Hold tight, a global metro railway boom has only just begun
On a winter's morning in 1863, a revolution in urban living began. A group of dignitaries boarded a train in Paddington on the north-western fringes of London, and travelled by tunnel six stops to Farringdon, just north of the old heart of the city. The Metropolitan Railway, which you can still ride today as part of the London Underground, was the first to put regular trains on dedicated tracks, cutting through the gridlock that would otherwise plague modern cities.
Over the years, networks sprouted in Paris, New York, Tokyo, Moscow, Hong Kong, Cairo and elsewhere. By 2013, they encompassed over 130 cities, stretching 10,922km—long enough to get you from the equator to the North Pole.
Also Read: Andy Mukherjee: India's EV race with China may depend on high-speed trains
What's most remarkable is what has happened since. Far from slowing down, we've added almost as much track in the past 10 years as was built in the previous 150, hitting 20,453 km in 2023, according to new figures from UITP, an International Association of Public Transport. The great era of metro railways is only just dawning.
That might seem surprising if you live in one of the many developed cities where extensions of old public transport systems are megaprojects that can take decades to finish. Pay a visit to Asia, however, and it's obvious where the growth has been.
From a 19% share of the global track network in 2012, China had grown to a 43% share by 2023. The boom even extended to isolated places. After just seven years in operation, the Guiyang Metro in the mountainous backwater of Guizhou Province carries more passengers than Chicago's L train, opened in 1893. Mainland China has 28 systems busier than Guiyang, including four of the world's biggest networks in Shanghai, Beijing, Guangzhou and Shenzhen.
Also Read: India's metro rail systems should become financially sustainable
It's not just a Chinese story. Over the same decade, metros carrying more than 100 million passengers annually have been opened in Dhaka, Salvador, Chennai, Hyderabad, Mumbai and Lima. Riyadh's, which started in December, will hit the same scale during its first 12 months in operation. Dozens of smaller networks have started up since 2013 too in Doha, Ho Chi Minh City, Isfahan, Jakarta, Lagos, Lahore, Panama City, Quito and other cities.
Not every transit project is a success. In Addis Ababa, Ethiopia and Abuja, Chinese-built public networks opened in 2015 and 2018 respectively have struggled due to poor planning, sparse timetables and a shortage of local parts. In Karachi, the biggest city in the world to lack a metro network, a commuter railway circling the city was closed in 1999 amid a welter of mismanagement, fare dodging and corruption. Talks about reopening it with yet more Chinese money have been dragging on for years.
Those are exceptions, though. Once built, most metros attract the passionate loyalty of their passengers and the enthusiastic assent of urban planners, ensuring that money will be found to keep them going through the darkest times.
Also Read: We must focus on public transportation to improve productivity
After all, the past decade's boom took place against the backdrop of probably the single biggest blow ever suffered by urban public transport—the covid pandemic. The collapse of office work during lockdowns, followed by the more gradual shift toward working from home, was financially devastating. At time, many feared that public transport may enter a death spiral, as declining ticket sales forced networks to reduce services, further depressing passenger numbers.
Covid has left a long shadow, to be sure, but things are improving rapidly. As many as 58 billion people took trips by metro in 2023, according to the UITP, finally surpassing the 57.9 billion figure of 2019. That is helping repair budgets.
In the worst days of the pandemic, London's Mayor Sadiq Khan warned that one of the Underground's lines may have to close altogether to help the city balance its books. Last year, Transport for London posted its first operating surplus in the transit agency's 25-year history.
The shift of billions of passengers from roads to rails is helping save hundreds of millions of metric tonnes of carbon emissions, but that's probably not the largest benefit. While the carbon footprint of a metro trip is vastly smaller than in a private car, it's about the same as that of a shared minibus—the main competitor in the developing megacities where urban rail networks are growing fastest.
Instead, the greatest advantage of the shift is the way that it is freeing hundreds of millions from the drudgery of endless urban traffic.
A future where it's more pleasant to live and work in the walkable centres of dense cities rather than sprawling, car-dependent suburbs will be one that's better for the climate, our economies and for human happiness too. ©Bloomberg
The author is a Bloomberg Opinion columnist covering climate change and energy.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Economic Times
a day ago
- Economic Times
MakeMyTrip's record raise, Zuck's AI talent grab
MakeMyTrip has raised $3.1 billion in the largest fundraise by a listed Indian internet company. This and more in today's ETtech Top 5. Also in the letter: ■ Swiggy's latest pilot■ Krutrim's latest acquisition■ YouTube Shorts' monster growth MakeMyTrip raises $3.1 billion to cut Chinese firm Trip's holding Deep Kalra, chairperson, MakeMyTrip Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, confirmed on Friday. What's the news: The fundraise marks the largest ever by a listed Indian internet company. On Tuesday, MakeMyTrip disclosed in a regulatory filing that it is raising $3 billion to buy back shares from Group. MakeMyTrip cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Domestic control: MakeMyTrip faced criticism last month over its sizable Chinese shareholding, after EaseMyTrip founder Nishant Pitti accused the platform of risking the travel data of Indian Army personnel. Following this buyback, stake will fall from 45% to around 20%. Its board representation will also shrink from five directors to two. Other major raises: Also Read: MakeMyTrip is buying out its Chinese stakeholders; these startups have also reduced Chinese holdings Elevation Capital sells Ixigo shares worth Rs 97.4 crore; Schroder buys stake Aloke Bajpai (R), MD and group CEO, Ixigo, and Rajnish Kumar (L), co-CEO, Ixigo Venture fund Elevation Capital has offloaded shares of Le Travenues Technology, the parent company of travel platform Ixigo, for a second time in a month, pocketing a 25x return on its investment. Numbers game: Elevation Capital has sold 53.9 lakh shares for Rs 97.4 crore, pricing them at Rs 180 apiece. In parallel, global investor Schroder International Selection Fund picked up shares worth Rs 96.9 crore in the company. This comes after Elevation sold 21.5 lakh shares in Ixigo for Rs 38.27 crore in May. As of March 31, Elevation held a 14% stake in Ixigo. That has now come down to 12%. The early-stage investor had originally put in Rs 63.1 crore across multiple tranches. Mark Zuckerberg made abortive attempt to buy ex-OpenAI executive Ilya Sutskever's AI startup: Report Mark Zuckerberg, CEO, Meta Meta's $14.2 billion recent investment in Scale AI, and roping in its CEO Alexandr Wang, appears to be just the beginning. Mark Zuckerberg seems to be on a man on a mission: to recruit top AI talent, and reports suggest he made a move for one of the sector's most-talked-about startups. Driving the news: According to CNBC , Zuckerberg tried to acquire Safe Superintelligence, the $32 billion startup founded by former OpenAI cofounder Ilya Sutskever. The talks didn't go far, with Sutskever reportedly turning him down. Meta then shifted focus to poaching CEO Daniel Gross for its AI team. High-stakes game: Zuckerberg is spearheading an ambitious effort to build a 'superintelligence' team focused on developing artificial general intelligence (AGI), the elusive frontier where AI not only matches but surpasses human capabilities. Inside Meta, there is growing frustration with the sluggish progress of its current efforts, particularly the limitations of the Llama 4 models. Eager not to be left behind, Zuckerberg is setting his sights on outpacing OpenAI and Google in the AGI race. Tell me more: The Meta CEO is assembling a handpicked team of 50 researchers, including a new head of AI, and has held private meetings with potential hires at his homes. Alongside Gross, Meta is also bringing in former GitHub CEO Nat Friedman to under Wang. Sam Altman recently stated on a podcast that Zuckerberg has offered $100 million bonuses to attract talent, but so far, with little success. Also Read: How Mark Zuckerberg unleashed his inner brawler Swiggy pilots travel and lifestyle concierge app Crew Swiggy has ventured into a new category with the pilot launch of its travel and lifestyle concierge app, Crew . Details: The app blends human concierges with generative AI to help users plan trips, offering more than just itinerary suggestions. Last year, ahead of its IPO, Swiggy tested a similar service, Rare Life, a personalised concierge service for exclusive experiences. That experiment was short-lived, as the company decided to focus on broader lifestyle offerings instead. What's the significance: Crew is part of Swiggy's latest push beyond food delivery, dining out, and quick commerce. In January, it launched Pyng, a professional services marketplace. This signals a departure from Swiggy's earlier 'superapp' strategy. Instead of integrating all services under one platform, Swiggy has started offering standalone apps. Instamart, its quick commerce unit, got a dedicated app earlier this year. Background: In May, the company shut down its parcel delivery service, Genie, opting instead to focus on Bolt, its rapid food delivery feature now available in 500 cities. As food delivery growth tapers off, Swiggy and rival Zomato are betting on 10-minute orders to regain momentum. Krutrim eyes AI growth with BharatSah'AI'yak acquisition Bhavish Aggarwal, founder, Krutrim Ola's AI division, Krutrim, has acquired BharatSah'AI'yak, an AI platform developed by governance consultancy Samagra. Tell me more: The move comes as Krutrim seeks to expand its presence in government-led digital initiatives through its proprietary AI stack. As part of the agreement, Krutrim has also onboarded Samagra's core AI team. Why it matters? BharatSah'AI'yak has been employed in projects spanning education, agriculture, and citizen services. It will now be integrated with Krutrim's in-house large language models (LLMs), cloud infrastructure, and agentic AI assistant platform, Kruti. Also Read: What is Kumbh Sah'AI'yak? The digital companion for Maha Kumbh 2025 pilgrims Zoom out: In February, Ola founder Bhavish Aggarwal announced an investment of Rs 2,000 crore in Krutrim, with plans to increase it to Rs 10,000 crore by next year. Internal challenges: Krutrim has recently faced internal turbulence, including several senior-level departures and criticism following the alleged suicide of an employee, with claims of a toxic work environment. YouTube Shorts has hit 200 billion daily views: CEO Neal Mohan Neal Mohan, CEO, YouTube YouTube Shorts now commands around 200 billion daily views, according to CEO Neal Mohan. Numberwise: This marks a dramatic leap from March 2024, when YouTube said Shorts was attracting around 70 billion daily views. In just one year, daily viewership has surged by nearly 186%. More details: At the 2025 Cannes Lions Festival, Mohan added that people now watch over 1 billion hours of YouTube on their TVs every day. In May, YouTube was the most-watched streaming platform in the US for the fourth consecutive month, topping Nielsen's The Gauge report. Future outlook: As Shorts continues to gain traction, YouTube plans to strengthen support for creators by rolling out more tools. Mohan announced that Veo 3, the latest version of Google DeepMind's video generation model, will launch on the platform later this summer. Also Read: AI age is here, but human content will remain king: YouTube CEO Neal Mohan Updated On Jun 20, 2025, 07:27 PM IST


Economic Times
a day ago
- Economic Times
MakeMyTrip raises $3.1 billion to slash Chinese firm Trip.com's stake to 20%
Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, said on Friday. On Tuesday, MakeMyTrip, in a regulatory filing, said that it is raising $3 billion to buy back shares from Group, reducing the Chinese company's holding to 20% from the initial 45%. The fundraise is the largest ever by a listed Indian new-age company.'Primary equity follow-on offering of 18,400,000 ordinary equity shares priced at $90 per share and five-year convertible senior notes offering, at zero percent coupon and 35.0% conversion premium, together represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022,' said Kamal Yadav, managing director, investment banking, at Morgan Stanley. MakeMyTrip cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Both serve on the board, with Kalra as chairman. The cofounders also retain the right to appoint three independent directors. Following the buyback, stake in MakeMyTrip has dropped to 19.99% from 45.34%. Its board representation has also been reduced to two directors from five. The move comes a month after MakeMyTrip faced allegations of endangering the travel data of Indian army personnel due to its Chinese shareholding. Nishant Pitti, founder of rival EaseMyTrip, had alleged that three of the four strategic board committees at MakeMyTrip 'are either led or significantly influenced by directors with clear Chinese affiliations.' MakeMyTrip dismissed the allegations as a 'motivated accusation'. first invested in MakeMyTrip in January 2016 with $180 million in convertible bonds. In 2019, Trip — then known as Ctrip — acquired a 42% stake held by Naspers in a swap deal, receiving a 5.6% stake in Ctrip in exchange.


Time of India
a day ago
- Time of India
MakeMyTrip raises $3.1 billion in landmark deal; to slash Chinese firm Trip.com's stake to 20%
Live Events Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, said on Tuesday, MakeMyTrip, in a regulatory filing, said that it is raising $3 billion to buy back shares from Group, reducing the Chinese company's holding to 20% from the initial 45%.The fundraise is the largest ever by a listed Indian new-age company.'Primary equity follow-on offering of 18,400,000 ordinary equity shares priced at $90 per share and five-year convertible senior notes offering, at zero percent coupon and 35.0% conversion premium, together represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022,' said Kamal Yadav, managing director, investment banking, at Morgan cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Both serve on the board, with Kalra as chairman. The cofounders also retain the right to appoint three independent the buyback, stake in MakeMyTrip has dropped to 19.99% from 45.34%. Its board representation has also been reduced to two directors from move comes a month after MakeMyTrip faced allegations of endangering the travel data of Indian army personnel due to its Chinese Pitti, founder of rival EaseMyTrip, had alleged that three of the four strategic board committees at MakeMyTrip 'are either led or significantly influenced by directors with clear Chinese affiliations.' MakeMyTrip dismissed the allegations as a 'motivated accusation'. first invested in MakeMyTrip in January 2016 with $180 million in convertible bonds. In 2019, Trip — then known as Ctrip — acquired a 42% stake held by Naspers in a swap deal, receiving a 5.6% stake in Ctrip in exchange.