World Bank approves $1.5 billion financing to support India's reform programmes

📌 Summary:

• The World Bank's Board of Executive Directors approved $1.5 billion in financing for India to support structural reforms aimed at private-sector-led job creation and economic growth
• The financing is provided under a Development Policy Financing (DPF) operation
• It aims to help create job opportunities for the ~11 million youth entering the labour market every year over the next two decades

🎯 UPSC Relevance: GS3 economy — role of international financial institutions in India's reforms, employment generation and private-sector-led growth.

📝 Prelims Facts:

• The World Bank Group is headquartered in Washington D.C.; its main lending arms are IBRD and IDA
• Instrument used: Development Policy Financing (DPF) — budget support linked to policy reforms
• Approved amount: $1.5 billion

🔑 Key Term: Development Policy Financing — World Bank budgetary support disbursed against agreed policy and institutional reforms.