India headed in 'Right Direction' to cut poverty, says ADB President

05 May '06

3 min read

India is headed in the right direction following the Government's prudent and effective economic management and reforms to reduce poverty, ADB President Haruhiko Kuroda told a seminar on “Advantage India” yesterday.

“The Government's efforts to increase infrastructure investment, improve the fiscal situation, and make the process of growth inclusive through a renewed focus on agriculture, rural development, and employment generation are strong steps in the right direction,” Mr. Kuroda said.

“Another way growth can be made more inclusive is through strengthened regional cooperation and economic integration, which can reduce income disparities both within and among countries.”

He was speaking at the opening of the India Day program at ADB's 39th Annual Meeting of its Board of Governors, which opened Wednesday at the Hyderabad International Convention Center.

Mr. Kuroda said India had taken several steps to address regional cooperation and integration by strengthening dialogue with other nations and signing framework agreements.

He added that ADB would continue to support the Government's efforts to promote sustainable, equitable growth and had shifted its focus to less developed states to reduce regional disparities.

ADB's operations in India will focus on meeting the demand for infrastructure in the three core areas of transportation, urban development, and energy, he said.

“India is very much an unfolding story of development success,” the ADB President told the audience. “Its continued economic and social progress would give a tremendous boost to the achievement of the Millennium Development Goals in the Asia and Pacific region - and for the world as a whole.”

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