ADB Current Affairs

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ADB retains India’s growth forecast at 7.3% for FY19

Asian Development Bank (ADB) in its Outlook Supplement has retained India’s growth forecast at 7.3% for current fiscal (2018-19) and 7.6% in following financial year (2019-20). It held that India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output.

Key Facts

India saw GDP growth moderate to 7.1% in Q2 of FY2018 (ending March 31, 2019) from 8.2%in Q1. The slowdown came mainly from food prices, rising oil prices delivering negative shock in terms of trade, lower rural consumption, and rising costs for raw materials. But growth forecasts of 7.3% for 2018-19 and 7.6% for 2019-20 are retained from update despite some downside risks.

Asian Development Bank (ADB)

ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside.

Month: Categories: Business & Economy Current Affairs 2018

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Government inks $31 million loan agreement with ADB to develop tourism and boost jobs in Tamil Nadu

Union Government has inked $31 million loan agreement with Asian Development Bank (ADB) for Tamil Nadu Government’s Infrastructure Development Investment Program for Tourism (IDIPT). It is fourth loan tranche for this program aimed at building-up tourism industry and boost visitor arrivals in Tamil Nadu.

Infrastructure Development Investment Program for Tourism (IDIPT)

It is $250 million project approved in September 2010. It aims to build opportunities for local communities and boost local economy by enhancing tourism in three other states – Punjab, Himachal Pradesh and Uttarakhand- besides Tamil Nadu. This will be achieved through developing and preserving sites of natural and cultural heritage, and building connectivity, capacity, and infrastructure around State tourist sites.

It will support conservation and restoration of eight heritage monuments, one museum, three temples and pond. It will build various facilities at the sites, including information centers, rest centers and toilet blocks with facilities served by solar-powered lighting and energy efficient lighting. The estimated completion date is June 2020.

The project is expected to improve tourism infrastructure in Tamil Nadu and also help state in preserving natural and cultural heritage. The activities under the project will also boost economic opportunities for the local people. It will also generate extra jobs in Tamil Nadu, especially through skills training and community-based activities target poor and women.

Month: Categories: India Current Affairs 2018

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