❖ The Indian government and the Asian Development Bank (ADB) (December 20) signed a landmark $350 million policy-based loan.

❖ It aims to Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) programme.

❖ The SMILE programme is a flagship policy-based initiative and it also adopts a comprehensive approach to logistics reforms.

❖ Spanning two sub programmes, it is designed to enhance the competitiveness of India’s manufacturing sector and strengthen the resilience of supply chains.