The Asian Development Bank (ADB) has entered a pact with the government of India to provide a loan of USD 250 million (around Rs 1,872 crore) to support the country's National Industrial Corridor Development Program (NICDP).
Rajat Kumar Mishra, Additional Secretary, Ministry of Finance, inked for the government of India the agreement for first of the two sub-programmes, each of USD 250 million, of the Industrial Corridor Development Program, while Takeo Konishi, Country Director of ADB's India Resident Mission, signed for ADB.
The ADB financing supports India's NICDP that aims to develop world-class industrial nodes that are buttressed by efficient urban agglomerations and multimodal connectivity, including international gateways like ports and airports and inclusive, climate-resilient and sustainable infrastructure.
India has initiated significant reforms to increase the manufacturing sector's productivity and competitiveness like streamlined business processes to facilitate private investment, reduced corporate taxes and consolidated labour codes.
As part of NICDP, it is also developing guidelines for green corridor frameworks and climate-resilient infrastructure as well as focusing on enhancing skills for participation of female labour.