Page 2 - Adb

ADB keeps India's GDP growth projection for FY25 unchanged at 7%

Projection must be weighed against 'downside risks from weather events and geopolitical shocks', it says

Govt should focus on infra, structural reforms for jobs: ADB's Mio Oka

India's economic growth has proven resilient post-COVID, even amidst global challenges, said Mio Oka

India needs to focus on market reforms to achieve double digit growth: ADB

India needs to focus on factor market reforms like land and labour to propel India's growth to a double-digit trajectory, ADB Chief Economist Albert Park has said. "There are still concerns that the basic factor markets like land and labour in the formal sector of unemployment in India are still small. So, you really want to formalise those," he told PTI in an interview. The factor market reforms include land, labour, energy, and access to credit, among others, which are critical factors for production. Labour reforms have been approved by Parliament in 2020, but it has not been implemented. In 2019 and 2020, 29 central labour laws were amalgamated, rationalised and simplified into four labour codes -- the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020. Labour is in the Concurrent List of the Constitution. Under the Labour Codes, rules are required to be framed by the .

India needs to expand universal health coverage for ageing population: ADB

India is one of the lowest among the Asia Pacific nations when it comes to health insurance for older people and needs to expand universal health coverage to meet the needs of rapidly ageing population and sustain growth momentum, a report by ADB said on Thursday. While the South Korea and Thailand have achieved universal health coverage, others lag behind with India having the lowest health insurance coverage among older people at 21 per cent, a report titled 'Aging Well In Asia' prepared by ADB said. However, schemes like Ayushman Bharat that provides cashless healthcare to bottom quartile of population has improved health coverage since its launch, ADB senior economist Aiko Kikkawa said here. Expanding it further will improve the condition and make people aged over 60 years more productive for the economy, she said, adding, silver dividend can be higher for such countries who gainfully employ them. Besides achieving universal health coverage, she said, it is also critical to ext

'US Treasury sees progress on multilateral bank reforms, but more to do'

Other recent steps taken by the African Development Bank and the Inter-American Development Bank (IDB) were encouraging, the Treasury official said

Pak has highest living cost in Asia with a 25% inflation rate: ADB

Pakistan has the highest living cost in all of Asia with a 25 per cent inflation rate and its economy may grow at the fourth lowest pace of 1.9 per cent in the region, according to a new Asian Development Bank (ADB) report. The report was released on Thursday in Manila. The Express Tribune reported that, the Asian Development Outlook also painted a gloomy picture for the next fiscal year as well, projecting 15 per cent inflation rate for the next fiscal year -- again the highest among 46 countries and a 2.8 per cent growth rate -- the fifth lowest for FY 2024-25. The Manila-based lending agency stated that the inflation rate in Pakistan is expected to be 25 per cent in the current fiscal year -- the highest in all of Asia. This makes Pakistan the most expensive nation in Asia. Earlier, the cost of living in Pakistan used to be the highest in South Asia. The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21 per cent for this fiscal year but they

ADB ups India GDP forecast to 7% for FY25 on investments, consumer demand

Supply line disruptions and weather shocks to agriculture are key risks to outlook, says lender

FM meets ADB vice prez, urges to become partner in development agenda

Finance Minister Nirmala Sitharaman on Monday met Asian Development Bank's new Vice-President (market solutions) Bhargav Dasgupta and discussed ways to further the development agenda. "Both exchanged views on how @ADB_HQ may partner with India to further the development agenda. They also discussed harnessing ADB's convening power to crowd in other public and private sector institutions to participate in India's growth," the finance ministry said in a post on X. ADB in September 2023, appointed Dasgupta as VP for a period of three years. Prior to this, he was MD and CEO of ICICI Lombard General Insurance. Established in 1966, ADB is owned by 68 members 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

ADB approves $23 mn loan to boost fintech education, research in Gujarat

The Asian Development Bank (ADB) on Thursday said it has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India. GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India. It is the country's first international financial services centre and has become a fast-growing area for helping and developing local startups. "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future," ADB economist Kanupriya Gupta said. "ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future," he added. In a statement, ADB said the project will construct an inclusive, sustainable, and climate-resilient International Fintech Institut

ADB to give Rs 4,000 cr to improve health infra in Maha, says CM Shinde

Maharashtra Chief Minister Eknath Shinde on Monday said the Asian Development Bank will provide loan of Rs 4,000 crore to improve medical facilities in the state. The in principle approval for the first tranche of Rs 1,200 crore has been given, he added. "The Asian Development Bank has sanctioned the pending proposal of Rs 4000 crore loan to Maharashtra for creating advanced healthcare infrastructure and medical education. It has also given in-principle approval for Rs 1,200 crore in the first phase," the CMO said in a statement. It said the CM had instructed officials to start work on a 500-bed hospital in Dharashiv (formerly Osmanabad). "The ADB has suggested seven different types of improvements at administrative level as well as in medical education. It includes centre of excellence, digital medical education and health policy, e-hospital, encouragement to medical officers and staff, property management, sustainability policy, recruitment centres, decentralisation of medicine .

L&T Finance gets $125 mn loan from ADB to support MSMEs, farmers

Non-banking financial company L&T Finance on Thursday said it has signed a USD 125 million loan pact with the Asian Development Bank (ADB) to support financing in rural and peri-urban areas in India, particularly for women borrowers. The funding comprises a loan of up to USD 125 million from ADB, and an agreement to syndicate an additional USD 125 million co-financing from other development partners, L&T Finance said in a statement. At least 40 per cent of the proceeds is allocated for women borrowers, while the rest will support farmers, micro, small and medium-sized enterprises (MSMEs), and loans to purchase new two-wheelers, among others, it said. Microloans, farm equipment loans, two-wheeled vehicle loans, and MSME loans have been identified as segments with strong growth potential anticipated in the medium term, it added. By focusing on lending in rural and peri-urban areas of lagging states in India, the project is strategically aligned with the goals of the Ministry of .

Centre, ADB sign $400 mn loan pact to build high-quality urban infra

The central government on Monday signed a USD 400 million policy-based loan with the Manila-based Asian Development Bank (ADB) to support its urban reform agenda to create high-quality urban infrastructure, improve service delivery, and promote efficient governance systems. The signatories to the loan agreement for sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs and Takeo Konishi, Country Director of ADB's India Resident Mission. While Sub-programme 1 approved in 2021 with a financing of USD 350 million established national-level policies and guidelines to improve urban services, Sub-programme 2 supports investment planning and reform actions at the state and urban local body (ULB) levels, the finance ministry said in a statement. After signing the loan agreement, Mukherjee stated that the programme supports the government's urban sector strategy with a focus on reforms aimed at

ADB approves $181 mn loan to build infra in Ahmedabad's peri-urban areas

The Asian Development Bank (ADB) on Monday said it has approved a USD 181 million loan to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad, Gujarat. The Ahmedabad Peri-urban Livability Improvement Project will construct 166 kilometer (km) of water distribution network, 126 km of climate-resilient stormwater drainage, 300 km of sewerage systems, and four sewage treatment plants, the Manila-headquartered multilateral development bank said. The project is also supporting 10 junction improvements along the existing Sardar Patel Ring Road to improve connectivity of peri-urban areas to Ahmedabad city. ADB will help strengthen the capacity of the Ahmedabad Urban Development Authority and urban local bodies in technology-based urban planning, including climate change and disaster-resilient infrastructure that promote environmental and social safeguards, gender equality and social inclusion, it said. "This project

This is last clear chance for MDBs: Ex-US Treasury secy Lawrence Summers

Nothing important is ever easy but we are increasingly seeing a coming together of the world. I am encouraged by the way the shareholders have come together

ADB commits concessional loan to India under Green Financing facility

The Asian Development Bank (ADB) on Sunday assured India to provide concessional loans under the Green Financing facility to help in achieving its vision. ADB President Masasugu Asakawa, who is in Delhi to attend the G20 Leaders' Summit, on Sunday met Finance Minister Nirmala Sitharaman. During the bilateral meeting, both discussed the outcome of G20 India Presidency and ADB contribution to G20 work streams under the Finance Track as well as the Sherpa Track. Asakawa appreciated the Indian Presidency's efforts towards realising the agenda of 'One Earth, One Family, One Future', the finance ministry said in a post on X. "Mr. Asakawa @ADBPresident reiterated that @ADB_HQ aims to be the climate bank for the Asia and Pacific and committed that a #GreenFinancing facility is being developed by @ADB_HQ for providing concessional finance for India to realise this vision," it said. During the meeting, the Finance Minister mentioned that the role of all MDBs, including ADB, in the preparati

ADB, Centre sign $200 mn loan for expanding urban services in Rajasthan

The central government and the Asian Development Bank (ADB) on Friday signed a USD 200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project. The additional financing will support the Rajasthan government in reducing basic infrastructure gaps in its secondary towns by expanding water supply and sanitation services and improving livability in selected urban local bodies, the finance ministry said in a statement. The project will incorporate various innovative and climate-resilient solutions for expanding basic urban services and incorporate nature-based solutions to rehabilitate heritage structures besides piloting public-private partnerships in the state's water and sanitation sector to deepen private sector engagement, the statement said. A total of 1,451 km of water supply pipes, 1,110 km of sewer pipes have been laid as part of the ongoing project, which was approved in September 2020, while 68,098 households have been connected

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ADB retains India's economic growth forecast at 6.4% for current fiscal

It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024

Asian Development Bank to focus on urban schemes in new India strategy

The new strategy will focus on ADB deepening its engagement with the country and supporting India's drive for robust, climate-resilient, and inclusive growth