The Union Cabinet on Wednesday approved USD 250 million corpus as part of Biopharma Mission to fund biotech startups and accelerate innovation. World Bank has agreed to line up USD 125 million for the fund.
Didi said last month it raised more than $5.5 billion to expand its business overseas and develop artificial intelligence technology. Sources had said investors included SoftBank.
"If these things spreads as is possible. So I think that's a kind of big challenge,” he said in an apparent disagreement of the recent move by Uttar Pradesh Chief Minister Yogi Adityanath to waive agricultural loans worth Rs 36,000 crore in the state.
The memorandum of understanding signed at the World Bank and International Monetary Fund spring meetings in Washington comes a year after the two multilateral lenders established mechanisms for cost-sharing and co-financing of investment projects.
The bank said further improvements in the global outlook will require policies that foster inclusive and sustainable growth, address financial vulnerabilities, said the communique issued by the Development Committee at the finance ministers and central bank governors who met here for the annual Spring Meeting of the International Monetary Fund and the World Bank.
Finance Ministry Arun Jaitley is in Washington to attend the Spring Meeting of the IMF - World Bank Group.
Jaitley, who holds the additional charge of the Defence Ministry, said the Union Government has made the initial policy changes while some more are being planned.
"As far as China is concerned, there are clearly good numbers coming out that are certainly a result of some stimulus, some encouragement from the Chinese authorities," IMF chief Christine Lagarde said at a news conference held at the beginning of the annual Spring Meeting of the International Monetary Fund and the World Bank.
The latest World Economic Report, she noted, has forecasted growth in 2017 at 3.5 per cent and in 2018 at 3.6 percent.
Lauding Narendra Modi for demonetisation and Swachh Bharat mission, Jim said the Prime Minister needs to accelerate things quickly in educational outcomes so that India as it marches on its fast pace growth can compete in the "economy of future".
Referring to what has happened in the world in terms of eradicating poverty, he said China has had the strongest experience as 800 million people have been lifted out of penury.
"There's some really good news. We've our IFC (International Finance Corporation), our private sector group, has been working in India and as recently as a year and a half, two years ago, the price of solar was still around 10, 11 cents per kilowatt hour.
During the meeting here -- the first cabinet-level interaction between the two countries under the Trump administration -- Ross is believed to have said that US has started the process of reviewing H1B visas issues and no decision has been taken on it yet, sources said.
World Bank President Jim Yong Kim told journalists that free trade and more openness were "critical for the future of the world."
"The institution is changing and we will continue to do that in order to adjust to the needs of the membership," Lagarde said at a forum at the start of IMF and World Bank spring meetings.
The project will strengthen the capacity of institutions to assess the water situation in their regions and reduce their vulnerability to recurring flood and droughts, saving hundreds of lives and livelihoods, the multilateral agency said in a statement.
During his stay in Washington and New York, he will hold meetings with American CEOs and institutional and pension fund investors, where he will pitch India as a favourable investment destination.
In a report titled 'South Asia Economic Focus - Globalisation Backlash', it said eliminating tax evasion and corruption -- the most talked objectives of junking old 500 and 1000 rupee notes -- is "typically a demanding process involving multiple measures overtime."
The report, which was released on Sunday, also said the effects of demonetisation has waned.
The Washington-based lender expects the developing East Asia and Pacific (EAP) region, which includes China, to grow 6.2 percent in 2017, slowing from 6.4 percent growth last year. It sees growth slowing further to 6.1 percent in 2018, compared with its previous forecast in October of 6.0 percent growth.
In addition to physical PAN card, CBDT has introduced the Electronic PAN (e-PAN) card, which is sent by email to all applicants, including individuals.
Stating that the NDB -- set up by the BRICS bloc two years ago -- must be alive to the role envisioned for it by its founders, he said India has a huge unmet need for infrastructure investment, estimated at about Rs 43 lakh crore (about USD 646 billion) over the next five years.
The government believes the methodology may not have truly reflected many reforms, particularly in tax rates and administration, hammering down the overall rankings and creating an impression that India continues to remains a dodgy place to do business in.
According to a Finance Ministry report, per capita debt (calaculated on basis of Union Government debt) is at Rs 53,796 as on March 31, 2016, as against Rs 49,270 on March 31, 2015.
Most public health facilities in the middle and upper mountainous areas of Uttarakhand are unable to functional optimally or at the required level of quality, because of large-scale vacancies of health staff, as deployment and retention in such geographically remote areas has proven to be extremely difficult, the World Bank said in a statement.