Development of 508 Railway Stations
The Indian Prime Minister will lay the foundation stone for redevelopment of 508 railway stations across the nation on August 6. These stations will be redeveloped under the Amrit Bharat Station Scheme. The outlay for the scheme is a total of Rs. 24,470 Crores. Master plans are being prepared for the development of stations as “City Centres” with proper integration of both sides of the city.
The stations are located in 27 states and UTs. Maximum number of stations are in Uttar Pradesh (55) and Rajasthan (55), Bihar (49), Maharashtra (44), West Bengal (37) and MP (34). Redevelopment scope includes modern passenger amenities along with better designed traffic circulation, inter-modal integration, among others.
Ship Management sector to drive growth in India
According to Hong-Kong headquartered Anglo-Eastern group, ship management sector in India may grow at a compounded rate of over 6% the next few years. Growth of the sector would boost employment opportunities for Indian seafarers. There are close to 153 large and mid-sized companies with immense growth prospects for the maritime industry. Several members of Maritime Association of Shipowners and Agents operate from Kolkata. Most of these companies are either subsidiaries or India-operations of global ship management firms. Ship management companies handle crewing, technical, and regulatory activities for shipowners. More than 4,500 seafarers from West Bengal supply merchant navy workforce to Anglo Eastern Group.
Construction Sector 2nd Largest Employer
India’s construction sector is the 2nd largest employment generator. It has a workforce of over 7.1 crore workers and may cross 10 crores by 2030. However, 81% of the workforce is unskilled and 19% are skilled employees. This is according to a report by Knight Frank & RICS. 0.44 crores employees are core skilled employees that include engineers, technicians, clericals, etc. Whereas 0.69 Crores are vocationally-trained employees.
The report is titled “Skilled Employment in Construction Sector in India”. Output generated from Indian Real Estate is estimated to grow to $ 1 trillion by 2030. The existing output stands at $ 650 billion. The report also emphasizes on the existing levels and gaps in skilled employment in the sector. As per estimates of National Skill Development Council (NSDC), 87% of overall employees (skilled and unskilled) are absorbed by real estate sector and 13% are absorbed by infrastructure sector.
PLI Scheme for Construction & Equipment Manufacturers
Construction and equipment manufacturers are requesting Indian government to implement a PLI scheme to provide level playing field in the industry. Indian Construction equipment Manufacturers’ Association (ICEMA) engages with stakeholders and the government to identify challenges in the sector and works on solutions.
The PLI Scheme has given a push to 14 capital intensive industries. The CE industry has already submitted a PLI scheme proposal to the government which aims to increase manufacturing of heavy machineries in India. Skill certification would also be made mandatory for mining projects.
78% parents in Rural India aspire for girls to graduate
According to a report by Development Intelligence Unit (DIU), 78% parents of girls and 82% of parents of boys wanted to educate their children to graduatioon and above. DIU is a collaboration between Transform Rural India and Sambodhi Research and Communications. Parents from rural communities firmly believe that a child’s gender should not hinder their educational aspirations.
Delhi government to increase circle rate for agricultural land
Delhi government has announced the hike in circle rate for agricultural land from Rs. 53 Lakhs to up to Rs. 5 Crores per acre. This would drive up farmhouse prices amid high post-covid demand. In its announcement, the Delhi government stated that the new circle rates for agricultural land would be Rs. 5 Crore per acre in South and New Delhi, and Rs. 3 Crore per acre in north, west, north-west and south-west regions.
Share of international brands in retail leasing going up
global brands onw occupy a quarter of the retail space in India. This has increased 11% from a year ago. The surge inn global brands leasing was from both existing retailers and new entrants. Existing retailers have been leasing 75% of the total share.
During this period, fashion and apparel were the major sectors with a 38% share, followed by food & beverage with an 18% share. Brands like Aditya Birla, Reliance and Tata have opened stores aggressively.