General Awareness

April 04, 2017 @ 01:15 PM

World Bank and India

General awareness on current topics is essential as not only you will be getting questions on   GK in various MBA entrance exams but it will be useful for Essay writing test and WAT also.
 
Today, you will read General Awareness Topic: “World Bank and India”
 
The World Bank is a lending institution that funds essential infrastructural requirement, globally. Headquartered in Washington D.C., this fiscal institution is banked upon heavily by the governments of the world for timely dispensing of funds to support the development of major facilities and services. 
 
World Bank comprises the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). It is also responsible for the working of the International Finance Corporation, Multilateral Investment Guarantee Agency and the International Center for Settlement of Investment Disputes. The primary role is the unbiased distribution of funds for economic upliftment of the international community. It bears the responsibility of ensuring aid to settle investment disputes and facilitate fiscal and infrastructural reconstruction. 
 
India has been borrowing from World Bank through IBRD and IDA for various development projects in the country particularly related to infrastructure development, poverty alleviation, rural development etc. In 1958, World Bank played an important role in establishing India Aid Club for providing economic assistance to India.
 
Later in was renamed as India Development Forum. So far India has borrowed around $68billion from the World Bank. IDA funds are one of the most concessional loans given by the Bank and in India, they largely used for social sector projects that contribute towards attaining the Millennium Development Goals (MDG).
 
The World Bank’s Country Strategy (CAS) for India for 2009-2012 focuses on helping the country to fast-track the development of much-needed infrastructure and to support the seven poorest states achieve higher standards of living for their people. The strategy envisages a total proposed lending program of US$14 billion, in three years, of which US$9.6 billion is from the International Bank for Reconstruction and Development (IBRD) and US$4.4 billion (SDR 2.982 billion equivalent at the current exchange rate) from the International Development Association (IDA). 
 
The strategy is closely aligned with the Government of India’s own development priorities expressed in the Eleventh Five Year Plan. It was arrived at after a series of consultations with a broad range of stakeholders including the government and civil society. Under the strategy, the Bank used lending, dialogue, analytical work, engagement with the private sector, and capacity building to help India achieve its goals.
 
In March 2012, World Bank announced $ 4.3 billion financial aid to India through a new innovative and flexible financing arrangement to help the country fight poverty. This arrangement, while facilitating a $ 4.3 billion increase in support to India, is designed to maintain International Bank for Reconstruction and Development’s (IBRD) - which is its lending arm - net exposure within the limit of $ 17.5 billion established by it. Bank statement said that this will enable India to continue accessing long-term, low-interest IBRD finance for development projects aimed at improving the lives of its people, one third of whom are yet to make their way out of poverty. 
 
On 5 November 2012, World Bank signed an agreement with the central and Assam governments to provide $320 million, around Rs 1,760 crore, for improving secondary road network in the north-eastern state. The project will support improvement of priority sections of secondary roads, implementation of Assam's 'Road Sector Modernization Programme' and development of a multi-sector road safety strategy, a statement said. As per the agreement, the project will be implemented over a period of six years.
 
This is the second big financial allocation, though from an external agency, for Assam after the road transport and highways ministry gave around Rs 6,000 crore to improve the national highways across the state. Assam has the maximum share of a special road development programme designed for the north-eastern states. The objective of the World Bank project is to enhance road connectivity in Assam by assisting the public works department to improve and effectively manage its road network. 
 
The World Bank will continue to assist the central government by providing comprehensive analytical work to underpin policy and institutional reform and to improve the implementation of central government projects on the ground. Under the Sarva Siksha Abhiyan (SSA) for example, while schools are now more accessible and gender parity has been reached, the focus will now be on improving the quality of education provided. In the power sector, the Bank will continue to support Powergrid, India’s national electricity transmission agency, which it has helped to grow into a world-class institution.
 
Though World Bank had dedicated ample funds for the economic development of the developing countries, still it is criticized for its organizational structure where developed countries had maximum say while the developing countries has little or no say. There is no doubt about its contribution in making the lives in developing countries better, now there is a need for it to make its organisation more democratic, and representative. 
 
Update your GK and read General Awareness Topics at MBA Rendezvous  

Crucial Dates, You Should not Miss

TAPMI, Manipal
Admission Application closes on January 16, 2018 for 2018-20
BIMTECH, Greater Noida
Admissions open for PGDM Programmes at BIMTECH. Apply Now !
Lal Bahadur Shastri Institute of Management
Admissions are Open at LBSIM, Delhi. Apply Now !
FORE School of Management
Apply for PGDM & PGDM-IB Programmes. Application Deadline is December 22, 2017.
Goa Institute of Management
PGDM Admissions Open at GIM. Apply Before January 5, 2018
NIRMA
Last Date to Apply for MBA (Full Time) Programme at NIRMA is January 09, 2018
XAT 2018
Application Last Date 30th November 2017
IMI New Delhi
Application closes 4th December 2017
XIM Bhubaneshwar
Last Date 8th December 2017
SIBM Bengaluru
Apply for SNAP 2017 to be held on Dec 17 and apply for SIBM-Bengaluru through the SNAP Form
Institute of Rural Management Anand
IRMASAT will be conducted on February 4,2018, Apply Before December 31,2017
IBSAT 2017
Last date for IBSAT registration is December 12 , 2017
SSBF
Last date to register for SNAP is 24th November, 2017. Last date for SSBF is 2nd January 2018
SIBM Hyderabad
Apply for SNAP 2017 to be held on Dec 17 and apply for SIBM-Hyderabad through the SNAP Form
K J Somaiya Institute of Management Studies & Research, Mumbai
Last date for Application is 31st Jan, 2018
SDMIMD Mysore
Application for PGDM 2018-20 at SDMIMD is open till February 28, 2018
Institute of Management Technology
Application closes on November 24, 2017
MDI Murshidabad
Application for PGPM 2018-20 at MDI Murshidabad is open till November 24, 2017

Admission Open Now

Following Colleges are accepting applications.

INTERNATIONAL MANAGEMENT INSTITUTE

Admissions open for 2018-20

PGDM, PGDM (HRM), PGDM(B & FS), Executive PGDM

Apply Online