1. Home
  2. Blog
  3. UPSC

GoI and ADB Agreement for Industrial Corridor Development


Why is it in the news?

  • The Government of India and the Asian Development Bank (ADB) have signed a $250 million loan agreement for Industrial Corridor Development in India.

More about the news

  • The $250 million policy-based loan aims to support Industrial Corridor Development (Subprogramme 2).
  • Focuses on developing alternative financing solutions, including green finance for industrial cluster development.
  • Aims to enhance industrial workplace safety and integrate practices related to the environment and climate change.
  • This loan builds on Subprogramme 1, where ADB approved a $250 million loan in October 2021. Subprogramme 1 was designed to strengthen policy frameworks for the National Industrial Corridor Programme (NICP).
ADB

路聽聽聽聽聽聽 The Asian Development Bank (ADB) is a multilateral financial institution headquartered in Manila, Philippines.

路聽聽聽聽聽聽 ADB is committed to achieving prosperity, inclusivity, resilience, and sustainability in Asia and the Pacific.

 

 

Significance of Industrial Corridors

  • Industrial corridors position India as a strong player in the Global Value Chain.
  • Enhances India’s competitiveness in manufacturing through the creation of high-quality infrastructure.
  • Industrial corridors contribute to the creation of better jobs.
  • They play a role in alleviating poverty in states along the corridor.

 

National Industrial Corridor Programme (NICP)

路聽聽聽聽聽聽 NICP aims at the development of futuristic industrial cities in India that can compete with the best manufacturing and investment destinations globally.

路聽聽聽聽聽聽 The government has approved the development of 11 Industrial Corridors with 32 projects in four phases as part of NICP.

路聽聽聽聽聽聽 Implementation is through the National Industrial Corridor Development and Implementation Trust.

Get free UPSC Updates straight to your inbox!

Get Updates on New Notification about APPSC, TSPSC and UPSC

Get Current Affairs Updates Directly into your Inbox

Discover more from AMIGOS IAS

Subscribe now to keep reading and get access to the full archive.

Continue reading