India has approved an ambitious $1.04-billion project for constructing and upgrading 558 km to link it with Bangladesh, Bhutan and Nepal and ease the movement of passengers and cargo, as part of the larger effort to increase inter-regional trade by 60 per cent.
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The Indian Government has invested millions in various development projects in the Saptari district in Nepal. Earlier, India has already invested Rs 7 bn for the construction of Koshi Barrage in the region.
To boost trade and infrastructure developments in the South Asian region, India under the leadership of Prime Minister Dr Manmohan Singh is considering setting up a South Asian Development Bank. The commerce department is in talks with the finance ministry to obtain support for this move. This initiative will play a crucial role in facilitating trade within the South Asian Association for Regional Cooperation (SAARC) region.