DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE FRIDAY, FEBRUARY 2, 2024, KOLKATA, LATE CITY, 20 PAGES Rs 1 LAKH CRORE CORPUS for innovation and research `6.00 (`12 IN NORTH EAST STATES & ANDAMAN) WWW.INDIANEXPRESS.COM SINCE 1932 NEW SCHEME FOR DEEP TECH WILL EMPOWER 4 PILLARS in defence, aatmanirbharta of Viksit Bharat, says PM Modi Interim Budget: No poll vault, measured step looking ahead FM signals tapering of Govt spending, wants private sector to step up Why India Inc isn’t taking the investment baton from FM INTERIM BUDGET E EXPLAINED WWW.INDIANEXPR THE INDIAN NEW DELHI, FEBRUARY 1 BUSINESS AS USUAL BY UNNY IT WAS an interim Budget and Lok Sabha elections are round the corner, but Union Finance Minister Nirmala Sitharaman stayed clear of any big populist announcements;tothecontrary, she signalled the beginning of a slow tapering of government heavy-lifting of the economy. Not only did she pare down the growth in expenditure by a Union Finance Minister Nirmala Sitharaman before presenting the Union Budget on Thursday. Tashi Tobgyal IF THE Interim Budget in 2019 wasallaboutrelief tosalariedindividuals, farmers and unorganised workers, the one in 2024, in stark contrast, was about sticking to fiscal prudence. But 10 NOTWITHSTANDING THE government’sseeminglyupbeatexpectations from India Inc, a few concerns continue to cloud the outlook for companies which are ● waiting and watching before theydecidetoinvestandexpand capacity. Excess capacity, high interest rates, and impending elections, are key reasons why new EXPLAINED Parting shot: White paper on economy under UPA NEW DELHI, FEBRUARY 1 NEW DELHI, FEBRUARY 1 E CONTINUED ON PAGE 2 AANCHAL MAGAZINE SUKALP SHARMA & HITESH VYAS CONTINUED ON PAGE 2 EXPRESS, FRIDAY, ESS.COM FEBRUARY 2, 2024, PAGE 6 T GE BUD 5 - 2 2 4 2 0 Illustration: UDIT MISRA ANIL SASI & P VAIDYANATHAN IYER Gyanvapi: Puja starts in cellar, SC sends mosque panel to HC Nirmala Sitharaman the FINANCE MINISTER theUnionBudgetfor shersixth Thursdaypresented year(2024-25).Itwa from nextfinancial but was different budget presentation, this was an interim because all the others budget. lfortheFMtospend of Assuch,itwasnatura achievements recapping the under more time governments past overthe the two back-to-back NarendraModi new initiaPrime Minister major announcing main takeaways decade than some of the tives. Here are Budget of 2024-25. from the interim on GDP growth Muted outlook Domestic Product Gross in The nominal the Indian economy size of number when (GDP) is the prices. This exchange rate terms of today’s the rupee-dollar of dollars. The divided by GDP in trillions gives India’s observed value. is the actual as the real nominal GDP growth as well the nomThe real GDP from rate are derivedthe effect of inGDP growth by removing inaparticinal GDP data nominalGDPgrowth then the is 4%, flation.So,if 12% and inflation ular year is will be 8%. it real GDP growth all budget-related work, a However, for used. As such, GDP that is good is the nominal in nominalGDPis not rate. tepid growthrate real growth canbe seenhow news for India’s alongside,it slower in the In thechart GDP grew much India’s real the nominal r. In fact,that year currentfinancialyea7% in the current a by over feebly created GDP grew GDP grew so it eswhen nominal year, because alearlier last had been controversy that inflation sentially meant — contrary to the sense most negligible consumers. Indian among most too,thenominalGDP Forthecomingyear,10.5%.If oneconsiders a is likelytogrowbyjust it would suggest rate of 4-4.5% an inflation 6.5% in 2024-25. rate of 6% to GDP growth spends cut Health, education continues when cut-backs The story of of the key ministries and some one looks at two key areas departments. education are No economy Health and economy. iminvesting in for any developing without first of its pophas developed health and education allocaproving the in India, budget have ulation. Historically, and education health most tions towards required. To be sure, than been lower cation allocationsrange t years,healthandedu of thetotalgovernmen between2.5%to1.5% expenditure. estimatesshowthat However,therevised not been met in the targets have even those year. supcurrent financial the government was For instance, 1,16,417 crore on educaRs ore. posed to spend endingRs1,08,878cr tionbutendedupsp tbudgetedanexpen Similarlyonhealth,i but actually spent Rs 88,956 crore diture for crore. only Rs 79,221 THE INDIAN EXPRESS, FRIDAY, but that target FEBRUARY 2, 2024 been welcomed, ged has last year had the disadvanta lakh crore capex welfare schemes for had set for itself ent of Rs 10 and education, announcem the target govt e on health, The Centre’s even beyond met. Expenditur deficit has narrowed, has not been However, fiscal INTERIM BUDGET gone down. BUDGET 2024-25 INFRA PURSE TIGHTENED ` CR) STRINGS (IN RE NOMINAL GDP GROWTH RATE BE 2023-24 1,16,417 1,08,878 88,956 79,221 55,080 46,741 Suvajit Dey lakh the Rs 4.39 than double FMhadreceived crore — more croreof 2020-21.Forthis,the that a lot of praise. estimates show However, revisednot met in the current was exthis capex targetat Rs 9.5 lakh crore. This fiscal year — it stands of the reduction in part concerns about plains some as raisessome growth modeficit as well on the overall the likely impact the economy. mentum to r GDP, Concerns oves; fiscal spending cut spot deficit is bright WHEN a PRESENTED close to the end of is WWW.INDIANEXPRESS.COM ‘Globalisation is being redefined with reshoring and friendshoring, disruption and fragmentation of supply chains... A new world order is emerging after the Covid pandemic.’ Vote on Account. Education 20% and 20% OF revenues year Health ESTIMATES in the coming 15% CAN SAVE UP TO Rs 18K expenditures the Interim SocialWelfare in A YR are presented But since the full 10.5% 10% AJOR 12% Budget as well. in July by the UTLAY ON Budget is presented purpose of the 5% RIMMED new government, is to seek CHEMES RE BE Budget to tax an Interim -1.4% 0% authorisation 2023-24 79,590 54,103 Parliament’s in the intervening PMAY 2024-25 and spend -5% 19,000 17,000 2003-04 months. PMGSY 10,787 8,781 BUDGET Estimates EVEL PMKSY GIVEN THAT year are likely to 13,200 ission 16,000 ALL IN OVERTY ypoor on the of the coming UrbanRejuvenationM better to focus thatismultidimensionall 5,000 2,550 change, it is n %ageof population (of the current *Projected SwachhBharatMissio Revised Estimates 4,200 2,100 because they 55.34 financial year) the past 5 PMABHIM picture for 3,144 2,326 complete the 29.17 24.85 14.96 11.28 MissionShakti in fiscal deficit document or 10 years. shows the Aayog; Budget essentially Estimates Sources: NITI RE: Revised Fiscal deficit 2022 the governmentborsalaries, BE: Budget Estimates; 2015 2019 as fuel bills, -23* amount of moneythat does so tobridgethe -21 t.It AMITABH SINHA needs such assets 2005 2013 -16 Fiscal meet daily rowsfromthemarke and income. (making productive etc.). -06 .However, NEW DELHI, FEBRUARY 1 -14* use itsexpenses and capital bridges, ports, gap between fortheprivatesector is this fis- etc.) atchedvariable,beca a how of borrowing as roads, schools, for the broader it leaves such deficitisthemost-w advantage up 3% of the nomand what to two key questions: PEOPLE AVAILING of the borrows more, sector There is a clear the government ramps to government’s being achieved, India it leads if a government the private income generator newly-announced rooftopsolar contain its fiscaldeficittojust2007-08, of money for cal consolidation on growth. barring economy when 100 spent on capex leads schemewill I-T is biggest the biggest chunk in the smaller pool Rs its impact inal GDP. be entitled to 300 units However, That,in turn,leadstohigher expendicomes of will be capex. Every of free this target. Traditionally, toborrow from. disincentivising borrowin GDP. Revenue less than in the wake has never met every month and help them electricity thus financial resources gendragnot met a Rs 250 increase returns had save worsened to9.2% of GDP interest rates, and further Among the government’s The 18,000 annually, Finance deficit up to Rs Capex target expenditure can be di- ture, on the other hand, 100. borrowings. private sector —shotup form of Minister Nirmala been Rs ings by the it is the indirect from market activity in the theCovidpandemic government has Sitharaman announced All government categories: revenue (to generators, the economic The cornerstone Thursday. the then the curging down that provide uine income and production. more into two broad — but since governThe ‘Pradhanmantri Suryodaya down each year. In the corporate tax of vided it of the Modi lower consumption taxes and the estimates for tries to print able was announced by PM to bring Yojana’ had set a target few budBut budget tax Narendragovernment ment’s last If the government from the marthat income most money. rent a conJanuary 22, shortly after year, the Modi on of borrowing as years show (after he returned esgets has been raise money instead to negative effects such from next financial be the top contributor 5.9% and Ayodhya where he led the revisedit is to leads will consecration of certed push surge of addiket, that too collections timates to a sudden the new Ramtemple. Rooftop show even of incapital expenditure. be solar same supply inflation, thanks borrowings). documents suggest that would be installed inlikely to systems chasing the highlight “one crore 5.8%. for 19% of all In fact, the The Budget tional money lower at houses”, will account Modisaid,thoughwithoutspecifyingatime FM has of Budget 2023-24, goods and services. cometaxrevenues esin FY25.Corporatetax sfiscaldeficitaddsto FebrFurther, the frame for the target to be achieved. similarly Moreover,eachyear’ debt. If fiscal deficits presented last angovernmentresourc for18%andborrowa the Although full detailsannounced — that is, if of the new scheme uary, was the pool of government will accountfor17%,GST that grow unrestrainedon borrowed were still not available, ambitioustargetsfor Sitharaman,5.1% of nouncement continue to live ings for 28%. FY25 — at in her capex continues to and associated Budget speech, said it would government lakh enable for each government the debt 10 a participating householdGDP—andFY26—at to become would be Rs “savings up to Rs money — repaying paymentstends 15,000-18,000 annually” 4.5% of GDP. a welby getting free soannualinterest Retiring old debt eventually This is lar electricity and selling the surplus power critical concern. to tax its citizens, to come the distribution companies. achievement likely to requires governments economic activity. because it is drags down the Fiscal She said the scheme would also help thecost the which, again, reason that bring down It is for this Budget ManagementActadoption of electric vehicles(EVs)byprovidto charging stations and ing at home. The scheme Responsibility the Union government was also expected toresultin entrepreneurof 2003 requires ship and employmentopportunities plies,installationandmaintenance, in supshe The ‘Pradhanmantri Suryodaya said. Yojana’ addsontoanongoingrooftopsolarisationpro gramme running for at least a decade now. About 40 per cent, or 40 GW, of the government’sinitialtargetofsettingup100GWofso larcapacityby2022wasmeanttobethroug h rooftop systems. However, by 2023 end, the country’stotalsolarcapacitystoodat73.3GW ofwhichgrid-connectedrooftopsystemscom , prised only about 11 GW,or 15 per cent. One GW is equal to one billion Illustration: Suvajit Dey watts. For perspective, a typical light bulb in homes, if usedcontinuouslyforan hour,consumes between 60 and 100 watts. Although the ‘Pradhanmantri Suryodaya Yojana’ is not aimed at generating capacity, but only the number of households with rooftop solar systems, the scheme will certainly boost it, experts said. Neeraj Kuldeep, senior programme lead with Delhi-based Council on Energy, Environment tionandfragmentationof RAVI DUTTA MISHRA supplychains,and (CEEW) said rooftop solarisation and Water competition for critical NEW DELHI, FEBRUARY 1 of one crore minerals and techhouseholds could result nologies. A new world order in the installation of is emerging afabout 20-25 GW of new capacity. ter the Covid pandemic,” AS INTERNATIONAL trade Sitharaman said. continues “Further,giventhatresidentialconsumers “The recently announced rattled by sustained Russia-Ukraine to be ent AjaySood said the newbudgetary India-Middle war and East-Europe receive subsidised electricity provis- the widening conflict Economic Corridor is a strateion would enable greater from discoms, in the WestAsiaregion, private sectorspen- Finance solarisationofthedemandfromthesehouse gicandeconomicgamechangerforIndiaan Minister Nirmala Sitharamanin ding on R&D, and help d create right envi- Interim holds will save about Rs her others,” she added. 2 lakh crore for disBudget speech Thursday ronment for innovation. reiterated “There isESS.COM comsoverthenext25 years no explicit that India-Middle Quoting Prime Minister (the solarplant’s linkage between this corpus Narendra Modi, East-Europe Economic WWW.INDIANEXPR (announced in Corridor life). All states can leverage she said that the corridor (IMEC) will prove to be this opportunity AMITABH the budget) and the NRF, will become the a strategic basis of world but it will obviously as rooftop solar potential SINHA trade for “hundreds of years exists everywhere, NEW helptheobjectivesof theNRF.Thelargerpoint and economic game changer. DELHI, FEBRUARY 1 unlike utility scale solar, to come,andhistorywillrememberthatthis Sitharaman’sstress on IMEC, which is primarily isthegovernmentseemscommittedtoensur a plan to in- corridor restricted to a few states,” was initiated on Indian soil”. Kuldeep said. greaterandeasieravailabilityofmoneyforrese tegrate India, West Asia, and Europe, THE GOVERNMENT has comes ArecentreportfromCEEWshowednearly IN A significant initiative to incentivise been Indian companies use the earch,andthatisverywelcome.Lackofadequ- at a time when the marreRed Sea route working to expand the search and development 25 crore households across research in the private secthrough theSuez Canalto the country had tor, Finance atefundshasalwaysbeenoneofthemajorhu- itime corridor between base, and get the universities thepotentialtodeploy637GWofsolarenerg Minister Nirmala Sitharaman and tradewith Europe,North rdlesinimprovingresearchoutputfromIndia- Asia and Europe through private sector involved y Thursday announced 2024 on rooftops, though it would IMEC has been dubbed in research the establishment of a America, North Africa, Thenewcorpusisasignificantstepforwardt . the Red Sea shipping be unrealistic to financial FEBRUARY 2, and innovation, particularly corpus of Rs 1 lakh crore tapitentirely.Itsaidaboutone o route is facing massive in that will and parts of West Asia. as a counter to China’s address this,” Sood told The fifthof thispo- provide EXPRESS, FRIDAY, transformative technologies. Indian Express. low-cost or zero-interest tential,about118GWofcapacity,wascertainl The THE INDIAN loans for Rating agency Crisil “Thiswill empowerthe privatesector,es- disruptionsforcingglobal corpus of Rs 1 lakh crore ambitious BRI as Jordan doable.Householdshavesofaraccountedfoy research and innovation. is one way shipping lines to take a saidthattheseregionsacpeciallyyoungentrepreneurs,and of addressing the longstanding IntheinterimBudget,Sitharamansaidpriasmallproportion,about20percent,ofIndia r and Israel are at counted for 50 per centof abling atmosphere for research,” createen- longer and more expencomplaint of the lack of installedrooftopsolarcapacity,withthebul’s vatecompaniescouldavailof interest-freelohe said. money for sive route via the Cape of India’s exports worth Rs Sood said another announcement loggerheads due to k scientific projects. of itinthecommercialandindustrialsectors. ansforupto50yearsthroughthisnewmech made Good Hope, 18 lakh crore and 30 per by Sitharaman, the one related hurting anism. “For our tech-savvy Israel-Hamas war to promoting Indian exports “Incentivising individuals cent of imports worth Rs deep-techtechnologiesindefencesector,wa to save up to Rs agoldenera.Acorpusof youth, this will be toEurope. 18,000 every year by selling Rs1lakhcrorewillbe enteffortstoencourageprivatesectorinvolve However, widening 17 lakh crore last fiscal. alsoimportant.Inherspeech,Sitharamansai s surplus rooftop establishedwith50yearinterest-freeloanfa solarelectricitytodistributioncompanieswi - thegovernmentwouldsoonlaunchanewscd conflict in the West Asia “The current conflict - ment in research. Last notonlygenerateincomebutalsohelpinputll cility. The corpus will provide long-term year, it had set up a Na- region poses a problem in the Middle East will heme to strengthen deep-tech fi- tionalResearchFoundation(NRF)whosemai for IMEC that has - nancingorrefinancingwithlongtenuresan ting India in a strong position technologies been dubbed n for defence purposes of climate lead- low or as a counter to China’s ambi- delay IMEC in the short term given that the d aim is to significantly and expanding “atmanil interest rates. This will ership ahead of COP33 (climate improve, both in qualiattention of theMiddle Eastfocusis tious Belt and Road Initiative encourage tativeandquantitativeterms,thecountry’sre nirbharta”orself-reliance. change con- the private currently (BRI) as Jordan on the Thegovernmentis and ferencein2028)whichPMNarendraModiha sectortoscale up researchand dispute between Israel and Israel, which had to play in- searchoutput.TheNRFearmarksaspendingo- in the process of finalising a Palestine s novationinsunrisedomains.Weneedtohav a crucial role in and the comprehensive building offered to host,” Aarti Khosla, European Union’s attention the required infrastructure, e Rs50,000croreonresearchactivitiesovernexf national policy on deep-tech start-ups, director of programmesthatcombinethe is on are at Russia-Ukraine Climate Trends, a research-based confi- loggerheads due powersof our 5years.Morethan70percentofthismoneyi t ned not just to defence conflict. Further, to Israel-Hamas war. but across all sectors. change consulting company,said. climate youth and technology,” she said. being an election yearnotonly with 2024 “Geopolitically, global affairs s The policy is aimed in India but in at addressing challenges arebecom- almost 50 Thenewfundisinsyncwiththegovernm- envisaged to come from the private sector. ingmorecomplexandchallengingwith countries, the political and PrincipalScientificAdvisortothegovernm- faced bystart-ups working in these areas ecowars nomic tensions and andconflicts. Globalisationis will play a role as well,” createright conditions for beingredefined Sanjay improved output. Notani, partner, Economic with reshoring and friend-shoring, Laws disrup- Practice, said. ENGTH F Households to get 300 units free power L P F under rooftop solar scheme Reduction M O S T NEW SCHEME TO STRENGTHEN DEEP-TECH SOON `1 lakh crore corpus for innovation by pvt sector ‘Trade corridor will be strategic game-changer’ Companies can avail of interest-free loan facility for up to 50 years TACKLING FUND CRUNCH the basis of is not done on A allocation demand coming ‘MGNREG based on the a trend. It is from the ground.’ 25 BUDGET 2024- RURAL `500 cr for Didis, Drone India’s stays at plan foriance self-rel scheme outlay Job guarantee change in PM-Kisan 40kbogiestoils Fast&safe: in edible obeofVande Bharatgrade `86,000 cr, no TARGET FOR 3 CRORE 2 CRORE TO RAISED FROM LAKHPATI DIDI L O NATIONAL HIGHWAYS ■ Targetsfixed 16,417 CONSTRUCTED ■ Lengthconstructed 10,857 11,000 10,238 11,000 13,326 12,000 13,814 10,457 12,200 10,336 5,250* FY19 FY20 *Data up to November 2023 NEW DELHI, FEBRUARY FY21 FY22 FY23 FY24 581.3 97,991 km 1 720 Aircraftmovement* has NirmalaSitharaman 50,394 FINANCEMINISTER crore for the Mahatma 86,000 km provided Rs Rural Employment the 22,224 scheme in Gandhi National Act (MGNREGA) retaining it at km Guarantee for 2024-25, Interim Budget provided for in the revised as the same level 2023-24. Nationalhighways Rs 60,000 Electrifiedrailroute estimate for provided only While she had herBudgetpresentation to incrorefor2023-24ingovernment had a minimum the followguarantees work in last February, during the year un- MGNREGA unskilled manual to every creasethe allocation demand for work 100 days of robust economy year (April-March)File ing continued a financial despite the on demand. der the scheme, the Covid and Ukraine rural household from emerging fully disruptions. and war-induced years of 2020-21 job The two pandemic funding and all-time-high ENTRE S SPENDING hichguaran2021-22 saw unskilled mangeneration underMGNREGA,w 100 days of to UNDER (April-March) tees a minimum WorkDone* a financial year demand. Even ual work in on Outlay household every rural 220.37 unleashed Russia’sinvasion `32,994.12cr than average 2022-23, which 166.21 generated higher employment. 2013-14 `32463.40cr of Ukraine, on-daysof 235.15 the 2014-15 (pre-pandemic)pers was expected tobe `37,340.71cr 235.65 The currentfiscal the pandemic, which 2015-16 `48,214.95cr be- 2016-17 year after 233.74 first normal eMGNREGAbudget `55,166.04cr level since alsoaccountedforth 2017-18 267.96 to the lowest-ever out, work `61,815.09cr turned ing slashed 265.35 table). But asit — launched in 2018-19 `71,686.70 cr 2017-18 (see the scheme 2019-20 389.09 demand underby the previous UPA govern`1,11,169.53 cr 363.19 February 2006 high. If the trendof employ- 2020-21 `98,467.85cr 293.72 2023-24 holds, 2021-22 ment —remains April-January `90,805.93cr ment during end up with 300 crore-plus 2022-23 NA `60,000cr That would the fiscal could 2023-24BE 262.77** getting generated. `86,000cr person-days after therecord363-389 2023-24RE NA be thethirdhighest, 2020-21 and 2022-23. `86,000cr of crore person-days supposedly a demand- 2024-25BE generated; is of employment can always MGNREGA person-days the government based *Crore 31; driven scheme; funds requirements **Till January RE:Revised Estimates. meet additionalworks through supplemenBE:Budget Estimates; for higher provion demand for grants. The offimay, neverthetary demands was, in fact, Interim Budget taking (the scheme sion in the tostates for Interim Budget in the last 2019-20 Interim of Lok Sabha nothapless, send positivesignals cially announced But this did works, ahead has up MGNREGA April-May, These aregenerBudgetof PiyushGoyal). eschemein2024-25 and in thesouthelections due pen.Theoutlayforth urrentfiscal'sbudget monthsbefore high-demand ally beenretainedatthec 60,000 crore. onset in June. of Rs baby, the west monsoon's was a UPA revised estimate a press conference, ot While MGNREGA Samman Nidhi (PMLater, addressing Kisan NREGAallocationisn by the the Pradhan Mantri Sitharamansaid,“MG trend. It is based on that was started se basis of a Kisan) is a schemeand became operational done on the theground.”Inrespon Modi government2018. The scheme'sbeneerationinthe demandcomingfrom December 1, 10 crore landholding from to aquery aboutthestates’coop Sitharaman roughly of the scheme, way income support ficiaries — implementation commented on the receiving an farmer families, year – were paid two instalthe CAG has some states. the said per is operatingin of Rs 6,000 MGNREGA ment,theFinance chbeforeandduring enhance mentsofRs2,000ea in April-May 2019. In aseparateannounce elections Modi it has beendecidedto crore to 2 last national expectations that the Minister said Didi from were annual payThere the for Lakhpati rom target would increase government 3 crore. nasapre-pollsop—f mentunderPM-Kisa 9,000 — in Thursday's about Rs Rs 6,000 to C IMPLEMENTATION OF T HREE Source: Ministry of Road Transport and Highways 24 REfor2023IMPROVEMENT IN PHYSICAL ,000crorein INFRASTRUCTURE utlayby`26 hdemand Govthikedo owingtohig ■ FY15 1,44,634 ■ FY22 0croreinBE km from`60,00 Cargotrafficatmajorports* SHARMA HARIKISHAN & HARISH DAMODARAN SITHARAMAN ANNOUNCED 16 25 * in million tonnes NUMBEROFAIRPORTS FY15 74 FY22 149 ’ MGNREGA 5-year low MANISH SAHU, ASAD REHMAN & ANANTHAKRISHNAN G VARANASI, LUCKNOW, NEW DELHI, FEBRUARY 1 CORRIDOR PROGRAMMES SHARMA HARIKISHAN FEBRUARY 1 DELHI, Illustration: PRICES MAJOR ECONOMIC RAILWAY NEW a AGGAM WALIA will be formulating (self reMeanwhile, the three major THE GOVERNMENT NEW DELHI, FEBRUARY 1 achieve ‘atmanirbharta’ corridor programmes economic for the ongoingfinancial year. Furthermore, railway measures instrategy to are aimed at the estimated oils through improving techcapital outlay on Railways’ liance) in edible and modern farming logistics efficiency and reducing AIMINGTO improve passengers’travelexcostsandfocusingonenergy,mineral,ceme- commerciallinesinFY25hasbeenincreased Nirmala cluding research perience and allowing Minister for faster speed nt,portconnectivity,andhightrafficdensity toRs2.52lakhcrorecomparedtotherevised niques, Finance which in turn will reduce the estimate of Rs 2.4 lakh crore said Thursday. corridors. “The travel time, resultant decongestion for FY24. “Annadata”, Sitharaman 40,000normalrailbogieswillbe of farmers as high-traffic As per the Interim Budget, converted Describing corridors will be stepped Rs 25.5 lakh to the Vande Bharat standards, said efforts ovingoperationsof will also help in impr- crore has been secUnion allocated to the Railways Finance Minister passengertrains,resultthe agricultural Finance Minister Nirmala addition in Sitharaman aninginsafetyandhighertravelspeed.Together MinistrycomparedtorevisedestimateofRs up for value farmers’ income. nounced in her budget for boosting withdedicatedfreightcorridors,thesethree 24.3lakhcroreforthecurrentFY.Therevised speech Thursday. of investment toras well as This comes as a crucial boost promotion toIndia’s raileconomiccorridorprogrammeswillacceler- estimate for FY24 is slightly higher than She also promised public — in post-harvest way infrastructure,a centralcomponentof the and Rs 24.1 lakh crore announced ate GDPlevels. and reduce growth — both private in the budget the Union government’s logistic costs,” lastyear.TheestimatedcapitaloutlayonRailboost food processing Vaishnaw capex push. she said. for the said 40,000 500 crore activities to Sitharaman also announced km of new to allocated Rs the imple- Vande Bharat trackswillbelaidforthesecorridorsoverthe ways’ strategic lines in FY25 has also Sithararam which aims mentation of three major increDidi economic rail- acceleration bogies allow quicker scheme, SHGs for next6-8yearsandtheentireprogrammewill ased toRs 107 crore fromthe revised Namo Drone way corridor programmes estimand deceleration. Fileto 15,000 Women In the ate of Rs 101 crore for FY24, to improve locost an estimated Rs 11,000 provide drones services to farmers. significantly gistics efficiency and connectivity crore. inteunder Forfinancialyear2024-25,theestimated higherthantheinitialestimateofRs75crore. providing rental she announced, five the PM Gati Shakti plan. The NHAI has been allocated Chennai,ownedandoperatedbytheIndian be set up. fisheries sector, will budgetallocatedtoRailwaysisslightlyhigher Rs 1.68 The Vande Bharat bogie standards re- Railways. atRs2.65lakhcrorecomparedtorevisedes- lakh crore, up from the revised estimate grated aquaparks tstomeetitsdomesducethe overall weight of Railways Minister Ashwini of Rs 1.67 lakh crore for the bogies, allowing timate of Rs2022-23 Indiareliesonimpor ongoing financial quickeraccelerationanddecelerationcom- VaishnawtoldANI inaninterviewThursday oils. During 2.6 lakh crore for the ongoing year for edible FY24.Of thetotalbudgetallocationforFY25, while Rs 2.5 lakh crore has importednearly that the upgradation of demand tic been allopared to normal bogies. normal bogies to ),India s1.38 The bogies are VandeBharatstandardswillcostaroundRs Rs13,000crorewillbefinancedthroughbor- catedtotheMinistryof Road (November-October Transport and manufactured by Integral Roadways as capital outlay Coach Factory, 15,000croreandtake5yearstoimplement.cookingoils,worthR rowings, a sharp reduction 165lakhtonnesof on roads and of 35 per cent bridges,marginallyhigherthantherevised fromtherevisedestimateof lakh crore. Rs20,000crore estimate Interim BudgetThursday, of Rs 2.4 lakh crore for FY24. Presenting the on the initiative said, “Building will be formuSitharaman astrategy for oil seeds announcedin2022, ‘atmanirbharta’ soylated to achieve groundnut, sesame, rch such as mustard, .Thiswillcoverresea opbean,andsunflowerieties,widespreadad market forhigh-yieldingvar farming techniques, and tion of modern value addition, linkages, procurement, 1.27lakh crop insurance.” allocatedRs Overall,Sitharaman of Agriculture and Ministry 1.17 lakh crore crore for the — of this, Rs and Farmers’ Welfare of Agriculture for crore is for Department and Rs 9,941 Research and Farmers’ Welfare, of Agricultural Department set up Education. Government Highlightingthatthe for Fisheries realisseparate Departmentassisting fishermen, a of and ing the importance both inland said as had Sitharaman ionhad doubled, aquacultureproduct 2013-14. since Mantri seafood export of the Pradhan will be “Implementation Yojana (PMMSY) proMatsya Sampada enhance aquaculture (1) to five tonnes stepped upto: existing three lakh ductivity from double exports to Rs 1 (2) per hectare; lakh employment d generate 55 crore and (3) in near future.Fiveintegrate opportunities up,” the Finance will be set aquaparks Minister said. farmers as “Annadata”, Describing for value addi“The efforts boosting Sitharamansaid: sector and will tion in the agricultural steppedup...we in willbe farmers’income and public investment on, promote private sincludingaggregati chains,pripost-harvestactivitie efficientsupply etmodern storage, processingandmark of Nano DAP maryandsecondary Application ing and branding.” be expanded inallagroonvariouscropswill zones, she added. climatic Suvajit Dey WORK UNDER DEMAND FOR (in Cr) FERTILISER subsidy bill to fall to EASING GLOBAL Food, fertiliser, fuel A priest performs puja in the southern cellar of the Gyanvapi mosque complex in Varanasi on Wednesday night. PTI schemes the most imporat some of different If one looks schemes across in expentant government cut-backs the story of ministries, out. for the diture plays revised estimates mostof that For instance, schemesshow outlays on major of core schemes” meant “core sections of socithe so-called itdisadvantaged for the most ndminorities,havew ety,suchasSCs,STsa Estimates (RE) nessed cuts. the Revised For instance, Development Scheme for for the Umbrella 6,780 croreagainst CastesareRs crore. of Rs 9,409 of Schedule Estimates (BE) crore against a the Budget RE is Rs 3,286 For STs, the crore. been the BE of Rs 4,295 the fall has estimates For minorities, 2022-23, budget crore. As sharpest. In at Rs 1,810 actuexpenditure pegged the government that year the 13% of the budit turns out, crore — just ally spent Rs233 thecurrentyear,the BEwas getedamount.In the RE is just Rs 555 crore. for but Rs 610 crore Programme For the UmbrellaVulnerable Groups, of Other a BE of Development down from 1,918 crore, the RE is Rs Rs 2,194 crore. Cuts in core government election a Lok Sabha year sees its term and Every election lies ahead. called a Budget, also an Interim ■ Number of MGNREGA (in %) growth ■ Y-o-Y households 4.0 3.5 25% 20% 15% 10% 5% FULL COVERAGE PAGES 10-15 WITH THE Varanasi administration moving swiftly on the district court’s direction Wednesday to let a priest perform puja in the southern cellar of the Gyanvapi mosque complex, part of a barricade was removed to enter the cellar where puja began late Wednesday night and continued in intervals Thursday. In the mosque above, namaz continued to be offered during the day. There was heavy police presence in the area around the mosque complex which is adjacent to the Kashi Vishwanath temple. Officers monitored security arrangements and the flow of people in and out of the two premises. District Magistrate S Rajalingam, who was made receiver of the southern cellar by the district court, CONTINUED ON PAGE 2 yearsinpowerlater,theBJP’spolitical framing of the economy will be a “white paper” that Finance Minister Nirmala Sitharaman has promised in the Interim Budget to show what it was pre-2014, and the “step-bystep mending” this government had to do. CONTINUED ON PAGE 2 Uncertainty in Jharkhand ends, Champai Soren is now CM-designate Champai Soren arrives at Raj Bhavan to stake claim. PTI ABHISHEK ANGAD RANCHI, FEBRUARY 1 JHARKHAND TRANSPORT Minister and JMM leader Champai Soren was appointed Chief Minister-designate by GovernorCPRadhakrishnanlate Thursday night, a little over 24 hours after Hemant Soren resigned from the post. The development capped a CONTINUED ON PAGE 2 INSIDE U.S. CLEARS SALE OF 31 MQ-9B ARMED DRONES TO INDIA P 6 PRASHANT KISHOR AT ADDA TODAY P6 Kolkata