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UP Investors Summit: PM Modi announces Defence Industrial Corridor; Adani, Ambani, Birla promise to invest trillions

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8 years ago

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UP-Investor-Summit-2018

[vc_row][vc_column][vc_column_text]The first day of Uttar Pradesh Investor Summit-2018 got off to a promising start on Wednesday, Feb 21, with a host of big-ticket investment proposals coming to the state.

Prime Minister Narendra Modi spoke of a defence industrial corridor in the Bundelkhand region to bring development in one of the most backward regions of Uttar Pradesh.

“One of the two defence industrial corridors mentioned in the budget, one is proposed in the Bundelkhand region of the State, which will bring an investment of Rs 20,000 crore and generate employment avenues for 2.5 lakh people,” said the PM.

The Uttar Pradesh government has already taken approval from the defence ministry for setting up the corridor, reported Business Standard.

Along with this was state chief minister Yogi Adityanath announcing that his government has signed 1,045 Memorandum of Understanding (MoUs) worth Rs 4.28 trillion, which is almost equivalent to the state annual budget for 2018-19.

The investor summit, inaugurated by the PM, is being attended by at least 5000 people including industry captains from India and abroad, union ministers, chief ministers of states, policy makers and academics, said media reports. President Ram Nath Kovind will attend the valedictory function on Thursday.

The Prime Minister tweeted to say under Chief Minister Yogi Adityanath, “the state’s progress journey has got a strong impetus”.

He said: “Will be in Lucknow today, to take part in the UP Investors Summit, which will showcase the rich potential of UP to attract top quality investment. Under CM @myogiadityanath Ji, the state’s progress journey has got a strong impetus. @InvestInUp”[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]An official statement of the UP government said the investors’ summit has been organised to “further the cause of economic development in the state” and attract investments.

CM Adityanath personally oversaw the preparations for the investors’ summit taking place at Indira Gandhi Pratisthaan in Lucknow . “The government is organising this for the betterment of the public and through this event, UP will get an opportunity to change its image,” said the CM.

Yogi said he would personally monitor every project for its “actual” implementation on the ground.

The first among the big investment announcement was from chairman and founder of Adani Group, Gautam Adani, who promised an aggregate investment of Rs 350 billion over the next five years.

Adani, who heaped praise on both CM Yogi and PM Modi, said his companies have significant presence in Uttar Pradesh and announced creation of 6 00,000 tonne storage capacity, food and agri complex, a solar plant and a multi-disciplinary university.

Reliance Industries chairman Mukesh Ambani Ambani said Reliance Jio would further invest Rs 100 billion (10,000 crore) in the next three years. “Jio has already invested Rs 20,000 crore (Rs 200 billion) in the state. By December 2018, Reliance Jio will be present in every village of Uttar Pradesh,” said Ambani, speaking in a mix of Hindi and English.

Ambani said his company is already providing direct and indirect employment to 40,000 people in the state. “The fresh investment would create employment opportunities for another 100,000 people in the state,” he said.

Kumar Mangalam Birla, chairman of the Aditya Birla Group, who spoke after Adani said his company would commit another Rs 250 billion for the state in the next five years.

Anand Mahindra, chairman of Mahindra Group, said his group can set up a manufacturing unit of electric vehicle if the state government comes up a with a favourable electric vehicle transport policy.

Prime Minister Modi, who spoke at length, asked the Uttar Pradesh government to focus on value addition.

“Uttar Pradesh has values and virtues, but it also needs value addition,” Modi said lauding the new policy ‘One district one product’ of the Yogi government and said that it could prove to be the game changer for the State. The Prime Minister also said that international airports will come up in Jewar and Kushinagar.

He said his government would support Uttar Pradesh’s one-district-one-product policy through various Central schemes, such as Pradhan Mantri Mudra Yojana, Skill Development, Stand Up India and Start-Up India.

He elaborated the success of each Central scheme. For instance, he informed the audience that his government has already provided free gas connections to over 30 million women under the Ujjwala Yojana, apart from constructing toilets and distributing loans under Mudra Yojana. Modi said his government would be setting up a defence industrial corridor in Uttar Pradesh.

Stressing that Uttar Pradesh government has a vast potential, the Prime Minister said that it requires policy, planning, performance to bring progress and both Chief Minister Yogi Adityanath and people of the state are ready to give “super hit” performance.

Terming holding of investor’s summit in Uttar Pradesh and congregation of industrialists from all over as a sign of a big change, Mr. Modi said the Yogi Adityanath government has overcome the previous negativity and shown a ray of hope to people with positive changes.

“Not red tape, but red carpet will welcome investors in Uttar Pradesh,” he said.

Adityanath announced that the state has signed 1,045 pacts worth Rs 4.28 lakh crore on the first day of the summit. “I have recently presented a budget of Rs 4.28 lakh crore and the figure of MOUs signed is the same… We are heading towards a new UP,” the Chief Minister said, adding that he would personally oversee the execution of these projects.

“Law and order situation in the state has been improved in the last 11 months,” he said, adding that this has boosted the confidence of the industrialists who are willing to invest in the state.

The IPS Association chipped in to say in a tweet: Commendable work by the @Uppolice in enhancing sense of security, which will definitely result in increase in investors’ confidence.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]At least 18 Union ministers and 100 speakers are attending the summit in Lucknow. President Ram Nath Kovind will attend the valedictory function on Thursday.

A total of 30 sessions have been planned for the two-day summit, which will be attended by central ministers Rajnath Singh, Nirmala Sitharaman, Ravi Shankar Prasad, Smriti Irani, Piyush Goyal and Dharmendra Pradhan. Industry leaders including Gautam Adani, Mukesh Ambani, Subhash Chandra, N Chandrashekharan, Anand Mahindra, Kumar Mangalam Birla and Shobana Kamineni are scheduled to speak during various sessions. Business leaders from Mauritius, Japan, The Netherlands, Finland, Czech Republic, Thailand and Slovakia are also in Lucknow to participate in Yogi Adityanath’s flagship event.[/vc_column_text][/vc_column][/vc_row]

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Modi says right time to invest in Indian shipping sector; meets global CEOs

Published

1 month ago

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October 29, 2025

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Prime Minister Narendra Modi on Wednesday exhorted global investors to take bets on the Indian shipping sector, pointing out that this is the “right time” for such a move.

The Prime Minister also met a select chief executives of global majors, including DP World and APM, at a specially convened meeting on the sidelines of the India Maritime Week 2025 held here.

“For all of you hailing from different countries, this is the right time to work in the Indian shipping sector and also expand (your presence),” Modi said during a public address before the closed-door meeting with CEOs.

Modi listed several targets being chased by India in the maritime sector over the next few years, and underlined the importance of the global community in the same.

“You all are an important partner who will help us achieve all our aims. We welcome your ideas, innovations and investments,” Modi said.

He said that India allows 100 per cent foreign direct investment in the shipping and ports sector, and also provides incentives under the “Make In India, and Make For The World” vision.

Addressing an audience, including leaders of various companies, the Prime Minister affirmed India’s commitment to strengthening the supply chain resilience at a global level.

He also said that India is engaged in creating world-class mega ports, and cited the work undertaken on the Vadhavan Port to the north of the financial capital, which entered the top-10 firms in the world on the first day.

The government is also looking to grow the capacity at 12 major ports by four times and increase India’s share in containerised cargo at the global level.

Later, Modi held a meeting with top CEOs of shipping sector companies from across the world.

As per people in the know, he met AP Moller-Maersk Chairman Robert Maersk Uggla, DP World Group Chairman Sultan Ahmed bin Sulayem, Mediterranean Shipping Company Chief Executive Soren Toft, Adani Ports and SEZ Managing Director Karan Adani and French company CMA-CGM’s Senior Vice President Ludovic Renou.

The participation from over 85 countries in the IMW sends a strong message, Modi said, noting the presence of CEOs of major shipping giants, startups, policymakers, and innovators at the event.

The Prime Minister also thanked Port of Singapore (PSA) for the nearly Rs 8,000 crore investment in the Jawaharlal Nehru Port Authority’s fourth terminal, pointing out that this is also the largest FDI in the port sector in India.

Modi said more than 150 new initiatives have been launched under the ‘Maritime India Vision’, resulting in nearly doubling the capacity of major ports, a substantial reduction in turnaround time, and a new momentum in cruise tourism.

—PTI

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Economy news

ITR filing last date today: What taxpayers must know about penalties and delays

The deadline for ITR filing ends today, September 15. Missing it may lead to penalties, interest charges, refund delays, and loss of tax benefits.

Published

3 months ago

on

September 15, 2025

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Income Tax Return

The deadline to file Income Tax Returns (ITR) for most taxpayers, including salaried individuals, pensioners, and small businesses not requiring audit, ends today, September 15. Those who miss the due date face penalties, interest charges, and loss of certain tax benefits.

Penalties for late filing

If the return is not filed by the deadline, taxpayers can still file a belated return until December 31. However, under Section 234F of the Income Tax Act, late filing attracts penalties.

  • For income up to Rs5 lakh: penalty is capped at Rs1,000.
  • For income above Rs5 lakh: penalty increases to Rs5,000.

Additionally, if any tax remains unpaid, Section 234A imposes an interest of 1% per month (or part thereof) until the return is filed.

Consequences of missing deadline

  • Loss of certain tax benefits: Belated filers cannot carry forward specific losses such as business or capital losses.
  • Restrictions on tax regime change: Taxpayers lose the option to switch between old and new tax regimes after the deadline.
  • Refund delays: Those eligible for refunds will face delays compared to timely filers.

Steps to file before time runs out

  • Gather documents: Form 16, Form 26AS, Annual Information Statement (AIS), bank interest certificates, and proofs of investments or deductions.
  • Use the e-filing portal: File immediately to avoid last-minute portal congestion.
  • Verify your return: Ensure the ITR is verified electronically or physically for it to be considered valid.

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Economy news

India’s GDP surges 7.8% in Q1, outpaces estimates and China

India’s GDP surged 7.8% in Q1 2025-26, the highest in five quarters, driven by strong services and agriculture sector growth, according to NSO data.

Published

3 months ago

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August 29, 2025

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GDP Growth

India’s economy recorded a sharp growth of 7.8% in the April-June quarter (Q1) of 2025-26, surpassing the earlier estimate of 6.5% and outpacing China’s 5.2% growth in the same period. The figure also marks a notable rise from the 6.5% growth in the corresponding quarter last year, making it the fastest expansion in the last five quarters.

Strong performance across key sectors

According to data released by the National Statistical Office (NSO), the surge was driven primarily by the services sector, which expanded 9.3% compared to 6.8% a year ago, and the agriculture sector, which rose 3.7% against 1.5% last year.

The construction sector, however, witnessed a slowdown, growing 7.6% compared to 10.1% in the same quarter of the previous fiscal.

RBI’s earlier forecast

Earlier this month, the Reserve Bank of India (RBI) had projected a more modest Q1 growth of 6.5%, with overall real GDP growth for 2025-26 expected at 6.5%. RBI Governor Sanjay Malhotra attributed the positive outlook to favorable conditions, including a good monsoon, lower inflation, and strong government capital expenditure.

He said, “The above normal southwest monsoon, lower inflation, rising capacity utilisation and congenial financial conditions continue to support domestic economic activity. The supportive monetary, regulatory and fiscal policies, including robust government capital expenditure, should also boost demand. The services sector is expected to remain buoyant, with sustained growth in construction and trade in the coming months.”

India remains fastest-growing major economy

With China reporting 5.2% growth in April-June, India has retained its position as the world’s fastest-growing major economy. The latest figures highlight resilience in the face of external pressures, including recent US tariffs on Indian imports.

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