in the country to express gratitude towards society and the nation.
• “PM Modi developed five places as Panch Teerths including Dr Ambedkar’s birthplace Mhow (Madhya Pradesh) and Delhi where he extended his public life, and a memorial has come up in honour of Dr Ambedkar,” said Yogi.
• CM Yogi said that the UP government is going to build a grand cultural centre and memorial in the name of Dr BR Ambedkar

Thermal power generation increases in the country

• India’s thermal power generation rose 16.28 per cent to 87,687 million units (MU) last month from 75,412 MU generated a year earlier, the coal ministry said in a statement.
• The country’s overall power generation also increased by 14.63 per cent to 1,18,029 MU from 1,02,968 MU in the same period last year. Power utilities’ despatch edged up 3.55 per cent to 62.34 million tonnes (MT) during November this year as compared with 60.20 MT in the year-ago month.
• Total coal output also rose 11.66 per cent to 75.87 MT last month over 67.94 MT a year ago.
• Coal India Ltd (CIL) registered production growth of 12.82 per cent during November, whereas the output of Singareni Collieries Company Limited (SCCL) and captive mines/others rose 7.84 per cent and 6.87 per cent, respectively.
• Of the top 37 coal producing mines, as many as 24 produced more than 100 per cent, while the output of five mines stood between 80 and 100 per cent.
• CIL accounts for over 80 per cent of domestic coal output.

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 Source : The Hindu