India seeks $4 bn assistance from Asian Development Bank

New Delhi: India on Friday requested the Asian Development Bank (ADB) to expand its sovereign and non-sovereign operations in the country by providing financial assistance worth $4 billion a year and support its sustainable growth.

Economic Affairs Secretary Subhash Chandra Garg, who is leading India’s delegation to Manila, requested ADB President Takehiko Nakao to support India in its endevour towards an inclusive and sustainable growth accompanied by rapid economic transformation and job creation.

Highlighting the need for increased private sector operations by ADB in India, he said that the government had approved ADB’s proposal to garner additional resources through INR bonds in the offshore markets, a government statement said.

Leading the Indian delegation to Manila for attending ADB’s 51st annual meeting, Garg also attended the Governors’ Roundtable on role of governments in harnessing new technology for inclusive growth, and provided India’s perspective on how to deal with changes being brought by new technologies and automation on jobs.

He also attended the 12th informal meeting of SAARC Finance Ministers and highlighted the ongoing reforms in India and India’s economic performance.

The delegation also held bilateral meetings with the official delegations of Hong Kong and Germany and discussed a wide range of bilateral issues.