India 4th largest shareholder in ADB

In just a few decades, India has risen to become the world’s third-largest economy (in purchasing power parity terms) and now accounts for nearly 6% of global gross domestic product.

By Author  |  Business Bureau  |  Published: 12th Jul 2019  11:13 pm

Hyderabad: Asian Development Bank’s (ADB) country partnership strategy for India aims to accelerate economic transformation by building industrial competitiveness, creating jobs, accelerating growth of low-income states, and addressing environmental and climate change challenges.

In just a few decades, India has risen to become the world’s third-largest economy (in purchasing power parity terms) and now accounts for nearly 6% of global gross domestic product. Strong economic growth and economic reforms have helped the country reduce its incidence of poverty by more than half since 2004, said its annual report.

India was a founding member of the Asian Development Bank (ADB) in 1966 and is now the bank’s fourth largest shareholder and top borrower. ADB commenced operations in India 1986 and has approved loans totaling $ 43.8 billion (about Rs 3.06 lakh) in India as of December 2018 in 699 projects, it said.

The current portfolio includes 79 sovereign loans amounting to $13.5 billion (Rs 94,500 crore), of which $9.9 billion (Rs 69,300 crore) has been awarded and $6.1 billion (Rs 42,700 crore) disbursed. In 2018, ADB committed $3.03 billion (Rs 21,210 crore) for 19 sovereign projects to help India develop infrastructure and services in transport, energy, urban development, agriculture and natural resources, finance, and education and training.

Cumulative loan and grant disbursements to India amount to $29.24 billion. These were financed by regular ordinary capital resources, and other special funds.

ADB procurement personnel Bisma Husen and Chandra Mohan Arora explained about the procurement opportunities in its projects.

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