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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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Google reduces 10% of managerial staff to enhance efficiency and ‘Googleyness’

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5 days ago

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December 20, 2024

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Google has pruned its managerial workforce, reducing it by 10% in a move aimed at streamlining operations and redefining its corporate culture in a year-long push. This pruning, part of a broader efficiency drive, includes a 10% cut at manager, director, and vice president levels.

Reports indicate that during an all-hands meeting, CEO Sundar Pichai outlined the rationale behind the decision, emphasizing the need for efficiency and redefining the company’s core values, often referred to as “Googleyness.”

A Google spokesperson revealed that some affected employees would transition to individual contributor roles, while others faced role eliminations. These adjustments come amidst growing challenges in the tech industry, particularly with rapid developments in artificial intelligence (AI) and fierce competition from rivals like OpenAI.

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The latest layoffs mark Google’s fourth round of job cuts in 2024. Earlier in January, Google eliminated several hundred positions in its global advertisements team. In June, its cloud unit also saw workforce reductions. By January of this year, Google had already cut 12,000 roles, equivalent to 6.4% of its global workforce.

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Zomato introduces Food Rescue feature

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2 months ago

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November 10, 2024

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Zomato has introduced a new feature called Food Rescue to minimise food wastage, announced the food delivery platform CEO Deepinder Goyal on Sunday.

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Food Rescue will show up on the customers’ home page automatically if there’s a cancelled order available for them to grab. The Customers have to refresh the home page to check for any newly available orders which need to be rescued.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

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