Last week, ADB lowered the economic growth forecast for Asia and the Pacific for 2022 to 4.3 per cent from its April projection of 5.2 per cent.
India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in a supplement to its flagship ADO report on Wednesday.
Loans from India with USD 376.9 million were the highest foreign financing disbursements during the period of January 1 to April 30, 2022, according to Sri Lanka's Finance Ministry.
Sri Lanka has already suspended repayments for international sovereign bonds, commercial bank loans, Exim bank loans, and bilateral loans.
A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
Odisha has been selected for performance-based grants from the Centre to improve its road safety outcomes.
The Asian Development Bank, however, flagged inflation as a major issue mainly on account of a rise in prices of commodities in wake of the ongoing Russia Ukraine war.
ADB said developing Asia's economies are predicted to grow by 5.2 per cent this year and 5.3 per cent in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports.
The financing will be used to address the immediate coastal protection needs and for strengthening the institutional capacity of Karnataka's public works, ports and inland water transport department.
In general, GST is likely to reduce the tax rate on goods as compared to earlier times, while tax rates on services are expected to increase, the blog said.
The bank is also prepared to invest up to USD 5 billion during 2018-22 for infrastructure building to develop East Coast Economic Corridor.
Finance Minister Arun Jaitley also asked the multilateral lender to set up a regional hub in New Delhi for South Asia region so that a majority of the proposals could be processed there speedily.
The project will help Assam to enhance capacity and efficiency of its power distribution system to improve electricity service to end users, the Ministry statement read.