ADB, India Sign $31 Million Loan to Develop Tourism, Boost Jobs in Tamil Nadu
Why in News?
- A loan agreement worth $31 million to develop Tourism and boost Jobs in Tamil Nad has been signed between the Government of India and the Asian Development Bank.
- This loan amount will be used to upgrade the state tourism industry in order to attract more visitors to the state.
- The $250 million IDIPT aims to build opportunities for local communities and boost the local economy by enhancing tourism in three other states – Punjab, Himachal Pradesh, and Uttarakhand- besides Tamil Nadu. This will be achieved through developing and preserving sites of natural and cultural heritage, and building connectivity, capacity, and infrastructure around State tourist sites.
Key Highlights of the agreement:
- This project is expected to improve the tourism infrastructure in Tamil Nadu and also help the State in preserving the natural and cultural heritage. The activities under the project would also boost economic opportunities for the local people.
- The increased tourism traffic generated by this Project will generate extra jobs in Tamil Nadu, especially through skills training and community-based activities targeting the poor and women.
- The Government of India’s recent Three-Year Action Agenda (2017–2018 to 2019–2020) envisages the hospitality, travel, and tourism sector as a major driver of growth and employment.
- The Agenda recognizes India’s significant potential to increase:
- The number of arrivals,
- Global presence by leveraging its cultural industries, and
- Capacity to create large-scale jobs among the poorest segments of the population
- It identifies key areas for action, including infrastructure, marketing, and skill development, all of which are aligned with the MFF Road Map.
- The Project will support the conservation and restoration of eight heritage monuments, one museum, three temples, and a pond.
- It will build various facilities at the sites, including information centers, rest centers, and toilet blocks, with facilities served by solar-powered lighting and energy-efficient lighting.
- The total cost of the Project is $44.04 million, of which the Government will provide $13.04 million. The estimated completion date is June 2020.
//php comments_template(); ?>