Washington: Two-thirds of developing countries are expected to meet global targets for tackling extreme poverty and hunger as a result of fast growth in India and China, the World Bank and IMF said on Saturday.

On the whole, the fight against poverty is progressing well, said the Global Monitoring Report 2011 noting based on current economic projections, the world remains on track to reduce by half the number of people living in extreme poverty.

'On current trends, and despite the recent global economic crisis, developing countries are on track to reach the global target of cutting income poverty in half by 2015, thanks in large part to rapid growth in China and India,' it said.

The number of people living on less than $1.25 a day is projected to be 883 million in 2015, compared with 1.4 billion in 2005 and 1.8 billion in 1990.

'Much of this progress reflects rapid growth in China and India, while many African countries are lagging behind: 17 countries are far from halving extreme poverty, even as the aggregate goals will be reached,' the report said.

India is also on track to meet the MDGs, but the scheduled tribes are largely off track, it said.

'Although educational enrolment rates are fairly high for all groups, scheduled tribes suffer from high under-five mortality, poor access to water and sanitation, nutrition deprivation, and low levels of adult literacy.'

The report said India's strong growth-focused since the 1980s on moving from a state-controlled, inward-looking economy to an outward-oriented, market-led economy-has not been damped by its poorly performing targeted programmes.

'Good macroeconomic policies remain crucial to progress toward the MDGs,' said Hugh Bredenkamp, deputy director of the IMF's Strategy, Policy, and Review Department.

'The challenge in low income countries is to sustain and accelerate growth through better policies that will create jobs and greater opportunities for the private sector.

India, China new tech powers

India and China coming up fast as new tech powerhouses will drive much of the growth in information technology over the next ten years, according to a new report. Though a big gap still exists between these emerging markets and developed nations, that gap is bound to narrow over the next decade, the Forbes magazine said citing a recent Global Information Technology Report by the World Economic Forum.

Out of 138 countries tracked and ranked by widespread use of mobile phones, Internet, personal computer as well as regulatory environment and IT infrastructure, China ranks 36th and India 48th.

Among other high-scoring Asian countries, Singapore excelled in second place while Taiwan checked in at sixth, Korea came in 10th and Hong Kong 12th.

Last year, India and China also accounted for 13 per cent of the $37.7 billion venture capital investment into startup and emerging companies globally, Forbes said citing Dow Jones Venture Source.

China investment jumped 59 per cent to $4 billion while India weighed in with a 14 per cent increase to $895 million - both higher than the 11 per cent spike for the US at $26.2 billion.

Analysing trends in initial public offerings, Forbes noted China claimed 22 of the 61 venture-backed companies that went public in the US last year.  .