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India
>> Regional Overview >> India Overview Program Data Sheet
386-011
USAID MISSION: India
PROGRAM TITLE: Economic Growth (Pillar: Economic Growth, Agriculture, and Trade)
STRATEGIC OBJECTIVE AND NUMBER: Increased Capacity of Financial Markets and Government to Transparently and Efficiently Mobilize Resources; 386-011
STATUS: Continuing
PLANNED FY 2002 OBLIGATION AND FUNDING SOURCE: $12,242,000 DA; $2,500,000 ESF
PRIOR YEAR UNOBLIGATED FUNDS AND FUNDING SOURCE: $1,300,000 DA; $6,000 ESF
PROPOSED FY 2003 OBLIGATION AND FUNDING SOURCE: $10,192,000 DA; $5,000,000 ESF
INITIAL OBLIGATION: FY 2000 ESTIMATED COMPLETION DATE: FY 2006Summary: USAID’s economic growth program is designed to encourage the efficient mobilization and allocation of the resources needed for development. To do so, technical assistance and training to improve the regulatory environment will be provided to—
- the securities market regulator, self-regulatory organizations (SROs), and key market support institutions to build institutional capacity in oversight, self-regulation, and implementation;
- the insurance and pension regulator(s) and the industry SROs to enhance their technical competence to formulate, issue, and implement supervisory and market practices;
- state-level finance departments to build competence in financial planning, and to strengthen fiscal discipline; and
- key institutions in India’s fledgling microfinance sector to create an enabling policy and regulatory framework for microfinance growth.
Inputs, Outputs, and Activities: FY 2002 Program: USAID will use FY 2002 resources to provide technical assistance and training through the following programs:
The Financial Institutions Reform and Expansion-Regulatory (FIRE-R) program, which will—
- build the institutional capacity of the Securities and Exchange Board of India (SEBI) in the area of market practice supervision, the examination of self-regulatory organizations and other market intermediaries, and enforcement; develop a long-term bond market; improve disclosure standards and corporate governance practices; and promote financial literacy and alternate dispute resolution;
- implement activities aimed at strengthening the capacity of the Insurance Regulatory and Development Authority (IRDA) in the area of solvency supervision and the development of a risk-sensitive early warning system; promote awareness about the issues of health insurance and managed care; and promote self-regulatory principles and enhancement of consumer protection; and
- implement activities to assist the Ministry of Finance Pension Reform Task Force establish a suitable administrative authority for regulating, managing, and supervising a funded pension program; and encourage and enhance the development of sound employee benefit programs through objective research.
A new state fiscal management activity, which will focus on two or more Indian states to improve tax collection methods and treasury operations; upgrade management information systems; improve debt management, budget planning, and execution; and develop in-house analytical capability.
A microfinance activity, which will develop prudential regulatory and performance standards for the microfinance institutions (MFIs); strengthen the capacity of training institutions to design and deliver targeted training programs; promote best practices and policy advocacy through research and dissemination, and international networking; and promote linkages between the microfinance subsector with the mainstream financial sector. Planned FY 2003 Program: FY 2003 resources will be used for a proposed new economic growth strategic objective under the new India Country Strategic Plan for FY 2003-FY 2007. The new economic growth strategic objective is expected to include support for the further expansion of financial services, fiscal reform, and resource mobilization activities.
SUBMISSION OF THIS PROGRAM DATA SHEET CONSTITUTES FORMAL RENOTIFICATION OF USAID’S INTENT TO OBLIGATE FY 2002 RESOURCES FOR THE ACTIVITIES DESCRIBED ABOVE. Performance and Results: Capital-market training and technical assistance activities were carried out in the second half of 2001. Efforts to strengthen capital market regulation, oversight, and enforcement will continue in 2002, and will likely be broadened to address India’s debt markets as well as reforms relating to the pension, insurance, and state fiscal sectors.
Principal Contractors, Grantees, or Agencies: USAID anticipates the continued involvement of key partners, including the U.S. Securities and Exchange Commission (prime), the Securities and Exchange Board of India (sub), PricewaterhouseCoopers (prime), the Insurance Regulatory and Development Authority (sub), and the Ministry of Finance, Government of India (prime).
US Financing in Thousands of Dollars
386-011 Increased Capacity of Financial Markets and Government to Transparently and Efficiently Mobilize Resources DA ESF Through September 30, 2000 Obligations 3,500 0 Expenditures 0 0 Unliquidated 3,500 0 Fiscal Year 2001 Obligations 2,316 4,983 Expenditures 497 0 Through September 30, 2001 Obligations 5,816 4,983 Expenditures 497 0 Unliquidated 5,319 4,983 Prior Year Unobligated Funds Obligations 1,300 6 Planned Fiscal Year 2002 NOA Obligations 12,242 2,500 Total Planned Fiscal Year 2002 Obligations 13,542 2,506 Proposed Fiscal Year 2003 NOA Obligations 10,192 5,000 Future Obligations 17,051 10,011 Est. Total Cost 46,601 22,500
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Last Updated on: May 29, 2002 |
