Recent initiatives of the Government of India have infused a new vitality to the Indian Development and Economic Assistance Scheme (IDEAS), preparing the country for a new leap forward in development partnerships during the Amrit Kaal, said Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, Government of India, during an event organized on the theme of India’s Economic Journey @ 75, at Vigyan Bhawan, New Delhi, on 8th June 2022, as part of the Iconic Week of the Ministry of Finance and Corporate Affairs, Government of India marking the occasion of Azaadi ka Amrit Mahotsav.
Speaking on the occasion, Smt. Sitharaman highlighted the myriad benefits of concessional credit lines extended by the Export-Import Bank of India (India Exim Bank) at the behest of the Government of India under IDEAS, for both partner countries and India. She highlighted the success of IDEAS in sharing India’s development experience with partner countries to support economic and infrastructure projects, generate socio-economic benefits, promote bilateral trade, and support capacity building and skills transfer. She also underscored the complementary benefits of IDEAS for India through expansion in trade, and resultant economic growth and employment generation in the country.
During the event, a video prepared by India Exim Bank on the impact of Lines of Credit extended under IDEAS, showcased the evolving scope and scale of IDEAS and displayed select projects in partner countries that are engendering multi-dimensional socio-economic benefits. The video also informed participants about the IDEAS guidelines and model documents created by India Exim Bank, that are further easing the process of procurement and improving the implementation and quality of projects under IDEAS.
In another key step towards bolstering India’s commitment to development partnership as the country advances from the Amrit Mahotsav towards the Amrit Kaal, Smt. Sitharaman launched a one-stop, dynamic monitoring platform developed by India Exim Bank, termed NETRA (New E-Tracking and Remote Administration). The NETRA platform allows seamless and secure access to information, real-time updates on project implementation, and expeditious delivery of quality projects under IDEAS. The NETRA platform is equipped to capture more than 200 data points, providing information at all stages, right from announcement of the concessional credit lines by the Government of India, to monitoring of the approval process, and implementation of the projects. The NETRA platform, along with the revised IDEAS guidelines and model documents, would be harbingers of a new era of development cooperation for India.