World Bank has given good news to India in times of trouble. World Bank announces $ 1 billion (Rs 7,549 crore) financial support to India under the Social Security package. The World Bank has announced that it is providing funds for various schemes undertaken by the Government of India. Also, World Bank Loan will be helpful for development. The World Bank will partner with India on three fronts.
The bank hopes to lend its support to India in the areas of health, social security, and micro-small and medium-sized enterprises as said by World Bank Country Director (India) Junaid Ahmad.
In this package $550 million will be from the agency’s International Development Association and $200 million will be from the International Bank for Reconstruction and Development.
Also, the World Bank Loan has to be used for Pradhan Mantri Garib Kalyan Yojana.