ADB’s Country Partnership Strategy for India
The Asian Development Bank (ADB) recently rolled out its 2023-27 country partnership strategy for India. This new strategy focuses on key areas to accelerate the country’s development and promote inclusive growth.
Key Focus Areas
ADB’s country partnership strategy for India emphasizes three key focus areas.
- Accelerate structural transformation and job creation
- Promote climate-resilient growth
- Deepen social and economic inclusiveness
ADB’s Headquarters and Vision for India
ADB, headquartered in Manila, is committed to strengthening its engagement with India over the next five years. It aims to support India’s pursuit of robust, climate-resilient, and inclusive growth. This aligns with the country’s own vision for progress and development.
Support for Climate Agenda
ADB’s new strategy places a strong emphasis on supporting India’s climate agenda. The bank plans to intervene in energy transition, transport decarbonisation, climate adaptation, and disaster risk management. By doing so, ADB aims to contribute to India’s efforts in addressing climate change and building a sustainable future.
Education, Health, and More
In addition to climate-related interventions, ADB will increase its support for education, health, and social protection in India. The strategy also focuses on improving urban liveability and rural development. ADB recognizes the importance of gender empowerment and environmental sustainability in achieving inclusive growth. Hence, these aspects are also incorporated into its objectives for India.
ADB’s Projections and Contributions
ADB projects that India’s economy will grow at a rate of 6.4% in FY24. ADB intends to aid the nation’s progress by participating in major national initiatives such as industrial corridors, multimodal logistics systems, urban infrastructure, skill ecosystem, and small enterprises. The bank intends to leverage public-private partnerships as a means to achieve its objectives effectively.
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Month: Current Affairs - May, 2023
Category: India Nation & States Current Affairs • International / World Current Affairs