MANILA, Dec. 6 (Xinhua) — The Asian Development Bank (ADB) Friday said it has approved a 350-million-U.S. dollar policy-based loan to strengthen and modernize India’s logistics sector and achieve increased economic competitiveness.
The loan will finance the second subprogram of the Strengthening Multimodal and Integrated Logistics Ecosystem program, which aims to create a comprehensive policy, planning, and institutional framework at the federal, state, and city levels, the ADB said.
The ADB said developing India’s logistics sector is pivotal in enhancing its competitiveness in the manufacturing sector.
“Improved logistics efficiency enhances supply chain resilience, reduces transaction costs, and boosts export competitiveness,” said ADB Senior Public Management Economist Sameer Khatiwada. “The integration of digital technologies and standardized processes facilitates smoother movement of goods, which is crucial for manufacturing growth.” ■