India seeks $2.5 billion from World Bank, ADB to fund urban infrastructure and jobs

India is in talks with the World Bank and the Asian Development Bank to secure about $2.5 billion in loans to support urban infrastructure and job creation, as higher oil-related subsidy costs strain public finances. The country imports more than 80% of its crude, and the Iran conflict has pushed up oil prices, widening the budget gap at the start of the financial year. The funding would be drawn from existing credit lines rather than a new aid pledge, according to people familiar with the matter.