Development Watch – Week #3 Jan’25
Development News
8.2 Lakh houses allocated for rural Madhya Pradesh
Rural Development minister has allocated approximately 821,000 houses under PMAY-G for Madhya Pradesh beneficiaries. Over ₹3,726 crore in central assistance has been released this fiscal to the state of Madhya Pradesh, to begin construction of houses. There is also potential for an additional ₹4,934 crore upon timely utilization. In August 2024, the cabinet had approved Rs. 3.06 Lakh Crores to build 30 million houses nationwide over five years.
India’s RE capacity rises 16% to 210 Giga Watts
India’s renewable energy installed capacity increased by 15.84% to 209.44 GW by December 2024 from 180.80 GW a year ago, marking a record expansion. The total capacity added during 2024 more than doubled to 28.64 GW from 13.05 GW added a year ago. In 2024, solar power spearheaded this growth with addition of 24.54 GW, registering 33.47 per cent year-on-year rise in its cumulative installed capacity to 97.86 GW in 2024. Wind power addition was 3.42 GW in 2024, taking the total wind capacity to 48.16 GW, a growth of 7.64 per cent from 2023. Bioenergy installed capacity rose from 10.84 GW in December 2023 to 11.35 GW in December last year. Small hydro power projects saw incremental growth, with installed capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024. Union Ministry of New and Renewable Energy has been taking various key initiatives to achieve Prime Minister Narendra Modi’s vision of 500 GW of renewable energy by 2030.
1,000 MW power generation through SHG solar plants
The state of Telangana aims to generate 1,000 MW of solar power by involving women Self-Help Groups (SHGs). Deputy Chief Minister of Telangana discussed the plan with officials. Tenders for establishing the solar plants will be finalized soon. District collectors and other officials are to identify land for SHGs to set up the plants. They need to coordinate with banks to provide financial assistance. The initiative will boost women’s empowerment and promote clean energy. Farmers will also benefit from solar power generation under the PM-KUSUM scheme. Under this scheme, farmers can generate up to 2 MW of solar power. Farmers will need to apply for solar power generation through the TGREDCO portal (Telangana Renewable Energy Development Corporation) portal. This initiative will provide them with low-cost power but also pave the way for generation of pollution-free energy.
India added 3.4 GW wind capacity in 2024
India added approximately 24.5 GW of solar capacity and 3.4 GW of wind capacity in 2024 (January to December), according to JMK Research. This represents a more than twofold increase in solar installations and a 21% rise in wind installations compared to 2023. Notably, the solar capacity added in 2024 is the highest recorded in any single year so far. With these additions, India’s total installed renewable energy (RE) capacity reached 209.44 GW as of December 2024. Solar energy accounts for 47% of the total RE capacity, making it the largest contributor among renewable sources. Top performing states in India for solar capacity are Rajasthan (7.09 GW), Gujarat (4.32 GW), Tamil Nadu (1.73 GW), contributing 71% of India’s total utility-scale solar installations in 2024. Rooftop solar showed a growth of 53% from 2023. The surge is due to PM Surya Ghar Muft Bijli Yojana, leading to 7 lakh rooftop solar installations. Off-grid solar showed the most increase of 197%. Wind sector has shown 21% rise, with Gujarat, Karnataka and Tamil Nadu being the top performing states.
Land Deals rise to 2,200 acres in housing and warehousing projects
Indian real estate sector saw more land deals in 2024 at over 2,200 acres as developers were looking to expand the business, according to a report by CBRE. Real estate consultant CBRE data showed that land deals of more than 2,200 acres last year as against about 1,900 acres in the preceding year. Out of the total land transactions in 2024, around 2,000 acres were located in the eight major cities — Delhi-NCR, Bengaluru, Mumbai, Chennai, Pune, Hyderabad, Kolkata and Ahmedabad. Nearly 1,200 acres of land are meant for residential projects, around 580 acres for industrial & warehousing parks and 200 acres for data centres. The residential segment is booming due to rising urbanization, favourable policies, and increased affordability. The report mentioned that Delhi-NCR emerged as the frontrunner, recording almost 40 land deals, out of around 135 (30%) in the top eight cities. With its strategic location and infrastructural development, NCR will witness even more investment and development. As the region continues to grow, we expect even more land deals to come through, drawing both domestic and international investors.
Rs. 50,000 Crores investment for inland waterways
India expects an investment of around Rs 50,000 Crores to improve its inland waterways in the coming five years. This goal has been spelled out at the conclusion of the second Inland Waterways Development Council (IWDC). Over Rs 23,000 crores has been earmarked for New National Waterways Development and Green Shipping initiatives in inland waterways. The centre is planning to develop shipbuilding and ship repair facilities across all 111 national waterways (NWs). This will reduce logistics costs and boost ancillary industries. In Uttar Pradesh, the centre is planning to boost inland waterways transport by building eight floating jetties in Mathura and two steel jetties in Ayodhya along with an electric catamaran.
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.