Search Result for : Asian Development Bank

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 ...

The Dollar Business Bureau Amidst increasing tensions in the Asian region, India and Japan are having discussions to strengthen military partnership. Arun Jaitley, Defence Minister of India conveyed to the Japan’s Defence Minister, Tomomi Inada, on Monday that India hopes to follow a strategic cooperation with Japan for stability and peace in the region. Jaitley’s visit to Tokyo comes at a time when tensions are rising in the region that includes territorial conflict in the South China Sea and threats of missile and nuclear threats from North Korea. The Indian Defence Minister welcomed a trilateral naval exercise planned with India, Japan and the US in July as a way to strengthen cooperation in the Asia-Pacific region. “This is all reflective of the level of cooperation ...

The Dollar Business Bureau The Government of India and Asian Development Bank (ADB) on Monday signed a loan of $48 million to help the state of Assam to maintain its drive for improving the access to reliable and efficient power in the national capital. The given loan is the second tranche of multi tranche financing facility of $300 million cleared by the ADB Board for Assam Power Sector Investment Program in July 2014. The Program will help the state to augment the efficiency and capacity of its power distribution system in order to improve electricity supply to end users, said an official statement. The first tranche of $50 million loan was signed in February last year, it added. While signing the agreement on behalf of ...

The Dollar Business Bureau The six member countries of the South Asia Sub-regional Economic Cooperation (SASEC) program—Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka— released this week, the SASEC Operational Plan (OP) 2016-2025. The SASEC OP is the program’s first comprehensive long-term plan to promote greater economic cooperation among the member countries. Established in 2001, the SASEC program is a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation. The Asian Development Bank (ADB) is the secretariat and lead financier of the SASEC program. To date, ADB has approved 40 SASEC projects worth almost $7.7 billion in transport, energy, trade facilitation, and information and communications technology. The SASEC OP brings regional cooperation to ...

The Dollar Business Bureau The Indian government has signed an agreement with Asian Development Bank (ADB) for a $200 million loan to upgrade 176 km roadways in Jharkhand. The Department of Economic Affairs Joint Secretary (Multilateral Institutions) Raj Kumar and ADB’s India Resident Mission Country Director M Teresa Kho signed the agreement in New Delhi on Friday. The loan amount will be used to finance Jharkhand State roads II Project in upgrading 176 km stretch of four roads into a two-lane standard. The agreement will also support in improving the design, safety and maintenance of the road network. Raj Kumar said that Jharkhand needs to improve its roads in order to achieve rapid growth. The project will help the state to develop a ...

The Dollar Business Bureau In a bid to enhance connectivity in the South Asian region, India with the support of the Asian Development Bank is working towards development of two road corridors. The value of these projects, including the road corridors, is $5 billion. The first corridor will connect India with Nepal, Bangladesh and Bhutan via the ‘chicken neck’ of Northern Bengal, revealed Shaktikanta Das, Economic Affairs Secretary. While addressing at the South Asia Sub-Regional Economic Cooperation 2025 workshop, Das further revealed that the second corridor will connect India and Myanmar in Manipur. Integrated check posts at India-Myanmar border and other key border areas such as Bangladesh, Bhutan, Nepal will be established soon. The key border areas will also undergo improvisations in Land Customs ...

Source: PTI    China-backed Asian Infrastructure Investment Bank (AIIB) in which India and 56 countries have joined as founding members was formally opened in Beijing on Saturday by President Xi Jinping. “This is a historical moment,” Xi said addressing the ceremony of the bank, which along with the BRICS New Development Bank (NDB) is expected to expand infrastructure financing, rivalling the World Bank and Asian Development Bank. An Indian delegation headed by Dinesh Sharma, additional Secretary in the Ministry of Finance attended the opening ceremony. In all 57 countries have joined as founding members while US and Japan stayed out. The bank was formally established in Beijing on December 25, 2015.  Chinese Finance Minister Lou Jiwei was elected as the first Chairman ...