ASIAN DEVELOPMENT BANK - INTERNATIONAL
News: ADB
pares India’s growth hopes to 6.4%
What's in the news?
● The
Asian Development Bank (ADB) has slashed its growth projection for India for
2023-24 sharply from 7.2% estimated
earlier to 6.4%, attributing the cut to the global economic slowdown, tight
monetary conditions, and persistently elevated oil prices.
Key takeaways:
● The
Bank cautioned that the domestic
consumption demand is likely to stay healthy, private investment growth is
likely to be lower this year due to high lending rates and moderating optimism
on business conditions.
● The
Outlook noted that the ongoing recovery in China and healthy domestic demand in
India will be the main growth support pillars for the entire region through
this year and next.
● India’s
contribution to developing Asia’s growth is expected to rise to 27% by 2024-25
from an estimated 25% in 2023-24, with China’s impact slipping from 51% this
year to 46% by 2024-25.
● South Asia
will remain the best-performing sub-region this year, driven by robust growth
in India which should register high growth both this year and next year.
Asian Development Bank:
● The
Asian Development Bank (ADB) was founded in 1966 and is headquartered in Manila (Philippines).
Members:
● It
has 68 members from Asia and the
Pacific.
● Japan
owns 15.677% of ADB, followed by the United States (15.567%), China (6.473%),
and India (6.473%).
Aims of Asian Development Bank:
● The
Asian Development Bank (ADB) describes itself as a social development agency dedicated to poverty reduction in Asia and the
Pacific through inclusive economic growth, ecologically sustainable growth,
and regional integration.
● This
is accomplished with an investment of
80% in the public sector.
● This
is accomplished through investments in infrastructure, health care services,
finance, and public administration systems, as well as other sectors, such as
assisting nations in preparing for the effects of climate change or better
managing their natural resources.
ADB’s Strategy 2030:
● The
Asian Development Bank's (ADB) Strategy 2030 charts a course for the bank to
respond effectively to the region's evolving demands.
● The
Asian Development Bank (ADB) will continue to work to eradicate extreme poverty and develop its vision for a prosperous,
inclusive, resilient, and sustainable Asia and the Pacific under Strategy
2030.
Significance:
● The
Asian Development Bank invests in infrastructure, health, and public
administration, assisting countries in mitigating the effects of climate change
and managing natural resources.
● The
Asian Development Bank (ADB) publishes an annual report that details its
operations, budget, and other documents for public consumption.