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

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7 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]JTNDYmxvY2txdW90ZSUyMGNsYXNzJTNEJTIydHdpdHRlci10d2VldCUyMiUyMGRhdGEtbGFuZyUzRCUyMmVuJTIyJTNFJTNDcCUyMGxhbmclM0QlMjJlbiUyMiUyMGRpciUzRCUyMmx0ciUyMiUzRVdpbGwlMjBiZSUyMGluJTIwTHVja25vdyUyMHRvZGF5JTJDJTIwdG8lMjB0YWtlJTIwcGFydCUyMGluJTIwdGhlJTIwVVAlMjBJbnZlc3RvcnMlMjBTdW1taXQlMkMlMjB3aGljaCUyMHdpbGwlMjBzaG93Y2FzZSUyMHRoZSUyMHJpY2glMjBwb3RlbnRpYWwlMjBvZiUyMFVQJTIwdG8lMjBhdHRyYWN0JTIwdG9wJTIwcXVhbGl0eSUyMGludmVzdG1lbnQuJTIwVW5kZXIlMjBDTSUyMCUzQ2ElMjBocmVmJTNEJTIyaHR0cHMlM0ElMkYlMkZ0d2l0dGVyLmNvbSUyRm15b2dpYWRpdHlhbmF0aCUzRnJlZl9zcmMlM0R0d3NyYyUyNTVFdGZ3JTIyJTNFJTQwbXlvZ2lhZGl0eWFuYXRoJTNDJTJGYSUzRSUyMEppJTJDJTIwdGhlJTIwc3RhdGUlRTIlODAlOTlzJTIwcHJvZ3Jlc3MlMjBqb3VybmV5JTIwaGFzJTIwZ290JTIwYSUyMHN0cm9uZyUyMGltcGV0dXMuJTIwJTNDYSUyMGhyZWYlM0QlMjJodHRwcyUzQSUyRiUyRnR3aXR0ZXIuY29tJTJGSW52ZXN0SW5VcCUzRnJlZl9zcmMlM0R0d3NyYyUyNTVFdGZ3JTIyJTNFJTQwSW52ZXN0SW5VcCUzQyUyRmElM0UlM0MlMkZwJTNFJTI2bWRhc2glM0IlMjBOYXJlbmRyYSUyME1vZGklMjAlMjglNDBuYXJlbmRyYW1vZGklMjklMjAlM0NhJTIwaHJlZiUzRCUyMmh0dHBzJTNBJTJGJTJGdHdpdHRlci5jb20lMkZuYXJlbmRyYW1vZGklMkZzdGF0dXMlMkY5NjYxMzY4MzgzODg4MzQzMDUlM0ZyZWZfc3JjJTNEdHdzcmMlMjU1RXRmdyUyMiUzRUZlYnJ1YXJ5JTIwMjElMkMlMjAyMDE4JTNDJTJGYSUzRSUzQyUyRmJsb2NrcXVvdGUlM0UlMEElM0NzY3JpcHQlMjBhc3luYyUyMHNyYyUzRCUyMmh0dHBzJTNBJTJGJTJGcGxhdGZvcm0udHdpdHRlci5jb20lMkZ3aWRnZXRzLmpzJTIyJTIwY2hhcnNldCUzRCUyMnV0Zi04JTIyJTNFJTNDJTJGc2NyaXB0JTNFJTBB[/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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Google announces country-specific domain names for its search page

This transition to a centralised domain may help Google optimise AI performance in delivering relevant search results.

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2 weeks ago

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April 17, 2025

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In a significant move aimed at unifying its search experience, Google has announced plans to phase out country-level domain names, such as google.ng for Nigeria and google.com.br for Brazil. Instead, the tech giant will redirect users globally to a standardised domain, google.com. This decision aligns with Google’s ongoing effort to enhance search functionality and accessibility, building on the improvement in local search capabilities introduced in 2017.

In a recent blog post, Google explained that it will begin redirecting traffic from these country code top-level domains (ccTLDs) to google.com. This transition will be implemented gradually over the coming months. Users may be prompted to adjust their search preferences during this process, as the company works to streamline the user experience.

“Historically, our approach to delivering localised search results relied on ccTLDs,” Google stated. “However, our capability to offer localised experiences has evolved significantly, making these distinctions unnecessary.” The company reassured users that the core functionality of its search platform will remain unchanged and that compliance with various national regulations will continue.

This initiative reflects Google’s commitment to improving how search results are tailored to individual users without the need for separate country-specific domains. While the official rationale emphasises enhancing global user experience, some industry experts speculate that the change may also be motivated by a desire to better integrate artificial intelligence (AI) into search results, potentially leading to reduced operational costs.

Google employs AI Overviews, a tool designed to aggregate information from a broad range of online sources to provide concise responses to user inquiries. This transition to a centralised domain may help Google optimise AI performance in delivering relevant search results.

Overall, as Google implements this shift, users can expect a more unified search experience. While changes in browser addresses may occur, Google emphasises that the way search operates and its compliance with national laws will remain consistent. This strategic shift signifies Google’s ongoing efforts to adapt to the evolving digital landscape and user needs globally.

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In HUL vs HCL defamation case, Delhi HC orders take down of Lakme sunscreen ad disparaging Derma Co

Honasa, in its plea to the Delhi High Court, argued that HUL’s claims are misleading and disparage competitors, damaging their reputation. In retaliation, HUL filed a countersuit against Honasa in the Bombay High Court, escalating the corporate feud.

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2 weeks ago

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April 17, 2025

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A legal showdown between Honasa Consumer Ltd. (HCL), the parent company of Mamaearth, and Hindustan Unilever Ltd. (HUL), which owns Lakmé, reached the Delhi High Court this week, with both FMCG giants filing defamation lawsuits against each other. On Thursday, the court ordered HUL to pull its current Lakmé sunscreen advertisements, prompting the company to agree to revise its campaign by removing references to “online bestseller” and altering the depicted packaging colours.

The dispute centres on Lakmé’s recent “SPF Lie Detector Test” campaign, which HCL alleges unfairly targets its Derma Co. sunscreen by questioning the efficacy of rival products.

In the ads, HUL claims that some “online bestseller” sunscreens, marketed as SPF 50, provide protection closer to SPF 20, based on in-vivo testing data from the past decade. While no brands are explicitly named, visuals juxtaposing yellow bottles—resembling Derma Co.’s packaging—against Lakmé’s sparked Honasa’s ire.

Honasa, in its plea to the Delhi High Court, argued that HUL’s claims are misleading and disparage competitors, damaging their reputation. In retaliation, HUL filed a countersuit against Honasa in the Bombay High Court, escalating the corporate feud.

The controversy erupted when Ghazal Alagh, co-founder of Honasa, took to LinkedIn to criticise the FMCG sector’s lack of competitive drive, suggesting that legacy brands like HUL have grown complacent. Her comments were seen as a direct jab at Lakmé’s campaign, which challenges the SPF claims of newer sunscreen brands dominating online markets. “The industry needs fresh competition to shake things up,” Alagh wrote, igniting a public spat.

Lakmé’s campaign asserts that some top-selling sunscreens falsely claim in vivo testing—a method involving live organisms like humans or animals—while delivering subpar protection. In a social media statement, Lakmé doubled down, saying, “Certain online bestsellers advertise SPF 50, but their in-market samples test closer to SPF 20.”

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Sensex and Nifty jump nearly 2% as US suspends additional 26% tariffs on India until July 9

Foreign Institutional Investors (FIIs) had sold equities worth ₹4,358.02 crore on Wednesday, signaling caution, but Friday’s momentum suggested a shift in sentiment.

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3 weeks ago

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April 11, 2025

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Indian stock markets staged a robust rally on Friday, with the BSE Sensex skyrocketing 1,310.11 points, a 1.77% gain, to close at 75,157.26. The NSE Nifty followed suit, climbing 429.40 points or 1.92% to settle at 22,828.55, breaching the 22,900 mark during intra-day trading. The surge came on the heels of a White House announcement suspending additional tariffs on India for 90 days until July 9, offering a reprieve amid global trade tensions.

The US decision, detailed in recent executive orders, pauses levies that President Donald Trump had imposed on April 2, targeting India and roughly 60 other nations. Those duties threatened Indian exports ranging from steel to shrimp, raising concerns about competitiveness in the US, the world’s largest economy. The temporary suspension sparked optimism among Indian investors, propelling gains across major sectors.

Leading the charge among Sensex constituents were heavyweights like Tata Steel, Reliance Industries, Power Grid, NTPC, Kotak Mahindra Bank, and Adani Ports. However, not all stocks joined the rally—Asian Paints and Tata Consultancy Services lagged behind, unable to capitalize on the upbeat mood.

Vinod Nair, Head of Research at Geojit Investments Limited, attributed the market’s buoyancy to the tariff relief. “The unexpected pause on US tariffs provided a much-needed breather amid global uncertainties,” Nair noted. He added that while a major IT firm’s recent results fell short of expectations, its robust order book signaled potential growth in the latter half of FY26.

The Indian markets’ performance stood in stark contrast to global trends, where fears of a US-China tariff war cast a shadow. On Friday, China escalated its trade spat with the US, hiking tariffs on American imports to 125% in response to Washington’s 145% levies on Chinese goods.

Asian markets reflected the unease, with Tokyo’s Nikkei 225 plunging nearly 3% and South Korea’s Kospi slipping, though Shanghai’s SSE Composite and Hong Kong’s Hang Seng bucked the trend with gains. European markets traded lower, while US indices had closed sharply down on Thursday, with the Nasdaq tumbling 4.31%, the S&P 500 falling 3.46%, and the Dow Jones shedding 2.50%.

Back home, the rally followed a lackluster Wednesday, when the Sensex dipped 379.93 points to 73,847.15 and the Nifty fell 136.70 points to 22,399.15. Thursday’s market holiday for Shri Mahavir Jayanti gave investors a pause before Friday’s surge. Foreign Institutional Investors (FIIs) had sold equities worth ₹4,358.02 crore on Wednesday, signaling caution, but Friday’s momentum suggested a shift in sentiment.

Elsewhere, global oil prices edged up, with Brent crude rising 0.32% to $63.53 a barrel, reflecting ongoing volatility in commodity markets.

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