North News
New Delhi, December 21
The Government of India and the Asian Development Bank (ADB) signed a Rs 2,900 crore policy-based loan on Saturday to support the second subprogram of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program. The loan agreement was formalized by representatives from the Department of Economic Affairs (DEA), Ministry of Finance, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, and ADB. The SMILE program aims to bolster India’s logistics sector through a comprehensive policy framework and targeted reforms.
The program focuses on developing multimodal logistics infrastructure at national, state, and city levels, standardizing warehousing and logistics assets to strengthen supply chains and attract private investment, enhancing efficiency in external trade logistics and promoting smart and low-emission logistics systems.
The initiative is designed to support India’s manufacturing sector, improve supply chain resilience, and reduce logistics costs. Strategic reforms, digital integration, and infrastructure development under the program are expected to enhance efficiency, generate employment, and drive sustainable economic growth.
ADB and the Indian government emphasized the importance of this collaboration in fostering innovation and competitiveness in the logistics sector, aligning with India’s broader economic development goals.
