| World bank give India $4 bn loan |
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| Written by Site Administrator |
| Wednesday, 14 October 2009 10:12 |
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World Bank will give India a loan of $4.2 billion developing its infrastructure and to recapitalize the public sector banks. This loan is being offered as per the G20 mandate to support developing nations to sustain growth by pumping financial aid into various areas of that can stimulate sustainable development. Of the amount being offered (Rs. 20,000 crores), India plans to use $2 bn to recapitalize banks, $1.195 will be pumped into infrastructure development, and $1 bn will be used for power grid. These funds are expected to neutralize the negative effects of the recent global economic crisis on Indian Economy and put it back on track of recovery, stability and sustainable growth. The money being pumped for recapitalization of banks is likely to give enough room for Indian Economy to plan for the futre ahead. Comments (0) |