A boom in the development of metro rail projects in India is not only helping to ease congested streets – but is also generating lucrative business opportunities as the country ploughs funds into bringing its deficient public transport system up to speed.
“Public transport in Indian cities has not been able to cope with rapidly increasing demand so far,” says Biswanath Bhattacharya, a partner at KPMG in India. “Metro systems are an option that can improve the quality of transportation infrastructure in Indian cities.”
There have been “rapid developments” in metro rail projects in India this year, he adds.
Amid accelerating urbanisation and growing concerns about pollution, there is a desperate need for mass urban transport solutions in India’s cities. Travelling across Mumbai during peak hours, for example, is a struggle for many because of heavy traffic jams. Between 2014 and 2050, there are expected to be an additional 404 million Indians in the country’s urban areas, as large numbers of the population move from rural areas to cities, according to the United Nations.
Narendra Modi, the country’s prime minister, has said the aim is to have metros in at least 50 cities across India eventually.
Such development, with each project costing tens of billions of rupees, is generating huge opportunities for foreign and Indian companies. More info