New Delhi, Mar 7 (PTI) Economic Affairs Secretary Ajay Seth on Thursday said bigger, better and bolder multilateral development banks will help in responding to the complex demands of emerging economies like India in an increasingly complex world.

"The large piece of work to be done is around infrastructure. I recall that the World Bank has done a study two years back for 'India at 100'... 75 per cent of the infrastructure that is needed is yet to be built. That is the kind of scale which we have.

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"At the same time, we are living in a world with limited resources and of course, few resources which are cross border and few resources within the boundaries of India, which have got their own limitations. So, we have to look at finding ways for a more efficient way of organising ourselves," he said at a seminar on 'Facilitating Strategic Engagement with Multilateral Development Banks (MDBs) for a Future-Ready India'.

There is a need for improvement in productivity and efficiency as far as infra projects for different sectors are concerned, he said.

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Earlier, Manisha Sinha, Additional Secretary, DEA, elaborated in detail the roadmap for the engagement of stakeholders through a presentation, an official statement said.

This presentation highlighted the strengths, opportunities, and challenges of Externally Aided Projects (EAPs) in India and elucidated the expectations of India from the MDBs by focusing on finance plus and budget plus elements, innovations in financing and leveraging, greater engagement with the private sector, focus on transference of global practices and creating synergies, it added.

The sessions included focused discussions on facilitating strategic engagement with MDBs, exploring collaborative models of development financing and leveraging emerging technologies for transformative development, it added.

During the seminar, the key points of focus included the urgent need to speed up MDB's operational processes and enhance its role in areas of credit enhancement and risk management to leverage greater private capital, the statement said.

The importance of technology transfer and engaged international discourses on the idea of public goods, especially in ensuring access to emerging and cutting-edge technologies and best practices, it noted.

Participants and speakers expressed their optimism and hope for a strategic engagement with the MDBs, facilitating India's journey of a future-ready nation in the Amrit Kaal, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)