India’s second-quarter GDP growth rate of 5.4 per cent was described as disappointing but not alarming, with Chief Economic Advisor (CEA) V Anantha Nageswaran pointing out several bright spots in the economy. He characterised the latest GDP figures as a one-off occurrence rather than the beginning of a trend, noting the challenging global environment affecting domestic manufacturing. Nageswaran remarked that economic growth is expected to pick up in the second half of the financial year, though he cautioned that the global context differs from the synchronised global growth seen in the early 2000s. He highlighted fragile geopolitical conditions as ongoing challenges impacting domestic inflation, supply chains, and capital flows. Despite these headwinds, record kharif foodgrain production and promising rabi crop prospects were said to bode well for rural demand and farm incomes. The CEA emphasised the economy’s resilience, driven by robust demand and strong activity in the manufacturing and service sectors. The CEA also noted uncertainties in the export sector, citing potential policy developments, monetary policy risks in advanced economies, and the volatile global trade environment. However, Nageswaran expressed optimism about the economic benefits of low global crude oil prices, which support economic activity and price stability.

The Union Ministry of Mines launched India’s first-ever auction of 13 offshore mineral blocks, marking the country’s entry into the exploration and development of undersea mineral resources. Union Minister of Mines G Kishan Reddy highlighted the significance of the initiative for India’s blue economy and its progress toward self-reliance. The 13 blocks, located within India’s Exclusive Economic Zone, include a variety of minerals such as construction sand, lime mud, and polymetallic nodules. The auction’s first tranche will include seven polymetallic nodule blocks, three construction sand blocks, and three lime mud blocks. 

The Solar Energy Corporation of India (SECI) has issued a call for quotations for a short-term working capital credit facility of up to Rs 10 billion (bn) (~$118.23 million (mn)) to ensure timely payments to renewable energy developers. The one-year credit facility, renewable for another year, aims to support SECI's growing payment obligations as it scales its renewable energy portfolio. SECI plans to tie up with multiple banks, with a maximum limit of Rs 12 bn ($141.88 mn) and a minimum of Rs 500 mn ($5.91 mn). Options include both fund-based credit and non-fund-based facilities such as bank guarantees or standby letters of credit. As of September 2024, SECI has commissioned over 23 GW of projects, with payment volumes rising alongside expansion in the solar and wind energy sectors.

The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a Memorandum of Understanding with Moglix, Asia’s leading B2B e-commerce platform, to launch an incubation initiative to drive innovation in India's manufacturing sector. This partnership supports India’s "Viksit Bharat" (developed India) vision, assisting over 25 startups from diverse industries such as chemicals, automotive, infrastructure, and green energy. Throughout the 12-month program, the start-ups will access Moglix's extensive mentor network, supply chain infrastructure, and financial backing through Credlix, Moglix’s nonbanking financial company arm. DPIIT will enhance the program’s impact by leveraging the Startup India ecosystem, facilitating resource-sharing and broader outreach. The program will help boost India's manufacturing sector's GDP contribution and facilitate startups' expansion into international markets.

JBM Group has joined forces with Singapore-based Keppel Ltd to develop innovative solutions in electric mobility, renewable energy, EV charging, and battery energy storage systems. The partnership aims to drive decarbonisation in urban infrastructure while addressing the rising demand for electro-mobility and e-waste management, the company announced in December 2024. Keppel brings its expertise in EV charging and resource circularity to the collaboration. At the same time, JBM Group will contribute its specialisation in EVs, key auto systems, and green manufacturing to co-develop projects targeting electromobility hubs, battery storage systems, and resource recovery facilities. 

Serbia has announced its second renewable energy tender, inviting bids for 424.8 MW of wind and solar projects under a contracts-for-difference (CfD) program, offering developers revenue stability for 15 years. The tender includes 300 MW for wind projects and 124.8 MW for solar projects, with maximum tariffs set at €79 ($83.54)/MWh for wind and €72 ($76.14)/MWh for solar. A maximum bid capacity of 105 MW is allowed for solar projects and the proposals are to be submitted by 25 February 2025. This auction is part of Serbia’s three-year roadmap to add 1.3 GW of renewable capacity, including 1 GW of wind and 300 MW of solar energy. The CfD program, developed in collaboration with the European Bank for Reconstruction and Development and supported by the Swiss government through SECO, aims to incentivise renewable investments. 

KEC International has secured new orders of Rs 10.40 billion (bn) in its Transmission and Distribution (T&D) business in the international markets: Supply of towers, hardware and poles in the Americas, and 220 kV Transmission lines in CIS.  Vimal Kejriwal, MD & CEO of KEC International, commented, “The order in CIS has reinforced our presence in this region and further strengthened our International T&D order book. The Company is currently executing infrastructure projects in 30+ countries and has a footprint in 110+ countries (including EPC, Supply of Towers and Cables). 

The Colombo port terminal project, led by Adani Ports in partnership with the Sri Lanka Ports Authority (SLPA) and John Keells Holdings, is on schedule and progressing smoothly, according to SLPA Chairman Sirimewan Ranasinghe. The Colombo port terminal is being developed to capitalise on Sri Lanka’s strategic location along major shipping routes, with operational plans set for February 2025. In November 2023, the US International Development Finance Corporation pledged a $553 million investment in the project, although due diligence is ongoing and no funds have been released yet. The new terminal is set to bolster trade and connectivity for the Bay of Bengal region. 

Vietnam’s National Assembly has approved a $67 billion high-speed railway project connecting Hanoi, the capital, to Ho Chi Minh City, the economic centre in the south. The project aims to revolutionise travel and trade along the 1,541-km (957-mile) route. The railway will enable trains to reach speeds of up to 350 km/h (217 mph), reducing travel time from the current 30 hours to just five. Construction is set to start in 2027, with operations planned for 2035. The project will pass through 20 provinces and cities and feature 23 passenger stations and five freight stations. While the Vietnamese government plans to fund most of the project domestically, it may seek international loans under favourable conditions. Major challenges include relocating 120,000 residents and removing parts of protected forests and rice fields. 

The Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three new solar photovoltaic projects totalling 1.7 GW as part of its National Renewable Energy Program. This marks the fifth round of the program, during which SPPC also shortlisted bids for an additional 3.7 GW capacity. The awarded projects will be developed as independent power plants (IPPs). Al-Masaa IPP (1 GW) was awarded to a consortium led by China’s SPIC Huanghe Hydropower and France’s EDF Renouvelables, with a record-low tariff of SAR0.051/kWh. Al-Henakiyah 2 IPP (400 MW) was awarded to the SPIC-EDF consortium at SAR0.056/kWh while Rabigh 2 IPP (300 MW) was awarded to a consortium of Saudi Arabia’s Al Jomaih Energy and Water Company and TotalEnergies Renewables, with a tariff of SAR0.066/kWh. 

The CRDA authority has approved the resumption of various construction works in the capital, Amaravati, in the first phase for Rs 114.67 billion (bn). Key projects include ₹24.98 billion for main roads, ₹15.85 billion for canal developments and three reservoirs, and ₹35.25 billion for residential buildings for All India Services officers and Class IV employees. ₹38.59 billion will fund layout development for farmers under land consolidation. The earlier tenders for 2019 will be cancelled, and fresh tenders will be issued for these works based on the new SSR rates. The authority will cancel previous 2019 tenders and issue new ones based on updated SSR rates. Additionally, ₹9.84 billion is allocated for the HappyNest project. The Andhra Pradesh Government will pay ₹2.70 billion due to project delays.

After the relaxation of GRAP restrictions, the Municipal Corporation of Delhi (MCD) has resumed key projects, including multi-level car parking in Greater Kailash I and Punjabi Bagh, Kamla Market restoration, and Ambedkar Stadium redevelopment. The second phase of biomining at the Okhla landfill is also set to begin. The Kamla Market renovation deadline has been extended to March 2025. At Ambedkar Stadium, 70 per cent of the redevelopment is complete, including changes to the cafeteria, green rooms, and toilets. The parking project, costing ₹630.7 million, is 75 per cent complete and expected to be ready by 2025, offering 399 vehicle spaces.

Chief Minister Bhupendra Patel announced Rs 6.16 billion (bn) worth of development projects for Vadodara City during the inauguration and foundation stone-laying ceremony organized by the Vadodara Municipal Corporation. Among the key initiatives is the construction of a new overbridge to replace the Alkapuri railway underpass, aimed at addressing a major city concern. The projects span various sectors, including water supply, street lighting, housing, drainage systems, roads, bridges, and solid waste management. He also revealed that Rs 680 million has been allocated for the city's outgrowth areas, alongside Rs 7.56 bn for municipal urban projects, ensuring no financial shortages for Vadodara’s progress.

Himachal Pradesh CM Sukhvinder Singh Sukhu inaugurated development projects worth Rs 1009 million (mn) in Rohru, Shimla. Key projects include a Rs 292.2 mn ultra-modern grading and controlled atmosphere (CA) store, expanding storage capacity to 2,031 metric tonnes and advanced machinery for grading 5 MT of apples per hour. Other initiatives include a Rs 27.9 mn Government Ayurvedic Hospital, Rs 39.2 mn water supply scheme, and Rs 50.3 mn rural drinking water project. The CM also laid foundation stones for Rs 517.4 mn road projects and an Rs 82.5 mn hostel at Seema College. He highlighted road projects worth Rs 11.34 billion approved during the Congress government's tenure.

The Karnataka Government has announced plans to borrow Rs 35 billion (bn) from the World Bank to fund major civic improvement initiatives in Bengaluru. According to reports, the loan approval is expected soon. - Rs 10 bn: Bangalore Water Supply and Sewerage Board (BWSSB). - Rs 20 bn: Bruhat Bengaluru Mahanagara Palike (BBMP). - Rs 5 bn: Revenue Department.- Construction of nine sewage treatment plants. - Laying 400 km of sewer network lines and building pumping stations. - Constructing 173 km of new stormwater retaining walls and strengthening 80 km of old ones. The Rs 5 bn allocated to the Revenue Department will support the Karnataka State Disaster Management Authority and the Karnataka State Natural Disaster Monitoring Centre. Despite the ambitious plans, concerns remain over the effective use of funds. 

Connectivity to Infopark is set to improve significantly with enhanced transport services and progress on key infrastructure projects. Tech professionals at the campus, which employs nearly 75,000 people and over 1 lakh when including Smart City and Kinfra Park, eagerly anticipate the introduction of e-feeder bus services. The state government has allocated Rs 187.7 million to acquire 1.6352 hectares of HMT land for the Seaport Airport Road's second phase, a critical infrastructure project spanning 25.7 km from Irumpanam to Kochi Airport. The 14.4 km second phase from HMT Kalamassery to the airport has faced delays due to slow land acquisition. Fund allocations are expected to accelerate the project. 

The Maharashtra Government has allocated 827 acres of land for Toyota Kirloskar Motor (TKM) to set up a manufacturing unit for hybrid and electric vehicles in Chhatrapati Sambhajinagar. The announcement follows an agreement signed on July 31 between TKM and the Maharashtra government to establish a greenfield facility, with an initial investment of Rs 210 billion. The facility will produce four lakh electric and hybrid vehicles annually. Work on the plant is set to begin soon, with production expected to start in January 2026. The project is anticipated to generate 8,000 direct and 18,000 indirect jobs. A new smart industrial city, developed jointly by the Central and Maharashtra governments, will house the facility in the Bidkin node.

The Union Ministry of Development of North Eastern Region (MDoNER) has approved 90 projects with a total expenditure of Rs 34.17 billion under the North East Special Infrastructure Development Scheme (NESIDS) over the past three financial years (2021-22 to 2023-24) and the on-going financial year 2024-25. The NESIDS comprises two components - NESIDS (roads) for developing physical assets such as roads, bridges, and related infrastructure and NESIDS (Other Than Roads Infrastructure - OTRI) to address infrastructure development in areas like healthcare (primary and secondary), education, water supply, solid waste management, industrial growth, civil aviation, sports, and telecom. OTRI projects typically range from Rs 50 million to Rs 500 million. All northeastern states qualify for project approvals under NESIDS based on their normative allocations. 

Prime Minister Narendra Modi inaugurated 24 projects worth over Rs 464 billion in Jaipur, Rajasthan, as part of the 'Ek Varsh-Parinaam Utkarsh' program, marking one year of BJP governance in the state. Accompanied by Rajasthan CM Bhajan Lal Sharma, PM Modi laid the foundation for projects across energy, roads, railways, and water sectors. Notable projects include Navnera Barrage, Smart Electricity Transmission Network and Asset Management System projects, Railway electrification of Bhildi-Samdari-Luni-Jodhpur-Merta Road-Degana-Ratangarh section, and Package 12 of Delhi-Vadodara Green Field Alignment (NH-148N) (Major bridge over Mej River up to the junction with SH-37A). These projects will help provide an easy commute for people and fulfil the energy needs of the state, in line with the Prime Minister's vision of green energy.

The Telangana Government has approved 1,901 industrial projects with proposed investment of Rs 126.26 billion and the potential to generate 49,384 jobs under the Telangana Industrial Project Approval and Self Certification System (TG-iPASS) in the past year. Of these, 409 units have already begun operations, while the remaining projects are at various stages of development. Additionally, 882 more units, with a proposed investment of Rs 96.46 billion and the potential to create 40,468 jobs, have submitted applications for clearances under TG-iPASS and are currently being processed. Since December 2023, under the leadership of Chief Minister A. Revanth Reddy, the state has also approved 16 mega projects, amounting to a combined investment of Rs 144.33 billion and generating 8,894 jobs.