According to the report, remittances to low-and middle-income countries reached a record high of USD 529 billion in 2018, an increase of 9.6 per cent over the previous record high of USD 483 billion in 2017.
Praising attempts to liberalize markets within India, Hans Timmer, World Bank Chief Economist for the South Asia Region said, "that is what is needed to become more competitive."
World Bank's current president Jim Yong Kim had earlier this month announced that he would step down from his post in February to join a private infrastructure investment firm.
World Bank's current president Jim Yong Kim said last week that he will step down next month, an unexpected departure announcement three years before his term was set to expire. The abrupt announcement triggered speculation about his replacement.
Earlier on Monday, Kim abruptly announced that he was cutting short his tenure as the bank's president more than three years before his second term was due to end.
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.
Kim’s unexpected departure three years before his term was set to expire is likely to set off a fierce battle between the Trump administration and other countries who have complained about the influence the United States exerts over the World Bank.
The USD 310 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a final maturity of 25 years.
In its statement, the Finance Ministry said the HCI score for India does not reflect the key initiatives that are being taken for developing human capital in the country.
The remarks by Martin Rama, the Chief Economist for the South Asia region of the World Bank, came as the rupee hit an all-time low of 74.45 against the US dollar on Thursday.
"Several factors are responsible for the recent fall in the Chinese Yuan, or renminbi (RMB), including economic issues in China", Mnuchin told Financial Times ahead of meetings in Bali, Indonesia of the IMF, World Bank and G20.
Growth reached 6.7 per cent in fiscal year 2017/18, with a significant acceleration in recent months, it said.
It said that Qureshi met Jim at the UN on Monday and complained to him about India's Kishan Ganga and Ratle projects asserting that they were violations of the 1960 treaty
The World Bank report said that continued political tensions and lack of normal trade relations between the two nations have cast a shadow over cooperation efforts within South Asia.
The World Bank's initiative- the Country Partnership Framework (CPF) is aimed at supproting the nation's transition to a higher middle-income country by addressing some of its key development priorities such as resource efficient and inclusive growth, job creation and building its human capital.
Less than two thirds of girls in low-income countries complete primary school and only one in three girls completes lower secondary school, the bank said.
With GDP of USD 19,390,604 million, United States has topped the list, followed by China with USD 12,237,700 million.
The report added that India has overcome the temporary disruptions caused by the implementation of the Goods and Services Tax (GST) by mid-2017, and manufacturing output and industrial production have continued to firm.
World Bank President Jim Yong Kim in a fresh communication last week advised the Pakistan government to withdraw from its stand of taking the matter to the ICA, Pakistan-based Dawn reported.
Last week, Prime Minister Narendra Modi had inaugurated the 330 MW Kishanganga hydroelectric project in Jammu and Kashmir. Pakistan had protested the inauguration.
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