Arahas Technologies signs pact with Ayodhya Development Authority
New Delhi: Arahas Technologies, an AI and geospatial company, has signed a memorandum of understanding with the Ayodhya Development Authority to create a comprehensive sustainability index for the city.
The Ayodhya Development Authority has selected Arahas Technologies to pioneer the transformation of Ayodhya into the world's first Vedic Sustainable City, the Gurugram-based company said in a release. The project will call for an investment of around USD 1 million in the first phase, which shall be covered by Arahas Technologies.
The first release of Vedic Sustainability City Index is scheduled in January 2024 with quarterly updates, Saurabh Rai, Chief Executive Officer of Arahas Technologies, said. Arahas said it will deploy its Artificial Intelligence (AI) algorithms and geospatial analytics to create the Vedic Sustainable City Index Platform. "This platform is poised to revolutionise decision-making for sustainable practices, providing real-time insights into Ayodhya's environmental, societal, and economic dynamics," it added. The index, it said, will serve as a structured solution, offering a comprehensive framework to assess sustainability across various dimensions, including environmental, social, economic, and governance factors.
"Through the Vedic Sustainable City Index, Ayodhya aspires to become a first temple town which would proactively report its sustainability indices and serve as a model to set the stage for a thriving and resilient urban future," Vishal Singh, Municipal Commissioner of Ayodhya and Vice Chairman of Ayodhya Development Authority, said. The index aims to preserve and revitalise the city's cultural heritage, promote spiritual and holistic well-being, foster environmental stewardship, and drive economic prosperity through ethical practices. "We believe that Ayodhya's embrace of the Vedic Sustainable City Index will set a benchmark for other cities, encouraging a comprehensive and adaptive approach to urban sustainability," Rai said.
Arahas is a wholly-owned subsidiary of EverEnviro and is backed by the Green Growth Equity Fund (GGEF), India's climate fund managed by EverSource Capital, with anchor investors, including the National Investment and Infrastructure Fund (NIIF), the Foreign and Commonwealth Office, Government of the UK, British Petroleum, CDC Investment Works, and Green Climate Fund.