The Asian Development Bank (ADB) forecasts has provided some useful insights about India’s GDP growth.
GS III- Indian Economy
Dimensions of the Article:
- About Asian Development Bank (ADB)
- Highlights of the ADB Outlook Report 2022
About Asian Development Bank (ADB):
- The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966 to promote social and economic development in Asia.
- It is headquartered in the city of Mandaluyong, Metro Manila, Philippines.
- The ADB was modeled closely on the World Bank and an official United Nations Observer.
- Japan holds the largest proportion of shares in ADB followed by the USA, and it has a weighted voting system where votes are distributed in proportion with members’ capital subscriptions (just like the World Bank).
- The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
- ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
- ADB aids in reducing poverty through investments in the form of loans, grants and information sharing (in infrastructure, health care services, financial and public administration systems), helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas.
Highlights of the ADB Outlook Report 2022
- From an expected 8.9% in 2021-22, India’s GDP growth would moderate to 7.5 percent in 2022-23.
- It has taken into account the impact of the Russia-Ukraine conflict on India, which would be mostly indirect due to rising oil prices.
- Increased vaccination rates would reduce the severity of the COVID-19 epidemic.
- Increased public capital spending is expected to boost India’s logistics infrastructure’s efficiency, attract private investment, create construction employment, and sustain growth.
-Source: The Hindu