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GoI and ADB Agreement for Industrial Corridor Development

By Amigos IAS

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

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

·       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)

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

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

·       Implementation is through the National Industrial Corridor Development and Implementation Trust.

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