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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]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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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Why Hindenburg Research is shutting down: A personal note from the founder

Anderson emphasised that his choice was not prompted by any single factor. There are no external threats, health concerns, or urgent issues necessitating this decision. Instead, he described it as a natural conclusion to a significant chapter in his life.

Published

2 weeks ago

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January 16, 2025

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Nate Anderson, the founder of Hindenburg Research, has decided to shut down his short-selling venture, which has famously exposed alleged frauds amounting to billions and sent shockwaves through major corporations. From igniting a $150 billion crisis for the Adani Group to taking down giants like Nikola and Eros International, Hindenburg has become synonymous with financial scrutiny and controversy depending on one’s perspective.

In a comprehensive blog post titled “Personal Note From Our Founder,” Anderson revealed his decision, stating that the firm has fulfilled its mission and that it is time to move forward. “As I’ve shared with family, friends, and our team since late last year, I have made the decision to disband Hindenburg Research,” he wrote.

Anderson emphasised that his choice was not prompted by any single factor. There are no external threats, health concerns, or urgent issues necessitating this decision. Instead, he described it as a natural conclusion to a significant chapter in his life.

This announcement follows Hindenburg’s completion of its final investigations into alleged financial fraud, which have been submitted to regulators. “As of the last Ponzi cases we just completed and are sharing with regulators, that day is today,” Anderson noted.

Reflecting on his career, he acknowledged that his intense dedication to the firm had come at the expense of other life areas. Initially motivated by a desire to prove himself, he ultimately began to view Hindenburg Research as just one of many chapters in his life.

In the upcoming six months, Anderson plans to create and share content, including materials and videos, to transparently illustrate the firm’s investigative techniques. He hopes this will inspire others to pursue similar efforts.

Hindenburg Research operated with a small but committed team of 11 members. Anderson praised their dedication to precise, evidence-based reporting and their courage in uncovering financial fraud. His team’s efforts have significantly influenced the landscape of financial accountability, with nearly 100 individuals facing civil or criminal charges partially attributable to their investigations.

“Nearly 100 individuals have been charged civilly or criminally by regulators, at least in part due to our work, including billionaires and oligarchs. We shook some empires that we felt needed shaking,” Anderson stated.

Hindenburg garnered international attention in January 2023 when it published a report alleging fraud and stock manipulation by the Adani Group. This report triggered a massive selloff in Adani’s stock, erasing over $100 billion from Gautam Adani’s personal wealth and causing the market capitalization of 10 Adani Group companies to plummet from ₹19.19 lakh crore on January 24, 2023, to below ₹7 lakh crore by February 27.

Although Adani stocks eventually recovered, the Supreme Court later noted that allegations made by organizations like Hindenburg, without proper verification, cannot be considered valid evidence. Previously, Hindenburg’s investigations included exposing Nikola Corporation in 2020 for fraud, which resulted in the resignation of founder Trevor Milton.

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India News

Sensex sheds 1,049 points, Nifty drops below 23,100

Published

2 weeks ago

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January 13, 2025

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Sensex falls 1,049 points, Nifty slips below 23,100 amid market downturn

The Indian stock market faced another day of sharp declines on January 13, as bearish sentiments tightened their grip for the fourth consecutive session. Weak global cues, a surge in crude oil prices to a three-month high, and reduced expectations of a U.S. rate cut in 2025 contributed to the downward spiral.

At the close of trading, the Sensex plunged 1,048.90 points or 1.36% to settle at 76,330.01. The Nifty also fell significantly, shedding 345.55 points or 1.47% to close at 23,085.95.

Sectoral impact

All sectoral indices ended the session in the red. The realty index was the worst hit, slumping by 6.7%. Other sectors, including oil & gas, power, PSU, metal, and media, recorded losses in the range of 3-4%.

This broad-based sell-off saw investors’ wealth take a major hit. The market capitalization of BSE-listed companies dropped sharply by Rs 12.39 lakh crore, falling to Rs 417.28 lakh crore from Rs 429.67 lakh crore in the previous session.

Key drivers of the decline

Crude oil prices: Crude oil surged to a three-month high, stoking fears of inflationary pressures and higher input costs across industries.

Global market trends: Weak global markets added to investor apprehensions, as global indices reflected a cautious outlook amid economic uncertainties.

Interest rate concerns: Revised expectations that the U.S. Federal Reserve may delay rate cuts in 2025 also weighed on investor sentiment.

Outlook

Market experts suggest that volatility may persist in the near term as global and domestic factors continue to influence investor behavior. A focus on corporate earnings reports and international economic trends will be critical in shaping market movements in the weeks ahead.

With a significant erosion in investor wealth, market participants remain cautious as they navigate the ongoing uncertainties.

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Latest business news

Pune entrepreneur asks Blinkit CEO to launch ATM service after Ambulance, sparks debate

It’s worth mentioning that similar services are already available, such as platforms like MakeMyTrip that offer foreign currency delivery.

Published

3 weeks ago

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January 10, 2025

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Days after Blinkit launched its 10-minute ambulance service, a start-up founder and YouTuber reached out to Blinkit CEO Albinder Dhindsa with a request to introduce an “ATM-like” service. The founder suggested that this service would be “incredibly helpful.”

Harsh Punjabi, founder of The Dot Company and a YouTuber, posted on social media platform X: “Hey @albinder, please start an ATM-like service on Blinkit. Users could pay via UPI, and cash could be delivered to their doorstep in under 10 minutes. That would be super helpful!”

His rationale for this suggestion became clear in a follow-up tweet where he expressed, “Leaving for a trip and need cash. I only have Rs 100 at home. I don’t want to go to the ATM, but it looks like I’ll have to.”

Punjabi’s tweet sparked a variety of responses. Some users pointed out that delivery charges would incur an 18 percent GST, while others claimed that the idea would make Indians lazier. Many questioned the need for cash, given the widespread acceptance of UPI.

One user remarked, “The idea is good, but the 18 percent GST on delivery charges would ruin everything,” while another joked, “This scheme should be kept a secret.”

Another user lamented, “Why doesn’t Blinkit breathe on our behalf too? We’ve become that lazy,” and another added humorously, “Please, let’s not make India lazy to this extent.”

A user highlighted that similar arrangements exist where customers go to shops, pay extra for their bills, and take back the additional cash for tasks like paying rickshaw pullers.

“Why do you want cash? Cash should be eliminated. We need maximum digitalization,” one user opined, while another noted that acquiring smaller notes can be tricky, especially when UPI isn’t an option.

It’s worth mentioning that similar services are already available, such as platforms like MakeMyTrip that offer foreign currency delivery.

On January 2, Blinkit announced its ambulance service. Dhindsa stated, “We are taking our first step toward addressing the challenge of providing quick and reliable ambulance services in our cities. The first five ambulances will be operational in Gurugram starting today. As we expand, users will soon have the option to book a Basic Life Support (BLS) ambulance through the Blinkit app.”

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