Latest news with #PPP
Indian Express
7 hours ago
- Business
- Indian Express
Delhi govt takes a leaf out of Centre's book to revamp its housing colonies
Along the lines of the Centre's General Pool Residential Accommodation (GPRA) project, the Delhi government is planning to redevelop its housing colonies on a Public-Private Partnership (PPP) model, officials said. According to a senior official, Chief Minister Rekha Gupta discussed the matter in a recent meeting with Public Works Department (PWD) officials. Under the GPRA project, existing government residential colonies in Delhi are being redeveloped under the PPP model, primarily to modernise the houses and optimise land use. 'The Delhi government plans to redevelop housing colonies under the PPP model and recover the cost of the project by using the land space for commercial purposes… like building offices and retail spaces, or by selling land parcels to private developers or constructing housing units and selling them…,' said the senior official. 'The matter was taken up in the department's last meeting with the CM… The department has been asked to explore the possibility and appoint a consultant who will study the number of government colonies that can be redeveloped, how much space is available to build multi-storey buildings, and if there is space for commercial activities as well… The consultant will submit a detailed project report,' the official added. Officials said that while the plan is at a nascent stage, the tendering process will start so that a consultant can be appointed. At present, houses are allotted to Delhi government officials at 57 localities, including Daryaganj, Rajpur Road, Alipur Road, Satya Sadan, Shamnath Marg, Mayur Vihar, Commonwealth Games Village, and Vasant Kunj, among others. The allotment is done through the sarkari-awas portal. Officials said that most houses allotted to Delhi government employees — from senior bureaucrats to ministers and the CM — come under the PWD pool and are managed by the department. They added that the key aim is to redevelop old and dilapidated government houses and replace them with modern and sustainable infrastructure, creating self-sustaining urban space. 'Currently, most of these colonies are two- or three-floor towers or buildings… After conducting a feasibility study, a plan will be made for land utilisation so that multi-storey towers, having modern features like rainwater harvesting systems, among others, can be constructed. This will also help the government to meet its housing requirement and help save the cost of repair and maintenance… Further, the waiting period for government staff to get a house will come down,' said the senior official. In 2016, the Centre had approved the redevelopment of seven GPRA colonies in South Delhi — Sarojini Nagar, Nauroji Nagar, Kasturba Nagar, Netaji Nagar, Sriniwaspuri, Mohamm-adpur and Thyagraj Nagar — to meet the housing requirement of central government employees. 'As these are big-ticket projects and cannot be constructed solely through public funds, the government has brought in the PPP model, where it gives contracts to private companies that will construct the houses and use the space available for official or commercial activities to generate revenue,' a senior PWD official said. 'Some land parcels were also sold for commercial purposes so the money could be used to construct the houses in other areas… For instance, while work at Thyagraj Nagar and Mohammadpur has been completed, no space is being used for commercial purposes. At the same time, as of now, the government is exclusively using Nauroji Nagar for commercial activities, where the World Trade Centre is coming up… This will ensure that while project cost is recovered, houses are also constructed,' the official added.
AllAfrica
21 hours ago
- Business
- AllAfrica
US tariff deal clears way for Korea's stablecoin dream
TOKYO – As new South Korean President Lee Jae Myung sets out to revamp Asia's fourth-biggest economy, he can cross direct US tariff risks off the list of possible spoilers. Korea's tariff deal with the US removes a gigantic element of uncertainty as Lee gets to work raising Korea's economic game. Though the 15% tax on US-bound goods will hurt, getting the uncertainty factor out of the way will enable Korea Inc to move forward. 'It is a case of the worst avoided, with a pinch of relief removing Korea-specific tariff risks,' says Kathleen Oh, chief Korea economist at Morgan Stanley. 'It puts Korea on level ground with its export competitors in the US, especially for autos.' Eurasia Group analyst Jeremy Chan notes that Korea's agreement hews closely to the deal signed by Japan one week ago and is in line with his view that major US trading partners will be handed around 15% tariff rates. Korea's US$350 billion investment fund mirrors the $550 billion fund announced in Japan's agreement, Chan notes. About 90% of the profits from the fund will reportedly go to the US—the same ratio that Japan received—which Korean officials interpret to mean that 90% of the fund's profits will be re-invested in the US. Like Japan, Chan notes, Korea's fund will be made up almost entirely of loans and guarantees, with direct investment comprising only a very small portion. Korea's commitment to purchase $100 billion in US energy exports will likely include offtake agreements for the Alaska LNG pipeline project that Japan is also exploring. Now Lee will likely have the bandwidth to focus on his newest preoccupation: digital assets. Korean lawmakers are brawling over stablecoins, and the brouhaha couldn't be better for the nation's sudden embrace of the global digital assets boom. The clash is less about whether Korea should become one of the region's crypto-friendly economies in Asia. It's about how to implement the new president's vision for the broad-based issuance of won-backed stablecoins and give digital asset innovation a prominent place globally. Korea joins Hong Kong in efforts to ramp up issuance via legislation. These legislative moves aim to avoid putting the cart before the proverbial horse in a nascent market sure to upend global currency dynamics. Creating trusted and transparent regulatory and licensing regimes will be key to building broader acceptance for the industry. In Seoul's case, Lee's Democratic Party of Korea (DPK) and the opposition People Power Party (PPP) are pushing competing stablecoin bills in the National Assembly. DPK member Ahn Do-gil introduced the Act on the Issuance and Distribution of Value-Stable Digital Assets, while the PPP's Kim Eun-hye proposed the Act on Payment Innovation Using Value-Fixed Digital Assets. Lee's push marks his first real economic pivot from the disgraced Yoon Suk Yeol administration. In early April, the courts removed Yoon from office. This was five months after his reckless martial law declaration in December, for which PPP member Yoon was impeached. When Lee's DPK won election in June, the immediate goal was to make up for lost time to stabilize Asia's fourth-biggest economy. Several months of political wrangling over Yoon's fate were a lost period for moves to raise Korea's competitive game. In the interim, the economy shrank in the first quarter as the Kospi stock market gyrated. That left the Bank of Korea largely in the driver's seat. Yet Lee's stablecoin focus suggests his administration has hit the ground running. Typically, Korean regulators are among the most cautious in Asia. All of which makes the Lee administration's stablecoin gambit all the more unexpected. As DPK lawmaker Min Byung-deok, a member of the National Assembly's Political Affairs Committee, puts it, legislation now under consideration would allow non-financial companies to issue won-denominated stablecoins — and to do so beyond the Bank of Korea. The catch is that digital assets would operate under a clear legal framework. Another catch: the BOK may still require some convincing. It worries Lee's stablecoin vision will increase capital outflow risks. Among legislators, provisions would also facilitate security token offerings (STOs) and pave the way for the creation of, and transacting in, spot market exchange-traded funds (ETFs) backed by virtual assets. 'The STO bill will first go through the standing committee next month,' Min says. Min adds that the presidential office's chief policy aide, Kim Yong-beom, a blockchain expert, is 'largely supportive of the bills.' Korea isn't setting the stage for a crypto free-for-all. It plans to tweak strict foreign currency transaction laws accordingly and strengthen oversight in the crypto market by the BOK and the Ministry of Economy and Finance. The BOK must be empowered to play its role in maintaining financial stability,' says DPK member Ahn. 'If stablecoins are used abroad, they become a form of foreign exchange. That means the finance ministry needs a legal foundation to exercise its authority.' Ahn says the process will also be coordinated by the Financial Services Commission. President Lee's team has ordered up a task force on stablecoin implementation. Lee's timing with these crypto reforms could be particularly favorable, as Korea Exchange is exploring digital ETFs, hoping to allow institutions to begin trading them as early as the third quarter. Korea also joins Hong Kong in enjoying something of a first-mover advantage in one of the hottest areas of global finance, one still arguably in the frontier stages. According to Paul Chan, Hong Kong's financial security, the global market value of stablecoins is estimated at about $240 billion, with trading volume topping $20 trillion in 2024. In Korea's case, voters gravitated to Lee's crypto-friendly platform. As of the end of 2024, Koreans held some $74.5 billion worth of digital assets. On the campaign trail, Lee pledges to legalize and nurture digital ETFs, promote the widespread adoption of Korean won-backed stablecoins, streamline regulations to prevent capital flight and even allow the massive $884 billion National Pension Service to invest in digital assets. Yet Lee must multitask in a hurry. Lee inherited an economy under pressure from global tariffs. Despite the US tariff deal, Trump has yet to reach a deal with China. Even as Seoul takes a breather after notching tis tariff deal, it must brace for the shock waves if China refuses to grant Trump the 'grand bargain' deal he seeks. That could see Trump turning his tariff policies up to 11, slamming Korea's open, trade-reliant economy. Over the last six months, BOK Governor Rhee Chang-yong's rate cuts have been the glue holding a fragile economy together. Yet as the BOK cuts rates, it's been limited by domestic constraints. Further rate cuts might encourage households to up borrowing activity. Korea's household debt-to-gross domestic product ratio of 91.7% was the second highest among major nations at the end of 2024. That's the second highest among 38 Organization for Economic Cooperation and Development nations. Any step lower in BOK rates risks incentivizing households to increase debt, adding to Korea's biggest imbalances. The vacuum Yoon created left BOK's team squarely in the driver's seat. More and more, the central bank took the lead in managing one of the globe's most open and dynamic major economies.
Malay Mail
a day ago
- Business
- Malay Mail
Anwar unveils ambitious RM611b 13th Malaysia Plan to transform economy by 2030
KUALA LUMPUR, July 31 — Prime Minister Datuk Seri Anwar Ibrahim today tabled the 13th Malaysia Plan (13MP) with the theme of 'Melakar Semula Pembangunan', outlining how the government plans to spend on the country's development for the next five years until 2030. At the Dewan Rakyat here, Anwar said a total investment of RM611 billion is required to make the 13MP a success, including the government's allocation for development expenditure estimated at RM430 billion. Out of the sum required, Anwar said RM120 billion will come from government-linked companies and government-linked investment companies to support economic growth through direct domestic investment in strategic sectors, while the private sector would contribute the remaining RM61 billion through the public-private partnership (PPP) method. When explaining how the government plans to use its RM430 billion development allocation over the next five years, Anwar broke it down as: RM227 billion (52.8 per cent) for the economic sector as the main pillar of the country's growth; RM133 billion (30.9 per cent) for social sector (including RM67 billion for education sector and RM40 billion for healthcare sector); RM51 billion (11.8 per cent) for security sector; and RM17 billion (4 per cent) for the administrative sector. 'This strategic distribution reflects the government's commitment to drive the country's development comprehensively,' he said.
Malay Mail
a day ago
- Business
- Malay Mail
Anwar unveils ambitious RM611b 13th Malaysia Plan to to transform economy by 2030
KUALA LUMPUR, July 31 — Prime Minister Datuk Seri Anwar Ibrahim today tabled the 13th Malaysia Plan (13MP) with the theme of 'Melakar Semula Pembangunan', outlining how the government plans to spend on the country's development for the next five years until 2030. At the Dewan Rakyat here, Anwar said a total investment of RM611 billion is required to make the 13MP a success, including the government's allocation for development expenditure estimated at RM430 billion. Out of the sum required, Anwar said RM120 billion will come from government-linked companies and government-linked investment companies to support economic growth through direct domestic investment in strategic sectors, while the private sector would contribute the remaining RM61 billion through the public-private partnership (PPP) method. When explaining how the government plans to use its RM430 billion development allocation over the next five years, Anwar broke it down as: RM227 billion (52.8 per cent) for the economic sector as the main pillar of the country's growth; RM133 billion (30.9 per cent) for social sector (including RM67 billion for education sector and RM40 billion for healthcare sector); RM51 billion (11.8 per cent) for security sector; and RM17 billion (4 per cent) for the administrative sector. 'This strategic distribution reflects the government's commitment to drive the country's development comprehensively,' he said.
Business Recorder
a day ago
- Politics
- Business Recorder
Monsoon rains: Bilawal grieved over losses in China
ISLAMABAD: Pakistan People's Party (PPP) Chairman Bilawal Bhutto-Zardari has expressed deep sorrow over the tragic loss of lives and property in China caused by heavy monsoon rains, flooding, and landslides. The PPP chairman conveyed heartfelt condolences to the people and government of China, stating that the thoughts and prayers of every Pakistani, including those of the Pakistan People's Party, are with the affected families during this difficult time. Bilawal, in a statement issued on Wednesday, said that Pakistan and China are not merely neighbouring countries, but nations whose peoples' hearts beat in unison. He said the Pakistan-China relationship is a time-tested bond between two steadfast friends and brothers, founded on unwavering trust and unmatched affection. Copyright Business Recorder, 2025
