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ADB president meets Modi, commends recent plans

At the meeting, Nakao commended the government's efforts to introduce a national goods and services tax, as it would unify internal markets and support economic growth by removing tax distortions

BS Reporter  |  New Delhi 

Asian Development Bank (ADB) president Takehiko Nakao on Thursday called on Prime Minister Narendra Modi.

He said India had brighter growth prospects with the government's bid to improve the business environment and accelerate infrastructure investment.

The Manila-based ADB's latest economic forecast for India, made in December, projected economic growth to rise to 6.3 per cent in 2015-16 from 5.5 per cent this financial year. These estimates are based on the old definition and the base year of 2004-05. India's economy grew 5.5 per cent in the first half of the current financial year on this basis.

At the meeting, Nakao commended the government's efforts to introduce a national goods and services tax, as it would unify internal markets and support economic growth by removing tax distortions.

He said India's most pressing challenge was to address its infrastructure shortfall. ADB will continue to finance new and improved roads, urban infrastructure and renewable energy, he said.

ADB is working with the government on the Vizag-Chennai Industrial Corridor, with a renewed focus on the manufacturing sector.

"A very productive meeting with Mr Takehiko Nakao," tweeted Modi later. The dignitary also met Finance Minister Arun Jaitley.

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First Published: Fri, February 06 2015. 00:43 IST
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