New Delhi, Mar 23 (KNN) In a bid to accelerate its journey towards becoming a developed nation by 2047, India has initiated collaborative efforts with multilateral development banks (MDBs).

The finance ministry recently convened a meeting with MDB representatives on March 7 to solicit their expertise in project implementation and strategic planning, reported ET. 

According to sources familiar with the discussions, the ministry outlined a comprehensive "budget-plus and finance-plus" strategy, aimed at encompassing all facets of project execution beyond mere financing and planning. 

This strategy seeks to leverage MDBs' experience and resources to address challenges such as time and cost overruns, while also facilitating knowledge and technology transfers.

India's outreach to MDBs, including stalwarts like the World Bank and the Asian Development Bank, underscores its commitment to streamlining project implementation processes and fostering sustainable development. 

By collaborating with these institutions, India aims to attract both public and private investments, bolstered by the credibility and governance standards upheld by MDBs.

The move aligns with the government's broader agenda of accelerating infrastructure development to stimulate economic growth and job creation. 

By harnessing the expertise of MDBs, India endeavours to chart a path towards achieving its developmental aspirations while fostering international partnerships for mutual progress.

(KNN Bureau)