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ADB assures India for its support to spur growth
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SME Times News Bureau | 28 Aug, 2014
Takehiko Nakao, president of the Manila-based Asian Development Bank
(ADB) Wednesday assured Prime Minister Narendra Modi his development
finance institution's support to help India grow faster and assured some
$7-9 billion credit to the country over the next three years.
"India
has great potential to grow faster and ADB will be supporting India to
reach its potential," Nakao, who is on a visit to India, is quoted as
having told the prime minister during his meeting here.
"The
population of India is its biggest plus-point and as the cost of
manufacturing goes up in other countries, India can capitalize on this
for promoting manufacturing," said a statement issued by the Prime
Minister's Office, quoting the visiting dignitary. Modi said he
had a good experience with the ADB in Gujarat, a state of which he was
chief minister earlier, in its reconstruction after the devastating
earthquake of 2001. He wanted ADB to be a partner in India's progress.
"He wanted ADB to think differently so that it can make an impact," the statement said.
The
prime minister wanted ADB to give priority to regional connectivity
projects which will help the whole region. He also said his assistance
should be additional to current levels of assistance.
He wanted
ADB to pick up large demonstration projects and demonstrate
breakthroughs which then can be rapidly copied, the statement said.
The
ADB president said they are very keen on partnering in the East Coast
Industrial Corridor and supporting Smart Cities. He also wanted India's
regulatory system to be improved to make doing business easier.
The
prime minister asked the ADB president to come back next year and that
he would certainly see an improvement in the doing-business indicators.
Foreign direct investment is a focus area, Modi mentioned.
Nakao complimented Modi on his Independence Day Speech which he termed inspiring.
He
said he was particularly touched by the prime minister's emphasis on
change, removing silos within government, improving co-ordination and
focusing on results. He said he is trying to do the same in ADB
although it is a much smaller organization.
The prime minister remarked that his mindset and the ADB president`s mindset are the same.
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