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Thu 23rd of November 2017

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SASEC Operational Plan 2016-25 includes nine projects worth $2.4 Billion
  • The Asian Development Bank (ADB) has approved a total of nine projects costing $2.42 billion as part of the Operational Plan (OP) 2016-2025 of the South Asia Subregional Economic Cooperation (SASEC) program.
  • The nine projects comprise of two rail projects in Bangladesh worth $890 million, two economic corridor initiatives (a project and program loan) and a bridge project in India worth an aggregate of $1.2 billion, trade facilitation and airport projects in Bhutan worth $27 million and key SASEC road and energy projects in Nepal worth $302 million.
  • All these projects are aligned with the SASEC OP’s thrusts of developing road and rail links aligned closely with trade routes toward the east, streamlining trade procedures, and improving energy infrastructure.
  • These projects will receive ADB financing of $1.43 billion. These nine projects represent a significant increase compared to the previous 15 years, when the annual average value of projects approved was only about $500 million.

Programme

  • In 2001, Bangladesh, Bhutan, India, and Nepal formed the South Asia Sub-Regional Economic Cooperation (SASEC) programme, which the Maldives and Sri Lanka joined in 2014.
  • Under SASEC programme, these countries have worked together to build power plants, highways, rail systems and fibre optic networks to expand and improve Internet access.
  • It is a project-based partnership to promote regional prosperity by
  1. Improving cross-border connectivity,
  2. Boosting trade among member countries, and
  3. Strengthening regional economic cooperation.
  • The Asian Development Bank (ADB) is the secretariat and lead financier of the SASEC programme.
  • Till date, ADB has approved 46 SASEC projects worth almost USD 9.17 billion in transport, energy, trade facilitation, and information and communications technology.

 

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Prelims Question of the Day

With reference to 'Natural Rate of Unemployment', consider the following statements.

1. It is the level of unemployment in an economy that is just consistent with a stable rate of Inflation.

2. It is the unemployment that prevails when all markets in the economy are in equilibrium.

 

(a)1 and 2

(b)2 only

(c)1 only

(d)None of the above

Mains Question of the Day

1.GS-No party in power can afford to ignore Directive Principles of State Policy. Comment.(200 Words)

2.Political Science - Explain the role of non state actors, like IMF, World Bank, European Union and MNCs, in modulating and transforming the broad dynamics of international relations. (250 Words).

3.SOCIOLOGY - What is the impact of Globalization on the structure and mobilization of the working class in India? (250 Words).

Sociology - Thinkers