ADB injects $10-bn booster into Indian economy
Asian Development Bank (ADB),
Injecting a much needed booster to the Indian economy, the Asian Development Bank (ADB), in a recent move, has fixed a staggering amount worth $ 10 billion for investment in various sectors including infrastructure during the on-going plan period. The multilateral lending agency will provide loan of USD 2 billion per annum till 2017 to India to meet its investment requirements including strengthening infrastructure in areas such as energy, transport, urban services and water. In this connection, the ADB and Government of India have agreed to a new country partnership strategy for the targeted period supporting the country’s 12th Five Year Plan, ADB said in a recent statement, adding that India will remain its largest single country borrower for the plan period.
The financing agency, which is owned by 17 members, will also partner with India to anchor transactions that can tap national, regional and international capital markets which can help to shift savings into infrastructure development. India is taking credible steps to stabilize the economy and its currency, modernize its infrastructure and promote social programs and this strategy is a reflection of the government’s resolve to bring high, inclusive and sustainable growth, create jobs and cut red tape, claimed Director General for ADB’s South Asia Department, Juan Miranda, explaining that the strategy combines physical investments with knowledge products to target emerging and pressing issues such as urbanization, water scarcity, climate change, emission controls, internet connectivity, vocational training and development of capital markets.
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