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The <keyword id="50190" type="General" weightage="80" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> on Tuesday said <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s economic growth is expected to moderate to 6.4 per cent in the current financial year due to tight monetary conditions and elevated oil prices as compared to a 6.8 per cent expansion for the financial year ended March 2023. However, <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> expects the country's economic growth to accelerate to 6.7 per cent in FY25 driven by private consumption and private investment on the back of government policies to improve transport infrastructure, logistics, and the business ecosystem. The projections are part of the latest edition of ADB's flagship economic publication, <keyword id="1006845" type="General" weightage="50" keywordseo="asian-development-outlook" source="Orion">Asian Development Outlook</keyword> (<keyword id="199985" type="General" weightage="50" keywordseo="ado" source="Orion">ADO</keyword>) April 2023. The growth moderation for India in FY24 is premised on an ongoing global economic slowdown, tight monetary conditions, and elevated oil prices, the report said. However, FY25 is expected to see faster growth in investment, thanks to supportive government policies and sound macroeconomic fundamentals, lower non-performing loans in banks, and significant corporate deleveraging that will enhance bank lending, it said. ADB Country Director for <keyword id="17036939" type="General" weightage="50" keywordseo="india-takeo-konishi" source="Orion">India Takeo Konishi</keyword> said that despite the global slowdown, India's economic growth rate is stronger than many peer economies and reflects relatively robust domestic consumption and lesser dependence on global demand. "The Government of India's strong infrastructure push under Prime Minister's Gati Shakti (National Master Plan for Multimodal Connectivity) initiative, logistics development, and industrial corridor development will contribute significantly to raising industrial competitiveness and boosting future growth," he said. Improving labour market conditions and consumer confidence will drive growth in private consumption, ADB said, adding that the central government's commitment to significantly increase capital expenditure in FY24 despite targeting a lower fiscal deficit of 5.9 per cent of GDP will also spur demand. Helped by a recovery in tourism and other contact services, the services sector will grow strongly in FY24 and FY25 as the impact of COVID-19 wanes, it said. However, ADB noted that manufacturing growth in FY24 is expected to be tamped down by a weak global demand but it will likely improve in FY25. Recent announcements to boost agricultural productivity such as setting up digital services for crop planning and support for agriculture startups will be important in sustaining agriculture growth in the medium term. "Inflation will likely moderate to 5 per cent in 2023-24, assuming moderation in oil and food prices, and slow further to 4.5 per cent in 2024-25 as inflationary pressures subside," it said. In tandem, ADB said that monetary policy in FY24 is expected to be tighter as core inflation persists while becoming more accommodative in FY25. The current account deficit is projected to decline to 2.2 per cent of GDP in FY24 and 1.9 per cent in FY25. Growth in goods exports is forecast to moderate in FY24 before improving in 2024 as production-linked incentive schemes and efforts to improve the business environment such as streamlined labour regulations, improved performance in electronics and other areas of manufacturing growth. Services export growth has been robust and is expected to continue to strengthen India's overall balance of payments position. However, geopolitical tensions and weather-related shocks are key risks to India's economic outlook, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/two-tax-regimes-rise-of-freelancers-drive-people-to-tax-experts-chartered-accountants/articleshow/99243392.cms">Two tax regimes &amp; rise of freelancers drive people to tax experts, chartered accountants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2023-rajasthan-royals-and-royal-challengers-bangalore-emerge-as-experts-top-picks/articleshow/99243483.cms">IPL 2023: Rajasthan Royals and Royal Challengers Bangalore emerge as experts' top picks</a>

India's growth to moderate to 6.4% in FY24: Asian Development Bank

International Finance Corporation (<keyword id="85860" type="COMPANY" weightage="100" keywordseo="IFC">IFC</keyword>), a wing of the <keyword id="6354424" type="ORGANIZATION" weightage="100" keywordseo="World-Bank">World Bank</keyword>, has raised Rs 600 crore through its rupee-linked bonds that will be listed on the National Stock Exchange (<keyword id="6354646" type="CITY" weightage="60" keywordseo="NSE">NSE</keyword>) by this week. The bonds are called IFC Maharaja Bonds, and they have been issued to support the capital markets and provide funding for various infrastructure projects. 
 IFC may issue more such bonds as and when it requires funds for its projects. It is after 10 years that a foreign institution is raising funds through bonds after the <keyword id="50190" type="CITY" weightage="80" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> (ADB). 
 
Earlier this year, IFC had undertaken an offshore bond programme, raising $1 billion worldwide. 
 
IFC’s Global Treasury Head (client solutions), Keshav Gaur, said the onshore bond was mainly subscribed by institutional investors, both domestic and foreign. 
 
“With these Maharaja Bonds, we are creating value for investors,” IFC South Asia regional director Serge Devieux said. He added that the bonds received a good response from investors.

International
Finance Corporation Raises Rs 600 Crore Through Bonds

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>China is leading an initiative to start a new development bank, <a href="http://www.businessinsider.com/us-allies-joining-asian-infrastructure-investment-bank-aiib-embarrassment-2015-3">Asian Infrastructure Investment Bank</a>. North Korea very much would like to join that development bank.China's response? No way.<a href="http://www.emergingmarkets.org/Article/3440430/Search/Results/No-way-North-KoreaDPRK-refused-entry-to-China-led-AIIB.html?Keywords=north+korea">According to EmergingMarkets.org</a>, China rejected North Korea's proposal to join the development bank after the latter country would not provide sufficient evidence of the state of its finances.North Korea has never revealed much about its finances to the world, but according to Emerging Markets:"[North Korea] saw membership of the new China-led development bank as a realistic ambition, sources said, given that China regularly and unilaterally lends money to the isolated DPRK regime in return for uranium and other mineral ores." The development bank, however, will make commercial loans and have many members, including various European countries. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/north-korea-specialty-cold-noodles-okyru-food-pyongyang-2015-3">North Koreans are going crazy over this Pyongyang restaurant serving subsidized noodles</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="szM2MydDpdzcJtXZ6-3ClVlQROTl5BmH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

China is not going to let North Korea into its new Asian development bank 

The <keyword id="50190" type="General" weightage="100" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> (ADB) has approved a USD 400 million loan to support the Indian government's <keyword id="706405" type="General" weightage="40" keywordseo="urban-reform" source="Orion">urban reform</keyword> agenda for creating high-quality <keyword id="557969" type="General" weightage="70" keywordseo="urban-infrastructure" source="Orion">urban infrastructure</keyword> and efficient governance systems. The programme also envisages integrated urban planning reforms to control urban sprawls and foster systemic and planned urbanisation through enhancing the entire ecosystem of legal, regulatory, and institutional reforms along with capacity building of ULBs and community awareness, ADB said. "The Asian Development Bank (ADB) has approved a USD 400 million policy-based loan to India for Sub-programme 2 of the <keyword id="8174895" type="General" weightage="20" keywordseo="Sustainable-Urban-Development" source="Orion">Sustainable Urban Development</keyword> and Service Delivery Programme. "The programme aims to support the government's urban reform agenda for improving the quality of urban life through the creation of high-quality urban infrastructure, assured public services, and efficient governance systems," ADB said. While Subprogramme 1, approved in 2021, established national-level policies and guidelines to improve urban services, Subprogramme 2 is supporting investment planning and reform actions at the state and urban local body (ULB) levels. "India has recognised the potential for cities to be centres of economic growth and has emphasised the need to make cities livable through inclusive, resilient, and sustainable infrastructure, which is also in line with ADB Strategy 2030," ADB Principal Urban Development Specialist <keyword id="86074" type="General" weightage="20" keywordseo="Sanjay-Joshi" source="Orion">Sanjay Joshi</keyword> said.

ADB approves $400 mn loan to support govt's urban reform agenda

Nature is a great leveler, but this time around, it was nothing short of cruel! Even as <keyword id="12266" type="COUNTRY" weightage="80" keywordseo="Nepal">Nepal</keyword> was trying to get back on its feet after a decade-long civil war, the massive 7.9 magnitude <keyword id="6362774" type="UNKNOWN" weightage="80" keywordseo="earthquake">earthquake</keyword> that ravaged through the country, is also leaving behind a crippling multi-billion dollar post-quake reconstruction bill that will set it back by years. 
 
Saturday's 7.9-magnitude quake devastated much of the capital Kathmanduand killed more than 3,700 people in Nepal's deadliest disaster for more than 80 years. Racked by political instability since a deadly war with Maoist rebels ended in 2006, earthquake-prone Nepal must now cope with the added burden of a massive rebuilding effort that its shattered economy will not be able to afford on its own. 
 
"The Nepal earthquake has had a devastating impact on the economy of Nepal, which is a very poor nation and has extremely limited capacity to finance relief efforts and reconstruction from their own resources," said Rajiv Biswas, Asia-Pacific chief economist at business research firm IHS. 
 
"The total long-term cost of reconstruction in Nepal using appropriate building standards for regions vulnerable to severe earthquakes could exceed $5 billion, which is around 20 percent of Nepal's GDP," he added in a note. 
 
"Massive international disaster relief and rescue efforts will be needed urgently, as well as large-scale international financial and technical assistance for long-term reconstruction of the economy," Biswas said. 
 
Nepal has an annual per capita GDP of only $1,000 per person, according to IHS, with many families living in poverty -- relying on agriculture and increasingly tourism to make ends meet. 
 
Agriculture is the economy's biggest sector, employing over 70 percent of the population and contributing 33 percent of GDP, according to the trading economics website. 
 
Saturday's quake, the strongest to hit Nepal since 1934 when 10,700 people were killed, ripped apart infrastructure, destroying roads and buildings and paralysing communications. 
 <keyword id="50190" type="CITY" weightage="80" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> official Hun Kim estimated that 40 percent of the country was affected. 
 
"On a personal level, people have lost their houses and assets. The government will have to quantify the loss of infrastructure," Kathmandu-based economist Bishamber Pyakurel told AFP, describing the impact on the economy as "grave". 
 
"The growth rate of the country will be hit. Agriculture contributes over 30 percent of our GDP and with 36 districts affected, it is unlikely that our growth projections will be met. Difficult times are ahead," Pyakurel said. 
 
The economist said food prices would start to rise, putting further strain on traumatised families who have been left with nothing. "The demand for essential goods is rising but there is a supply constraint," he said. 
 
Nepal's GDP grew 5.48 percent last year, the country's central bureau of statistics showed on the trading economics site, much improved from the 0.16 percent recorded at the height of the Maoist insurrection in 2002. 
 
The civil war left more than 16,000 dead. The government has begun to get the country back off its knees but political bickering has prevented the drafting of a new constitution. 
 Crucial to the growth increase has been tourism. Nepal attracted almost 800,000 foreign visitors in 2013 -- many of them climbers heading straight to <keyword id="14834" type="PERSON" weightage="80" keywordseo="Mount-Everest">Mount Everest</keyword> but also less adventurous tourists seeking the rich cultural history of <keyword id="18568" type="COMPANY" weightage="80" keywordseo="kathmandu">Kathmandu</keyword>. 
 
The capital now lies partly in ruins, with tens of thousands of residents living in tents after the quake turned their homes into piles of rubble. 
 
The historic Dharahara tower, a major tourist attraction, was among the buildings which crumbled as Kathmandu shook violently, flattening high-rises and cutting off power. 
 "Kathmandu is central to the nation's economy, and it's crippled," Madhukar Shumsher Rana, a former Nepal finance minister, told <keyword id="29740" type="CITY" weightage="80" keywordseo="Bloomberg">Bloomberg</keyword> News. 
 The quake also triggered an avalanche on Everest, the world's highest <keyword id="6439698" type="ENTERTAINMENT" weightage="80" keywordseo="mountain">mountain</keyword>, which buried part of base camp and killed at least 18 people. 
 
Dollars from mountaineers provide much-need revenue but this vital source of income could soon be choked off for the rest of 2015 at a time when the country needs it most. 
 
"It is possible that climbing might not continue this year. However, there has been no official decision," said tourism department head Tulsi Gautam.

Nepal Earthquake: Massive earthquake flattens Nepal's economy for years to come

<ul><li>The capital raised would be used for working capital requirements of the company .</li><li><keyword id="127786" type="General" weightage="100" keywordseo="wabag" source="Orion">WABAG</keyword> has developed three dedicated research and development centres in Austria, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, and Switzerland.</li><li>This would be Asian Development Bank's first investment in a water sector company in the country.</li></ul> Water treatment player <keyword id="175402" type="General" weightage="50" keywordseo="va-tech-wabag-ltd" source="Orion">Va Tech WABAG Ltd</keyword> has signed an agreement with Asian Development Bank to raise Rs 200 crore through unlisted non-convertible debentures, the company said on Friday. This would be Asian Development Bank's first investment in a water sector company in the country. "..signed an agreement with Asian Development Bank towards raising Rs 200 crore through unlisted non-convertible debentures carrying a five year and three months tenure which will be subscribed by <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> over 12 months," Va Tech WABAG said in a statement. The capital raised would be used for working capital requirements of the company and would be within the current borrowing limits thereby not increasing the debt-level of the company, it said. "This is an important milestone for WABAG, as we add another feather to our cap with this strategic funding tie-up with ADB. ADB's decision to collaborate with WABAG, in their first private sector water investment in India, is a key validation of its leadership," said chief financial officer of the company <keyword id="15622768" type="General" weightage="50" keywordseo="skandaprasad-seetharaman" source="Orion">Skandaprasad Seetharaman</keyword>. "This is, indeed, a great moment for us to be directly associated with ADB, showing ADB's confidence in WABAG's credibility and credentials in the water sector," he said. WABAG has developed three dedicated research and development centres in Austria, India, and Switzerland. ADB (private sector operations) director general <keyword id="15413964" type="General" weightage="50" keywordseo="suzanne-gaboury" source="Orion">Suzanne Gaboury</keyword> said, "This project is ADB's first private sector financing in India's water sector and will help to crowd in urgently needed international and domestic financing for the sector to ease water stress as demand increases." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-pauses-onboarding-of-online-merchants-by-paytm-payments-services-firm-says-no-material-impact-on-biz/articleshow/95780851.cms">RBI pauses onboarding of online merchants by Paytm Payments Services; firm says no material impact on biz</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/a-year-after-market-debut-paytm-is-the-worst-performer-among-recent-large-ipos-cartrade-policybazaar-and-lic-join-the-party/articleshow/95762071.cms">A year after market debut, Paytm is the worst performer among recent large IPOs – Cartrade, Policybazaar and LIC join the party</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/heres-what-the-governments-new-norms-to-curb-fake-online-reviews-ratings-include/articleshow/95757857.cms">Here's what the government's new norms to curb fake online reviews &amp; ratings include</a>

ADB, Wabag sign USD 25 mn debt facility for sanitation, water security in India

India’s Road Transport Minister <keyword id="26680" type="PERSON" weightage="100" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> said the country won’t have driverless cars and the government will instead focus on cab aggregator platform. Gadkari said allowing <keyword id="4221223" type="UNKNOWN" weightage="20" keywordseo="Driverless-Cars-in-India">driverless cars in India</keyword> would lead to joblessness and the government plans to train drivers as adequate driving skills can provide employment to about 50 lakh people. "We will not allow driver-less cars in India. India suffers a huge shortage of 22 lakh drivers...Cab aggregators take advantage of these. We are not going to promote any technology or policy that will render people jobless," Gadkari said. He said the government is planning to introduce a cab aggregator platform where commuters could choose any mode of transportation like electric four-wheeler taxis or two- wheelers. This step will increase competition with Ola and Uber in India. “The government will only be a facilitator in this but the platform will bring in more competition and help commuters to have affordable public transportation,” said Gadkari. Speaking about electric vehicles, Gadkari said government will promote electric vehicles but would not allow its imports and rather would urge all major automobile companies to manufacture this as per 'Make in India' drive. Besides, the government is also planning to introduce and make GPS and satellite tracking mandatory in all public and private vehicles. Besides, plans were afoot to transform public transportation in the country and replace 1.8 lakh buses across the states with luxury buses, the minister said. "Talks are on with <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> and <keyword id="50190" type="CITY" weightage="20" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> (ADB) to help India to replicate the London Transport Authority Model where all the public transportation buses would be replaced by luxury buses and a common man can travel in them by paying about 40 per cent less price as compared to current fares," said Gadkari.

Here’s why Nitin Gadkari said no to driverless cars in India

<ul><li>The <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (<keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>) revised the it’s growth projection for <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> to 7.3% from the original forecast of 7.4%.</li><li>This is in reaction to how the increase in oil prices will affect future consumer demand.</li><li>Also, considering the current level of inflation in the economy, IMF expects India’s monetary policy to tighten further.</li></ul> The International Monetary Fund (IMF) has <a href="http://www.imf.org/en/Publications/WEO/Issues/2018/07/02/world-economic-outlook-update-july-2018">revised</a> its growth projection for India by 0.1 percentage point for 2018-19. Instead of the original estimate of 7.4%, the revised estimate now stands at 7.3%. Though the initial 0.1% doesn’t seem like that big a deal, its effect follows the projection of 2019-20 where it culminates into a 0.3 percentage point decline from the original 7.8%. The reasons why According to the IMF, the revised estimates took the hike in oil prices and monetary policy parameters into consideration. Any increase in the price of oil has an adverse effect on the fiscal and current deficit since oil is India’s largest import commodity. That, in turn, has an effect on the monetary policy, consumption and investments. The monetary policy is an instrument at the disposal of a country’s monetary authority to maintain price stability in the country. And, considering the hike in global crude prices, the Reserve Bank of India (RBI) increased the policy rate by 25 <a href="https://www.moneycontrol.com/news/economy/policy/rbi-monetary-policy-mpc-hikes-repo-rate-by-25-bps-to-6-25-maintains-neutral-stance-2583555.html">basis points</a> just last month to counter inflation. A hike as huge as this hasn’t been seen in four years. And, it might not be the end. The IMF actually expects the monetary policy to tighten further, considering that the wholesale price index is facing a <a href="http://eaindustry.nic.in/home.asp">four-year high</a>. Even the consumer price index inflation rate is at a <a href="https://tradingeconomics.com/india/consumer-price-index-cpi">five-month high</a>. But, they also added that the disruption caused by implementing the goods and services tax (GST), and the exercise in demonetisation, is over. Alignment The revised estimate of the growth rate is in sync with what other agencies has put forth as their forecast for the Indian economy. The <a href="http://www.worldbank.org/en/publication/global-economic-prospects">World Bank</a> and the <keyword id="50190" type="COMPANY" weightage="20" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> (<a href="https://www.adb.org/publications/series/asian-development-outlook">ADB</a>) had already predicted a 7.3% growth rate of India in 2018-19. 
 <div type="image" title="Untitled-1-01-02" msid="65024906" hostid="261"></div>



 Does it matter? The rates for most emerging economies, including Argentina and <keyword id="6355226" type="LOCATION" weightage="20" keywordseo="brazil">Brazil</keyword>, have been revised. Even so, India will still be the fastest growing economy among the larger nations for both years. It should be noted that though economic forecasts send a message of predictability and certainty, they are, at the end of day, based on human behaviour. Regardless of whether that’s consumption patterns or export behaviour. Weather forecasts are based on physics, and even they get it wrong a lot of the time.

Why the IMF revised India's growth projection and why it doesn't matter

Chinese investors, finding the US business environment uninviting, are turning to venture capital to skirt heightened scrutiny, while some have pivoted to other parts of the world altogether. Chinese foreign direct investment (FDI) into the US plummeted for the second straight year in 2018, tumbling 83 per cent to US$5 billion, according to a Wednesday report by the National Committee on US China Relations. A year earlier, FDI amounted to US$29 billion, down from the peak of US$46 billion achieved in 2016. The latest figure represented the lowest level of direct investment by China since 2011. In 2018, Chinese investors sold US$13 billion worth of US assets. Including those sales, direct investment in the US came to negative US$8 billion. The Trump administration has recently toughened its oversight of Chinese investment in the wake of a splurge of Chinese acquisitions, particularly in US technology, viewed as a national security threat. Chinese investors, as a result, are shifting into venture capital to avoid the stepped-up surveillance. Last year, venture capital investments from China to the US, an area that has existed for only about five years, increased to a record US$3.6 billion, mainly on automotive industry investment. Chinese venture capital had remained largely untouched by US regulators up to November 2018, allowing deal activity to continue somewhat strongly in semiconductors amid sharp drops in direct investment, the report said. Other investors from China pulled out of the US completely and shifted their focus to other parts of the world. Consequently, Chinese investment in emerging and frontier markets in Asia nearly tripled last year, surging 198 per cent from the year-earlier period, according to <keyword id="50190" type="COMPANY" weightage="20" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword>. <a href="https://www.scmp.com/comment/insight-opinion/united-states/article/2174078/foreign-investors-have-taken-note-chinas">Amid the gloom, a bright spot in US-China trade talks should not be ignored</a> Looking forward, "Chinese firms' commercial appetite for investing abroad remain strong," researchers wrote in the report. "However, policy hurdles in both the US and China remain significant headwinds." The overall decline in FDI continued for a second year as the US-China relationship grew increasingly hostile with US President Donald Trump's levying of punitive tariffs on hundreds of billions of dollars of Chinese goods nearly a year ago, launching the trade war. Since then, US trade negotiators have been pressuring China to implement structural changes to level the playing field for foreign companies doing business in China. The requested reforms would include halting the subsidising of large state-owned businesses and cracking down on intellectual property theft. <a href="https://www.scmp.com/economy/china-economy/article/2169209/chinas-september-fdi-figure-rises-foreign-investor-shrug-aside">China's September FDI figure rises as investors ignore trade war woes</a> The US negotiating team also wants to end the practice of forcing foreign companies to transfer proprietary technology to Chinese joint venture partners. Disagreements over the implementation of some of these remedies have become a stumbling block in both sides' efforts to forge a deal that would end a tariff war that has hurt both China's economy and the global economy. Trump's unpredictable behaviour and decision-making process, however, have thrown a wrench into efforts to steer the trade battle to a conclusion. In an abrupt turn, Trump tweeted this weekend that he planned to boost tariffs on US$200 billion of Chinese goods to 25 per cent from 10 per cent on Friday. Accusing China of reneging on already negotiated deal terms, the US leader dealt a setback to those hoping for an imminent end to the trade war. <a href="https://www.scmp.com/comment/insight-opinion/hong-kong/article/2150910/fdi-earthquake-you-probably-missed-and-what-it">The FDI earthquake you missed, and what it signals for global trade</a> After a splurge of acquisitions in the US, Beijing moved to control the flow of outbound capital, causing a drop in direct Chinese investment in the US. The government prohibited Chinese investors from acquiring assets in real estate, hospitality and other sectors. In the past year, major Chinese companies that had led the acquisition binge in 2015 and 2016 have sold assets worth billions of US dollars to bring capital back to China to boost domestic growth. In March, Premier Li Keqiang said in his government work report that Beijing would set a lower economic growth target for this year of 6 to 6.5 per cent, down from the target of "about 6.5 per cent" set for last year. <a href="https://www.scmp.com/week-asia/opinion/article/2108351/heres-why-incoming-fdi-far-more-important-china-thought">Why incoming FDI is more important to China than thought</a> It also said it would step up fiscal measures to stabilise growth, after factoring in headwinds, including the trade war, an already high debt level and financing bottlenecks for private enterprises. HNA, a conglomerate with businesses ranging from finance to aviation, has put hotels, real estate holdings and airlines and other assets on the market with a potential value of US$50 billion. Anbang, a holding company that started out in the insurance business and has expanded into banking and financial services announced the sale of its US luxury hotel portfolio, valued at about US$10 billion. The company is known for its aggressive global expansion, including its US$2 billion acquisition of New York's famed Waldorf Astoria hotel in 2014. <a href="https://www.scmp.com/business/companies/article/3009009/sequoia-china-cut-20-cent-its-investment-staff-fund-flows">Sequoia China to cut up to 20 pc of investment staff as tech slows</a> On the flip side, US venture investment in China soared to a record US$19 billion, nearly doubling the previous high of US$9.4 billion a year earlier. And foreign direct investment from the US into China stayed largely flat at US$13 billion in 2018 from US$14 billion in 2017, according to the report from the National Committee on US China Relations. China, however, dropped to seventh in 2018 among likely destinations for direct investment by foreign investors, according to the latest FDI Confidence Index, released on Tuesday. <a href="https://www.scmp.com/comment/insight-opinion/article/3008757/belt-and-road-bonds-are-poised-make-splash-investors-eye">Belt and road bonds poised for great leap forward</a> It was the country's lowest ranking in the 20-year history of the index, which is tracked by Washington-based management consultancy AT Kearney. China was the top destination for foreign investment for the 10 years ended 2012. This article originally appeared on the <a href="http://www.scmp.com">South China Morning Post (SCMP)</a>, the leading news media reporting on China and Asia. For more stories, please download our <a href="https://go.onelink.me/3586748601?pid=3rdpartycontentexchange">mobile app</a>, follow us on <a href="https://twitter.com/scmpnews">Twitter</a>, and like us on <a href="https://www.facebook.com/scmp">Facebook</a>. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

Donald Trump's crackdown on Chinese investment in US sparks huge shift into venture capital

<ul><li>The COVID-19 pandemic has set back the fight against poverty in <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword> and the Pacific by at least two years, Asian Developement Bank claims. </li><li>Prevalence of extreme poverty in <keyword id="119132" type="General" weightage="80" keywordseo="asia-pacific" source="Orion">Asia Pacific</keyword> is expected to come down below 1 per cent by 2030.</li><li>About 25 percent of Asia-Pacific population may reach at least the middle-class status, earning ₹1,197 per day. </li></ul> Had COVID-19 not struck, Asia Pacific could have brought down extreme poverty to a level achievable in 2020 itself, enabling more people to improve living standards from surviving at less than USD 1.90 per day, an <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> report said. People surviving with less than $ 1.90 (about ₹ 152) per day fall under extreme poverty. The COVID-19 pandemic has set back the fight against poverty in Asia and the Pacific by at least two years, said the latest report by <keyword id="50190" type="General" weightage="50" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> (ADB). The Manila-headquartered multilateral funding agency said many living in the Asia Pacific region will likely find it harder than before to come out of extreme poverty. "The region's economic growth this year is expected to reduce extreme poverty -- defined as living off less than $ 1.90 a day -- to a level that would have been achieved in 2020 had the pandemic not happened," according to <keyword id="14801692" type="General" weightage="50" keywordseo="key-indicators-for-asia" source="Orion">Key Indicators for Asia</keyword> and the Pacific 2022 released on Wednesday. Citing data simulations, ADB said those with lower pre-pandemic levels of social mobility, the ability to escape poverty, may witness "longer-lasting setbacks". COVID-19 has interrupted a long trend of poverty reduction, it said, adding that despite the economies seeming to be recovering the progress remains uneven. The pandemic may also have worsened forms of poverty beyond income, such as food insecurity and inadequate access to health services and education, said the report. "The poor and the vulnerable have been hit hardest by COVID-19, and while economies are recovering, many people may find that getting out of poverty is even more difficult than before," ADB Chief Economist Albert Park stated. Park said governments in the region should focus on resilience, innovation and inclusiveness to provide more balanced economic opportunities and greater social mobility for everyone. Going ahead, the prevalence of extreme poverty in Asia Pacific is expected to come down below 1 per cent by 2030, while about 25 per cent population may reach at least the middle-class status, meaning to have income/consumption of USD 15 or more in a day (about ₹1,197 per day) adjusted to purchasing power parity. However, ADB said this outlook is threatened by differences in social mobility as well as other uncertainties. "Developing Asia faces the potential for stagflation, ongoing conflicts involving key global actors, increased food insecurity, and energy price shocks." ADB has a total of 68 members of which 49 are from the Asia Pacific region.

Pandemic pushes back Asia Pacific's fight against extreme poverty by 2 years: ADB

The <keyword id="499463" type="General" weightage="20" keywordseo="Union-Ministry-of-Road-Transport-and-Highways" source="Orion">Union Ministry of Road Transport and Highways</keyword> (<keyword id="375113" type="General" weightage="20" keywordseo="morth" source="Orion">MoRTH</keyword>) is all set to roll out a new ₹7,270 crore <keyword id="12179033" type="General" weightage="20" keywordseo="State-Support-Programme" source="Orion">State Support Programme</keyword> for Strengthening <keyword id="87280" type="General" weightage="20" keywordseo="Road-Safety" source="Orion">Road Safety</keyword> to help realise the vision of 'Zero road fatalities on Indian roads.' The centrally-sponsored six-year programme will be implemented in 14 states that are now contributing to 85 per cent of the total road fatalities in the country. While MoRTH will lend a budgetary support of Rs 3,635 crore, an amount of Rs 1,818 crore will be secured as loan each from the World Bank and the <keyword id="50190" type="General" weightage="20" keywordseo="Asian-Development-Bank" source="Orion">Asian Development Bank</keyword>. Of the total cost, Rs 6,725 crore will be disbursed to the 14 states based on their performance while MoRTH will use Rs 545 crore for capacity building activities. The scheme will incentivise state governments to drive road safety interventions at the grassroots level with the main objective of curbing road accidents and achieving a reduction in fatalities, the MoRTH said in a concept note circulated to the target states. The target states under the scheme are Uttar Pradesh, Maharashtra, Madhya Pradesh, Karnataka, Rajasthan, Tamil Nadu, Andhra Pradesh, Gujarat, Bihar, Telangana, West Bengal, Odisha, Haryana and Assam. "This is an output and outcome-driven scheme wherein the performance of the states will be assessed on 11 mandatory and three elective indicators (road safety interventions). The grants will be distributed to the states based on the Key Performance Indicators," top official sources told PTI. The preliminary project report prepared by MoRTH says the Motor Vehicle Amendment Act (2019) was brought in as an important intervention to achieve the fatality reduction target. "To leverage the strengthened law, it is necessary to have focused interventions in the related areas of road safety like road engineering, enforcement, road safety advocacy and media campaigns and efficient emergency response systems. The states need to be supported to act on result-oriented strategies. Hence the new scheme," the sources said. India reported about 1.51 lakh road deaths in 4.49 lakh accidents in the year 2019. Of the total deaths, the 14 identified states accounted for 1,27,379. The number of fatalities remained consistent over the last five years. In 2020, 1.32 lakh road deaths were recorded across the country, with the Covid-19-induced lockdown resulting in the reduction in number. The new scheme targets to reduce the fatality rate by 30 per cent by March 2027. Cyclists, two and three-wheeler riders and pedestrians have been identified as 'vulnerable road users' who comprised about 54 per cent of road traffic deaths in India. Under the new scheme, performance-based indicators have been proposed with the aim of reducing the impact of road accidents on these vulnerable users. An Integrated Road Accident Database (IRAD) will be rolled out in all states by 2022-23 and applied for identifying and rectifying all black spots on state highways and major district roads. Road safety audit will be made mandatory on state highways and urban roads by the end of the scheme period. From 2022-23, MoRTH will launch a 'Challenge Round' every year to provide incentives to states on additional road safety interventions and also to promote competition among states. "The grant of Rs 7,270 crore will only meet partial fund requirement for the scheme. States are expected to make their own budgetary allocations and also implement projects in Public-Private Partnership mode," MoRTH told the states. Independent Verification Agencies will scrutinise the states' achievements, based on which the Central grant will be released. Some of the other major interventions mooted under the scheme are: Installation of speed management devices on urban roads in cities with a population of over four lakh, state highways and national highways for increased enforcement, a unique number for reporting accidents, development of dedicated lanes for two-wheelers on state highways and urban roads and identification of priority corridors. State Education Boards will be required to introduce a chapter on road safety for classes 6-9 in 2022-23 and up to class-12 the next year on. Deployment of Advance Traffic Management System, campaigns on vehicle safety and driver training, establishment of a Command and Control (Data) Centre for ambulances, establishment of automated vehicle fitness centres are some of the other initiatives planned under the scheme. SEE ALSO: <a href="https://www.businessinsider.in/india/news/highlights-of-prime-minister-narendra-modis-speech-at-the-unga-today/articleshow/86510462.cms">Indian Prime Minister Narendra Modi makes his points on China, Afghanistan and Pakistan at the United Nations General Assembly</a> <a href="https://www.businessinsider.in/thelife/personalities/freshworks-ceo-girish-mathrubootham-shares-someone-said-i-will-be-nothing-but-a-rickshaw-puller/articleshow/86507840.cms">WATCH: "Someone said I am good enough to be a rickshaw puller," shares Freshworks CEO Girish Mathrubootham in a candid chat</a>

Union Ministry of Road Transport and Highways to roll out ₹7,270 crore support programme for 14 states

<a href="http://www.businessinsider.in/markets/budget2016/infrastructure/renewable-energy/ADB-is-helping-India-realize-its-solar-dreams-to-provide-500-mn-loans-for-solar-rooftops/articleshow/54677920.cms">Asian Development Bank</a> (ADB), the regional development bank headquartered in Phillippines, has said that <a href="http://www.businessinsider.in/indias-fiscal-deficit-touches-rs-6-trillion-in-11-months-above-2016-17-target/articleshow/57940627.cms">India's growth rate</a> will improve to 7.4% during 2017-18, further rising to 7.6% in the next fiscal. It added that Indian economy would stay ahead of neighbour China. 
 
"The impact of the demonetisation of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumption and fiscal reforms are also expected to improve business confidence and investment prospects in the country," said a report in Asian Development Outlook, ADB's flagship economic publication. 
 
Also read: <a href="http://www.businessinsider.in/Asian-Development-Bank-trims-growth-forecast-for-Asia-due-to-slowdown-in-India/articleshow/55955434.cms">Asian Development Bank trims growth forecast for Asia due to slowdown in India</a> 
 
"In India, the sub-region's largest economy, growth is expected to pick up to 7.4% in fiscal year (2017-18) and 7.6% in 2018-19, following the 7.1% registered last FY," it said. 
 
During FY <a href="http://www.businessinsider.in/markets/economy/ADB-predicts-a-slower-growth-for-developing-Asia/articleshow/51611322.cms">2016-17</a>, India recorded a growth rate of 7.1%, notwithstanding the fear of adverse effects of demonetisation on the economic growth. 
 
As about China, the overall output was pegged at 6.5% for 2017 and 6.2% in 2018; in 2016, it was 6.7%. 
 
Also read: <a href="http://www.businessinsider.in/markets/this-how-you-know-something-desperate-is-going-on-in-chinas-economy/articleshow/57071274.cms">This is how you know something desperate is going on in China's economy</a> 
 
The report further said that South Asia would continue to be the fastest growing of all subregions, and its combined growth would touch 7% in 2017 and 7.2% in 2018. 
 
(Image source New Indian Express)

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