The Asian Development Bank (ADB) on Tuesday launched a new country partnership strategy (CPS) for India.
According to a release, the partnership will focus on deepening its engagement with the nation, while simultaneously supporting India's drive for robust, climate-resilient, and inclusive growth.
It will also focus on accelerating structural transformation and job creation, promoting climate-resilient growth, and deepening social and economic inclusiveness, during its partnership period 2023-2027.
India currently ranks amongst the fastest-growing major global economies after it rebounded quickly from the impact of the Coronavirus pandemic. The nation needs to accelerate and sustain inclusive growth by tackling certain crucial challenges in infrastructure and human development, income and regional disparities, and vulnerability to climate change and natural hazards.
According to the release, in order to support the generation of well-paying jobs and structural transformation in India, ADB has announced to contribute to the nation's national flagship programmes on developing industrial corridors, multimodal logistics systems, urban infrastructure, skill ecosystem, and small businesses. The move is expected to enable urban areas to unlock potential while creating more jobs in formal manufacturing and service sectors.
To correspond to the development status of different states, ADB will adopt differentiated approaches. Commenting on the same, ADB Principal Country Specialist Rajesh Vasudevan said, "Strategic partnerships have been formed with lower-income states to develop critical infrastructure, basic services, institutional capacity, and private sector, while ADB interventions for the developed states will focus on transformational projects, nonsovereign operations, knowledge, and policy advice."
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By December 2022, ADB committed $52.6 billion in 605 public sector loans, grants, and technical assistance in India, along with $8 billion in private sector investments.