Prime Minister of India - Dr. Manmohan Singh

PM says India committed to reforms that benefit all

The Prime Minister met the President of the Asian Development Bank, Mr. Tadao Chino, today. While welcoming him to India, the Prime Minister thanked Mr. Chino for ADB's consistent support for development projects in India. The ADB President appreciated the emphasis given to poverty reduction goals in the Common Minimum programme of the Government of India, and stated that this would facilitate closer working between the ADB and the Government of India in ensuring egalitarian growth.

The Prime Minister informed the ADB President that the government of India is committed to take forward the process of reforms initiated in 1991, with adequate attention and focus on agricultural growth and rural development as well as poverty alleviation programmes to ensure that the benefits of growth are widely shared . The ADB President mentioned about the commitment of the bank to assist India in development of growth promoting infrastructure such as roads, railways and power, promotion of reforms in the financial sector and fiscal consolidation, as well as for programmes aimed at development of agriculture, irrigation, rural connectivity and poverty alleviation.

Referring to the importance of regional cooperation in the development of South Asian countries, the ADB President emphasized upon the need for active involvement and leadership of India in this area to achieve faster economic development and greater stability in the region. He mentioned that the ADB is keen to play an important role in the formulation and funding of inter - regional developmental projects, particularly with a view to promoting economic cooperation between South Asia and South East Asia. The Prime Minister stated that India remains committed to greater economic cooperation with the South Asian region through SAARC, as well as for strengthening economic linkages and developmental cooperation with the ASEAN countries and Japan. He also dwelt upon India's increasing economic ties with China. He mentioned about the extremely fruitful discussion with the President of South Korea during his recent visit.

The ADB President stated that while Asian countries account for about 50 % of the population of the world, the total GDP of Asia was only 25% of the world's GDP. This implies that there is immense potential for growth in the Asian countries. He hoped that with economic growth , Asian culture and the Asian way of thinking will get its due place in the world. The Prime Minister agreed that in today's context, Asian values of peace and tolerance are extremely relevant.