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The Dollar Business Bureau With the aim to continue fiscal reforms in West Bengal, the Central Government on Tuesday signed a $300 million loan agreement with the Asian Development Bank (ADB) for improving the quality of public service delivery in the state.  “The Second West Bengal Development Finance Program aims to further enhance the public investment by cutting down unproductive expenditure, and through savings from efficiencies in the collection of revenue,” said an official statement. This Program will build on previous intervention under the first phase of the project through $400 million Program that is aimed at targeting a comprehensive fiscal consolidation program in West Bengal.  Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance signed the loan on behalf of ...

The Dollar Business Bureau Arvind Panagriya has resigned as the Vice Chairman of NITI Aayog, after serving for two-and-a-half years at the country’s revamped planning commission. He resigned from the post today after heading a meeting. Panagariya has hinted that he is likely to go back to teaching and could join the Columbia University. He is likely to be relieved from his post on August 31. NITI (National Institution for Transforming India) Aayog came into effect on January 1, 2015, replacing the Planning Commission. It was created as a premier 'think tank', meant to frame policies for the Indian Government, giving directional as well as policy inputs. Panagariya was handpicked by Prime Minister Narendra Modi to head the NITI Aayog just after its creation. Like the previous Planning Commission, the Prime Minister is the Chairman of the Aayog. Panagariya, has a PhD in ...

The Dollar Business Bureau Terming the rollout of GST as an important achievement, Asian Development Bank President, Takehiko Nakao, who was on a 3-day visit to India termed the roll-out of the GST as an important achievement for this government. But added that this achievement is not without its flaws. He was appreciative of the government’s determination to push forward with reforms, but wanted the government to put more energy into ‘labour’, ‘land acquisition laws’ and FDI so that Indian economy can grow faster than that of China’s.  Speaking to the media about his views on the rollout of the GST he said, ‘it is difficult to gauge the impact of GST on the economy until it is implemented but the best thing ...

The Dollar Business Bureau Nirmala Sitharaman met Takehiko Nakao, President, Asian Development Bank (ADB) and appreciated the Bank's efforts for infrastructure development in India. She said that the Government would help the States to have the infrastructure projects funding. The minister discussed the progress in the Vizag-Chennai Industrial Corridor (VCIC). She further mentioned that the Northern Extension of the ECEC from Vizag to Odisha and West Bengal is important and ADB should accelerate the work thereon. The Minister also mentioned that the Southern extension from Chennai to Kanyakumari should include extension up to The Minister also mentioned that the Southern extension from Chennai to Kanyakumari should include extension up to Kollachal Port and even at Vizhinjam, as this would accrue several economic benefits to these ...

PTI  The Asian Development Bank (ADB) on Wednesday said the emerging orientation in the US and Europe for protectionism on trade is "worrisome" but not realistic enough to break the global economy. A day before finance ministers and central bank governors meet for the ADB's 50th annual meeting, the multilateral agency's Chief Economist Yasuyuki Sawada said it was "difficult" to say if protectionism was "good or bad" and he did not want to make any judgement. "I think ADB's position is, more open trade and more open investment climate will be beneficial for all the countries and economies. In that respect, I think we should support more open trade regime," he told a media briefing here. Citing the example of China ...

The Dollar Business Bureau In an annual report released by Asian Development Bank (ADB), India's GDP growth is predicted at 7.4% in FY 2017-18. The report states that the growth rate will continue to expand to 7.6% in the successive year (2018-19). Quoting high growth projections for India due to an expected revival in consumption and investment post demonetisation, Asian Development Outlook 2017 (ADO), a study published by ADB, sees India as Asia's engine of growth in the coming years. Predicted to grow collectively at 7% in 2017 and 7.2% in 2018, South Asia is seen as the fastest growing among all sub-regions. Meanwhile, China's growth forecast has receded from 6.7% in 2016 to 6.5% in 2017, further declining to ...

The Dollar Business Bureau The South Asia Subregional Economic Cooperation (SASEC) family congregated in New Delhi on April 3, 2017, to deliberate upon a new direction for sub-regional economic cooperation among the member countries. During the meet, the finance ministers collectively agreed that enhanced regional cooperation could add $70 billion to their combined GDP and generate 20 million employment opportunities annually by 2025. The SASEC initiative was founded in 2001, with India, Nepal, Bhutan and Bangladesh as member nations. Over the years, the regional group has grown to include Sri Lanka, Maldives and Myanmar. A joint ministerial statement released after the summit recognised the importance of regional co-operation to boost economic growth in South-Asia, especially in times of slow global growth. Additionally, it also reviewed the progress of SASEC over the past 16 ...

The Dollar Business Bureau  The Government assigned the Asian Development Bank (ADB) to carry a feasibility study and to prepare the Conceptual Development Plan for East Coast Economic Corridor (ECEC) that will link Kolkata in the eastern region of the country through Chennai to Tuticorin in the South.  “The Government of India gave its concurrence for engaging the ADB for carrying out feasibility study and preparing the Conceptual Development Plan for East Coast Economic Corridor (ECEC) linking Kolkata in the East through Chennai to Tuticorin in South in a phased manner, Commerce and Industry Minister Nirmala Sitharaman said in a written response in Lok Sabha on Monday. The final study on the Conceptual Development Plan for Visakhapatnam-Chennai Industrial Corridor (VCIC) has been submitted by the ADB. Master plan has started ...