A Shot In The Arm For Low-Income States: ADB To Invest $10 Billion In India

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.