ADB operations to focus on job creation, promoting climate-resilient growth during 2023-27

Asian Development Bank (ADB) on Tuesday said its operation in India will focus on accelerating structural transformation and job creation, promoting climate-resilient growth, and deepening social and economic inclusiveness during 2023–2027.

Launching a new country partnership strategy (CPS) for India, ADB said it is focussed on deepening its engagement with the country and supporting the country's drive for robust, climate-resilient, and inclusive growth.

India quickly rebounded from the impact of COVID-19 pandemic, with economic growth projected at 6.4 per cent in FY2023–2024, and now ranks among the fastest growing major global economies, the multilateral funding agency said in a statement.

The country needs to accelerate and sustain inclusive growth by tackling critical challenges in infrastructure and human development, income and regional disparities, and vulnerability to climate change and natural hazards, it said.

To support structural transformation and the creation of well-paying jobs, it said, ADB will contribute to India's national flagship programmes on developing industrial corridors, multimodal logistics systems, urban infrastructure, skill ecosystem, and small businesses.

This will enable urban areas to unlock their potential as engines of growth, promote industrial competitiveness, and create more jobs in formal manufacturing and services sectors, it added.

''Building on our comprehensive consultations with government counterparts, private sector, and other in-country stakeholders, the new CPS aims to help India achieve a higher growth trajectory.

''ADB will simultaneously increase support for better education, health, and social protection, and will assist improvements in urban livability and rural development while ensuring gender empowerment and environmental sustainability,'' said ADB Country Director for India Takeo Konishi.

Support to India's climate agenda will be at the forefront of the new strategy via interventions in energy transition, transport decarbonisation, climate adaptation, and disaster risk management, it said.

ADB will meet these objectives through its public and private sector operations, and by catalyzing public–private partnerships, it said.

To complement these interventions, ADB will promote domestic resource mobilization including at the municipal level, gender equality and social inclusion, digitalization and expansion of the innovation ecosystem, and regional cooperation.

ADB will adopt differentiated approaches corresponding to the development status of the states.

Strategic partnerships have been formed with lower-income states to develop critical infrastructure, basic services, institutional capacity, and private sector, while ADB interventions for the developed states will focus on transformational projects, non-sovereign operations, knowledge, and policy advice, it said.

The new CPS will also maximize value addition through knowledge solutions, technical assistance, and capacity building of its partner agencies in the areas of strategic engagement.

India is a key ADB partner and fourth largest shareholder. As of the end of December 2022, ADB had committed USD 52.6 billion in 605 public sector loans, grants, and technical assistance in India, as well as USD 8 billion in private sector investments.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members -- 49 from the region.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)