ADB

The ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 and 2030

Government of India and the Asian Development Bank on Wednesday signed a USD 200 million (about Rs 1,680 crore) loan to help upgrade water supply, sanitation, mobility, and other urban services in Uttarakhand. The signatories to the loan agreement for the Uttarakhand Livability Improvement Project were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance and Mio Oka, country director of India Resident Mission, for ADB, a joint statement said. Mukherjee said the project aligns with Government of India's urban development agenda as well as the Uttarakhand government's initiatives to enhance urban services, aiming to boost livability and sustainability in cities. "The project aims to create urban infrastructure that is resilient to climate and environmental risks such as floods and landslides, ensuring the safety and health of Uttarakhand's population," said Mio. It will also build the capacity of the state agencies in project management, climate and ..

India has since 2010 made noteworthy progress on fossil fuel subsidy reform through a calibrated 'remove', 'target', and 'shift' approach, the Asian Development Bank (ADB) said in a new report. "By carefully balancing the combined effect of three key policy levers - retail prices, tax rates, and subsidies on selected petroleum products - the country was able to reduce its fiscal subsidy in the oil and gas sector by 85 per cent, from an unsustainable peak of USD 25 billion in 2013 to USD 3.5 billion in 2023," it said. In its 'Asia-Pacific Climate Report', ADB said India gradually phased out the subsidy on petrol and diesel (from 2010 to 2014) and carried out incremental tax increases (from 2010 to 2017), which created fiscal space to increase government support for renewable energy, electric vehicles, and strengthening of electricity infrastructure. "The additional tax revenues from increases in excise duty on petrol and diesel from 2014 to 2017, a period of low international crude o

The Asian Development Bank (ADB) has approved a USD 434.25 million (about Rs 3,600 crore) loan to increase renewable energy capacity and improve energy security in Assam. Addressing the renewable energy capacity shortage in Assam is crucial to meet growing demand and reduce dependency on fossil fuels, ADB said in a statement on Friday. This project will help Assam develop a renewable energy road map and increase its solar energy capacity to achieve its target of 3,000 megawatts (MW) by 2030, it said. The Assam Solar Project will construct a grid-connected solar photovoltaic (PV) facility in Karbi Anglong district with a capacity of 500 MW, it said, adding the project will support the development of a grid-connected battery energy storage system to ensure grid stability and meet peak power demand. This storage system will be established through a joint venture between the Assam Power Distribution Company Limited (APDCL) and the Oil and Natural Gas Corporation Ltd. Tripura Power Comp

The World Bank along with the Asian Development Bank in principle has committed to fund USD 1600 million (Rs 13,600 crore) for Amaravati capital city phase-I development and will start releasing the amount from January next year, a senior official of the Andhra Pradesh government has said. Of the total cost of Rs 15,000 crore for the phase-I development, the Central government will be funding the remaining Rs 1,400 crore, the official said, adding the total amount from the World Bank should be drawn within five years. The International Bank for Reconstruction and Development (IBRD), part of the World Bank, which provides loans and guarantees, among others and ADB will be funding USD 800 million (Rs 6,800 crore) each for the project. The repayment of the WB and ADB loans will be taken care of by the Centre, the official said. "The project is being funded jointly by the World Bank and Asian Development Bank. The funds will be released starting from January 30, 2025 or it can happen e

The ADB has lowered its forecast for Bangladesh's economic growth to 5.1 per cent primarily due to supply disruptions caused by political unrest in July and August, a media report said on Wednesday. The Asian Development Bank (ADB) had earlier projected that the overall production of goods and services in the South Asian country would grow by 6.6 per cent for the fiscal year (FY) 2024-25, The Daily Star newspaper reported. The Manila-based multilateral lender said it lowered the country's GDP growth projection for the current fiscal due to violent protests and recent floods. The ADB said the fiscal and monetary policies are expected to remain tight, further dampening consumption and investment demand. The lender said the forecast is highly uncertain as significant downside risks cloud the macroeconomic outlook. "These risks primarily stem from ongoing political instability, a fragile law-and-order situation, and vulnerabilities within the financial sector," it said. The ADB's lat

Due to the government's efforts toward fiscal consolidation, central government debt is projected to decline from 58.2 per cent of GDP in FY2023 to 56.8 per cent in FY2024

JBM currently operates over 1,500 electric buses across 10 states and more than 15 major airports in India

IFC, ADB and DEG on Tuesday announced an investment of USD 275 million (about Rs 2,280 crore) into renewable energy solutions platform Fourth Partner Energy Ltd (FPEL). The consortium's investment will infuse capital to fund FPEL's business expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026, a statement said. FPEL has an installed base of 1.5 GW of green assets and is set to commission the first phase of its maiden 575 MW wind solar hybrid project under the ISTS (Inter State Transmission System) route, in Karnataka, later this quarter, it said. World Bank's International Finance Corporation (IFC) is leading the consortium with an investment of USD 125 million, while Asian Development Bank (ADB) is infusing USD 100 million and Germany's Deutsche Investitions- und Entwicklungsgesellschaft (DEG) is at USD 50 million to complete this round of fundraising, it said. "We welcome IFC, ADB and DEG as new partners to join our existing high quality .

Asian Development Bank and the Government of India recently signed a USD 200 million (about Rs 1,700 crore) loan to improve solid waste management and sanitation in 100 cities across eight states in the country. The signatories to the loan agreement for the Swachh Bharat Mission 2.0 -Comprehensive Municipal Waste Management in Indian Cities Program were Juhi Mukherjee, Joint Secretary, Finance Ministry, and Mio Oka, Country Director for Asian Development Bank (ADB) - India Resident Mission, the Manila-based multilateral funding agency said in a statement on Tuesday. After signing the loan agreement, Mukherjee said that the programme supports the objectives of the government's Swachh Bharat (Clean India) Mission - Urban 2.0 by enhancing sanitation and solid waste management infrastructure, including waste segregation, collection and disposal. "This programme is guided by lessons derived from ADB's experience in urban infrastructure development across several states and will incorpora

Projection must be weighed against 'downside risks from weather events and geopolitical shocks', it says

India's economic growth has proven resilient post-COVID, even amidst global challenges, said Mio Oka

India needs to focus on factor market reforms like land and labour to propel India's growth to a double-digit trajectory, ADB Chief Economist Albert Park has said. "There are still concerns that the basic factor markets like land and labour in the formal sector of unemployment in India are still small. So, you really want to formalise those," he told PTI in an interview. The factor market reforms include land, labour, energy, and access to credit, among others, which are critical factors for production. Labour reforms have been approved by Parliament in 2020, but it has not been implemented. In 2019 and 2020, 29 central labour laws were amalgamated, rationalised and simplified into four labour codes -- the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020. Labour is in the Concurrent List of the Constitution. Under the Labour Codes, rules are required to be framed by the .

India is one of the lowest among the Asia Pacific nations when it comes to health insurance for older people and needs to expand universal health coverage to meet the needs of rapidly ageing population and sustain growth momentum, a report by ADB said on Thursday. While the South Korea and Thailand have achieved universal health coverage, others lag behind with India having the lowest health insurance coverage among older people at 21 per cent, a report titled 'Aging Well In Asia' prepared by ADB said. However, schemes like Ayushman Bharat that provides cashless healthcare to bottom quartile of population has improved health coverage since its launch, ADB senior economist Aiko Kikkawa said here. Expanding it further will improve the condition and make people aged over 60 years more productive for the economy, she said, adding, silver dividend can be higher for such countries who gainfully employ them. Besides achieving universal health coverage, she said, it is also critical to ext

Other recent steps taken by the African Development Bank and the Inter-American Development Bank (IDB) were encouraging, the Treasury official said

Pakistan has the highest living cost in all of Asia with a 25 per cent inflation rate and its economy may grow at the fourth lowest pace of 1.9 per cent in the region, according to a new Asian Development Bank (ADB) report. The report was released on Thursday in Manila. The Express Tribune reported that, the Asian Development Outlook also painted a gloomy picture for the next fiscal year as well, projecting 15 per cent inflation rate for the next fiscal year -- again the highest among 46 countries and a 2.8 per cent growth rate -- the fifth lowest for FY 2024-25. The Manila-based lending agency stated that the inflation rate in Pakistan is expected to be 25 per cent in the current fiscal year -- the highest in all of Asia. This makes Pakistan the most expensive nation in Asia. Earlier, the cost of living in Pakistan used to be the highest in South Asia. The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21 per cent for this fiscal year but they

Supply line disruptions and weather shocks to agriculture are key risks to outlook, says lender

Finance Minister Nirmala Sitharaman on Monday met Asian Development Bank's new Vice-President (market solutions) Bhargav Dasgupta and discussed ways to further the development agenda. "Both exchanged views on how @ADB_HQ may partner with India to further the development agenda. They also discussed harnessing ADB's convening power to crowd in other public and private sector institutions to participate in India's growth," the finance ministry said in a post on X. ADB in September 2023, appointed Dasgupta as VP for a period of three years. Prior to this, he was MD and CEO of ICICI Lombard General Insurance. Established in 1966, ADB is owned by 68 members 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

The Asian Development Bank (ADB) on Thursday said it has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India. GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India. It is the country's first international financial services centre and has become a fast-growing area for helping and developing local startups. "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future," ADB economist Kanupriya Gupta said. "ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future," he added. In a statement, ADB said the project will construct an inclusive, sustainable, and climate-resilient International Fintech Institut

Maharashtra Chief Minister Eknath Shinde on Monday said the Asian Development Bank will provide loan of Rs 4,000 crore to improve medical facilities in the state. The in principle approval for the first tranche of Rs 1,200 crore has been given, he added. "The Asian Development Bank has sanctioned the pending proposal of Rs 4000 crore loan to Maharashtra for creating advanced healthcare infrastructure and medical education. It has also given in-principle approval for Rs 1,200 crore in the first phase," the CMO said in a statement. It said the CM had instructed officials to start work on a 500-bed hospital in Dharashiv (formerly Osmanabad). "The ADB has suggested seven different types of improvements at administrative level as well as in medical education. It includes centre of excellence, digital medical education and health policy, e-hospital, encouragement to medical officers and staff, property management, sustainability policy, recruitment centres, decentralisation of medicine .