ADB chief supports India’s growth policy

Asian Development Bank (ADB) president Haruhiko Kuroda said on Friday that the bank was committed to support India in its efforts to achieve sustainable and equitable economic growth. Mr Kuroda, who is in India on a five-day visit, during his meeting with Prime Minister Manmohan Singh on Friday said that ADB’s country partnership strategy will be closely aligned with India’s 11th five-year plan and will support the focus on inclusive growth. "ADB attaches great importance to further strengthening its relationship with India and we remain highly committed to partnering with the government," said Mr Kuroda.
Mr Kuroda lauded the progress made by the country in its efforts to promote sustainable economic development. "I am pleased to note the prevailing buoyancy stemming from India’s growth and strong economic fundamentals. The increased integration of the global economy has made India a visible economic force," said Mr Kuroda. ADB expects India’s economy to expand by 8.5 per cent in 2007 and 2008, up from an earlier forecast of 8.0 per cent. Robust investment, buoyant industrial expansion and agricultural growth will ensure that India’s economy remains on a solid growth path. "While the growth is indeed commendable, ADB agrees with the government’s assessment that more needs to be done to make the growth process inclusive," said Mr Kuroda.