Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login It’s one of the biggest social events of the Murdoch calendar in Australia, and this year was arguably the biggest of all. For the first time in six years, 93-year-old billionaire Rupert Murdoch was in town and would be there for the annual Christmas bash at his eldest son Lachlan Murdoch and wife Sarah ’s Bellevue Hill mansion, Le Manoir, on Thursday night. Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you. Latest In Media & marketing Fetching latest articles Most Viewed In CompaniesPatriots' coaches enter bye week confident Drake Maye can be a franchise quarterback
India’s urban population will increase from 400 million in the last decade to 800 million over the next three decades. While this offers an opportunity to transform India’s urban landscape, there are significant financial challenges that must be overcome to get there. A recent World Bank report estimates that India will require about ₹70 lakh crore by 2036 to meet its urban infrastructure needs. Current government investment (2018 figures) in urban infrastructure stands at around ₹1.3 lakh crore annually. This is just a little over one-fourth of the required ₹4.6 lakh crore per year. Broadly, about 50% is estimated for basic urban services, with the other half for urban transport. Issues at the local level Municipal finances, a crucial component of urban infrastructure funding, have remained stagnant for decades. Since 2002, municipal finance has stayed at just 1% of GDP. Municipal bodies contribute 45% of urban investments, while the remainder is managed by parastatal agencies. Despite an increase in central and State transfers from 37% to 44%, the financial health of municipalities remains precarious. Tax revenue grew by only 8% between 2010 and 2018, grants by 14%, and non-tax revenue by 10.5%. However, the share of municipalities’ own revenue sources has declined from 51% to 43%, reflecting a diminishing capacity for self-sufficiency. Collection inefficiencies also exist in urban local bodies (ULB). For instance, data from 2017-18 reveals that ULBs in Bengaluru and Jaipur collect only 5%-20% of their potential tax revenue. Nationwide, property tax collection stands at a paltry ₹25,000 crore, which is only 0.15% of GDP. Further, cost recovery for services ranges from 20% to 50%, highlighting the significant gap between the costs of urban services and the revenues generated from them. Indian cities also struggle with low absorptive capacity, further complicating the urban infrastructure landscape. According to the Fifteenth Finance Commission report, about 23% of total municipal revenue remains unspent, indicating a surplus in the municipal system that is not being effectively utilised. Even major cities such as Hyderabad and Chennai only managed to spend 50% of their capital expenditure budgets in 2018-19. The utilisation of central scheme funds also leaves much to be desired, with the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) achieving 80% utilisation and the Smart Cities Mission reaching 70%. Public-private partnerships (PPPs), another crucial avenue for urban infrastructure financing, have seen a marked decline over the past decade. PPP investments in urban infrastructure peaked at ₹8,353 crore in 2012 but plummeted to just ₹467 crore by 2018. The viability of PPP projects is often dependent on the availability of payments or viability funding for ensuring bankability; but due to the lack of project-specific revenues, these projects further diminish commercial attractiveness. The next step is reform Given the myriad of financial challenges outlined, it is imperative to adopt a dual-pronged approach with specific long-term and medium-term measures. In the long term, carrying out structural reform would be critical. These reforms should include strengthening State finance commissions to enhancing autonomy and capacity for better financial management at the municipal level. Additionally, empowering municipal governments with greater financial and administrative autonomy will be critical in enabling them to manage and allocate resources more effectively for urban development. This can then attract the much-needed private capital, through mechanisms such as debt borrowing, and municipal bonds. In the medium term, the following measures can significantly transform the development of sustainable urban infrastructure. First, develop a robust pipeline of projects. The High-Powered Expert Committee and 12th Plan Working Group have developed a financing framework to meet the ₹70 lakh crore urban infrastructure investment requirement over the next 20 years. About 15% of this total investment could potentially come through PPPs, translating to roughly 250-300 PPP projects annually. To achieve this, a pipeline of 600-800 projects must be in place. Second, decouple project preparation from financial assistance. The last two decades have shown that investments in urban infrastructure have not advanced to the extent required, often due to hurried project preparation. As new national programmes are conceived, it is essential to decouple project preparation from financial assistance. Ensuring that these projects are designed for financial, social, and environmental sustainability is vital, especially given India’s vulnerability to climate change. Third, leverage Digital Public Infrastructure (DPI) for improved operations. Urban service delivery, particularly in public transport, remains hampered by outdated practices. Embracing DPI can revolutionise the management and the operation of public services, positioning India as a global leader in this domain. Fourth, capture land value in transport projects. With half of the ₹70 lakh crore investment by 2036 earmarked for urban transport, particularly metro rail projects, there is a unique opportunity to harness land value. Metro and rail projects should be integrated with urban development, ensuring that they bring jobs closer to transit hubs and contribute to the overall efficiency and design of cities. The need for collaboration To conclude, India’s urban future hinges on the ability to address these financial and structural challenges head-on. The stakes are high, and this is the window for action. By pursuing both immediate and long-term strategies, India can build urban infrastructure that meets the demands of its growing cities, thus ensuring sustainable and inclusive development for the decades to come. The path forward will require collaboration across government levels, private sector participation, and a relentless focus on innovation and governance efficiency. Madhav Pai is Chief Executive Officer, WRI India. The views expressed are personal Published - November 25, 2024 12:08 am IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit urban planning / population / India / finance (general) / government / investments / public works & infrastructure / local authority / taxes and duties / bengaluru / Jaipur / properties (general) / Hyderabad / Chennai / bonds / public transport / mass transit / railway / development / Sustainability / climate changeHezbollah fires more than 180 rockets and other projectiles into Israel, wounding at least 7 BEIRUT (AP) — Hezbollah has fired at least 185 rockets and other projectiles into Israel, wounding seven people in the militant group's heaviest barrage in several days. Sunday's attacks in northern and central Israel came in response to deadly Israeli strikes in central Beirut on Saturday. Israel struck southern Beirut on Sunday. Meanwhile, negotiators press on with cease-fire efforts to halt the all-out war. 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Russia has ramped up military recruitment by offering increasing financial incentives to those willing to fight in Ukraine. Ukraine’s Security Service on Sunday showed The Associated Press wreckage of the new intermediate-range ballistic missile that struck a factory in the central Ukrainian city of Dnipro on Thursday. Forecasts warn of possible winter storms across US during Thanksgiving week WINDSOR, Calif. (AP) — Forecasters in the U.S. have warned of another round of winter weather that could complicate travel leading up to Thanksgiving. California is bracing for more snow and rain while still grappling with some flooding and small landslides from a previous storm. The National Weather Service has issued a winter storm warning for California's Sierra Nevada through Tuesday, with heavy snow expected at high elevations. Thousands remained without power in the Seattle area on Sunday after a “bomb cyclone” storm system hit the West Coast last week, killing two people. After Trump's win, Black women are rethinking their role as America's reliable political organizers ATLANTA (AP) — Donald Trump's victory has dismayed many politically engaged Black women, and they're reassessing their enthusiasm for politics and organizing. Black women often carry much of the work of getting out the vote, and they had vigorously supported the historic candidacy of Kamala Harris. AP VoteCast, a survey of more than 120,000 voters, found that 6 in 10 Black women said the future of democracy was the single most important factor for their vote this year, a higher share than for other demographic groups. But now, some Black women are renewing calls to emphasize rest, focus on mental health and become more selective about what fight they lend their organizing power to. 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In Sunday's election, the candidates of the conservative governing party and the left-leaning coalition are locked in a close runoff after failing to win an outright majority in last month’s vote. It's a hard-fought race between Álvaro Delgado, the incumbent party’s candidate, and Yamandú Orsi from the Broad Front, a coalition of leftist and center-left parties that governed for 15 years until the 2019 victory of center-right President Luis Lacalle Pou — overseeing the legalization of abortion, same-sex marriage and the sale of marijuana in the small South American nation. Chuck Woolery, smooth-talking game show host of 'Love Connection' and 'Scrabble,' dies at 83 NEW YORK (AP) — Chuck Woolery, the affable, smooth-talking game show host of “Wheel of Fortune,” “Love Connection” and “Scrabble” who later became a right-wing podcaster, skewering liberals and accusing the government of lying about COVID-19, has died. He was 83. 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Sempra Named Among Newsweek's 'Most Responsible Companies' Sempra Logo (PRNewsfoto/Sempra) Sempra Named Among Newsweek's 'Most Responsible Companies' Sempra Logo (PRNewsfoto/Sempra) SAN DIEGO , Dec. 5, 2024 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced it has been recognized by Newsweek as one of "America's Most Responsible Companies" for 2025, earning this distinction for the sixth consecutive year. The annual list ranks companies based on their commitment to corporate responsibility in the areas of corporate governance and responsible social and environmental practices. Sempra has been included since the list's inception. "At Sempra, we believe our responsible business practices improve the value of our franchise. By strengthening governance and risk management and improving the safety and resiliency of our business operations, it allows us to better meet the needs and expectations of our customers, while also adding scale to our business," said Lisa Larroque Alexander , senior vice president of corporate affairs and chief sustainability officer for Sempra. "We will continue to approach global energy challenges with an entrepreneurial mindset, steadfast optimism and confidence in our vision of delivering energy with purpose." Newsweek's recognition of Sempra as one of "America's Most Responsible Companies" is based on publicly available key performance indicators derived from the company's Corporate Sustainability Report and an independent survey that asked U.S. citizens about their perception of Sempra's commitment to corporate social responsibility. Details of Sempra's approach to responsible stakeholder engagement and corporate governance can be found in the company's most recent Corporate Sustainability Report, which is available here . In addition to being recognized on Newsweek's America's Most Responsible Companies list, Sempra is included in the FTSE4Good Index and JUST 100 list, has been named one of TIME Magazine's World's Best Companies and one of Fortune Magazine's World's Most Admired Companies , and earned a perfect score on the CPA-Zicklin Index of Corporate Political Disclosure and Accountability , among other accolades. About Sempra Sempra (NYSE: SRE ) is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California , Texas , Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America and in The Wall Street Journal's Best Managed Companies. More information about Sempra is available at sempra.com and on social media @Sempra . View original content to download multimedia: https://www.prnewswire.com/news-releases/sempra-named-among-newsweeks-most-responsible-companies-302324298.html SOURCE SempraTriNet Announces Quarterly DividendTrump offers support for dockworkers union by saying ports shouldn't install more automated systems