World Bank Current Affairs

India becomes world’s 6th largest economy in 2017: World Bank

According to updated World Bank figures on GDP of countries for 2017, India has become world’s sixth-biggest economy surpassing France to seventh place. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of 2017, as against $2.582 trillion for France.

Key Facts

Top largest economies: At end of 2017, United States was world’s largest economy with size of US $19.39 trillion, followed by China (US $12.23 trillion) at the second place. Japan (US $4.87 trillion) and Germany (US $3.67 trillion) are at third and fourth places, respectively. Britain is still world’s fifth-biggest economy with a GDP of $2.622 trillion.

Per capita GDP: India, with population of around 1.34 billion is poised to become world’s most populous nation, whereas France’s population stands at 67 million. This means India’s per capita GDP will continue to amount to just fraction of that of France which is still roughly 20 times higher.

India’s economy Growth: India has grown at seven-quarter high of 7.7% in the three months ended March 2018, helped by higher government spending and investment. Manufacturing and consumer spending were main drivers of Indian economy in 2017.

5th largest economy: India has doubled its GDP within decade and is expected to power ahead as key economic engine in Asia, even as China economy is slowing down. In near future India is also expected to surpass fifth largest economy United Kingdom.

Background

According to International Monetary Fund (IMF), India is projected to grow at 7.4% in 2018 and 7.8% in 2019, mainly boosted by household spending and tax reform. This compares to world’s expected average growth of 3.9%. Besides, London-based Centre for Economics and Business Research has predicted that in future, India will overtake both Britain and France in terms of GDP and has good chance of becoming world’s third-biggest economy by 2032.

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Government extends timeline of Dam Rehabilitation & Improvement Project

The meeting of Expenditure Finance Committee (EFC) has revised cost and deadline of World Bank funded Dam Rehabilitation & Improvement Project (DRIP) to Rs.3466 Crore till June 2020. The meeting was held under Chairpersonship of Secretary, Department of Expenditure to consider proposal of Ministry of Water Resources, River Development and Ganga Rejuvenation. It was attended by officials of Ministries of Power, Agriculture and Farmers Welfare, Environment and Forest, NITI Aayog and officers of Central Water Commission (CWC).

Dam Rehabilitation & Improvement Project (DRIP)

DRIP is a state sector scheme with central component to improve safety and operational performance of selected dams, along with institutional strengthening with system wide management approach. The project was launched in 2012 by Central Water Commission (CWC) under Ministry of Water Resources, River Development & Ganga Rejuvenation with assistance from World Bank. Originally the scheme was scheduled for six years with closure in June 2018 with total original cost of Rs. 2100 crore with state component of Rs. 1968 crore and central component of Rs. 132 Crore.

Objectives of DRIP

  • Rehabilitation of old dams in country experiencing distress and are in need of attention for ensuring their structural safety and operational efficiency.
  • Strengthening institutional capacity and project management in this area.
  • Bring greater awareness on dam safety issues and finding novel solutions to address them by pooling best knowledge, technologies and experience available around world.

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