Image Source: The Financial Express
Prime Minister Narendra Modi met Asian Development Bank (ADB) President Masato Kanda in New Delhi on June 1, 2025, marking a significant milestone in India’s urban development journey. The high-profile meeting concluded with ADB’s announcement of a massive $10 billion commitment over the next five years to transform India’s urban infrastructure and accelerate the nation’s “Viksit Bharat 2047” vision.
Key Highlights:
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$10 Billion Urban Infrastructure Commitment: ADB will invest $10 billion over five years to upgrade urban infrastructure, including metro expansions, new Regional Rapid Transit System (RRTS) corridors, and modernization of city services.
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Support for Viksit Bharat 2047: The funding aligns with India’s ambitious goal to become a developed nation by 2047, supporting inclusive, resilient, and sustainable growth for its 1.4 billion people.
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Public-Private Collaboration: The plan involves sovereign loans, private sector financing, and third-party capital, leveraging India’s Challenge Fund to attract private investment into urban projects.
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Technical Assistance: ADB will provide $3 million in technical support to help states and urban local bodies develop bankable projects and strengthen their capabilities.
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Metro and Transit Expansion: ADB has already invested $4 billion in metro and rapid transit systems across major cities, aiming to reduce congestion and emissions while improving accessibility for vulnerable groups.
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Skill Development Initiatives: The partnership includes investments in skill enhancement programs, such as the National Industrial Training Institute Upgradation Program, to boost manufacturing and create quality jobs for youth.
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High-Level Engagements: During his visit, Kanda also met Finance Minister Nirmala Sitharaman and Urban Development Minister Manohar Lal Khattar to discuss scaling rooftop solar, operationalizing the Challenge Fund, and attracting private capital for urban projects.
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ADB’s Ongoing Urban Portfolio: ADB is currently active in over 110 cities across 22 states, with 27 ongoing loans totaling $5.15 billion for projects in water supply, sanitation, housing, and solid waste management.
Both leaders expressed optimism about the partnership, with PM Modi highlighting India’s rapid transformation and empowerment over the last decade, and President Kanda reaffirming ADB’s commitment to India’s development priorities.
“The Viksit Bharat 2047 vision is bold, and ADB is supporting that ambition. By scaling up public and private sector finance, deepening knowledge collaboration, and mobilizing capital, we stand ready to support India’s drive to become a developed nation by 2047,” — Masato Kanda, ADB President.
Source: India TV News, AP7AM, The Hindu Business Line, The Statesman, pmindia.gov.in.
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