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United News of India
12 hours ago
- Business
- United News of India
ADB President meets PM Modi, says lender will pump USD10 bn into India for infra projects
New Delhi, June 1 (UNI) Asian Development Bank (ADB) President Masato Kanda today met Prime Minister Narendra Modi, during which he described the Viksit Bharat 2047 vision as 'bold' and added that the global lender will support the vision by pumping $10 billion over the next five years into infrastructure development in India. During the meeting, PM Modi said that India's rapid transformation over the last decade has empowered countless people. In a post on X, the PM said: "Had a wonderful meeting with Mr. Masato Kanda, in which we shared perspectives on a wide range of issues. 'India's rapid transformation over the last decade has empowered countless people and we are working to add further momentum in this journey!" The ADB President in a post on X said: 'The Viksit Bharat 2047 vision is bold, and @ADB_HQ is supporting that ambition. 'We will direct $10 billion, including third-party capital, over the next five years into municipal infrastructure development, extending metro networks, building new Regional Rapid Transit System corridors, and modernizing city services. 'I was pleased to convey this during my meeting with Prime Minister Narendra Modi @narendramodi in New Delhi. 'India, a founding ADB member since 1966 and our largest borrower, is a steadfast partner. 'By scaling up public and private sector finance, deepening knowledge collaboration, and mobilizing capital, we stand ready to support India's drive to become a developed nation by 2047 and to deliver inclusive, resilient, and sustainable growth for its 1.4 billion people.' The ADB president had met Finance Minister Nirmala Sitharaman earlier this week. He said of the meeting: 'I met Finance Minister @nsitharaman in New Delhi to deepen ADB's partnership with India and advance Prime Minister @narendramodi's Viksit Bharat 2047 vision. 'I welcomed her 'Budget Plus, Finance Plus' agenda, which blends fiscal discipline with innovation, and her emphasis on the Antyodaya principle, ensuring development reaches the last mile. 'ADB stands ready to provide between $4 billion and $4.5 billion in sovereign lending each year, alongside about $1 billion in private sector financing, while mobilizing additional third-party capital. We agreed to move quickly on large, high-impact projects, such as ADB's support for solar rooftops, which can accelerate clean energy adoption across the country. 'Our shared agenda centers on urban transformation, private sector development, and skills programs that strengthen India's manufacturing base. 'At the Minister's request, we will also sharpen support for integrated rural prosperity by transforming food systems, creating jobs, and nurturing local entrepreneurship so villages become resilient communities. 'ADB will pair global expertise with catalytic finance, de-risking tools, and robust PPP frameworks to unlock private investment. Our partnership will create a prosperous, inclusive, resilient, and sustainable India by 2047, ensuring that progress reaches every city and village.' UNI RN
The Hindu
a day ago
- Business
- The Hindu
PM Modi meets ADB president Masato Kanda
Prime Minister Narendra Modi met Asian Development Bank (ADB) President Masato Kanda and said his government was working to add further momentum to India's rapid transformation over the last decade. In his post on X, Mr. Kanda said his organisation is supporting India's ambition of a 'Viksit Bharat' by 2047, describing it as a bold vision. "We will direct USD 10 billion, including third-party capital, over the next five years into municipal infrastructure development, extending metro networks, building new Regional Rapid Transit System corridors, and modernising city services," he said. India, a founding ADB member since 1966 and its largest borrower, is a steadfast partner, Kanda noted. He added, "By scaling up public and private sector finance, deepening knowledge collaboration, and mobilizing capital, we stand ready to support India's drive to become a developed nation by 2047 and to deliver inclusive, resilient, and sustainable growth for its 1.4 billion people." Mr. Modi replied, "Had a wonderful meeting with Mr Masato Kanda, in which we shared perspectives on a wide range of issues. India's rapid transformation over the last decade has empowered countless people and we are working to add further momentum to this journey!"
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Business Standard
a day ago
- Business
- Business Standard
ADB announces $10 billion plan to transform India's urban infra, services
Asian Development Bank (ADB) President Masato Kanda has announced a five-year plan to mobilise up to $10 billion, including third-party capital, to enhance the India's urban infrastructure and services. The plan was unveiled after Kanda's meeting with Prime Minister Narendra Modi. The plan will focus on metro expansions, new Regional Rapid Transit System (RRTS) corridors, and investments in sustainable urban development. "Cities are engines of growth," Kanda said after the meeting. 'ADB will mobilise capital, accelerate delivery, and scale solutions that keep India's urban economy moving and people thriving on the road to Viksit Bharat @ 2047.' Backed by Urban Challenge Fund At the heart of the initiative is support for India's flagship Urban Challenge Fund (UCF), which aims to attract private investment in city infrastructure. ADB will channel funds through sovereign loans, private sector financing, and technical assistance, including $3 million earmarked for developing bankable projects and building capacity in state and urban local bodies. Recent analytical work by ADB has already laid the foundation for the UCF in 100 cities, focusing on growth hubs, creative city redevelopment, and water and sanitation improvements. Urban transport, clean energy in focus India's urban population is projected to exceed 40 per cent by 2030. Responding to this rapid growth, ADB will extend its existing urban transport footprint, which includes $4 billion committed over the past decade to metro and RRTS projects in eight cities. These include the Delhi–Meerut RRTS, Mumbai Metro, Chennai Metro, and Bengaluru Metro, designed to reduce congestion and improve access for marginalised communities, including persons with disabilities. Kanda visited the Delhi–Meerut RRTS, India's first of its kind, and met women who benefited from project-linked skills training. He also toured Gurugram-based ReNew Power to discuss strengthening partnerships in renewable energy. Commitment to rural development Earlier this week, Kanda met Union Finance Minister Nirmala Sitharaman and reiterated ADB's readiness to lend between $4 billion and $4.5 billion annually in sovereign loans, along with $1 billion in private sector funding. ADB will also intensify support for rural development, including food system improvements, entrepreneurship, and employment generation. 'Our shared agenda centres on urban transformation, private sector development, and skills programmes that strengthen India's manufacturing base,' Kanda said. ADB's long-term partnership with India Kanda also met Union Housing and Urban Affairs Minister Manohar Lal Khattar to explore expanding metro networks, transit-oriented development (TOD), and scaling rooftop solar projects. ADB is engaging with CEOs from infrastructure, finance, agriculture and social sectors to attract greater private participation in infrastructure growth. Under ADB's country partnership strategy for India, 2023–2027, it stands ready to provide more than $5 billion in financing each year, including about $1 billion in nonsovereign operations to catalyse additional private investment. ADB, which began operations in India in 1986, has committed $59.5 billion in sovereign lending and $9.1 billion in nonsovereign investments as of April 2025. The active sovereign portfolio comprises 81 loans totalling $16.5 billion as of April 2025.
Time of India
2 days ago
- Business
- Time of India
Transit oriented development in Meerut to unlock real estate on Namo Bharat corridor
Meerut has become the first city in India to integrate Transit Oriented Development (TOD) zones into its 2031 Master Plan. This would incorporate urban development around a transit project, potentially unlocking new real estate opportunities in the region. Meerut Development Authority (MEDA) has earmarked about 3,273 hectares for the TOD, out of which 2,442 hectares have been delineated into seven TOD zones and two special development area (SDA) zones around the Namo Bharat and Meerut Metro corridors. 'While the majority of the land is privately held and we will earn revenue through FSI, we are also planning a 300-hectare township where we will auction land to private developers,' said Vijay Kumar Singh, town planner at MEDA. 'We are doing the zonal planning in consultation with NCRTC.' National Capital Region Transport Corporation (NCRTC) is implementing India's first Namo Bharat corridor between Delhi, Ghaziabad, and Meerut. Namo Bharat is India's first Regional Rapid Transit System (RRTS) train service with the first being the Delhi-Ghaziabad-Meerut project. 'By harnessing the potential of transit-oriented development and value capture financing, NCRTC is enhancing the financial sustainability of the Namo Bharat project,' said Shalabh Goel, managing director, NCRTC. 'This integrated approach is poised to redefine the future of transportation infrastructure, fostering vibrant, liveable communities and generating economic value that benefits both the region and its residents.' The two SDA zones—458 hectares as Meerut South SDA Zone and 373 hectares as Modipuram SDA Zone—are located on two ends of the Meerut metro section of the corridor. The Uttar Pradesh government formulated its TOD policy in 2022. Globally, cities like Stockholm, Copenhagen, Hong Kong, Singapore, and Tokyo have successfully used TOD to fund public transportation and enhance urban planning. It has, in turn, improved economic productivity and quality of life for people in these cities. Out of the entire 82 km of the Delhi-Ghaziabad-Meerut Namo Bharat corridor, 68 km falls under Ghaziabad and Meerut districts. In addition, the Namo Bharat infrastructure will also host local metro services in Meerut. The National Metro Rail Policy 2017 said urban mass transit projects should not merely be seen as urban transport projects but more as urban transformation projects. It mandated states to explore conventional and innovative non-fare box revenue (NFBR) options for the long-term financial sustainability of the projects by formulating their own policies. The housing and urban development ministry took a major step forward by introducing a value capture financing policy, providing a framework for states and union territories to harness the potential of their assets – including underutilised land – to drive infrastructure development. As per UP's TOD policy, areas within 500 meters of city mass transit systems like metro lines, and 1.5 kilometres on each side of intercity transit systems like Namo Bharatr, are considered TOD zones, where building taller, mixed-use developments will be promoted. This includes residential, commercial, and office spaces, along with public amenities. Also, base floor area ratio (FAR)—currently at 2.5—will be increased in areas under the TOD Zone to 4 in developed areas and 5 in undeveloped areas. Ghaziabad has also identified TOD zones and incorporated them in its city master plan. It is currently awaiting final approval from the state government for implementation.
Time of India
3 days ago
- Business
- Time of India
Transit Oriented Development in Meerut to unlock real estate on Namo Bharat corridor
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Meerut has become the first city in India to integrate Transit Oriented Development (TOD) zones into its 2031 Master Plan. This would incorporate urban development around a transit project, potentially unlocking new real estate opportunities in the Development Authority (MEDA) has earmarked about 3,273 hectares for the TOD, out of which 2,442 hectares have been delineated into seven TOD zones and two special development area (SDA) zones around the Namo Bharat and Meerut Metro corridors.'While the majority of the land is privately held and we will earn revenue through FSI, we are also planning a 300-hectare township where we will auction land to private developers,' said Vijay Kumar Singh, town planner at MEDA. 'We are doing the zonal planning in consultation with NCRTC.'National Capital Region Transport Corporation (NCRTC) is implementing India's first Namo Bharat corridor between Delhi, Ghaziabad, and Meerut. Namo Bharat is India's first Regional Rapid Transit System (RRTS) train service with the first being the Delhi-Ghaziabad-Meerut project.'By harnessing the potential of transit-oriented development and value capture financing, NCRTC is enhancing the financial sustainability of the Namo Bharat project,' said Shalabh Goel, managing director, NCRTC. 'This integrated approach is poised to redefine the future of transportation infrastructure, fostering vibrant, liveable communities and generating economic value that benefits both the region and its residents.'The two SDA zones—458 hectares as Meerut South SDA Zone and 373 hectares as Modipuram SDA Zone—are located on two ends of the Meerut metro section of the Uttar Pradesh government formulated its TOD policy in 2022. Globally, cities like Stockholm, Copenhagen, Hong Kong, Singapore, and Tokyo have successfully used TOD to fund public transportation and enhance urban planning. It has, in turn, improved economic productivity and quality of life for people in these of the entire 82 km of the Delhi-Ghaziabad-Meerut Namo Bharat corridor, 68 km falls under Ghaziabad and Meerut districts. In addition, the Namo Bharat infrastructure will also host local metro services in National Metro Rail Policy 2017 said urban mass transit projects should not merely be seen as urban transport projects but more as urban transformation projects. It mandated states to explore conventional and innovative non-fare box revenue (NFBR) options for the long-term financial sustainability of the projects by formulating their own housing and urban development ministry took a major step forward by introducing a value capture financing policy, providing a framework for states and union territories to harness the potential of their assets – including underutilised land – to drive infrastructure per UP's TOD policy, areas within 500 meters of city mass transit systems like metro lines, and 1.5 kilometres on each side of intercity transit systems like Namo Bharatr, are considered TOD zones, where building taller, mixed-use developments will be promoted. This includes residential, commercial, and office spaces, along with public amenities. Also, base floor area ratio (FAR)—currently at 2.5—will be increased in areas under the TOD Zone to 4 in developed areas and 5 in undeveloped has also identified TOD zones and incorporated them in its city master plan. It is currently awaiting final approval from the state government for implementation.
