India seeks 6 billion USD loans from ADB, AIIB

The World Bank has funded 1 billion USD to India to fight against COVID-19. With the COVID-19 cases increasing further, India seeks 6 billion USD from ADB and AIIB

Highlights

The Indian Economy is to take a major hit with the 21-day lock down. The Asian Development Bank has predicted that India’s growth rate is to be 4% in the fiscal year 2020-21. The bank had earlier predicted that the growth rate is to be 6%. The Fitch Ratings cut India’s Growth rate to 2% from its initial forecast of 5.1%.

Funds

With the number of COVID-19 cases increasing in the country, India currently needs to increase its testing numbers. Alongside, India should also concentrate on its economic activities to keep the economy running. Though GoI has launched several initiatives, it needs funds to provide health assistance to millions of people in the second populous country in the world.

Currently, India is increasing the numbers of tests being conducted. The ICMR is to provide new guidelines to conduct rapid tests.

Month: Current Affairs - April, 2020