"The Inspection Panel's mandate is to examine the World Bank's compliance with its own policies, and not the activities of the borrowing government.
In the first 40 years of independence, the country hardly grew at 3.5 per cent and today, 7-8 per cent is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.
The minister also informed the team that work is being done towards identifying specific products and markets to increase India's exports by $100 billion.
According to a World Bank analysis, women's educational attainment has a large potential impact on their lifetime fertility and population growth, both directly and through a reduction in child marriage and early childbearing.
The World Bank's board approved a $50 million grant to add to an existing health-sector support project in Bangladesh, the first in a series that could total $480 million.
According to a World Bank official, the Centre and Andhra Pradesh government have requested the Bank to finance select infrastructure works in Amaravati, the proposed new capital city of the state.
This is a change of stance from earlier position taken by the World Bank. In 2016, the bank had agreed to appoint a chairman of the court
Growth in India is projected to advance 7.3 per cent in Fiscal Year (FY) 2018/19 (April 1, 2018-March 31, 2019) and 7.5 per cent in FY 2019/20, reflecting robust private consumption and strengthening investment, the bank said in its June 2018 edition of the Global Economic Prospect report.
The world economy is generally healthy but must contend with rising interest rates in wealthier countries and weaker demand for commodities in developing nations. It also faces risks from trade disputes, financial volatility and geopolitical tensions.
"The project size is approximately USD 31 million, of which USD 21.7 million will be financed by the World Bank, and the remaining amount will be funded-out of the state budget," it said, adding that the Project duration is 5 years.
Over two days – Monday and yesterday -- a high-powered Pakistani delegation led by Attorney General, Ashtar Ausaf Ali, met with Kristalina Georgieva, World Bank Chief Executive Officer, and the regional management for South Asia.
In a report, DIPP has pointed out that GST has resulted in significantly fewer taxes ; the cutoff date for factoring in new reforms and policies for this year's rankings is June 1
The loan will support the first phase of scaling up of interventions in 315 districts across all states and union territories, according to an official statement.
The project will cover 10,510 km stretch of rural roads in Madhya Pradesh that fall under the Chief Minister's Gram Sadak Yojana (CMGSY) programme.
Deutsche has been conducting a global review of its investment bank to determine the way forward as revenues shrink. Initial results of the review, known internally as Project Colombo, are expected soon.
In an apparent move to address the issue of debt trap being faced by low-income developing countries (LIDCs), to which China's "predatory economics" is playing a significant role, top officials of India, the US and Britain used various platforms here during the annual Spring Meeting of the IMF and the World bank.
The year 2018 marks the 40th anniversary of the reform and opening-up of China and Beijing has introduced a series of major new initiatives to seek further opening-up and deepen the reform, he said in his speech during the ongoing annual Spring Meeting of the IMF and the World Bank.
The multilateral lender said the plan would allow it to lift the group's overall lending to nearly $80 billion in fiscal 2019 from about $59 billion last year and to an average of about $100 billion annually through 2030.
"India is poised to remain as the fastest growing large economy in the world. In 2018, we expect India to grow at over 7.4 percent," Economic Affairs Secretary Subhash Chandra Garg told the 97th meeting of the Development Committee of the World Bank here on Saturday.
According to the Treasury Secretary, the rise of official bilateral, "plurilateral" and private creditor lending, especially to countries at high risk of debt distress, is complicating debt resolution processes necessary to re-establish debt sustainability.
"WorldBank Global Findex Report recognises India's Financial Inclusion efforts. Of the 51.4 crore bank accounts opened from 2014-17 globally, a whopping 55% from India" he said in a tweet.
"The challenge now is to ensure that strong growth will translate into inclusive growth, so that the benefits of global economic integration are enjoyed by all members of society," Kim said at the start of the annual spring meeting of the International Monetary Fund and the World Bank.
Besides, almost half of the bank accounts remained inactive in the past year, the multilateral financial institution said in a report, even as it lauded the Indian government's financial inclusion scheme, the Jan Dhan Yojana, for bringing in additional 31 crore Indians into formal banking system by March 2018.
"Growth is expected to accelerate from 6.7 in 2017 to 7.3 percent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption," the World Bank said in its twice-a-year South Asia Economic Focus.
As per the ministry's statement, the project has three components -- strengthening knowledge and capacity for natural resource management; community-led landscape planning and implementation and project management and governance.