ADB Subprogram
India, ADB sign $350-mln loan to expand mfg sector, improve supply chains
This story was originally published at 20:43 IST on 20 December 2024
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NEW DELHI – India and the Asian Development Bank Friday signed a $350-million policy-based loan to expand India's manufacturing sector and improve the resilience of its supply chains, the commerce ministry said in a release.
The loan was signed under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem programme. Under this programme, the ADB gives a policy-based loan to the Indian government to support reforms in the logistics sector.
"The programme establishes and operationalises a comprehensive policy framework to enhance logistics efficiency through (i) strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels; (ii) standardising warehousing and other logistics assets to strengthen supply chains and incentivise greater private sector investment; (iii) improving efficiencies in external trade logistics; and (iv) adopting smart systems for efficient and low emission logistics," the ministry said in the release.
The development of India's logistics sector is vital to enhancing the competitiveness of its manufacturing sector, the release said. A transformation in the logistics sector is expected to reduce costs, improve efficiency, generate substantial employment opportunities, and promote gender inclusion—driving sustainable economic growth, the release said. End
US$1 = INR 85.02
Reported by Shubham Rana
Edited by Avishek Dutta
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