The World Bank has approved a loan of USD 188.28 million to support economic development in Maharashtra, particularly in its underdeveloped districts. The loan aims to strengthen institutional capabilities and improve district planning for sustainable growth, the bank announced in a media release.
Strengthening District Planning and Public Sector Efficiency
The loan, part of the Maharashtra Strengthening Institutional Capabilities for Enabling Growth operation, is designed to enhance district-level growth strategies. Investments will provide districts with essential data, funding, and expertise to maximize public money usage, driving economic growth and creating job opportunities.
In addition to improving public sector performance, the program will also focus on increasing private sector participation. By enhancing e-government services, particularly for businesses in the tourism sector, the operation aims to streamline business-government interactions.
Improving Data Governance for State Development
The program includes building a robust data governance framework, including the Maha Databank, to improve coordination and data analysis for state development. The insights derived from this data will help address critical issues such as gender disparities and contribute to overall development.
To ensure successful implementation, an incentive system will be introduced to reward districts that meet performance targets. The program will also upgrade online service delivery portals such as MAITRI 2.0 (for private sector services) and the RTS portal (for government services), aiming to improve access and efficiency in government interactions with businesses.
Loan Terms and Support for Long-Term Development
The loan from the International Bank for Reconstruction and Development (IBRD) has a maturity of 15 years, including a five-year grace period. This financial support is expected to significantly contribute to Maharashtra’s economic growth and development.
This initiative will play a key role in addressing development challenges and enhancing the state's economic prospects, particularly in lagging districts.
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With inputs from agencies
Image Source: Multiple agencies
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