Business, Economy & Banking Current Affairs - 2019
Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.
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The Asian Infrastructure Investment Bank (AIIB) which is headquartered at Beijing expects an investment of 100 million USD in India in a year. The foreign investment is to enter India through the bank in Wind and solar projects.
AIIB approves 500 million USD for MUTP 3
- On November 16, 2019, the bank approved a loan of 500 million USD in three suburban rail infrastructure projects.
- The projects are being executed under MUTP-Mumbai Urban Transport Project
- The project curbs trespass deaths by including mid-section trespasses. It is the first of its kind in the country.
AIIB Investments in India
- AIIB has so far invested 2.9 billion USD. It amounts to 30% of the total investment
- India is the largest borrower of AIIB.
- The bank is planning to increase its investments in the future. It has a long-term strategy framed for the investments in India. In 2019-20, the plan is to invest around 4.5 billion USD. Next year the target is to increase the investment to 5 billion USD. The plan is to reach 10 billion USD by 2025.
The ongoing key projects of AIIB includes the following
- 400 million USD has been invested by the bank in the rural water supply system of Karnataka
- Around 1 billion USD is being spent on power distribution and transmission in the state of Assam.
- 800 million USD is to be invested in Chennai Metro.
Tags: AIIB • AIIB-India • Foreign Investments in India • Infrastructure Development • Infrastructure Investments
The Indian Railways and Alstom came together in the intention of transforming the freight transportation of India. In line with the collaboration, the MELPM-Madhepura Electric Locomotive Private Limited has been established. MELPM will now manufacture 800 electric locomotives for freight services with the foreign investment of 3.5 billion Euros.
- The locomotives including the bogies have been redesigned
- Under the agreement, around 10 locomotives are to be delivered by the end of 2019-20 financial year and 100 locomotives by the end of March 2021
- A factory along with township has been set up as part of the project in Madhepura, Bihar. The factory can manufacture 120 locomotives per year.
- More than 300 engineers from India and France are working on the project currently
- More than 90% of the parts of the locomotives are to be manufactured in India. This is being done under Make in India initiative
- The project under the Corporate Social Responsibility initiative will set up skill centers that will impart training to local people
- More than 50% jobs are allocated to the locals of the region.
As the locomotives are 100% electrified it will not only bring down operational cost but will also reduce congestion faced by the railways