India, ADB sign $350 million loan MoU to expand manufacturing sector

The Government of India and the Asian Development Bank (ADB) signed a $350 million policy-based loan Memorandum of understanding (MoU) to expand India’s manufacturing sector and improve the resilience of its supply chains.

India, ADB sign $350 million loan MoU to expand manufacturing sector

India, ADB sign $350 million loan Agreement to expand manufacturing sector

The Government of India and the Asian Development Bank (ADB) signed a $350 million policy-based loan agreement under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.

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Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE)

The Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program is a programmatic policy-based loan (PBL) to support the government in undertaking wide-ranging reforms in the logistics sector in India. The programmatic approach comprises two subprograms, which aim to expand India’s manufacturing sector and improve the resilience of its supply chains.

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The SMILE program establishes and operationalizes a comprehensive policy framework to enhance logistics efficiency through (i) strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels; (ii) standardizing warehousing and other logistics assets to strengthen supply chains and incentivize greater private sector investment; (iii) improving efficiencies in external trade logistics; and (iv) adopting smart systems for efficient and low emission logistics.

India, ADB $350 million loan MoU: Aims

India and ADB USD 350 Million policy-based loan MoU aim to expand India’s manufacturing sector and improve the resilience of its supply chains.

Static Current Affairs related to Asian Development Bank (ADB) for upcoming exams

• Formation: 19 December 1966
• Full form of ADB: Asian Development Bank
• Headquarters: Manila, Philippines
• President: Masatsugu Asakawa
• Members: 68 countries