DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA cbc 22201/13/0244/2324 `5.00 ● WWW.INDIANEXPRESS.COM SINCE 1932 Government of India Scan for more information Modi Sarkar ki Hamara Sankalp Viksit Bharat for innovation and research REG.NO. MCS/067/2018 - 20 RNI REGN. NO. 1543/57 JOURNALISM OF COURAGE FRIDAY, FEBRUARY 2, 2024, MUMBAI, LATE CITY, 20 PAGES Rs 1 LAKH CRORE CORPUS ● Guarantee NEW SCHEME FOR DEEP TECH in defence, aatmanirbharta Serving the poor and marginalised 25 crore people uplifted from poverty in last 9 years WILL EMPOWER 4 PILLARS 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 ESS.COM 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 76 104 127 76 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 CONTINUED ON PAGE 2 PRASHANT KISHOR AT ADDA TODAY P14 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, highinterest 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 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 CONTINUED ON PAGE 2 EXPRESS, FRIDAY, 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 FINANCE MINISTER Union Budget forthe washersixth Thursday presentedthe (2024-25). It nextfinancialyear ,but was differentfrom budgetpresentation this was an interim because all the others budget. for the FMtospend of Assuch, itwasnatural achievements recapping the under more time governments past the two back-to-back Modi over the Narendra initiaPrimeMinister major new 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 observed value. gives India’s 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 inal GDP data growth in aparticnominalGDP is 4%, then the 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 nominalGDP isnot rate rate. tepidgrowth real growth news for India’s itcanbe seenhow slower in the In thechartalongside, GDP grew much India’sreal the nominal Infact, that financialyear. in the current year current a by over 7% feebly created GDP grew GDP grewso 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, . If oneconsiders a islikely togrowbyjust10.5% would suggest it 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 itspophas developed health and education allocaproving the in India, budget have ulation. Historically, and education health most tions towards required. To be sure, than allocations range been lower and education government years, health to1.5%of thetotal between2.5% 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 20% 20% 15% CAN SAVE UP TO Rs 18K A YR 1,16,417 1,08,878 88,956 79,221 55,080 46,741 Education Health Social Welfare ON MAJOR OUTLAY Households to SCHEMES TRIMMED -1.4% get 300 units free power LEVEL FALL IN POVERTY under rooftop 55.34 29.17 24.85 solar scheme 14.96 11.28 10% 12% 10.5% 5% 0% -5% BE 2023-24 2024-25 2003-04 %age of population deficit thatismultidimensionall ypoor *Projected 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 posed to spend ngRs 1,08,878crore. anexpention butendedupspendi itbudgeted spent Similarlyonhealth, but actually 88,956 crore diture for Rs crore. only Rs 79,221 WHEN a PRESENTED close to the end of is BE 2023-24 RE 79,590 54,103 PMAY 19,000 17,000 PMGSY 10,787 8,781 13,200 PMKSY ission 16,000 UrbanRejuvenationM 5,000 2,550 n SwachhBharatMissio 4,200 2,100 PMABHIM 3,144 2,326 Shakti Suvajit Dey lakh the Rs 4.39 than double ved crore — more this,theFMhadrecei croreof2020-21.For that a lot of praise. estimates show However, revised not met in the current was exthis capex targetat Rs 9.5 lakh crore. This fiscal year — it stands of the reduction in part concernsabout plains some as raises some growth modeficitas well on the overall the likely impact the economy. mentum to r GDP, Concerns oves; fiscal spending cut spot deficit is bright WWW.INDIANEXPRESS.COM schemes most imporat some of the different If one looks schemes acrossin expentant government cut-backs the story of ministries, out. for the diture plays revised estimates ost of For instance, schemesshowthatm outlayson major of core schemes” meant “core sections of socithe so-called disadvantaged for the most STs and minorities, havewitSCs, ety, such as Estimates (RE) nessed cuts. the Revised For instance, Development Scheme for for the Umbrella Rs 6,780croreagainst crore. of ScheduleCastesare (BE) of Rs 9,409 a Estimates crore against 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 Rs 1,810 sharpest. In actuexpenditureat pegged the government budthat year the it turns out, just13%of the 233 crore— year, the BEwas allyspentRs In the current Rs 555 crore. getedamount. the RE is just 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 Mission in fiscal document or 10 years. shows the Aayog; Budget essentially Estimates Sources: NITI borRE: Revised Fiscal deficit 2022 government salaries, BE: Budget Estimates; the 2015 2019 -23* as fuel bills, amount of moneythatthe sotobridge -21 AMITABH SINHA 2005 2013 needs such assets market.It does income.Fiscal -16 meet daily rowsfromthe (making productive etc.). -06 ensesand NEW DELHI, FEBRUARY 1 -14* sector. However, ports, and capital gapbetweenitsexp atched variable, because fortheprivate how is this fis- etc.) schools, bridges, of borrowing it leaves a such as roads, advantage for the broader deficitisthemost-w of thenomup to two key questions: and what PEOPLE AVAILING of the borrows more, sector cittojust3% There is a clear the government ramps to government’s India it leads being achieved, if a government the private income generator newly-announcedrooftopsolarscheme containitsfiscaldefi barring 2007-08, of money for cal consolidation on growth. economy when100 spent on capex leads I-T is biggest the biggest chunk in the smaller pool turn,leads tohigher Rs its impact be entitled to 300 units However, will inal GDP. expendirowcomes capex. Every of will be of free electricity this target. Traditionally, toborrow from.That,in in GDP. Revenue less than in the wake every month and help them has never met thus disincentivisingbordragfinancial resources gennot met a Rs 250 increase had returns GDP save worsened interest rates, and further Among the government’s The 18,000 annually, Finance deficit up to Rs upto9.2%of Capex target expenditure can be di- ture, on the other hand, 100. of borrowings. private sector —shot Minister Nirmala been Rs in the form ings by the it is the indirect from market the Sitharaman announcedCovid pandemic government has s:revenue (to All government generators, the economic activity The cornerstone Thursday. the curthen ging down that provide uine income and production. more — but since The ‘Pradhanmantri Suryodaya down each year. In the governthe vided into twobroadcategorie corporate tax 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 targetof few budBut budget tax Narendragovernment If the government ment’s last from the marthat income most money. rent a conJanuary 22, shortly after year, the Modi on of borrowing years show (after he returned esgets has been raise money instead to negative effects suchas from next financial be the top contributor 5.9% and Ayodhya where he led the revisedit is to leads will consecration of surge of addicerted push ket,that too collections timates to a sudden the new Ram temple.Rooftop show even of incapital expenditure. solar be same supply inflation, thanks borrowings). documents suggest that would be installed inlikely to systems chasing the all “one crore 5.8%. In fact, the highlight The Budget tional money lower at houses”, will accountfor19%of Modi said,though without to adds FM specifying has of Budget 2023-24, goods and services. fiscaldeficit cometaxrevenues FY25.Corporatetax FebrFurther, the atimeframe for the target to be resources in achieved. similarly Moreover, eachyear’sdebt. If fiscaldeficits presented last an18%and borrowgovernment a the Although full detailsannounced for17%, GSTfor — that is, if of the new scheme uary, was the poolof government will account that grow unrestrainedon borrowed were still not available, ambitioustargetsfor Sitharaman,5.1% of nouncement continue to live ings for 28%. FY25 — at in —at capex continues to and associated Budget speech, said it would enable FY26her government lakh government the debt 10 participating householdGDP— and foreach would be Rs “savings up to Rs money — repaying ents tends tobecomea 15,000-18,000 annually” 4.5% of GDP. a welby getting free soannualinterestpaym old debt eventually This is Retiring lar electricity and selling the surplus power critical concern. to tax its citizens, to come the distribution companies. achievement likelyto requires governments economicactivity. down because it is She said the scheme would also helpthe cost which, again,dragsreason that the Fiscal bring down the It is for this Budget ManagementActadoption of electricvehicles (EVs)byprovidto charging stations and ing at home. The scheme Responsibility the Union government was alsoexpectedto resultin entrepreneurof 2003 requires ship and employment opportunities plies,installation andmaintenance, in supshesaid. The ‘Pradhanmantri Suryodaya Yojana’ addsontoanongoingrooftopsolarisationpro gramme running for at least a decade now. About 40 per cent, or 40 GW, of the government’sinitialtargetofsettingup100GWofso larcapacityby2022 was meanttobethrough rooftop systems. However, by 2023 end, the country’stotalsolarcapacitystoodat73.3GW ofwhichgrid-connectedrooftopsystemscom , prised onlyabout 11GW, or 15 percent. One GW is equal to one billion Illustration: Suvajit Dey watts. For perspective, a typical light bulb in homes, used continuouslyforanhour,consumes if 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 tionandfragmentation of RAVI DUTTA MISHRA supply chains, 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 to be “Further, giventhatresidentialconsumers “The recently announced ent Ajay Sood said the newbudgetaryprovis- rattled by sustained Russia-Ukraine India-Middle war and East-Europe receive subsidised electricity Economic Corridor is a strateion wouldenable greaterprivatesectorspen- thewideningconflict in the WestAsia from discoms, region, solarisationofthedemandfromthesehouse Finance MinisterNirmalaSitharamaninher gicandeconomic gamechangerforIndia ding on R&D, and help and create right envi- Interim holds will save about Rs others,” she added. 2 lakh crore Budget speech Thursday ronment for innovation. “There isESS.COM reiterated coms overthe next25 years(thesolarfor disno explicit that India-Middle Quoting Prime Minister linkage between this corpus Narendra Modi, plant’s 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 and as rooftop solar potential SINHA economic game changer. trade for “hundreds of years exists everywhere, NEW helptheobjectivesoftheNRF.Thelargerpoin DELHI, FEBRUARY 1 unlike utility scale solar, tocome,andhistorywill Sitharaman’s stress on IMEC,aplanto which is primarily isthegovernmentseemscommittedtoensur t rememberthat this restricted to a few states,” in- corridor was initiated e tegrate India, West Asia, Kuldeep said. greaterandeasieravailabilityofmoneyforres on Indian soil”. and Europe, comes THE GOVERNMENT has ArecentreportfromCEEWshowednearly IN A significant initiative to incentivise Indian companies use the been 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 the Suez Canal to atefundshasalwaysbeenoneofthemajorhu- itime corridor between the country had tor, Finance base, and get the universities thepotentialtodeploy637GWof Minister Nirmala Sitharaman and trade with Europe,North rdlesinimprovingresearchoutputfromIndi - Asia and Europe through solarenergy Thursday private sector involved 2024 announcedthe establishmentof on rooftops, though it would IMEC has been dubbed in research America, North Africa, Thenewcorpusisasignificantstepforwardta. the Red Sea shipping be unrealistic to financial a FEBRUARY 2, and innovation, particularly corpus of Rs 1 lakh crore tapitentirely.Itsaidaboutonefifth o route is facing massive in that will and parts of West Asia. as a counter to China’s addressthis,” Sood told The of thispoEXPRESS, FRIDAY, transformativetechnologies. Indian Express. tential,about118GWof capacity,wascertainly provide low-cost or zero-interest The THE INDIAN disruptions forcingglobal loans for Rating agency Crisil “Thiswill empowerthe private corpus of Rs 1 lakh crore ambitious BRI as Jordan doable. Householdshavesofaraccountedfor research and innovation. sector, es- shipping lines is one way said thatthese regionsacpecially young entrepreneurs, to take a of addressing the longstanding IntheinterimBudget,Sitharamansaidpriasmallproportion,about20percent,ofIndia andcreate en- longer and Israel are at and more expencounted for 50per cent of abling atmosphere for research,” complaint of the lack of installedrooftop solar capacity,withthe ’s vatecompanies couldavailof interest-freelohe said. money for sive route via the Cape of India’s exports worth Rs Sood said another announcement loggerheads due to bulk ansforupto50yearsthroughthisnewmech scientific projects. of it inthe commercial and made Good Hope, industrial sectors. anism. 18 lakh crore and 30 per by Sitharaman, the one related hurting “For our tech-savvyyouth, Israel-Hamas war to promoting Indianexports “Incentivising individuals this will be cent of imports worth Rs deep-techtechnologiesindefencesector,wa to save up to Rs agoldenera.AcorpusofRs1lakhcrorewillb to Europe. 18,000 every year by selling However, widening 17 lakh crore last fiscal. alsoimportant.Inherspeech,Sitharamansai s surplus rooftop establishedwith50yearinterest-freeloanfae enteffortstoencourageprivatesectorinvolve solarelectricitytodistributioncompanieswi - thegovernmentwouldsoonlaunchanewscd conflict in the West Asia “The current conflict - ment in research. Last notonlygenerateincomebutalsohelpinpu ll cility. The corpus will provide long-term year,ithad setup a Na- region poses a problem in the Middle East will heme to strengthen deep-tech fi- tionalResearchFoundation(NRF)whosemai t- nancingorrefinancingwithlong for IMEC that has delay ting India ina strong position technologies been dubbed IMEC in the short term given tenuresand aim is to significantly n for defence purposes of climate lead- low or as a counter to China’s ambiand expanding “atmanil interest ership ahead of COP33 (climate improve, both in qualiattention of the Middle Eastfocus that the tious Belt andRoad Initiative nirbharta” orself-reliance. change con- the privatesector rates. This will encourage tativeandquantitativeterms,thecountry’sre iscurrently (BRI) as Jordan on the Thegovernmentis ferencein2028)whichPMNarendraModiha toscale up research and indispute between Israel and searchoutput.TheNRFearmarksaspending - in the process of finalising a comprehensive and Israel, whichhad toplay a crucial rolein Palestine s novationinsunrisedomains.Weneedtohav offered to host,” Aarti Khosla, and the European Union’s building the required infrastructure, of national policy on e Rs50,000croreonresearchactivitiesovernex director of programmes attention is on deep-techstart-ups, confiare at Russia-Ukraine Climate Trends, a research-based thatcombinethepowersof loggerheads due to Israel-Hamas t ned not just to defence conflict. Further, with 2024 our 5years.Morethan70percentof but across all sectors. war. change consulting company,said. climate youth and technology,” she said. being anelectionyearnot thismoneyis The policy “Geopolitically, global affairs only in Indiabut in is aimed at addressing challenges arebecom- almost 50 Thenewfundisinsyncwiththegovernm- envisaged tocome from the private sector. countries, the political and PrincipalScientificAdvisortothegovernm- faced by start-ups working in these areasand ingmorecomplexandchallengingwith wars economic tensions will play andconflicts.Globalisation create right conditions forimproved a role as well,” isbeingredefined Sanjay output. Notani, partner, Economic with reshoring and friend-shoring, Laws disrup- Practice, said. Reduction 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 25 the basis of is not done on A allocation demand coming ‘MGNREG based on the a trend. It is from the ground.’ 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 LENGTH OF NATIONAL HIGHWAYS ■ Targets fixed 16,417 CONSTRUCTED ■ Lengthconstructed 10,857 11,000 10,238 11,000 13,326 12,000 FY20 FY21 FY22 Source: Ministry of km NEW DELHI, FEBRUARY FY23 FY24 Cargo traffic atmajorports* 581.3 97,991 km 1 has Nirmala Sitharaman 50,394 FINANCE MINISTER 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 Electrifiedrail route estimate for provided only While she had her Budget presentation to incrorefor 2023-24in government had a minimum the followguarantees work in last February, during theyear un- MGNREGA unskilled manual to every creasetheallocation 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 and disruptions. war-induced years of 2020-21 job The two pandemic funding and all-time-high whichguaranENTRE S SPENDING 2021-22 saw NREGA, mangenerationunderMG days of unskilled 100 to UNDER (April-March) tees a minimum WorkDone* a financial year demand. Even ual work in on Outlay household invasion every rural 220.37 unleashed Russia’s average `32,994.12cr than 2022-23, which 166.21 ent. 2013-14 generated higher `32463.40cr of Ukraine, on-daysofemploym the 2014-15 235.15 cr (pre-pandemic)pers wasexpectedtobe `37,340.71 fiscal 235.65 Thecurrent pandemic, which 2015-16 `48,214.95 cr year after the budgetbe2016-17 233.74 first normal e MGNREGA `55,166.04cr level since alsoaccountedforth 2017-18 267.96 to the lowest-ever `61,815.09 cr rnedout,work ing slashed 265.35 in 2018-19 `71,686.70 cr 2017-18 (seetable).Butasittu— launched the scheme 2019-20 389.09 demand under the previous UPA govern`1,11,169.53 cr by 363.19 employ- 2020-21 February 2006 If the trend of holds, `98,467.85 cr 2021-22 293.72 2023-24 ment— remainshigh. April-January `90,805.93 cr ment during end up with 300 crore-plus 2022-23 NA `60,000 cr That would the fiscal could 2023-24BE 262.77** getting generated. `86,000 cr record 363-389 person-days NA highest,afterthe and 2022-23. 2023-24RE bethethird `86,000 cr of 2020-21 crore person-days supposedly a demand- 2024-25BE generated; is of employment can always MGNREGA *Crore person-days the government 31; driven scheme; funds requirements based **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 tostatesfor Interim Budget in the last 2019-20 Interim of Lok Sabha less, send positivesignals cially announced Goyal). But this did nothapworks, ahead has of Piyush up MGNREGA April-May, These aregenereschemein2024-25 and in south- Budget elections due hs before the pen.Theoutlayforth urrentfiscal'sbudget ally high-demandmont June. onset in the beenretainedatthec 60,000 crore. Rs baby, west monsoon's was a UPA revised estimateof a press conference, ot While MGNREGA Samman Nidhi (PMLater, addressing Kisan NREGAallocationisn by the the Pradhan Mantri Sitharamansaid,“MG trend. It is based on se that was started of a Kisan) is a scheme and became operational on the basis theground.”Inrespon bene- done Modi government2018. The scheme's erationinthe demandcomingfrom 1, fromDecember 10 crore landholding toaquery aboutthestates’coop Sitharaman scheme, roughly of the way incomesupport ficiaries — implementation commented on the receiving an has farmer families, year – were paid two instalsaid the CAG some states. per operatingin duringthe of Rs 6,000 MGNREGAis ment, the Finance eachbeforeand 2019. to enhance ments of Rs2,000 April-May In aseparateannounce elections in Modi hasbeen decided 2 crore to last national expectations that the Ministersaidit Didi from There were the annual payfor 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 16 720 Aircraftmovement* 25 * in million tonnes NUMBEROFAIRPORTS FY15 74 FY22 149 ’ MGNREGA HREE FERTILISER PRICES MAJOR ECONOMIC RAILWAY 5-year low MANISH SAHU, ASAD REHMAN & ANANTHAKRISHNAN G VARANASI, LUCKNOW, NEW DELHI, FEBRUARY 1 CORRIDOR PROGRAMMES SHARMA HARIKISHAN FEBRUARY 1 DELHI, NEW a AGGAM WALIA will be formulating (self reMeanwhile, the three major THE GOVERNMENT NEW DELHI, FEBRUARY 1 achieve ‘atmanirbharta’ corridor programmes economic forthe ongoingfinancial year. Furthermore, railway measures instrategy to are aimed at the estimated oils through improving techcapital outlay on Railways’ liance) in edible AIMING TO improve passengers’ modern farming logistics efficiency and reducing commerciallinesinFY25hasbeenincreased travel excostsandfocusingonenergy,mineral,cemecluding researchand Minister Nirmala perience and allowing for faster speed nt,portconnectivity,andhightrafficdensity toRs2.52lakhcrorecomparedtotherevised niques, Finance which in turn will reduce the estimate of Rs2.4 lakh crore said Thursday. corridors. “The travel time, forFY24. resultant decongestion “Annadata”, Sitharaman 40,000normal railbogies of farmers as high-traffic will be converted As per the Interim Budget, stepped Describing corridors will also help in Rs 25.5 lakh to the Vande Bharat standards, effortswill be imprsecovingoperationsofpassengertrains,result- crore has been allocated to the Railways Union Finance Ministersaid in the agricultural Finance Minister Nirmala addition Sitharaman aninginsafetyandhighertravelspeed.Together Ministrycomparedtorevisedestimateof up for value farmers’ income. nounced in her budget Rs for boosting withdedicatedfreightcorridors,thesethree 24.3lakhcroreforthecurrentFY.Therevised speech Thursday. investment toras well as Thiscomes asa crucial boost romotionof to India’sraileconomiccorridorprogrammeswillacceler- estimate for FY24 is slightly higher than Shealsopromisedppublic — in post-harvest wayinfrastructure, acentral the and Rs 24.1 lakh crore announced componentof 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 activities to Rs 500 crore Sitharamanalsoannouncedtheimplekm of new to Sithararamallocated trackswillbelaidforthesecorridorsoverthe ways’ strategic lines in FY25 has also increwhich aims Vande Bharat mentation of three major Didi economic rail- acceleration bogies allow quicker scheme, SHGs for next6-8yearsandtheentireprogrammewill ased toRs 107 crorefromthe 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. aquaparks atRs2.65lakhcrorecomparedtorevisedes- lakh crore, up from the revised estimateof meet itsdomesRailways grated ducethe overall weight of Minister Ashwini timate on imports to Rs 1.67 lakh crore for the bogies, allowing VaishnawtoldANI 2022-23 Indiarelies of Rs ongoingfinancial quickeraccelerationand inaninterviewThursday oils. During 2.6 lakh crore for the ongoing year while rly for edible FY24.OfthetotalbudgetallocationforFY25, deceleration com- that Rs 2.5 lakh crore has been tic demand the upgradation of normal pared to normal bogies. bogies to ),Indiaimportednea cated to the Ministry of RoadTransportalloThe bogies are VandeBharatstandards (November-October Rs13,000crorewill worthRs1.38 befinancedthroughbormanufactured by Integral and of will Roadways as capital outlay Coach Factory, 15,000croreandtake5yearscostaround Rscookingoils, a sharp rowings, 165lakh tonnes on roads and reduction toimplement. fromtherevisedestimateof of 35 per cent bridges,marginally higher thanthe revised lakh crore. m Budget Thursday, Rs20,000crore estimate of Rs 2.4 lakh crore for FY24. PresentingtheInteri on the initiative said, “Building will be formuSitharaman astrategy rta’foroilseeds announcedin2022, soylated to achieve‘atmanirbha sesame, groundnut, such as mustard, will cover research adopbean, and sunflower.This widespread ieties, market forhigh-yieldingvar techniques, modern farming value addition, and tion of linkages, procurement, lakh crop insurance.” allocated Rs1.27 Overall,Sitharaman of Agriculture and Ministry crore crore for the of this, Rs 1.17lakh and Farmers’ Welfare— of Agriculture crore for is for Department and Rs 9,941 Research and Farmers’ Welfare, of Agricultural Department set up Education. eGovernment Highlightingthatth for Fisheries realisa separate Departmentassisting fishermen, of and ing the importance both inland said had Sitharaman tion haddoubled,as aquacultureproduc 2013-14. since Mantri seafood export of the Pradhan will be “Implementation Yojana (PMMSY) proture Matsya Sampada to: (1)enhanceaquacul tonnes to five stepped up existing three 1 lakh ductivity from double exports to Rs (2) per hectare; lakh employment generate 55 Five integrated crore and (3) in near future. the Finance opportunities up,” will be set aquaparks Minister said. farmers as “Annadata”, value addiDescribing “The effortsfor boosting Sitharamansaid: sector and will tion in the agricultural steppedup...we lbe in farmers’incomewil public investment n, and promote private s includingaggregatio chains,pripost-harvestactivitie efficient supply marketmodern storage, processingand of Nano DAP maryandsecondary Application ing and branding.” be expanded inallagrowill on various cropsshe added. climatic zones, Illustration: subsidy bill to fall to EASING GLOBAL Food, fertiliser, fuel IMPLEMENTATION OF T 13,814 10,457 12,200 10,336 5,250* FY19 *Data up to November 2023 Road Transport and Highways or 2023-24 IMPROVEMENT IN PHYSICAL croreinREf INFRASTRUCTURE utlay by `26,000 tohighdemand Govthikedo owing ■ FY15 1,44,634 ■ FY22 0 croreinBE from`60,00 SHARMA HARIKISHAN & HARISH DAMODARAN SITHARAMAN ANNOUNCED A priest performs puja in the southern cellar of the Gyanvapi mosque complex in Varanasi on Wednesday night. PTI ‘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. and OF revenues year ESTIMATES in the coming expenditures the Interim in are presented But since the full Budget as well. in July by the Budget is presented purpose of the new government, is to seek Budget to tax an Interim authorisation Parliament’s in the intervening and spend months. BUDGET Estimates GIVEN THAT year are likely to on the of the coming better to focus change, it is (of the current Revised Estimates because they financial year) the past 5 picture for complete the Suvajit Dey WORK UNDER DEMAND FORCr) (in ■ Number of MGNREGA (in %) growth households 4.0 3.5 ■ Y-o-Y 25% 20% 15% 10% 5% FULL COVERAGE PAGES 6-13 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 policepresence 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