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India’s economic success hailed at Asian Development Bank meet in South Korea

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India’s economic success hailed at Asian Development Bank meet in South Korea

Finance Minister Nirmala Sitharaman led the Indian delegation to the 56th Annual General Meeting of the Board of Governors of Asian Development Bank (ADB) in South Korea. Economic analyst ShankkarAiyer and Akashvani correspondent Rajesh Lekh participated in a discussion on the event in the program Spotlight.

According to Aiyer, the center of gravity of economic growth has shifted to the Indian Ocean region, where India is in pole position as the fifth largest economy in the world and soon to be the fourth. The Finance Minister’s visit showcased India’s potential as the fastest-growing large and raised issues such as climate change and innovative financing for climate finance.

ADB’s objective is to envision a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while eradicating extreme poverty in the region. The Finance Minister’s interactions with global economists, governors, and finance ministers of ADB member countries were centered on the reconfiguration of the supply chain post-pandemic and poverty alleviation.

India’s success in creating a digital and physical infrastructure that contributes singularly and cumulatively to poverty alleviation has been repeatedly mentioned at the Fund Bank Meetings and ADB Meetings, according to Aiyer. The world has lauded the Aadhar identity platform, which creates inclusive accounts with the Jandhan, Aadhar, and Mobile trinity, and the success of the National Payments Corporation and UPI. At least seven or eight countries have shown interest in creating a similar identity platform.

The Economic analyst pointed out that in the post-pandemic world, the supply chain story has moved from just-in-time supply chain to just-in-case supply chain. India has become part of the solution to a resilient global supply chain which gives a potential to GDP growth, trade and a better current account deficit.

Hence, the annual meeting of ADB is an occasion for India to present its point of view on geopolitics, climate change, and financing, and to represent Global South. With the meeting, the Finance Minister has showcased India’s rise and potential at the global stage.

Full discussion can be listened at https://youtu.be/EB49CzYZ3Ls

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