Recent infrastructure project in urban development and transportation are Mumbai Trans Harbour Link, Aqua line 3 of Mumbai metro, Noida International airport. Mumbai Trans Harbour link: This the road bridge connecting Mumbai with Navi Mumbai. When completed will give the faster connectivity wRead more
Recent infrastructure project in urban development and transportation are Mumbai Trans Harbour Link, Aqua line 3 of Mumbai metro, Noida International airport.
Mumbai Trans Harbour link: This the road bridge connecting Mumbai with Navi Mumbai. When completed will give the faster connectivity with Mumbai-Goa highway, Mumbai-Pune Expressway. It would be the longest sea bridge in India.
Aqua line 3 of Mumbai metro: An underground line announced as a joint venture between Government of India and Government of Maharashtra on the sharing basis of 50:50. Most of the project is financed by JICA (Japan International cooperation agency) under ODA (Official Development Assistance) loan around 57.2%. Its first phase is expected to be available for public use by July 2024.
Noida International Project: Also known as Jewar Airport. It will help in decongestion of Indira Gandhi International Airport. The airport is being developed through public-private partnership model. The plan is to build a two runaway airport by 2024 and to expand it to 7,200 acres six runway airport.
Implementing agency- The Noida International Airport Limited (NIAL) on the behalf of Government of Uttar Pradesh.
It is planned to be India’s and Asia’s largest airport.
[Note: According to the recent Union Budget 2024-25 the government had allocated Rs 11,11,111 crore for capital expenditure which is 3.4 percent of GDP.]
For funding infrastructure projects government do not adhere to single option instead they opt for various possibility like,
1. For states they provide loan (long-term interest free loans) from the budget allocated for resource allocation.
2. Also, nowadays government is more inclined toward private sector investment providing viability gap fundings.
3. Funding from different countries like Japan (in the form of ODA) is also incorporated.
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According to the Union Budget for 2024-25, India continues to lay the emphasis on infrastructure – transport and urban, releasing ₹11.11 lakh crore for capital spending or 3.4% of the GDP. Major Infrastructure Projects: - Transportation: - Pradhan Mantri Gram Sadak Yojana (PMGSY) Phase IV: DesignedRead more
According to the Union Budget for 2024-25, India continues to lay the emphasis on infrastructure – transport and urban, releasing ₹11.11 lakh crore for capital spending or 3.4% of the GDP.
Major Infrastructure Projects:
– Transportation:
– Pradhan Mantri Gram Sadak Yojana (PMGSY) Phase IV: Designed to establish an all-weather transport link to a current 25,000 eligible rural habitation arising from the population factors.
– Urban Development:
– Transit-Oriented Development Plans: Preparing specific strategies in 14 large metropolitan areas with populations more than 3 million with regards to land use and transport to handle the problem of the sustainable development of urban areas.
– Urban Housing: An outlay of ₹2.2 lakh crore for improving urban infrastructure including housing over the next five and more financial help in the form of interest subsidies to support affordable housing loans.
-Water Supply and Sanitation: Partnership with state governments and multilateral development banks, in water supply, sewage treatment and solid waste management projects in 100 large cities via bankable projects.
Funding Mechanisms:
– Long-Term Interest-Free Loans to States: Allocationing ₹ 1.5 lakh crore for promoting the state-level investments in infrastructures encouraging the cooperative federalism in developmental sector.
– Private Sector Participation: To facilitate private investment in the infrastructure sector by encouraging measures such as viability gap funding, enabling policies & regulations for market based financing of infrastructure projects.
– Fiscal Support: The large capital outlay is backed by a receipt from the Reserve Bank of India to ensure the government sustains robust fiscal support for infrastructure in the period up to the Financial Year 2019- 20.
The aforementioned efforts depict a global framework on infrastructure advancement; with the principal goal of boosting economic development, transport connections and standards of living of inhabitants in India’s urban structures.
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