ADB

Indian economy poised to grow 5.5% this year: ADB

Indian economy poised to grow 5.5% this year: ADBThe growth of Indian economy is poised to pick up pace this year but it may take some more time for the South Asian economy to reach its peak potential growth rate, Asian Development Bank (ADB) said in its latest report.

According to ADB's fresh estimates, India's gross domestic product (GDP) will likely grow 5.5 per cent in FY2014-15. The estimated growth figure is well above India's Central Statistical Office's estimated growth rate of 4.9 per cent for the recently concluded financial year (2013-14).

ADB cuts growth forecast for developing Asia

ADB cuts growth forecast for developing AsiaAsian Development Bank (ADB) on Wednesday slashed its growth forecast for the Asian economy, excluding Japan, citing concerns over more moderate economic activity in China and India and effects of quantitative-easing nervousness.

The Manila-based bank said developing Asia would likely grow at a rate of 6 per cent in 2013 and 6.2 per cent in 2014. In its previous report in July, the bank had predicted growth of 6.3 per cent for this year and 6.4 per cent for next year.

ADB cuts India's growth forecast to 4.7 percent

ADB cuts India's growth forecast to 4.7 percentNew Delhi, Oct 2 : The Asian Development Bank (ADB) Wednesday sharply lowered its forecast on India's economic growth to 4.7 percent for this year from its earlier projection of 6 percent.

In an update of its flagship annual economic publication, Asian Development Outlook 2013, the ADB said the Indian economy has been under pressure with the recent depreciation of the rupee and capital outflows adding to structural constraints which are weighing heavily on its prospects for returning to a high growth path.

ADB to invest $30M in NSL Renewable Power

ADB to invest $30M in NSL Renewable PowerThe Asian Development Bank (ADB) has announced its decision to invest $30 million (around Rs 162.66 crore) in clean-energy firm NSL Renewable Power Pvt. Ltd. to help it construct wind and hydropower projects.

NSL Group will use the money to partly fund the construction of its 75-megawatt Chilarewadi wind plant in Maharashtra, and a 100 megawatt Tidong run-of-river hydro project in Himachal Pradesh.

ADB to invest $30 mn in NSL's hydropower project

Asian-Development-BankNew Delhi, May 1 : The Asian Development Bank (ADB) Wednesday announced $30 million equity investment in a hydropower project developed by Hyderabad-based NSL Group.

This is ADB's first equity investment in India in any private sector renewable power generation company.

The money will be used to partially finance the construction NSL Group's 100-megawatt Tidong run-of-river hydropower project in Himachal Pradesh and the 75-megawatt Chilarwadi wind project in Maharashtra.

ADB and NSL announced the deal at press conference here.

Takehiko Nakao elected ADB president

Takehiko-NakaoManila, April 26 : The Asian Development Bank (ADB) announced Friday that Takehiko Nakao has been unanimously elected as president by its Board of Governors.

Nakao, 57, is Japan's former vice minister of finance for international affairs. He will assume office as the Manila-based lender's ninth president April 28, reported Xinhua.

He will finish the unexpired term of his predecessor Haruhiko Kuroda which ends Nov 23, 2016. Kuroda resigned as ADB president in March following his nomination as governor of the Bank of Japan.

Asian development Bank predicts growth rate of 6.6%

Asian development Bank predicts growth rate of 6.6%The Asian Development Bank (ADB) has said that it expects the Gross Domestic Product (GDP) of developing Asia incorporating 45 nations to rise to 6.6 per cent this year.

The Mani based multinational financial assistance institution said that it expects the Asian economy to grow by 6.7 per cent during the year, 2014. The ADB warned over the impact of the continuing slowdown in the Eurozone and political climate in Asia on the region's economy in the year. The group of developing Asia includes major economies including China, India and Indonesia.

ADB agrees on $100 million loan for Uttarakhand

ADB agrees on $100 million loan for UttarakhandRegional international financial institution, the Asian Development Bank (ADB) has agreed to provide 100 million US dollar in loan for Uttarakhand.

The ADB signed an agreement with the government of India for the loan, which is a part of the second phase of urban sector development investment programme in the northern Indian state of Uttarakhand. The loan will be used to revive and expand basic urban infrastructure in five main cities in the state.

ADB cuts India's growth forecast to 5.4 percent in 2012-13

ADB cuts India's growth forecast to 5.4 percent in 2012-13The Asian Development Bank (ADB) has said that it revising India's growth forecast to 5.4 percent in 2012-13 financial year.

The new forecast was announced just two month after it projected that the Asia's third largest economy would grow at 5.6 percent during the financial year. The regional agency said that it has now revised 5.6 percent to 5.4 percent during this fiscal year.

The ADB said, "India's growth forecast is revised from 5.6 percent to 5.4 percent in fiscal year 2012 and from 6.7 percent to 6.5 percent in FY 2013."

ADB lowers growth projections for India, China

ADB lowers growth projections for India, ChinaThe Asian Development Bank (ADB) on Wednesday slashed its growth forecasts for India and China, citing weakening growth momentum in the two Asian giants.

In its Asian Development Outlook, the ADB lowered its growth projection for India to 5.6 per cent for the financial year of 2012-13, from its previous projection of 7 per cent.

For China, the bank lowered growth projection from 9.3 per cent to 7.7 per cent. For the financial year of 2013-14, the bank expects growth to recover to 6.7 per cent in India and 8.1 per cent in China.

Asian nations must continue their reforms, says ADB

Asian nations must continue their reforms, says ADBThe Asian Development Bank (ADB) has said in a new report Asian nations must continue their long-term reform process in the coming year for protecting the region from continuing uncertainties in the global economy.

It said that it will be crucial year for the global economy and warned that the crisis in the Euro-zone and slow recovery in the US could spread to other nations. The report also said that the region should prepare a new growth model that to overcome obstacles to growth on the continent.

ADB will lend Bihar and Maharashtra for their projects

ADB will lend Bihar and Maharashtra for their projectsThe Asian Development Bank (ADB) has announced that it will fund the ongoing projects of Bihar and Maharashtra. It has declared that it will lend$300 million to the government of Bihar. It will be utilized in the building of 365 km of the highway of the state. It will include the construction of new bridges and drainage system.

The board of the Bank has discussed over the issue on Thursday. Apart from the compensation to Bihar; it has also informed that, it will lend money for the projects of Maharashtra government as well.

Petronet LNG to see divestment

Petronet LNG to see divestmentThe Asian Development Bank (ADB) has said in a written letter that it wants to divest its stake in Petronet LNG. The letter was written to the promoters of the gas trading and distributing company.

At present, ADB has 5 per cent stake in Petronet and the value of it is 444 crore rupees. The bank wants the other stakeholders like IOC, ONGC, BPCL and GAIL, to takeover this stake.

The four Indian fuel companies are holding 12.5 per cent stake each in Petronet and their combined stake in 50 per cent.

Swiss firm to help make smarter Indian homes

Advanced-Digital-BroadcastAdvanced Digital Broadcast, a Switzerland-based technology firm is set to bring in advanced technology into India to offer a set top box capable of converging content from any screen onto a TV.

The $360-million firm will offer hybrid set-top boxes that connect to television network, the broadband internet and other devices like computer, mobile etc allowing users to access all content on their TV screens.

ADB To Provide $300 Mln Loan To Support India's Small Businesses

ADB To Provide $300 Mln Loan To Support India's Small BusinessesThe Asian Development Bank announced that it was offering up around $300 million in financing to assist India build up and swell its micro-, small and medium-sized businesses.

The Manila-based banking institution stated that its board sanctioned a loaning amount of $50 million and a partial credit guarantee of around $250 million for the project.

ADB said micro-, small and medium-sized enterprises offer livelihoods to an approximated 65 million people in India, many of them women residing in slum areas and other deprived residential areas.

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