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.
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.
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 magnitude of the economic losses will depend on how the outbreak evolves, which remains highly uncertain.
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 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 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.
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 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 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 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.
These clauses deal with penalties, licences, registration and National Transport Policy, among others.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
The project is the largest investment undertaken by any private sector entity in CSP in India.
Finance Commission has got new team who are committed to growth initiatives.
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.
The NDB will have an initial authorised capital of $100 billion.
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.
A myth was nurtured for nearly three decades that any chief minister of Uttar Pradesh who visited Noida in Gautam Buddh Nagar district was doomed to go out of power.
Severe heatwaves, responsible for thousands of deaths across India over the last few decades, are increasing with alarming frequency and soon the country could become one of the first places in the world to experience heatwaves that break the human survivability limit, according to a new report.
ADB has often expressed its interest in promoting sub-regional integration in South Asia and perhaps could be involved as a facilitator.
'...the President is pleased to accept the resignation tendered by Shri Ashok Lavasa, Election Commissioner with effect from the 31st August, 2020,' the notification said.
Imposing a blanket ban on construction of houses and commercial establishments along the banks of rivers, Uttarakhand Chief Minister Vijay Bahuguna on Monday announced setting up of a statutory body to look into planning and development of the flood-hit areas of the state.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Moody's Investors Service on Thursday said India is likely continue to face challenges in raising longer-term growth potential and creating enough jobs for its young population in the absence of higher trade openness. In its report on South Asia sovereigns, Moody's said compared with other South Asian economies, India appears to be in a better position to deepen its integration in global value chains, attract FDI and increase exports. The country has better macroeconomic fundamentals, more stable politics and a more developed export sector.
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.
Significantly, for the first time, the FATF put Myanmar in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.
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