Inclusive Growth Current Affairs

ADB to increase Annual Lending to India to $4 billion

The Asian Development Bank (ADB) has decided to increase its annual lending to India to maximum of $4 billion between 2018 and 2022 to help fasten inclusive economic transformation towards upper middle income status.

The new lending programme also includes private sector operations. It is much higher than average $2.65 billion a year in loans extended during 2012 and 2016.

The ADB’s programme in India will focus on three main pillars of activity during the 5-year period. These three pillars are

(i) Boost economic competitiveness to create more and well-paid jobs,

(ii) Improve access to infrastructure and services, and

(iii) Address climate change and improving climate resilience.

Asian Development Bank (ADB)

ADB is a regional development bank which aims to promote social and economic development in Asia. It was established on 19 December 1966. It is headquartered in Manila, Philippines. Now it has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.

The ADB has been modelled closely on the World Bank. It has similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions. As of 2014, Japan was largest shareholder (capital subscription) of ADB having 15.7% shares followed by US (15.6%), China (6.5%), India (6.4%), and Australia (5.8%).

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NITI Aayog Conducts First Samavesh Meeting

NITI Aayog has conducted the first Samavesh meeting of the National Steering Group and other knowledge partners under the co-chairmanship of Amitabh Kant, CEO and Ratan P Watal, Principal Adviser, NITI Aayog. The meeting was also attended by representatives of four States- Kerala, Assam, Uttar Pradesh and Rajasthan.

Salient Highlights

The objective of the meeting was to bring together 32 premier educational and policy research institutions to boost the development process, improve institutional capacity and forge a field level interface with the community in pursuance with the Prime Minister’s call for a New India 2022,

In the meeting, Memorandum of Understands (MoUs) were signed between NITI Aayog and major think tanks across the country with an aim to create an atmosphere of evidence based policy research.

This is the first ever initiative undertaken by the government to bring a huge number of institutions across diverse domain themes to deliberate together to promote inclusive development of the country. This network is expected to promote efficient knowledge sharing and information exchange among all partners in order to achieve a sustainable and more inclusive development in line with the National Development Agenda, Sustainable Development Goals and the 15 year Vision, 7 year strategy and 3 year action plan.

NITI Aayog has been emphasizing upon the role that can be played by the country’s Premier institutes to promote for inclusive development of the country. As a part of Samavesh initiative, NITI Aayog will launch a new link in its website that would serve as a major repository of knowledge based reports and case studies across different sectors of the economy.

NITI Aayog

NITI Aayog or National Institution for Transforming India was established on January 1, 2015 through a government resolution. NITI Aayog is essentially an advisory body that seeks to provide critical directional and strategic inputs across spectrum of key elements of policy to the centre as well as to the states. NITI Ayog was established by the government as a “Think Tank” which has no power to impose policies. NITI Aayog seeks to put an end to the slow and tardy implementation of the policy by fostering inter-ministry, inter-state and centre-state coordination. It has been envisaged to follow the bottom-top development approach whereby, it would develop mechanisms to formulate credible plans to the village level and aggregate these progressively at higher levels of government.

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