Make ADB bigger and better, aim for USD 20 billion by 2020, says Arun Jaitley

Pitching for a 'bigger and better' ADB with annual business worth $20 billion by 2020, Finance Minister Arun Jaitley on Monday sought its support on development of smart cities and industrial corridors, as also for government's flagship programmes.

Jaitley said India is now ADB's (Asian Development Bank) largest client and the partnership should move to the next level.

"In addition to supporting conventional infrastructure projects, we would like a deeper engagement on development of Smart Cities, Industrial Corridors, Rail transport and manufacturing and job creation through flagship initiatives of 'Make in India' and 'Skill India'," he said.

Speaking at the First Business Session of the 48th Annual Meeting of the ADB at Baku in Azerbaijan, Jaitley said, "ADB should aim for annual business of at least $20 billion by 2020. 'Twenty by Twenty' should be our corporate goal, the Mantra."

"ADB not only needs to become bigger, it also needs to become better, as a model among the MDBs (multilateral development banks)," he added.

The Finance Minister also said India is expected to grow at 7.5-8 per cent in both 2015 and 2016, which reaffirms the country's "fascinating growth prospects".

Listing out the steps taken by his government to revive the economy, Jaitley said, "Our goal is to place the Indian economy on a high and sustained growth trajectory through focus on infrastructure development, skills development, improving ease of doing business and economic reforms including comprehensive social safety net and fiscal discipline."