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.
Nepal's decision to ban the import of non-essential items amid depleting forex reserves may hit Indian exports. The country's central bank - Nepal Rastra Bank - last week instructed commercial banks not to open letters of credit (LCs) for importing non-essential items. This is to prevent further decline of the country's foreign exchange reserves. However, it has not issued any formal communication yet.
India's forex reserves declined $5.24 billion to $617.23 billion for the week ending February 9, according to weekly data released by the Reserve Bank of India (RBI) on Friday. The forex kitty stood at $622.5 billion for the week ended February 2. However, in the current fiscal, the forex reserves have increased $50.28 billion, the RBI data showed.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
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.
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
The Bank suggested reforms in infrastructure sector.
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.
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.
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.
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.
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.
Shaping strategies to suit different oppositions and venues will be key for every team during the World Cup and New Zealand have an Indian, who is familiar with conditions and owns the data to assist them -- Saurabh Walkar, their performance analyst.
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.
Is Chandrababu Naidu being in jail an opportunity? How will the TDP capitalise on it? Or will it implode with nothing more than a sigh?
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.
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 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.
The state-run gas transmission firm Gail (India) Ltd plans to prepay an expensive Rs 500 crore (Rs 5 billion) Asian Development Bank loan by raising debt from domestic market through a bonds issue in January.
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.
With a total assistance of $122.21 million, India stood second to China in cornering loans from Asian Development Bank in the first quarter of this calendar year.
Nepal's Prime Minister Sher Bahadur Deuba on Monday inaugurated the country's second international airport built by China that will help connect Lumbini, the birthplace of Lord Buddha and a major tourist and pilgrimage destination, to Buddhist circuits in South Asia as well as to the rest of the world.
The Asian Development Bank said on Friday that India, Pakistan and China had borrowed the lion's share of the $5.68 billion it lent to 21 nations last year.
The magnitude of the economic losses will depend on how the outbreak evolves, which remains highly uncertain.
