Development Watch – Week #4 February ’24
Development News
Rural poverty down to 5%
The latest consumer expenditure survey indicates that poverty has come down to 5% in India. People are becoming prosperous in both in rural and urban area, according to NITI Aayog CEO. The National Sample Survey Office (NSSO), under the Ministry of Statistics and Programme Implementation has released data on household consumption expenditure for the year 2022-23. It shows per capita monthly household expenditure more than doubled in 2022-23 compared to 2011-12. For the purpose of the survey, people were kept in 20 different categories. The data showed that average per capita monthly expenditure for all categories stood at Rs. 3,773 in rural areas and Rs. 6,459 in urban areas.
Scheme for Installation of Rooftop Solar units
The government has amended electricity rules to exempt households from a technical feasibility study for power systems up to 10 kW capacity in a bid to encourage rooftop solar adoption. For systems of capacity higher than 10 kW, the time frame for completing the feasibility study has been reduced to 15 days from 20 days. The amendments to Electricity (Rights of Consumers) Rules, 2020, also further reduced the time allowed for getting new electricity connections and simplified the process of setting up rooftop installations. The Scheme is known as PM Surya Ghar Muft Bijli Yojana.
Building solar power without harming nature
Land is of prime importance when it comes to solar panels. Even animals need humans to solve climate change. Loss of habitat is a top driver of a staggering global decline in biodiversity. The boom in solar power is set to be the fastest-growing energy source in the US. However, there are ways for solar developers to make installations less harmful and even beneficial for many species. In the United States, as solar farms sprout nationwide, measures go unused. A patchwork of local and state regulations governing large-scale solar. 80% of states rely on voluntary approaches to minimize impacts to species and habitat.
EV revolution from Auto Rickshaws to Motorbikes
India’s urban landscape is rapidly evolving, especially in its bustling cities. A decade ago, the iconic auto-rickshaws were predominantly diesel powered. Electric versions were a rare novelty. Nowadays, Delhi leads the charge in transitioning to battery-powered 3-wheelers, capturing 54% of the market. This shift is driven by the cost-effectiveness and efficiency of electric models. The financial allure of electric vehicles extends beyond 3-wheelers, with manufacturers now eyeing the 2-wheeler market. This shift, if replicated, would impact India’s oil demand, especially in the face of rising fuel prices.
EVs for sustainable logistics and reducing costs
The Indian government’s ambitious targets for net-zero emissions by 2070 and reducing logistics costs below 8% of GDP drive the need for a green logistics ecosystem. There is a crucial role played by multi-modal integrated transportation and digitization. There is a potential cost reduction of 6% through Zero Emission Transportation (ZET) vehicles. Adopting greener fuels and electric vehicles can significantly reduce 14% carbon emissions contributed by trucks. EVs also boast approximately 40% lower carbon emissions than ICE vehicles. They also operate at a fuel cost 20% lower than fossil fuels. Initiatives like FAME-II, incentives for manufacturing and adopting EVs, and the development of charging infrastructure has also been crucial.
Tripura to be the gateway to South East countries
Tripura would be a gateway not only to SE nations, but also to other countries through the use of Chittagong Port in Bangladesh. The Bangladesh government has allowed India to use Chittagong Port through South Tripura Sabroom sub-division. Maitri-setu on Feni river is set to be inaugurated for people’s movement between two sides of the international border. The river and bridge will provide direct access to the port. There will be new possibilities in business and trade for the entire NE region. The Indo-Bangla Railway project also connects Bangladesh’s Gangasagar station with Agartala Railway Station. The Indo-Bangla link will reduce the travel time between Kolkata to Agartala from 32 hours to 10 hours.
2 lakh km of National Highways built by 2037
India will fast-track building of national highways, including high-speed access-controlled highways to create a world-class road network by 2037. This would enhance efficiency and reduce logistic costs. The highways length would be increased to over 200,000 km from 146,000 km. The aim is also to reduce accidents by 95%. India currently has 4,000 km of access controlled high-speed highways and another 6,000 km is under construction. In the coming years, there would be a major shift in the strategy, and big road projects would be constructed on PPP mode and more emphasis on building best quality roads. There will be increasing focus on engineering aspects of road design to bring down the number of accidents.
32% wealth allocation in properties
India’s super rich (UHNWI) are allocating 32% of their wealth to residential properties. Mumbai ranks 8th in luxury residential markets. Delhi and Bengaluru have also shown positive growth. Asia-Pacific leads in luxury residential market growth. These findings are as per Knight Frank’s The Wealth Report 2024. UHNWI are individuals with a net worth of USD 30 million and above.
Local Feedback
LocalFeedback.org aims to track and document actionable parameters that help improve urban and rural infrastructure. The founder, Susmita, has juggled diverse roles in real estate, project budgeting, valuation and execution on construction sites. Having traveled to more than 20 countries, she has worked across 4 regions in India. Her areas of interest include sustainable buildings, electric mobility and urban development. She visited top-ranking cities on livability indices and has presented published papers at international conferences.