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A Shot In The Arm For Low-Income States: ADB To Invest $10 Billion In India
Swarajya Staff
Jun 30, 2017, 01:53 PM | Updated 01:49 PM IST
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The Asian Development Bank (ADB) has pledged to invest $10 billion in India’s infrastructure over the next five years, largely aimed at low-income states.
Part of ADB’s new strategy for India, the investment announcement was made by the multilateral agency’s president Takehiko Nakao in New Delhi. The bank aims to give a push to the economic performance of low-income states and developing economic corridors, specially, along the coasts.
While $5 billion has been earmarked for sprucing up infrastructure in states such as Uttar Pradesh (UP), Bihar, Jharkhand, Odisha and Chhattisgarh, the balance $5 billion will be used for developing the 2,500-km East Coast Economic Corridor, which will ultimately extend from Kolkata to Tuticorin in Tamil Nadu.
Of the $10 billion investment proposed 90 per cent will be spent on infrastructure creation in sectors like roads, rail, water supply, smart cities and green energy projects.
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