World Bank’s 300 million USD plan to Develop Kolkata
The World Bank has submitted a master plan to develop logistics infrastructure of Kolkata metropolitan area. The bank is to invest 300 million USD in the project. The Government entities participating in the deal includes CII and the West Bengal Industrial Development Corporation.
The focus of the project is to be on construction of rail, road, industrial parks. The aim of the project is to improve competitiveness, increase employment.
Recent Infrastructural Developments in the region
- The West Bengal Government has increased its infrastructure spending by five times in 2019 as compared to 2011.
- The warehousing in the state has increased by 191%
- The Inland Water Transport World Bank Project, Asian High way project, Amritsar-Kolkata Industrial Corridor are the current prominent infrastructural developments in the region
- Kolkata and West Bengal are strategically placed. It connects India and South East Asia in terms of infrastructure. This will help to achieve India’s interests in the ASEAN countries and also its Act East Policy.
- Location of Kolkata also enables trade and commerce to neighboring countries like Bhutan, Nepal and Bangladesh
- Kolkata has the potential to become the hub of India’s north-eastern region.
Category: Economy & Banking Current Affairs