The World Bank's chief economist Paul Romer said that World Bank changed the methodology of its 'doing business' rankings in ways that were unfair and misleading, and will recalculate the rankings for at least the past four years.
However, the bank warns that countries must make investments to improve their growth prospects, and the time to do that is before the next crisis hits, as it inevitably will.
India, despite initial setbacks from demonetisation and Goods and Services Tax (GST), is estimated to have grown at 6.7 per cent in 2017, according to the 2018 Global Economics Prospect released by the World Bank here today.
Jaitley said in Lok Sabha that Skills Acquisition and Knowledge Awareness for Livelihood (SANKALP) is a project worth US dollar 675 million, including World Bank assistance of USD 500 million, in two tranches of USD 250 million each, with a six-year implementation schedule.
Under the Tamil Nadu Irrigated Agriculture Modernisation Project, about 4,800 irrigation tanks and 477 check dams across 66 sub-basins will be rehabilitated and modernised.
The objective of the operation ('Skills Strengthening for Industrial Value Enhancement) is to improve access to quality and market-driven vocational training as well as apprenticeships, the finance ministry said in a statement issued today.
But the Washington-based lender kept its forecast for China's 2018 and 2019 GDP growth unchanged at 6.4 percent and 6.3 percent, respectively, due to less accommodative monetary policy and the government's effort to rein in credit and control leverage.
Minister of State for Rural Development Ram Kripal Yadav said the government had signed an agreement with the World Bank in July 2011 for availing International Development Association (IDA) credit of Rs 4,500 crore for NRLP to be availed over a period of five years.
The loan is the last in a three-part package worth a total of USD 3.15 billion that started in 2015, the World Bank said in a statement.
The World Bank has agreed to provide a subsidy of Rs seven lakh per bus, Adhikari said during the question hour.
The research, which drew from World Bank, Heritage index and Global Trade Alert figures, also found that the United States and European Union were each responsible for more than 1,000 of the restrictions.
According to the World Bank’s Ease of Doing Business ranking 2018, India’s rank with regard to property registration has gone down from 138 to 154 as full impact of RERA not yet visible in the ranking
Last week, India moved for the first time into the top 100 of World Bank’s Ease of Doing Business global rankings due to sustained business reforms over the past several years. Last year the report had ranked India at 130
Stating that the 'ease of doing business' ranking by World Bank was started in 2004, he asked which party was in power for the following 10 years
The recent policy initiatives including demonetisation and GST are driving a positive overhaul of the economy, said the executives from Nestle, Unilever, Metro AG and Tata.
The jump to 100th rank on this year's World Bank Ease of Doing Business index, from last year's 130, is the biggest by any country this year, he said while addressing the World Food India conference here.
On the first day of his three-day campaign tour of south Gujarat, Gandhi also hit out at Prime Minister Narendra Modi on the issue of black money and said demonetisation had destroyed the country's economy.
Rahul Gandhi said at a rally in Gujarat today that Finance Minister Arun Jaitley should ask small and mid-sized businessman if the ease of doing business had really improved.
In his tweets earlier in the day, Gandhi took potshots at the finance minister saying people knew the "reality" of the 'ease of doing business' but the improvement in survey rankings was a good thought to keep "Dr Jaitley" happy.
India yesterday jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.
Rahul Gandhi, Kapil Sibal and Manish Tewari took to Twitter to express their displeasure with the World Bank ranking
"Sabko maloom hai 'ease of doing business' ki hakikat, lekin khud ko khush rakhne ke liye 'Dr Jaitley' yeh khyaal acha hai (Everyone knows the truth about ease of doing business, but let Dr Jaitley keep himself happy thinking about it)," tweeted Gandhi, improvising a popular couplet by Urdu poet Mirza Ghalib.
"India performs well in the areas of protecting minority investors, getting credit and getting electricity. The country's corporate law and securities regulations have been recognised as highly advanced, placing India in the fourth place in the global ranking in protecting minority investors," the report said.
This, however, does not reflect the latest goods and services tax (GST), whose results could be reflected only in next year's ease of doing business' report. Last year, India was ranked 130th.