Latest news with #ViksitBharat2047
India Gazette
15 hours ago
- Business
- India Gazette
Union Minister Manohar Lal Khattar meets President Asian Development Bank Masato Kanda
New Delhi [India], May 31 (ANI): Minister of Housing and Urban Affairs and Power, Manohar Lal Khattar and the Asian Development Bank President, Mr. Masato Kanda met today at Shram Shakti Bhawan to discuss ADB's unflagging support and investment in the Indian Urbanisation, said a release from the Ministry of Power. According to the release, the meeting emphasised ADB's past support extended to various developing sectors and highlighted potential areas of investment to achieve the glorious vision of 'Viksit Bharat 2047'. Union Minister Lal and President Kanda discussed a range of issues, addressing India's development in Mass Transit Systems, Inclusive Housing, Urban Sanitation and Infrastructure, Urban Governance and Reforms, among other topics. The Hon'ble Minister shed light on the expanse of the development boom experienced by the mobility sector, as successful models of Multi-Modal Transit Systems are being deployed and scaled up throughout the country. According to the release, the Minister emphasised the significant progress made under key flagship missions such as Swachh Bharat Mission, AMRUT, and PMAY-Urban, and underscored the opportunity for ADB to align its investments with India's urban development agenda to advance the shared vision of creating sustainable, inclusive, and connected cities. ADB's President, Kanda, congratulated India for the steadfast growth witnessed in the Rapid Rail Transit System (RRTS) and called the progress impressive. He also commended on how the Rail Network tactfully managed air pollution, transportation and social challenges, and how it is a matter of immense pride to be associated with the project. Continuing on this pattern of growth, the President advised how such efforts can be amplified by using integrated planning and holistic development, ensuring the involvement of private players equipped to deploy innovation on the ground for path-breaking results. As per the release, both officials discussed the importance of the Urban Challenge Fund being forward-looking in its design, with strong support from municipal corporations to improve the bankability of projects. The Minister appreciated ADB's collaboration in developing knowledge frameworks aligned with the priorities outlined in the Union Budget 2025-26. The Fund envisions cities as Growth Hubs, serving as blueprints for transforming water, sanitation, and waste services in 100 Indian cities. The Minister also expressed interest in ADB initiating demonstration projects that could serve as lighthouse models for future urban development. The meeting concluded with a vote of thanks from Srinivas Katikithala, Secretary, Housing and Urban Affairs, with an expression of appreciation for ADB's partnership and commitment. (ANI)
India.com
a day ago
- Business
- India.com
From Defence to Green energy deals, how Anil Ambani is quietly reviving his Reliance Group with the help of...
Anil Ambani (File) Anil Ambani has not tasted the same level of professional success as his illustrious older sibling, Mukesh Ambani– Asia's richest man. But the junior Ambani has witnessed a recent turnaround of fortunes, and is quietly, yet steadily reviving his debt-ridden Reliance Group business empire with the help of his two sons, Jai Anmol Ambani and Jai Anshul Ambani. While other conglomerates have moved to sectors like AI and related areas, Anil Ambani has focused on two emerging sectors, green energy and defense, which are a key part of Indian government's Viksit Bharat 2047 vision. Ambani's focused vision has paid off as Reliance Power and Reliance Infrastructure, two of Reliance Group's last remaining profitable companies, are now completely debt-free and churning out profits after years of bankruptcy. Anil Ambani's focus on green energy, defense Reliance Power has several inked major deals this year, including its subsidiary, Reliance NU Energies, securing an allocation of 350 MW of solar generation capacity paired with a 175 MW/700 MWh battery storage system. Reliance NU Suntech, another Reliance Power subsidiary, has 25-year purchase agreement with the Solar Energy Corporation of India (SECI) to build Asia's largest integrated solar and battery storage project, at an investment of up to Rs 10,000 crore, The mega solar power project is aimed to build a 930 MW solar capacity paired with 465 MW/1860 MWh battery storage. Additionally, the Reliance Group has also acquired a Rs 2000 crore contract for a setting up a 500 MW solar project, and a 750 MW hydroelectric project in Bhutan in partnership with Druk Holding. In the defense sector, Reliance Defence, a subsidiary of Reliance Infrastructure, has partnered with German arms maker Rheinmetall AG to manufacture propellants and explosives in Maharashtra's Ratnagiri district. The two partners will set up a factory as part of the proposed 1,000-acre Dhirubhai Ambani Defence City. Earlier, Reliance Defence signed similar deals with French Dassault Aviation and Thales. In a recent statement, Anil Ambani revealed that his goal was to make Reliance Defence among India top three defence exporters. How Anil Ambani made Reliance Infra and Reliance Power debt-free? Last year, Anil Ambani raised Rs 17,600 crore to further reduce the debt burden of his companies. According to media reports, only two listed companies of Anil Ambani's Reliance Group, Reliance Infra and Reliance Power, have managed to become completely debt-free, while most of group's other firms still owe substantial amounts to creditors. Both Reliance Infra and Reliance Power, along with their subsidiaries, started repaying loans in September last year, and are now debt-free, as per reports. Anil Ambani began investing funds into both these companies in August 2024, and funds were raised through Foreign Convertible Currency Bonds (FCCB) and Preferential Issue. Together, Reliance Infra and Reliance Power issued a preferential equity issue worth Rs 4500 crore, apart from raising Rs 7100 crore from Varde Partners via FCCB. Additionally, the two firms also raised Rs 3000 crore each Qualified Institutional Placement (QIP). Anil Ambani's sons powering Reliance Group revival? The remarkable comeback story of Anil Ambani is powered by none other than his two sons, Jai Anmol Ambani, and his younger brother, Jai Anshul Ambani. The two brothers, who joined their father's business when everything was going downhill, have revived the Reliance Group with their sharp business acumen. Jai Anmol and Jai Anshul have taken up leadership roles within the indebted Reliance Group, and have helped the Anil Ambani-led company to secure new deals, and cut down the mammoth debt faced by many of the group's companies. Anil's elder son, Jai Anmol Ambani, attempted a revival of Reliance Capital, but despite his best efforts, could not save the debt-ridden firm from going bust and being taken over Hinduja Group's IndusInd International Holdings Ltd (IIHL), while Jai Anshul Ambani, Anmol's younger sibling is assisting the Reliance Group in two new ventures, Reliance Nippon Life Insurance, and Reliance Capital Asset Management. Notably, both Anil Ambani and his son Jai Anmol have recently stepped from management of Reliance Power and Reliance Power, and even sought declassification as promoter shareholders, though company filing still contain their names.
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Business Standard
a day ago
- Business
- Business Standard
ADB commits up to $4.5 billion in annual sovereign loans for India
Asian Development Bank (ADB) President Masato Kanda on Friday announced that the bank is prepared to provide India with sovereign loans amounting to as much as $4.5 billion each year. "Yesterday, I met Finance Minister Nirmala Sitharaman in New Delhi to deepen ADB's partnership with India and advance Prime Minister Narendra Modi's Viksit Bharat 2047 vision," Kanda said in a post on X. Yesterday 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… — Masato Kanda (@ADBPresident) May 30, 2025 He added that alongside sovereign lending, the bank is also ready to provide approximately $1 billion annually in private sector financing, while working to attract additional funding from other sources. "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 mobilising additional third-party capital," he said. Focus on large-scale projects Kanda highlighted ADB's commitment to quickly support large and impactful projects. One example is the bank's backing of solar rooftop initiatives, which are expected to boost the adoption of clean energy throughout India. "Our shared agenda centres on urban transformation, private sector development, and skills programs that strengthen India's manufacturing base," Kanda added. These areas are crucial for India's economic growth and industrial advancement. Supporting rural prosperity Following the Finance Minister's request, ADB will also intensify its support for integrated rural prosperity. This includes efforts to improve food systems, create employment opportunities, and encourage local entrepreneurship, all aimed at helping villages develop into resilient communities. During their meeting on Thursday, Sitharaman called for enhanced ADB involvement in rural prosperity projects, focusing on job creation, entrepreneurship, and agricultural innovation to strengthen village resilience. Kanda added that ADB will combine its global expertise with innovative financial tools, risk reduction measures, and strong public-private partnership frameworks to attract private investment. "Our partnership will create a prosperous, inclusive, resilient, and sustainable India by 2047, ensuring that progress reaches every city and village," he said.
Time of India
a day ago
- Business
- Time of India
ADB ready to provide USD 4.5 bn loan annually to India
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: Asian Development Bank (ADB) President Masato Kanda on Friday said the multilateral funding agency stands ready to provide up to USD 4.5 billion sovereign lending to India each year."Yesterday I met Finance Minister Nirmala Sitharaman in New Delhi to deepen ADB's partnership with India and advance Prime Minister Narendra Modi 's Viksit Bharat 2047 vision ," Kanda said in a post on X."ADB stands ready to provide between USD 4 billion and USD 4.5 billion in sovereign lending each year, alongside about USD 1 billion in private sector financing, while mobilising additional third-party capital," he agreed to move quickly on large, high-impact projects, such as the bank's support for solar rooftops, which can accelerate clean energy adoption across the country, he said."Our shared agenda centres on urban transformation, private sector development, and skills programs that strengthen India's manufacturing base," he the minister's request, ADB will also sharpen support for integrated rural prosperity by transforming food systems, creating jobs, and nurturing local entrepreneurship, so villages become resilient communities, he the meeting with Kanda on Thursday, Sitharaman had urged for deeper ADB support for integrated rural prosperity measures, including creation of jobs and local entrepreneurship, and fostering innovation in agriculture, to transform villages into 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," he said.
India Gazette
a day ago
- Business
- India Gazette
Manufacturing sector must grow 15% to contribute 25% of GDP by 2047: Niti Aayog chief
New Delhi [India], May 30 (ANI): India's manufacturing sector has to grow 15 per cent annually if it has to contribute at least 25 per cent to India's GDP (or USD 7.5 trillion) through Viksit Bharat 2047, NITI Aayog CEO BVR Subrahmanyam said on Friday. Speaking at a Confederation of Indian Industry (CII) event, the chief of NITI Aayog said manufacturing currently accounts for roughly 17 per cent of India's GDP. 'Manufacturing sector should be growing at 15 per cent atleast,' he suggested. 'That's the only way to rise from its current share of 17 per cent to 25 per cent.' Given that India's GDP will be USD 30 trillion when it becomes a developed nation by 2047, 25 per cent of it is projected to be contributed by the manufacturing sector (USD 7.5 trillion). In that context, the NITI Aayog boss said reaching the USD 30 trillion GDP level will require a growth rate of about 7.5 per cent. With India's annual GDP growing on average at 6.5 per cent, with 2023-24 being an exception with close to 9 per cent, the NITI Aayog chief said India must 'bump up' its annual GDP by another 1 percentage point to 7.5 per cent. To achieve that level of growth, he suggested that a few transformations are needed. First, he called for more urbanisation. India's level of urbanisation is 'very very low' at about 30%, and it has to go to upwards of 50 per cent. 'Many more cities and urban areas have to come up,' he suggested. In another suggestion, he said India has to increase its energy capacity, and make them carbon neutral. However, a positive aspect of India's manufacturing growth story, according to him, is that the country is becoming a net exporter of mobile phones instead of a net importer. He said the defence sector is another area in which India is doing well. In a not-so-good news, he also pointed out that India has less presence in the global value chain. 'We have not managed to crack at China, systematically over the past 30 years, it has placed itself at the heart of global value chains. Some or the other parts come from China, and there is a critical dependence on China. Shouldn't we be at the heart of global value chain?' he said. He also spoke about the regional imbalance in manufacturing. 'There are five or six states in India accounting for 90 per cent of whatever is happening, be it domestic investment, manufacturing or foreign investment. What about the rest of India? We can't be on a two-speed track, everybody has to grow,' the NITI Aayog boss supplemented. Last year, Prime Minister Narendra Modi called for states to develop their vision documents. All the states are developing their individual roadmaps to contribute to the 'Viksit Bharat' dream. BVR Subrahmanyam said that by the end of 2025, all the states and UTs will have their vision document and roadmap for 2047. 'India is an aggregation of individual visions of small states. You cannot have a national vision, where states work in different directions. 17 states have either complete or on the verge of completion of their vision documents.' (ANI)
