IMF cuts India's growth forecast

Due to low business confidence and sluggish structural reforms, the International Monetary Fund (IMF) has slashed the growth forecast of India to 4.9 per cent for 2012. Earlier, the IMF had projected a growth rate of 6.1 per cent for this fiscal. Indian economy expanded by 5.5 per cent in the first quarter of financial year 2012.

World Bank loan for RMSA

To support secondary education, World Bank has offered $500 million loan to India. This loan will be used to finance Rashtriya Madhyamic Shiksha Abhiyan (RMSA), a government initiative to support secondary education in India. OnnoRuhl, country director, World Bank (India), and Prabodh Saxsena, joint secretary, finance ministry signed the loan agreement in New Delhi.

National Investment Board(NIB)

To speed up clearances for mega infra projects, the Union Government has decided to establish National Investment Board. Describing the scaled down growth target of 8.2 per cent for the 12th plan as 'realistic',  Finance Minister P. Chidambaram said, the cabinet was expected to establish a National Investment Board(NIB, to be headed by Prime Minister) this week, to speed up clearances for projects that are now bounced from one ministry to another in a process that can stretch for years and frustrates investors.