ADB commits $10 bn plan for India's urban transformation
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
The Asian Development Bank (ADB) has committed up to USD 10 billion for India's urban transformation, including metro extension in the next five years, ADB President Masato Kanda has said."Cities are engines of growth...ADB will mobilize capital, accelerate delivery, and scale solutions that keep India's urban economy moving and people thriving on the road to Viksit Bharat by 2047," Kanda said after meeting Prime Minister Narendra Modi here on Saturday.The transformation plan includes sovereign loans, private sector financing, and third-party capital, ADB said in a statement.The initiative is anchored by India's flagship Urban Challenge Fund (UCF), which ADB is supporting to attract private investment for urban infrastructure, it said.Analytical work on growth hubs, creative city redevelopment, and water and sanitation upgrades in 100 cities across India are laying the groundwork for the UCF.ADB is also committing USD 3 million in technical assistance to design bankable projects and strengthen the capacity of states and urban local bodies, it said.As per estimates, India's towns and cities are projected to house more than 40 per cent of the population by 2030.ADB has already worked with more than 110 cities across 22 states on water supply, sanitation, housing, and solid-waste management projects, and the active urban portfolio totals 27 loans worth USD 5.15 billion, it said.On urban transport, over the past decade, it said, ADB has committed USD 4 billion for metro projects and RRTS covering 300 kilometers in eight cities, including the Delhi-Meerut RRTS, Mumbai Metro, Nagpur Metro, Chennai Metro, and Bengaluru Metro, cutting congestion and emissions while widening access for vulnerable populations, including people with disabilities.ADB will also invest in skills development through the National Industrial Training Institute Upgradation Program to boost the manufacturing sector, catalyze private sector growth, and create quality jobs, especially for India's youth, it said.Kanda visited the ADB-supported Delhi-Meerut RRTS corridor, India's first RRTS, and spoke with women whose livelihoods have improved through project-linked training, it said.Under ADB's country partnership strategy for India, 2023-2027, it stands ready to provide more than USD 5 billion in financing each year, including about USD 1 billion in nonsovereign operations to catalyze additional private investment.ADB began operations in India in 1986. As of April 2025, it has committed USD 59.5 billion in sovereign lending and USD 9.1 billion in non-sovereign investments, it said, adding, the active sovereign portfolio comprises 81 loans totalling USD 16.5 billion as of April 2025.ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific.Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet.Founded in 1966, ADB is owned by 69 members, 50 from the region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
Trump appears to undercut US proposal to Iran, declaring he won't allow any uranium enrichment
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel President Donald Trump on Monday appeared to undercut a proposal that was offered by his special envoy to Iran, saying he will insist that Tehran fully dismantle its nuclear enrichment program as part of any deal to ease crushing and Steve Witkoff, who is leading the negotiations for the U.S., have repeatedly offered inconsistent public messages about whether Iran would be allowed to retain the capacity to enrich uranium to lower levels for civilian purposes. The Trump administration maintains that it will not allow Iran to develop a nuclear negotiations have been framed by Trump as both countries' best chance to avoid direct military conflict over Iran's nuclear program. Tehran, which denies seeking a nuclear weapon, has insisted that it will not agree to any deal that fully scraps its enrichment program."Under our potential Agreement - WE WILL NOT ALLOW ANY ENRICHMENT OF URANIUM!" Trump wrote on social the seeming contradiction, a White House official said Trump was speaking the "cold, hard truth." The official said the terms the U.S. gave the Iranians were "very tough" and would make it impossible for them to obtain a nuclear post comes after media reports that Witkoff's latest proposal to Tehran would allow Iran to retain low levels of enrichment for civilian uses like nuclear medicine and commercial power if it agrees to shut down its heavily protected underground sites for a period of time. The U.S. and Iran have engaged in several rounds of direct nuclear talks for the first time in officials - including Witkoff and Trump himself - have said within the last few weeks that Iran would not be able to keep enriching uranium at any proposal, reported by Axios and confirmed by a U.S. official, called for the creation of a regional consortium to handle uranium enrichment for civilian uses - a plan first studied more than a decade ago in negotiations that led to the 2015 Iran nuclear deal Trump was sharply critical of that agreement - which also allowed set limits on uranium enrichment but permitted Iran to maintain such a capacity - and withdrew the U.S. from it in 2017 during his first officials spoke to The Associated Press on condition of anonymity to discuss private diplomatic International Atomic Energy Agency found that Iran has further increased its stockpile of uranium enriched to near weapons-grade levels since its last update in February, according to a confidential report released by the U.N. nuclear watchdog on has maintained that its nuclear program is for peaceful purposes only, but Iranian officials have increasingly suggested that Tehran could pursue an atomic bomb."President Trump has made it clear that Iran can never obtain a nuclear bomb," White House press secretary Karoline Leavitt said in a statement before Trump's post. "Special Envoy Witkoff has sent a detailed and acceptable proposal to the Iranian regime, and it's in their best interest to accept it. Out of respect for the ongoing deal, the Administration will not comment on details of the proposal to the media."The proposal that Trump appeared to undercut on Monday evening included significant concessions by the administration certain to anger Israel along with pro-Israel lawmakers in the United of the main points were essentially the same or very similar to conditions outlined in the 2015 nuclear iterations of that agreement negotiated by the Obama administration also suggested the possibility of a regional consortium that would put Iranian uranium enrichment above a certain level under the control of Iran and its neighbors. The idea was scrapped, however, because of Gulf Arab nations' objections and Iranian suspicions of the ultimate aims of the who were involved in the 18-month negotiations for the 2015 deal reacted immediately to reports that the Trump administration might allow Iran to continue with an enrichment program at any level, particularly after senior officials repeatedly said Iran would not be able to retain such programs."This proposal poses a moment of truth for critics of previous Iran nuclear negotiations/agreements (and) those who have called for a no-enrichment, full-dismantlement deal," Dan Shapiro, Obama's former ambassador to Israel, wrote on X. "Will they hold Trump to the same standard?"
NDTV
4 hours ago
- NDTV
New Electric Car Scheme Offers Import Tax Cuts To Makers For Local Production
New Delhi: The government will significantly lower import tax for foreign automakers that pledge to invest in domestic electric vehicle (EV) production, as it looks to strengthen local manufacturing and draw in global industry leaders. Automakers will be permitted to import up to 8,000 electric vehicles at a reduced duty rate of 15 per cent, compared to the current 70–100 per cent, provided they commit to investing Rs 4,150 crore in local EV manufacturing, according to the new EV policy notified by the government. They will be required to begin operations at their manufacturing facilities in India within three years of receiving approval and must meet specified local content requirements, according to the notified guidelines under the Scheme to Promote Manufacturing of Electric Passenger Cars in India. The government on Monday notified guidelines to give effect to the Scheme, paving the way for electric car makers to apply once the application window opens. Officials said the application window may open in a couple of weeks for at least 120 days. The Scheme was notified on March 15 last year by the Heavy Industries Ministry. "To encourage the global manufacturers to invest under the Scheme, the approved applicants will be allowed to import Completely Built-in Units (CBUs) of e-4W with a minimum CIF value of USD 35,000 at reduced customs duty of 15 per cent for a period of 5 years from the Application Approval Date. Approved applicants would be required to make a minimum investment of Rs 4,150 crore in line with the provisions of the scheme," an official statement said. The maximum duty foregone per applicant has been capped at Rs 6,484 crore on the investment made under the Scheme. The minimum investment commitment in India to be made by an applicant during a 3-year window of Rs 4,150 crore (about USD 500 mn), the Heavy Industries Ministry said. The applicant is required to set up a manufacturing facility and commence operations for the manufacturing of eligible products -- e-4W within a period of 3 years from the application approval date. Expenditure incurred on new plant, machinery, equipment and associated utilities, engineering research and development (ER&D) would be eligible for availing investment-linked benefits under the scheme. However, expenditure on land will not be considered, although new buildings of the main plant and utilities will be considered as part of the investment, provided it does not exceed 10 per cent of the committed investment. A minimum domestic value addition (DVA) of 25 per cent has to be achieved within 3 years and a minimum DVA of 50 per cent must be achieved within 5 years from the date of issuance of the approval letter for applicants under the scheme. The expenditure incurred on charging infrastructure would be considered up to 5 per cent of the committed investment. The applicant's commitment to set up manufacturing facilities, achievement of DVA and compliance with conditions stipulated under the scheme shall be backed by a bank guarantee from a scheduled commercial bank in India, equivalent to the total duty to be foregone, or Rs 4,150 crore, whichever is higher. The window for receiving applications through the notice inviting applications will be for a period of 120 days (or more). Further, the Ministry of Heavy Industries shall have the right to open the application window, as and when required till March 15, 2026. A non-refundable application fee of Rs 5,00,000 will be payable by the applicant while filing the application form. To qualify and receive benefits under the scheme, an applicant is required to have a global group revenue from automotive manufacturing of a minimum Rs 10,000 crore. Moreover, the global investment of a company or its group companies in fixed assets must be at least Rs 3,000 crore, based on the latest audited annual financial statements at the time of filing the application.
Business Standard
5 hours ago
- Business Standard
Global Marketing Professional Asmita Jason Launches Instagram Growth Services for Indian SMEs
VMPL Kolhapur (Maharashtra) [India], June 2: After working with over 1,000+ global coaches and selling 3,000+ digital products through her own marketing platforms, entrepreneur Asmita Jason Bardeskar is expanding her focus back to Indian businesses -- with a mission to make them seen. Through her company, The Launch Boosters, Asmita is now offering strategic Instagram marketing services tailored to India's local service-based businesses. "So many amazing entrepreneurs are thriving offline but invisible online," she says. "I'm here to change that." Asmita's journey began in 2019, shortly after moving cities post-marriage and facing limited job opportunities in mechanical engineering, her original field. Undeterred, she sold a gold bangle gifted at her wedding to invest in her first online course. That investment would change everything. Within a month of signing her first Instagram client for Rs8,000, she crossed Rs1 lakh in revenue, all from home -- a pivotal moment that set her on a new entrepreneurial path. Over the years, she built not just a business, but a reputation. As a speaker at more than 20 global summits, Asmita became known for her practical, low-fluff approach to visibility and marketing. She managed to scale her own brand while raising two children and running a remote team -- a reality that now informs the supportive, structured systems she designs for other business owners. Asmita currently serves as the Business Manager for a 7-figure USD coaching brand, where she oversees content, systems, strategy, and operations. Simultaneously, she has run her own coaching business, with clients from around the world. Now, she's intentionally shifting focus back to the Indian market, launching a dedicated arm of her business that offers done-for-you Instagram marketing services tailored for Indian entrepreneurs. The decision is strategic and timely. According to Google India, over 90% of consumers look up local businesses online before making a purchasing decision. Yet, the MSME Ministry reports that fewer than 20% of India's 63 million small and medium enterprises are using social media effectively. This gap is precisely where Asmita sees an opportunity to make a difference. Asmita's approach is rooted in what she calls "strategy-first content." She emphasizes that visibility doesn't have to mean going viral, it means being seen by the right people consistently and authentically. Her work supports local businesses like preschools, wellness professionals, beauty brands, and boutique owners -- the kinds of businesses that are excellent offline, but often overlooked online. By bringing together deep knowledge of the Instagram algorithm, proven international strategies, and a lived understanding of Indian business culture, Asmita is offering more than just social media services. She's offering transformation for businesses that have the potential to thrive online but just haven't had the right support, until now. Her story is not just about business success, it focuses on alignment, resilience, and coming home with a mission. For more information, visit (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
