Asian Development Bank (ADB) President Takehiko Nakao today met with India’s Finance Minister Arun Jaitley to discuss ADB’s partnership with India.
Nakao expressed strong support for reforms in the labor market as well as the proposed new goods and services tax. “The government’s proactive role in pushing key reforms will lead to an improved business climate,” he said. “Moreover, strong commitment in the budget on raising public investment by 25% in critical infrastructure sectors such as roads, railways, and urban development will further crowd in much-needed private investment.”
ADB will focus on supporting the government’s new initiatives including Make in India, Skill India, Clean India (Swachh Bharat Mission), Smart Cities, and Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
ADB will also support improvement of Indian Railways through investment projects in areas such as railway electrification, factories to produce locomotives and coaches, and modernizing workshops. ADB is willing to support the Ministry of Railways on any reform measures.
During the visit, Nakao will travel to the western state of Rajasthan to visit ADB-assisted projects and meet with its Chief Minister Smt. Vasundhara Raje Scindia. Recent ADB projects in Rajasthan include a $500 million loan to support urban development, a $176 million loan to expand metro rail in Jaipur, and a $300 million multitranche financing facility for solar energy transmission.