The world gradually seems to be taking notice of Prime Minister Narendra Modi’s pet projects from Gujarat. Both GIFT City and Narmada Canal Solar project have found place in KPMG International’s latest Infrastructure 100: World Markets Report, which highlights key trends driving infrastructure investment across the globe.
A global panel of industry experts identified 100 of the world’s most innovative, impactful infrastructure projects for the report. The report look to exhibit how governments are coming together with the private sector to overcome funding constraints to finance and build projects that can improve quality of life – both solving immediate needs and planning for future societal demands.
While both GIFT City and Narmada Canal Solar project are PM Modi’s brainchild, the former is being touted as probably the first smart city to come up in the country soon, while the latter will place a solar photovoltaic grid over the top of a 5.5-kilometer section of the canal, preventing water from evaporating and producing renewable power.
Apart from the two, the third project from Gujarat that is part of the list is the $ 4.4 billion Mundra Ultra Mega Power Project (UMPP). In all, six projects from India made it to the list including the Interceptor Sewage System, Yamuna Expressway, Delhi Metro projects.
Apparently, the KPMG International report identified PM Modi’s backing to the projects from Gujarat. “The US $ 20 billion mega GIFT City project combines state-of-the-art connectivity, infrastructure and transportation with sustainable, environmentally sensitive growth. Although only two of the planned buildings have been constructed, new Indian PM Narendra Modi backs the initiative, which is designed to change the way India thinks about contemporary urban planning,” the report states.
“Another innovative initiative in the Indian state of Gujarat conserves water and generates energy. The US$ 17.9 million Narmada Canal Solar project will place a solar photovoltaic grid over the top of a 5.5-kilometer section of the canal, preventing water from evaporating and producing renewable power. In a form of PPP, Megha Engineering and Infrastructure Limited will build the plant and maintain it for 25 years,” the report further states.
On the other hand, the $ 4.4 billion Mundra Ultra Mega Power Project, which is a major, coal-fired thermal power plant serving the states of Gujarat, Rajasthan, Maharashtra, Haryana and Punjab has seen a 25-year concession, thereby enabling it to find a mention in the world 100 infrastructure projects list.
The report looks at infrastructure based on the dynamics of four key markets: mature international markets (like Canada, Australia, U.K.), economic powerhouses (including the US and BRIC countries), smaller established markets (like Chile, Sweden, New Zealand, Korea), and emerging markets. The panel of independent industry experts evaluated over 400 diverse and compelling projects to ultimately select the final 100.