Nakao reaffirmed ADB’s commitment to helping bolster the country’s inclusive growth and rapid economic transformation.
In 2018, ADB’s sovereign lending to India reached a record USD 3 billion. ADB feels that India is one of the fastest growing economies in Asia and the Pacific. ADB stands ready to commit more than USD 12 billion lending in the next three years
KRC TIMES Desk
Takehiko Nakao, President of Asian Development Bank ( ABD) who is on a four day visit to India met Prime Minister Narendra Modi and committed USD 12 billion over the next three years for the government’s new flagship initiatives like piped water for all and road safety.
The discussion between them also brought into focus issues like enhancing partnership in areas like promotion of new technologies and innovation, renewable energy, solar-pump irrigation, electric vehicle and battery, fintech, sustainable tourism, and recycle of plastic. Nakao reaffirmed ADB’s commitment to helping bolster the country’s inclusive growth and rapid economic transformation. In 2018, ADB’s sovereign lending to India touched a record USD 3 billion.
ADB feels that India is one of the fastest growing economies in Asia and the Pacific which is maintaining a growth rate of about 7.5 per cent on average in the last 5 years. As a result ADB stands ready to commit more than USD 12 billion lending in the next three years.
Despite downside risks in the global economy, ADB expects the country’s growth in 2019 at 7 per cent and in 2020 at 7.2 per cent. Nakao encouraged the government to sustain the momentum of reforms in such areas as labor laws, land acquisition and consolidating various welfare schemes.
ADB would focus its sovereign and non sovereign operations on government’s major initiatives. The initiatives listed by ADB being Jal Jeevan Mission (extending drinking water for all, water conservation and more crop per drop); the East Coast Economic Corridor program; promoting competitiveness of micro, small, and medium-sized enterprises by linking with global value chains and supporting national road safety programs.
The launch of an ADB publication that showcases ADB’s 20- year partnership with the Kolkata Municipal Corporation will be attended by Nakao. This partnership has helped in improving the city’s water supply, and sewerage and drainage systems, while building resilience through the introduction of early flood warning system.Attachments area
