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ADB injects USD 250 million to boost India's industrial corridors
The Business Guardian
|December 11, 2023
The Asian Development Bank (ADB) has greenlit a USD 250 million policy-based loan to further propel the development of industrial corridors in India.
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The initiative aims to enhance the competitiveness of the manufacturing sector, fortify national supply chains, and foster connections with regional and global value chains.
Additionally, the project aspires to generate a substantial number of high-quality jobs.
According to ADB, the financial support from ADB aligns with the National Industrial Corridor Development Program (NICDP) initiated by the Government of India in 2016 and later updated in 2020 for enhanced planning and management of industrial economic clusters. ADB’s infusion of funds bolsters the effective implementation of NICDP.
According to Sameer Khatiwada, ADB Senior Public Management Economist, the program is poised to stimulate job creation across various sectors, including agribusiness, automotive, electronics, food and beverages, heavy machinery, pharmaceuticals, and textiles.
This story is from the December 11, 2023 edition of The Business Guardian.
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