State Bank of India (SBI) has successfully raised Rs 10,000 crore through 15-year infrastructure bonds, exceeding its initial target by a significant margin. The funds will be utilized to finance crucial infrastructure projects, including highways, power plants, and affordable housing. The bonds, offering a 7.36% annual coupon rate, attracted strong investor interest, underscoring the growing demand for long-term infrastructure investments in India.
Oman is experiencing a surge in tourism, driven by visa-free entry for citizens of 105 countries, significant infrastructure investments, and a thriving hospitality sector. The country welcomed over 4 million tourists in 2023, a 41.2% increase from the previous year, boosting the nation’s GDP and creating thousands of jobs.
The recent general election results in India, particularly the BJP’s loss of seats in Uttar Pradesh, suggest a growing economic discontent among the population. High food inflation, persistent unemployment, and lagging infrastructure are key contributors to this dissatisfaction. While the government has focused on attracting foreign investment and digitalization, the article argues that a more targeted approach is needed to address the pressing issues impacting everyday life and economic activity. The author calls for a renewed focus on public infrastructure development, particularly in areas like agriculture, transportation, and water supply, emphasizing the need for a shift away from reliance on the private sector to achieve sustainable growth.
The Philippines is taking steps to become a leading cruise destination in Asia by relaxing visa policies for cruise passengers and investing in new port facilities. The Department of Tourism (DOT) is working with the Bureau of Immigration to simplify visa procedures, while the Philippine Ports Authority (PPA) is developing new ports in key tourist destinations. These initiatives aim to attract more international cruise travelers and enhance the overall cruise experience in the Philippines.
India is strengthening its border infrastructure in the face of China’s growing assertiveness in the region, particularly in Arunachal Pradesh and Ladakh. The development of key projects, including the Arunachal Pradesh Frontier Highway and the Sela Tunnel, aims to enhance connectivity and bolster India’s defense capabilities along the Line of Actual Control (LAC).
Prominent events unfold today, including a thanksgiving event in Amethi addressed by Rahul Gandhi and Priyanka Gandhi Vadra, coinciding with the commencement of Congress’s ‘Dhanyawaad Yatra’ in Uttar Pradesh. West Bengal Chief Minister Mamata Banerjee chairs a high-level administrative meeting, while a Jharkhand court summons Rahul Gandhi in a defamation case. Additionally, Mumbai’s coastal road’s northbound section opens to motorists, and Punjab launches a campaign to combat child labor.
Alstom has delivered the first Metropolis metro train for Pune Metro Line 3, which is being constructed at its facility in Sricity, Andhra Pradesh. The trains are designed to link the IT center of Hinjewadi with the central business area of Shivajinagar in Pune. The project is a collaborative venture between the Tata Group and the Pune Metropolitan Region Development Authority (PMRDA). Alstom is tasked with producing 22 sets of Metropolis trains, each consisting of three carriages, capable of accommodating up to 1,000 passengers.
The City of Edmonton is embarking on a busy construction season in 2024, with more than 200 infrastructure projects planned, designed, and built. These projects encompass various categories, including transportation (80 projects), facilities (60 projects), LRT expansion and renewal (16 projects), and open spaces (over 50 projects). The city anticipates the creation of numerous jobs directly from these initiatives.
The long-anticipated Harelaw Road, the final segment connecting the A6106 to Shawfair, has opened, promising enhanced connectivity, reduced traffic congestion, and improved accessibility for residents and businesses within the Shawfair development and Midlothian. This key infrastructure addition aims to stimulate economic growth and development in the area.
To achieve its aspirations of becoming a middle-income nation, India needs to prioritize education and infrastructure development, according to the Asian Development Bank’s (ADB) chief economist. India must also maintain its open economy and assess import tariffs that could be raising input costs in advantage industries. Focusing on sustainable farming, facilitating global value chain participation, and attracting foreign investment are crucial for India’s economic progress.
