Asian Development Bank commits to $9billion loan to India

ADB President Mr. Takehiko Nakao who is in New Delhi for a 2-day visit has committed to a $ 9 billion loan to India over a period of 3 years for development of the nation on various fronts.

Key areas under focus Nakao patted the government for a very positive and forward-looking budget. He expressed contentment over the government’s approach aiming at fiscal consolidation. He reiterated the need for GST and a robust tax-collection system. The direct transfers of benefits should reach the beneficiaries and on time.
The Bank also appreciated the idea of Smart Cities and agreed to contribute in their development.

Going forward

Mr. Nakao expressed his concern that all the growth and infrastructure development should start from villages and other backward areas to help government to eradicate poverty. The bank is already giving loans for skill development of unemployed youth. He expressed his special interest in India and stated the bright growth prospects for India which have to be achieved by the mobilizing the youth and giving them good employment. He re-expressed the greatest asset for India is its young workforce which need proper training. India should manage some of the glaring problems as inflation, corruption etc. These are road-blocks should be addressed.

Month: Current Affairs - August, 2014