Government of India and ADB sign $250 million loan for Industrial Corridor Development in India

• The Government of India and Asian Development Bank (ADB) on 15th December 2023 signed a $250 million policy-based loan that will continue support to industrial corridor development to make manufacturing more competitive, strengthen national supply chains and links with regional and global value chains, and create more and better jobs.
• This loan builds on the $250 million Subprogramme 1 loan approved by ADB in October 2021 that helped strengthen policy frameworks for the Government of India’s National Industrial Corridor Development Programme (NICDP) and develop 11 industrial corridors.
• ADB’s continued support to the effective implementation of the NICDP the government launched in 2016 and updated in 2020 to strengthen the planning and management of designated industrial economic clusters to attract private infrastructure and manufacturing investments.
• In addition, the second subprogramme will help industrial corridors develop alternative financing solutions, such as green finance, for industrial cluster development. It will also improve industrial workplace safety and integrate environment and climate change practices in these areas. To help improve the investment climate, and in line with the ease of doing business, the programme will introduce a synchronised Central and State-level single window clearance system and digitise processes to streamline the logistics process.
• The programme is expected to create jobs in the manufacturing sector in industrial nodes, covering areas such as agribusiness, automotives, electronics, food and beverages, heavy machinery, pharmaceuticals, and textiles. It will contribute to alleviation of poverty in the corridor states.

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Published date : 20 Dec 2023 11:42AM