The Centre and the Asian Development Bank (ADB) have signed a 350 million dollar policy-based loan agreement. This loan is part of the second subprogram of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.
The program the government in undertaking wide-ranging reforms in the country’s logistics sector. It includes two subprograms aimed at boosting manufacturing and improving supply chain resilience.
The loan agreement was signed yesterday by the Department of Economic Affairs, the Department for Promotion of Industry and Internal Trade, and the ADB. The Commerce and Industry Ministry in a statement said the development of India’s logistics sector is vital to enhancing the competitiveness of its manufacturing sector. The Ministry also stated that the collaboration between India and ADB reflects a shared commitment to fostering growth and innovation in the logistics sector, supporting India’s broader economic development goals.