ADB approves USD 50 mln loan to improve Nepal’s overall trade infra
According to a release, trade and industry contributed 14.1 per cent to Nepal's gross domestic product (GDP) in the financial year 2022.
According to a release, trade and industry contributed 14.1 per cent to Nepal's gross domestic product (GDP) in the financial year 2022.
Finance Minister Nirmala Sitharaman will lead the Indian delegation to attend the 56th annual general meeting (AGM) of the Board of Governors of Asian Development Bank (ADB) in South Korea's Incheon from May 2 to May 5.
The crisis-hit economy contracted by 7.8 per cent in 2022 and is forecast to contract by 3 per cent in 2023 as it continues to grapple with the challenges.
There is a combination of issues that many countries in developing Asia are facing but we do see the Chinese government responding quite strongly to some of these headwinds through a combination of fiscal and monetary policy measures," said Safdar Parvez, advisor at the East Asia Department of the ADB, during a virtual media briefing.
Last week, the ADB revised down its growth forecast from 5.2 percent to 4.3 percent for 2022 and 5.3 percent to 4.9 percent for 2023 for developing economies in the Asia-Pacific region.
The government has launched the “Skill India” and “Digital India” programs to attract the youth and create high-value jobs in the manufacturing industry.
The project will construct two new metro lines, mostly elevated, along Outer Ring Road and National Highway 44 between Central Silk Board and Kempegowda International Airport with 30 stations.
The ADB expects that the inflation to fall in the remainder of FY2020 to 4.5 per cent with tamed food prices and decreased economic activity.
The report said that China, where the pandemic began, has already begun to recover and will see its economy grow 1.8% this year and 7.7% in 2021.
The project will also focus on training the Maharashtra Public Works Department project staff to build their capacity in climate change adaptation and disaster-resilient features in road design, road maintenance planning and road safety.
