Asian Development Bank (ADB) may double the amount of money that it gives to India as loan and in the next three years India may receive $ $7.3 billion as loan from ADB. Indian Finance Minister P Chidambaram has informed this matter today. The Thirty-Ninth Annual Meeting of the Board of Governors of the Asian Development Bank is going to take place in the Indian city of Hyderabad from 3 to 5 May 2006. Indian Finance Minister P Chidambaram is upbeat about presenting the Indian economy there. India needs massive investment for development of its infrastructure and foreign companies and financial experts have been calling on the Indian government to invest substantial amount of money for development of roads and railways, generation of electricity etc.
When asked about the dependence of external debt, Mr. Chidambaram said very confidently, "We are a founding member of ADB and World Bank. We helped set up these institutions. Our borrowing from them is not a matter of weakness. It is a matter of strength". I agree with Mr. Chidambaram because it is soft loan and India can afford such a loan these days and India needs it.
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