The Asian Development Bank will invest $75 million in Petronet LNG Ltd for taking 5.2 per cent equity stake even as ExxonMobil-promoted RasGas of Qatar desired to pick 10 per cent stake in India's first liquefied natural gas importer.
Weaker demand for Indian exports and higher financing costs will lead to a deceleration in India's gross domestic product (GDP) growth rate to 7.9 per cent in 2008, the International Monetary Fund has said.The IMF's growth projections for India are in line with other estimates, including that of the Asian Development Bank, which pegged the 2008-09 growth at 8 per cent.
The decision to increase the quantum of capital infusion was taken at a meeting between Finance Minister P Chidambaram, RBI Governor Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram in New Delhi.
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.
Expecting India to sustain a high 8.2 per cent GDP growth in next three years, Asian Development Bank on Thursday offered up to $6.47 billion assistance during 2005-07 with special emphasis on agriculture and poor states.
The Asian Development Bank plans to come up with its second rupee bonds issue and hike loan assistance for India to $2 billion annually during 2004-07.
Asian Development Bank will double its annual assistance to over $2 billion and is expected to lend India $7.3 billion in the next three years.
ICRA's GDP forecast is higher than the 6.0 per cent projection made by the Reserve Bank of India and Asian Development Bank for this fiscal.\n\n\n\n
Lauding India's economic reform process, the Asian Development Bank expected the country's economy to grow by 7-8 per cent in the medium term and said it would step up its loan exposure to $2 billion annually.
The Asian Development Bank said Friday it would extend a $313.6-million loan to help improve India's railway system plus a technical assistance grant worth $500,000.
The Bank suggested reforms in infrastructure sector.
India, whose economy is tipped to grow by 7 to 7.5 per cent in 2005-06, on Monday said the projection was not an outcome of mere wishful thinking, but based on aggressive agenda for economic reforms.
Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
The Asian Development Bank said on Thursday it raised its 2002 growth forecast for the region's economies to 5.6 per cent, but trimmed its estimate for next year to the same rate as an export boom would tail off.
India will catch up with China by the year 2020 in terms of economic growth on the strength of its better efficiency of investments, an Asian Development Bank economist has said.
The International Monetary Fund (IMF) on Tuesday slashed India's growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent, citing less favourable external conditions and rapid policy tightening by the central bank. In its update to the April World Economic Outlook, the IMF said that though a global recession in 2022 was ruled out with a growth estimate of 3.2 per cent, the balance of risks was squarely to the downside, driven by a wide range of factors that could adversely affect the global economic performance. "The risk of recession is particularly prominent in 2023, when in several economies growth is expected to bottom out, household savings accumulated during the pandemic will have declined, and even small shocks could cause economies to stall.
The magnitude of the economic losses will depend on how the outbreak evolves, which remains highly uncertain.
Three weeks ahead of the Budget, Asian Development Bank expressed concern over high fiscal deficit, which, it said, was acting as a roadblock to India's economic growth.
Afghanistan, Pakistan and Turkmenistan signed a joint letter formally inviting India to join a 1,600-km natural gas pipeline project, the Asian Development Bank said on Wednesday.
The Asian Development Bank said on Friday it will earmark loans up to $2 billion for India this year, with 70 per cent of it going towards infrastructure projects.
The anti-government protests near the presidential secretariat in Colombo resumed on Sunday after the authorities lifted the nation-wide curfew to celebrate the Vesak -- what we call Buddha Purnima in India -- festival.
The Asian Development Bank (ADB) on Monday said it has approved a loan of $125 million (around Rs 938 crore) for water supply and sanitation projects in Uttarakhand. The funds will be utilised to improve access to quality water supply and sanitation services in the Himalayan state, ADB said in a release. Under this project, 136 kilometres of water pipe system will be constructed to replace defective water networks in South Dehradun. This will ensure reliable and continuous water supply, benefitting an estimated 40,000 people, including 4,000 urban poor and vulnerable groups.
Petronet's IPO of 261 million shares will hit markets on March 1, 2004. The IPO has been put in a price band of Rs 13-15 a share.
Asian Development Bank will, for the first time, tap the Indian debt market in March to raise a little over Rs 4,500 crore (Rs 45 billion) through rupee bonds, which would be used for assisting private companies engaged in core sector.
The results are likely to please the Indian government, which has been trying to impress on domestic and foreign investors about its efforts to improve the ease of doing business.
The Asian Development Bank on Thursday revised upwards its growth projection of Indian economy to 6.7 per cent in 2003, but cautioned that GDP was expected to grow by 6.3-6.4 per cent next year.
The Asian Development Bank is all set to tap the Indian capital market with its maiden bonds issue amounting to over Rs 455 crore (Rs 4.55 billion) and said its loan sanction to the country would go up to $1.7 billion next year.
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