PM Modi Declares Eastern India New 'Gateway to Development,' Unveils ₹47,600 Crore Projects

Rairangpur, Odisha – Prime Minister Narendra Modi, during a public meeting in Rairangpur, Mayurbhanj district, on Saturday, declared that Eastern India, long perceived as underdeveloped, is now emerging as a 'gateway to progress and development.' The Prime Minister underscored the Centre's vision to develop the entire nation through the accelerated growth of its eastern states, a strategy encapsulated in the 'Purvodaya' policy.

During his address, Prime Minister Modi inaugurated and laid the foundation stones for development projects totaling over ₹47,600 crore in Odisha. These projects span critical sectors including energy, industrial infrastructure, roads, drinking water, healthcare, education, tourism, and irrigation. This initiative, themed 'Vikas ra Dhara, Odisha Sara' (Stream of Development, All of Odisha), coincides with the second anniversary of the BJP government in the state, signaling a concentrated effort by both the Centre and the state towards achieving a 'Viksit Odisha.'

The 'Purvodaya' Vision: Transforming Eastern India

The 'Purvodaya' plan, a brainchild of the Modi government, aims to comprehensively develop five eastern states: Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. The concept was initially articulated by Prime Minister Modi in 2015 and gained significant momentum with increased allocations in the Union Budgets of 2024-25 and 2026-27. This policy seeks to enhance infrastructure, human resources, and economic opportunities, transforming these states into vital contributors to India's goal of becoming a developed nation by 2047, known as 'Viksit Bharat.'

The eastern region, despite its rich natural resources and cultural heritage, has historically lagged in economic development compared to other parts of the country. Challenges such as underdeveloped industries, high agricultural dependency, low literacy rates, and significant poverty levels have hindered its progress. The 'Purvodaya' initiative is a strategic response to bridge these gaps, focusing on sustainable growth and empowerment through targeted investments.

Key components of the 'Purvodaya' mission include:

• Infrastructure Development: Improvements in roadways, railways, waterways, ports, power generation, and urban mobility to enhance regional connectivity.
• Industrial Growth: Establishing industrial corridors, promoting manufacturing clusters, and attracting investments to leverage the region's abundant natural and mineral resources. The region collectively holds 80% of India's iron ore, nearly 100% of coking coal, and substantial chromite, bauxite, and dolomite reserves.
• Skill Development and Human Capital: Empowering the local workforce with necessary skills for modern industries, including establishing new educational institutions and vocational training centers.

Among the significant projects unveiled, foundation stones were laid for the ₹25,016 crore Bharat Coal Gasification and Chemicals Limited (BCGCL) project at Lakhanpur in Jharsuguda district, a 600 MW Upper Indravati Pumped Storage project, and the Stage-II expansion of the IB Thermal Power Station with two 660 MW units. Additionally, two multi-tracking railway projects worth over ₹732 crore were dedicated to the nation: the Jakhapura–Jajpur Keonjhar Road–Baitarani Road section and the Hindol Road–Meramandali section, aimed at boosting freight movement and rail network capacity. Other inaugurations included a 300-bed district headquarters hospital building at Boudh, 24 Atal bus stands, and nine automated testing stations across various districts. The Prime Minister also highlighted that investment proposals worth nearly ₹20 lakh crore have been received in Odisha, further showcasing the state's growing economic momentum.

Financial Market Update: BSE Subsidiary Rebrands, Market Holiday Ahead

In related economic news, the Indian Clearing Corporation Limited (ICCL), a wholly-owned subsidiary of BSE Limited, has officially rebranded as BSE Clearing Limited (BSECL). This transition signifies a crucial step in strengthening its alignment with its parent entity, BSE Ltd, Asia's oldest stock exchange. Officials have clarified that this rebranding is purely a change in brand identity and will not impact the corporation's operations, regulatory responsibilities, memberships, or services provided to market participants. BSE Clearing Limited will continue its vital role in ensuring efficient clearing, settlement, collateral management, and risk management across multiple financial market segments, including equity, equity derivatives, currency derivatives, debt, commodity, mutual funds, and electronic gold receipts.

Furthermore, the Indian stock market will observe a trading holiday on Friday, June 26, on account of Muharram. This closure, combined with the regular weekend, will provide investors with an extended three-day break from trading activities. Normal trading operations are scheduled to resume on Monday, June 29. This marks the second market holiday in less than a month, following Bakri Id on May 28. The 2026 stock market calendar includes a total of 16 trading weekday holidays, with seven remaining after Muharram, as per the NSE calendar. The Multi Commodity Exchange of India (MCX) will be closed for the morning session but will resume trading in the evening session on June 26, while the National Commodity & Derivatives Exchange Limited will remain shut for both trading sessions.