ADB gives 130 million dollars to increase horticulture in Himachal Pradesh

Tags: State News

The Government of India on 8 June 2023 signed a $130 million loan agreement with the Asian Development Bank (ADB) to enhance the income of Himachal Pradesh farmers.

An Overview of the News:

• This $130 million loan will be used to increase agricultural productivity, improve irrigation facilities and promote horticulture agribusinesses in Himachal Pradesh.
• The agreement was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Takeo Konishi, Director of ADB's India Resident Mission, on behalf of ADB.

Benefits from the Agreement:

• Improvement of sub-tropical horticulture in southern regions of Himachal Pradesh,
• Crop diversification in rural areas of the state,
• opportunities for climate adaptation and more equitable economic and social development.
• Supporting horticulture value chains will also encourage the contribution of this sub-sector to the development and food security of the country.
• The implementation of this project will help at least 15,000 agricultural families in 7 districts of the state – Bilaspur, Hamirpur, Kangra, Mandi, Sirmaur, Solan and Una – to increase their income and combat the effects of climate change.
• The project will also help create an ecosystem to improve farmers' access to markets for subtropical horticulture.

Himachal Pradesh:

• Capital: Shimla (Summer) Dharamshala (Winter)
• Governor: Shiv Pratap Shukla
• Chief Minister: Sukhwinder Singh Sukhu

Asian Development Bank (ADB):

• ADB was established on December 19, 1966 as a regional development bank.
• Members: 68 countries (India is a founding member)
• Headquarters: Manila, Philippines.
• Objective: To promote social and economic development in Asia.