ADB President backs sustainable growth policy

13 Oct '07

3 min read

Asian Development Bank (ADB) President Haruhiko Kuroda, who is in India for a five-day visit, said the Bank was committed to support the dynamic South Asian nation in its efforts to achieve sustainable and equitable economic growth.

Mr. Kuroda during his meeting with Prime Minister Manmohan Singh and other senior government officials said that ADB's Country Partnership Strategy 2008-2012 will be closely aligned with the Government of 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 in its development endeavors,” said Mr. Kuroda at a press briefing here.

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 unprecedented 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% in 2007 and 2008, up from an earlier forecast of 8.0% and 8.3%, respectively. India's economy grew at a scorching pace of 9.4% in the fiscal year ending March 2007, the fastest expansion in the last 18 years.

Robust investment, buoyant industrial expansion and moderate agricultural growth will ensure that India's economy remains on a solid growth path in 2007 and 2008.

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