Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance today met President of ADB, Mr. Takehiko Nakao and requested him to support India’s endevour towards an inclusive, and sustainable growth accompanied by rapid economic transformation and job creation. He requested President, ADB to expand ADB’s sovereign and non-sovereign operations in India by providing financial assistance worth $ 4 billion a year.  Secretary, DEA stated that Government of India had approved the proposal of ADB to garner additional resources through INR bonds in the offshore markets. He has highlighted the need for increased private sector operations by ADB in India.    

Shri Garg also attended the Governors’ Roundtable on role of governments in harnessing new technology for inclusive growth, and provided India’s perspective on how to deal with changes being brought about new technologies and automation on jobs.  He also attended the 12^th informal meeting of SAARC Finance Ministers and highlighted the ongoing reforms in India and India’s economic performance. He also stressed upon giving continued support to SASEC initiative. He reiterated India’s support to ongoing activities in SAARC Development Fund.

An Indian delegation headed by Secretary, Department of Economic Affairs (DEA) is currently on a tour to Manila to attend the 51^st Annual Meeting of Asian Development Bank (ADB).

The delegation also held bilateral meetings with the official delegations of Hong Kong and Germany and discussed a wide range of bilateral issues.

International financial cooperation: request for expanded ADB sovereign and private financing and approval for offshore INR bond issuance. Secretary, Department of Economic Affairs requested expanded ADB sovereign and non sovereign financing and greater private sector operations, noted government approval for ADB's offshore INR bond resource proposal, and sought the Bank's support for inclusive, sustainable growth and rapid economic transformation.