PAPER – 7

PAGE
PART SUBJECT
NO.
1. Social and Important Legislation - Indian Society, Social
legislation as a form of a mean of social transform. Human Rights
proctection Legislation 1993, Protection granted to Females
(cRPc) under Indian Constitution & Criminal Law (Penal Code).
Protection Act 2005 to Females from Domestic violation, civil
Rights protection Act 1955, Scheduled castes and Scheduled
PART - 01
rribes Attrocity Protection Law 1989, Right to lnformation Act
Welfare,
2005, Environment Protection Act 1986, Consumer Protection
Development 1-231
Act 1986, Information Technology Act 2000, curruption
Programme &
Prevention Act 1988.
Laws:-
2. In Reference to chhattigarh: customary various Laws and
Acts in chhattisgarh and their welfare and developmental impact
on residents of Chhattisgarh'
3. Welfare Schemes of Chhattisgarh Government: Customary
welfare, People-oriented and Importanl Schemes introduced in
various times by Chhattisgarh Government'

PART- 02 United Nations and its Associated Organizations. International

International & Monetary Fr-rnd, World Bank and Asian Bank, SAARC, BRICS,
National Sports, Other Bilateral and Regional Groups, World Trade Organization 232-361
Events & and its impact on India. National and lnternational Sports and
organisation:- Competetion'

Availability of Skilled Human Resources, Employability and

Productivity of Human Resources' various Trends of
PART – 03 Employment. Role of Various lnstitutions and Councils in Human
International & Resources Development as- Higher Education and National
National Commission for Research, National Educational Research and
Educational Training council, National Educational Schemes and 362-456
Institute & their Administration University, University Grants commission'
Role of Human Open University, All India Technical Education Council, National
Development :- Education Teacher Council, National vocational Education
council, tndian Agriculture Research council, Indian Institute of
Technology' Indian Institute of Management, National Institute of
Technology, National Law University' Polytechnique and I.T.l.,
Education in Human Resource Development' a t1-1ean
Universal/Equal Elementary Education, Higher Education and
Technical Education, Quality of vocational Education'Issues
related to Girls' Education, Deprived class, Issues related to
Disabled People'
 World Bank Group

With 189 member countries, the World Bank Group is a unique global partnership: five
institutions working for sustainable solutions that reduce poverty and build shared
prosperity in developing countries.

The Bank Group works with country governments, the private sector, civil society organizations,
regional development banks, think tanks, and other international institutions on issues ranging
from climate change, conflict, and food security to education, agriculture, finance, and trade.

Inernational Bank for Reconstruction and Development

(IBRD)

International Development Association (IDA)

A Group of The International Finance Corporation (IFC)

Institutions

The Multilateral Guarantee Agency (MIGA)

The International Centre for the Sttlement of Investment

Disputes (ICSID)

A Group of Institutions
Together, the International Bank for Reconstruction and Development (IBRD) and
International Development Association (IDA) form the World Bank, which provides
financing, policy advice, and technical assistance to governments of developing countries.
While the World Bank Group consists of five development institutions:
 International Bank for Reconstruction and Development (IBRD) provides loans, credits,
and grants.
 International Development Association (IDA) provides low- or no-interest loans to low-
income countries.
 The International Finance Corporation (IFC) provides investment, advice, and asset
management to companies and governments.
 The Multilateral Guarantee Agency (MIGA) insures lenders and investors against political
risk such as war.
 The International Centre for the Settlement of Investment Disputes (ICSID) settles
investment-disputes between investors and countries.
All of these efforts support the Bank Group’s twin goals of ending extreme poverty by 2030
and boosting shared prosperity of the poorest 40% of the population in all countries.

History
The Bretton Woods Conference, officially known as the United Nations Monetary and
Financial Conference, was a gathering of delegates from 44 nations that met from July 1 to
22, 1944 in Bretton Woods,

New Hampshire (USA), to agree upon a series of new rules for international financial and
monetary order after the conclusion of World War II.
The two major accomplishments of the conference were the creation of
the International Bank for Reconstruction and Development (IBRD) and International
Monetary Fund (IMF).

Founded in 1944, the International Bank for Reconstruction and Development (IBRD), soon
called the World Bank, has expanded to a closely associated group of five development
institutions.
Originally, its loans helped rebuild countries devastated by World War II. In time, the focus
shifted from reconstruction to development, with a heavy emphasis on infrastructure such as
dams, electrical grids, irrigation systems, and roads. With the founding of the International
Finance Corporation (IFC) in 1956, the institution became able to lend to private companies
and financial institutions in developing countries. Founding of the International Development
Association (IDA) in 1960 put greater emphasis on the poorest countries, part of a steady shift
toward the eradication of poverty becoming the Bank Group’s primary goal. International
Centre for Settlement of Investment Disputes (ICSID) founded in 1966 settles investment
disputes between investors and countries. Multilateral Investment Guarantee Agency (MIGA)
founded in 1988 insures lenders and investors against political risk such as war.
International Bank for Reconstruction and Development (IBRD)
Following the recovery from World War II, the International Bank of Reconstruction and
Development broadened its mandate to increasing global economic growth and eliminating
poverty. The Bank only finances sovereign governments directly or projects backed by
sovereign governments.
Today, the IBRD focuses its services on middle-income countries or countries where the per
capita income ranges from $1,026 to $12,475 per year. These countries, like Indonesia, India,
and Thailand, are often home to fast-growing economies that attract a lot of foreign investment
and large infrastructure building projects.
At the same time, middle-income countries are home to 70% of the world’s poor people, as the
benefits of this economic growth are unevenly distributed across their populations.

Governance of IBRD:

Board of Governors Board of Directors

Governance of IBRD:
Board of Governors: The Boards of Governors consist of one Governor and one Alternate
Governor appointed by each member country. The office is usually held by the country's minister
of finance, governor of its central bank. The Board of Governors delegates most of its authority
over daily matters such as lending and operations to the Board of Directors.
Board of Directors: The Board of Directors consists of currently 25 executive directors and is
chaired by the President of the World Bank Group. Executive Directors are appointed or elected
by the Governors. Executive Directors select the World Bank President, who is the Chairman of
the Board of Directors. Executive Directors are authorized for daily matters such as lending and
operations.
IBRD raises most of its funds in the world's financial markets. This has allowed it to provide
more than $500 billion in loans to alleviate poverty around the world since 1946, with its
shareholder governments paying in about $14 billion in capital.
IBRD has maintained a triple-A rating since 1959. This high credit rating allows it to borrow at
low cost and offer middle-income developing countries access to capital on favorable terms
helping ensure that development projects go forward in a more sustainable manner.
IBRD earns income every year from the return on its equity and from the small margin it makes
on lending. This pays for World Bank operating expenses, goes into reserves to strengthen the
balance sheet, and provides an annual transfer of funds to IDA, the fund for the poorest
countries.
 International Finance Corporation (IFC)
IFC is the largest global development institution focused exclusively on the private sector in
developing countries. The Bank Group has set two goals for the world to achieve by 2030: end
extreme poverty and promote shared prosperity in every country.

It is a private-sector arm of the World Bank Group, to advance economic development by

investing in for-profit and commercial projects for poverty reduction and promoting
development. IFC is also a leading mobilizer of third-party resources for projects.
Governance of IFC
Board of Governors: The Boards of Governors consist of one Governor and one Alternate
Governor appointed by each member country. The office is usually held by the country's minister
of finance, governor of its central bank. The Board of Governors delegates most of its authority
over daily to the Board of Directors.
Board of Directors: The Board of Directors consists of executive directors and is chaired by the
President of the World Bank Group. Executive Directors are appointed or elected by the
Governors. Voting power on issues brought before them is weighted according to the share
capital each director represents. The directors meet regularly to review and decide on
investments and provide overall strategic guidance to IFC management.
IFC raises virtually all funds for lending activities through the issuance of debt obligations in
international capital markets. Our borrowings are diversified by country, currency, source, and
maturity in order to provide flexibility and cost-effectiveness.
Since first being rated in 1989, IFC has been rated triple-A every year by Standard and Poor's
and by Moody's. Our high credit rating is essential for maintaining our ability to access markets
globally and to maintain our low cost of funding. IFC makes loans to businesses and private
projects generally with maturities of seven to twelve years. It determines a suitable repayment
schedule and grace period for each loan individually to meet borrowers' currency and cash flow
requirements. It may provide longer-term loans or extend grace periods if a project is deemed to
warrant it.
It does not have a policy of uniform interest rates for its investments. The interest rate is to be
negotiated in each case in the light of all relevant factors, including the risks involved and any
right to participation in profits, etc.
Through its Global Trade Finance Program, the IFC guarantees trade payment obligations of
more than 200 approved banks in over 80 countries to mitigate risk for international transactions.
The Global Trade Finance Program provides guarantees to cover payment risks for emerging
market banks regarding promissory notes, bills of exchange, letters of credit, bid and
performance bonds, supplier credit for capital goods imports, and advance payments. IFC
attempts to guide businesses toward more sustainable practices particularly with regards to
having good governance, supporting women in business, and proactively combating climate
change.
International Development Association (IDA)
IDA is the part of the World Bank that helps the world’s poorest countries. Overseen by 173
shareholder nations, IDA aims to reduce poverty by providing loans (called “credits”) and
grants for programs that boost economic growth, reduce inequalities, and improve people’s
living conditions.
IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which
are in Africa, and is the single largest source of donor funds for basic social services in these
countries. IDA supports a range of development activities that pave the way toward equality,
economic growth, job creation, higher incomes, and better living conditions. IDA's work covers
primary education, basic health services, clean water and sanitation, agriculture, business climate
improvements, infrastructure, and institutional reforms.
Governance of IDA
Boards of Governors: The Boards of Governors consist of one Governor and one Alternate
Governor appointed by each member country. The office is usually held by the country's minister
of finance, governor of its central bank. The Board of Governors delegates most of its authority
over daily matters such as lending and operations to the Board of Directors.
Board of Directors: The Board of Directors consists of executive directors and is chaired by the
President of the World Bank Group. Executive Directors are appointed or elected by the
Governors.
IDA lends money on concessional terms. This means that IDA credits have a zero or very low-

International Centre for Settlement of Investment Disputes (ICSID)

ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes
between States and Nationals of Other States (the ICSID Convention). The ICSID Convention
is a multilateral treaty formulated by the Executive Directors of the World Bank to further the
Bank’s objective of promoting international investment.

interest charge and repayments are stretched over 30 to 38 years, including a 5 to 10 years grace
period. IDA also provides grants to countries at risk of debt distress.
To borrow from the IDA's concessional lending programs, a country's gross national income
(GNI) per capita must not exceed $ 1,145 (the fiscal year 2019). IDA also provides significant
levels of debt relief through the Heavily Indebted Poor Countries (HIPC) Initiative and the
Multilateral Debt Relief Initiative (MDRI).
States have agreed on ICSID as a forum for investor-State dispute settlement in most
international investment treaties and in numerous investment laws and contracts. Bilateral
Investment Treaties (BITs) are proliferating, many such treaties contain text that refers present
and future investment disputes to the ICSID. ICSID provides for settlement of disputes by
conciliation, arbitration or fact-finding.

Governance of ICSID
Administrative Council:
 One representative of each Member State, and one vote per State.
 Adopts ICSID arbitration, conciliation and fact-finding rules.
 Adopts an annual budget and approves annual report.
 Elects Secretary-General and Deputy Secretaries-General.
 Each State designates persons to a list of arbitrators and conciliators.

Secretariat:
 Led by Secretary-General.
 Provides technical and administrative support to proceedings.
 Offers training and technical assistance to governments and the public.
 Contributes to the development of investment law through publishing and outreach.
 ICSID Panel of Arbitrators and Panel of Conciliators.
 Each ICSID Member State may designate four persons to each Panel.

Conciliation Commission or Arbitral Tribunal:

An Arbitral tribunal or Conciliation Commission is constituted by Secretary-General. In most
instances, the tribunals consist of three arbitrators: one appointed by the investor, another
appointed by the State, and the third, presiding arbitrator appointed by agreement of both parties.
Each case is considered by an independent Conciliation Commission or Arbitral Tribunal, after
hearing evidence and legal arguments from the parties. A dedicated ICSID case team is assigned
to each case and provides expert assistance throughout the process. An ICSID award according
to Article 53 of the ICSID Convention is final and binding and immune from appeal or
annulment, other than as provided in the ICSID Convention.
Multilateral Investment Guarantee Agency (MIGA)
MIGA is a member of the World Bank Group and its mandate is to promote cross-border
investment in developing countries by providing guarantees (political risk insurance and credit
enhancement) to investors and lenders. MIGA was created to complement public and private
sources of investment insurance against non-commercial risks (currency inconvertibility and
transfer restriction; government expropriation; war, terrorism, and civil disturbance; breaches of
contract; and the non-honoring of financial obligations) in developing countries.
MIGA convention that defined its core mission was submitted to the Board of Governors of the
IBRD in 1985 and went into establishing MIGA as the newest member of the World Bank Group
in 1988. The Convention can be amended by the Council of Governors of MIGA. The agency
opened for business as a legally separate and financially independent entity. Membership was
open to all IBRD members.
Governance of MIGA
Council of Governors: MIGA is governed by its Council of Governors which represents its
member countries. The Council of Governors holds corporate authority, but primarily delegates
such powers to MIGA's Board of Directors.
Board of Directors: The Board of Directors consists of directors and votes on matters brought
before MIGA. Each director's vote is weighted in accordance with the total share capital of the
member nations that the director represents. MIGA aims to promote foreign direct investment
into developing countries to support economic growth, reduce poverty and improve people’s
lives.
World Bank Group Membership
To become a member of the Bank, under the IBRD Articles of Agreement, a country must first
join the International Monetary Fund (IMF). Membership in IDA, IFC, and MIGA are
conditional on membership in IBRD.
Membership in ICSID is available to IBRD members, and those which are a party to the Statute
of the International Court of Justice (ICJ), on the invitation of the ICSID Administrative
Council by a vote of two-thirds of its members.

World Bank Group and India

India was one of the forty-four original signatories to the agreements reached at Bretton
Woods that established the International Bank for Reconstruction and Development (IBRD) and
the International Monetary Fund (IMF).
It was also one of the founding members of the IFC in 1956 and the IDA in 1960. India later
became a member of the MIGA in January 1994. India is not a member of ICSID. India
claimed ICSID Convention is not fair, convention's rules for arbitration leaned towards the
developed countries. In ICSID, the Chairman of the Centre is the Chairman of the World Bank.
The Chairman appoints the arbitrators. If the arbitration award is not satisfactory, then the
aggrieved party would appeal to a panel, which will also be constituted by the ICSID. There is
no scope for a review of the award by an Indian court, even if the award is against public
interest.
IBRD lending to India commenced in 1949 with a loan to the Indian railways; the first
investment by the IFC in India took place in 1959, and by IDA in 1961 (a highway construction
project).
During the 1950s, the IBRD was India's sole source of World Bank borrowings. By the end of
the decade, India's mounting debt problems became an important factor in the launch of the IDA,
the soft loan affiliate of the World Bank (WB) group. By the end of the 1960s, the United States,
until then India's largest source of external resources, sharply cut its bilateral aid program. Since
then, the WB emerged as the most important source of official long-term finance. During the
1960s and 1970s, the IDA accounted for nearly three-fourths of all WB lending to India and, in
turn, India was by far the largest recipient of IDA funds, accounting for more than two-fifths of
all its lending. The subsequent decade, with China joining the WB in 1980 and accordingly
entering its own claims to limited IDA resources, the worsening economic fortunes of Africa,
and India's better performance, saw a sharp decline in India's share in IDA.
Instead, its share of IBRD lending grew sharply in the 1980s, beyond by its improving credit-
worthiness and the Indian government's inhibitions with regard to non-concessional borrowing.
During the 1980s, while the WB shifted its emphasis to stress policy reforms and greater
economic liberalization, it continued to lend to poorly governed public sector institutions in India
and was muted in its criticism of India's closed economy. The lending portfolio changed sharply
after the 1991 macroeconomic crisis. In the immediate aftermath, India became one of the last
important WB borrowers to partake of structural adjustment lending, which supported policy
reforms in finance, taxation, and the investment and trade regime.
India is currently classified as a “blend” country defined as one in transition from lower middle-
income to middle-income and is creditworthy for lending from both IDA and IBRD. India is the
largest IBRD client of the World Bank. Between 2015 and 2018, the World Bank lent around
$10.2 billion to India. The World Bank Group (WBG) has approved a $25-30 billion
commitment plan for India for the period 2019-22. MIGA Performance Standards are
environmental and social standards which help to structure and implement sustainable projects.
For Indian market, one of the options is a breach of contract insurance which MIGA would offer
to investors. In case the government doesn’t perform its obligation, under the contract
arrangement, then MIGA can come and cover that risk for investment.
World Bank Reforms
Some critics have pointed out that the World Bank really caters to the agenda of World
Capitalism in the garb of its “Structural Adjustment Programme’ (SAP) and continues to be
dominated by rich countries. SAP is a set of "free market" economic policy reforms imposed
on developing countries by the World Bank as a condition for receipt of loans. It is argued
SAP policies have increased the gap between rich and poor in both local and global terms. The
emerging new economic powers, particularly India and China, and some other Asian and Latin
American countries of the world should be given due place and role.
The leadership succession debate should be used to create space for reflection on the purpose of
the multilateral body, the substantive role it should play in the future, the need to strengthen
inclusive multilateralism, and the actions needed to bolster the position of emerging economies
and developing countries. Failure of World Bank to adapt to the changing world order may see
rising economies going their own way. Eg.: Establishment of the
Asia Infrastructure Investment Bank (AIIB) by China.
Such a development would signify the emergence of multi-polarity without multilateralism, and
create a climate of conflicting interests and values among a diverse group of countries. Deep
reforms of the World Bank are necessary as part of rethinking the current world order, and
giving rising powers and developing countries a meaningful voice in this institution.