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Development Watch – Week #3 April ’23

Development News

280 GW target of Solar Power required by 2030

India needs to install 30 GW solar capacity annually to meet the target of 280 GW by the year 2030. The government has taken various steps to help and support the domestic renewable energy sector. The production linked incentive programme, renewable manufacturing zones, and other initiatives to make India atmanirbhar are an impetus. FDI flow in April-December for FY23 was at $1.66 billion. Compared to this, $ 1.6 billion was the amount raised in entire FY22.

Rajasthan’s first Floating Solar Project

Orianna Power has commissioned a floating solar power project in Rajasthan for Udaipur Cement Works. It is expected to generate 1.7 million units of electricity and save 4.4 million litres of water per year. A one megawatt floating solar panel system will reduce water evaporation by up to 70%. This has the potential to make Rajasthan a highly preferred destination for solar energy at the global level. The state has untapped potential in terms of intense solar radiation and one of the highest sunny days in a year. It also has availability of vast, barren and uncultivable, unutilized government and private land. The Dobak Mines project of Udaipur would be the 5th project by Orianna Power in Rajasthan.

1 million sq ft residential complex to come up in Panvel

Hiranandani Communities, a Mumbai-based realty company, plans to develop a premium residential project in Panvel. It will be part of an integrated township, known as Hiranandani Fortune City. The approximate cost would be Rs. 1,000 Crores, funded through construction finance and internal accruals. As of date, Hiranandani has already developed and delivered over 2,200 apartments in the township. Fortune City also houses Asia’s largest data centre, Yotta NMI. The new upcoming residential sector will be called Golden Willow and has already received RERA registration for the same.

IMS Project at Vaishno Devi to ease pilgrims’ travel

An Inter-modal Station (IMS) is being established in Katra in as a world-class project. It will be a world-class project which will improve the travelling experience of pilgrims visiting Mata Vaishno Devi Shrine. A 110-km Amarnath Marg, leading to the 3,880 meter holy cave shrine. Developmental work worth Rs. 1,30,000 Crores is being taken up by Roads and Highways ministry in J&K. For the journey between Jammu & Srinagar, three corridors worth Rs. 35,000 Crores are being constructed. This will shorten the existing distance of 320 km between 2 cities by 70 km and also bring down travel time to 4-5 hours from 10 hours.

Demand for 2-wheelers rises in Rural Areas

Sales of two-wheelers in the local markets is showing a turnaround in rural markets. Last couple of years, demand has been under pressure amid sharp increase in vehicle prices. Registrations of motorcycles, scooters and mopeds increased by 12.3% to 3,978,169 units in Jan-Mar Quarter ’23. The data has been compiled by Federation of Automobile Dealers Association (FADA), sourced through the Vahan portal of the Ministry of Road, Transport and Highways (MoRTH). Factors like better agricultural output, higher minimum support prices for farm commodities, and availability of water for irrigation (due to healthy reservoir levels) have propelled the rural demand. Increase in disposable income further improves the consumer sentiment.

Startup Gateway for Garbage-Free cities

IIT Kanpur has set up a Startup Incubation and Innovation Centre (SIIC), a technology business incubator. The SIIC held its first program review committee meeting under the flagship program “Startup Gateway for Garbage Free Cities”. It is supported by the Ministry of Housing and Urban Affairs (MoHUA). Startup Gateway program provides assistance to startups working at intersection of technology and social innovation. This helps them solve challenges related to waste management, efficiency, increased social impact, and greater transparency in waste-to-value chain.

SIIC has done a comprehensive evaluation of the progress made by 20 startups in the first cohort of the program. In addition to a grant of 20 lakhs each, the startups will get access to mentorship, lab facilities, and business connections. The program will also connect startups with corporates and ULBs to deploy solutions on ground. Among the 20 startups, we have Ecowrap, PadCare Labs, RCube Recycling, Citygen Technology, etc.

India’s first under-water metro from Howrah to Kolkata

For the first time in India, Kolkata Metro’s rake ran through a tunnel under a river. The Metro rake ran under the Hooghly river from Kolkata to Howrah on the other side of the river. Hailed as “revolutionary step”, this provides a modern transport system to Kolkata and its suburbs. Trial runs between Howrah Maidan and Esplanade station will be conducted for next 7 months. Following this, regular services on this stretch will begin.

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