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Time of India
2 days ago
- Business
- Time of India
Maharashtra government approves stamp duty concessions for Dharavi redevelopment project
MUMBAI : The Maharashtra cabinet on Tuesday gave its nod to stamp duty concessions for lease agreements between the Special Purpose Vehicle (SPV) created for the Dharavi Redevelopment Project and other agencies. The decision was taken at a meeting chaired by Chief Minister Devendra Fadnavis. An SPV has been established for the integrated redevelopment of Dharavi, one of the biggest slum sprawls in Asia which is located in central Mumbai. The redevelopment project is a joint venture between the state government and the Adani group . The redevelopment- rehabilitation scheme has been declared an 'essential urban and special project' and a policy to offer stamp duty concessions or exemptions for such projects has already been finalised, a statement from the Chief Minister's office said. In line with the policy, a proposal was submitted to provide stamp duty concession for sub-lease agreements between the Railway Land Development Authority (RLDA), New Delhi and the Dharavi Redevelopment Project or the Slum Rehabilitation Authority (SRA), Mumbai. The cabinet approved the inclusion of these documents under the stamp duty concession policy with the objective of accelerating the project, the statement said. Among other decisions, the cabinet extended the deadline for availing loans from financial institutions -- Asian Development Bank (ADB) and New Development Bank (NDB) -- for Mumbai Metro Lines 2A (Dahisar East to D.N. Nagar), 2B (D.N. Nagar to Mandale), and Line 7 (Andheri East to Dahisar East). A total loan amount of USD 1,075.74 million has been approved by ADB and NDB for these metro projects. Out of this, USD 549.25 million, equivalent to Rs 4,304.43 crore, has already been utilized. The Central Government had initially set a deadline of June 30, 2025, for raising the loan. Metro Lines 2A and 7 have already become operational, while work on Metro Line 2B is progressing. A total of 96 metro trains were to be procured through the ADB loan, 60 of which have already been received. With the loan deadline extended to December 31, 2026, the remaining 36 metro trains will also be procured under this arrangement. Approval was also granted for the first phase (96.41 km) of the Virar-Alibag Multimodal Corridor to be developed under the 'Build, Operate and Transfer' model. The total length of the corridor is 126 km, and it passes through Vasai, Bhiwandi, Kalyan, Ambernath, Panvel, Uran, Pen and Alibag. The project will improve connectivity between major highways including Mumbai-Pune Expressway, JNPT, Mumbai Trans Harbour link and upcoming Navi Mumbai International Airport. A provision of Rs 37,013 crore, including Rs 22,250 crore for land acquisition and Rs 14,763 crore towards interest, has been made.
NDTV
7 days ago
- Business
- NDTV
NDB Chief Rousseff Joins Yoga Event In Shanghai, Condoles Air India Crash
New Development Bank (NDB) President and former Brazilian President Dilma Rousseff attended the International Day of Yoga (IDY) 2025 curtain raiser event in Shanghai on Friday. During her address, Rousseff expressed profound grief over the tragic crash of the Air India flight in Ahmedabad and extended heartfelt condolences to the victims' families. "Speaking at the #IDY2025 curtain raiser, Dilma Rouseff, President of New Development Bank and former President of Brazil, expressed deep sorrow on the tragic crash of the Air India flight in Ahmedabad, and conveyed her heartfelt condolences to the families of the victims, as well as to the people and Government of India. She also expressed her best wishes for the speedy recovery of the sole survivor," the Consulate General of India in Shanghai said in a post on X. #InternationalDayofYoga2025 #YogaForOneEarthOneHealth 🧘🌍 CG @PratikMathur1 and Team CGI Shanghai were honoured to have H.E. Ms. Dilma Rousseff @dilmabr, President of New Development Bank @NDB_int and former President of Brazil, join the key #IDY2025 curtain raiser event in… — India In Shanghai (@IndiaInShanghai) June 13, 2025 The London-bound Air India 787-8 Dreamliner crashed shortly after takeoff from Ahmedabad International Airport on Thursday, killing all 241 people on board, including crew members. One person survived and is currently being treated. Speaking on the significance of the International Day of Yoga, Rousseff said the occasion had become a symbol of peace and resilience. "Yoga is one of India's greatest gifts to the world, a practice that transcends geography, language and belief. Rooted in ancient wisdom, yoga teaches us how to live in balance with ourselves, with others and the world. That's why the United Nations adopted the proposal made by Prime Minister @narendramodi to recognise June 21st as the International Day of Yoga. Since then, this day has become a symbol of peace and resilience, values that are very important in today's world," Rousseff said, as quoted by the Consulate. Speaking at the #IDY2025 curtain raiser, H.E. Dilma Rouseff @dilmabr, President of New Development Bank and former President of Brazil, expressed deep sorrow on the tragic crash of the Air India flight in Ahmedabad, and conveyed her heartfelt condolences to the families of the… — India In Shanghai (@IndiaInShanghai) June 13, 2025 Consul General Pratik Mathur and other Indian officials were present at the event, which marked the beginning of celebrations leading up to IDY 2025. India's national celebration will be held in Visakhapatnam, where Prime Minister Narendra Modi will lead the Common Yoga Protocol (CYP) session alongside over five lakh participants. Concurrently, 'Yoga Sangam' sessions will take place at more than one lakh locations across India, in what is expected to be one of the world's largest synchronised yoga demonstrations. Rousseff also praised India's role in founding the New Development Bank and highlighted PM Modi's key contribution. "Recognising India's pivotal role in the establishment of NDB, she said, 'India is not only a founding member of NDB, it's a country without which this bank would not exist. Prime Minister Modi was one of the founders and all of us are on a mission to create an important bank for the world," the Consulate General added.
India Gazette
7 days ago
- Business
- India Gazette
NDB President Rousseff attends International Yoga Day curtain raiser event at Indian Consulate in Shanghai, conveys condolences over Air India plane crash
Shanghai [China], June 13 (ANI): New Development Bank President Dilma Rousseff, a former Brazilian President, attended a key International Day of Yoga 2025 curtain raiser event in Shanghai on Friday. She expressed her deep sorrow at the tragic crash of the Air India flight in Ahmedabad and conveyed heartfelt condolences to the families of the victims. 'Speaking at the #IDY2025 curtain raiser, Dilma Rouseff, President of New Development Bank and former President of Brazil, expressed deep sorrow on the tragic crash of the Air India flight in Ahmedabad, and conveyed her heartfelt condolences to the families of the victims, as well as to the people and Government of India. She also expressed her best wishes for the speedy recovery of the sole survivor,' Consulate General of India in Shanghai said in a post on X. A London-bound Air India 787-8 Dreamliner crashed shortly after it took off from the Ahmedabad International Airport on Thursday, killing 241 people on board, including crew members. Speaking about the International Day of Yoga, Dilma Rousseff said it has become a symbol of peace and resilience. She said yoga teaches people how to live in balance, and that's why the UN adopted the proposal made by Prime Minister Narendra Modi to recognize June 21 as the International Day of Yoga. Consul General Pratik Mathur and other officials were among those present. 'CG @PratikMathur1 and Team CGI Shanghai were honoured to have H.E. Ms. Dilma Rousseff @dilmabr, President of New Development Bank @NDB_int and former President of Brazil, join the key #IDY2025 curtain raiser event in Shanghai today. In her keynote address to the gathering, President Rousseff said, 'Yoga is one of India's greatest gifts to the world, a practice that transcends geography, language and belief. Rooted in ancient wisdom, yoga teaches us how to live in balance with ourselves, with others and the world. That's why the United Nations adopted the proposal made by Prime Minister @narendramodi to recognize June 21st as the International Day of Yoga. Since then, this day has become a symbol of peace and resilience, values that are very important in today's world,' Consulate General of India in Shanghai said in another post. India's national event on IDY will take place in Visakhapatnam, where PM Modi will lead the Common Yoga Protocol (CYP) session with more than five lakh participants. Simultaneously, 'Yoga Sangam' sessions will be conducted at over one lakh locations across the country, making it one of the largest synchronised yoga demonstrations in history. Dilma Rousseff also lauded India's role in establishing the NDB and said PM Modi was one of the founders. 'Recognizing India's pivotal role in the establishment of NDB, she said, 'India is not only a founding member of NDB, it's a country without which this bank would not exist. Prime Minister Modi was one of the founders and all of us are on a mission to create an important bank for the world,' Consulate General of India added. (ANI)
New Indian Express
13-06-2025
- Business
- New Indian Express
Complete road works taken up with NDB funding at earliest: Andhra Pradesh Minister BC Janardhan Reddy
VIJAYAWADA: Minister for Roads and Buildings, Investments and Infrastructure BC Janardhan Reddy has directed officials to complete the road development works taken up with the funding of New Development Bank (NDB) at the earliest. He asked the officials to set a realistic target for completion of the road works taken up with the support of NDB by the end of 2026 with proper planning. Holding a review meeting with representatives of NDB and R&B officials in Vijayawada on Thursday, the Minister said out of the Rs 637.76 crore worth works taken up with NDB aid, Rs 488.30 crore has been spent so far. Taking stock of the reasons for the delay of NDB road development works in some districts, the Roads and Buildings Minister instructed the officials to resolve the issues if any, and complete the works on a war footing.
Arabian Post
10-06-2025
- Business
- Arabian Post
Empowering Emirati Talent Through Global Finance Dialogue
The UAE Ministry of Finance convened an impactful awareness session in Shanghai for Emirati students pursuing studies in China, spotlighting pathways into international financial institutions and multilateral development bodies. The event, held at the Shanghai headquarters of the New Development Bank, marked a central component of the UAE's 'UAE Global Cadres' initiative aimed at preparing nationals for careers in global finance. Attended by prominent figures including H.E. Muhannad Sulaiman Al Naqbi, Consul General in Shanghai; Thuraiya Hamid Alhashmi, Director of International Financial Relations; and Qiangwu Zhou, Vice‑President and CAO of the NDB, the session featured detailed presentations on recruitment, training mechanisms, and institutional roles in multilateral settings. Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations, highlighted the Ministry's commitment to 'creating an interactive environment that brings together young Emirati talent with influential international organisations'. With a focus on introducing students to specific roles within institutions such as the New Development Bank, the discussion covered NDB's core mission of financing infrastructure and sustainable development projects across member countries. Students were provided an in-depth look at the Bank's internal functions, including strategic planning, project financing, and administrative operations—areas in which career prospects are steadily rising. Qiangwu Zhou shed light on NDB's expansion and strengthening of its global talent pipeline, reinforcing the UAE's active role in its leadership and operations. ADVERTISEMENT The session formed part of a wider programme under the 'UAE Global Cadres' framework, which seeks to empower Emirati youth with the knowledge and contacts necessary for onboarding into premier international financial institutions. The initiative offers customised introductions, tailored knowledge development, and structured partnerships with organisations like the NDB alongside other global bodies. Ahli Emirati scholars heard how the Ministry actively forges linkages with multilateral entities, not only to open doors for internships and secondments but also to embed nationals within strategic policy and operational roles. Students were briefed on specific entry requirements, including academic credentials, language proficiency, internship prerequisites, and application timelines. The Ministry emphasised its role as a facilitator, guiding candidates from initial interest through to successful placement. The Shanghai session aligns with similar outreach efforts previously held in London and Washington, forging a consistent global strategy. In London, Home Office-led seminars engaged Emiratis studying in the UK, while in Washington, the Ministry together with representatives from the World Bank and IMF provided insights into recruitment and professional development frameworks. Officials confirmed that up to 100 Emirati students participated in the Shanghai event. These attendees represent a cross-section of postgraduate candidates in disciplines such as economics, finance, development studies, and public policy. The Ministry has underlined its ambition for the programme to scale further, expanding to additional locations and engaging larger cohorts. By nurturing talent domestically and internationally, the UAE aims to enhance its representation within global financial institutions and multilateral banks. This strategy dovetails with broader national goals: positioning Emiratis as influential actors on the world stage and ensuring the nation's contribution to international finance is both substantive and sustainable. ADVERTISEMENT Strategic partnerships with institutions like the NDB are vital in this respect. Established by BRICS nations in 2014, the NDB is undergoing rapid growth, investing in global operations while seeking multilingual professionals with cross-cultural acumen. For UAE nationals, the Bank offers a rare opportunity to join a rising multilateral institution from an early stage in its trajectory. According to NDB's Vice-President Zhou, Emirati contributions at organisational and governance levels are steadily increasing. Students raised questions about the logistics of recruitment, including timelines, evaluation methodologies, and integration approaches. Officials emphasised the importance of early engagement, noting that securing internships during or immediately after academic studies is critical. They also recommended building competencies in project management, negotiation, and multicultural teamwork. Ministry representatives expressed that the goal extends well beyond securing roles—it is about training a generation of Emiratis capable of navigating and shaping global finance policies. The session also included interactive elements such as Q&A panels and breakout discussions, enabling direct engagement with senior practitioners from the NDB and the Ministry. This format allowed participants to seek personalised advice on career planning, CV refinement, and interview techniques. The broader economic context for this effort is clear: as global development finance pivots towards sustainable and inclusive projects, multilateral institutions are broadening their hiring strategies to include more diverse nationalities. Countries like the UAE are responding by investing in preparatory programmes that align local talent pipelines with evolving international demand. This engagement echoes the Ministry's participation in high-level forums; last August, UAE delegates attended the ninth Annual Meeting of the NDB Board of Governors in Cape Town. Thuraiya Hamid Alhashmi represented the nation on the Board alongside representatives from Egypt and Bangladesh, underscoring the UAE's growing strategic engagement with the Bank. Officials described the Shanghai session as 'a landmark opportunity for Emirati students to learn first-hand about global finance careers' and signposted further events planned in Europe and North America. The Ministry stressed that participation is not limited to finance graduates—disciplines including law, environmental policy, and engineering are also relevant to multilateral institution operations. The new wave of global finance, driven by sustainability goals and digital transformation, requires professionals with a hybrid skill set: technical competence, policy insight, cultural intelligence, and legal understanding. The Ministry's programme aims to sculpt Emirati candidates who meet these multifaceted demands, thereby positioning them as competitive contenders in the international talent ecosystem.
