Asian Development Bank (ADB) President Masato Kanda has urged Asian economies, including India, to push ahead with reforms to ensure long-term growth and stability amid global uncertainty. Speaking at the ADB's annual meeting, Masato emphasized the importance of sound economic policies, regional connectivity, and private sector development.
Masato highlighted that while US tariffs pose challenges, they also present an opportunity for Asian economies to enhance resilience and interconnectedness through continued reforms and diversification.
Masato stated, “Asian economies like India must not be complacent and should push ahead with reforms to ensure long-term growth and stability amid increasing uncertainty.”
Masato suggested strategies such as income redistribution to boost demand, steps to enhance competitiveness to foster private sector investment, and improvements in education.
Masato also stressed that Asian economies must not be complacent and should deepen their financial markets and human capital development.
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The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote social and economic development in Asia and the Pacific region. Headquartered in Metro Manila, Philippines, has 69 member countries, including 49 from the APAC region. It provides loans, technical assistance, grants, and equity investments to support sustainable growth and poverty reduction.
ADB focuses on areas such as climate change, infrastructure, education, finance, and gender equality. It operates with a weighted voting system, similar to the World Bank, where votes are distributed based on members' capital subscriptions. The ADB recently revised India's economic growth forecast for FY26 down to 6.7 percent from 7 percent, citing uncertainty stemming from the increase in US tariffs.