Global recovery following the economic downturn is still tentative and fragile, Asian Development Bank's managing director general Rajat Nag said in Ahmedabad on Friday.
Asian Development Bank to give $300 milion loan to India.
ADB, however, has cut its growth forecast for developing Asia to 6.1 per cent from the earlier 6.3 per cent in view of subdued economic activity in the US and China.
Funds will invest in new technology companies involved with climate change mitigation.
Challenge before Indian policy makers was to make growth inclusive and manage infrastructure investments better.
The money will be used for drainage systems development.
The Palaniswami government is expected to utilise the Rangarajan Committee's recommendations before the 2021 assembly election.
The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for India to 9.5 per cent for the fiscal year to March 31, 2022 as the onset of a severe second COVID-19 wave cut into recovery momentum. This forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that IMF had projected in April before the second wave took a grip. For 2022-23, IMF expects economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April.
ADB's sovereign lending to India was $1.95 billion in 2012, beside $0.33 billion to the private sector and another $0.07 million in grants.
The Indian economy is likely to slow down a little to 7.6 per cent in the fiscal year 2006 and 7.8 per cent in 2007 as consumption and investment may get affected due to higher inflation, Asian Development Bank said on Thursday.
Meanwhile, an ADB report presented at the seminar said this year could prove crucial for the global economy as financial tensions in Europe could escalate further and there remains concern over fledgling economic recovery in the US.
Amid criticism over engaging experts from multilateral agencies like World Bank, Planning Commission on Wednesday asserted that none of the "outside bodies"
Bajaj Finance was the top gainer in the Sensex pack, climbing over 5 per cent, followed by Kotak Bank, SBI, PowerGrid, Axis Bank, HDFC Bank and Reliance Industries. On the other hand, HUL, Bharti Airtel, TCS, ONGC and Maruti were among the laggards.
'Health will continue to be at the centre of the government's attention as it underpins economic recovery and our collective well being.'
The grouping of Brazil, Russia, India, China and South Africa had in March decided to establish a new development bank -- BRICS Bank -- to finance infrastructure projects and to create a $100 billion contingency fund to tackle any financial crisis in emerging economies.
ADB, which came out with a Special Note on economies, however, kept the projections for India and China unchanged 8.2 per cent and 9.6 per cent, respectively.
The engines of Asia's re-emergence - India, China and five other economies -- will account for 45 per cent of the global GDP by 2050, according to a report by the Asian Development Bank (ADB).
Monetary tightening to contain overheating as well as inadequate infrastructure is likely to slow down India's growth to moderate 8 per cent next fiscal against the expected 9.2 per cent, the Asian Development Bank has forecast.
The estimate was presented in the Damage and Needs Assessment (DNA), a survey conducted nationwide by ADB and the World Bank to assess the extent of the flood damage.
After swinging nearly 330 points, BSE Sensex finished 172.69 points or 0.43 per cent higher at 40,412.57. Similarly, the 50-scrip NSE Nifty appreciated 53.35 points or 0.45 per cent to close at 11,910.15.
ADB too had projected Indian's economic growth for current fiscal at 7.6 per cent
The Financial Action Task Force (FATF) on Friday retained Pakistan on its 'grey list' for failing to check money laundering, leading to terror financing, and asked Islamabad to investigate and prosecute senior leaders and commanders of United Nations-designated terror groups, including Hafiz Saeed and Masood Azhar.
The project will be in three stages and sources indicate that the funding will be for the first stage of 107 kilometre from Sarai Kale Khan to SNB Urban Complex.
India's economic growth is likely to slow down to 6.5 per cent this fiscal and to 6 per cent in the subsequent year mainly due to high oil prices, which reactivated inflation, the Asian Development Bank said on Wednesday.
Asian Development Bank on Thursday pegged India's economic growth at 7.4 per cent for 2004 and said high growth is likely to be sustained in medium term.
Highlighting India Inc's drive for fresh investments, FICCI on Thursday called for the revival of development finance institutions by allowing agencies like IFC and ADB to play strategic roles in DFIs.
The government of India has prepaid a portion of foreign currency loans of Asian Development Bank amounting to yen 123.11 billion (Rs 5,294.84 crore)
Painting a rosy picture, the Asian Development Bank on Tuesday forecast that the Indian economy would grow by 6 % in 2003 and 6.3% in 2004, and said fiscal deficit of the Centre and states would start falling after the elections next year.
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
The adverse impact of the rupee appreciation has gone beyond exports. The currency's climb is now affecting government infrastructure projects funded by multilateral lending agency such as the Asian Development Bank (ADB).
Offshore rupee debt was likely to attract good demand
With the world's worst outbreak of COVID pandemic stalling a nascent economic recovery, the government has begun assessing the impact of the second wave of infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help. Some of the economic indicators, including the Goods and Services Tax (GST) collections, still provide confidence and incoming data will throw some more light on the state of the economy, sources said. Services sectors like hospitality, tourism and aviation which had just started recovering were hit hard by the second wave of COVID, the sources said, adding these segments might need some support on an urgent basis from the government.
IndusInd Bank was the top loser in the Sensex pack, plummeting over 23 per cent. PowerGrid, Kotak Bank, Bajaj Finance, HDFC Bank and NTPC also finished significantly lower. ONGC and ITC were the only stocks in the index that ended with gains. US President Donald Trump has proposed an economic package which could approach $1 trillion, a rescue initiative not seen since the great recession of 2008.
A huge market for private equity investment is waiting to be tapped in India and China, the two rapidly growing economies of the world, speakers at the ongoing annual general meeting of Asian Development Bank (ADB) said.
These clauses deal with penalties, licences, registration and National Transport Policy, among others.
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