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World Bank on Wednesday announced a two-year conditional non-debarment of an Indian company in connection with corrupt and fraudulent practices in two road infrastructure projects in Karnataka and Uttar Pradesh. Egis India Consulting Engineers Private Limited is accused of corrupt and fraudulent practices in the Second Karnataka State Highway Improvement Project and the Uttar Pradesh Core Road Network Development Project. The World Bank said that Egis India was sanctioned with conditional non-debarment. This means that it remains eligible to participate in World Bank-financed projects as long as it complies with its obligations under the settlement agreement. "Otherwise, the conditional non-debarment will convert to a sanction of debarment with conditional release, and the company then will become ineligible to participate in World Bank-financed projects until the conditions for release set out in the settlement agreement are met," the World Bank said. A conditional non-debarment does … [Read more...] about World Bank announces 2-year conditional non-debarment of Indian company for corrupt practices

Chakraborty’s lawyer, Satish Maneshinde, rebutted all allegations against her. “She has been examined in probes by two investigating agencies so far, including the Mumbai police, and nothing against her has come out, nor has anyone said anything against her. In any financial transaction, there is an electronic trail that can be examined.” He pointed out that the Maharashtra government, in its recent affidavit to the Supreme Court on the actress’ plea seeking transfer of the Patna FIR to Mumbai, said that Rajput’s relatives did not raise suspicions against anyone when the Mumbai police recorded their statements soon after the actor’s suicide on June 14. Rajput’s father, in his counter affidavit, said he approached the Patna police after he felt that the Mumbai police were “derailing the inquiry”. Bio-medical waste, including discards from COVID wards, piles up in hospitalsWhile in the pre-pandemic days, the city, on an average, … [Read more...] about Rs 15 crore was taken out of Sushant Singh Rajput’s bank account

Saudi Arabia, but it faces an equally worrying and more intractable problem of declining remittances from the Persian Gulf region due to low crude oil prices that have rendered a large number of expatriates jobless.Remittances to India from the Gulf countries fell 2.2% in 2015-16 from that a year ago to $35.9 billion, declining for the first time in six years, officials told ET.In 2015, according to World Bank data, Indians working abroad sent home about $69 billion, down 2.1% from $70 billion in the previous year. India is the largest recipient of remittances in the world and the Gulf countries account for more than half of this amount.The United Arab Emirates was the biggest source of remittances to India from the Gulf in 2015-16, accounting for 38.7% of the total inflow, followed by Saudi Arabia, with a 28.2% share. Analysts said India could see a further fall in remittances from the Gulf if oil prices stay low for an extended period or witness unexpected decline.This could emerge … [Read more...] about Low oil prices shrink Gulf jobs for Indians

"The central bank has cut policy rates by 115 basis points since February, but policy traction remains low as banks remain unwilling to lend. New direct fiscal stimulus worth 1.2 per cent of GDP won't be enough to provide significant growth support," S&P said.Rating agencies Fitch and Crisil too had projected a 5 per cent contraction of Indian economy, while Moody's forecast economy to shrink by 4 per cent. World Bank too estimates Indian economy to contract 3.2 per cent in 2020-21.The government had last month announced a Rs 20.97 lakh crore economic package, which include liquidity support from the RBI. … [Read more...] about Economy to shrink 5% this year, fiscal stimulus not enough to support growth

"Looking forward, an important priority will be to boost jobs," Lowe said. "Based on the forecast I discussed earlier, high unemployment is likely to be with us for some time, which should be a concern for us all." Enditem … [Read more...] about Australian virus outbreak delays national economic recovery by months: RBA boss