ADB Loan for Industrial Corridor Development in India

  • Agreement signed by the Government of India and the Asian Development Bank (ADB).
  • $250 million policy-based loan for continued support to industrial corridor development.

Background:

  • This loan builds on the $250 million Sub-programme-1 loan approved by ADB in October 2021.
  • For policy frameworks for the National Industrial Corridor Development Programme (NICDP) and to develop 11 industrial corridors.
  • NICDP was launched in 2016 and updated in 2020.
  • To strengthen the planning and management of designated industrial economic clusters.
  • To attract private infrastructure and manufacturing investments.

Benefits:

  • Integration of industrial corridors with transport, logistics and urban facilities.
  • Gender equality in manufacturing and corridor development.
  • Training and upskilling of workers.
  • Industrial corridors develop alternative financing solutions, such as green finance, for industrial cluster development.
  • Industrial workplace safety
  • Integrate environment and climate change practices.
  • Introduce a synchronised Central and state-level single window clearance system.
  • Digitise processes to streamline the logistics process.
  • Cover areas such as agribusiness, automobiles, electronics, food and beverages, heavy machinery, pharmaceuticals, and textiles.
  • Alleviation of poverty in the corridor states.
Posted in Current Affairs.