World Bank Current Affairs

India will grow at 7.3% in 2018: World Bank Report

The World Bank in its twice-a-year South Asia Economic Focus report has projected growth rate of 7.3% for India in 2018 and 7.5% for 2019 and 2020. The growth is expected to accelerate from 6.7% in 2017 to 7.3% in 2018 and to subsequently stabilise supported by sustained recovery in private investment and private consumption.

Key Facts

India’s recovering growth will drive South Asia to the fastest growing region. Indian economy has recovered from effects of demonetisation and the Goods and Services Tax (GST). India should strive to accelerate investments and exports to take advantage of recovery in global growth.

Disruptions from demonetisation and events surrounding implementation of GST led to setback in economic activity and potentially larger negative effect on poor and vulnerable. Private consumption will remain primary driver of growth while services sector and increasingly, industrial sector will lead production growth.

Every month, the working age increases by 1.3 million people and India will need to create 8.1 million jobs a year to maintain its employment rate. The employment rate is declining based on employment data analyzed from 2005 to 2015, largely due to women leaving the job market.

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Government inks agreement with World Bank for Maharashtra Project for Climate Resilient Agriculture

Central Government, Maharashtra Government have signed US $420 million loan agreement with World Bank for Project for Climate Resilient Agriculture to help small and marginal farmers in Marathwada and Vidarbha regions of Maharashtra. The loan will be provided from World Bank’s International Bank for Reconstruction and Development (IBRD). It will have maturity of 24 years and grace period of 6 years.

Maharashtra Project for Climate Resilient Agriculture

The project aims to help in increasing climate resilient practices in agriculture and ensuring that farming continues to remain a financially viable activity for them. It will be implemented in rural areas largely dependent upon rain fed agriculture. It will take up series of activities at farm and watershed level.

It will help to scale up climate-resilient technologies such as micro irrigation systems, expand surface water storage and facilitate aquifer recharge, directly contributing to more efficient use of scarce water resources. It will help reduce risks of climate-related crop failure and enhance farmer’s income by adopting climate-resilient seed varieties that are drought, salt tolerant and heat resistant.

It will help to mainstream climate resilient agriculture agenda in various local institutions that deliver agricultural services to farming community. It will also help to improve capacity of farmer producers organizations to operate as sustainable, market-oriented enterprises.

Significance

This project is expected to benefit over 7 million people that are spread over area of 3.0 million hectares and cover 5142 villages across 15 most climate vulnerable districts of Maharashtra. It will help to mitigate emission of Green House Gases (GHGs) through carbon sequestration which involves planting trees in upper catchment areas and afforestation. It will also support Maharashtra government to shift towards new paradigm that puts climate resilience at core of agricultural growth and rural development in the state.

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