PM Modi woos global investors at ‘Vibrant Gujarat’ business summit

News Network
January 10, 2024

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Prime Minister Narendra Modi touted India’s economic prospects at a major business summit in his home state on Wednesday as companies Maruti Suzuki and Adani unveiled investment plans worth nearly $30 billion combined.

India is a “powerhouse for talented youth, a technology hub for finding solutions and a democracy that delivers”, Modi said at the Vibrant Gujarat Global Summit, adding that the nation was on its way to becoming the third-largest economy in a few years.

United Arab Emirates President Mohammed bin Zayed Al Nahyan is also in attendance of the event.

His pitch comes just months before national elections, in which he will seek a third term, and at a time when global businesses are looking at India to diversify supply chains beyond China.

PM Modi hailed the growing startup culture and said that there are over one lakh startups in India, with investment worth billions being made in Indian ports.

The biennial summit, which this year is focused on wooing funds for chip and electric vehicle manufacturing where India lags, has drawn thousands of business leaders, investors and diplomats to the three-day event.

On Wednesday, top carmaker Maruti Suzuki pledged to invest Rs350 billion ($4.2 billion) to build a second car plant in Gujarat state and a new production line at an existing plant.

Billionaire Gautam Adani said his conglomerate will invest $24 billion over five years in renewable energy in the state.

Tata Group is also close to announcing plans to build a new, huge semiconductor fabrication plant in Gujarat with construction to start this year, Tata Sons Chairman Natarajan Chandrasekaran said at the summit.

He added that Tata will also begin construction of a 20 gigawatt battery storage factory in Gujarat in the next couple of months.

Ahead of the summit, Gujarat, one of India’s top industrial hubs, signed initial investment agreements with 58 companies worth a combined $86 billion. Dutch and Singapore firms are also set to commit to more than $7 billion in spending at the event.

Modi said India’s economy has shown momentum and resilience despite geopolitical troubles around the world and invited investors to be a part of its growth journey, saying “my determination will be as big as your dreams”. 

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News Network
November 11,2024

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The Manipur Kuki MLAs have released a statement calling out Solicitor General Tushar Mehta's 'lies' in the Supreme Court. In a joint statement, the MLAs, including those from the Bharatiya Janata Party, said they had not had any meeting with the Chief Minister since May 3, 2023, nor did they intend to meet him in the future as “he was the mastermind behind the violence”.

As per the MLAs, the SG lied about state CM N Biren Singh speaking to Kuki MLAs to control the situation there, in order to halt a Supreme Court probe into the leaked tapes which allege that Singh has been complicit in the violence that broke out between Kukis and Meitis there.

"We...clarify that we have never had any meeting with Chief Minister, Shri N. Biren Singh since May 3, 2023, nor have any intention to meet him in future as he is the mastermind behind the violence and ethnic cleansing of our people from the Imphal valley, which is continuing till today, the latest being the brutal killing and burning of Mrs Zosangkim Hmar on November 7, 2024," the letter read, while condemning the recent 'barbaric' killing of the woman there, and noting the SG's assertion is 'tantamount' to misleading the top court.

“We, the undersigned ten MLAs, have come to know that during the Supreme Court hearing held on November 8, 2024, the Solicitor General of India submitted that ‘CM is meeting all Kuki MLAs and trying to bring the situation down to get peace’. In this connection, we hereby categorically state that this submission is a blatant lie and tantamount to misleading the Hon’ble Supreme Court of India,” the statement said.

The Supreme Court, while hearing a petition by a Kuki organisation, asked that it submit audio tapes to substantiate its claim that the Chief Minister was instrumental in inciting and organising violence in the northeastern State.

Solicitor-General Tushar Mehta orally informed the court that the Chief Minister was meeting all the Kuki-Zo MLAs and that peace in the State had come at a huge cost.

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News Network
November 21,2024

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After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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News Network
November 13,2024

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Beirut: The Israeli army on Tuesday continued to launch attacks against civilians in Lebanon, targeting them in several areas without prior evacuation warnings.

However, 13 airstrikes on Beirut’s southern suburbs in the space of only three hours were preceded by evacuation warnings.

The attacks caused no injuries but resulted in widespread destruction of residential buildings and commercial, medical and educational centers.

The airstrikes in southern Lebanon and Bekaa region, reaching Akkar in Lebanon’s far north, erased any hope of a near-term ceasefire settlement.

The strikes were accompanied by an announcement on Israel’s Channel 14 that “the Israeli army has expanded its operations in southern Lebanon to areas it had not reached since the beginning of the ground operation.”

About 50 days have passed since Israel intensified its hostile operations in Lebanon targeting Hezbollah. The death toll from these confrontations and attacks has passed 3,200, with more than 14,000 wounded.

For the first time, an airstrike targeted a mountainous area between Baalchmay and Aabadiyeh on the road leading to Aley, destroying a building housing displaced people.

The mayor of Baalchmay, Adham Al-Danaf, confirmed that “the airstrike targeted a residential building in the Dhour Aabadiyeh area.”

The initial toll from the Ministry of Health showed “five people killed and two injured.”

The raids that targeted Beirut’s southern suburbs for the first time in the morning, unlike nightly raids before, caused huge destruction. Those who evacuated their homes after Israeli warnings, used their phones to record the collapse of empty buildings in Sfeir, Haret Hreik, Bir Al-Abed, Mrayjeh, Laylaki and Hadath.

Israeli warplanes also targeted Tyre, where a strike on a building killed three people and injured many others, while a raid on Tefahta killed a man identified as Kifah Khalil and his family.

Attacks were widespread, with Yater and Zebqine subject to artillery shelling, a civilian being killed in Hermel, and further attacks on Bouday and an area between the towns of Srifa and Arsoun.

A raid on the town of Siddiqin killed two people and injured several others, while an attack on the Mechref farm led to one fatality and multiple injuries.

The search for those missing after an Israeli raid on the town of Ain Yaacoub in Akkar, in the northernmost part of Lebanon, continued until dawn.

During the operation, 14 bodies were retrieved, identified as those of residents displaced from the town of Arabsalim in the Iqlim Al-Tuffah area of the south, along with members of a Syrian family, a mother and three of her children. Additionally, there were 10 people in critical condition.

The targeted residence belongs to a Lebanese citizen, Hussein Hashim, who is reported to be a member of the Syrian Social Nationalist Party.

An airstrike on the town of Saksakiyeh in the Sidon region on Monday night resulted in yet another tragedy.

It appeared that the intended target was the Shoumer family, who just days before lost Hussein Amin Shoumer and his two sisters in a drone strike near Al-Awali River.

Israeli army spokesperson Avichay Adraee issued additional evacuation warnings for towns in the southern region along the Litani River, which, according to estimates from the mayors, are currently 90 percent uninhabited.

In the meantime, Hezbollah announced its continued efforts to “combat the intrusions of Israeli forces and to strike military installations and towns in the north.”

Hezbollah said in a statement that it confronted “an Israeli Hermes 450 drone in the airspace of Nabatieh and forced it to leave Lebanese airspace.”

The party also announced that it targeted “Kfar Blum settlement with a rocket salvo.”

On the Israeli side, air raid sirens sounded in areas of Upper and Western Galilee and in the town of Kiryat Shmona and its surroundings.

The Israeli army confirmed that “a drone exploded in Nesher, east of Haifa, without activating the air raid sirens,” and that “a drone launched from Lebanon crashed into a school in Gesher HaZiv, north of Nahariya.”

Israel’s Channel 13 reported the Israeli military’s assessment regarding Hezbollah’s military strength, claiming that the group currently possesses approximately 100 precision missiles, thousands of artillery shells, and hundreds of rockets. Additionally, it was highlighted that “there are around 200 Lebanese towns that remain unvisited.”

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