Seminar Explores Strategic Engagement with Multilateral Development Banks for India’s Future

New Delhi: The Department of Economic Affairs, Ministry of Finance, organized a high-profile seminar in New Delhi on ‘Facilitating Strategic Engagement with Multilateral Development Banks (MDBs) for a Future-Ready India.’ The event, attended by over 200 participants representing the Government of India, all State Governments, MDBs operating in India, and major private sector partners, aimed to reinforce the commitment of stakeholders to the vision of Viksit Bharat 2047. The focus was on deepening India’s collaboration with MDBs to achieve maximum transformative impact.

Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, set the tone for discussions with a keynote address, envisioning a ‘Future Ready India.’ He emphasized the need for MDBs to transform into a Better, Bigger, and Bolder system, aligning with the G20 community’s endorsement under India’s G20 Presidency in 2023. This transformation is crucial for effectively addressing the complex and diverse demands of emerging economies like India in an increasingly intricate global landscape.

Keynote speakers included Shri Anurag Jain, Secretary, Ministry of Road, Transport and Highways; Shri Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT); and Shri B.V.R. Subrahmanyam, CEO, NITI Aayog. They stressed the importance of building on sectoral developmental priorities and assessing the readiness and gaps for MDBs and other stakeholders to contribute effectively.

Shri K.V. Kamath, Chairman, National Bank for Financing Infrastructure and Development (NaBFID), offered insights into the perspective of specialized institutions dedicated to promoting infrastructure development in India.

The seminar unfolded in three sessions, fostering collaborative learning and the development of actionable roadmaps. Ms. Manisha Sinha, Additional Secretary, DEA, outlined a detailed engagement roadmap, emphasizing Externally Aided Projects (EAPs) in India. The sessions covered topics like Facilitating Strategic Engagement with MDBs, Exploring Collaborative Models of Development Financing, and Leveraging Emerging Technologies for Transformative Development.

Discussions delved into key finance-plus and budget-plus elements in forthcoming MDB projects, sharing domestic and international best practices, adopting synergetic platforms for development cooperation, exploring opportunities and challenges offered by new-age technologies, and assessing the role of MDBs in their uptake.

The seminar highlighted the urgency of expediting MDB operational processes, enhancing their role in credit enhancement and risk management, and emphasizing technology transfer. Engaged international discourses on ‘public goods’ and ensuring access to emerging technologies were also underscored. Participants expressed optimism about strategic engagement with MDBs, facilitating India’s journey toward becoming a future-ready nation in the Amrit Kaal.