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New Index to Measure Innovation Performance of Indian States

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The World Economic Forum today agreed to work together to develop an India Innovation Index together with the World Intellectual Property Organization (WIPO), Cornell University and NITI Aayog. The index will provide impetus to Indian states to drive the innovative spirit.

Prime Minister Narendra Modi has included innovation at the top of his agenda for national development and global competitiveness. India’s ranking rose considerably in the Global Innovation Index (GII) 2016 and the country is now an Innovation Achiever. Based on the GII, the India Innovation Index will be tailored to better reflect the ground reality of India and include metrics well suited to the Indian context. Amitabh Kant, Chief Executive Officer of NITI Aayog, said, “Prime Minister Modi believes that competitive and cooperative federalism is key to India’s progress. This index will encourage states to compete with each other and, in turn, lead to better policies for inclusive growth.”

“I am impressed by the high-level priority that the Indian government attaches to the development of its innovation system. We are very excited to collaborate on this and hope that this will further mobilize the availability of new data for the GII itself,” said Francis Gurry, Director-General of the World Intellectual Property Organization (WIPO).

The index will be based on key pillars of innovation and sub-indices that together will assist in tailoring policies that promote inclusive growth. The pillars include the strength of institutions, capacity of human capital and research, supporting infrastructure and the level of business sophistication, among others.

“The India Innovation Index can create a transparent benchmark of innovation for Indian states. This will spur competition and ensure progress towards innovation at the local level in India,” said Soumitra Dutta, co-editor of the GII and Dean, College of Business, Cornell University, USA.

Each partnering organization will nominate a working group member to work on the index. The first ranking of Indian states is expected to be released at the India Economic Summit in October 2017.

“We are delighted to collaborate on this index and believe that it can move India to an innovation-driven economy. We want to identify and measure the grass-roots issues that affect innovation capabilities,” said, Viraj Mehta, Head of India and South Asia, World Economic Forum.

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Development

Report Underlines Reforms to Support Fiscal Federalism, Green Growth in Nepal

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Nepal has made significant strides in implementing fiscal federalism while key reforms are needed to support fiscal sustainability and Nepal’s transition towards green, resilient, and inclusive development states the World Bank’s Public Expenditure Review (PER) Report on Fiscal Policy for Sustainable Development launched today.

With the country’s transition to federalism, expenditure responsibilities have been devolved to subnational governments that are predominantly financed through intergovernmental transfers and revenue sharing. These now account for between 8 and 9 percent of GDP per year (or close to 30 percent of the annual budget). While federalism is helping bring policymaking closer to the people, it has also increased fiscal spending and (exacerbated by the COVID-19 pandemic) led to a sharp rise in fiscal deficits and public debt, states the report.

“This report provides an analytical basis to inform our reform efforts to strengthen federalism and create fiscal space to support our new focus on a green, resilient, and inclusive development (GRID) model,” statedMr. Madhu Kumar Marasini, Finance Secretary. “This complements our ongoing efforts to refine the fiscal transfer system put in place the systems for monitoring and reporting for a more results oriented and accountable delivery of local services.”

The PER identifies key reforms to help Nepal strengthen fiscal sustainability and initiate a shift to a GRID pathway. It identifies the following five top priority reforms: (i) Encouraging the update of subnational spending responsibilities through the intergovernmental grants system; (ii) supporting exports and job creation through reforms to import duties; (iii) strengthening domestic revenue, for example by reviewing VAT exemptions; (iv) enhancing public capital spending by rolling out the National Project Bank; and (v) providing fiscal incentives for a green growth transition.

“The World Bank will continue to support government reforms to improve fiscal sustainability and the implementation of fiscal federalism, drawing on the recommendations of the PER Report,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka. “This report complements our human development PER, both of which will help inform the design of World Bank support to Nepal, including through our ongoing support through our various Development Policy Credits.”

The report also stresses the importance of strengthening investment processes and fiscal policies for green growth, and fiscal policy reforms to enable Nepal to use its green electricity surplus to mitigate air pollution to protect the health of people and the economy.

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Development

Philippines: Boosting Private Sector Growth Can Strengthen Recovery, Create More Jobs

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Rebounding from a deep contraction in 2020, the Philippine economy is forecast to grow 5.3 percent this year before accelerating to an average of 5.8 percent in 2022-23 on the road to recovery, according to the Philippines Economic Update (PEU) titled Regaining Lost Ground, Revitalizing the Filipino Workforce, released today by the World Bank.

Government spending on infrastructure is expected to buoy growth, aided by the steady progress in vaccination leading to greater people mobility and the revival of businesses. Barring a new uptick in COVID-19 cases, household consumption is projected to recover, anchored on rising remittances and improving incomes as more people regain or find new jobs.

“The new variant has added a layer of uncertainty but economic reopening, along with progress in vaccination, is clearly strengthening domestic dynamism and market confidence,” said Ndiame Diop, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand. “As the recovery gains traction, it will be important to enhance private sector participation in the recovery by deepening current efforts to make the country’s business environment favorable to job creation while upskilling the workers so that they can benefit from new or emerging job opportunities.”

Reforms that open more sectors to foreign investments, streamline administrative procedures to facilitate market entry and encourage firms to adopt new technology are measures that can boost private sector growth, create more jobs, and strengthen recovery, Diop added.

The nearly two-year long pandemic, however, has forced the closures of many firms, leading to losses of jobs and incomes, alongside health insecurities and disruptions in children’s education.

The Philippines underwent two surges of COVID-19 infections this year, first in March-April and in August-September due to the more infectious Delta variant. In both instances, the authorities reinstated strict mobility restrictions in Metro Manila and nearby provinces, and key metropolitan areas.

Nonetheless, the recent surge and mobility restrictions have not severely hampered economic activity. As a result, the economy expanded by 4.9 percent in the first three quarters of 2021, rebounding from a 10.1 percent contraction over the same period in 2020.

In 2022, the phased economic reopening is expected to benefit the services sector especially transportation, domestic tourism, and wholesale and retail trade. Sustained public investment will continue to support construction activities.

The PEU flags that despite encouraging trends, the COVID-19 pandemic remains a major risk to the country’s growth prospects.

The report notes that even in countries with high vaccination rates, infections have continued to spread, albeit with greatly reduced severity of illness, hospitalization, and mortality. Variants of concern, breakthrough cases, and waning vaccine efficacy have highlighted the complexity of economic reopening.

“Speeding up vaccination especially in areas outside the National Capital Region and sustaining the observance of health protocols including masking and maintaining social distancing are measures that remain important as the country navigates the challenges of reviving the economy,” said Kevin Chua, Senior World Bank Economist.

Social protection measures, Chua added, including the country’s cash transfer programs remain important measures to mitigate the adverse impact of the pandemic on livelihoods, health, and education, especially among poor families.

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Africa Today

United States COVID-19 vaccine delivery to Mozambique

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In an effective effort to make tremendous and recognizable contributions to help fight the spread of coronavirus, the United States Embassy in Mozambique has announced the arrival of more than two million doses of the Johnson & Johnson coordinated through COVAX in Maputo, Mozambique.

This is the United States’ fourth and largest bi-lateral COVID-19 vaccine delivery to Mozambique, bringing the total number of U.S.-donated vaccines to nearly 3.5 million, and maintaining the United States as Mozambique’s largest bi-lateral vaccine donor.

“The United States remains committed to sharing vaccines equitably, around the world,” U.S. Ambassador to Mozambique Dennis W. Hearne said. “No one is protected from COVID-19 until everyone is vaccinated. As more vaccines become available to all nations around the world, we have a shared interest in getting everyone who is eligible vaccinated.”

The U.S. Government has provided early and ongoing support for the response to the COVID-19 pandemic in Mozambique, including assistance valued at $62.5 million. This assistance includes the recent donation of 60 oxygen cylinders and a PSA oxygen plant, 50 ventilators, personal protective equipment for healthcare workers, laboratory and oxygen equipment, training, and funding for increased medical staff, among other initiatives.

In close collaboration with the Government of the Republic of Mozambique, the U.S. Government provides more than $500 million in annual assistance to improve the quality of education and healthcare, promote economic prosperity, and support the overall development of the nation.

The Mozambican government’s target is to vaccinate about 16.8 million people. Excluded from the vaccination are pregnant women and children under 15 years of age. According to the latest figures from the Health Ministry, the number of people fully vaccinated against the disease now stands at 3,324,849, and 6,158,360 have received at least one dose of the vaccine.

Mozambique shares borders with South Africa where a new COVID variant (B.1.1.529), renamed Omicron, is currently spreading. Travellers from the region are monitored. The United States, Europe and Asian States have restricted flights from southern African region, and that include Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi.

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