ADB urged to increase private sector participation

India has requested Asian Development Bank (ADB) to expand its sovereign and non-sovereign operations in the country by providing financial assistance worth US$4 billion a year.

Subhash Chandra Garg, Secretary, Department of Economic Affairs, has also pointed out the that Indian government has approved ADB proposal to garner additional resources through Indian Rupee bonds in the offshore markets.

Garg, who met ADB President Takehiko Nakao in Manila on 4 May 2018, has highlighted the need for increased private sector operations by ADB in India.

Garg and Nakao attended the 12th informal meeting of SAARC finance Ministers.

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 about new technologies and automation on jobs.

Speaking at the 12th informal meeting of SAARC Finance Ministers, he highlighted the ongoing reforms in India and India’s economic performance.

Garg reiterated India’s support to ongoing activities in SAARC Development Fund.

The secretary is leading an Indian delegation at the 51st Annual Meeting of ADB.

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