Development Watch – Week #1 May ’24
Development News
Offshore wind capacity of 1GW to be auctioned
India could bid out 1 GW of offshore wind capacity under the viability gap funding (VGF) scheme and issue guidelines to implement the PM-Surya Ghar Muft Bijli Yojana. This would be announced within 100 days of the next government taking charge. Financial assistance for 1 GW offshore energy projects was announced in the union budget for FY-25. PM Surya Ghar Muft Bijli Yojana launched on February 13th, with an outlay of Rs. 75,021 Crores aims to solarize 10 million households. The scheme supports infrastructure projects that are economically justified but fall marginally short of financial viability. At current benchmark prices, the subsidy translates to Rs. 30,000/- for 1kW, Rs. 60,000 for 2kW and Rs. 78,000 for 3kW systems or higher.
Rs. 15,000 Crores green energy initiative
Naveen Jindal Group is finalizing Rs. 15,000-20,000 Crores investment plan for the development of renewable energy projects which could become a source of captive clean fuel. This would help the expanding steelmaking operations. Steel industry accounts for nearly 8% of the global carbon emissions from fossil fuel based power sources. A large part of emissions comes from use of fossil-based power sources. As per the blue-print being finalized, the group wants to power the new steel capacity additions by creating 4 Gigawatts (GW) of renewable power sources in-house withing next 2 years.
200 Gati Shakti Cargo Terminals by Railways
The Indian Railways is expected to achieve its target of 100 Gati Shakti Cargo Terminals (GCT) ahead of schedule. These terminals are used for handling bulk cargo by corporates that have interlinkages with Indian Railways. The GCT operates for non-passenger commercial uses like freight. They are set up under a new policy that helps monetize vacant railway land. Target for Gati Shakti terminals will then be scaled upwards to 200 once 100 terminals are operational. Presently, 60 terminals under public-private partnership (PPP) mode are already operational. The rest 40 may be in place by end of current fiscal.
Veer Savarkar Port Blair airport begins night operations
Veer Savarkar International Airport in Port Blair, Andaman & Nicobar Islands, has started night operations following a significant upgradation and advancements. On April 18, a private airline was the first to land using the ILS at VSI Airport. The aviation infrastructure at INS Utkrosh in Port Blair has undergone significant advancements, with upgrades that allow the airport to handle both day and night operations. The modernization effort, under project MAFI (Modernization of Airfield Infrastructure) was conceived at Naval Headquarters in New Delhi. It was executed under the supervision of Andaman and Nicobar Command (ANC).
India to grant cost of Sri Lanka port
The Sri Lankan Cabinet has decided to renovate the Kankesanthurai Port in the Northern Province, with India agreeing to fund the entire project at a cost of $61.5 million. The Kankesanthurai Port, located in the Northern region of Sri Lanka, covers approximately 16 acres, and is situated 104 km (56 nautical miles) from Karaikal Port in Pondicherry. The project’s implementation was delayed due to higher estimated costs, leading to discussions with India about completing it under the Public Private Partnership method.
Self-healing roads to be a reality
Roads that repair themselves could soon become a reality in the country, NHAI has begun working on adopting a new technology for the purpose. The technology allows asphalt, build roads, to self-heal and address the issue of potholes, one of the key reasons for road accidents and deaths in the country. We are considering ingenious and unconventional methods to improve durability and to address the issue of potholes. Asphalt has the ability to heal itself once damaged, could provide a solution to the problem of potholes.
Strong economic performance despite hurdles
India’s economy showed amid global challenges and geopolitical issues, according to the March Economic Review. Strong domestic and rural demand, robust investments, and steady manufacturing growth have been credited for this resilience. Price pressures were seen easing in the country. Globally, managing inflation remains a top priority, as per the government release. India’s retail inflation for the fiscal year 2023-24 has been significant. Reserve Bank of India’s Monetary Policy Committee (MPC) decided to maintain policy rates at their current levels. Citing the ongoing reduction in price pressures across the country. The committee emphasized the important of achieving sustained alignment of inflation with its target of 4%.
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.