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India Requests ADB to Focus on West and South Asia

Garg, who is an Alternate Governor on the ADB Board, the ADB "strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well," the statement said.

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Back in the Indian Test cricket team after more than a year, middle-order batsman Karun Nair says he is now working to become an all-format player in future.
Karun Nair will lead the India A side in the four-day matches in the UK. wikimedia commons

India has urged the Asian Development Bank (ADB) to focus more on the West and South Asia regions after successful East Asia interventions by the multilateral lender and has said there is no case for increasing cost of its loan instruments as it has no capital deficiency, an official statement said on Sunday.

In his intervention on Saturday at the ADB’s annual meeting in Manila, Economic Affairs Secretary S.C. Garg also made a strong case for ADB to adopt “country systems” for procurements and environmental safeguards and called for increasing lending for the private sector in developing countries, a Finance Ministry release said here.

Garg, who is an Alternate Governor on the ADB Board, the ADB "strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well," the statement said.
Asian Development Bank HQ, wikimedia commons

Garg, who is an Alternate Governor on the ADB Board, the ADB “strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well,” the statement said.

“He emphasized that the private sector operations of ADB as envisaged in the strategy should be enhanced and there should be more focus on equity participation.

“He also stated that there is absolutely no case for increase of cost of of various loan instruments as there is no capital deficiency in ADB,” it said.

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“Garg also argued that there is a strong case for ADB to adopt Country Systems for procurements and environmental safeguards and called for concerted efforts towards increasing lending for the private sector in developing member countries,” it added.

According to the statement, he also highlighted the need for taking into account the likely impact technical advancements such as Artificial Intelligence (AI) and robotics, so that ADB can equip the member countries to reap maximum benefit.

The Indian delegation to the ADB also held bilateral meetings with the Japan Bank for International Cooperation. (IANS)

Next Story

Here’s Why Reliance Chairman Mukesh Ambani is No Longer The Richest Man in Asia

Ambani controls almost 42 per cent of Reliance Industries, owner of the world's largest oil refining complex

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Mukesh Ambani
Ambani's current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank. Wikimedia Commons

Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices.

According to the Bloomberg Billionaires Index, Chinese billionaire Jack Ma, the founder of e-commerce major Alibaba Group has toppled Ambani to get the top spot in Asia.

The persistent concerns of severe impact of the coronavirus epidemic coupled with the recent carnage in the oil markets have erased $5.8 billion from the RIL chief’s net worth.

Ambani’s current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank.

Energy markets went into a free fall on Monday with oil prices across variants plunging around 30 per cent, the biggest fall since the 1991 Gulf War. The slide comes after Saudi Arabia shocked the market by launching a price war after no consensus was arrived between OPEC and Russia to cut crude oil production as part of market stabilisation exercise.

The shares of Reliance Industries (RIL) recorded its worst fall in around 10 years on Monday as it fell to a low of Rs 1,094.95 per share.

It closed at Rs 1,113.15, lower by Rs 156.90 or 12.35 per cent from its previous close.

Mukesh Ambani
Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices. Wikimedia Commons

Following the fall in share price, RIL also lost the crown of the company with the highest market capitalisation in India to Tata Consultancy Services (TCS). At the end of trade on Monday, the market capitalisation of RIL stood at Rs 7.05 lakh crore, while that of TCS was Rs 7.40 lakh crore.

Ambani controls almost 42 per cent of Reliance Industries, owner of the world’s largest oil refining complex. The Mumbai-based conglomerate’s other businesses include a 4G wireless network across India.

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On top of the Bloomberg Billionaires Index is the Amazon CEO Jeff Bezos with a net worth of $112 billion, followed by Microsoft co-founder Bill Gates with a fortune of $106 billion. (IANS)