GoI and NDB Sign Agreement for USD 500 Million
The Government of India (GoI), the Ministry of Housing and Urban Affairs, National Capital Region Transport Corporation Limited and the New Development Bank (NDB) have signed a loan agreement on November 19, 2020. The agreement have been signed for lending USD 500 million for the ‘Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project. This will provide fast, reliable, safe and comfortable public transport system in the National Capital Region (NCR).
Why NCR is being focused?
NCR is one of the world’s largest urban agglomerations and a major economic centre in India. But due to lack of efficient public transport options, the number of private vehicles in NCR is increasing. As per an estimate, daily passenger traffic along the Delhi-Ghaziabad-Meerut corridor in NCR is 0.69 million. Out of them, 63% use private vehicles to commute. Further, the traffic congestion often delay the travel time and it has also made NCR one of the most polluted regions in the world. This is projected that, by 2030 NCR will become the most populous urban agglomeration in the world. It will thus increase pressure on basic infrastructure of housing, water supply, electricity and transport.
So, the Fast transit system is being developed to achieve the goal of sustainable urban development in Delhi-NCR region. It will also help in achieving the sustainable economic and social development along with the environmental protection.
Significance of Fast transit system
Under the Fast Transit System, environment friendly and very low emission Regional Rapid Transit System (RRTS) will be developed. This will help in carrying the more people at high speed. This system occupy just 3 m space on land. Thus, it will help in reducing the congestion on the roads. In totality, it will reduce the total emissions from the transport sector in NCR.