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Govt is following approach of 'Reform to Transform'

By TIOL News Service

NEW DELHI, MAY 06, 2016:THE Union Finance Minister Mr Arun Jaitley said, though the Asia-Pacific region remains the growth engine for the world, there appears to be a softening in region's growth rate from 5.9% projected last year to 5.7% each in 2016 and 2017. Notwithstanding, the global headwinds, Mr Jaitley said that India continues to maintain a high growth rate at 7.65 in 2015-16 compared to 7.2% in the previous year. While reiterating India's commitment to partner in the development and poverty alleviation of the poorest countries of the region, the Finance Minister announced that the Government has increased its contribution under the ADF-12 of the ADB to US$ 40 million. The Finance Minister was addressing the Business Session of the 49th Annual General Meeting (AGM) of Asian Development Bank (ADB) held at Frankfurt, Germany, yesterday.

Outlining India's development paradigm, the Finance Minister stressed that the Government is following the approach of ‘Reform to Transform' through far-reaching structural reforms. The Government has initiated several initiatives to boost investment climate and improve ease of doing business, the Minister added.

Mr Jaitley emphasized that ADB needs to become an agent of change through its support for innovative projects which may otherwise not happen through local intervention. He said that empowerment of the Resident Missions of ADB, delegation and decentralization in decision-making are some reform imperatives.

 


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