India and the Asian Development Bank have a sociable relationship. The Asian Development Bank has provided India with loans of huge amounts over the years. The Asian Development Bank has helped India to reduce its level of poverty, improve infrastructure, and has also given boost to its economy.
The meaning of Asian Development Bank:
The Asian Development Bank (ADB) is a many- sided development bank that is owned by around 67 member nations.
The main objective of Asian Development Bank is to help its members who are developing countries by providing them with technical assistance, grants, loans, and guarantees.
India's relationship with the Asian Development Bank:
India and the Asian Development Bank have had a relationship since the 1966 when India was incorporated as a member of the ADB. India holds around 224,010 shares in the ADB and the percentage of votes that the country holds in ADB is 5.374%. India's Executive Director to the Asian Development Bank is Mr. Ashok K. Lahiri and the alternate Executive Director is Nima Wangdi. The Country Director of ADB for India is Tadashi Kondo. The Asian Development Bank has provided India with large amounts of loans in various sectors such as infrastructure, energy, financial, health, agriculture, and industry.
The various loans provided by the Asian Development Bank to India till 2006:
- In the sector of trade and industry the loan provided amounts to US$ 185.90 million
- In the sector of nutrition, health, and social protection the loan provided amounts to US$ 20.00 million
- In the sector of energy the loan provided amounts to US$ 5,125.80 million
- In the sector of natural resources and agriculture the loan provided amounts to US$ 46.11 million
- In the sector of finance the loan provided amounts to US$ 2,460.00 million
- In the sector of communication and transportation the loan provided amounts to US$ 4,979.20 million
- In the sector of waste management, waste supply, and sanitation the loan provided amounts to US$ 501.20 million
- In the sector of economic management and law the loan provided amounts to US$ 850.00 million
- In the multi sector the loan provided amounts to US$ 2,280.00 million
The Asian Development Bank's future assistance to India:
The Asian Development Bank has proposed to increase the amount of assistance to India from US$ 2.2 billion in 2002 to US$ 2.85 billion by 2009. This is sure to improve even more the relationship of India and the Asian Development Bank in the days to come.
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