Review meeting: U.P. minister takes Udyami Mitras to task over pending MoUs
Uttar Pradesh industrial development minister Nand Gopal Gupta 'Nandi' on Monday took Udyami Mitras to task at the monthly review meeting after several cases of pending status of memorandums of understanding (MoUs) at the Nivesh Sarathi portal were reported.
For the review meeting, 118 Udyami Mitras assembled at the Indira Gandhi Pratishthan in Gomti Nagar. CEO of Invest UP Vijay Kiran Anand and principal secretary, Industrial development department, Alok Kumar were also present.
During the session, the Invest UP CEO quizzed Udyami Mitras of various districts after the current status of MoUs in their respective districts was not updated. These MoUs were signed by the state government at the Global Investors' Summit in February 2023.
The minister asked Udyami Mitras of Hathras, Kanpur, Pratapgarh, Ayodhya, Prayagraj and Lucknow about the reason for the pending status of MoUs in their respective districts.
When Udyami Mitras were not able to give a suitable reply, the minister asked them to come prepared for the meeting next time. Speaking on the occasion, the minister told Udyami Mitras to chase every investor till the time the MoUs are rolled out.
'You will have to pursue every investor and address all his queries,' he told Udyami Mitras. 'It is due to investment-friendly perception of the state that investors are coming to Uttar Pradesh. This perception has been built over the period due to constant efforts of PM Narendra Modi and chief minister Yogi Adityanath,' Nandi said.
He further said facilitating and handholding investors throughout the process is crucial to converting investment inquiries into established industries.
Earlier, addressing the gathering at the meeting, chief secretary Manoj Kumar Singh suggested Invest UP to constitute a dedicated team tasked with identifying land of closed mills, factories and sugar mills for new industrial projects.
He emphasised that resolving land-related challenges is vital to enhancing Uttar Pradesh's reputation as an investor-friendly state.
Also speaking on the occasion, Alok Kumar, principal secretary, infrastructure and industrial development department, presented the roadmap for enhancing stakeholder collaboration to make Uttar Pradesh a globally competitive investment destination.
Vijay Kiran Anand, CEO of Invest UP, outlined the agenda for the conclave and initiated the goal-setting exercise for the upcoming year.
Emphasising a structured and strategic approach, he said: 'Coordination is key to attracting investment. Teamwork doesn't just mean working together, it means growing together, learning from each other and creating something greater.'
Surya Pal Gangwar, secretary to the chief minister, gave a detailed presentation on strengthening district-level investment promotion mechanisms.
Earlier in the session, Prathamesh Kumar, additional CEO of Invest UP, delivered a welcome address, emphasising the importance of seamless coordination among all stakeholders involved in the investment process from Udyami Mitras to District Industries Centres (DICs).
Later in the evening, Swami Dinadayal Krishna Das Ji, vice president of the ISKCON, shared motivational insights on personal and professional growth, inspiring participants to progress with grace and resilience. On the occasion, a book 'Udyami Mitra' was also released.
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Economic Times
7 hours ago
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Aurodeep Nandi on why Nomura is pencilling in 2 more rate cuts by December
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So, 50 basis points cut to commit to getting CRR down to 3%, these are typically emergency level initiatives that are taken. So, it is a little puzzling that the RBI has done this. And what is also interesting is the change in stance. It was neutral earlier, in April it was turned to accommodative, and then probably in the fastest flip-flop we have seen in a while it has gone back to with all of these developments and with Governor Malhotra essentially saying that we do not have any more space or very little space currently, it sets the bar really high for an August cut because you have already delivered so much and it makes sense now to see where policy transmission leads you to. Now, the question is, is this the end or is there more to come and then that boils down to what your macro outlook broadly speaking, our view is that on GDP growth we will undershoot the RBI's projection. So, RBI is projecting 6.5%, our projection is 6.2%. Even on inflation, we think there is going to be an undershoot. RBI is projecting 3.7% for FY26, our number is around 3.3%. So, there is going to be an undershoot on growth, undershoot on inflation, which actually means that there is A) space to cut and B) there is a need to bring policy not just at neutral levels, but also to accommodative levels. We did some simulations with what is known as the theoretical framework called Taylor rule and we actually see rates moving even lower, which is why we have two more rate cuts pencilled in not in August but in October and is two questions. Let us address the first one. In terms of why we think inflation is going to be lower, look at the starting point. We are expecting that the next CPI print which is going to come out this week is going to be below 3%, our forecast is 2.8%. So one, the starting point is pretty low. On the food inflation side, we have pretty good rabi crop production because we had good monsoons last year. So food inflation has been climbing down. It is not just vegetables, pulses are also down, there is a negative month-on-month growth rate. So, if you look at the food components, it seems like there is a broad-based slowdown in inflation that you are seeing on a month-on-month basis. If the expectation is that monsoons will be fine this year, again that should eventually be a positive for food the demand-supply side, it is positive on the food side. On the core inflation side, it has been relatively weak for almost a year-and-a-half now. We are barely seeing much sequential momentum there and this could be a mix of a lot of factors. It could be weaker demand, it could be the impact of cheaper Chinese imports, it could be lower commodity prices expect core inflation will remain range bound through FY26 which is where we are seeing the inflation dynamics actually undershoot the RBI's 3.7%. Mind you, even 3.7% is a sharp cut from RBI's own projection in the April policy, which unless I am mistaken was around 4% or so. So, there is scope for inflation to actually be lower than what the RBI is currently projecting. In terms of the new CPI series, look, it is difficult to say because there could be new ways of capturing instance the way the ministry captures house rent or airline fares could be different. There are reports that the government may be tapping into online sources of data. That is a black box as of now. 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So, I do not think there is a debate that the RBI is trying to make liquidity flush in the system to bring rates down and then, in the process help credit growth pick up. That seems to be the broad strategy. The issue of whether liquidity is more or less will depend on the durable driver) to and fro of liquidity and also, how much the transmission goes through. So, best case scenario, RBI frontloads so much easing, it passes through the system and credit growth picks up and then this is a successful is difficult to say because what the governor said was that our aspirational growth rate is 8%, we are at 6.5% and so we should be doing it. Now, the argument economists are generally used to is whether your current growth is above or below potential growth, which in case of India would be around 6.5% to 7%. The ambition out here seems to be that let us frontload and then let us push transmission through and then hope that credit growth picks is slightly worrisome on the margin is that if indeed growth does not respond well, if it is because of domestic reasons or tariff related global reasons, then the RBI will again have to look into its arsenal and see what they have left to attack growth which is where our idea is coming that maybe at that point there is 50 basis points more of cuts in the system, but as of now, it seems more of a frontloading does not seem to be anything in the concurrent data to suggest that growth is soft, but it is not showing growth jumping off a cliff. It seems it is more from the policy transmission side which the RBI is looking at.
Time of India
7 hours ago
- Time of India
Aurodeep Nandi on why Nomura is pencilling in 2 more rate cuts by December
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So, 50 basis points cut to commit to getting CRR down to 3%, these are typically emergency level initiatives that are taken. So, it is a little puzzling that the RBI has done this. And what is also interesting is the change in stance. It was neutral earlier, in April it was turned to accommodative, and then probably in the fastest flip-flop we have seen in a while it has gone back to with all of these developments and with Governor Malhotra essentially saying that we do not have any more space or very little space currently, it sets the bar really high for an August cut because you have already delivered so much and it makes sense now to see where policy transmission leads you to. Now, the question is, is this the end or is there more to come and then that boils down to what your macro outlook broadly speaking, our view is that on GDP growth we will undershoot the RBI's projection. So, RBI is projecting 6.5%, our projection is 6.2%. Even on inflation, we think there is going to be an undershoot. RBI is projecting 3.7% for FY26, our number is around 3.3%. So, there is going to be an undershoot on growth, undershoot on inflation, which actually means that there is A) space to cut and B) there is a need to bring policy not just at neutral levels, but also to accommodative levels. We did some simulations with what is known as the theoretical framework called Taylor rule and we actually see rates moving even lower, which is why we have two more rate cuts pencilled in not in August but in October and is two questions. Let us address the first one. In terms of why we think inflation is going to be lower, look at the starting point. We are expecting that the next CPI print which is going to come out this week is going to be below 3%, our forecast is 2.8%. So one, the starting point is pretty low. On the food inflation side, we have pretty good rabi crop production because we had good monsoons last year. So food inflation has been climbing down. It is not just vegetables, pulses are also down, there is a negative month-on-month growth rate. So, if you look at the food components, it seems like there is a broad-based slowdown in inflation that you are seeing on a month-on-month basis. If the expectation is that monsoons will be fine this year, again that should eventually be a positive for food the demand-supply side, it is positive on the food side. On the core inflation side, it has been relatively weak for almost a year-and-a-half now. We are barely seeing much sequential momentum there and this could be a mix of a lot of factors. It could be weaker demand, it could be the impact of cheaper Chinese imports, it could be lower commodity prices expect core inflation will remain range bound through FY26 which is where we are seeing the inflation dynamics actually undershoot the RBI's 3.7%. Mind you, even 3.7% is a sharp cut from RBI's own projection in the April policy, which unless I am mistaken was around 4% or so. So, there is scope for inflation to actually be lower than what the RBI is currently projecting. In terms of the new CPI series, look, it is difficult to say because there could be new ways of capturing instance the way the ministry captures house rent or airline fares could be different. There are reports that the government may be tapping into online sources of data. That is a black box as of now. Once we get that series, it would be interesting to see if there are some categories that are taken out because it is no longer relevant, some categories coming in, how they are collecting data for the various categories and it would help then to kind of do a back testing of okay with this CPI basket how would inflation be in the past and then where is it tracking now.I guess, we will do that exercise when it comes, but as of now we have to peg policy based on the current CPI basket.: There are a lot of scenarios that can happen. The counter to this is that RBI also has a net shot FX forward book which, if it needs to take care of that, would counter the liquidity that is being infused from this CRR side. The CRR cut is going to bring in around Rs 2.5 trillion and actually, the amount of liquidity that has come into the system, but from the RBI side is pretty can start comparing it to the amount of liquidity that came in during the pandemic level. So, I do not think there is a debate that the RBI is trying to make liquidity flush in the system to bring rates down and then, in the process help credit growth pick up. That seems to be the broad strategy. The issue of whether liquidity is more or less will depend on the durable driver) to and fro of liquidity and also, how much the transmission goes through. So, best case scenario, RBI frontloads so much easing, it passes through the system and credit growth picks up and then this is a successful is difficult to say because what the governor said was that our aspirational growth rate is 8%, we are at 6.5% and so we should be doing it. Now, the argument economists are generally used to is whether your current growth is above or below potential growth, which in case of India would be around 6.5% to 7%. The ambition out here seems to be that let us frontload and then let us push transmission through and then hope that credit growth picks is slightly worrisome on the margin is that if indeed growth does not respond well, if it is because of domestic reasons or tariff related global reasons, then the RBI will again have to look into its arsenal and see what they have left to attack growth which is where our idea is coming that maybe at that point there is 50 basis points more of cuts in the system, but as of now, it seems more of a frontloading does not seem to be anything in the concurrent data to suggest that growth is soft, but it is not showing growth jumping off a cliff. It seems it is more from the policy transmission side which the RBI is looking at.
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