Prime Minister Narendra Modi on Sunday met Asian Development Bank (ADB) President Masato Kanda and discussed with him a wide range of issues including ADB’s support for Viksit Bharat 2047.
“Had a wonderful meeting with Mr Masato Kanda, in which we shared perspectives on a wide range of issues. India’s rapid transformation over the last decade has empowered countless people and we are working to add further momentum in this journey,” the prime minister said in a post on platform X.
Mr Kanda, who concluded his three-day visit to India on Friday, announced a $10 billion plan over five years to support India’s urban transformation, including metro extensions, regional rapid transit systems, and urban infrastructure.
Acknowledging his meeting with the prime minister, Mr Kanda said in a post on X: “The Viksit Bharat 2047 vision is bold, and @ADB_HQ is supporting that ambition. We will direct $10 billion, including third-party capital, over the next five years into municipal infrastructure development, extending metro networks, building new Regional Rapid Transit System corridors, and modernizing city services. I was pleased to convey this during my meeting with Prime Minister Narendra Modi @narendramodi in New Delhi.”
“By scaling up public and private sector finance, deepening knowledge collaboration, and mobilizing capital, we stand ready to support India’s drive to become a developed nation by 2047 and to deliver inclusive, resilient, and sustainable growth for its 1.4 billion people, ” Mr Kanda further said.
Last month, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman had also met Masato Kanda in Milan. During the meeting, she had emphasized that India offers opportunities for ADB to pilot new, innovative financing products and models.
She had asserted that India focuses on private sector-led economic growth and has been consistently creating a conducive policy and regulatory ecosystem through bold initiatives such as the Insolvency and Bankruptcy Code, Corporate Tax Rate Reduction and GST implementation, Production-Linked Incentives, National Infrastructure Pipeline, GatiShakti National Master Plan, and StartupIndia, among others, for greater Ease of Doing Business.
Responding to her offer, Mr Kanda had conveyed ADB‘s full support to India’s development priorities, guided by Prime Minister Narendra Modi.