Development Watch – Week #1 Nov ’24
Development News
175 km of Bengaluru Metro to be functional by 2026
Deputy CM of Karnataka announced that Bengaluru will have 175 km of new metro lines operational by 2026. He also shared updates on infrastructure projects, including underpasses and a pedestrian skywalk. A 3.14 km extension of the Green Line from Nagasandra to Madavara will open for commercial operations on November 7th, after a test run. The first and 2nd phases of the metro are complete, while the centre has approved Phase 3. An amount of Rs. 1,130 Crores for new trains. There are also talks with NHAI to build an underpass at Madavara Metro Station. Indian Railways will develop a pedestrian passageway at Yeshwanthpur Railway Station. With 33.46 km in the Green Line and 40.5 km in the Purple Line, Bengaluru has the highest metro ridership in the country.
NBCC has secured a Rs. 500 Cr contract from BIS
Government owned NBCC has bagged a Rs. 500 Crore contract from Bureau of Indian Standards (BIS). NBCC has bagged work order to construct buildings at BIS headquarters. In addition, they have secured contracts to construct buildings for Central Laboratory in Sahibabad, National Institute of Training for Standardization in Noida, Northern Regional Laboratory in Mohali, and Bangalore Branch Laboratory. NBCC is into project management consultancy and real estate business.
India re-elected as President of ISA till 2026
India has been re-elected as President of the International Solar Alliance (ISA) from 2024 to 2026. France will be serving as Vice President. The announcement came at the 7th ISA General Assembly. Here 8th VP and next Director General (Ashish Khanna) were also selected. India has boosted investments in essential solar projects, including in Mini-grids and healthcare solutions. 8th VPs of the Standing Committee were also selected across different continents. ISA initiated Demonstration Projects in 2020 to meet the needs of Lease Developed Countries (LDCs) and Small Island Development States (SIDS). 11 of these projects were dedicated to the people of respective countries: Bhutan, Burkina Faso, Cambodia, Cuba, Djibouti, Ethiopia, Mauritius, Samoa, Senegal, The Gambia and Tonga. Important topic of discussion will be guidelines for Viability Gap Funding (VGF) scheme, which provides for 10-35% of the total solar projects cost to be given as a grant for developing solar projects in LDCs and SIDS identified by countries themselves, provided 90% of the project cost is locked.
Global tech giants drive leasing demand in Bengaluru
Global technology leaders like Amazon, Synopsis and Honeywell Technologies have leased over 1.7 million sq ft of office spaces in Bengaluru in a series of large transactions, comprising both renewals and fresh leases. This highlights the ongoing demand for quality office space in India’s tech hub. The technological sector is a major driver of this demand, along with BFSI and flex space operators.
Helicopter emergency services along National Highways
India’s Civil Aviation Minister has proposed a plan to boost country’s helicopter industry. This includes creating over 50 helicopter emergency medical service units along major roadways. The Ministry may establish a dedicated helicopter cell within the Ministry to streamline helicopter regulations and operators. The Ministry is also working on developing Helicopter Emergency Medical Services (HEMS). He proposed a network of over 50 HEMS along national highways and expressways as part of efforts to make HEMS a key part of a country’s healthcare infra. The Civil Aviation Minister also pitched for establishing a regulatory framework dedicated for helicopters, helicopter corridors and streamlined permissions, among others.
Shipping Sector to get ‘Infra’ tag
The Indian government is considering granting infrastructure status to the entire shipping sector. This move would provide the industry with access to financial assistance and concessions, boosting the indigenous shipping industry. The finance ministry is currently consulting with banks and financial institutions such as National Bank for Financing Infrastructure and Development (NBFID) before a final decision is made. While the infra tag has been sought only for coastal vessels, the finance ministry is examining a proposal for a wider coverage. The proposed changes will lead to a more comprehensive maritime policy, including shipbuilding and maritime development fund. These measures will lead to low-cost long-tenure loans. Government is also looking to build multiple shipbuilding clusters in 5 states, including Gujarat, Andhra Pradesh and Maharashtra.
Reduced demand for work under NREGS
Work demand under government’s flagship rural employment programme fell for 12th consecutive month in a row in October from a year before. This reflects strong economic activities, especially those opening up more remunerative job opportunities. It also shows a favorable base effect. Despite a slight uptick from September, overall requests for work are down year on year, indicating an upswing in the rural economy.
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.