Mains Paper 3 : Inclusive Growth & Issues |
From UPSC perspective, the following things are important :
Prelims level : Highlights of the report
Mains level : India’s economic growth: prospects and challenges
- Asian Development Bank has published its flagship report Asian Development Outlook 2019.
Asian Development Outlook 2019
- ADB, in its report mentioned that recent policy measures by the GoI to improve the investment climate and boost private consumption and investment will help India to lift economic growth in the next two fiscal years.
- For the entire Asia, the multilateral agency forecasted that growth will soften to 5.7 per cent in 2019 and 5.6 per cent in 2020.
- India will remain one of the fastest-growing major economies in the world this year given strong household spending and corporate fundamentals said the report.
- Income support to farmers, hikes in procurement prices for food grains, and tax relief to tax payers earning less than Rs 5 lakh will boost household income.
- Declining fuel and food prices are also expected to provide an impetus for consumption.
- An increase in utilization of production capacity by firms, along with falling levels of stressed assets held by banks and easing of credit restrictions on certain banks, is expected to help investment grow at a healthy rate.
- The ADB is a regional development bank established on 19 December 1966 which is headquartered in Philippines.
- ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
- The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
- The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
- The president has a term of office lasting five years, and may be reelected.
- Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese.
- ADB is an official United Nations Observer.