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Developing countries face growing risks from financial fragility: World Bank
Developing countries face growing risks from financial fragility created by the Covid-19 crisis and non-transparent debt, the World Bank has said in a report, urging policymakers to focus on creating healthier financial sectors. "Risks may be hidden" because the balance sheets of households, businesses, banks, and governments are tightly interrelated, according to the World Development Report 2022: Finance for an Equitable Recovery.
Vedanta, Foxconn to set up joint venture to manufacture semiconductors in India
“This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision to create an ecosystem for semiconductor manufacturing in India… Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company,” a press release by Foxconn read.
Two Indian startups supported by DBT win World Bank Group awards
The two startups supported by the Department of Biotechnology's Biotechnology Industry Research Assistance Council (DBT-BIRAC) are NIRAMAI Health Analytix Pvt. Ltd. and Inn Accel Technologies Pvt. Ltd. As per a statement by the World Bank, this year the Awards attracted more than 70 companies from 35 countries, which submitted their innovative products and services under three categories: reproductive health and pregnancy, general women's and adolescent health, and women safety and security.
World Bank chief highlights 'tragic reversal' in development amid pandemic
"It's already pushed nearly 100 million people into extreme poverty. That's the added number in extreme poverty," Malpass said on Wednesday at a virtual press conference during the IMF-World Bank Annual Meetings, Xinhua news agency reported. "We're witnessing a tragic reversal in development. The progress in reducing extreme poverty has been set back by years - for some, by a decade," he continued.
Supply crunch morphing into full-blown global crisis
All the problems are in one way or the another tangled up in the surge of post-pandemic consumer demand, but taken together they threaten what one leading economist calls a "stagflationary wind" that could blow the global economy off course, the report said.
India's textile sector needs more support to arrest shrinking market share
Lack of free trade agreements (FTAs) and significant improvement in peer competitiveness are the main reasons for this fall. Textiles is important to India's $313 billion merchandise exports as it accounts for 11 per cent of the pie. The sector is also a significant employment generator. Given its economic importance, the sector has seen a slew of measures from the government of late.
World Bank expands Covid-19 vaccine funding to $20 bn
"In view of the surging demand for World Bank vaccine finance, I am pleased to announce today that the World Bank is expanding its financing available for Covid-19 vaccine financing to $20 billion over the next 18 months, adding $8 billion to the previously announced $12 billion," said David Malpass, World Bank Group President David Malpass, in the statement.
PLI scheme to help India become Aatmanirbhar in APIs : ICRA
High value-added pharmaceutical products are generally R&D intensive and difficult to manufacture and these include products such as complex generics, patented products, and biologics among others. Further, the GoI has also announced the promotion of the bulk drug parks scheme with a financial outlay of Rs 30 billion for three select states, which will provide infrastructure assistance to the active pharmaceutical ingredient (API) players.
World Bank cuts India's growth forecast for FY22 to 8.3%
Its previous growth estimate for the fiscal was 10.1 per cent. "In South Asia, India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," said the World Bank's global outlook released on Tuesday. The global economy, on the other hand is set to expand 5.6 per cent in 2021, its strongest post-recession pace in 80 years.
World Bank, IMF urge action on vaccine access for developing countries
"The coronavirus pandemic will not end until everyone has access to vaccines, including people in developing countries," World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva said in a joint statement to the Group of Seven (G7) industrialized countries, Xinhua reported.
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