ADB proposes $10-bn loan for India over next 5 years

India needs to be careful in applying different tax rates under GST: ADB President Takehiko Nakao

Arun Jaitley, Takehiko Nakao, ADB, President

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Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley shakes hands with President, Asian Development Bank, Takehiko Nakao at a meeting in New Delhi. Photo: PTI

Subhyan Chakraborty New Delhi

Last Updated : Jun 30 2017 | 2:50 AM IST

The Asian Development Bank (ADB) has proposed additional loan support to India of $10 billion, over the next five years.

In the country on a three-day trip, ADB President Takehiko Nakao on Thursday told the media that the ADB was looking to increase its footprint in India. Half the loan amount would be for the development of the East Coast Economic Corridor.

Also, commenting on the upcoming goods and services tax (GST) regime, Nakao said that given the multiplicity of tax rates in the new system, the government would need to be careful about how to apply different tax rates for various