ADB
DEG-IFC-ADB trio eyes renewable energy firm Fourth Partner
A group of German investor DEG, along with the World Bank's International Finance Corporation (IFC) and the Asian Development Bank (ADB), are set to invest $300 million to acquire a controlling interest in Fourth Partner Energy, a renewable energy firm based in Hyderabad.
ADB approves $170 million loan to strengthen health system in India
ADB approved a USD 170 million policy-based loan to enhance India's health system preparedness for pandemics, supporting the National Health Policy 2017.
Fitch raises FY25 India GDP growth forecast to 7.2 per cent
In its Global Economic Outlook (GEO) released Monday, it raised its forecast for world growth in 2024 to 2.6% from 2.4% estimated earlier. India's economy grew 8.2% in FY24. "We expect the Indian economy to expand by a strong 7.2% in FY25 (an upward revision of 0.2pp from the March GEO)," Fitch Ratings said, adding that investment will continue to rise but more slowly than in recent quarters, while consumer spending will recover with elevated consumer confidence. Purchasing managers survey data point to continued growth at the start of the current financial year.
Army launches integrated generator monitoring, control system 'Vidyut Rakshak'
The Indian Army has launched 'Vidyut Rakshak', an integrated generator monitoring, protection, and control system developed by the Army Design Bureau (ADB). This tech-based innovation, part of the Army's 'Year of Tech Absorption', utilizes Internet of Things (IoT) technology to monitor, predict faults, and automate manual operations of all existing generators, regardless of type or make. The system aims to save manpower and signifies the Army's commitment to leveraging technology for transformative change. Vidyut Rakshak was showcased during Aero India 2023 and has already been inducted into the Indian Army.
India's GDP grows 7.8 per cent in Q4, FY24 growth pegged at 8.2 per cent
India Q4 GDP: The analysts were anticipating a better-than-expected growth for the January to March quarter this time around. The Reserve Bank of India (RBI) estimated Q4FY24 real GDP growth to be 7 per cent while ET Poll suggested the growth rate of 6.8 per cent. As per a Reuters poll, the Indian economy was expected to grow at 6.7 per cent in the January-March quarter on a year-on-year basis, owing to weak demand.
Pledged $2.6 bn sovereign loans to India in 2023: ADB
The Asian Development Bank (ADB) has pledged $2.6 billion in sovereign lending to India in 2023 for projects aimed at urban development, industrial corridor projects, power reforms, climate resilience, horticulture, and connectivity. The multilateral lender also committed over $1 billion for private sector projects and extended $23.53 million in technical assistance and $4.1 million in grants.
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ADB commits USD 2.6 billion in sovereign lending to India
Asian Development Bank (ADB) committed USD 2.6 billion (about Rs 21,500 crore) in sovereign lending to India in 2023 for various projects. The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India's climate resilience, and enhance connectivity.
India's growth outlook: Economy to get a blockbuster release this Friday? But that's too late to stream in poll campaigns
GDP Q4: As the country buzzes with election excitement, India is set to release its GDP growth numbers for the fourth quarter of FY24 this Friday, alongside the full fiscal year figures. Analysts are eagerly awaiting to see if the January to March quarter numbers surpass expectations, fueling hopes of a surprising uptick in growth.
GDP likely expanded 6.8% in Q4; FY24 print may hit 7.8%
The strong March quarter print could lift overall gross domestic product (GDP) growth for the full fiscal year to 7.8% against 7.6% assessed in the government's first advance estimates released in February. The International Monetary Fund (IMF) has also forecast 7.8% growth for FY24. The government will release fourth-quarter growth numbers and provisional GDP data for FY24 on May 31.
UN revises India's 2024 growth forecast to 6.9%
“India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025,29 mainly driven by strong public investment and resilient private consumption,” the UN Department of Economic and Social Affairs said.
ADB approves $148 mn loan to improve power supply in Sikkim
The Asian Development Bank (ADB) has sanctioned a loan of USD 148.5 million to facilitate the modernization and improvement of the reliability, quality, and resilience of electricity supply in Sikkim. This initiative aligns completely with Sikkim's Power for All program, guaranteeing uninterrupted, high-quality electricity access round the clock for households, industries, businesses, and the public.
India to become USD 4 trillion economy in FY25: Sanjeev Sanyal
New Delhi, India is forecasted to achieve a USD 4 trillion economy by 2024-25, surpassing Japan to become the world's fourth largest economy, according to Economic Advisory Council to the Prime Minister member Sanjeev Sanyal. Finance Minister Nirmala Sitharaman mentioned India's potential to surpass Japan and Germany to become the third-largest economy by 2027, cautioning against hasty fiscal moves.
Indian economy projected to expand at 6.6% in FY25, says Moody's
The agency highlighted that strong credit demand, fueled by robust economic growth, will bolster the profitability of the Non-Banking Financial Company (NBFC) sector.
India needs to focus on factor market reforms to propel growth to double digit: ADB Chief Economist
Labour reforms have been approved by Parliament in 2020, but it has not been implemented. In 2019 and 2020, 29 central labour laws were amalgamated, rationalised and simplified into four labour codes -- the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020.
India urges ADB not to overlook its focus on growth and shared prosperity
In Tbilisi, Georgia, at the 57th Annual Meeting of the Asian Development Bank (ADB), India emphasized the importance of focusing on poverty reduction alongside sustainable growth. India's Vikas Sheel, speaking on behalf of Finance Minister Nirmala Sitharaman, urged ADB not to overlook its mandate on growth and shared prosperity. Despite Sitharaman's absence due to India's ongoing elections, India affirmed its support for inclusive and sustainable growth in Asia and the Pacific.
Asian Development Fund to be replenished with USD 5 bn : ADB Prez
Asian Development Fund (ADF) to receive USD 5 billion for vulnerable in Asia Pacific. ADB President Asakawa announces higher replenishment for ADF 14 supporting grant operations till 2028, prioritizing small island states and poverty eradication efforts.
ADB open to funding space sector in India: VP Bhargav Dasgupta
The Asian Development Bank is open to funding the space sector in India in addition to focusing on climate finance to mitigate the associated risks, said its Vice President Bhargav Dasgupta on Friday. ADB has done some projects in satellite in the Asia Pacific region, but has not provided any assistance in the Indian space sector.
India needs to expand universal health coverage for rapidly ageing population, maintain growth: ADB report
A report by the Asian Development Bank (ADB) highlights India's low health insurance coverage for older people, emphasizing the need to expand universal health coverage. While countries like South Korea and Thailand have achieved universal coverage, India lags behind, with only 21% of older people covered. The report acknowledges the positive impact of schemes like Ayushman Bharat but calls for further expansion to improve the well-being of older individuals and enhance their productivity for the economy. It also stresses the importance of extending essential services to optimize older people's physical and functional capacity.
Sustained growth of 7 pc feasible for India: RBI MPC member Shashanka Bhide
Shashanka Bhide, a member of the RBI Monetary Policy Committee, suggests that India's economic growth of 7% in 2024-25 and beyond is feasible due to favorable monsoon, higher farm productivity, and improved global trade. He highlights concerns over slow global demand recovery and geopolitical conflicts impacting demand and input prices.
Pakistan has highest living cost in all of Asia with a 25 per cent inflation rate: ADB
Pakistan faces significant economic challenges, with the Asian Development Bank (ADB) projecting the country to have the highest inflation rate in Asia at 25% for the current fiscal year. The ADB's Asian Development Outlook report also forecasts Pakistan's economic growth to be among the lowest in the region at 1.9%.
Pakistan's economic outlook 'uncertain', says ADB as it predicts 1.8% growth for FY2024
Asian Development Bank cautions on Pakistan's economic outlook due to political instability. Reforms are vital for GDP growth and inflation control. Positive growth shift anticipated with agriculture and industry recovery, despite challenges like current account deficit.
Chinese economy to moderate in 2024: ADB
The Chinese economy is expected to grow by 4.8% in 2024, driven by a recovery in household consumption, ongoing property market adjustments, and weak external demand, according to the Asian Development Bank (ADB). However, growth is projected to moderate from the previous year's 5.2% expansion, with uncertainties in the external macroeconomic environment and trade tensions potentially affecting Chinese exports.
ADB raises India’s growth forecast to 7% for FY25; FY26 growth at 7.2%
“The Government of India’s efforts to boost infrastructure development while undertaking fiscal consolidation and provide an enabling business environment will help in increased manufacturing competitiveness to augment exports and drive future growth,” said Mio Oka, ADB India director, noting India will retain its tag as fastest growing major economy. Indian economy likely grew 7.6% in FY24, according to government data.
ADB raises India's GDP growth forecast for FY25 to 7 pc on robust investment, consumer demand
Asian Development Bank raised India's GDP growth forecast to 7% for the current fiscal, driven by robust investment and improving consumption demand. Growth moderates in FY2024 and FY2025, with support from monetary and fiscal policies.
Pvt investments rise in India very visible, says ADB
ADB, under Dasgupta's leadership, aims to increase private investments in India, focusing on clean energy and financial inclusion. Reforms and new models like IF-CAP are set to strengthen ADB's role in climate finance.
Govt, ADB ink USD 23 mn loan pact to strengthen fintech ecosystem in India
A USD 23 million loan agreement signed between the government and ADB aims to enhance fintech education, research, and innovation at GIFT City, promoting growth in India's financial services and fintech ecosystem.
EU carbon border tax will do little to cut emissions, says ADB study
The CBAM was introduced to address concerns that the outsourcing of manufacturing had put large parts of the EU's supply chain beyond the reach of its emissions trading scheme (ETS).
IFC-ADB, just climate in race to buy fourth partner energy
Fourth Partner focuses on building and financing renewable energy projects for commercial and industrial entities. It has an installed portfolio of 1.35 GW and is targeting to expand that to 3.5 GW by 2025. In fiscal 2022, it posted revenue of ₹1,018 crore, up from ₹459 crore the previous year, as per latest available financial numbers.
ADB appoints Mio Oka as country director for India
Oka will take charge of steering ADB operations in India and fostering relations with the government and the country's other development partners, ADB said in a statement. She will lead the implementation of ADB's country partnership strategy, 2023-2027 that is designed to catalyse robust, climate-resilient, and inclusive private sector-led growth in India, it said.
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