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Modi inaugurates world's second-biggest dam 'Sardar Sarovar', dedicates it to nation

Agencies
September 17, 2017

New Delhi, Sept 17: Prime Minister Narendra Modi inaugurated the Sardar Sarovar Dam in Kevadia, Gujarat on the occasion of his 67th birthday on Sunday.

The foundation stone of the dam was laid on April 5, 1961, by the country's first prime minister Jawaharlal Lal Nehru. However, it took 56 years to complete its construction.

An official release said the increase in the dam height will facilitate a usable storage of 4.73 Million Acre Feet (MAF) and will greatly benefit the participating states of Gujarat, Rajasthan, Madhya Pradesh and Maharashtra.

It said that the project has helped transport the waters of the Narmada river to the water-deficient areas of Gujarat through an elaborate canal and pipeline network.

"Irrigation from the project is expected to benefit about 10 lakh farmers and drinking water to be supplied to various villages and towns is likely to benefit up to 4 crore people," the release said.

The project has been described as one of the biggest human endeavours for water transport. Up to a billion units of hydropower are also expected to be generated annually. After inaugurating the dam, the Prime Minister is expected to visit Sadhu Bet to take stock of the work on the 'Statue of Unity' project.

He will then proceed to Dabhoi, where he is to take part in the closing ceremony of the Narmada Mahotsav and address a public meeting.

He will also lay the foundation stone for the National Tribal Freedom Fighters' Museum.

In Amreli, he will address a gathering of cooperatives, Sahakar Sammelan, inaugurate the market yard of APMC and plant of Amar Dairy, and lay the foundation stone of a honey production centre.

The Bharatiya Janata Party is observing 'Sewa Diwas' to mark the birthday of PM Modi.

Meanwhile, the opposition Congress has mocked the Prime Minister dedicating to the nation something, a major part of which was completed by the party during its rule before 1995. State Congress president Bharatsinh Solanki and a national spokesperson Shaktisinh Gohil asserted that "90 percent of the main canal of the dam and 88 metres were completed by the Congress between 1987 and 1995".

"In as many as 22 years of the BJP's rule, not even half of the work on creating minor and sub-minor canal network has been completed. You can see the water in the dam but it does not reach most of the farmers in the absence of a canal network. And the Prime Minister is dedicating it to the nation," news agency quoted Gohil as saying.

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News Network
November 21,2024

adani.jpg

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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