The Indian government this week is set to approve the long-proposed US$90 billion (Dh330.57bn) Delhi-Mumbai industrial corridor - an ambitious infrastructure project on the long stretch connecting two of India's fastest-growing cities.
Conceived five years ago, the corridor will be comprised of seven new cities, nine industrial parks, three ports, six airports and a 1,483km high-speed rail and road line will be developed as a trading hub.
The project, spanning six states, will create a "business model out of urbanisation", India's department of industrial policy and promotion says.
It is expected to breathe new life into the country's flailing industrial sector, which fell to a 20-month low last month to 53.6 from 55.3 in June, according to the HSBC Market Business Activity Index.
The government owns a 49 per cent stake in the Delhi-Mumbai corridor project, while Infrastructure Leasing and Financial services owns 41 per cent, and Infrastructure Development Finance Company owns 10 per cent.
The project, observers say, underscores the boom in India's infrastructure sector, currently expanding at a frenetic pace. India suffers from an "infrastructure deficit", says Kamal Nath, the urban development minister. The government is aggressively pursuing multibillion-dollar investments to overhaul the country's crumbling ports, choked airports, and pothole-ridden roads straining economic growth - shaving between 1 and 2 per cent from India's GDP.
In June, Manmohan Singh, the prime minister, approved a new draft policy to create dedicated mass manufacturing and investment zones equipped with world-class infrastructure.
The policy is geared towards raising the share of manufacturing in the country's GDP to 25 per cent from the current share of 15 per cent. The policy, if it takes off, is expected to generate 100 million jobs in the manufacturing sector by 2025.
At present, the services sector is the main driver of India's economic resurgence - accounting for 55 per cent of the GDP, and only for 25 per cent of the jobs.
Analysts say India needs not just software parks but also a large number of factory floors - like its Asian rival China - to absorb the millions entering its workforce each year.
India will add about 150 million workers over the next 10 years, says Sonal Varma, an economist with Nomura Financial advisory and securities.
"The employment elasticity offered by the services sector is not substantial enough to absorb them," she says. "India relies heavily on the manufacturing sector to absorb them."
"If the manufacturing sector doesn't take off, it is hard to see India sustaining a growth rate of 9 or 10 per cent," says Jahangir Aziz, the chief India economist at the investment bank JPMorgan.
But about 70 per cent of industrial projects in India are in limbo because of land disputes with farmers, according to a report titled "India Infrastructure - Paving the Way for India's growth", released jointly last year by Ernst & Young and the Federation of Indian Chambers of Commerce and Industry.
"Every company I talk to tells me land titles and land records present some of the thorniest problems they face as they contemplate investing here in India," Jose Fernandez, the US assistant secretary of state for economic, energy and business affairs, told the Indo-American Chamber of Commerce in March.
business@thenational.ae
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
UAE%20SQUAD
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The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
COMPANY%20PROFILE
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Company Profile
Company name: Big Farm Brothers
Started: September 2020
Founders: Vishal Mahajan and Navneet Kaur
Based: Dubai Investment Park 1
Industry: food and agriculture
Initial investment: $205,000
Current staff: eight to 10
Future plan: to expand to other GCC markets
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) | Dh80,000 | 1,600m
Winner: Mukaram, Pat Cosgrave, Eric Lemartinel
6.30pm: Handicap (PA) | Dh80,000 | 2,200m
Winner: MH Tawag, Richard Mullen, Elise Jeanne
7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
Winner: RB Inferno, Fabrice Veron, Ismail Mohammed
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Juthoor, Jim Crowley, Erwan Charpy
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Company%20profile
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
