From UPSC perspective, the following things are important :
Prelims level : Chennai–Kanyakumari Industrial Corridor (CKIC)
Mains level : Not Much
The Asian Development Bank (ADB) and the Centre have signed a $484 million loan to improve transport connectivity and facilitate industrial development in the Chennai–Kanyakumari Industrial Corridor (CKIC).
- CKIC is part of India’s East Coast Economic Corridor (ECEC), which stretches from West Bengal to Tamil Nadu.
- The project will upgrade about 590 km of state highways in the CKIC influence areas that cover 23 of the 32 districts between Chennai and Kanyakumari in Tamil Nadu.
- It connects India to the production networks of South, Southeast, and East Asia.
- ADB is the lead partner in developing ECEC.
Answer this PYQ in the comment box:
Q. With reference to Asian Infrastructure Investment Bank (AIIB), consider the following statements:
- AIIB has more than 80 member nations.
- India is the largest shareholder in AIIB.
- AIIB does not have any members from outside Asia.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Significance of CKIC
- The project is part of the priority infrastructure projects identified for corridor development under the ADB-supported CKIC comprehensive development plan.
- Enhanced connectivity of industrial hubs with hinterland and ports will particularly help increase the participation of Indian manufacturing in global production networks and global value chains.
- The project will also strengthen road safety improvement programs through advanced technologies for road monitoring and enforcement.
- In addition, the project will help improve the planning capacity of Tamil Nadu’s Highways and Minor Ports Department.
Back2Basics: Asian Development Bank
- The ADB is a regional development bank established on 19 December 1966 which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines.
- The company also maintains 31 field offices around the world to promote social and economic development in Asia.
- From 31 members at its establishment, ADB now has 68 members.
- 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.