The Asian Development Bank plans to come up with its second rupee bonds issue and hike loan assistance for India to $2 billion annually during 2004-07.

"We are planning to give a higher $2 billion assistance to India annually in the next three years," ADB country director Louis De Jonghe said on Wednesday.

Also Read India's GDP to grow at 7.4% in 2004: ADB

He said ADB has sanctioned close to $1.5 billion in the last fiscal, which would be stepped up from this fiscal.

Some of the companies which are slated to get ADB loans are National Thermal Power Corporation, National Hydro Power Corporation and PowerGrid.

ADB is also planning to extend assistance to relatively poorer states like Madhya Pradesh, Assam and other north-eastern states for overcoming fiscal problems and carrying out reforms.

Admitting that India has never been an "aid-dependent" country, Jonghe said: "Our assistance can help states to leverage reforms, implement best practices, fiscal consolidation and capacity building, which would in turn remove the regional disparity."

ADB is also planning a second rupee bonds issue, he said, but declined to give the time and amount.

ADB has raised about $100 million [about Rs 450 crore (Rs 4.50 billion)] from the Indian capital market through a long-term rupee bond issue a few months ago.