Indian Economy PDF

# Chapter 03: Indian Economy ## Introduction to Indian Economy - The economy of India is the fifth largest in the world by nominal GDP and third largest by Purchasing Power Parity (PPP). - The economy is at $2.6 trillion. India accounted for 7.2% of the global economy in 2022 in PPP (Purchasing Po...

# Chapter 03: Indian Economy ## Introduction to Indian Economy - The economy of India is the fifth largest in the world by nominal GDP and third largest by Purchasing Power Parity (PPP). - The economy is at $2.6 trillion. India accounted for 7.2% of the global economy in 2022 in PPP (Purchasing Power Parity) terms and around 3.4% in nominal terms. ## Nature of the Indian Economy - Nature of the Indian economy is mixed as well as Agrarian. - **Mixed Economy:** It is the existence of both public and private sectors. This term was coined by Pat Mullins and supported by JM Keynes. - **Agrarian Economy:** It is an agriculture-based economy, even after six decades of independence, more than 50% of the workforce of India is still employed in agriculture and its contribution to GDP is around 19.9% at current prices. ## Features of Indian Economy - Slow growth of national and Per Capita Income. - Capital deficiency and low rate of capital formation, hence low rate of investment, low production, etc.; poor quality of human capital. - Over-dependence on agriculture along with low productivity in agriculture; heavy population pressure. - Unequal distribution of income and wealth. - Mass poverty, chronic inflation and chronic unemployment. ## Sectors of Indian Economy - **Primary Sector:** It includes production of raw materials and includes agriculture, forestry and fishing, mining, etc. - **Secondary Sector:** It is involved in the production of finished goods. Such as manufacturing, electricity, gas and water supply and construction. - **Tertiary Sector:** It provides services to the general population and business. It is also called the service sector which includes business, transport, telecommunication, banking, insurance, real estate, community and personnel services. ## Historical Milestones of Indian Economy - Planned Economy for India (1934) M Visvesvaraya - National Planning Committee (1938) Jawaharlal Nehru - Bombay Plan (1944) - Gandhian Plan (1944) SN Agarwal - People’s Plan (1945) MN Roy - Sarvodaya Plan (1950) JP Narayan ## Five Year Plans At a Glance | Plan | Growth Rate | Important Sector | |---|---|---| | First Plan (1951-56) (Based on Harrod Domar Model) | 2.1% / 3.6% | Agriculture, irrigation, electricity | | Second Plan (1956-61) (Based on PC Mahalanobis two sector model) | 4.5% / 4.2% | Heavy industries | | Third Plan (1961-66) | 5.6% / 2.8% | Foodgrains, heavy industries | | Plan Holiday (1966-69) | N/A | N/A | | Fourth Plan (1969-74) | 5.7% / 3.3% | Agriculture | | Fifth Plan (1974-78) | 4.4% / 4.8% | Removal of poverty | | Rolling Plan (1978-80) | N/A | N/A | | Sixth Plan (1980-85) | 5.2% / 5.4% | Agriculture, industries | | Seventh Plan (1985-90) | 5.0% / 6.0% | Energy, foodgrains | | Two Annual Plans (1990-92) | N/A | N/A | | Eighth Plan ( 1992-97) | 5.6% / 6.6% | Human resource education | | Ninth Plan (1997-2002) | 6.5% / 5.4% | Social justice | | Tenth Plan (2002-07) | 8.1% / 7.5% | Income, energy | | Eleventh Plan (2007-2012) | 8.0% / 7.9% | Inclusive growth | | Twelfth Plan (2012-2017) | 8% | Faster, sustainable and more inclusive growth | ## National Income in India - **National Income:** Refers to the aggregate value of goods and services produced in an economy in one year. Following are the measures of National Income in India: - **Gross Domestic Product (GDP):** It is the final value of the goods and services produced within the geographical boundaries of a country during a year. - **Net Domestic Product (NDP):** It equals to the GDP, minus depreciation (value loss of an asset) on country capital goods. - **Gross National Product (GNP):** It is an estimate of the total value of all the final products and services produced in a given period (usually a year) by the nationals of a country. - **Net National Product (NNP):** It is obtained by subtracting depreciation value from GNP. When NNP is obtained at factor cost it is called National Income. It is calculated by deducting indirect taxes and adding subsidies in NNP at market price. ## Poverty - The erstwhile Planning commission estimated poverty rate based on data collected by National Sample Survey Organisation (NSSO). - Based on 2400 calories (rural) and 2100 calories (urban) and monthly per capita consumption expenditure of ₹454 (rural) and 540 (urban), Planning Commission (Now NITI Aayog) estimated poverty ratio in India in 2004-05 was 22% based on data released by planning commission in July, 2013 and according to the Suresh Tendulkar Committee was 37.2%. - The Tendulkar Committee in 2009 stipulated a benchmark of monthly per capita expenditure of ₹446.68 and 578.80 in rural and urban areas, respectively. ## Socio-Economic Programmes | Programme/Measure | Year of Launch | |---|---| | National Rural Livelihood Mission | 2011 | | Nirmal Bharat Abhiyan | 2012 | | Swachh Bharat Abhiyan | 2014 | | Beti Bachao Beti Padhao | 2014 | | Pradhan Mantri Jan Dhan Yojana | 2015 | | Atal Pension Yojana | 2015 | | Digital India Programme | 2015 | | National Skill Development Mission | 2015 | | HRIDAY (Heritage City Development and Augmentation Yojana) | 2015 | | Smart City Mission | 2015 | | AMRUT (Atal Mission for Rejuvenation and Urban Transformation) | 2015 | | Pradhan Mantri Jeevan Jyoti Beema Yojana | 2015 | ## Agriculture - Agriculture is the mainstay of Indian economy. It makes important contribution in GDP, National Income, employment, trade and industry. According to new series of national income released by Central Statistical Office (CSO) at 2011-12 prices, the share of agriculture in total GDP is 17% in 2017-18. - **Green Revolution:** It is associated with the use of HYVS (High Yielding Variety Seeds), chemical, fertilizers and new technology, which led to a revolutionary results in agricultural production. Dr MS Swaminathan has been called the 'Father of Green Revolution’ in India. ## Major Agricultural Revolutions | Revolution | Production | |---|---| | Blue | Fish production | | Golden Fibre | Jute | | Pink | Onion | | Red | Meat | | White | Milk | | Yellow | Oilseed | | Sweet Revolution | Honey production | | Black Revolution | Petroleum production | | Green Revolution | Foodgrain (cereals, wheat, and leguminous plant) production | | Grey Revolution | Fertiliser production | | Evergreen Revolution | Increase in productivity without ecological harm | ## Tricolour Revolution - Tricolour revolution has three components: - **Saffron revolution:** Solar energy - **White revolution:** Cattle welfare - **Blue revolution:** Fisherman's welfare ## Economic Planning in India - Basic aim of Economic Planning was to bring rapid economic growth through agriculture, industry, power and all other sectors of the economy. - **Planning Commission (1950):** was set-up under the Chairmanship of Pandit Jawaharlal Nehru (Gulzarilal Nanda was the first Deputy Chairman). ## NITI Aayog - NITI Aayog or National Institution for Transforming India Aayog came into existence on 1st January, 2015; policy-making think-tank of government that replaces Planning Commission and aims to involve states in economic policy making. It will provide strategic and technical advice to the Central and the State Governments. The Prime Minister heads the Aayog as its Chairperson. Shri Suman Bery is the Vice-Chairperson of NITI Aayog of India. ## Industries - Industrial sector comprises of manufacturing, electricity and gas and water supply, construction, etc. - For the promotion of industries, many industrial policies were launched from time to time. ## Industrial Policies - Industrial policies were launched in 1948, 1956, 1977, 1980 and 1991. - **Industrial Policy 1956:** Is called Economic Constitution of India and gave public sector the strategic edge. - **Industrial Policy 1991:** Opened up the economy: Its main aims were: - To end license-permit raj. - To integrate Indian economy with the outer world. - To remove restrictions on FDI. - To reform public sectors. ## Public Sector Enterprises (PSES) - A Public Sector Enterprises (PSEs) may be defined as any commercial or industrial undertaking owned and managed by the government. - There are three different forms of organisation used for the Public Sector Enterprises in India: - Departmental Undertaking - Statutory Corporation - Government Company ## Maharatnas, Navratnas and Miniratnas - To impart greater managerial and commercial autonomy to the PSEs, the concept of Maharatna, Navratnas and Miniratna was started. There are twelve Maharatnas in India: - Oil and Natural Gas Corporation (ONGC) - Steel Authority of India Limited (SAIL) - Indian Oil Corporation Limited (IOCL) - Bharat Heavy Electricals Limited (BHEL) - Gas Authority of India Limited (GAIL) - National Thermal Power Corporation (NTPC) - Coal India Limited (CIL) - Bharat Petroleum Corporation Limited (BPCL) - Hindustan Petroleum Corporation Limited - Power Grid Corporation of India Limited - Power Finance Corporation - Bharat Electronics Limited - There are twelve Navratnas in India: - Hindustan Aeronautics Limited - Mahanagar Telephone Nigam Limited - National Aluminium Company Limited - National Mineral Development Corporation - Nevyeli Lignite Corporation Limited - Oil India Limited - Rashtriya Ispat Nigam Limited - Rural Electrification Corporation Limited - Shipping Corporation of India Limited - Engineers India Limited - National Building Corporation Limited - Container Corporation of India Limited - **Miniratnas:** - These are Public Sector Enterprises (PSEs) that have made profit continuously for the last three years and have positive net worth. - At present, there are 62 in category I and 12 in category II of Miniratnas. ## Small Scale Industry - A new thrust to Small Scale Industry, given in Industrial Policy of 1977. - **Micro, Small and Medium Enterprises Development (MSMED) Act:** was enacted in 2006. MSMED Act, 2006, clearly defines not only the medium enterprises but also extends it to the service sector too. - MSME sector contribute around 30% of the GDP, 34% to the manufactured output, 45% to the experts and provides employment to 110 million people. - **SIDBI (Small Industries Development Bank of India): **is an independent financial institution to finance the growth of MSMEs. ## Revised Classification from 2020 ### Classification of MSME | Category | Investment/Annual turnover | |---|---| | Micro | Investment less than 1 crore and Turnover less than 5 crore | | Small | Investment less than 10 crore and Turnover up to 50 crore | | Medium | Investment less than 50 crore and Turnover to 250 crore | ## Major Industries In India - Major Industries in India are discussed as follows: ### Iron and Steel Industry - Bengal Iron Works Company was established in 1874. - First large scale steel plant Tata Iron and Steel Company (TISCO) was established at Jamshedpur in 1907. It was followed by Indian Iron and Steel Company (IISCO) at Burnpur, West Bengal in 1919. - The first public owned steel plant was Rourkela integrated steel plant. - Presently, India is the third largest producer of steel and comes first in the production of sponge iron. ### Iron and Stell Plants of foreign Assistance | Location (Plants) | Assistance | |---|---| | Rourkela (Odisha) | Germany | | Bhilai (Chhattisgarh) | Russia | | Durgapur (West Bengal) | Britain | | Bokaro (Jharkhand) | Russia | | Visakhapatnam (Andhra Pradesh) | Russia | ### Jute Industry - India ranks first in jute production and second in raw jute exports after Bangladesh. - More than two-third jute industry is concentrated in West Bengal. ### Cotton and Textile Industry - It is largest organised and broad-based industry. - It accounts for 4% of GDP, 20% of manufacture value added and one-third of total exports earning. - The cotton textiles industry is the second largest employer in the country after agriculture. ### Cement Industry - First cement producing unit was set-up at Porbandar (Gujarat) in 1914. - India is the second largest producer of cement in the world. Accounts for more than 7% of the global capacity. ### Sugar Industry - India is the second largest producer of sugar in the world with a 22% share. It is the second largest agro-based industry in the country. ## Committees on Various Sectors of Indian Economy | Committees | Sector | |---|---| | Bimal Jalan Committee | Market Infrastructure Instruments | | Birla Committee | Corporate Governance | | SR Hashim Committee | Urban Poverty | | Abhijit Sen | Wholesale Price Index | | Damodaran Committee | Customer Service in Banks | | Khandelwal Committee | Human Resource in Commercial Banks | | Sarangi Committee | Non-Performing Assets | | Khanna Committee | Regional Rural Banks | | Dantawala Committee | Lead Bank Scheme | | Gadgil Committee | Financial Inclusion | ## Banking and Finance - **Bank of Hindustan**: was the first bank, established in India in 1770. - **First bank with limited liability managed by an Indian Board of Directors:** was the Oudh Commercial Bank in 1881. - **First purely Indian bank:** was Punjab National Bank (1894). ## Nationalisation of Bank - The **Reserve Bank of India:** was nationalised in 1949 followed by the nationalisation of Imperial Bank of India (now the State Bank of India) in 1955. - In 1969, 14 major commercial banks were nationalised. Six more banks were nationalised on 1980. The Indian banking system consists of 12 Public Sector Banks, 22 Private Sector Banks. - Later on, in the year 1993, the Government merged New Bank of India with Punjab National Bank. - **Bhartiya Mahila Bank**, India's first bank exclusively for women, headquarters in New Delhi was inaugurated on 19th November, 2013. It has been merged with SBI in 2017. - **Vijaya Bank and Dena Bank** merged with Bank of Baroda (BoB) on 1st April, 2019. This merge has created BoB as the third largest public sector bank in India. - In **2020**, Oriental Bank of Commerce and United Bank merged with Punjab National Bank. Syndicate Bank merged with Canara Bank while Union Bank of India, Andhra Bank and Corporation Bank got merged. - Similarly, **Indian Bank** merged with Allahabad Bank. There will be 12 Public Sector Banks and 22 Private Sector Banks. ## Reserve Bank of India (RBI) - RBI was established in 1935, under RBI Act, 1934. RBI is the Central Bank of India. - The main purpose of creating RBI was to regulate money supply and credit in the country. - RBI was nationalised in 1949 and its first Governor was CD Deshmukh. - Its headquarters is in Mumbai. ## RBI and Credit Control - RBI uses a credit control monetary strategy to ensure that the country's economic development is accompanied by stability. ### Quantitative Credit Control - It is used to control the volume of credit and indirectly to control the inflationary and deflationary pressures. The quantitative credit control consists of: - **Bank Rate:** It is the rate, at which the RBI gives finance to Commercial Banks. - **Cash Reserve Ratio (CRR):** Cash that banks deposit with the RBI without any floor rate or ceiling rate. - **Statutory Liquidity Ratio (SLR):** It is the ratio of liquid asset, which all Commercial Banks have to keep in the form of cash, gold and government approved securities with itself. - **Repo Rate:** It is the rate, at which RBI lends short-term money to the banks against securities. - **Reverse Repo Rate:** It is the rate, at which banks park short-term excess liquidity with the RBI. This is always 100 base point, 1% less than Repo rate. ### Qualitative/Selective/Direct Credit Control - Qualitative measures are used to make sure that purpose, for which loan is given is not misused. It is done through: - Credit rationing - Regulating loan to consumption - Moral suasion ## New Bank Licence - In April 2015, Reserve Bank of India provided licence for operation to two new private banks namely Bandhan Financial Services and Infrastructure Development Finance Company (IDFC). ## MUDRA Bank - Micro Units Development and Refinance Agency (MUDRA) Bank was launched on 8th April, 2015. It is set-up under SIDBI (Small Industries Development Bank of India). Bank has launched three collateral free loan instruments: - **Shishu:** Cover loans upto ₹ 50,000. - **Kishore:** Cover loan above ₹ 50,000 and upto ₹ 5 lakh. - **Tarun:** Cover loans above ₹ 5 lakh and upto ₹ 10 lakh. ## Indradhanush Scheme for Banking Reforms, 2015 - This is for the banking reforms in India. The 7 key reforms of Indradhanush Mission includes, appointments de-stressing, capitalisation, empowerment, framework of accountability, governance reforms and bank board bureau. ## Indian Tax Structure - **Direct Tax:** The term direct tax generally means a tax paid directly to the government by the persons on whom it is imposed. e.g., income tax, Corporate income tax, capital gain tax, stamp duty, land tax, estate duty, wealth tax, petroleum revenue tax. The government earns maximum from corporate income tax. - **Indirect Tax:** An indirect tax is a tax collected by an intermediary from the person who bears the ultimate economic burden of the tax. e.g., sales tax or VAT, customs duty, insurance premium tax, excise duties, landfill tax, electricity duty, climate change levy. ## Goods and Service Tax (GST) - The GST, as it is more commonly referred to, is a system of taxation where there is a single tax in the economy for goods as well as services. This tax comes into effect from 1st July, 2017. The main feature of the GST in that there is a tax credit available at each stage of the value chain. It incorporates many of the indirect taxes levied by States and the Central Government. GST replaced include Sales Tax, Central Excise Duty Octori, Service Tax etc. ## 15th Finance Commission - The 15th Finance Commission was constituted in accordance with the Article 280 of the Indian Constitution. The first finance commission was headed by KC Neogi and the 15th Finance Commission is headed by NK Singh. Its operational duration is 2021-2026. - The functions of the commission are to make recommendations to the President in respect of the distribution of net proceeds of taxes to be shared between the union and the states and the allocation of share of such proceeds among the states. ## Capital Market - Any market in which long-term debt (over a year) or equity backed securities are bought and sold, such as stock and bond market. - Companies and governments use capital markets to raise funds for their operations. - Capital market consist of two types i.e., Primary and Secondary. - **Primary market:** is the market for new shares or securities. It deals with trade of new issues of stocks and other securities sold to the investor. - **Secondary market:** deals with the exchange of prevailing or previously-issued securities among investor. - **Money market:** refers to trading in very short-term debt investment, such as purchasing a Mutual Fund, buying a treasury bill. ## Stock Exchange of India - Capital market of India is regulated by SEBI (Securities and Exchange Board of India Act, 1992). - **Stock Exchange:** It provides services for brokers and traders to trade stocks, bonds and other securities. 22 stock exchanges in India among them two are national level stock exchange namely Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The rest 20 are Regional Stock Exchanges. - **Bombay Stock Exchange (BSE):** It is a stock exchange located on Dalal Street, Mumbai and is the oldest stock exchange in Asia. The BSE has the largest number of listed companies in the world established in 1875. - **National Stock Exchange (NSE):** It is the 16th largest stock exchange in the world. It is situated in Mumbai. It is established in 1992. ## Insurance - Insurance industry includes two sectors, Life Insurance and General Insurance. Life Insurance Corporation (LIC) was established on 1st September, 1956. - **Insurance Regulatory and Development Authority of India (IRDAI):** was set-up on 19th April, 2000 to regulate the Insurance Sector. IRDAI has changed its name to Insurance Regulatory and Development Authority of India in December, 2014. The agency operators from its headquarters at Hyderabad, Telangana. ## Foreign Trade - The mutual exchange of goods or services between international territories and borders is known as foreign trade. India's overall exports are estimated to be USD 568.57 billion as of April-December, 2022. ## Balance of Trade (BoT) - The difference between a nation's import of goods and services and its exports is known as Balance of Trade. There are three possibilities in the Balance of Trade (BoT) which are as follows: - Balance BoT i.e., Exports = Imports - Adverse BoT i.e., Exports < Imports - Favourable BoT i.e., Exports > Imports ## Current Account - Transactions of this account are classified into merchandise (exports and imports) and invisible. Invisible transactions are classified into three category namely: - Services travel - Income - Transfer ## Capital Account - It keeps track of the net change in a nation's assets and liabilities during a year. - The main component of capital account include foreign investment, loans and banking capital. ## Non-Debt Liabilities - Non-Debt liabilities includes FDI and Portfolio investment comprising of FIIs, ADRs/GDRs. - Debt liabilities includes external assistance, External Commercial Borrowing (ECBs), trade credit and banking capital (NRIs, deposits) and Foreign Exchange Reserve in India. ## Foreign Exchange Reserve in India - Foreign Currency Assets (FCAs) - Gold Stock of RBI. - Special Drawing Rights (SDRs) and Reserve Tranche Position in the IMF. ## Foreign Direct Investment (FDI) - It is an investment made by a firm or an individual in a foreign country through the acquisition of a local company or the establishment of an operation on a new greenfield site. - Direct investment implies control and managerial and perhaps technical, input. ## FDI Limits in Various Sectors | Sector/Activity | Percent of FDI/Equity | Entry Route | |---|---|---| | Defence Sector | 100% | Automatic route | | Telecom Services | 100% | Automatic upto 49% government route beyond 49% and upto 100% | | Tea plantation, Animal Husbandry | 100% | Automatic upto 49% government route beyond 49% and upto 100% | | Asset Reconstruction Company | 100% | Automatic upto 49% government beyond 49% and upto 100% | | Petroleum and Natural Gas | 49% | Automatic Route | | Commodity Exchanges | 49% | Automatic Route | ## Indian Fiscal System - It refers to the management of revenue and capital expenditure finances of the state. - Fiscal policy means government adjusts its spending levels and tax rates to monitor and influence a nation economy. ## Sources of Expenditure - **Plan expenditure:** It is estimated expenditure provided in the budget, includes agriculture, rural development, irrigation and flood control, energy, industry, minerals, transport and communication etc. - **Non-plan expenditure:** It consists of interest payments, defence, subsidies and general services. ## Public Debt - **Internal Debt:** It comprises loans raised from the open market treasury bills issued to the RBI, Commercial Banks, etc. - **External Debt:** It consists of loans taken from World Bank, IMF, ADB and individual countries. ## Deficits - In a budget statement, four types of deficits are mentioned: - Revenue - Capital - Fiscal - Primary ### Revenue Deficit - It is the difference between revenue receipts and revenue expenditures. - Revenue Deficit = Revenue expenditure - Revenue receipts. ### Capital Deficit - It is an imbalance in a nation's Balance of Payments capital account in which payments made by the country for purchasing foreign assets exceeds payments received by the country for selling domestic assets. - Capital Deficit = Capital receipts - disbursement on capital account. ### Fiscal Deficit - It is the difference between a government’s total revenue and expenses in a given fiscal year. - Fiscal Deficit = Difference between country’s expenditure and earning. ### Primary Deficit - It is amount by which a government total expenditure exceeds its total revenue excluding interest payments on its debt. - Primary Deficit = Fiscal deficit - Interest payments. ## National Development Council (NDC) - NDC is neither a constitutional body nor statutory body. - It was constituted on 6th August, 1952 with Prime Minister as the Ex-officio chairman and the secretary of the Planning Commission as the Ex-officio secretary of the NDC. - Chief-ministers of all the states and members of the Planning Commission, Lieutenant Governors and administrator of Union territories are the member of the NDC. It is the apex body for decision making and deliberations on development matters in India. ## International Economic Organisations - The important international economic organisations are as follows: ### International Monetary Fund (IMF) - IMF was conceived on 22nd July, 1944 and came into existence on 22nd December, 1945 when 29 countries signed the agreement. It originally had 45 members. India is the founding member. - IMF stated goal is to stabilise exchange rates and assist the reconstruction of the world's international payment system. - IMF at present has 190 members and headquartered at Washington DC. The capital resources of the IMF comprise Special Drawing Rights (SDRs) and currencies that member pay under quotas calculated for them when they join the IMF. #### Special Drawing Rights - The SDRs were created in 1969 are supplementary foreign exchange reserves assets maintained by the IMF. SDRs are not a currency, SDR, value is determined by weighted currency basket of five major currencies : the Euro, the US dollar, the British pound, Japanese Yen and Chinese Yuan. SDRs are also called paper gold. - The quotas determine the amount of foreign exchange, a member may borrow from the IMF and its voting power on IMF policy matters. Quotas are denominated in SDRs. ## World Bank Group - World Bank is one of the five institutions created at the Bretton Woods Conference in 1944. - Along with the IMF, it constitutes twin-sister of Bretton Woods. - World Bank has 190 members and is headquartered in Washington DC. - The World Bank provides loans to developing countries for capital programme and its official goal is reduction of poverty. ## World Trade Organisation (WTO) - It was constituted on 1st January, 1995 under the Marrakesh Agreement and took the place of GATT (General Agreement on Trade and Tariffs) as an effective formal organisation. - GATT was an informal organisation which regulated World trade since 1948. Its headquarters is at Geneva. At present, it has 164 members. - The WTO is currently endeavouring to persist with a trade negotiation called Doha Development Agenda (DDA) which was launched in 2001, to enhance equitable participation of poor countries which represent a majority of the world's population. ## Functions of WTO - To oversee, implement and administer WTO agreements. - To provide a forum for negotiations. - To provide a dispute settlement mechanism. To provide facilities for implementation, administration and operation of multilateral and bilateral agreements of the world trade. ## WTO Conferences | Conference | Year | Place | |---|---|---| | First | 1996 | Singapore | | Second | 1998 | Geneva | | Third | 1999 | Seattle (USA) | | Fourth | 2001 | Doha (Qatar) | | Fifth | 2003 | Cancun (Mexico) | | Sixth | 2005 | Hong Kong | | Seventh | 2009 | Geneva | | Eighth | 2011 | Geneva | | Ninth | 2013 | Bali (Indonesia) | | Tenth | 2015 | Nairobi (Kenya) | | Eleventh | 2017 | Buenos Aires (Argentina) | | Twelfth | 2021 | Nur-Sultan (Kazakhstan Scheduled) | ## Asian Development Bank (ADB) - It was established in December, 1966 with the aim to accelerate economic and social development in Asia and Pacific region. - It is headquartered at Manila, Philippines.