Financial Daily from THE HINDU group of publications
Thursday, Sep 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 01, 2005 |
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Industry & Economy
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Economy India to post 7 pc growth despite oil worries: ADB chief Our Bureau
ALL EARS: The ADB President, Mr Haruhiko Kuroda, at a press conference in the Capital on Wednesday. - Ramesh Sharma
New Delhi , Aug. 31 DESPITE global worries on the oil price front, the Indian economy is set to come out winners with a sustained 7 per cent growth over the next couple of years, Mr Haruhiko Kuroda, President, Asian Development Bank (ADB), said. "We are positive about Indian economic growth. We expect 7 per cent growth by India in the coming few years," he said at a press conference here on Wednesday. He said that the Indian Government's resolve to push ahead with the unfinished reforms agenda would help accelerate growth even further. He said that ADB's positive outlook on the Indian economy comes at a time when the bank might revise the growth projections of developing Asian economies downwards. "Currently, we are in the process of revising the forecast (for developing Asian economies). There is some slowdown," Mr Kuroda said. However, he said that in view of the robust growth in India and China, the overall growth for developing Asia might not be significantly revised downwards. Mr Kuroda was addressing the media after holding meetings with top Government officials including the President, Dr A.P.J. Abdul Kalam; the Prime Minister, Dr Manmohan Singh; the Finance Minister, Mr P. Chidambaram; and the Shipping and Road Transport Minister, Mr T.R. Baalu. He said that ADB was considering a major step up in its assistance to projects in India. "We would give $1.3 billion loans to India during the current year. We might step up our support significantly in the coming years and annual lending could be $2.5 billion or more. In fact, between 2006 and 2008 our total assistance is expected to be in the region of $6.5 billion-$7 billion focussing on various infrastructure projects," he said. He said that the private-public partnership (PPP) route of financing infrastructure projects would be an important method of ADB's involvement in India. However, he felt that the PPP route might not work in the rural areas. He said that ADB and the Indian Government would establish a Joint Work Force to improve implementation and disbursement of project assistance.
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