- The World Bank has approved a USD 250 million loan for India State Support Program for Road Safety for seven States under which a single accident reporting number will be set up to better manage post-crash events.
- It was created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the International Monetary Fund (IMF). The IBRD later became the World Bank.
- The World Bank Group is a unique global partnership of five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
- It has 189 member countries.
- India is also a member country.
Its Five Development Institutions:
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- International Finance Corporation (IFC).
- Multilateral Guarantee Agency (MIGA)
- International Centre for the Settlement of Investment Disputes (ICSID)
India is not a member of this.
Key Highlights of the Program
- The project will establish a national harmonised crash database system in order to analyse accidents and use that to construct better and safer roads.
- The USD 250 million variable spread loan from the International Bank for Reconstruction and Development (IBRD) has a maturity of 18 years including a grace period of 5.5 years.
- It will be implemented in Andhra Pradesh, Gujarat, Odisha, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal.
- It aims to fund network expansion of basic and advanced life support ambulances and training of first responder caregivers to road crash victims on the spot.
- The project will also provide incentives to the States to leverage private funding through Public Private Partnership (PPP)concessions and pilot initiatives.
- Women face the indirect brunt of road accidents. Recognising this challenge, the project has a special focus on gender and will promote women’s representation in management roles in the road safety sector.
- The project will also provide employment opportunities for women especially, in post-crash care command and control centers.
Scenario of Road Accidents in India
- Road crashes are estimated to cost the Indian economy between 5% to 7% of GDP (Gross Domestic Product) a year.
- Official government data show that each year road accidents in India kill about 1,50,000 people and injure another 4,50,000.
- More than half of the victims are pedestrians, cyclists, or motorcyclists and almost 84% of all fatalities are among road users between the working ages of 18-60 years.
- Poor households that account for over 70% of crash victims bear a higher proportion of the socio-economic burden of road crashes due to loss of income, high medical expenses and limited access to social safety nets.
SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT