The Asian Development Bank announced on Thursday that it has granted a loan for India of Rs 2,644.85 crore (USD 350 million) to dramatically enhance its urban services. The financing would help the Ministry of Housing and Urban Affairs speed universal coverage of piped water and improved sanitation, according to a statement from the Asian Development Bank.
According to the statement, the Asian Development Bank (ADB) has authorised a USD 350 million policy-based loans to improve urban services in India. According to the ADB, this is part of the recently launched national programme Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0, which aims to provide affordable housing to all people, along with the poor, city migrant workers, and industrial workers, through the flagship mission Pradhan Mantri Awas Yojana.
The impoverished, as well as other underprivileged, economically weaker sections and low-income people, will benefit from the initiative.
According to the Asian Development Bank, India's anticipated city's population of 460 million (46 crores) is the world's second-largest, and it is expected to reach almost 600 million (60 crores) by 2030, rising at a rate of over 2% per year. Cities will become a strong engine of progress for India, generating business growth and outputs, generating employment for a large number of workers, boosting competitiveness and urban liveability, and safeguarding the environment, as they continue to contribute over 60% of GDP. In programme execution, including monitoring and evaluation, the ADB would provide information and advising support to the Ministry of Housing and Urban Affairs.
It will also assist low-income states and urban local governments in implementing policy reforms, developing investment plans, and making suggestions on cross-cutting concerns such as rising temperatures, social and environmental safeguards, and gender equality and social participation.