From UPSC perspective, the following things are important :
Prelims level : Asian Development Outlook Report, ADB
Mains level : Not Much
The Asian Development Bank (ADB) forecasts has provided some useful insights about India’s GDP growth.
About Asian Development Bank (ADB)
- 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 modelled 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 re-elected.
- 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.
Highlights of the ADB Outlook Report 2020
- India’s GDP growth will moderate to 7.5% in 2022-23, from an estimated 8.9% in 2021-22.
- It has factored in the Russia-Ukraine conflict’s implications for India, which would be largely indirect through higher oil prices
- The severity of the COVID-19 pandemic would subside with a rise in vaccination rates.
- Higher public capital spending is expected to improve the efficiency of India’s logistics infrastructure, crowd-in private investment, generate jobs in construction and sustain growth.