08 Jul 2024

India's economic landscape post-pandemic shows a notable decline in household savings, dropping from 78% to 61% of GDP by FY23. Concurrently, household borrowing has risen, reaching 5.8% of GDP, signaling increased consumer spending and capital formation through investments like housing and vehicles. In contrast, corporations are saving more, with financial corporation savings hitting 2.8% of GDP, driven by strong profits. This trend underscores a shift towards corporate deleveraging and increased reliance on internal funds for expansion, supporting growth in sectors like manufacturing and infrastructure amidst ongoing government spending efforts to bolster economic recovery.Read more

08 Jul 2024

Established in 2021, the National Bank for Financing Infrastructure and Development (NaBFID) is disrupting India's infrastructure loan market with competitive rates and long-term financing capabilities for up to 30 years. NaBFID's recent landmark deal of INR 79,000 crore with NHAI's InvIT showcased their ability to offer lower interest rates, challenging traditional lenders like SBI. Despite its smaller loan portfolio compared to public sector banks, NaBFID's strategic focus and potential government support position it as a pivotal player in India's infrastructure development, expected to drive economic growth through critical investments across the nation.Read more

08 Jul 2024

India Infrastructure Finance Company Ltd (IIFCL), renowned for financing large-scale infrastructure projects totaling INR 13.8 trillion in 2023-24, is now eyeing affordable housing. Facing challenges like slim profit margins and high financing costs, IIFCL aims to make affordable projects viable by offering competitive interest rates and fostering public-private partnerships. Discussions with states like Andhra Pradesh, Tamil Nadu, and Gujarat highlight potential collaborations. Experts see IIFCL's involvement as pivotal, potentially enhancing affordability through strategic financing and leveraging government-private synergies. With government incentives already in play, IIFCL's entry promises to boost housing availability and affordability across India.Read more

08 Jul 2024

Ather Energy, a prominent electric scooter manufacturer, is set to establish a new INR 2,000 crore manufacturing facility in Maharashtra's Aurangabad Industrial City. This strategic move aims to scale up production to one million electric vehicles and battery packs annually, creating approximately 4,000 jobs. Maharashtra's supportive ecosystem and infrastructure, including the Samruddhi Expressway, attracted Ather Energy, reinforcing the state's position as a hub for automotive innovation. The expansion aligns with India's push towards electric mobility, driven by government incentives and rising fuel costs, signaling robust growth prospects for the EV industry in the country.Read more

05 Jul 2024

Homeowners in Bengaluru with properties lacking a Khata have until July 31st to benefit from a new one-time settlement (OTS) scheme launched by the Bruhat Bengaluru Mahanagara Palike (BBMP). This initiative allows residents to clear outstanding property tax dues and obtain a Khata within three months. A Khata is essential for legal property ownership and facilitates connections to utilities, access to home loans, and property sales. The BBMP aims to generate INR 800-1,000 crore annually from the scheme, offering financial relief and simplifying future transactions. This initiative underscores BBMP's commitment to improving property registration and transparency in Bengaluru.Read more

05 Jul 2024

A recent Colliers report highlights a significant rise in office space leasing in major cities during Q2 2024, indicating growing business confidence. Leasing across Mumbai, Bengaluru, Hyderabad, Chennai, Delhi-NCR, and Pune rose to 15.8 million sq ft, up from 14.6 million sq ft last year. Mumbai's leasing doubled to 3.5 million sq ft, while Bengaluru saw a 41% increase to 4.8 million sq ft. Hyderabad also grew by 73% to 2.6 million sq ft. However, Chennai, Delhi-NCR, and Pune experienced declines. Technology and manufacturing sectors drove demand, with co-working spaces leasing a record 2.6 million sq ft.Read more

05 Jul 2024

The State Bank of India (SBI) successfully raised INR 10,000 crore through its fifth infrastructure bond issuance today, aimed at funding infrastructure and affordable housing projects. The issuance attracted bids totaling INR 19,884 crore, four times the initial issue size of INR 5,000 crore, highlighting strong investor confidence. The funds will provide long-term financing for critical infrastructure and housing initiatives, crucial for sustained economic growth. The bond saw diverse investor participation, signaling a growing appetite for infrastructure bonds in India. SBI's move underscores its commitment to driving India's infrastructure development and supporting key economic sectors.Read more

05 Jul 2024

The Asian Development Bank (ADB) has partnered with Aadhar Housing Finance Limited (AHFL) to provide USD 60 million in affordable housing loans targeting women in India. This initiative aims to help low-income families, particularly women, who struggle to access traditional loan options. The USD 60 million financing includes an initial USD 30 million disbursement to AHFL, focusing on eight states: Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh, and West Bengal. AHFL, with its extensive network, offers loans averaging around INR 900,000 (USD 10,875 USD), reducing financial barriers to homeownership. This partnership empowers women, promoting financial security and stability for families, and strengthening India's housing sector.Read more

05 Jul 2024

CtrlS Datacenters is set to invest INR 2,200 crore in Kolkata, developing a 60 MW IT load capacity data centre campus in New Town. This project, with a 16 MW first phase scheduled for completion by end-2024, will feature the first Rated-4 data centre in eastern India, adhering to top global reliability and security standards. President Suresh Kumar Rathod emphasised Kolkata's rising digital prominence, backed by its strong economic position and substantial internet user base. This expansion will bolster Kolkata's digital infrastructure, offering managed services and high-speed connectivity, thus driving business growth and creating new job opportunities.Read more

04 Jul 2024

The Adani Group has revealed plans to invest a monumental INR 1.3 trillion (USD 16 billion) in the fiscal year 2024-25, adding to their commitment to green energy and infrastructure development. Over 70% of this investment, exceeding INR 910 billion (USD 11.3 billion), will bolster their "green portfolio," targeting renewable power generation, green hydrogen production, and energy transmission infrastructure. Notable projects include a 6-7 GW expansion in renewable energy capacity and the completion of the Navi Mumbai airport. With a robust financial performance, including a record 45% increase in pre-tax profits, Adani Group reinforces its position as a pivotal player across India's infrastructure landscape.Read more