Development Watch – Week #1 Sept ’24
Development News
Rural India loans to boost GDP
India’s GDP is driven by two major sectors: agriculture and allied activities and MSMEs based predominantly in semi-urban and rural areas. Policies supporting the sector need a rural focus. Bank’s agriculture-oriented priority sector lending (PSL) requirements should shift to rural sector PSL. This change could drive an additional Rs. 10 Lakh Crores in bank lending to rural India. Currently, 70% of rural districts have a credit-to-deposit ratio below 10%. Information flow to various entities can be smoothened by giving access to GST, IT and MCA in a simpler way when it comes to data access. All rural loans should also meet rural sector PSL requirements. Financing for personal needs and consumer durables allows farmers to reserve cash for sowing needs.
India pledges 500 GW RE target by 2030
Prime Minister of India has highlighted India’s significant progress in solar energy, noting a 32-fold increase in capacity over the past decade. He expressed confidence in achieving 500 GW renewable energy target by 2030. PM Modi has emphasized democratizing technology and empowering developing countries to support green energy investments. In a message to the International Solar Festival, the PM has praised India’s achievements in green energy, and its leadership among G20 nations. India’s cumulative installed solar capacity now exceeds 87.2 GW, with utility scale projects accounting for 87% and rooftop solar making up over 13%.
Government to monitor 100 toll plazas
The Indian Highways Management Company (IHMCL), under the National Highways Authority of India, has developed a GIS-based software for real-time monitoring of the waiting time at toll plazas. This move will enhance seamless movement also. The live monitoring and tracking system at the toll plazas will help ensure free flow of traffic and a hassle-free tolling experience for national highway users at free plazas. The monitoring service will be initiated at 100 toll plazas in the first phase, and then extended to more toll plazas in a phased manner. These toll plazas have been selected based on congestion feedback received through 1033 national highway helpline.
Vadhavan Port projects worth over Rs. 76,000
PM Narendra Modi has laid the foundation stone for the Vadhavan Port project in Maharashtra. IT is set to become one of India’s largest deep-water ports. The port, costing Rs. 76,220 Crore aims to boost India’s maritime infrastructure, featuring container terminals, multipurpose berths and excellent connectivity. This enhances trade and industrial development. Vadhavan Port is a joint venture between JNPA and Maharashtra Maritime Board. It will enhance India’s maritime infrastructure with 9 container terminals, 4 multi-purpose berths, 4 liquid cargo berths, a Ro-ro berth and a Coast Guard berth, with a depth of 20 meters. It can handle vessels up to 24,000 TEUs. This shift will benefit the region by freeing space for local cargo and improve operational alignment with the port’s hinterland.
Andhra & Telangana cancel 400 trains
South Central Railway (SCR) has faced severe disruption due to torrential rain, leading to cancellation of 438 trains and diversion of another 137 services up to September 6. The railway authority is undertaking urgent repair work to restore damaged tracks and minimize passenger inconvenience. Crucial links connecting Delhi, Uttar Pradesh and Maharashtra with Andhra Pradesh, Kerala & Tamil Nadu have floodwater in surrounding areas that has also hindered repair efforts by Railway personnel. Special trains were arranged from Vijayawada and Passengers from several trains were transported from Kondapalli railway station to Vijaywada by RTC buses to accommodate those affected by disruption.
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.