ADB President meets PM Modi

Asian Development Bank, ADB, President Takehiko Nakao today met Prime Minister Narendra Modi and pledged to support the government’s new flagship initiatives.

Mr Nakao commended the government’s vision to make India a five trillion dollar economy. A statement issued by the bank said, the Prime Minister and ADB President discussed how to further enhance the partnership in areas such as the promotion of new technologies and innovation, renewable energy, solar-pump irrigation, electric vehicle and battery, sustainable tourism, and the recycling of plastic.

Mr. Nakao said, ADB stands ready to commit more than 12 billion dollar lending in the next three years. ADB President said, India is one of the fastest-growing economies in Asia and the Pacific, maintaining a growth rate of about 7.5 per cent on average in the last 5 years.

He said, ADB expects the country’s growth in 2019 at 7.0 per cent and in 2020 at 7.2 per cent, despite downside risks in the global economy.