logo
UP notifies SOPs to attract investments for aerospace and defence units

UP notifies SOPs to attract investments for aerospace and defence units

Time of India2 days ago

Lucknow: To attract investment in the aerospace and defence sectors, the UP govt has notified the standard operating procedures (SOPs) for effective implementation of the aerospace and defence unit and employment promotion policy–2024.
Tired of too many ads? go ad free now
Under this initiative, six defence nodes — Aligarh, Agra, Lucknow, Kanpur, Jhansi, and Chitrakoot — will serve as key development hubs. The govt sees immense potential for establishing aerospace and defence industries in these regions and aims to significantly boost foreign direct investment, local manufacturing, and employment generation.
The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) has been appointed the nodal agency for the implementation of this policy. In line with this, the SOP has been issued through a govt order to simplify the investment process, ensure transparency, expedite approvals, and create an industry-friendly environment.
The policy is expected to not only strengthen the 'Make in India' initiative but also open new avenues of employment by equipping local youth with the necessary skills.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

What is Delhi's 400 million litre water replenishment project for Delhi's Yamuna river that Amazon is funding?
What is Delhi's 400 million litre water replenishment project for Delhi's Yamuna river that Amazon is funding?

Mint

time2 hours ago

  • Mint

What is Delhi's 400 million litre water replenishment project for Delhi's Yamuna river that Amazon is funding?

Amazon has launched its first-ever water replenishment project in the Yamuna River watershed to tackle water scarcity and over-extraction of groundwater in in the national capital This prject is part of Amazon's water conservation iniatiaves running across India which already include major lake restoration efforts and community water solutions benefiting over 1 million people since 2020, the firm said in a statement. The Delhi initiative is expected to replenish more than 400 million litres of water annually once completed, and is part of Amazon's commitment to return more water to communities in India than it uses in its direct operations by 2027, the statement said. New Delhi faces significant water management challenges, with water supply issues impacting the daily lives of residents and operations of businesses throughout the capital region. Amazon's project in New Delhi, featuring a groundwater recharge programme, was announced at Amazon's inaugural Water Dialogues in the national capital on 6 June. The event was a thought leadership initiative that put together key stakeholders in the water industry. The New Delhi water project, in cooperation with social enterprise and developer of ecosystem restoration projects, Hasten Regeneration, combines the rehabilitation of existing infrastructure—including check dams and ponds—with the construction of new water-saving structures, like percolation pits and recharge shafts. Additionally, planting vegetation around these structures can help to prevent erosion, increase the moisture in soil, and improve local landscapes. Sites will be selected within the Yamuna River watershed with the goal of maximising direct benefits to New Delhi's water security, Amazon said in a statement. 'The inaugural Water Dialogues 2025 in Delhi marks an important step in advancing collaboration around India's pressing water challenges. It reflects the growing recognition that water stewardship is a shared responsibility. We welcome this effort and see it as an opportunity to encourage greater private sector engagement in delivering inclusive, community-driven solutions, especially in water-stressed urban and peri-urban regions,' Sasmit Patra, Member of Parliament (Rajya Sabha) said. For this groundwater recharge water project, Hasten Regeneration will collaborate with India-based non-governmental organization Arpan Seva Sansthan, and Clear Water Dynamics, a Bangalore based consultancy firm specialising in water engineering Our country faces critical water challenges, with groundwater levels in New Delhi declining at an alarming rate. "Our country faces critical water challenges, with groundwater levels in New Delhi declining at an alarming rate," said Abhinav Singh, Vice President, Operations, Amazon India & Australia in the statement. Key Takeaways Amazon's project aims to address severe water scarcity in New Delhi through groundwater recharge. The initiative will restore over 400 million liters of water annually and benefit over 1 million people. Collaboration with local organizations emphasizes community involvement in water management and stewardship.

RBI cuts rates again by 50 bps: Borrowers to benefit, savers and depositors to feel the pinch
RBI cuts rates again by 50 bps: Borrowers to benefit, savers and depositors to feel the pinch

Indian Express

time3 hours ago

  • Indian Express

RBI cuts rates again by 50 bps: Borrowers to benefit, savers and depositors to feel the pinch

RBI MPC Meeting Announcements June 2025: The Reserve Bank of India's six-member Monetary Policy Committee (MPC) has slashed the repo rate by a bigger-than-expected 50 basis points to 5.50 per cent, marking the third consecutive reduction since February 2025. The MPC move aims to boost growth prospects as inflation remains below the 4 per cent target. The rate cut will benefit borrowers, especially home loans, while depositors and savers can expect lower returns on their bank deposits in the coming months. The central bank also cut the cash reserve ratio of banks by 100 basis points to 3 per cent, releasing Rs 2.5 lakh crore of lendable resources to the banking system. The MPC, headed by RBI Governor Sanjay Malhotra, has changed its policy stance from 'accommodative' to 'neutral' in a bid to support economic growth. This RBI's rate cut decision is expected to stimulate borrowing and investment, leading to a higher growth rate. The policy panel retained growth estimate at 6.5 per cent but projected a lower inflation of 3.7 per cent in the current fiscal. The main factor that led to the 50 bps rate cut is the fall in retail inflation. Headline inflation, as measured by year-on-year changes in the all-India consumer price index (CPI), moderated to 3.2 per cent in April, the lowest since July 2019, from 3.3 per cent in March. The easing in CPI has been driven by the sustained fall in food prices. Economists said that with inflation remaining below the 4 per cent target in the last three months (February, March and April), and a sharp fall in food inflation, CPI is likely to durably align with the 4 per cent target over a 12-month period, paving the way for further rate cuts. Under the flexible inflation targeting (FIT) framework, the RBI has been mandated by the government to maintain CPI at 4 per cent with a band of +/-2 per cent. Further, the RBI had estimated the GDP growth to be at only 6.5 per cent in the current fiscal at a time when the trade tariff issues with the US have created some uncertainty on the economic front. 'MPC felt that core inflation is expected to remain benign. Frontloading of rate cut will support growth… it's imperative,' Malhotra said. As the Repo rate has been reduced by 50 bps, all external benchmark lending rates (EBLR) linked to it will decline by a similar margin. It would be a relief for borrowers as their equated monthly instalments (EMIs) on home and personal loans will drop by 50 bps. Earlier, following a 50 bps cut in the repo rate since February 2025, most banks reduced their repo-linked lending rates by the same magnitude. Lenders have also lowered their marginal cost of funds-based lending rate (MCLR). Banks are also expected to reduce the deposit rate in the wake of the reduction in lending rate. This will impact savers and depositors who will see their returns declining. The rate cut is likely to benefit the bond market, as falling interest rates typically lead to a rise in bond prices. Yields, especially on government securities, may decline further, enhancing returns for existing bondholders and boosting demand for fixed-income assets. Potential borrowers could see their EMIs decrease in the order of Rs 800-1,200 per lakh depending on whether they are on a floating-rate loan, and it would immediately improve their liquidity. However, deposit rates could go down from already near record levels of 2.7 per cent on savings for conservative savings which could compromise savers. The RBI also revised its projections on real gross domestic product (GDP) and inflation for FY2026. As per the RBI's estimate, CPI inflation for 2025-26 is expected to be lower at 3.7 per cent as against 4 per cent estimated earlier. The easing of supply chain pressures, softening of global commodity prices and higher agricultural production on the back of a likely above-normal south-west monsoon augur well for the inflation outlook in 2025-26. The real GDP growth for 2025-26 is projected at 6.5 per cent. In the quarter ended January-March 2025, the domestic economy picked up pace and grew at a four-quarter high of 7.4 per cent. For the financial year 2024-25, the growth rate stood at 6.5 per cent, which was a four-year low. 'The Indian economy is poised to sustain its position as the fastest growing major economy during 2025-26, supported by pickup in private consumption, healthy balance sheets of banks and corporates, easing financial conditions and the government's continued thrust on capital expenditure,' the RBI's annual report said.

RBI MPC Meeting GDP Forecast: India's central bank retains growth forecast at 6.5%
RBI MPC Meeting GDP Forecast: India's central bank retains growth forecast at 6.5%

Time of India

time3 hours ago

  • Time of India

RBI MPC Meeting GDP Forecast: India's central bank retains growth forecast at 6.5%

The Reserve Bank of India's rate-setting Monetary Policy Committee on Friday retained India's GDP forecast for FY2025-26 at 6.5% amid economic uncertainty, triggered by shifting trade dynamics around US President Donald Trump's sweeping tariffs. The RBI also retained its quarterly GDP growth projections for FY2025-26 at 6.5% for Q1, 6.7% for Q2, 6.6% for Q3, and 6.3% for Q4 — unchanged from its previous estimates. The Indian economy is progressing well, broadly on expected lines despite global uncertainties, said RBI governor Sanjay Malhotra while announcing the MPC's decisions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How Much Does It Cost to Rent a Private Jet - The Prices May Surprise You! Private Jet I Search Ads Learn More Undo Services exports continue to post robust growth, while an above-normal monsoon is expected to strengthen the agriculture sector and lift rural demand, said Malhotra. The Malhotra-led panel also slashed interest rates for the third straight to boost economic growth. The Sanjay Malhotra-led panel reduced interest rates by 50 basis points to 5.50%. Live Events India's economic growth in Q4 accelerated to 7.4 per cent, but it couldn't save the economy from posting its slowest growth since Covid-era in FY25. India's GDP rose to a four-quarter high of 7.4% in the three months to March from a year earlier, as per data released by the government last week. For the fiscal year ended March, the economy expanded 6.5%. While India retained its title as the world's fastest-growing major economy, the annual growth rate marked a notable slowdown from the 8% average seen in recent years — the pace needed by Prime Minister Narendra Modi to achieve the goal of making the country a developed nation by 2047. India-US trade deal coming soon Meanwhile, India and U.S. are holding high-level talks this week, aiming to finalise tariff cuts in sectors such as farm and automobiles as part of an interim deal, two government sources told Reuters, with an announcement likely later this month. India and the U.S. agreed in February to work on a phased deal, aiming to lift bilateral trade to $500 billion by 2030. Officials said, India, buoyed by recent trade pact with the UK, and EU talks, is resisting U.S. demands to open its farm and dairy markets, citing potential rural backlash. Washington has flagged India's average farm tariff of 39%, with some duties reaching 45-50%. It is also pushing India to allow corn imports for ethanol production. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. With America, India had a trade surplus (the difference between imports and exports) of USD 41.18 billion in goods in 2024-25. It was USD 35.32 billion in 2023-24, USD 27.7 billion in 2022-23, USD 32.85 billion in 2021-22 and USD 22.73 billion in 2020-21. Despite the external challenges, the Indian economy remains relatively healthy due to its limited reliance on global goods trade, recent tax cuts, controlled inflation and a potentially softer interest rate environment. 'While external uncertainties—such as supply chain disruptions and energy market volatility—pose challenges, India continues to benefit from strong service sector performance, a stable banking system, and improving manufacturing output under schemes like PLI,' said Dr. Manoranjan Sharma, Chief Economist at Infomerics Valuations and Ratings Ltd. India to become 4th largest economy India is set to become the world's fourth-largest economy by the end of 2025 (FY 2025-26), according to the International Monetary Fund's (IMF) World Economic Outlook (WEO) report released in April. A few years ago, India overtook the United Kingdom to become the fifth largest, and is now well on its way to rise to the fourth spot in the list of the top 10 largest economies in the world by overtaking Japan. In just 11 years, India has surged from the world's 10th to the 4th largest economy — a remarkable trajectory driven by sustained growth and strategic reforms under the NDA government. India's nominal GDP has more than doubled from 2014 to 2025 (projected). It's a growth of 105% in just a decade. In 2025, India will also become a $4 trillion economy.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store