AIIB

India has embarked on the path of a self-reliant economy which led to a successful mitigation of the negative effects of the pandemic. She said this while addressing the annual meeting of the board of governors of Asian Infrastructure Investment Bank (AIIB). AIIB also needs to keep a special focus on education and health and digital infrastructure in order to achieve a sound impact and ensure that resources are not scattered in multiple areas

India asked the Beijing-based multilateral lending agency Asian Infrastructure Investment Bank (AIIB) to level up investments in priority areas such as clean energy and infrastructure sector keeping a special focus on education and health, on 26 October.

The finance minister Nirmala Sitharaman said that India has embarked on the path of a self-reliant economy which led to a successful mitigation of the negative effects of the pandemic. She said this while addressing the annual meeting of the board of governors of Asian Infrastructure Investment Bank (AIIB).

Sitharaman asked AIIB to level-up its investments in key priority areas which includes clean energy and energy infrastructure. Also, it needs to keep a special focus on education and health and digital infrastructure in order to achieve a sound impact and ensure that resources are not scattered in multiple areas.

Her address included an advice to bank to not just play a catalytic role in mobilising diverse private sector resources but also discover concrete mechanisms to enhance its own resources, as mere public resources are not sufficient enough to meet the vast infrastructure needs of the members.

The mechanism must include early action on the recommendations of G20’s Expert Panel’s Report on the multilateral development bank’s Capital Adequacy Framework (CAF),  se added.

The well-targeted policy mix with the support of major structural reforms and a sound external balance sheet have contributed to its growth in spite of exogenous threats, said the finance minister referring to the Indian economy.

The Indian economy has shown a consistent resiliency achieving remarkable progress via digitalisation mission by using technology to facilitate social protection and boost financial inclusion, said Sitharaman at the 7th annual meeting of AIIB.