MONDAY, 4 MARCH 2024

14 pages in 1 section www.business-standard.com

CHENNAI
~13.00
VOLUME XXVI NUMBER 207

How markets performed last week

% chg over Dec 29, ‘23
Index on *One- --————————————————————————————————————————————————————————

Mar 02, ‘24 week Local currency in US $

Sensex 73,806 0.9 2.2 2.5
Nifty 22,378 0.7 3.0 3.3 WORLD P8 TECH 4.0 P12
Dow Jones 39,087 -0.1 3.7 3.7
Nasdaq
Hang Seng
16,275
16,589
1.7
-0.8
8.4
-2.7
8.4
-2.9 SHEHBAZSHARIFBECOMES GAGANYAAN MISSION: MAPPING
PAKPMFORASECONDTIME AN INDIAN SPACE ODYSSEY
Nikkei 39,911 2.1 19.3 12.1
FTSE 7,683 -0.3 -0.7 -1.2
DAX 17,735 1.8 5.9 3.9
#As on March 02; *Change (%) over previous week Source: Bloomberg P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E

GOOGLE PLAY STORE

DELISTING HITS APP
DEVELOPER BIZ BY 40%
NFRA to engage Govt readies Viksit Bharat
TheGoogleversusIndianapplication(app)
developers’tusslereachedanewheightafter
with companies plan with focus on growth
theglobalsearchmajorbannedappsfrom10
Ministers brainstorm over Prime Minister

for better insights

developersfromitsPlaystore.Althoughthe Narendra Modi
appswerereinstatedwithinaday,theimpact
ofthebanhasbeenimmense.Manytold 100-day agenda for next at the Council
of Ministers’
BusinessStandardthatbusinesshadbeen
impactedbyasmuchas40percent.The
term, 5-year action plan meeting, in
New Delhi
partiesconcernedhavesoughtameeting ARCHIS MOHAN on Sunday.
withthegovernmentonMondaytodiscuss New Delhi, 3 March
thecontentiousissue,sourcessaid. 2> To refer the matter to regulator if lapses found Addressing the
ministers, he
In a message intended to emphasise that said the new
RUCHIKA CHITRAVANSHI the government was confident of returning government
New Delhi, 3 March for a third successive term, Prime Minister would present
Narendra Modi on Sunday chaired the

T
the next

ON he National Financial Reporting

Authority (NFRA) has decided
meeting of his entire Council of Ministers,
which discussed the “100-day agenda” of
Budget in June

SPECIALS MONDAY to directly engage with the next government, the detailed action

ILLUSTRATION: AJAY MOHANTY

companies, not just auditors, in plan for the next five years, in which India’s
BANKER’S TRUST cases where it finds issues with financial economy will become the world’s third- CHARTING THE n Over 2,700 meetings, workshops,
seminars held and suggestions of
Aduelofsexagenarians statements, Chairman Ajay Bhushan
Pandey told Business Standard.
largest, and a vision document for Viksit
Bharat 2047 detailing the next stage of
ROAD AHEAD over 2 million youngsters received
andquadragenarians? The authority’s mandate is to inspect reforms to help achieve that goal. n Govt prepares blueprint
Innovations in the fintech sector will auditors. However, in certain cases, NFRA In his address to the ministers, the PM after talking to states, n Viksit Bharat road map to also
continue, but will the innovators in officials will engage with chief financial indicated that the new government would academia, industry bodies, focus on sustainable development
their 40s have the freedom to ignore the officers and audit committees to get a com- table the full Budget in June. Usually, the civil society and youngsters goals, ease of living, ease of doing
regulations set by the central bankers in prehensive understanding of the issues. If new government presents the full Budget in for over two years business, infra, and social welfare
their 60s? TAMAL BANDYOPADHYAY writes 13 > any lapses are found, the NFRA will refer
DIALOGUEWITHAUDIT the first session of Parliament. Turn to Page 6 >
the matter to the appropriate regulator. COMMITTEESANDINDEPENDENT
STATSGURU “The NFRA’s mandate is to enforce DIRECTORSWILLHELPTHEINSPECTION
Fallingforeignownership 13 > accounting standards. Dialogue with audit PROCESSTOGETTHEIRINPUTAND
committees and independent directors will NOTJUSTTHEAUDITOR’SVERSIONOF
POLITICS
ViaSandeshkhali,
help the inspection process and get their
input, and not just the auditor’s version of
THINGS.AFTERALL,COMPANYISTHE BENGALURU BLAST SHIFT IN COPPER MKT MSP LEGALISATION
things. After all, company is the issuer of
ISSUEROFFINANCIALSTATEMENTS” CREATES DISTRESS IN DYNAMICS: CHANGING DEBATE:TACKLING
BJPseesanopening
The Opposition in Bengal may keep the
pot boiling until the Lok Sabha polls, even
financial statements,” Pandey said. He said
it was necessary to understand the com-
AJAY BHUSHAN PANDEY
Chairman, NFRA
STARTUP, TECHSCAPE FORTUNE OF 2 FIRMS AN INEDIBLE DEFICIT
munication between auditors and firms. The blast at The Riddled with increasing Will the protesting
as the TMC firefights allegations of land
In an earlier interview with Business Rameshwaram Café has imports, India’s copper farmers’ demand to
grab, forced land conversion, and sexual
Standard, the NFRA chairman had high- accepting what they say. Auditors should again thrown into sharp industry is gearing up for legalise the minimum
exploitation with the arrest of Sheikh
lighted the significance of effective two- display professional scepticism. This kind relief the need for a change in market support price (MSP)
Shahjahan. ISHITA AYAN DUTT writes 7>
way communication between those of robust interaction between the auditors advanced security dynamics. While Adani regime lead to crop
charged with governance (TCWG) and and TCWG will enhance the confidence of measures in India’s Silicon Valley. Natural Resources is planning to diversification and help India keep
THE SMART INVESTOR auditors. “The audit committee and inde- stakeholders and shareholders in the finan- Startups are calling for swift measures add capacities, Vedanta Group is under check its burgeoning import
Demandthreadsdelicate pendent directors should ask auditors the cial statements accounts of the corporate to safeguard Bengaluru’s investment facing legal hurdles. bill on edible oils and pulses?
weaveforapparelretailers 10 > right set of questions instead of simply sector,” he had said. Turn to Page 6 > climate. PEERZADA ABRAR writes 2> AMRITHA PILLAY finds out 3> INDIVJAL DHASMANA weighs in 13 >
2 COMPANIES
>
CHENNAI | MONDAY, 4 MARCH 2024 1

BENGALURU BLAST AFTERMATH

Startups call for swift measures to ensure robust safety

PEERZADA ABRAR
Bengaluru, 3 March
are with the injured and their fami-
lies, and we are offering them all the WHAT’S AT STAKE security of employees and cus-
tomers in India’s IT hub,” said Saraf.
support, assistance, and care they > Karnataka’s tech startup ecosystem > Early-stage funding: $784 mn in 2023, He mentioned that the incident
The blast at The Rameshwaram Café need, praying for their speedy recov- leads India in overall and 2023 funding down 71% from 2022’s $2.7 bn presents a danger not only to the
has caused distress and concern ery,” added Rao. lives of the innocent but also under-
among the startup and information Numerous entrepreneurs and > Over 18,000 startups thrive, > Seed-stage funding: $294 mn in 2023, mines the aspirations of entrepre-
technology (IT) community, raising tech professionals expressed their hosting 39% of the country’s a 54% fall from 2022’s $643 mn neurs who might now be reconsid-
questions related to safety and secu- sadness over the incident, empha- unicorns > Bengaluru led city-wise funding in ering investing their capital in the
rity. Approximately 10 people were sising the urgent need for improved > Total 2023 funding: $3.4 bn, a 72% 2023, raised $3.4 bn city’s security apparatus.
reportedly injured in a low-intensity security measures in the city. Industry executives said that an
drop from 2022’s $12.2 bn (Tracxn) > Top-funded segments in 2023:
bomb blast at The Rameshwaram “The incident not only breaches incident like this could have an
Café, a popular restaurant in the safety we try to provide for > Late-stage investments: $2.3 bn in Fintech, retail, and enterprise impact on the investment scene in
Bengaluru’s Brookfield. employees and customers but also 2023, a 74% decline from 2022’s $8.9 bn applications Source: Tracxn Bengaluru, known as the Silicon
The surrounding area is a major highlights the pressing need for a Valley of India. “This impacts
hub for the Indian technology (tech) holistic security organisation in the investor sentiment,” stated an exec-
industry, housing many startups town. As entrepreneurs, we have latest tech, and increased intelli- Atul Rai, co-founder and chief exec- collaborating with real estate firms once again thrown into sharp relief utive at a top e-commerce firm. “If
and top IT companies such as IBM, successfully navigated risks in the gence-sharing among security utive officer (CEO) of Staqu in Bengaluru to provide audio-video the pressing need for advanced there are more such incidents, they
SAP, Accenture, International Tech business world, but being witness to forces. Technologies, an artificial intelli- analytics security camera solutions security measures. Within this con- may start to question whether it is
Park Bangalore, and Prestige violence on our doorstep is an awful “It’s unfortunate that such an gence company. that algorithmically monitor suspi- text, he highlighted the increasingly safe to invest here.”
Technostar. reminder of the security of our envi- incident took place in a major city, In this particular incident, an cious activities, sending real-time crucial role of artificial intelligence Bruhath Bangalore Hotels
“We are deeply saddened by the ronment,” said Nidhi Aggarwal, considering urban areas are entrust- individual entered a designated area alerts to chief security officers. in identifying and preventing such Association on Saturday announced
unfortunate incident at our founder of SpaceMantra, an online ed with strong security measures carrying a bag and left without it. “It’s imperative that as a nation, incidents. it will devise a plan to enhance the
Brookfield branch. We are cooper- marketplace for the construction and greater tech prospects. This Rai stressed that closed-circuit tele- we prioritise the implementation of Raghunandan Saraf, CEO and security system at all hotels across
ating with the authorities and offi- and interior industry. blast is a painful experience for the vision cameras at such locations every available cutting-edge tech founder of Saraf Furniture, said the the city. It will also discuss preven-
cials in their investigations,” said Aggarwal suggests an organised residents of Bengaluru and is a must identify such behaviour as sus- that can prevent similar incidents in blast has shaken the startup com- tive measures to make public places
Divya Raghavendra Rao, co-founder effort to strengthen security infra- wake-up call for enhanced security picious. the future,” underscored Rai. munity in the city. “As a founder of safer, convening a meeting with
and managing director of The structure, including the installation measures in major urban areas to Staqu, in addition to its efforts in Hariom Seth, founder of a startup, I am aggrieved by this inci- police officials, hotel owners, and
Rameshwaram Café. “Our thoughts of more cameras, deployment of the make everyone feel safe again,” said retail and food service industries, is Tagglabs, said the explosion has dent, which has alerted me to the other stakeholders.

Integrity,innovation
ourtoppriority,says
Biz took 40% hit after 8 of 10 delisted
apps back
Chandrasekaran
PRESS TRUST OF INDIA
Jamshedpur, 3 March
Google delisting: Startups
ARYAMAN GUPTA, ASHUTOSH MISHRA what Google calls a consumption-only
on Play Store
& SHIVANI SHINDE model, wherein any products or services,
Tata Sons Chairman N New Delhi/Mumbai, 3 March whether digital or physical, cannot be pur- SURAJEET DAS GUPTA commissions being demand-
Chandrasekaran on Sunday chased from within the app. This allows New Delhi, 3 March ed will force them to pass on

T
said the conglomerate would he Google versus Indian applica- developers to not pay Google the 11-30 per the burden as a “Google tax”
continue to uphold the legacy tion (app) developers’ tussle cent service fee. Apps of eight of the 10 start- if they want to survive.
of its founder Jamsetji Tata, reached a new height after the The apps can, on the other hand, ups that were delisted from Startups and other app
and remain committed to the global search giant banned apps from 10 undertake transactions through their Google Play Store on Friday developers argue that Google
principles of integrity, developers from its Play Store. Although respective websites. are now back on the platform, is giving differential treatment
innovation and social respon- several of these apps were reinstated with- The absence of a billing system on the with the remaining two also to Indian developers. They
sibility. in a day, the impact of the ban has been Play Store would, however, take a toll on in the process of their return point out that the new formu-
He was addressing a gath- immense. Many told Business Standard the companies’ operations, several — after they accepted a la offered has already been
ering at the Postal Park in Tata Sons Chairman that business has been impacted by as founders said. compromise formula implemented or is in
Bistupur in Jharkhand’s N Chandrasekaran was much as 40 per cent. Sincedelisting,ourbusinessis According to industry sources, Indian offered by the US the process of being
Jamshedpur after paying addressing a gathering in The parties concerned have sought a downaround30-40%,which founders and app developers have sought technology giant. implemented in the
homage to Jamsetji Tata on Jamshedpur on Jamsetji meeting with the government on Monday meanswewentfrombeinga a meeting with the government on The relisted apps European Economic
his 185th birth anniversary. Tata’s birth anniversary to discuss the contentious issue, sources Monday, led by Communications Minister include Naukri.com, Area and the UK. In
He was accompanied by aware of the development said.
profitable,growingcompanytoan Ashwani Vaishnaw, to discuss the issue. Jeevansathi.com, the EU, as a pre-
Tata Steel Chief Executive inception,” Chandrasekaran “Since delisting, our business is down unprofitable,de-growing Vaishnaw, who intervened on the Shaadi.com, and emptive compliance
Officer (CEO) and Managing said. 30-40 per cent, which means we went company.Ithascausedcomplete issue, made it clear that India is very clear Bharat Matrimony. measure, Google has
Director (MD) T V Narendran. “We will continue to work from being a profitable, growing company valuedestruction in its policy that startups will get the pro- Ashwini Govt to meet allowed app devel-
“Our founder, Jamsetji together with the community to an unprofitable, de-growing company. tection that they need, and this kind of Vaishnaw, the Google, app opers to offer only
Tata, envisioned a future to build a brighter, more pros- It has caused complete value destruction,” ANUPAM MITTAL delisting cannot be permitted. Union minister for developers their preferred pay-
where industry would be a perous future for Anupam Mittal, founder and chief exec- Founder & CEO, Shaadi.com The development comes amid an communications, today ment processes and
force for positive change, and Jamshedpur and its resi- utive officer of People Group ongoing spat between Indian developers electronics, and IT, not offer the Google
it is with great pride that we dents,” he added. (Shaadi.com), told Business Standard. and Google over its billing policy. After who intervened in the con- payment system at all. Many
continue to uphold his legacy. Later, he inaugurated an As many as 50 per cent of People the Madras High Court dismissed pleas of tentious issue on Saturday, startups have argued that, in
In this occasion, we reaffirm exhibition at Steelennium Group’s apps, Mittal said, had been delist- several Indian startups against Google’s has scheduled a meeting with addition to being large adver-
our commitment to the prin- Hall at Jamshedpur Works of ed from the Play Store. billing policy last year, app developers the two sides for Monday. tisers on Google, they are now
ciples of integrity, innovation, Tata Steel, where various Snehil Khanor, chief executive officer, escalated the issue to the apex court. Speaking to Business also paying commissions for
and social responsibility that departments presented their TrulyMadly, a matchmaking app, said that Although the Supreme Court (SC) Standard, Vaishnaw stated: being on the app store and
have guided us since our technology-led initiatives. their business as well as its user experi- agreed to hear the appeals filed by 10 “We will continue to support conducting transactions,
ence were “deeply impacted” by Google’s developers, it refused to provide any inter- the startup ecosystem. App which they deem unfair.
move. “The impact of the ban on im relief to them. developers and Google teams Sources say that Google
TrulyMadly’s business was 20-25 per cent “What was the hurry? Why couldn’t will meet tomorrow (Monday) took action on delisting only
IN BRIEF on Day One. Until Saturday the platform Google have waited for a few more weeks and explain their viewpoints.” after the Supreme Court did
has seen a dip of almost 40 per cent,” until these matters are fully heard in the Under Google’s new for- not grant any interim relief to
Khanor said. Theimpactofthebanon courts,” Mittal said, adding, “The interim mula, it will relist the apps on the petitioners, including
Byju’s says it is beneficial Google had, on Friday, announced that
it had removed apps from 10 developers
TrulyMadly’sbusinesswas protection went away recently, but that
does not mean that the Competition
Play Store for free, provided these startups, challenging
any transaction on those apps the tech major’s billing policy,
20-25%onDayOne.TillSaturday,
owner of $533 mn US fund from the Play Store for alleged non-com-
pliance with its user choice billing system. theplatformhasseenadipof
Commission of India or SC has said that
you (Google) can go back to the status quo
does not take place through against delisting the apps.
Google’s billing system. These Even then, Google waited for
Ahead of a US court hearing on the whereabouts of the $533 These include apps like Shaadi, Bharat almost40% and charge whatever you want.” apps can use any third-party a substantial period and start-
million funds Byju’s had parked in an American investment Matrimony, Balaji Telefilms’ Altt (formerly Google, on the other hand, claims that payment channel through ed to delist from March 1, leav-
firm, the edtech company on Sunday evening said its ALTBalaji), audio platform Kuku FM, and
SNEHIL KHANOR developers have had more than three their respective websites and ing a significant amount of
CEO, TrulyMadly
subsidiary in the US remains the beneficial owner of the fund. dating service Quack Quack. years to prepare, including three weeks are not obligated to pay a com- time in between, they said.
On Saturday, Byju’s stated that it had no money to pay salaries Two apps from the Sanjeev after the recent SC order, saying that the mission of 15 to 30 per cent In their discussions with
to employees after just-raised funds through the rights issue Bikhchandani-led Info Edge Group — developers in question “have chosen to (which includes 4 per cent for app developers, the sources
were locked (in a separate account) after a dispute with Naukri.com and 99acres.com — were also Store ecosystem. This, in turn, breaks the not pay for the immense value they transactions through Google's said, Google has made it clear
investors. It is not clear if Byju’s is the beneficial owner of $533 taken down. Bikhchandani claimed that user experience. receive on Google Play by securing interim own billing system). that the commission is based
million, then why it could not use them for paying salaries. these apps were delisted without any “We had to modify our apps according protections from the court”. However, those that con- on their business expectations
“Camshaft, in its latest submission, has disclosed to the notice from Google about them being to Google’s directions. We removed all “Only 3 per cent of developers in India tinue to use Google's payment and is a commercial contract,
Delaware Court that the $533 million was transferred from non-compliant. payment methods and billing systems sell digital goods or services and therefore system will still have to pay and that developers have a
Byju’s Alpha to another 100 per cent Think & Learn owned Several of these apps are now back on from our apps. They are now operating need to pay a service fee, the vast majority the commissions. Startups choice not to use its app store.
subsidiary, Inspilearn LLC (a Delaware firm),” Byju’s said in a the Play Store after being modified to fit without payment gateways. None of our of whom pay 15 per cent or less — the low- have expressed dissatisfaction It further argued that the
statement. “As Byju’s has indicated previously — the funds Google’s payment policy. But many are on apps are directly monetised. Business is est of any major global app store. In fact, with Google’s action of delist- startup ecosystem does not
continue to remain in a Think and Learn subsidiary, contrary to a consumption model, which means for bound to take a hit,” said another app in India, less than 60 developers on ing without providing ade- get impacted as the majority
the false allegation made by a select list of investors before the any transaction or payment, a user has to developer. Google Play are subject to fees above 15 quate notice. They are con- of the app developers don’t
NCLT in India,” Byju’s said. According to reports, the Florida go to the app’s website or out of the Play The re-listed apps are now running on per cent,” the company said in a blog post. cerned that the hefty pay in any case.
hedge fund has been asked to reveal where the money is
located or face possible sanctions from a federal judge
on Monday. PTI

‘Expect price moderation if geopolitical tensions ease’

India to be on chip making Agricultural solutions major Coromandel International, a part of Chennai-based Murugappa
Group, is focusing on backward integration to secure a steady supply of raw materials.
coming up with a phosphoric acid and
sulphuric acid project in Kakinada with an
What are your growth targets in each of
your segments — like fertiliser, crop
global stage in 5 yrs: Vaishnaw ARUN ALAGAPPAN, executive vice-chairman of the company and a member of the Murugappa
family, discusses the current global market, expansion plans, and the volatility of commodity
estimated investment of ~1,050 crore.
Additionally, we’ve acquired mines, such as
protection, bioproducts, specialty
nutrients, and retail?
Indiawill,inthenextfiveyears,jointhehigh- prices in an interview with Shine Jacob in Chennai . Edited excerpts: one in Senegal (rock phosphate), ensuring Our focus is on strengthening our backend
stakeglobalstageofsemiconductor raw material security. before expanding the frontend in fertilisers.
manufacturingasitcombinesunparalleled Do you think the uncertainty in commodity all-time high previously. The turnover metric We are targeting a 20 per cent compound
designcapabilitieswith$10billionofincentives prices and volatility in the global market does not fully reflect the fertiliser business’ The government has brought diammonium annual growth rate across all segments.
todrawmanufacturerstosetupnewfabsand due to the West Asian concerns and performance, as external factors play a phosphate, Muriate of Potash, and all such In retail, we are increasing the number of
unitsthatwillcutdominanceofTaiwan,South sanctions on Russia are affecting you? crucial role. Government actions, such as fertilisers that get NBS support under price stores by expanding to other states. In the
KoreaandChina,saidITandTelecomMinister One challenge is the Red Sea crisis, reducing nutrient-based subsidy control. How do you see the move? bioproduct sector, we plan to broaden our
AshwiniVaishnaw(pictured).Inaninterviewto causing a shift from a 19-day to a 37- (NBS) rates, impacted revenue The government’s intervention aimed to product portfolio, while our specialty
PTI,hesaidIndia’swell-craftedpoliciesare day transit time in most areas where during a challenging period for stabilise prices for farm products, preventing nutrients business is seeing steady growth.
temptingmanufacturerstosetupnewsemiconductorfabrication we source materials. Coromandel manufacturers in India. excessive volatility. While it
plantsandpouringinvestmentinrelatedsectors. PTI strategically sources from both the may be perceived as price According to the India Meteorological
East and the West, mitigating What are your backward control, it is more about Department (IMD), El Niño conditions are
ARUN
material shortage concerns. ALAGAPPAN integration plans, as it ensures the maintaining stability expected to bring intense heat during the
Flipkart unveils UPI handle to However, costs and commodity
prices have risen by 20-25 per cent. If
Executive
long-term supply of key raw
materials?
for farmers. If farm
input moves up, the
summer season this year, followed by La
Niña. In this case, what is your outlook for
push digital payment offerings geopolitical tensions ease, we expect
a moderation in these prices.
Vice-Chairman,
Coromandel
International
In line with the government’s aim
for self-reliance (atmanirbhar), we
end product also will
go through a volatile
the year?
Despite last year’s fine sowing in our
FlipkartonSundaylauncheditsUPI(unifiedpaymentsinterface) opted for backward integration situation.The addressable market, we observed a 7-8 per
handletoenhancedigitalpaymentofferingstousers,includingthe During the last financial year, your revenue instead of imports. We built a plant in government has cent growth in volumes, indicating an
e-commercemajor’sover500millioncustomers,andboostIndia’s was around ~29,000 crore and your profit Visakhapatnam last year, investing ~400- effectively managed increase in market share. Looking ahead,
digitalevolution.PoweredbyAxisBank,FlipkartUPIwillinitiallybe was at ~2,013 crore. However, this year, your 450 crore, reducing our reliance on price stability during the IMD forecasts a favourable monsoon.
availableforAndroidusers.CustomerscanregisterforUPIwith revenue saw a dip of 25 per cent and profit external sources. periods of As we enter the rabi season, a good
@fkaxishandleandcandofundtransfersandcheckoutpayments after tax by 16 per cent. What were the major Over the past few years, fluctuation in monsoon is expected, leading to robust
usingtheFlipkartapp.Foradistinctivecustomerexperience,loyalty reasons for this? we invested over ~2,000 farm input sowing and increased fertiliser use. Overall,
featureslikeSupercoins,cashbacks,Milestonebenefits,andbrand The decline is primarily attributed to the crore in backward costs. the year should be positive, with early June
voucherswillbemadeavailableposttheUPIlaunch. PEERZADA ABRAR pricing of raw materials, which reached an integration. We are also rains forecasted.

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>
CHENNAI | MONDAY, 4 MARCH 2024 COMPANIES 3

Shift in copper market dynamics:

Changing fortune of 2 companies
AMRITHA PILLAY “This isn’t the conclusion; the Supreme ramping up.”
Mumbai, 3 March Court has pinpointed certain concerns. Once Prakash did not directly respond to a query
these are addressed, it’s likely that the court on whether the company looks to an early com-

R
iddled with increasing imports, India’s will grant permission on another petition. It missioning of full capacity or plans for incre-
copper industry is gearing up for a indicates that this is a step in the ongoing mental capacity in wake of the Supreme
change in market dynamics — while a process,” said Jidesh Kumar, managing COPPER PRODUCTION Court order last week.
new entrant is planning to add capacities, an
older player is facing legal hurdles.
partner, King Stubb & Kasiva,
Advocates and Attorneys. However,
AND IMPORTS He added, “We are committed to
exploring opportunities that align
Amid this, raw material imports, commer- this may not be an easy task, accord- Period Domestic Imports % of imports with the nation’s priorities to help
cial viability, and capacity ramp-ups will be the ing to an industry analyst. production (kilo in total us achieve our growth objectives.
deciding factors on how the industry fares, “In case Sterlite Copper re-opens (kilotonnes) tonnes) demand met We regularly evaluate various pos-
going forward, said analysts. the facility, the key monitorable sibilities to determine their poten-
Last week, the Supreme Court dismissed a would be the costs involved in
Q3FY23 142 54 27.55 tial to support our vision and
plea by the Vedanta Group to reopen its copper ensuring higher environment com- Q1FY24 137 57 29.38 enhance our overall success.”
smelter plant at Thoothukudi in Tamil Nadu. pliance and commercial viability,” Q2FY24 145 56 27.86 Filling in the vacuum left by
The decision comes at a time, when India’s
imports of copper are rising (see table) and a
new entrant — Adani — is preparing ground
the analyst said.
Even as Sterlite struggles to get its
capacity re-opened, Adani’s Kutch
Q3FY24 133 64 32.32
Source: Hindalco Industries
Sterlite’s closure may not be an easy
task, industry experts said.
“India does not have a sufficient
Hospitals’ revenue
per bed sees healthy
Investor Presentation
to start operations. Copper, the latest entrant in the market, domestic source of copper ore, and so,
“We are awaiting the order from the Hon’ble is preparing to commission its first phase. we rely on imports. In the absence of
Supreme Court and will evaluate our next steps Earlier, Hindalco Industries and Vedanta Vedanta’s Sterlite capacity going on-stream,

increase in 9MFY24
once our legal team has examined it,” Vedanta’s were the two major producers. it is an opportunity for other players. However,
Sterlite Copper had said on Thursday. But with Sterlite Copper operations sus- any new player will have to navigate the same
Concerned spokespersons at the company pended, Hindalco now contributes most of cost viability concerns,” said Hitesh Avachat,
said they have no further comments to make. India’s current production. associate director with CareEdge.
Outside the 400 kilotonne per annum Vinay Prakash, chief executive officer pletion of both the phases, the complex will Commenting on Kutch Copper’s ore sourc- SANKET KOUL & ANJALI SINGH BED-WISE REVENUE:
(KTPA) Tamil Nadu unit, Vedanta has little to (CEO), Adani Natural Resources, and managing have a total capacity of 1 MTPA. It will make ing, Prakash said, “The sourcing involves a
show in the copper business. director (MD) of Kutch Copper, in an email Kutch Copper the world’s largest single-loca- strategic mix of short and long-term arrange-
New Delhi/Mumbai, 3 March
THE CLIMB
The company owns a 216 KTPA capacity response to Business Standard, said, tion copper smelter.” ments with miners and traders worldwide, Major Indian hospital
ARPOB per day
unit at Silvasa (near Gujarat) and Vedanta “Construction of Phase I of the complex is in Analysts with Cantor Fitzgerald, in a report including from Peru, Chile, and Australia. We chains reported an increase n 9MFY23 n 9MFY24 (~)
Resources also owns a majority stake in advanced stages and will be operational in on Adani Enterprises in January, had said, “We are striving to create a base of copper concen- in their average revenue per ICRA figure* 45,300
Konkola Copper Mines in Zambia. March 2024 with 0.5 MTPA refined copper do not forecast the company’s copper smelter trate supply by partnering with major global occupied bed (ARPOB) for 50,000
Not everyone feels it is the end of the road capacity. Following this, we plan to expand to be finished until the third quarter of FY25. players. This will ensure consistent supply in the nine months (9M) of the Apollo Hospitals 51,202
for the company. capacity by 0.5 MTPA in Phase II. Upon com- From then, we expect copper revenue to start desired quantities.” current financial year Enterprise 56,823
(2023-24, or FY24) — 36,100
around ~50,000 per bed per Aster DM (India) 39,300
day in 9MFY24 compared

India Inc pushes capex as capacity use nears 75% to ~45,800 per bed per day Fortis Healthcare
54,048
59,870
in the same period last
financial year (2022–23, or Max Healthcare 66,300
FY23). According to esti- 74,500
mates by rating agency 9MFY: First nine months of the financial year;
DEV CHATTERJEE
Mumbai, 3 March LEADERBOARD BPCL: Targets ~1.5-1.7 trillion capex
in 5 years
Tata Motors: ~38,000 crore ness. Other conglomerates are also
leading the investment plans. Aditya
ARPOB: Average revenue per occupied bed
ICRA, ARPOB will increase *ICRA’s sample size includes hospital business
Recent private capex UltraTech: Announces third capex Birla announced plans to invest by 8–10 per cent in FY24.
of nine listed companies
Source: ICRA Research, companies
With India Inc’s average capacity util- announcements Maruti Suzuki: ~1.25 trillion round worth ~13,000 crore ~10,000 crore in the paints business. In ICRA’s sample set of
isation touching 74 per cent, spending in 8 years The Adani Group is leading the hospitals, the ARPOB has increased by 10.35 per cent in 9MFY24.
according to the Reserve Bank of Amul: Sets aside ~11,500 crore to capex plans in the infrastructure sec- For the full FY24, ICRA estimates listed companies it tracks to
India (RBI), top Indian conglomer- ONGC/IOC:~1.2trillionforexpansion expand operations across six states tor as it expects to report record witness healthy year-on-year growth of 8–10 per cent — ~49,708
ates are finally pressing the pedal on JSW Steel/EV: Lines up Adani Enterprises: To spend Ebitda (earnings before interest, tax per bed per day from ~45,800 per bed per day reported in FY23.
capital expenditure. and depreciation) of ~80,000 crore ICRA feels that the rise will be aided by improving specialty
~1 trillion to raise capacity $1.5 billion on data centres
According to a report by Motilal for the financial year ended March and case mix, a better payor mix (with a higher contribution from
Oswal Financial Securities (MOSL), Tata Power: ~60,000 crore capex Cairn India: To double annual 2024, with ~1 trillion for 2025. It will cash and insurance patients), and annual price revisions by com-
private sector capital expenditure over 3 years capex to $1 billion in 5 years invest in data centres, airports, roads, panies to offset cost inflation.
(capex) has started ramping up from SOURCE: MOTILAL OSWAL
ports and power generating units in ICRA’s sample set includes the hospital business of nine listed
select sectors, which will get another Powerchip Semiconductor Private Limited announced plans to our entry in semiconductor fabrica- the coming quarters with equity companies, namely Apollo Hospitals Enterprise, Aster DM
leg up from thermal power, produc- Manufacturing Corp (PSMC), invest ~27,000 crore in Assam. tion will add to this legacy,” Tata Sons investments expected from Healthcare (India business only), Fortis Healthcare, HealthCare
tion linked-led capex and semicon- Taiwan, announced plans to invest “The Tata Group has a tradition Chairman N Chandrasekaran said sovereign funds from West Asia. Global Enterprises, Krishna Institute of Medical Sciences, Max
ductor capex. ~91,000 crore in Dholera, while Tata of pioneering many sectors in the after announcing a slew of invest- Healthcare Institute, Narayana Hrudayalaya, Rainbow Children’s
Last week, Tata Electronics and Semiconductor Assembly and Test country, and we are confident that ments in the semiconductor busi- More on business-standard.com Medicare, and Shalby Hospitals.

SONA BLW PRECISION FORGINGS LIMITED

CIN: L27300HR1995PLC083037
Registered and Corporate Office: Sona Enclave, Village Begumpur Khatola, Sector 35,
Gurugram, Haryana – 122004, India
Telephone: +91 0124 476 8200
E-mail: investor@sonacomstar.com, Website: www.sonacomstar.com

PUBLIC NOTICE
This is to inform public that “SONA”, “SONA BLW”
and “SONA COMSTAR” are registered trademarks
of M/s. Sona BLW Precision Forgings Limited.
Promoter(s) of Sona Machinery Ltd. had filed for a
trademark “SONA” (Device) represented as herein
“ ” in Class 07. The said trademark has
been opposed by Sona BLW
Precision Forgings Limited.

By way of this public notice, we caution the public

at large that there is no connection between
Sona BLW Precision Forgings Limited and Sona
Machinery Ltd. Both, Sona BLW Precision
Forgings Limited and Sona Machinery Ltd. are
separate independent entities having no
commonality of interest or promoters.

For SONA BLW Precision Forgings Limited.

Sd/-
Place: Gurugram Group General Counsel &
Date: 2 March 2024 Company Secretary
4 ECONOMY & PUBLIC AFFAIRS
>
CHENNAI | MONDAY, 4 MARCH 2024 1

IN BRIEF
Farmers give ‘rail roko’ call for Differences remain amid NPSadded21.5%
Mar 10, to reach Delhi on Mar 6 fewer corporate
Farmer leaders Sarwan Singh Pandher and Jagjit
Singh Dallewal on Sunday gave a call to the
farmers across the nation to reach Delhi on March
6 for a protest while they also gave a four-hour
some headway at WTO MC13 subscribersin’23
‘rail roko’ countrywide call for March 10 in support
of their various demands. The farmer leaders
Issues like subsidies, public stockholding for food security persist Saw 158,212 new subscribers last year
asserted that the farmers’ ongoing agitation will be intensified at SHREYA NANDI
the existing protest points and will continue till their demands are New Delhi, 3 March compared to 201,517 during 2022
met by the government. They were speaking in Bathinda district's

N TRACKING THE TREND

Balloh village, the native village of a farmer who died recently otwithstanding intense negotia-
during clashes with the Haryana security personnel in Khanauri. tions lasting over five days, the Change in 2023 compared to 2022
Kisan Mazdoor Morcha (KMM) are spearheading the ‘Delhi Chalo’ 13th Ministerial Conference n 2022 n 2023 Change (%)
march by the farmers to press the government to accept their (MC13) of the World Trade Organization
demands, which includes that the Centre should give a legal (WTO) ended in a status quo. No consen- 17.7 58.3 -21.5
guarantee of the Minimum Support Price (MSP) for the crops. PTI sus was reached on most key issues, lead-

526,893

186,805

201,517
ing to no visible outcomes.

158,212
447,480

118,020
Divergences in positions persisted on
FM to inaugurate meet of GST crucial matters such as curbing subsidies
contributing to overcapacity and overfish-
enforcement chiefs today ing, and public stockholding for food secu-
rity — a foremost priority for India. State Central Corporate
Finance Minister Nirmala Sitharaman will While MC13 saw no specific outcomes, Commerce and Industry Minister Piyush Goyal emphasised that India has Source: MoSPI
inaugurate on Monday a conference of countries resolved to establish a fully func- retained full policy space for the benefit of its farmers
enforcement chiefs of all state and central GST tioning dispute settlement system acces- SHIVA RAJORA Finance Minister Nirmala
officers to tackle tax evasion. In the conference, sible to all members by the end of 2024. New Delhi, 3 March Sitharaman had announced
Goods and Services Tax (GST) formations will Even without a resolution on India’s Jaccard said. impact on other countries. changes in income tax slabs
deliberate on combating GST evasion, including primary demand regarding grain stock- The National Pension and rebate limits.
examining current challenges and delving into holding, Commerce and Industry Minister FISHERIES SUBSIDIES Outcome System (NPS) added 21.5 per Under the new income
successful methods adopted by central and state Piyush Goyal expressed satisfaction, WTO nations agreed to maintain the cur- cent fewer fresh subscribers tax regime, the exemption
tax enforcement officers. PTI emphasising that India has retained full What India wanted rent practice of not imposing Customs under the corporate segment limit was raised to ~7 lakh
policy space for the benefit of its farmers. India acknowledged the negative impact duties on electronic transmissions until in 2023 compared to the pre- from ~5 lakh, indicating that
Business Standard examines the out- of subsidies on the fisheries sector, empha- the next ministerial conference or March ceding year. Government a person who earns less than
‘1st tranche of offshore mineral comes of MC13, highlighting key hits and
misses for India.
sising the need to curb harmful subsidies
for countries engaged in distant water fish-
31, 2026, whichever is earlier. officials and experts attrib-
ute it to the higher exemp-
~7 lakh annually need not
invest to claim exemptions.
auction likely by June-July’ AGRICULTURE
ing. However, such payouts are crucial for
developing countries and small economies
What it means for India
Parminder Jeet Singh, coordinator, Just
tion limit of income tax of ~7
lakh announced in the FY24
And, the entire income
would be tax free irrespective
The first tranche of offshore minerals auctions is to safeguard the food security and liveli- Net Coalition, Global/India, expressed dis- Budget that no more requires of the quantum of invest-
likely to kick off by June-July this year, Union What India wanted hoods of fishermen, particularly those appointment, stating that the extension of employees under this ment made by such an indi-
Minister Pralhad Joshi said. A total of 10 offshore India, along with other devel- fishing up to 200 nautical miles tax breaks for Big Tech denies much-need- income bracket to opt for vidual.
mineral blocks have been short-listed by the oping countries, sought a ‘per- beyond territorial waters. ed tax revenue for developing countries. NPS for tax-saving purposes. Deepesh Raghaw, a Sebi-
mines ministry, and inter-ministerial consultations manent solution’ to the public “This not only denies the much-need- Data collated from the registered investment advi-
are underway to seek necessary clearances for stockholding issue — a policy Outcome ed tax revenue for developing countries Ministry of Statistics and sor, said the move gave more
auctions at the earliest, the Minister for Coal tool used by governments for Member nations failed to pro- but also curtails their policy space for Programme Implementation consumption power to the
and Mines said. He said the auctions are procuring, stockpiling, and dis- duce an outcome document, undertaking their urgently required digital (MoSPI) reveals that the cor- middle-class. They could
likely to kick off by June-July of 2024. PTI tributing food for domestic and the ministerial declaration industrialisation, if they are to escape dig- porate component is volun- spend the entire income
food security. This was India’s did not mention fisheries sub- ital colonisation,” Singh said. tary in nature and saw 158,212 without bothering about
foremost priority in agriculture. sidies. new subscribers in 2023 com- investment schemes.
Calcutta High Court judge Outcome
DECODED What it means for India
OTHER ISSUES
MC13 also addressed various plurilateral
pared to 201,517 during 2022.
This segment mainly com-
“Due to lack of awareness,
people mainly deploy NPS to
to resign on Tuesday No agreement was reached on
agriculture due to differences among
India retains full policy space
for the benefit of its farmers, with no
agreement pacts, such as domestic serv-
ices regulation, and non-trade issues such
prises employees in the pub-
lic sector, public sector banks
earn tax rebates available
under various sections of the
Calcutta High Court judge Justice Abhijit Gangopadhyay, whose countries. Developed nations, such as the immediate threat. Olencio Simoes, gener- as investment facilitation. and private limited compa- Income Tax Act. In India,
rulings on various education-related issues in the state stirred European Union, argued that public stock- al-secretary of the National Fishworkers’ An agreement on services domestic nies, among others. where it is absolutely neces-
political debates, said he will resign on Tuesday. Justice holding programmes, if implemented as Forum India, highlighted that these nego- regulation, supported by 72 WTO mem- “People enrolled under sary for people to save and
Gangopadhyay declined to comment on whether he intends to support to producers’ prices, could impact tiations consistently pose a threat to the bers, was adopted. However, a similar pact the corporate component of invest for their future pen-
enter politics, stating that he would address all media inquiries the food security of other countries. livelihoods of small-scale fishers. led by China — Investment Promotion for the NPS to take tax benefits sion needs, the diversion of
after submitting his resignation. “I will resign from the post of “While there had been some improve- Development — was blocked by India and see it as a tax-saving instru- people away from NPS is
Justice of Calcutta High Court on Tuesday,” he told reporters. PTI What it means for India ments to protect artisanal fishers from the South Africa, despite having the backing ment rather than a long-term concerning,” he added.
India faces no immediate threat due to the prohibitions in this text, they weren’t of more than 120 countries. India, in prin- pension or savings product. Managed by the Pension
‘peace clause’, offering a shield to devel- enough to justify a deal,” Simoes said. ciple, has been against plurilateral pacts So, when the finance min- Fund Regulatory and
Spending on paan, intoxicants oping countries from legal challenges over
subsidies or free distribution of grains to E-COMMERCE
on platforms like the WTO, fearing a dilu-
tion of its multilateral trade framework.
istry raised the exemption
limit in the last Union
Development Authority
(PFRDA), the NPS came into
rose in past one decade: Govt the poor. Jonas Jaccard, policy officer of
the Belgian non-governmental organisa- What India wanted
Ajay Srivastava, former trade ministry offi-
cial and founder of the Delhi-based think
Budget, people belonging to
these income slabs saw no
effect from January 2004 for
central government employ-
Consumption of paan, tobacco, and other intoxicants has tion Humundi, noted that the WTO’s India opposed the continued exemption tank Global Trade Research Initiative, incentive to enrol under the ees, except the armed forces.
increased with people spending a bigger portion of their income inability to address farmer demands from of Customs duties on e-commerce or elec- raised concerns about new issues like e- NPS. That is what explains It is designed on a defined
on such products in the last 10 years, according to a survey. The the Global South is concerning for food tronic transmission, arguing that the commerce, investment, and micro, small this sharp decline in enrol- contribution basis as both
Household Consumption Expenditure Survey 2022-23, released security. “This is dramatic because it moratorium adversely affected revenue and medium enterprises quietly entering ment,” an official told the subscriber and employer
last week, revealed that the expenditure on paan, tobacco and leaves millions of farmers without the collections. India also wanted an assess- the WTO agenda through joint statement Business Standard. contribute equally to a per-
intoxicants as a portion of total household spending has increased prospects of improving their livelihood,” ment of the moratorium’s scope and its initiatives by some countries. During Budget 2023, son’s account.
in rural as well as urban areas. PTI

LIC Housing Fin plans to raise

funds via green bonds in FY25 Unclaimed funds higher in agent-sold life policies
LIC Housing Finance, the mortgage arm of insurance behemoth
LIC, plans to mobilise funds through green bonds in the coming
AATHIRA VARIER
Mumbai, 3 March NOT MANY TAKERS Ageas Life Insurance.
“In the case of agency channels,
print/digital media to trace customers.
Swarup Kumar Sahoo, senior
financial year with an aim to finance environmentally- Unclaimed funds (in ~ cr) the attrition makes it difficult to con- insurance analyst at GlobalData, said
sustainable housing projects.”Green financing is something that The unclaimed funds within the life nect with customers once the agent Life Insurance Corporation of India
we will look at the next year and we would deploy the fund for insurance sector are higher from poli- 600 leaves the company,” Shahane added. (LIC) accounted for more than 90 per
210
financing green housing projects,” LIC Housing Finance MD and cies sold by agents as against other 300 400 Recently, the Insurance Regulatory cent of the total unclaimed funds in
CEO Tribhuwan Adhikari told PTI in an interaction. PTI channels like bancassurance or a dig- and Development Authority of India the last five years.
ital platform, said analysts and offi- 200 (Irdai) issued modifications in the “Since LIC generates most of its
cials from insurance companies. master circular for unclaimed insur- business through agents, we can esti-
CUET-UG dates may change Unclaimed life insurance funds
refer to the proceeds of insurance poli- FY19 FY23
0 ance. The regulator directed the insur-
ers to contact the customer 12 months
mate that agents-sold policies account
for a major share of the total
depending on LS polls schedule cies including death or survival bene-
fits not claimed by the beneficiary or
Source: Globaldata instead of 6 months in advance before
declaring the funds unclaimed
unclaimed insurance funds. However,
the actual data-specific number on
The schedule for the Common University Entrance Test (CUET)-UG is the policyholder. Bancassurance amounts. The regulatory notifications unclaimed funds by distribution
likely to be changed depending on the Lok Sabha elections means selling an insurance product bank account, contact details and ital channels also helps to instantly also include measures on communi- channel is not available,” Sahoo said.
schedule, according to UGC Chairman Jagadesh Kumar. The through banks. address from the bank based on per- connect with customers to get bank cation with customers, updating their In FY23, the unclaimed insurance
National Testing Agency (NTA) on Tuesday announced that the “The insurers can easily verify the manent account number (PAN). The details during payout,” said Vighnesh contact and bank details and adoption funds in the life insurance industry
exam would be conducted from May 15 to 31 and the results bank details with the bank for bancas- updating of customer mobile and Shahane, managing director (MD) & of digital methods like customer por- sharply declined to ~2.06 crore from
declared on June 30. PTI surance customers and also get new email in policies sourced through dig- chief executive officer (CEO), Federal tals and apps, and advertisements in ~4.82 crore in the year-ago period.

New Rajya Sabha MPs worth over ~4,600 crore Jaishankar’s Japan,
ANOUSHKA SAWHNEY & ASHLI VARGHESE William and Mary. The authors
noted that such politicians do
Korea visits to focus
New Delhi, 3 March
TOP 5 State MP Party Assets (in ~cr)
The majority of states have
elected Rajya Sabha
ACCOUNT
FOR OVER
Uttar Pradesh
Andhra Pradesh
Jaya Bachchan
Meda Reddy
SP
YSRCP
1,578.9
475.5
continue to win elections.
“Voters generally lack
information about disclosures
on semicon push
members who are richer than Uttar Pradesh Naveen Jain BJP 441.9 and many weigh wealth SUBHAYAN CHAKRABORTY tial components of electronic
before, with the total value of the ~3K CR Maharashtra Prafulbhai Patel NCP 436.3 accumulation less than other New Delhi, 3 March devices, enabling advances
assets of the new Members of Gujarat Govindbhai Dholakia BJP 279.0 prominent concerns, such as in communications, comput-
Parliament (MPs) performance in office or caste- Strengthening the semicon- ing, healthcare, military sys-
Note: Based on 55 members of parliament (MPs) for which data was available. Parties include
collectively worth more Samajwadi Party (SP), Bharatiya Janata Party (BJP), Nationalist Congress Party (NCP), Yuvajana based appeals,” it said. ductor supply chain and pitch- tems, transportation, clean
than ~4,600 crore. Sramika Rythu Congress Party (YSRCP) Source: ADR The very wealthy are more ing India as a viable destina- energy, and countless other
The average assets of likely to run for office across the tion for chip manufacturing applications.
Rajya Sabha members in CROREPATIS DOMINATE BOTTOM 5 world, noted another 2023 study will be External Beginning
2024 are higher in 10 of titled, ‘Billionaire Politicians: A Affairs Minister S December 2021,
the 15 states with new State MP Party Assets (in ~cr) Global Perspective’ from Jaishankar's priori- the government
MPs. West Bengal Mamata Thakur AITC 1.4 Northwestern University authors ties during his four- had approved
The average assets are Odisha Subhasish Khuntia BJD 1.2 Daniel Krcmaric, Stephen C. day visit to South $10 billion or
the highest in Uttar Uttar Pradesh Sangita BJP 1.1 Nelson, and Andrew Roberts. Korea and Japan ~76,000 crore
Pradesh (~225 crore) and West Bengal Samik Bhattacharya BJP 1.1 The study examined 2,000 beginning incentives to
Andhra Pradesh (~ 201 crore). billionaires and found that 11 per Tuesday, said peo- build the semi-
Madhya Pradesh Balyogi Umeshnath BJP 0.5
The average MP is worth more cent stood for office. This is higher ple in the know. conductor
than ~1 crore in each of the 15 Note: Based on 55 members of parliament (MPs) for which data was available. Parties than most other groups. While ecosystem in
include Bharatiya Janata Party (BJP), Biju Janata Dal (BJD) and All India Trinamool
states. Congress (AITC) Soure: ADR, Business Standard calculations “Moreover, billionaires focus Jaishankar will offi- India.
ILLUSTRATION: AJAY MOHANTY
The median numbers show a their political ambitions on cially be visiting Seoul for two While the focus has
similar trend, with the average influential positions, have a days to attend the 10th India- remained on Taiwanese semi-
MPs in each state worth at least ~1 They are worth between ~270 for 2023-24 was ~466.04 crore, Reforms (ADR). strong track record of winning Republic of Korea Joint conductor manufacturers in
crore. Andhra Pradesh tops the crore and ~480 crore. according to the revised figures in Voters tend to disapprove of elections, and lean to the right Commission Meeting, he will India, the government is also
list with median assets of ~118 Four of the bottom five MPs are the Union Budget. wealth accumulation in office and ideologically. We also document also be meeting South Korean eyeing South Korea owing to
crore. Uttar Pradesh numbers are worth ~1 crore. West Bengal’s The average assets of the associate it with corruption and substantial cross-national dignitaries, heads of think its dominance in producing
skewed by a few rich individuals. Balyogi Umeshnath is the poorest, winning candidates in the political violence, according to a variation: a country’s number of tanks and Indian community certain categories of chips.
The richest newly elected MP is worth ~50 lakh. recently concluded Rajya Sabha 2019 study entitled, ‘Getting Rich billionaire politicians is not members. The country commanded
from Uttar Pradesh (Jaya The total value of the assets of elections is ~84.7 crore, an Too Fast? Voters’ Reactions to simply a product of its total “Some of these meetings a 17.7 per cent share of the over-
Bachchan with ~1,578.9 crore). The the 55 MPs is ~4,658 crore. This increase of 23 per cent since 2018. Politicians’ Wealth number of billionaires, but is will discuss how to all $604 billion global semi-
others in the top five include excludes data for Karnataka’s GC In 2018, the average assets of Accumulation,’ from authors instead related to the regime type. bring together the semicon- conductor market in 2022. It
Meda Raghunadha Reddy, Chandrashekar for whom the the sitting MPs from the same 15 including Leiden University’s Specifically, billionaires formally ductor trade between both continued to rank No. 2 in the
Naveen Jain, Prafulbhai information was not available. To states was ~68.9 crore, according Simon Chauchard, Georgetown enter the political sphere at a the nations,” a diplomatic world for 10 straight years
Manoharbhai Patel, and put things into perspective, the to data from the Delhi-based University’s Marko Klašnja, and much higher rate in autocracies source said. since 2013, according to
Govindbhai Laljibhai Dholakia. Election Commission’s spending Association for Democratic SP Harish from the College of than in democracies,” it said. Semiconductors are essen- Invest Korea.
>
CHENNAI | MONDAY, 4 MARCH 2024 5
APPOINTMENTS

FORM G
INVITATIONFOR EXPRESSION OF INTEREST FOR
BBT ELEVATED ROAD PRIVATE LIMITED
OPERATING IN CONSTRUCTION COMPELETION ACTIVITIES AT
1, NEW BATA ROAD, MAHESHTALA, KOLKATA, WEST BENGAL - 700140
[Under sub-regulation (1) of regulation 36A of the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons) Regulations, 2016]
RELEVANT PARTICULARS
1 Name of the Corporate Debtor along with BBT Elevated Road Private Limited
PAN & CIN/ LLP No. U45400WB2014PTC200347
2 Address of the registered office 1, New Bata Road, Maheshtala, Kolkata, Kolkata,
West Bengal - 700140.
3 URL of website Not Available
4 Details of place where majority of fixed Kolkata, West Bengal
assets are located
5 Installed capacity of main products/ services Not applicable
6 Quantity and value of main products/ Not applicable
services sold in last financial year
7 Number of employees/ workmen Zero (As informed by the suspended board of the
Corporate Debtor)
FORM G 8 Further details including last available Balance sheet, P&L, along with schedules available
INVITATION FOR EXPRESSION OF INTEREST FOR SHWETA HOUSING AND HOSPITALITY PVT. LTD. financial statements (with schedules) of two for F.Y. 2021-22 &2020-21.
OPERATING IN THE REAL ESTATE BUSINESS IN MUMBAI years, lists of creditors are available at URL: All other documents can be obtained by
[Under Regulation 36A(1) of the Insolvency and Bankruptcy Board of India sending email at: bbtelevatedroad@gmail.com
(Insolvency Resolution Process for Corporate Persons) Regulations, 2016] List of Creditors also available at-
RELEVANT PARTICULARS https://ibbi.gov.in/en/claims/corporate-personals
1. Name of the corporate debtor along Shweta Housing and Hospitality Private Limited 9 Eligibility for resolution applicants under Can be obtained by sending email at:
with PAN/ CIN/ LLP No. CIN: U70100MH2007PTC170053 section 25(2)(h) of the Code is available at URL: bbtelevatedroad@gmail.com
PAN: AAKCS9010K 10 Last date for receipt of expression of interest 04/03/2024
2. Address of the registered office Sharma Bungalow, Hiranandani Complex Bhd 11 Date of issue of provisional list of prospective 29/03/2024
Lake Castle View Bldg, Powai, Mumbai City, resolution applicants
Mumbai, Maharashtra, India, 400076. 12 Last date for submission of objections to 03/04/2024
3. URL of website https:/ / shhpl.stellarinsolvency.com/ provisional list
4. Details of place where majority of fixed Sole Asset: Farmhouse located at the revenue 13 Date of issue of final list of prospective 13/04/2024
assets are located estate of Village Jonapur, Tehsil Mehrauli, New Delhi. resolution applicants
5. Installed capacity of main products/ services N/A 14 Date of issue of Information Memorandum, 18/04/2024
6. Quantity and value of main products/ N/A, there is no revenue from operations in the Evaluation Matrix and Request for Resolution
services sold in last financial year company as is evident from its financial
Plans to Prospective Resolution Applicants
statements as on 31-03-2023.
15 Last date for submission of resolution plans 18/05/2024
7. Number of employees/ workmen No information is received from the
management of the Corporate Debtor. 16 Process email id to submit Expression of bbtelevatedroad@gmail.com
8. Further details including last available For details, please contact at: Interest
financial statements (with schedules) of shwetahousingandhospitality@gmail.com
Sachin Gopal Jathar
two years, lists of creditors, relevant dates Visit website: https://shhpl.stellarinsolvency.com/
Resolution Professional - BBT Elevated Road Private Limited
for subsequent events of the process are
Regn. No.- IBBI/IPA-002/IP-N00640/2018-2019/11968
available at: AFA Certificate No. AA2/11968/02/191024/202936 | valid till 19/10/2024
Date: 04/03/2024
9. Eligibility for resolution applicants under For details, please contact at: B-1/8, Samadrita EKTP, Phase-III EKT, Kolkata, West Bengal - 700107
Place: Kolkata
section 25(2)(h) of the Code is available at: shwetahousingandhospitality@gmail.com
Visit website:https://shhpl.stellarinsolvency.com/
10. Last date for receipt of expression of interest March 26th, 2024
11. Date of issue of provisional list of April 01st, 2024
prospective resolution
12. Last date for submission of objections to April 06th, 2024
provisional list
13 Date of issue of final list of prospective April 12th, 2024
resolution applicants
14 Date of issue of information memorandum, April 16th, 2024
evaluation matrix and request for resolution
plans to prospective resolution applicants
15 Last date for submission of resolution plans May 17th, 2024
16. Process email id to submit EOI shwetahousingandhospitality@gmail.com

Sd/-
Mr. Anup Kumar Singh Interim Resolution Professional
IBBI Regn No.:- IBBI/IPA-001/IP-P00153/2017-2018/10322
AFA Valid till: 23-12-2024 Suite 1B, 1st Floor, 22/28A, Manoharpukur Road,
Deshopriya Park, Kolkata - 700029.
Place: Kolkata Date: 04-03-2024 For Shweta Housing and Hospitality Private Limited- Under CIRP
6 ECONOMY & PUBLIC AFFAIRS
>
CHENNAI | MONDAY, 4 MARCH 2024 1

Firms charge up on power policy shift Weekend

update
Rush to tie up green energy through open access in C&I segment after two key policy amendments last year
SHREYA JAI & AMRITHA PILLAY
New Delhi/Mumbai, 3 March
whereby they get power on a sus-
tained basis to meet their obligations
additional surcharges in some cases
on group captive users.
Byju’sunabletopaysalaries
GREEN PUSH on renewables,” said Praveer Sinha, Other power producers such as
asfundsremaininaccessible
F
or India’s power producers, a chief executive officer and managing JSW Energy are aiming for similar
mix of policy amendments n Amendment said that a captive director, Tata Power, in a recent strategies, riding on their expansion Byju'sfounderByjuRaveendran(pictured)onSaturdaysaid
and a stronger corporate power user in a group captive interview with Business Standard. plans. theedtechcompanywillnotbeabletopaysalariesto
interest in greening industrial oper- structure must hold a minimum of Companies like Tata Power are In a recent investor presenta- employeesastherecentfundsraisedthrough
ations is making the commercial 26% in the captive generating plant hoping their planned capacities in tion, JSW Energy noted: “JSW arightsissueareinaccessibleduetoalegal
and industrial (C&I) segment more n A captive power plant is set up the pumped hydro space will help Group has aggressive growth plans disputewithcertaininvestors.Inaletter,
lucrative than ever. further cater to this segment. “We in steel, cement and paints busi- Raveendransaid,“Thiswassupposedtobea
mostly by C&I users for their own
In the C&I segment, there is a are very much geared up to provide nesses providing opportunities for happycorrespondence.Afterall,wenow
rush to tie up green energy through
electricity usage that sort of solution. We will be able group captive projects.” havefundstomeetourshort-termneedsand
open access and/or group captive n Another amendment allows to give 24/7 renewable power to our Further, in a call with analysts, clearourliabilities.However,Iregrettoinform
power plants. Most big conglomer- procurement of green energy from customers,” said Sinha, who expects executives said the company had youthatwewillstillbeunabletoprocess
ates in India have adopted their anywhere in the country, through the company to start work on its agreements with JSW Steel both for yoursalaries,”hesaid. PTI
own strategies to source green pooling from their different divisions pumped hydro project this year. pumped hydro storage as well as for
power outside the grid. It helps that A captive power plant is set up the group captive RE (renewable
n FirmslikeTataPowerarehopingtheir
the new rules of the Centre have
now eased the process of doing so. plannedcapacitiesinthepumped-
mostly by C&I users for their own
electricity usage, given their high
energy) this quarter.
The executives said group cap-
Pak-bound ship from China
Two key policy amendments in
2023 have led to a spurt in investment
hydrospacewillhelpfurthercatertothis
segment
demand and specific supply
requirements. The amended rules
tive power would play an important
role in the company’s upcoming
stopped at Mumbai port
in setting up green-energy arms by have paved the way for companies Strategy 2.0. AKarachi-boundshipfromChinawasstoppedbyIndian
commercial consumers and/or pro- ILLUSTRATION: AJAY MOHANTY to set up group captive plants Others such as Aditya Birla securityagenciesatMumbai’sNhavaShevaportonsuspicion
curing renewable energy directly. able energy. The power ministry ing area, could pool in their demand through their subsidiaries. This Group companies — Hindalco thatitcontainedadual-useconsignmentthatcouldbeused
The Union Ministry of Power amended the rules for green open for open access of green energy helped them avoid the charges that Industries and UltraTech Cement forPakistan'snuclearandballisticmissileprogramme,
amended the regulations on group access, ie being able to procure green sources. This implied C&I consumers state-owned power distribution — have been announcing small- officialssaidonSaturday.PakistanonSundayprotestedthe
captive power, stating that a captive energy from anywhere in the country. can pool in their demand from their companies (discoms) levied on cap- ticket acquisitions in green energy. “unjustifiedseizure”,sayingtheconsignmentwasa“simple
power user in a group captive struc- In 2022, the ministry said consumers different divisions and procure green tive users. To compensate for their Executives from UltraTech have case”ofimportofacommerciallathemachinebya
ture must hold a minimum of 26 per with a load of 100 Kw were eligible energy from a source. loss of large consumers while they earlier noted the difference in cost commercialentitywhichsuppliespartstotheautomobile
cent stake in the plant. Another sig- for open access. A year later it further “As far as commercial or indus- use the power distribution infras- between grid power and using their industryinthecountry. PTI
nificant policy directive aims at said multiple connections at different trial consumers are concerned, they tructure of the state, discoms levy own green energy capacity works
increasing the absorption of renew- locations, within the defined operat- are looking for an arrangement cross-subsidy charges and out to ~2 per unit.
Govt to platforms: Seeknod
todeployunder trial AI
Believe in talking less, working more: MP CM DaysafterGoogle’sAIplatformGemini'sresponsetoqueries
onPrimeMinisterNarendraModigeneratedcontroversy,the
governmentissuedanadvisoryforplatformsto
SANJEEB MUKHERJEE Yadav remotely inaugurated 61 units, set up ing the two-day event, creating over 2.9 million labelunder-trialAImodelsandpreventhosting
Ujjain, 3 March with an investment of ~10,064 crore, creating jobs in the state. unlawfulcontent.TheMinistryofElectronics
more than 17,000 new jobs in the state. This time, the CM stated that the conclave andInformationTechnologywarnedof
Madhya Pradesh’s new Chief Minister (CM) Not only this but all the inaugurations and attracted investments worth over ~1 trillion in criminalactionincaseofnon-compliance.
Mohan Singh Yadav declared at the concluding groundbreaking ceremonies were attended by the state. Of this, Adani Group alone promised UnionMinisterRajeevChandrashekhar
session of the two-day Invest Madhya Pradesh: local legislators who joined the main event via investments of almost ~75,000 crore. (pictured)said,“Sayingthattheplatform
Regional Industry Conclave in Ujjain on video conferencing from more than 20 different The number of participants in the regional (Gemini)wasundertrialisnotanexcuse
Saturday that he believes in “talking less and locations. This reflected mini-industry meets in conclave seemed fewer compared to the pre- toescapefromprosecution”. PTI
working more”. their respective constituencies. Their participa- vious Global Investors Summit. The fact that it
The fact that the marquee industry event of tion aimed not only to give them a sense of own- was a regional conclave could have been a rea-
the state, held for the first time outside Indore,
the commercial capital, since its inception in
ership but also to prepare for the forthcoming
general elections.
son. In the future, he announced that similar
conclaves will be held in cities like Jabalpur,
Centre signs agreement for
2007, was not the only change.
Several other additions were made. Perhaps
This is because the district conclaves also had
local participation. Deputy CM and the state’s
Gwalior, and Rewa, not confined to Indore.
Yadav said that by holding
Tripura’sindigenouspeople
for the first time, simultaneous groundbreaking Finance Minister Jagdish Devda was present in investor meets in different cities will help busi- AtripartitepactbetweenTIPRAMothaandthegovernments
ceremonies and formal factory inaugurations one such ceremony in the Neemuch district of nesses to connect more with the people. ofTripuraandIndiawassignedinUnionHomeMinisterAmit
were held along with the main summit, convey- the state, while Water Resources Minister Tulsi Another notable change was the clubbing of Shah’spresencetobringa“lastingsolution”totheproblems
ing the state’s intention to prevent industry con- Silawat joined in from another district. the social sector initiative with the drive to attract ofthestate'sindigenouspeople.Withthesigningofthe
claves from becoming mere signing ceremonies. In terms of scale, the regional investor con- investment. agreement,thegovernmenthasrespectedhistory,corrected
The CM also issued land allotment letters for clave was much smaller. In the last Global Yadav also launched an air ambulance serv- pastwrongsandacceptedthepresentrealitytoproceed
508 hectares of land to 283 industrial groups in Investor Summit held in Indore in December ice for transporting poor patients from remote towardsabrighterfuture,Shahsaid."Iassureallstakeholders
the state. This move is expected to attract an 2022, the then CM Shivraj Singh Chouhan locations to major hospitals during the occasion. ofTripurathatyouwon'thavetofightforyourrights
investment of over ~12,000 crore, creating jobs claimed that the state had received intention of He emphasised that the industry should strive anymore.ThegovernmentofIndiawillbetwostepsaheadin
for more than 26,000 people. investment amounting to over ~15.42 trillion dur- to work for the common good of everyone. creatingmechanismstosafeguardyourrights,"headded. PTI

> FROM PAGE 1

and secretaries to draft a “100-
day agenda” for “immediate
shops, and seminars were held
at various levels, with more 66%greenfield PM flags off first oil tanker from KG basin
unitsunder PLI
steps” and “quick implementa- than two million young people

ViksitBharat... tion” after the formation of the

government in May 2024 even
sending their suggestions.
The meeting, which lasted
SUBHAYAN CHAKRABORTY technologically complex projects in India's
oil and gas industry till date.
subsea structures were fabricated by
Indian manufacturers at Tamil Nadu’s
for bulk drugs
New Delhi, 3 March
In 2019, the session took place before the Lok Sabha polls. nearly eight hours, had presen- Total envisaged peak gas and oil pro- Kattupalli, in line with the the
from June 17 to August 7, with While the effort indicates the tations on the next stage of eco- Prime Minister Narendra Modi on duction from the project is about 10 mil- Aatmanirbhar Bharat initiative.
Finance Minister Nirmala
Sitharaman tabling the Union
robust confidence that the gov-
ernment has that it would
nomic reforms to transform
India, for the country to take
completed Saturday flagged off the first tanker —
Swarna Sindhu — carrying crude oil pro-
lion metric standard cubic meters per day
(mmscmd) of natural gas, and 45,000
Saturday’seventmarkedoilproducedby
the Floating Production Storage and
BudgetonJuly5.Inthe17thLok return, sources said the mes- assured steps for Viksit Bharat Two-thirds of all greenfield duced in state owned-ONGC’s Krishna barrels of oil per day. Offloading (FPSO) unit Armada
Sabha, the oath-taking session sage was also to the bureau- with a blueprint detailing the plants planned under the Godavari deepwater block. At its peak During its life cycle, the project Sterling V , built and operated by
was combined with the Budget cracy to be on its toes during national vision, aspirations, production-linked incentive production, this project will add 7 per cent KG-DWN-98/2 Cluster-II will add a Shapoorji Pallonji Energy Private
Session. the period of the model of code goals and action points, such as (PLI) scheme for bulk drugs each to India’s oil and gas production, total of 30.5 bllion cubic meter of gas Limited. The FPSO is located off-
In 2014, the PM detailed an of conduct. achieving rapid economic and medical devices have the national oil and gas company said and 14.24 million metric tonne of oil. shore the Godavari River delta in
agenda for the first 100 days of Government sources said growth, sustainable develop- been completed so far, said a in a statement. ONGC has stressed the project is the Bay of Bengal, about 22
his government and asked his the big picture Viksit Bharat ment goals, ease of living, ease senior government official. Developed with an investment of over a key step in cutting India’s kilometres off the coast of
ministers to shape the contours road map, presented at the of doing business, building Arunish Chawla, secre- ~41,000crore,theKG-DWN98/2Deepwater dependency on crude and Andhra Pradesh, in
of their respective road maps meeting, resulted from more infrastructure and social wel- tary, department of pharma- Oil Field M in the Krishna Godavari (KG) liquified natural gas water depth of over
within days of the council of than two years of intensive fare. ceuticals, told Business Basin is considered to be one of the most import. It stated that all 430 metres.
ministers taking the oath of preparation. It involved a The meeting was the last Standard that two-thirds of
office on May 26. In 2019, the “whole of government” such before the Election the greenfield plants planned
PM asked key ministers and approachinvolvingallthemini- Commission announces the under the scheme for bulk
secretaries to work on the
agenda for the government’s
second term in the first week of
stries and extensive consulta-
tion with state governments,
academia, industry bodies, civil
schedule for the Lok Sabha
polls later this month.
drugs and medical devices
have now been inaugurated,
and the rest will be com-
Europe’s higher defence Increasing
interest rates
NFRA... expenditure may hit exports
June. The council of ministers society, and scientific organisa- pleted in the next two years.
took the oath of office on May
30, 2019.
tions and reaching out to the
youth to seek ideas, suggestions
“The 40 plants inaugurated
today have come up in three lead to rise in
However, on this occasion,
the PM has asked his ministers
and inputs. Sources said more
than 2,700 meetings, work-
Constituted in October 2018
under Section 132 of the
years since the scheme’s
launch, and another 30 to 40 AttheMunichSecurityConference(MSC)last few years can enhance Europe’s capabilities term deposits
Companies Act, 2013, the plants are scheduled to start month,justaweekbeforethesecond to defend. That would mean diversion of
NFRA’s functions include set- manufacturing in the next anniversaryoftheRussianinvasionofUkraine significant resources in the next few years Rising interest rates seem to
ting accounting and auditing two years”, he added. onFebruary24,2022,theleadersofEuropean towards acquiring weapons and be driving more people to go
> BS SUDOKU # 4220 policies and standards for Union Minister of countriesassuredfullsupporttoUkraineinits ammunition, recruiting and training more in for term savings plans as
adoption by companies and Chemical and Fertilisers waragainstRussia,andresolvedtobuildtheir personnel and building minimum credible the share of such instruments
their auditors. The authority Mansukh Mandaviya on ownmilitarycapabilitiesinsteadofsolely deterrence (nuclear and otherwise) to deal in total bank deposits
also oversees the quality of Saturday inaugurated 40 relyingontheUnitedStatestodefendthem with the threats emanating from Russia. increased to 60.3 per cent in
service of professions associ- greenfield facilities to man- undertheumbrellaofNorthAtlanticTreaty But, barring some exceptional companies, December 2023 from 57.2 per
ated with ensuring compliance ufacture bulk drugs and med- Organisation(NATO).Lastweek,theymetin Europe does not have big manufacturers of cent in March 2023, accord-
with such standards, and rec- ical devices under the PLI Paristoreiteratetheirdeterminationto arms and ammunition. So, at least in the ing to the Reserve Bank data.
ommends measures to scheme. These include 27 supportUkraine,increasetheirdefence short run, till it builds its own capabilities, On an incremental basis,
improve quality of service. The bulk drug parks and 13 medi- spendingtoatleast2percentoftheirGDPand Europe will have to source its military term deposits accounted for
NFRA’s mandate is limited to cal device manufacturing coordinatetheirdefenceprocurement hardware from abroad. That would appear to nearly 97.6 per cent of the
listed companies. plants across the country. policies.UsingfrozenRussian be a great opportunity to the total deposits during April-
On December 22, 2023, the SANKET KOUL financialassetstofinancearms exporters of defence December 2023 and the
NFRA released inspection purchasesforUkraineand equipment from India but it is shares of current account and
reports for audit firms BSR & sendingsoldierstofightin more likely that Europe will savings account (CASA)
Co, Deloitte Haskins & Sells, Ukrainealsocameup source more equipment from deposits went down, said
SRBC & Co, and Price
Waterhouse Chartered
SJVN Green duringthetalks.
The MSC started on a
the US, just to make sure that
all the NATO countries use
RBI's Quarterly BSR-2:
Deposits with Scheduled
Accountants, followed by a
report on Walker Chandiok &
bags 200 MW gloomy note. Alexie Navalny,
the best known dissenter in
similar equipment. However,
some orders may come the way
Commercial
December 2023.
Banks -

Co.
One of the key issues raised solar project Russia, had just died in
custody. The exhausted and
of enterprising Indian defence
equipment manufacturers.
“Rising return on term
deposits has been driving
by the NFRA in its reports is
related to violations of Section SJVN on Sunday said its arm
under equipped troops of
Ukraine were losing ground. EXIM MATTERS To find more resources to
fund higher defence
the compositional shift in
bank deposits: the share of
144 of the Companies Act, SJVN Green Energy has The US Congress had stalled T N C RAJAGOPALAN expenditure, Europe may have term deposits in total
which prohibits firms from bagged a 200 MW solar proj- the aid package to Ukraine. to raise taxes or cut government deposits increased to 60.3
providing certain non-audit ect in an e-Reverse Auction Donald Trump, former US spending on welfare and other per cent in December 2023
SOLUTION TO #4219 services to audit clients. conducted by Gujarat Urja President and the front runner to get the development activities. That can hurt from 57.2 per cent in March
Very hard: The NFRA will reinspect Vikas Nigam. This project is Republican Party nomination to contest the economic growth and demand for goods that 2023,” it said.
the “big four” firms this year to be developed by SJVN Presidential election this November, had are now being imported into Europe. Already, RBI further said that
« ««« « to assess internal changes and Green Energy on a build- sown the seeds of doubt about whether the the attacks by the Yemen-based Houthis on deposits moved to higher
Solution tomorrow improvements following its own-and-operate basis at US will continue to support Ukraine and ships going through the Red Sea have forced interest rate buckets as the
recommendations. the tentative development Europe, if he won the elections. Naturally, the shipping lines to take the longer route share of term deposits bear-
HOW TO PLAY The NFRA is expected to cost of ~1,100 crore, a com- many European leaders who were used to around Africa, raising the costs of imports ing over 7 per cent interest
Fill in the grid so that conduct more inspections this pany statement said. seeing their armed forces and military from Asia for Europe. So, there are reasons for rate rose to 61.4 per cent of
every row, every col- year at audit firms beyond the SJVN bagged the 200 budgets shrink substantially in recent years our exporters to be worried because at the total term deposits in
umn and every 3x3 “big four”. The firms are also MW capacity in the tariff- saw no option but to reverse that process. If present, a little over 17 per cent of our exports December 2023 from 54.7 per
box contains expected to be selected based based competitive bidding they do end up spending 2 per cent of their go to Europe. Unless our exporters diversify cent a quarter ago and 33.7
on various parameters, includ- for the development of solar GDP on defence procurement, that would and increase their penetration in other per cent in March 2023.
the digits 1 to 9
ing the extent and significance projects in the 1,125 MW amount to almost $400 billion. Some markets, any shortfall in exports to Europe It is almost a year that the
of the public interest, such as Gujarat State Electricity countries are spending or planning to spend will be difficult to make good. Reserve Bank has kept the
the number of companies Corporation (GSECL) Solar more than 2 per cent of their GDP. short-term lending rate or
audited by the firm. Park at Khavda, Gujarat. PTI Similar defence expenditures in the next Email: tncrajagopalan@gmail.com repo rate at 6.5 per cent. PTI
 CHENNAI | MONDAY, 4 MARCH 2024 POLITICS & PUBLIC AFFAIRS 7
“WASN’T HE (THE PM) AWARE OF PAWAN SINGH'S IMAGE! NOW “THIS IS KHELA “TMC LEADERS ARE A BUNCH OF JOKERS WHO HAVE SUDDENLY
HE GETS TO KNOW THAT AFTER 24 HOURS. ALL THE AGENCIES ARE HOBE EVEN FOUND THEIR VOICE AFTER KEEPING QUIET FOR 60 DAYS.
THERE TO KEEP AN EYE ON THE OPPOSITION ONLY” BEFORE THE NO ONE VILIFIES BENGALI WOMEN MORE THAN HER (MAMATA
PAWAN KHERA, Congress leader, after the BJP fielded Pawan Singh from KHELA BEGINS” BANERJEE), AS SHE CONTINUES TO DEFEND SHEIKH SHAJAHAN”
Asansol. Singh has now expressed inability to contest from the constituency DEREK O'BRIEN, TMC leader AMIT MALVIYA, BJP IT cell chief
> .

Via Sandeshkhali, BJP BJP’s 1st list of LS candidates:

Ofcontinuityandwinnability
sees an opening The party is refielding 108 MPs in the list of 195 but there are a
few who have been denied ticket. ARCHIS MOHAN explains
The Opposition in Bengal is likely to keep the pot boiling until the Lok Sabha polls, even what has changed and what hasn’t
as the TMC firefights the allegations of land grab, forced conversion of land, and sexual
exploitation with the arrest of Sheikh Shahjahan. ISHITA AYAN DUTT explains The Bharatiya Janata Party (BJP)
announced its candidates for 195
LokSabhaconstituenciesacross16

E
arly Thursday, West Bengal ing polls? Analysts believe that states and Union Territories,
police picked up Sheikh Sandeshkhali is a setback to TMC, including 151 seats that the party
Shahjahan from Minakhan – which was in an advantageous posi- hadpreviouslywoninthe2019Lok
about 30 km from Sandeshkhali. Clad tion with its welfare schemes. Sabha elections. The party’s focus
in a white shirt and a checked jacket A big strength for the ruling party is on “winnability”, and as such, it
the Trinamool Congress (TMC) leader in South Bengal and all over the state has fielded 108 of its sitting MPs.
marched into Basirhat court and was is the votes of Muslims, who form In 2019, the BJP had dropped
sent to 10 days’ police custody after a almost 30 per cent of the population. 99 of its 268 sitting MPs (of the 282
brief hearing. As the images flashed “The BJP is unlikely to get that vote. seats it won in 2014, a few were lost
on television screens, a section of But if the vote goes to the Left or the in by-elections over the following
Sandeshkhali celebrated with sweets Congress, it would help the BJP a lot,” five years).
and colours, ringing in an early Holi. said political analyst Sabysachi Basu The BJPhas alsoaccommodat-
It could, well, have brought the Ray Chaudhuri. ed recent imports from other par-
curtains down on the nearly two- Analyst Biswanath Chakraborty tiesduetothe“winnability”factor.
month protests by a section of the res- pointed out that the political outcome They include Kripashankar Singh,
idents. But with the general election ofSandeshkhaliintheupcomingelec- a former Congress leader from
looming, the Sandeshkhali pot is tions would have been much bigger Maharashtra,whohasbeenfielded
expected to continue boiling. if the party in Opposition had both from Uttar Pradesh's Jaunpur. Workers celebrate after the BJP announced that PM Narendra Modi
On Friday, at a rally in Arambagh, Hindus and Muslims on their side. OthernotablenamesincludeGeeta will contest again from Varanasi in the 2024 LS polls FILE PHOTO: PTI
in the Hooghly district of West “When Singur and Nandigram Kora (Singhbhum, from the
Bengal, Prime Minister Narendra Trinamool Congress leader Sheikh Shahjahan at the Basirhat court, in happened, the challenger was Congress), Jyoti Mirdha (Nagaur, sented by Wrestling Federation of
North 24 Parganas. The party has suspended him for six years FILE PHOTO: PTI the TMC, a ‘secular’ party. There
Modi, who kick-started his political
campaign in the state with a two-day fore, the political dividend from
from the Congress), Ritesh Pandey
(Ambedkar Nagar, from the STATUS CHECK India ex-president Brij Bhushan
Sharan Singh.

ELECTORAL SHOWING
visit, said that the entire country is Sandeshkhali will be less than BahujanSamajParty),andBBPatil In the list for UP, the BJP has
sad and angry at what the TMC, Singur or Nandigram,” he said. (Zaheerabad; from the Bharat
2019 not replaced any of the 46 sitting
which beats the drums of Ma, Mati, Chakraborty added that if the CAA Rashtra Samithi). nBJP contested 436 of MPs. In the 2019 Lok Sabha polls,
Manush has done to the sisters of Results for key parties in the 2016 & 2021 West Bengal Assembly polls (Citizenship Amendment Act) Kripashankar joined the BJP in 543 seats the party did not repeat its candi-
Sandeshkhali. “The soul of Raja Ram is implemented, it would be a July 2021, at a time when central dates on 20 seats in UP, including
Seats: 294 (Inbrackets:%voteshare) n TMC nBJP nINC nCPI(M) “big” disaster for the BJP. nBJP dropped 99 of its
Mohan Roy would be weeping seeing probe agencies were investigating senior leaders Murli Manohar
what has happened in Sandeshkhali.” 3 (10.16) Sandeskhali is part of the a case of disproportionate assets
268 sitting MPs, or 37% Joshi, Uma Bharti, and Kalraj
On March 10, the BJP MLA Basirhat Lok Sabha constituency, against him. Kora, the wife of for- nThe party dropped or Mishra. Notably, actor Hema
from Nandigram and Leader of 211(44.91) 215(48.02) which has 46 per cent Muslim mer Jharkhand chief minister changed seats of 20 of its Malini will again contest from
the Opposition in the West Bengal population. Madhu Kora, Pandey, and others 71 MPs in UP Mathura,despitecrossingtheBJP's
44
Assembly, Suvendu Adhikari, (12.25) But according to the BJP and the have joined the party recently. unwrittenruleofnotfieldingthose
77(37.97)
is expected to drill down the 2016 2021 CPI(M), Sandeshkhali is not a stray At the same time, the BJP has 2024 above 75 years. Other highlights
point at a public gathering in SEATS WON 26(19.75) SEATS WON incident; there are many Shahjahans denied party tickets to several include the party fielding Saket
Sandeshkhali. It’s certainly not going nBJP announced 195
*INC and Left parties, including the CPI (M), had an INC: 0(3.03) CPI (M): 0(4.71) lurking across Bengal and the issue Union Ministers and MPs, includ- Misra, son of former principal sec-
to be the last that Mamata Banerjee’s alliance in 2016 and 2021. will spread like forest fire. ing Meenakshi Lekhi, John Barla, seats (45% of the seats retary to the prime minister
party will hear of it, as Sandeskhali “The TMC which came to power Pragya Singh Thakur, Ramesh contested in 2019) Nripendra Misra, from Shravasti.
and corruption are the two main Results for key parties in West Bengal in 2014 & 2019 Lok Sabha polls on the back of land agitation move- Bidhuri, and Jayant Sinha. Ten of nBJP, in the first list, In Delhi, the BJP has
issues for the Opposition. ment is looting land. People are the sitting MPs denied tickets had re-nominated 108, or announced its candidates for five
Seats: 42 (Inbrackets:%voteshare) n TMC nBJP nINC nCPI (M) in a mood to remove the TMC,” won the Assembly polls in of the seven seats, deciding to drop
TMC strongman 71.5% of 151 MPs
2 (17.02) 2 (5.66) said Samik Bhattacharya, chief Chhattisgarh, Rajasthan, and four of its sitting MPs, including
Shahjahan was arrested 54 days after 4 (9.69) spokesperson for the BJP in West MadhyaPradeshinDecember2023 nThe list has 28 women Lekhi. The New Delhi seat, held by
an attack on Enforcement Directorate 34(39.79) Bengal. The party has set sights on and subsequently quit their Lok (14.35%) the two-term MP, will now be con-
(ED) officials, who had gone to con-
2 (22.96) 18(40.64) at least 24 seats in Bengal, though Sabha memberships. tested by Bansuri Swaraj, a lawyer
22(43.69) n 47 youth (24%), 27 SCs
duct searches in connection with an many believe that the BJP’s leader- A day after the BJP declared its and the daughter of the late
(14%), 18 STs (9.23%) and
alleged ration scam, on January 5. The 2014 2019 ship in Bengal in 2019 was stronger list,itsAsansolcandidate,Bhojpuri Sushma Swaraj.
party convener of the Sandeshkhali SEATS WON SEATS WON and the campaign more aggressive. singer Pawan Singh, expressed his 57 OBCs (29.23%) In Kerala’s Pathanamthitta, the
Assembly constituency and member Source: Election Commission of India CPI (M): 0(6.34) ‘Walking the talk’ inability to contest from the con- nThe list has 34 ministers BJP has fielded Anil Antony, son
of TMC-held North 24 Parganas zilla stituency. This came after the oftheformerDefenceMinisterand
n 7 Union ministers who
parishad had been on the run since. Immediately after the arrest, the TMC Trinamool Congress launched a Congress leader A K Antony. Of its
As Shahjahan fled from the scene, a rebellion against the policies of the land was finally acquired. “Is the land suspended Shahjahan from the party social media campaign against
were RS members also 195 candidates, the party has field-
protests by the villagers against government. And Didi stepped in for here (Sandeshkhali) being acquired for six years. While announcing this, him,labellinghissongsandvideos part of the list editsloneMuslimcandidateAbdul
land grab, conversion of land into the people.” by the state government for any busi- Derek O’ Brien, AITC Parliamentary as“sexist”,“misogynist”,andinsult- nJyotiraditya Scindia, Salam from Malappuram, as part
fisheries, and sexual exploitation Here, the state government is not ness project? No, this is a reversal of Leader in the Rajya Sabha, said there ing to Bengali women. The contro- Bhupender Yadav, of its outreach to Christians and
started to tumble out into the public responsible for Sheikh Shahjahan’s land reforms where small land hold- are two types of political parties – versy has arisen against the back- Rajeev Chandrasekhar, Muslims in the state.
domain. It was a rebellion of sorts activities, she pointed out. “It’s for ings have been forcibly taken.” first, they just talk, talk, and talk. “But, drop of the BJP’s preparations to V Muraleedharan, In Assam, the BJP has replaced
that saw a major participation from the party to look into it and it (the the Trinamool Congress walks the mark International Women's Day five sitting MPs and re-nominated
women causing much embarrass- party) which has suspended him.” Political dividend talk,” and dared the BJP to do the on March 8 and organise political
Parshottam Rupala, four. Meanwhile, in Chhattisgarh,
ment to the ruling party. Panja is also the industry and com- The TMC is pointing fingers at same with its “tainted” members. rallies to highlight alleged sexual Mansukh Mandaviya, the party has announced candi-
The BJP’s Adhikari has drawn a merce minister. Rewindto2006-2007. the Opposition for politicising Albeit, late in the day, corrective harassment of women in North 24 Sarbananda Sonowal datesforall11seats.Ithadwonnine
parallel with the land agitation Nandigram, a rural hamlet in Purba Sandeshkhali for the sake of electoral measures are underway – in Parganas’ Sandeshkhali by are in the list seats in the state in 2019, and of
movementinNandigram.Herecently Medinipur, became the symbol of benefits and the BJP for giving it a Sandeshkhali, the administration Trinamool leaders. nSonowal, along with those, only two MPs have been
said that in Nandigram, people fought land agitation in the country. The land communal colour. is in the process of returning the On Sunday, former Health Shivraj Singh Chouhan repeated. In Gujarat, the BJP has
against land acquisition and here acquisition was for a 14,000-acre Before Sandeshkhali came to light, land that has been grabbed. Police Minister Harsh Vardhan announced 15 candidates, replac-
and Biplab Deb, are three
people are fighting against land grab. chemical hub project, which quickly it was widely believed that the BJP’s camps are registering complaints. announced his retirement from ing five and re-nominating 10. In
turned into a turf war. In March 2007, performancewouldtakeaseverebeat- And prior to Shahjahan’s arrest, his electoral politics on X. The BJP has former CMs on the list Jharkhand, the party has
Déjà vu? a police firing killing 14 people ing from the stellar showing in the aides, Shibu Hazra and Uttam replaced him with Praveen nBJP announced 51 announced 11 candidates, includ-
The comparison with Nandigram has brought things to a head. 2019 Lok Sabha election when it Sardar were arrested. Khandelwal, from the candidates in UP, fielding ing on nine sitting seats, replacing
irked the TMC. Banerjee said at an In a way, it marked the beginning bagged18of42seatsinthestate,snap- The ruling party is hoping that ConfederationofAllIndiaTraders, 46 of its sitting MPs only two of its sitting MPs, includ-
event last week that the land acquisi- of the end of the Left rule in West ping at the heels of the TMC, which Shahjahan’s arrest will help defuse the for the Chandni Chowk seat in ing Hazaribagh MP Jayant Sinha.
tionprotestsinSingurandNandigram Bengal while TMC’s success in got 22; the gap in vote share between tension. At present, preparations are Delhi. Harsh Vardhan won from InMadhyaPradesh,theBJPhas
should not be compared with what thwarting the forcible land acquisi- the two parties was about 3 per cent. in full swing for a mega Jana Garjan Chandni Chowk in 2014 and 2019. 2019, and later two more — announced 24 candidates for the
happened in Sandeshkhali. tion for industry brought it to power But much water has flowed down rally by the TMC at the vast Brigade In Uttar Pradesh, the BJP has Azamgarh and Rampur — in Lok state’s 29 seats, where it had won
Shashi Panja, West Bengal in the state. the Howrah bridge since then. Parade ground on March 10 against announced its candidates for 51 Sabha bypolls. The party is yet to 28 five years back. The party has
minister of Women and Child CPI(M) West Bengal Secretary Banerjee’s party delivered a the Centre’s alleged Bangla Birodhi seats. Prime Minister Narendra announce candidates for 29 seats, repeated 12 sitting MPs and
Development, told BusinessStandard Mohammed Salim said Nandigram stunning victory in the Assembly stance. Whether the age-old cry of Modi will contest from Varanasi, including Pilibhit and Sultanpur, replaced 12. In Rajasthan, the BJP
that in Singur or Nandigram, the and Sandeshkhali cannot be equated. election of 2021. kendrer banchana will be able to and Defence Minister Rajnath whichwererepresentedbyManeka has announced 15 candidates,
issue was the forcible acquisition of The acquisition of land in Nandigram But can Sandeshkhali dent drown out pangs of Sandeshkhali, the Singh will contest from Lucknow. Gandhi and her son Varun in 2014 repeating eight and replacing six
land by the state government. “It was was for an industrial project but no the TMC’s prospects in the upcom- EVM will tell. The BJP won 44 of these seats in and 2019, and Kaiserganj, repre- sitting MPs.

ILLUSTRATION: AJAY MOHANTY

Age is not just a number

election. BJP sources said this is badly
needed in a state where the party is in the
KARNATAKA: POLL PERFORMANCE Opposition. That the BJP has seen
intense factionalism in Karnataka is the
party’s worst-kept secret, as many
In Karnataka, several sitting BJP MPs above 70 years time, beyond the surveys the Congress 2019 nBJP won 25 of 27 seats it contested leaders had attributed the 2023 Assembly
and had a 51.75% vote share
have already announced that they are ready to has conducted. The Congress currently
holds six of the eight Assembly segments
LOK SABHA election defeat to internal sabotage. But
after B Y Vijayendra’s appointment, his
nAn Independent that BJP supported
hang up the boots as the party looks to try younger in this constituency. If Vadra is indeed POLLS won 1 seat (3.92% vote share) “no-nonsense approach, coupled with
fielded, Koppal will become a prestige
(28 his popularity across districts, has
candidates. ADITI PHADNIS gives a sneak peek battle for both BJP and Congress. The
BJP’s assessment is that Sanganna will SEATS)
nCongress won 1 of 21 seats it
contested with a 32.11% vote share
compelled leaders at both state and
district levels to align with his vision.
not be able to compete against Vadra and Shrewd leaders recognise in him a
In the Karnataka unit of the Bharatiya to a younger candidate. will need to be replaced. Sanganna has nJDS won 1 of 7 seats and got capable, strong, and strategic-minded
Janata Party (BJP), whispers of a The BJP is offering some of these publicly warned that if he is not given a 9.74% votes; Congress-JDS were president. This realisation, coupled with
voluntary retirement scheme (VRS) for seats to its alliance partner, the Janata BJP ticket, he will quit politics. in an alliance the understanding that Vijayendra is
Lok Sabha members are making the Dal-Secular (JDS). Tumakuru is one Ballari MP Y Devendrappa (72) is here for the long term, has led to a unified
(BJP and JDS are in alliance for the 2024 polls)
rounds. This is because a significant such example. In a unique arrangement, likely to lose his seat, but not due to age. front,” explained a Vijayendra supporter.
number of sitting MPs have already in some strategic constituencies like At the BJP's party cluster meetings, The party would like to replace
voluntarily announced their intention Tumakuru, a BJP candidate may be sitting party MLAs have urged the Bagalkot MP P C Gaddigoudar (72), but
not to contest the forthcoming elections. fielded on a JDS ticket and vice versa. leadership to retire him, according to winnability is a factor; Gaddigoudar got
Of the BJP’s 25 MPs from the state — This strategy was discussed when Union sources close to B Y Vijayendra. 2023 In a three-corneredcontest,
Congresswon 135 (besides an
BJPwon 66 seats
and a 36% vote
55 per cent of the vote share in 2019.
which sends 28 representatives to the Lok Home Minister Amit Shah recently Talks are at an advanced stage ASSEMBLY Independentwhom it share;JDSgot19
Karnataka is one of the states that has
Sabha — at least six are over the age of 70. visited Mysuru to discuss the BJP’s Lok between a new party launched by contributed to the overall rise in the age
Some have publicly said that they will not Sabha plan. B Y Vijayendra, the chief of mining baron Galli Janardhana Reddy POLLS supported) of224 seats; seatswith a 13.3% profile of the Lok Sabha. Parliamentary
contest the 2024 elections. For example, the BJP’s Karnataka unit, told Business and the BJP for an alliance in this seat. (224 SEATS) itgot 42.88% votes vote share research body PRS says 12 per cent of the
V Srinivasa Prasad, the MP from Standard: “He (Shah) gave us a winning “If the BJP is willing to ally with the outgoing 17th Lok Sabha MPs are below
Chamarajanagar, is 76 and has declared formula for all 28 seats. All our leaders Kalyana Rajya Pragathi Paksha for the 40. This is more than the 16th Lok Sabha,
he will not run. Others have offered to have assured Amit Shahji that the BJP Lok Sabha elections, I am ready. The Assembly. There has been no response comment that “Dalit leaders do not rise which had 8 per cent of MPs below the
retire if their seats are given to their sons, and the JDS will fight the election people of the country want to make from the BJP to his offer, so far, — to the top easily in this party. It is very age of 40 years. But the average age of
such as Davanagere MP GM Siddeshwara unitedly and will make a 100 per cent Modi the PM again. So, I am ready to which would rather want him to sad. But we will accept this and move MPs in the outgoing Lok Sabha was still
(71), who is seeking a Lok Sabha effort to win all the 28 Lok Sabha seats.” join hands,” Reddy told local media. return to the BJP. on.” Although this was in response to BY 54. In fact, the trend points to the Lok
nomination for his son Anith. The Congress is contemplating Reddy left the BJP and formed his party Bijapur MP Ramesh Jigajinagi (71), a Vijayendra’s appointment as party chief Sabha getting older: The proportion of
Chikkaballapur MP B N Bachegowda, at fielding Priyanka Gandhi Vadra from ahead of the 2023 Karnataka Assembly six-time MP (three from Bijapur and in November 2023, it is unlikely that MPs below 40 years has steadily declined
81, has declared he will not contest. Given Koppal, currently held by the BJP’s elections. While his party only garnered three from Chikkodi), would reportedly Jigajinagi will be fielded again. from 26 per cent in the first Lok Sabha.
the advanced age of Tumakuru MP GS Karadi Sanganna (73). However, no about 3.2 per cent of the vote in the prefer not to contest. He is a Dalit, and The overall accent of the BJP is on This time, the BJP in Karnataka, at least,
Basavaraj (82), the BJP may offer the seat further information is available at this state, he was able to win one seat in the the BJP has taken note of his recent making younger supporters fight the is determined to change the trend.
8 WORLD
>
CHENNAI | MONDAY, 4 MARCH 2024

Shehbaz ‘selected’ new Pak PM Powell to double

Rakes up Kashmir issue in first speech, pledges to improve ties with leading nations, including ‘neighbours’ down on ‘no rush
PRESS TRUST OF INDIA
Islamabad, 3 March
“How we will pay the salaries for
armed forces and how to pay the
civil servants,” he wondered and to cut’ message
S
hehbaz Sharif on Sunday IF WE COME TOGETHER AND added that reforming the economy
became the prime minister
of Pakistan for a second time
DECIDE TO CHANGE THE FATE was the biggest challenge faced by
the country, he added
KATE DAVIDSON & CRAIG STIRLING
3 March
to lead a coalition government OF PAKISTAN … THEN GOD Shehbaz highlighted the burden
after he comfortably won a major-
ity in the newly-elected
WILLING, WE WILL DEFEAT of debt paying and said that the
country was required to pay billions
Federal Reserve Chair Jerome Powell
(pictured) is expected to double
Parliament amidst sloganeering by THE CHALLENGES AND TAKE of rupees in interest only. down on his message that there’s no
the Opposition. PAKISTAN TO ITS RIGHTFUL He highlighted that the energy rush to cut interest rates, especially
Shehbaz, 72, who was the con-
sensus candidate of the Pakistan
POSITION,” sector was crumbling due to the
accumulating debt owed by the
after fresh inflation data showed that
price pressures persist.
Muslim League-Nawaz (PML-N) Shehbaz Sharif country to the power-producing Powell is headed to Capitol Hill,
and the Pakistan Peoples Party Pakistan PM on the state of economy and companies. He also mentioned that where he’ll deliver his semiannual
(PPP), received 201 votes, 32 more other challenges state-owned entities like Pakistan monetary policy testimony to a
than what was required to become International Airlines were running House committee on Wednesday
leader of the House in the 336- into losses worth billions of rupees. and a Senate panel on Thursday.
member Parliament. Shehbaz said that Pakistan dom of Kashmiris and and making him Leader of the He promised to put the country The US central bank chief and
Shehbaz’s challenger Omar would not become part of any “great Palestinians,” he added. House. Shehbaz, who was the con- on the path of development and nearly all of his colleagues have said Jerome Powell is expected to
Ayub Khan of jailed former prime game” and his government would He also thanked his allies in the sensus candidate of the PML-N and announced to overcome all hurdles. in recent weeks that they can afford maintain a hawkish stance in his
minister Imran Khan’s Pakistan increase the number of friends. coalition government for putting the Pakistan Peoples Party (PPP), Shehbaz said that the government to be patient in deciding when to cut semiannual testimony to Congress,
Tehreek-e-Insaf (PTI) secured He pledged to build and their trust in him and making him received 201 votes in the 336- was determined to bring the coun- rates given underlying strength in signalling to markets that the Fed
92 votes. Shehbaz will be admin- improve ties with all leading Leader of the House. member house. try out of the current crisis. “I don't the US economy. is in no hurry to cut rates REUTERS
istered the oath of office on nations, including neighbours. “When my Quaid (leader Nawaz) Shehbaz said that the country want to set any deadline but due to The “danger of moving too soon
Monday at the Presidential man- “We will keep ties with neigh- was elected the prime minister was facing challenges primarily various steps we will take, the pos- is that the job’s not quite done, and they’ve made so much progress on
sion, Aiwan-e-Sadr. bours on the basis of equality,” thrice, the development that fol- due to the fragile economy. He said itive results will start pouring in that the really good readings we’ve inflation. The data highlight for the
The session of the new parlia- Shehbaz, 72, said as he easily won lowed in the country is an example that he was starting his tenure after a year,” he said. had for the last six months some- week will be the monthly jobs report
ment convened amid ruckus and the election in the National of its own. And it is not wrong to say when the country was facing a He promised to bring invest- how turn out not to be a true indi- on Friday. Economists project pay-
sloganeering by PTI-backed Assembly to become Pakistan’s that Nawaz Sharif is the one who budgetary deficit of more than one ment into the country and create cator of where inflation’s heading,” rolls growth moderated in February
lawmakers. prime minister for a second time. built Pakistan,” Shehbaz said in his trillion rupees. “If we come together economic conditions that would Powell said in an interview with to 200,000 following a 353,000 surge
In his maiden address, Sharif Shehbaz, however, raked up the victory speech. and decide to change the fate of spur economic growth. He also CBS’s 60 Minutes on February a month earlier that was the largest
raked up the Kashmir issue but Kashmir issue and equated it with The Pakistan Muslim League- Pakistan … then God willing, we vowed to spread the web of “one 5.That cautious approach has been in a year. The jobless rate is seen
pledged to improve ties with all Palestine. “Let’s all come together Nawaz (PML-N) president thanked will defeat these challenges and window” export zones in all four validated in recent weeks by data holding at 3.7 per cent, while hourly
leading nations, including the … and the National Assembly his elder brother Nawaz and all the take Pakistan to its rightful posi- provinces and work day and night showing inflation picked up last earnings growth probably cooled.
country’s neighbours. should pass a resolution for the free- allies for putting their trust in him tion,” the 72-year-old leader said. to fulfil all these promises. month. But it’s not likely to satisfy Powell is expected to maintain a
Democrats, who are anxious about hawkish stance in his semiannual
how the path of rates could affect testimony to Congress, signalling to
the November presidential election markets that the Fed is in no hurry
IN BRIEF Gaza talks appear ready to stumble and down-ballot races.
They’re expected to press the Fed
to cut rates. If that leads to tighter
financial conditions, it will keep the
chief on why officials are keeping pressure on the economy and raise
Opec+ nations agree to extend BLOOMBERG
3 March
European Union.
Talks would be held Sunday and
but reports have said that among other
things, Israel seeks information on the
borrowing costs so high, risking
damage to the economy, when
chance of additional lagged impacts
from monetary policy.” BLOOMBERG
voluntary cuts to Q2CY24 Monday, Hamdan added. AFP
Hamas said a delegation is travelling reported that a cease-fire may be
wellbeing of its hostages. Channel 12
reported that talks broke down before
Some members of Opec and worries over demand as major to Cairo to outline the group’s posi- secured “within 24 to 48 hours” if they even started, as Hamas failed to
allies led by Russia (Opec+)
have agreed to extend
economies grapple with high
interest rates.
tion on talks that may lead
to a temporary cease-fire in Israel wouldn’t send a
Israel accepts
Hamas’ demands,
provide Israel the names of which hos-
tages are still alive. STRING OF WINS FOR TRUMP
IN REPUBLICAN ELECTIONS
voluntary first-quarter oil Oil prices have found Gaza — even as reports sur- high-level delegation citing a senior
output cuts into the second support from rising geopol- face that it’s refused to give to Cairo unless Hamas Hamas official it Malnutrition
quarter, sources said itical tensions due to attacks by Israel the names of which provides answers didn’t identify. At least 15 children have died over the
on Sunday. the Iran-aligned Houthi hostages taken in October to questions Israel has However, a past few days from malnutrition and
Opec+ in November group on Red Sea are still alive. been seeking, a senior senior Israeli offi- dehydration at Gaza's Kamal Adwan
agreed to voluntary shipping, although “We are keen to achieve Israeli offical said cial, speaking hospital, the health ministry in Gaza
cuts totalling about concern about a result that satisfies our anonymously, said in a statement. “We fear for the
2.2 million barrels per economic growth and people,” Osama Hamdan said Israel lives of 6 other children suffering from
day (bpd) for the first high interest rates has said in a statement issued by the wouldn’t send a high-level delegation malnutrition and diarrhea at the hos-
quarter, led by Saudi weighed. Brent futures media center of Hamas, which to Cairo unless Hamas provides pital’s intensive care unit,” Ashraf Al-
Arabia rolling over its own for May settled $1.64 higher, rules Gaza and is considered a terror- answers to questions Israel has been Qidra, the Gaza health ministry
voluntary cut. Opec+ has or 2 per cent, at $83.55 a barrel ist organisation by the US and seeking. The official didn’t elaborate, spokesperson, said.
implemented a series of on Friday. Sources told Reuters
output cuts since late 2022 to lastweekOpec+wouldconsider

How realtor wove $12 bn tapestry

support the market amid rising extending oil output cuts into
output from the US and other the second quarter, with one
non-member producers and saying it was “likely”. REUTERS

UK’s Hunt plays down talk of of fraud — the biggest in Vietnam

tax cuts in pre-election Budget BLOOMBERG
3 March
case is among a slew of high-profile
proceedings following from the
British finance minister Jeremy Hunt sought to dampen Communist Party of Vietnam’s crack- Former President Donald Trump swept two more Republican
speculation about big pre-election tax cuts in this week's For several years, Truong My Lan (pic- down on corruption. It highlights the presidential nominating contests on Saturday, beating rival Nikki Haley
budget, saying there had been a worsening in the economic tured) held meetings on the 39th floor developing economy’s challenges as in Missouri and winning all of Michigan’s remaining delegates. The
outlook, but he hinted at some help for voters. The forecasts of the sleek Times Square tower in the it courts foreign investment to Associated Press called both races for Trump. Republicans in Idaho are
that underpin the budget "have gone against us," Hunt told heart of Vietnam’s commercial hub, become a global electronics hub for also awarding delegates in a caucus. So far, Trump has won every
the Sunday Telegraph in comments that appeared designed to Ho Chi Minh City. There, in a room companies like Apple Inc. and nominating contest by wide margins, putting him on track to have
counter calls from within his Conservative Party for big giveaways that acted as her command center, she Samsung Electronics Co. The scandal enough delegates to lock down the Republican presidential nomination
in his annual tax-and-spend speech on Wednesday. REUTERS allegedly wove a $12 billion tapestry also raises questions of whether the by mid-March PHOTO: REUTERS
of fraud and corruption, according to government has the capacity to safe-
the police reports that form the basis ALL ABOUT guard the banking system, bond mar-
Nvidia closes with $2 trillion of a court case against her.
TRUONG MY LAN ket and overall economy amid an

valuation as Dell stokes AI rally

Authorities allege there were
“ghost” companies, payoffs to govern-
ment officials and a bank she illegally
n She is accused of setting up
fake loan applications to
explosion of wealth.
“The government regulators are
overwhelmed,” said Zachary Abuza,
Drooping economy to
keep China politicians
Nvidia’s stunning rise is captivating the stock market and driving controlled that disbursed loans to her-
withdraw money from Saigon an expert on Southeast Asian politics
the S&P 500 Index to new highs. But it also raises cautionary self and her allies worth about 11% of at the National War College in
Commercial Bank
reminders of another investor that not too long ago soared on the nation’s 2022 GDP. Her personal Washington, D.C. “They can’t keep
n Her family is one of the richest
awake at annual meet
dreams of a technological transformation. After more than driver secretly shuttled millions of up with the growth of the economy.
triplinglastyear,thestockin2024isagainthebestperformer in dollars in cash across the city’s chaotic in Vietnam Look at the volumes of money pour-
the S&P 500 Index, with a 66 per cent advance. Its market value streets, police say. Twenty-four gov- n Founded in 1992, Van Thinh ing into the country. They just don’t
of more than $2 trillion trails only two US companies. BLOOMBERG ernment inspectors — whose jobs are Phat owns high-end hotels, have the manpower. And they’re so
responsible for ensuring the health restaurants, and has also poorly paid.” ASSOCIATED PRESS

Japan considers calling

and safety of the banking system —
are alleged to have taken Lan’s money
invested in financial services Vietnam is a one-party state where
foreign media, including Bloomberg
Beijing, 3 March
Ex-top official for
to cover up violations. n The value of Truong My Lan's News, have limited access to doc- One burning issue dominates as the HK, Macau removed
official end to deflation The woman behind Van Thinh
Phat Group, one of Vietnam’s most
alleged asset appropriation is
equivalent to around 3% of
uments such as police reports and
reporting is heavily reliant on the local
2024 session of China’s legislature
gets underway this week: the from CPPCC role
The Japanese government is discussing officially stating that moneyed real estate empires, now Vietnam's total GDP for 2022 state-owned media. The foreign mini- economy.
the country’s economy has overcome deflation, Kyodo awaits a trial starting on March 5 — stry, which handles enquiries to the The National People’s Congress ZhangXiaoming,Beijing’sformer
reported Saturday, citing several unidentified people familiar and a possible death sentence or government from foreign media, said annual meeting, which opens topofficialforHongKongand
with the matter. The government will consider making the imprisonment if found guilty. More kets, as bureaucrats fearful of being in a statement that the party’s policy Tuesday, is being closely watched for Macauaffairs,hasbeenremovedas
statement after taking into account this year’s wage arrests are expected in a probe that swept up in police investigations slow- is to resolutely fight corruption “and any signals on what the ruling deputysecretary-generalofthe
negotiations to check if pay is increasing in accordance with has contributed to a virtual freeze in walk approving legal documents. to handle those who violate the law Communist Party might do to reen- ChinesePeople’sPoliticalConsult-
rising prices, according to the report. BLOOMBERG the nation’s bond and real estate mar- The country’s largest-ever fraud with strict punishments.” ergise an economy that is ativeConference,accordingto
sagging under the statebroadcasterCCTV.Zhang
weight of expanded hasspentmorethanthree
government controls decadesinHongKong.He

Paradox at the heart of Musk’s OpenAI lawsuit and the bursting of a

real-estate bubble.
That is not to say
wasappointedasdeputy
secretary-generalofthe
CPPCC,thenation’stop
that other issues politicaladvisorybody,in
KEVIN ROOSE there’sapointthatisworth alsobedangerousifit’sableto won't come up. 2022.Beijing’smove
San Francisco, 3 March drawingout,becauseitillustrates
aparadoxthatisattheheartof
THE AGI CONUNDRUM outsmarthumans,orifitbecomes
deceptiveormisalignedwith
Proposals to raise the
retirement age are expected
againstZhangcomesdays
aheadoftheannual“two
ItwouldbeeasytodismissElon muchoftoday’sAIconversation n Defining what constitutes AGI is n Today’s AI models do not humanvalues. to be a hot topic, the state-owned sessions”meeting. BLOOMBERG
Musk’slawsuitagainstOpenAIas —andaplacewhereOpenAI notoriously tricky qualify as AGI but Musk makes Thepeoplewhostarted Global Times newspaper said last
acaseofsourgrapes. reallyhasbeentalkingoutofboth n Most leaders of AI companies an unusual argument that OpenAI,including Musk,worried week. And China watchers will parse
MusksuedOpenAIthisweek, sidesofitsmouth,insistingboth claim that AGI is possible to OpenAI has already thatanAGIwouldbetoopowerful the annual defense budget and the legislation. The deputies do vote, but
accusingthecompanyof thatitsAIsystemsareincredibly build but could also be achieved AGI with its tobeownedbyasingleentity,and possible introduction of a new for- it's become a unanimous or near-
breachingthetermsofits powerfulandthattheyare dangerous if it’s able to GPT-4 language model thatiftheyevergotcloseto eign minister. unanimous formalising of decisions
foundingagreementand nowherenearmatchinghuman outsmart humans buildingone,they’dneedto But the economy is what is on that have been made by Communist
n Musk’s complaint also notes that
violatingitsfoundingprinciples. intelligence. changethecontrolstructure most people's minds in a country Party leaders behind closed doors.
Inhistelling,OpenAIwas Theclaimcentresonaterm n Musk is worried that an AGI OpenAI’s board is unlikely to aroundit,topreventitfromdoing that may be at a major turning point The congress can be a forum to
establishedasanonprofitthat knownas“artificialgeneral would be too powerful to be decide that its AI systems harmorconcentratingtoomuch after four decades of growth that pro- propose and discuss ideas. The
wouldbuildpowerfulAIsystems intelligence(AGI).”Definingwhat owned by a single entity actually qualify as AGI wealthandpowerinasingle pelled China into a position of eco- nearly 3,000 deputies are chosen to
forthegoodofhumanityandgive constitutesAGIisnotoriously company’shands.Whichiswhy, nomic and geopolitical power. For represent various groups, from gov-
itsresearchawayfreelytothe tricky,althoughmostpeople whenOpenAIenteredintoa many Chinese, the failure of the ernment officials and party
public.ButMuskarguesthat wouldagreethatitmeansanAI worker,”whileOpenAIitself claimthatnotonlyisAGIpossible partnershipwithMicrosoft,it post-Covid economy to rally strongly members to farmers and migrant
OpenAIbrokethatpromiseby systemthatcandomostorall definesAGIas“ahighly tobuild,butalsothatitis specificallygavethetechgianta last year is shaking a long-held con- workers. But Albert Wu, an expert on
startingafor-profitsubsidiary thingsthatthehumanbraincan autonomoussystemthat imminent.BuildingAGIis licensethatappliedonlyto“pre- fidence in the future. governance in China, believes that
thattookonbillionsofdollarsin do. AltmanhasdefinedAGIas outperformshumansatmost OpenAI’sexplicitgoal,andithas AGI”technologies. The National People’s Congress is role has been eroded by the centra-
investmentsfromMicrosoft. “theequivalentofamedian economicallyvaluablework.” lotsofreasonstowanttogetthere largely ceremonial in that it doesn't lisation of power under Chinese
Butamidalloftheanimus, humanthatyoucouldhireasaco- MostleadersofAIcompanies beforeanyoneelse.ButAGIcould ©2023 The New York Times News have any real power to decide on leader Xi Jinping.

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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

VOLUME XXVI NUMBER 207

CHENNAI | MONDAY, 4 MARCH 2024

Few gains at WTO The evenings are hard

Basic functioning must be repaired Mounting stress upon India’s grid engineers things will go on in the way that they have been.
But this problem is at breaking point. The headroom

T
ILLUSTRATION: AJAY MOHANTY for grid managers to keep improvising is declining.
he World Trade Organization’s (WTO’s) 13th ministerial-level meeting
This is the structural logic for the summer crises
— or MC13, as it is generally known — ended in Abu Dhabi with minimal
that have erupted in recent years. We should see the
consensus. A last-minute deal to extend the moratorium preventing forces at work and expect that, in coming days, the
countries from levying tariffs on digital trade has been extended by fire fighting of grid managers will get harder, and
two years, allowing delegates to claim a small victory. But that was the only good they will drop more balls. While there will always
news available. The declaration, issued after the meeting that had continued into be small fluctuations of varying execution, it is the
the early hours on Saturday, did indicate that member states would continue to strategy that is at fault.
The three forces at work (private desire for cheap
work on reforms essential to the WTO’s functioning. This is one of India’s most
solar in the daytime, global finance blocking new
basic demands. Commerce Minister Piyush Goyal had correctly pointed out that fossil fuel plants, and rising cooling demand) are
until the base functions of the WTO were repaired — such as the dispute-settlement beyond the power of policy makers. There is one
system in particular — there was very little appetite for attempts to expand the powerful tool which can be brought to bear on the
scope of WTO agreements. The central mechanism by which the WTO can move problem, and that is the price system.
forward is if the US administration — of either party — drops its unprecedented Grid engineers today see the price as fixed, so
the demand is a given. They mobilise a supply
objection to the nomination of new judges to the appellate body, which adjudicates
response every evening. They view the gap between
trade disputes between nations. The body was supposed to be reformed by 2024, supply and demand as something which the grid
but that deadline has been missed. The Joe Biden administration bears major manager should solve. The economics perspective
responsibility for this impasse continuing. Its lack of even basic engagement was adds value. Solving gaps between supply and
most visible when the US trade representative chose to leave the ministerial talks demand is what the price system does.
on Friday even as others stayed to try and hammer out a compromise. The supply and demand of tomatoes fluctuate,
and there are no horticultural engineers figuring
For India, the government’s main priority remains the defence of India’s food
out the solution. The heavy lifting is done by the
procurement system, which it is currently in the process of trying to reform domes- price system. The price of tomatoes fluctuates, and
tically. This has not upset the West as much as some fellow developing countries. generates equality between supply and demand at

S
Brazil led the charge against India, while Thailand’s ambassador to the WTO had to olar energy is growing. But in the evening, the cial system will no longer fund new carbon-intensive every moment. And so it can be with electricity. In
be recalled after India protested his attack on grain stockpiling as affecting global sun goes down, and the big users of solar switch generation plants. Indian energy firms have the afternoon, the sun is shining, and the price of
food prices. Some of India’s demands on the outmoded way in which foodgrain back to the grid. Economic growth and changes therefore pivoted in favour of renewables, and the electricity should go to zero (even if it is a coal ther-
in the built environment are exacerbating cooling addition of capacity in electricity generation based mal supplier). In the evening shortage, the price of
purchases are valued make objective sense and need to be reformed. Further on
demand in the evening. Grid managers are manfully on fossil fuel has stalled. electricity should go up sharply.
fisheries, it is in India’s interests to ban excessive fishing, especially by the giant struggling with this problem of the surge in evening The last piece of the present situation is a revival Everyone will change their behaviour in response
fleets of the People’s Republic of China. In order to do so, it should gather a coalition demand, but it is becoming harder to accommodate. in private investment. In the CMIE Capex database, to the price. Buyers of electricity will shift their activ-
of developing countries with similar small-scale fishing fleets as India’s, and present The only way out is market prices. projects “under implementation” have gone up from ities into the day to enjoy cheap electricity. People
a counter-proposal to the West’s attempted ban on subsidies. This could easily have The price of solar energy has dropped handsome- the trough of ~44 trillion in 2020 to a current level will look at the price of electricity in the evening
been done after MC12 last year failed to reach an agreement on fisheries. ly. For every firm, there is an oppor- of ~55.7 trillion (both values in 2024 before deciding to switch on an AC. The right office
tunity to cut energy expenses in the rupees), a gain of 26 per cent real in attire for Chennai is shorts. The built environment
The danger of such an approach is twofold. First, it means that the ability to
day by obtaining solar electricity about three years. As these projects will favour cooler designs. Two-shift operations will
use the WTO to discipline Beijing’s behaviour is not taken advantage of by New through some contracting mecha- trickle through into completion, be structured with a gap in the evening, so as to do
Delhi. And second, it increases the incentives for other countries, including nism. But the sun is a fickle friend, electricity demand will rise. a day shift (when the sun is shining) and a night
important trading partners of India, to form plurilateral groupings that avoid and every evening solar energy We should all bang the pots and shift (that starts after the evening peak price).
the need for multilateral agreement. These plurilateral groupings will effectively dwindles away while electricity pans out of appreciation for the grid Storage is the business of buying cheap in the
set the trade rules for the future without India being involved. Thus, while India’s demand surges. With economic managers who are valiantly fighting day and selling dear in the evening. The daily price
growth and cheap Chinese manu- this situation. Every evening, the fluctuation will trigger private investments in stor-
desire to raise issues of importance from fisheries to agriculture can be appreci- facturing, air conditioning adoption sun goes down and demand from age. The decision to build a storage plant should be
ated, it is also dangerous for Indian traders and producers to allow breakdowns grows by the day. The built environ- the grid goes up. Grid managers made by a private person — based on the possibility
in the multilateral system to persist for too long. India, as a leader of the Global
South, must instead take the initiative to form coalitions of like-minded countries,
ment is transitioning to heavier
structures, which have more heat
SNAKES & LADDERS scramble to make ends meet. Wind
power (which is itself fickle) is par-
of profit — and not central planners. Wind genera-
tors will reap a bounty every evening, which will
including South Africa and small island nations, which can present sensible and capacity, which irradiate the AJAY SHAH ticularly welcome at this time. Some reshape investments in favour of more wind and
forward-looking alternatives to Western proposals. interiors in the evening, thus moti- small storage facilities have started less solar. Coal thermal plants will earn zero or
vating more use of air conditioning kicking in. Hydel plants and gas low revenues in the day, and reap profits in the
into the evening. plants help. Coal thermal plants are pushed to the evening peak.

Small stocks, big risks

Every evening, solar users turn back to the grid. limits of economic and technical good sense. What At present, too much is being asked of grid
This is hard for managers of the grid. The bulk of grid managers need, in this every evening battle, is engineers. The electricity system of the future is
the Indian energy system is coal thermal, so what is flexibility. They are hampered by their legacy of a combination of solar, wind, and storage, orches-
Redemption in smallcap funds can create challenges filling in the breach each evening is coal thermal. power-purchase agreements (where they are forced trated by the price. Decentralised adjustments by

A
But in the day when the sun is shining, there aren’t to do certain things contractually) and coal thermal private persons will solve the bulk of the problem.
recent exchange of communication between the Association of Mutual enough buyers for this electricity. It takes hours for plants (which are an inflexible technology). This gives grid engineers a modest problem to fight
Funds in India (AMFI) and the Securities and Exchange Board of India coal plants to increase or lower their generation: Grid managers have manfully solved these prob- each evening.
(Sebi) culminated in a letter from the AMFI to asset management com- They cannot respond to surges and declines that lems for over a decade now. We tend to extrapolate
panies (AMCs), asking them to plan and implement proactive measures play out over short periods of time. The global finan- from the past into the future; we tend to think that The writer is a researcher at XKDR Forum

to protect investors with high exposures to smallcap and midcap funds. The AMFI
cited Sebi’s concerns about “froth” in smaller stocks and asked fund trustees and

Rethink the way we grow food

unitholder protection committees to implement protective measures and announce
them within 21 days on their respective websites. This is unusual. While Sebi is
always concerned about risks to investors, buying units is the least risky route to
equity investing. The regulator also doesn’t normally concern itself with market

T
here is something fundamentally broken in to the European Commission data, received €6,700 they face a pincer attack — the government has to
valuation. However, this is the fifth year running when smallcap funds are logging
the world’s agricultural system when you see annually (roughly ~50,000/month) in 2021 as direct procure food for distribution and so it needs to keep
double-digit capital gains and retail investors hold the vast majority of equity units. images of rich European farmers and their income support. Over and above this, there is more the price under control; consumers (all of us) do not
So in the case of correction, individual investors are most at risk. One characteristic poorer counterparts in India straddling tractors to investment made to facilitate agriculture. want to be hit by food inflation.
of small stocks is the lack of liquidity. Hence, large institutional trades have a big block highways to make their anger heard. The fact Over the years, the “nature” of farming has So, even as farmers struggle to make ends meet
impact on prices. Heavy selling may trigger a very sharp correction. is that these farmers are enjoined across continents evolved, and farms have become larger and more in terms of cost and increased risk because of weath-
Valuations and returns on small stocks are elevated. The benchmark Nifty 50 with a serious problem of increased cost of agricul- consolidated. Small agriculturists now struggle to er and pest attacks, and every time the food price
tural production in an age of climate risk and losses. survive because of increased input cost, higher stan- goes up and they could benefit, the option is to cool
has a 12-month return of 26 per cent while the Nifty 250 smallcap has a return of 65
In Europe, the flashpoint ironically was the intro- dards, and bureaucracy. Larger farms are also faced prices through cheaper import. They lose. They can-
per cent. The Nifty 250 smallcap is valued at a trailing price-to-earnings ratio of 28, duction of climate rules, under which farms would with high debt as cost increases. The practice of not then invest in the improvement of soil, water,
while the Nifty is at 23. In April-January FY24 net inflows into smallcap funds be required to halve pesticide use; organic farming — today 10 per cent or biodiversity. In this system, the only way ahead
crossed ~37,360 crore, as against ~22,103 crore in FY23. Most of this is via systematic cut fertiliser use by 20 per cent; dou- of EU land is under this system — is to discount the cost of environmental safeguards.
investment plans (SIPs). When valuations are “frothy”, fund managers can opt to ble organic production; and leave has been designed to increase the They are now being told that they need to
park larger proportions in cash and other assets. But funds are mandated to invest more land for non-agricultural use cost of cultivation. Farming has increase productivity to stay profitable. But this
for biodiversity conservation. In responded by becoming more inten- comes at a higher cost because of expensive inputs
at least 65 per cent of the corpus in the stated equity segment. The mandate itself addition, the Netherlands had pro- sive — more productivity per crop — this food economics makes no sense as the higher
may become a challenge for funds with enhanced cash holdings and high inflows. posed to reduce its livestock num- or livestock — and this means more cost will not be paid for in a country that needs
The funds may consider limiting inflows to avoid being forced to buy at high valua- bers to cut nitrogen pollution and use of chemicals and bio-inputs, affordable food. It is clear that the Indian govern-
tions. However, there is also the consideration that investors may deploy surplus Germany to slash its subsidy on which, combined with adverse envi- ment cannot subsidise individual farmers on the
funds directly in the market, which could actually heighten risks. Many funds have diesel, a fossil fuel. All this is clearly ronmental conditions, results in scale Europe does. It is also clear that even this
limited inflows by capping lump sum investments and SIPs. needed in a world faced with the even higher cost. This spiral of cost whopping financial support would not be enough
Most funds are open-ended. Hence, large-scale redemption can force managers
existential threat of climate change.
Agriculture in the European Union
DOWN TO EARTH is then faced with two realities —
one, the need to keep consumer
in this system of intensive agriculture.
So, we need to discuss how to reduce the cost of
tosellstocks.Thatcanleadtoanegativefeedbackloop:Fundssellingtomeetredemp- (EU), as in other parts of the world, SUNITA NARAIN prices of food under control and, cultivation and yet put money on the table for farm-
tion, leading to price correction, triggering more redemption, and more selling and contributes significantly to green- two, growing crop damages because ers. This is where regenerative or natural farming
so on. The AMFI has asked AMCs to watch out for “first-mover” sellers initiating a house gas emission — one-tenth of its annual emis- of climate exigencies. will play a role, but at scale and with great policy
cascading effect. Portfolio rebalancing — booking profit in stocks which have run sion. If this cost of abatement is high for rich farmers, This is the system of intensive agriculture that is and deliberate practice and science to back it. We
what will it do to farmers in our world, who are at feted in the world — it is held that environmental also need food-procurement policies to work at local
up, in order to buy others trading at more attractive valuation — is another option.
the margins of survival? standards can be built into the system and yet farm- level so that farmers get assured markets for good
But here too, the flexibility to switch assets is limited by the mandate, and the size of The fact is that the European farming system, ers can increase production and make the business food. The Odisha government’s millet procurement
the smallcap/midcap segment. About 150 midcaps and 500 smallcaps already have which epitomises modern agriculture as we know work. Clearly, this is not the case. The cost of food is for mid-day meals is one such practice. The fact is,
significantinstitutionalholdings.Managersmayneedtorebalancewithassetsoutside it today, has survived only because of massive sub- not affordable even in countries of the Western the world has enough food to feed its people; the
thesesegments.Thus,limitingriskproactivelywillbeachallenge.Sebicouldconsider sidy. Since 1962, the EU’s Common Agricultural world. The environment is not protected. problem is that much of this food is going into feed-
a more flexible mandate, perhaps using a sliding scale tied to valuation. It could also Policy (CAP) has provided financial support for agri- In India, farmers protesting on the doorstep of ing livestock or just to waste. This is what needs to
culture — after much criticism, the support was Delhi want higher minimum support price (MSP) be addressed.
considerarrangingalternativesourcesofcashforfundsfacedwithsuddenredemption
brought down but only marginally. Today it consti- for their produce. They face the same challenges as
demand in order to avoid the impact cost of high-volume sales. tutes some 40 per cent of the EU Budget and involves their counterparts in rich Europe, but without the The writer is at the Centre for Science and Environment
direct payment to farmers. Each farmer, according massive subsidy to support food cultivation. Then sunita@cseindia.org, X: @sunitanar

Surveillance: High tech and narcs

prosperity leads to liberalisation in wordedstateannouncementsandthe
dictatorships, but Pei argues that China occasionalleak,Peimanagestopiece
disproves this assumption. Partly that’s togethertheintricatewebofhuman
because China has a history of relationshipsthatmakeupChina’svast
Two new books about state questionable financial incentives and sell this data to just about anyone. State “distributed surveillance” going back surveillancenetwork.Herevealshow
surveillance in the 21st century, one inadequate civil protections that have operatives bank on this lack of centuries, which has normalised the localandstateauthoritiestarget“key
focused on China and the other on the allowed the government to use consumer awareness. idea that spies and informants are individuals”includingUyghurMuslims
United States, make it clear that corporate data to keep Americans under With some wryness, Tau notes that everywhere — from remote villages to andmembersofthefar-rightreligious
Foucault was right. surveillance. Intelligence agencies are the US government often accuses its anonymous crowds in Shanghai — organisationFalunGong,singlingout
In China, as Minxin Pei explains in not generally permitted to engage in international adversaries of doing collecting every piece of information, roughly1percentofthepopulationfor
BOOK REVIEW The Sentinel State, a centralised domestic spying, but the law is vague on precisely what its own spy agencies do. no matter how useless, the same way special,targetedsurveillance.
government uses new tech to extend a whether they can buy “publicly “National security officials remain so digital ad exchanges hoover up your Both authors argue persuasively that
ANNALEE NEWITZ centuries-old system of bureaucracy available information” from companies concerned about TikTok because the US personal data without knowing gee-whiz headlines about spy tech are a
that rewards intelligence gleaned from like Otonomo, which sells “traffic data” engages in the same practice: Collecting whether someone will buy it. red herring; surveillance is a function of

I
n 1975, the French philosopher informants and from cities, or data through apps at As the economy public-private partnerships, not
Michel Foucault published spies. And in the MEANS OF CONTROL: UberMedia and scale to project THE SENTINEL STATE: expanded, the specific technologies. In China, these
Surveiller et Punir, a book popularly United States, Byron How the Hidden Venntel, which sell national power,” Surveillance and government used partnerships are widely publicised, and
translated into English as “Discipline Tau’s Means of Alliance of Tech “consumer data” he writes. the Survival of its prosperity to the names of targeted key individuals
and Punish,” about how societies keep Control documents and Government Is from internet Minxin Pei, an Dictatorship in purchase the same are often known to their communities.
their populations in line with minimal how a federal Creating a New advertising expert in Chinese China tech that the US has In the United States, citizens rarely
violence. At the centre of his argument democracy formed American exchanges that domestic politics Author: Minxin Pei to keep watch over know when they are being targeted, and
lay the panopticon, a prison designed by shady alliances with Surveillance State supply ads to who teaches at its citizens. But the government siphons data from tech
Publisher: Harvard
the 18th-century political reformer private companies Author: Byron Tau thousands of apps. Claremont University Press what Pei reveals is companies in secret.
Jeremy Bentham, in which every to collect data on its Publisher: Crown When you scroll McKenna College, that souped-up But the result is the same. Mass
inmate’s cell door faces a guard tower citizens. The result is through the legalese would no doubt Pages: 321 gizmos are not what surveillance has become the norm, and
Pages: 365
whose windows are opaque. a terrifying form of Price: $32 and hit the “I Agree” agree. In his Price: $35 granted the state its that makes us vulnerable to targeted
Prisonerslivingunderthesetowers convergent social button, you are fascinating, more deeply scapegoating and curtailed freedoms,
neverknowwhethertheguardsarelooking evolution: Two great nations, locked in often agreeing that your data may be meticulously researched book Pei invasive system of control. Instead, whether we realize it or not. You know
atthem,buttheyhavetoassumethatthey an escalating conflict on the world sold to third parties like these focuses on how the Chinese money poured into local and regional you’re being watched, but the dark glass
arebeingwatched.Thissetup,Foucault stage, have taken radically different companies. According to some government upgraded its surveillance police forces, allowing them to beef up of your phone’s touch-screen obscures
explained,isapowerfulmetaphorfor paths to reach eerily similar systems of interpretations of the law, your consent capabilities to prevent another social their considerable network of the authorities who lurk just beyond it.
moderncivilisation:Ourlivesare surveillance at home. makes this data public, even if you don’t movement like the one that inspired the informants and spies.
circumscribedbyafearthatinvisible Tau suggests that the issue here isn’t realise that location-based dating apps 1989 Tiananmen Square uprising. Byinterviewingexileddissidentsand The reviewer is a science journalist
authoritieshaveusintheirsights. really a technical one. Instead, it’s the know where you are and that they can Observers have long suggested that combingthroughlocalwebsites,vaguely ©2024 The New York Times News Service
 The Smart
QUICK TAKE: ICICI BANK’S EDGE: GROWTH PROSPECTS, ASSET QUALITY “The period of double-digit

Investor
inflation from which we are
(Share price in ~) The stock of ICICI Bank has risen by 9.5 per cent from its emerging is well and
monthly lows. Axis Securities has assigned a ‘buy’ rating to truly over. The growth
situation continues
the firm, citing its strong retail-focused liability franchise,
CHENNAI | promising growth prospects, stable asset quality, along
to improve”
MONDAY, 4 MARCH 2024 FLORIAN IELPO
with healthy provision cover, adequate capitalisation, Head of Macro,
and the potential to deliver robust return ratios Lombard Odier
<

Demand threads a delicate weave STREET

of FY24 and the third quarter of
FY24 as compared to the year-ago
periods. Prices of Indian cotton SIGNS
increased in February by 5 per cent

for apparel retail companies

on account of lower crop arrivals.
This could impact the margin out-
look of the apparel majors. Sebi’s F&O standoff:
At the operating Balancing speculation risks
profit level, Trent stood The market regulator, Securities and Exchange
out, registering a Board of India (Sebi), is proceeding cautiously
growth of 85 per cent. in allowing the entry of new stocks into
SEAM STRESS: Retail majors stitch FRAYED EDGES Margins grew by 336 bps to the derivatives segment due to concerns
18.8 per cent. While Page surrounding excessive speculative activity.
through low single-digit growth Price One-year Target Upside 2025-26 Industries reported flat sales over According to market players, the last batch of
(~) returns (%) price (~) (%) P/E (x)
or same-store sales decline Page Industries 35,612 -6.7 38,908 9.3 45.4
the year-ago quarter despite vol-
ume growth of 4.5 per cent, mar-
companies permitted to enter the futures and
options (F&O) market was over two years ago, in
Shoppers Stop 743 15.5 788 6.1 37.1 gins grew 263 bps to 18.7 per cent. January 2022. Despite meeting most eligibility
RAM PRASAD SAHU the July-September and October- Aditya Birla Fashion Retail criteria, several large companies such as
Mumbai, 3 March December quarters to the
Aditya Birla Fashion and Retail 230 -2.5 234 1.8 - (ABFRL) reported a 16 per cent Zomato, Avenue Supermarts, and Jio Financial
respective year-ago periods. Trent 3,901 202.3 3,716 -4.7 76.2 growth in revenues, while operat- Services are still not allowed to trade in the

F
or the fourth consecutive Overall demand trends remain Vedant Fashions 1,022 -13.6 1,303 27.5 39.5 ing profit was 27 per cent higher. F&O segment. Consequently, these stocks
quarter, the apparel retail subdued, and management com- Go Fashion (India) 1,134 19.5 1,368 20.7 37.6 Margins came in at 13.3 per cent, also become ineligible for inclusion in the
sector has delivered a mentary across the board does not S&P BSE Sensex 73,745 23.3 81,005 9.8 18.1 which was 141 bps higher than the benchmark National Stock Exchange Nifty
muted performance. Despite the paint a rosy picture for the near year-ago quarter. index. To be part of the Nifty index, a stock
festival and wedding seasons, term, say analysts at the brokerage, National Stock Exchange Nifty50 22,339 27.0 24,431 9.4 18.1 The beat on operating must compulsorily trade in derivatives. Market
most retail majors saw low single- led by Percy Panthaki. P/E (x): Price-to-earnings (ratio) Source: Bloomberg profit was led by better-than- observers believe that the stalemate will need
digit growth or a decline in same-
store sales. What exacerbated the
PhillipCapital
(India) also believes THREADBARE TOP LINE expected margin performance
in Pantaloons on the back of
to end soon, as these companies cannot
be kept out of the index for too long.
already-muted demand environ- that growth in 2023-24 October-December quarter cost controls.
ment was rising inflation and an the short term Net sales Chg Y-o-Y Operating Chg Y-o-Y Net profit Chg Y-o-Y Trent remains the top pick in Charting Nifty’s course:
inauspicious period (shradh) will be tough (~ cr) (%) profit (~ cr) (%) (~ cr) (%) the apparel retail segment given 22,700 in sight
during the quarter. to come by. the growth outperformance Market players anticipate that the positive
While revenue growth for the Research analysts Trent 3,466.6 50.5 738.5 78.4 374.4 124.2 amidst a slowdown. While the momentum in the market, fuelled by better-
retail majors was in the 20–25 per Ankit Kedia and Rahul Jain of Page Industries 1,228.8 2.4 235.2 21.0 152.4 23.1 stock is the key pick for Nuvama than-expected domestic gross domestic
cent range year-on-year, this was PhillipCapital state, “Despite the Shoppers Stop 1,237.5 8.8 220.9 -6.9 36.9 -41.3 Research, it is cautious on product growth and softening US inflation
largely driven by new store shift of peak winterwear demand Aditya Birla Fashion and Retail 4,166.7 16.1 604.6 29.4 -77.9 NA Page Industries. data, will propel the benchmark National Stock
additions. The outlier in the listed to January 2024, the short-term For Sharekhan Research and Exchange Nifty beyond the 22,700 level. The
space was Trent, which delivered outlook stays challenging, as the
Vedant Fashions 474.5 7.5 257.5 9.8 157.7 4.9 PhillipCapital, too, Trent remains 50-share benchmark index closed at a new
revenue growth of over 50 per majority of the retailers haven’t Go Fashion (India) 202.1 15.2 71.7 14.9 23.4 -3.7 the preferred pick. PhillipCapital record high of 22,378 after Saturday’s special
cent, led by store additions and seen a substantial shift in the Y-o-Y: Year-on-year Compiled by BS Research Bureau is betting on Shoppers Stop among trading session, marking its third straight
10 per cent like-for-like growth. consumption trend in the fourth smallcaps while it is ‘neutral’ on weekly gain. “The Nifty is resuming its bullish
IIFL Research points out that quarter of 2023–24 (FY24). Hence, ABFRL and Page Industries. momentum after a two-month consolidation
aggregate sales in the coverage we expect like-to-like sales to be some pressure on the raw points (bps) over the year ago, The brokerage points out that IIFL Research has a ‘buy’ on period. The immediate target level is 22,500,
universe grew by 12 per cent, remain flat.” material front. Profitability aided by falling raw material prices the average cotton price corrected Trent and Shoppers Stop, while it while 22,750 is the next target level. On the
excluding Trent, while growth While margins expanded in improved in the quarter as gross for the 18 retail companies tracked by 30 per cent and 15 per cent, has an ‘add’ rating on ABFRL, Page downside, 22,200–22,000 will now act as a
was 7 per cent when comparing the December quarter, there could margins expanded by 28 basis by PhillipCapital. respectively, for the nine months Industries, and Go Fashion (India). strong demand zone,” says Santosh Meena,
head of research at Swastika Investmart.

IPO buzz: Moderate GMP

Trump2.0:ArecipeforNAsian
signals market prudence
WHERE CONCENTRATION The three initial public offerings (IPOs)
that entered the market this week are

TAKES A BACK SEAT mktgettingshellacked,notIndia

commanding moderate grey market
premiums (GMPs) ranging between
20 per cent and 30 per cent. Among them,
TOP 10 COMPANIES COMMAND A THIRD OF INDIA'S MCAP Gopal Snacks (issue size: ~650 crore) has the
highest GMP of 30 per cent, while RK Swamy
MARKET OLIGOPOLY: DOMINANCE OF A FEW BIDEN BOUNCE TRUMP COMEBACK? In the run-up to the elections, (~424 crore) and JG Chemicals (~252 crore)
Concentration in world’s largest equity markets (% of total mcap) 58 Trump has discussed a likely are at approximately 20 per cent each. For
n Largest stock
60
72 VS TRUMP SLUMP: MARKET’S ELEPHANT 10 per cent universal tariff on all US the three IPOs that hit the market last week,
n3 largest stocks
n10 largest stocks
Nomura weighs in IN THE ROOM imported goods and has also
threatened tariffs of 60 per cent or
GMPs ranged between 50 per cent and
110 per cent. Market players said that profit-
53 57
40 50
56 47 44 on the potential Performance of key markets during
the 2018-2019 trade war period
more on Chinese imports.
“An extreme scenario of 60 per cent
taking in smallcaps, coupled with cautionary
measures by market regulator Securities
25
34 36 45 fallout for AxJ stocks Change (%)
or more tariffs on China imports will and Exchange Board of India, has helped
21 25 29 30 have significant global ramifications temper expectations.
19 17 21 24 35 SAMIE MODAK India 3 for asset markets, including non-AxJ Contributed by SAMIE MODAK
10 14 40 19
5 8 8 12 8 13 10 12 Mumbai, 3 March US 3 stocks, as it might invite tit-for-tat & SUNDAR SETHURAMAN
Japan 6 India China Australia Germany South Korea Indonesia -5 actions from China, which may
US UK Canada Taiwan Switzerland Markets globally are increasingly significantly hurt US interests in
Mcap: Market capitalisation
France
Source: UBS report
pricing in the prospects of former US
Thailand
Philippines
-10
-12
China. Macro-wise, it will be inflation- EVENTS THIS WEEK
President Donald Trump getting ary for the global economy (perhaps
re-elected. Betting markets in the US Singapore -14 even stagflationary) and will accelerate Date Particulars
A study conducted by UBS reveals Japan, the top 10 account for only a China -18
are currently suggesting that Trump more supply chain shifts within Mar 4 n Japan: Capital spending,
that the contribution of the fifth of its market, while in the US and is more likely to win the US presidency, Asia. Nonetheless, a second Trump
Japan -21 monetary base figures
top 10 companies’ market value India, the top 10 companies represent with markets ascribing a 47 per cent presidency would be a negative risk
Hong Kong -22 Mar 5 n US: S&P Global PMI Services &
to the country’s total market a fourth and a third, respectively. chance of a Trump presidential win factor for AxJ stocks overall,” adds the
South Korea -22 Composite, factory orders,
capitalisation (mcap) is the least in The lower the concentration, the versus 41 per cent for Joe Biden. Nomura note.
Japan among major global markets. stronger the depth and risk profile of A report by broking firm Nomura
For key benchmark indices for a period between
During the 2018–2019 trade war ISM Services Index, durables
January 23, 2018, and September 2, 2019
The US and India are also among the the market. According to experts, if a believes that the US election verdict Source: Nomura report period, the equity markets in India and goods order figures
least concentrated markets, the company or sector dominates the could have a huge bearing on the the US managed to eke out some gains, n UK: S&P Global PMI Services,
performance of the Asia market. It Asia is also better prepared this time. while most others suffered. Among the Composite & Construction
Swiss bank highlighted in its Global market, there is a risk that the market
believes the elections remain a key risk We also think stock valuations (espe- worst hit were South Korea, Hong
Investment Returns Yearbook 2024. could collapse if anything goes wrong n Eurozone: HCOB Eurozone
for the Asia Ex-Japan (AxJ) universe, cially in Hong Kong/China, Asean) Kong, and Japan. However, India’s
In contrast, Switzerland, with the sector or the company. PMI Services & Composite
with North Asia stocks more vulner- going into this risk event are relatively rupee had depreciated over 10 per cent
South Korea, and Taiwan are the “In 33 of 47 countries, the able, while India and the Association modest, and companies vulnerable to between January 2018 and September n Japan: Jibun Bank Japan
most concentrated, with the top 10 weighting of three large industries of Southeast Asian Nations (Asean) tariffs have been diversifying produc- 2019. “We think a similar dynamic PMI Composite & Services,
companies making up between accounted for a majority of the can be the “safe harbours” again. tion to mitigate the impact of tariffs,” might play out this time, with India Tokyo CPI inflation figure
58 per cent and 72 per cent of their country’s mcap,” observed Paul Marsh “Whether Trump goes on with his wrote Nomura strategists Chetan Seth, likely to be the key relative safety trade, n China: Caixin China PMI
market. The top three companies in and Mike Staunton of London rhetoric remains to be seen, but the Anshuman Agarwal, and Ankit Yadav. benefiting from (a) greater supply Composite & Services
these countries collectively account Business School in the yearbook. “In focus on his policies is rising as the US Trump’s last election led to a chain shifts; (b) limited linkages to
n India: HSBC India PMI
elections approach. Many market par- major increase in trade tensions North Asian supply chains/growth;
for nearly half of their mcap. 35 of 40 worldwide industries, two Composite & Services
ticipants have been taken aback by between the US and China, coinciding and (c) reallocation of flows.
For nearly the top 10 major markets, countries accounted for a majority of Trump’s bite versus his bark, and his with a correction in the Hong Kong Meanwhile, Trump risk will add to the Mar 6 n US:MBA mortgage
the top 10 companies constitute over the industry’s global capitalisation,” threats may not be completely ignored. and China markets. Those tensions laundry list of investor concerns on applications, ADP employment
half of their market. In the case of they added. SAMIE MODAK Trade protectionism and tariffs are also weighed on the wider Asian equity Hong Kong and China stocks,” said the change, wholesale
clearly bad news for Asia’s growth, but complex, observes Nomura. Nomura strategists. inventory figures
Mar 7 n US: Trade balance, initial
jobless claims, continuing
claim figures

‘Smallcaps not in extreme bubble territory’

and the markets?
Source: Bloomberg
RoEhasreboundedfromthepandemiclows, Compiled by BS Research Bureau
thoughthereisstillsomegroundtocovertoreach
previoushighs.Bothbanksandcompanieshave
Smallcap stocks across sectors have consistently
exhibited higher earnings growth than largecap
imposed restrictions on inflows into smallcap
schemes. Would you advise investors to
andbankingallappearpromising.Capitalgoods
andsteelalsopresentintriguingopportunities.
relativelylightbalancesheets.
Recentprotectivefinancialregulationsshould TOP BULK DEALS
stocks over the past two decades. This, to some proceed with caution? Conversely,fast-movingconsumergoods, preventthebuildupofexcesses.Theeconomy
extent, suggests that we are not in an extreme Ratherthancategorisingbymarketcapitalisation severalconsumerdiscretionarynames,and maintainsitsimpressivegrowthpacedespite Date Scrip Client Price (~)
bubble territory, according to R VENKATARAMAN, (mcap),itismoreprudenttoassesssectorswith informationtechnologyseemuncertain. limitedrecentaccelerationinprivateinvestment Feb 27 CMS Info Systems Sion Investment 370
chairman and managing director of IIFL momentuminrelativetermsandcomparetheir andconsumption.Politicalstabilityisevident, Holdings Pte (S)
Securities. In an email interview with valuations.However,inmidcaps,particularly,the Has the PSU sector seen considerable run-up? economicreformsareinfocus,andtherehasbeen
Sundar Sethuraman, Venkataraman observes limitationto150stocksandconsistentinflowshas PSUs have undergone a rerating, and their average robustinfrastructurebuildout. Feb 27 ICICI Lombard ICICI Bank (B) 1666
that markets will also receive support from ledtoincreasedvaluationsandperformance. earnings delivery has been impressive. We believe Globalmonetaryeasing,ledbytheUS,will Gen Insurance
monetary easing globally. Edited excerpts: Consequently,thishasattractedevenmore many PSUs still hold considerable value. furthersupportthemarkets.Fallinginflation, Feb 27 ICICI Lombard Bharti Enterprises 1666
investorflows,andsomeunderperformancemight In the universe of PSUs with an mcap of aidedbysoftcommodityprices,andaslowdownin Gen Insurance (S)
With the significant rally in the markets, naturallycorrectthesituation. $500 million or more, the average mcap is globalgrowtharecontributingfactors.This
Feb 29 Punjab National BNP Paribas 122
there’s a considerable amount of Interestingly,smallcapstocksacross $9 billion, with government holdings at 66 per scenariobodeswellfortheIndianeconomy.
optimism embedded. Have the sectorshaveconsistentlyshownstronger cent. The price-performance in the past 12 months InIndia,weexpectagradualdeclineininterest
Bank Arbitrage (S)
markets become overly exuberant, or earningsgrowththanlargecapsoverthe stands at 151 per cent, the price-to-book ratio is rates;weexpecttheReserveBankofIndiato Feb 29 BHEL BNP Paribas 227
does India’s growth potential justify past20years.This,tosomeextent, 3.9x, and the enterprise value-to-earnings commenceratecutsimmediatelyaftertheUS Arbitrage (S)
such a valuation premium? suggeststhatwearenotinanextreme before interest, tax, depreciation, and FederalReserve,likelystartinginJune. Feb 29 Union Bank of BNP Paribas 146
TheIndianeconomyisexperiencing bubbleterritory. amortisation (Ebitda) for 2024–25 (FY25) is 17x. India Arbitrage (S)
growthabove7percent,andevenin R VENKATARAMAN Additionally,manypublic-sector We identify State Bank of What are the key insights from the October-
theworst-casescenario,itshould Chairman & MD undertakings(PSUs)boasthigherreturn India, CIL, NMDC, Petronet December quarter (Q3) of FY24 earnings, and will Feb 29 NMDC BNP Paribas 226
comfortablyremainabove6percent IIFL Securities ratiosthanprivatecompanies.For LNG, Gujarat State growth projections for FY24 and FY25 be met? Arbitrage (S)
intheforeseeablefuture. instance,CoalIndia(CIL)maintainsa Petroleum Corporation, InQ3FY24,asampleof478companiesfromthe Feb 29 GMR Airports BNP Paribas 84
Giventherelativestabilityoftherupeeagainst returnonequity(RoE)of36percent. and Garden Reach BSE500universewitnessedanaggregate Infrastructure Arbitrage (S)
thedollar,evengrossdomesticproductgrowthin Shipbuilders & Engineers sales/Ebitda/netprofitgrowthof3percent/19per
dollartermsisexpectedtobeabove10percent, How do you think one should navigate the as some of the most cent/23percentonayear-on-year(Y-o-Y)basis. Mar 1 Star Health Apis Growth 6 (S) 553
surpassingthatofothermajoreconomies.The market at this juncture? Are there any themes attractively priced PSUs. However,onaquarter-on-quarter(Q-o-Q)basis, & Allied
NationalStockExchangeNiftyearningsgrowthfor or sectors that present value? Ebitda/profitaftertaxcontractedbyabout5per Mar 1 Star Health & ICICI Prudential 553
2023–24(FY24)through2025–26(FY26),excluding Cement,buildingmaterials,non-bankingfinancial What are the primary cent,evenassalesgrewby5percent.Theaggregate Allied Mutual Fund (B)
oil,isprojectedtobeabove14percent.This companies,selectautomotive,pharmaceutical, tailwinds for the economy Ebitdamarginchangewas200basispoints(bps)
Mar 1 Delhivery Chimetech Holding (S) 470
providesarobustspringboardforfuturegrowth. andminus150bpsonaY-o-YandQ-o-Qbasis,
Hence,theseeminglystretchedvaluationsarenot respectively.TheNifty50andNiftySmallcap Mar 1 Suven Amansa Holdings 689
inherentlyexcessive.Ifanything,itisanopportune NIFTY EARNINGS GROWTH FOR FY24-FY26, indicesexperiencedmarginaldowngradestotheir Pharmaceuticals (S)
timetoenterthemarketcycle. FY25earningsestimates,whiletheNiftyMidcap Feb 29 Jindal Stainless Elm Park Fund (S) 647
EX-OIL, IS PROJECTED TO BE ABOVE 14%. THIS PROVIDES sawa6.3percentupgrade.Webelievethat
Feb 29 Jindal Stainless Virtuous Tradecorp (B) 647
Do you believe mid and smallcaps have become A ROBUST SPRINGBOARD FOR FUTURE GROWTH achievingtheearningsgrowthof14.3percentfor
overheated? Several mutual funds have FY24–FY26(excludingoil)iseminentlyfeasible. (B) Buy (S) Sell Source: Exchanges
.
CHENNAI | MONDAY, 4 MARCH 2024 11
<

VEHICLES FOR SALE

Excavator - KOBELLCO_SK_210LC
CHASSIS NO:YN15B1286
YOM 2018 (UN-REG)
VOLVO EICHER _2095XP_CAB_CHASSIS
TN87D6034 YOM 2022 (WITH RC)
VOLVO EICHER _PRO6025
TN34Y1901 YOM 2016 (WITH RC)
TATA MOTORS LTD_TATA SK 407
TN12AV8754 YOM 2022 (WITH RC)
Under hypothecation with
KOTAK MAHINDRA BANK LTD,
is under sale in its
As is where is Condition”
With/Without RC Book.
Interested parties can give their
Quotations within 7 days at
KOTAK MAHINDRA BANK LIMITED
Old Mahabalipuram Road, TATA CAPITAL HOUSING FINANCE LIMITED
Registered Address: 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013.
Kandhanchavadi, Chennai-600096.
Branch Address: TATA CAPITAL HOUSING FINANCE LIMITED, 1st Floor, Centennial Square, # 6A, Dr. Ambedkar Road, Kodambakkam,
Ph: 044 - 66248044 Chennai – 600 024.
NOTICE FOR SALE OF IMMOVABLE PROPERTY
(Under Rule 8(6) read with Rule 9(1) of the Security Interest (Enforcement) Rules 2002)
E-Auction Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 read with Rule 8(6) and Rule 9(1) of the Security Interest (Enforcement) Rules, 2002
Notice is hereby given to the public in general and in particular to the below Borrower and/ Co- Borrower, or their legal heirs/represen-
tatives (Borrowers) in particular that the below described immovable property mortgaged to Tata Capital Housing Finance Ltd.
(TCHFL), the Possession of which has been taken by the Authorised Officer of TCHFL, will be sold on 20-03-2024 on “As is where
is” & “As is what is” and “Whatever there is” and without any recourse basis”. for recovery of outstanding dues from below men-
tioned Borrower and Co-Borrowers. The Reserve Price and the Earnest Money Deposit is mentioned below. Notice is hereby given that,
in the absence of any postponement/ discontinuance of the sale, the said secured asset / property shall be sold by E- Auction at 2.00
P.M. on the said 20-03-2024. The sealed envelope containing Demand Draft of EMD for participating in E- Auction shall be sub-
mitted to the Authorised Officer of the TCHFL on or before 19-03-2024 till 5.00 PM at Branch address ‘TATA CAPITAL HOUS-
ING FINANCE LIMITED, 1st Floor, Centennial Square, # 6A, Dr. Ambedkar Road, Kodambakkam, Chennai – 600 024.
The sale of the Secured Asset/ Immovable Property will be on “as is where condition is” as per brief particulars described herein
below ;
Sr. Loan Name of Borrower(s) / Amount
Co-borrower(s)Legal Heir(s) / Earnest Possession
No A/c. No as per Demand Reserve Price
Money Types
Legal Representative/ Guarantor(s) Notice
TCHIN040 Rs. 1969127/- is due and payable Rs. Rs.
by you as under Loan account No. 24,01,560/- 2,40,156/-
400010012
MR RICHARD RAJADORAI TCHHL0404000100126043 and an (Rupees Twenty (Rupees Two
6410 & KRISHNAN amount of Rs. 96656/- is due and
1. TCHHL040 Four Lakh One Lakh Forty Physical
MRS. SELVI R payable by you as under
Loan Account No. Thousand Five Thousand
400010012
6043 TCHIN0404000100126410 Totaling Hundred Sixty One Hundred
to Rs. 2065783/- & 23-08-2023 Only) Fifty Six Only)
Description of the Immovable Property: All that piece and parcel of land situated at Kancheepuram Sriperumbadur Taluk, No.43,
Vadamanagalam Village, District, Comprised in S.No.223/1 & 223/2, bearing Plot No.7, “Sri Srinivasa V Nagar” , (approved by the
DTCP No.280/2006), measuring an extent of 1906 Sq.ft and the land bounded on the : North by: Plot no.6 South by: Vacant land
East by: Vacant land West by: 30 feet layout Road MEASURING :- East to West on the Northern side : 60 feet, East to West on
the Southern side : 60.1 feet, North to South on the Eastern side : 33.6 feet, North to South on the Western side : 30 feet, Total
Extent 1906 Sq.ft., Situated within the Sub-Registration District of Sunguvachattiram and Registration District of Chengalpet.
Rs. 41,38,719/- (Rupees Forty Rs. 34,65,000/- Rs. 3,46,500/- (Rupees
TCHHL04 MR. REVATHI P
One Lakh Thirty Eight (Rupees Thirty Four Lakh Three Lakh Forty Six
2. 04000100 MRS. Physical
Thousand Seven Hundred Sixty Five Thousand Thousand Five Hundred
070915 KANNIYAMMAL P Nineteen Only) & 17-05-2022 Only)
Only)
Description of the Immovable Property: SCHEDULE-A All the piece and parcel of the Vacant land measured an extent of 1, 04,
733 Sq.ft (out of 1, 16, 412 Sq.ft or 2 acres 67 cents) [after deducting the area of 11,679 Sq.ft gifted to Maraimalai Nagar Municipality
as OSR land] Approval No.80C/2021 Flat measuring 897 Sq.ft bearing Flat No.A-409 in the Fourth Floor, Block “A” and car
park in stilt Floor, together with an undivided 425.36 Sq.ft share comprised in the Survey Numbers:191/3B and 191/4, bearing Patta
No.2609 (as per Patta S.No.191/3B1 and 191/4A) situated at Sengundram Village, Chengelpet Taluk, Kancheepuram District, and
the said land bounded on the: North by: Vacant land comprised in S.No.230 South by: Sengundram Road East by: Property com-
prised in S.No.191/4B, 3B3 and 2A2A1 West by: OSR land Gifted to Maraimalai Nagar Municipality Situated within the Registration
District of Chengalpet and Sub Registration District of Joint II Chengalpet. SCHEDULE-B (Property hereby conveyed by the Vendor
to the Purchaser) An extent of 425.36 Sq.ft Undivided Share and interest in the land described in Schedule-A above.
Note;- Insolvency Petition Filed by the Borrower against TCHFL (F1.No2/2023-Bin I.P. No.8/2022) is pending before High
court, Madras, No stay order is passed against TCHFL in the said case.
Rs. 21,75,952/- (Rupees Rs. 22,35,000/- Rs. 2,23,500/- (Rupees
10268514 MR R Twenty One Lakh Seventy Five (Rupees Twenty Two Two Lakh Twenty Three
3. RAJEESHKUMAR Thousand Nine Hundred Fifty Physical
Lakh Thirty Five Thousand Five Hundred
ADDENDUM & CORRIGENDUM MRS.AARTHI J, Two Only) ----- 28-03-2023 Thousand Only) Only)
Form No. URC-2 Description of the Immovable Property: All that piece and parcel of the In “KURUNJI NAGAR” HOUSE TOWN of Hosur Taluk and
Advertisement giving notice about registration under Part I of Chapter XXI
attached to Hosur Sub Registered District, Krishnagiri Registration District. Krishnagiri District and also attached to the Municipal
[Pursuant to section 374(b) of the Companies Act, 2013 and Rule 4(1) of the
Limits of Hosur Municipality. Survey No.456, Dry.Ext.Ac.1.06, Asst.Rs.7.19 in this as per UDR Survey No.456/1B, the said land has
Companies (Authorised to Register) Rules, 2014]
been converted into house plots in which Plot No.39 belongs to the VENDOR in the aforesaid manner which is being sold to the pur-
With reference to the notice published for conversion of firm into a private limited
chaser and bounded as follows :- East By : 20 Feet Road, West By : Survey No.456/2 Land, North By : Plot No.40, South By
as per section 374(b) of the Companies Act, 2013 read with Rule 4(1) of the
: 23 Feet Road, Within the above boundaries, measuring :- East to West on the Northern side : 40.0 Feet, East to West on the
Companies (Authorised to Register) Rules, 2014, by SREE INFRATECH, in various
newspapers (Tamil and English) on 17th February 2024, kindly find below the
Southern Side: 40.0 Feet: North to South on the Eastern Side: 32.0 Feet: North to South on the Western Side: 32.0 Feet:
Addendum & Corrigendum with respect to amendment in Point No.4. Making a total area of 1280 Square feet of Vacant site including common rights in common Roads only covered under this deed of Sale.
Point No.4 i.e. Notice is hereby given that any person objecting to this application At the Auction, the public generally is invited to submit their bid(s) personally. The Borrower(s)/Co-Borrower (s) are hereby given last
may communicate their objection in writing to the Registrar of Companies at Block chance to pay the total dues with further interest within 15 days from the date of publication of this notice, failing which the Immovable
6, B-Wing, 2nd Floor, Shastri Bhavan, 26, Haddows Road, Chennai 600034, Property will be sold as per schedule. The E auction will be stopped if, amount due as aforesaid, with interest and costs (including
within twenty one days from the date of publication of this notice, with a copy to the cost of the sale) are tendered to the Authorised Officer or proof is given to his satisfaction that the amount of such secured debt,
the company at its registered office) in the URC-2 published on 17th February 2024 interest and costs has been paid before the date of the auction.
shall be substituted with the following; No officer or other person, having any duty to perform in connection with this sale shall, however, directly or indirectly bid for, acquire
4. Notice is hereby given that any person objecting to this application may or attempt to acquire any interest in the Immovable Property sold.
communicate their objection in writing to the Registrar at Central Registration The sale shall be subject to the conditions prescribed in the Security Interest (Enforcement) Rules, 2002 and to the follow-
Centre (CRC), Indian Institute of Corporate Affairs (IICA), Plot No.6,7,8, Sector ing further conditions:
5, IMT Manesar, District Gurgaon (Haryana), Pin Code 122050, within twenty NOTE: The E-auction of the properties will take place through portal http://bankauctions.in/ on 20-03-2024 between 2.00 PM
one days from the date of publication of this notice, with a copy to the company at to 3.00 PM with limited extension of 10 minutes each.
its registered office. TERMS AND CONDITION: 1. The particulars specified in the Schedule herein below have been stated to the best of the information
This Corrigendum shall form an integral part of the newspaper advertisement of the undersigned, but the undersigned shall not be answerable for any error, misstatement or omission in this proclamation. In the
(Form URC-2) published on 17th February 2024. This Corrigendum is also being event of any dispute arising as to the amount bid, or as to the bidder, the Immovable Property shall at once again be put up to auc-
published in the Business Standard (National Daily Newspaper) and Malai Malar tion subject to the discretion of the Authorised Officer. 2. The Immovable Property shall not be sold below the Reserve Price.
(Regional Daily Newspaper). All other contents of the Form URC-2, save and except 3. Bid Increment Amount will be: Rs.10,000/- (Rupees Ten Thousand Only) 4. All the Bids submitted for the purchase of the proper-
as modified or supplemented by this Corrigendum, shall remain unchanged. ty shall be accompanied by Earnest Money as mentioned above by way of a Demand Draft favoring the “TATA CAPITAL HOUS-
Dated this 3rd day of March 2024 ING FINANCE LTD.” Payable at Branch address. The Demand Drafts will be returned to the unsuccessful bidders after auction. For
Name(s) of Applicant payment of EMD through NEFT/RTGS/IMPS, kindly contact Authorised Officer 5. The highest bidder shall be declared as successful
1. P. Ravi bidder provided always that he/she is legally qualified to bid and provided further that the bid amount is not less than the reserve
2. S. Kalaimugan price. It shall be in the discretion of the Authorised Officer to decline acceptance of the highest bid when the price offered appears so
3. P. Thiyagarajan clearly inadequate as to make it inadvisable to do so. 6. For reasons recorded, it shall be in the discretion of the Authorised Officer
4. T. Aravind to adjourn/discontinue the sale. 7. Inspection of the Immovable Property can be done on 12-03-2024 between 11 AM to 5.00
5. K. Shanmuganand PM with prior appointment. 8. The person declared as a successful bidder shall, immediately after such declaration, deposit twen-
6. P. Manikandan ty-five per cent of the amount of purchase money/bid which would include EMD amount to the Authorised Officer within 24Hrs and in
default of such deposit, the property shall forthwith be put to fresh auction/Sale by private treaty. 9. In case the initial deposit is made
as above, the balance amount of the purchase money payable shall be paid by the purchaser to the Authorised Officer on or before

  
the 15th day from the date of confirmation of the sale of the property, exclusive of such day, or if the 15th day be a Sunday or other
holiday, then on the first office day after the 15th day. 10. In the event of default of any payment within the period mentioned above,
$ 3  1 *    1  *
3 , 
(   the property shall be put to fresh auction/Sale by private treaty. The deposit including EMD shall stand forfeited by TATA CAPITAL
*1* )    ' /+ 0
3 / 3
 .3 - 43   HOUSING FINANCE LTD and the defaulting purchaser shall lose all claims to the property. 11. Details of any encumbrances, known
*0-' $5&4+0/ to the TATA CAPITAL HOUSING FINANCE LTD, to which the property is liable: as per table above. Claims, if any, which have been
put forward to the property and any other known particulars bearing on its nature and value: as per table above. The Intending Bidder
1 4     55 3
 45   3 3 4 
3 45 35    
 3   

  4  355     
  5
5
3 !!$
is advised to make their own independent inquiries regarding encumbrances on the property including statutory liabilities arears of
* 
)  ,7 7 77 377  0 . 9977 % 3  .7
 7  "  2 45(3'$6 7 # $. 3
 1 35     
 3   
3
property tax, electricity etc. 12. For any other details or for procedure online training on e-auction the prospective bidders may con-
5   3 3
 3 3      3 3  
  4  
4 
 &3     
3  3   4
 3
3  35 5  3
tact the Service Provider, M/s. 4Closure, Block No.605 A, 6th Floor, Maitrivanam Commercial Complex, Ameerpet, Hyderabad
 5 3  4 2 35 
  3 4 35 
4     
3 3
 3  
3 & 3  4 3
35 5  -  

 8 – 500038 through its coordinators Mr Arijit Kumar Das, 8142000725, 8142000066, 8142000062 Email :-
79

 2 45(3'$6 7 # $. 7
 arijit@bankauctions.in and Email : info@bankauctions.in or Manish Bansal, Email id Manish.Bansal@tatacapital.com
(,%/""

(,%/# (,%/#" (,%/#!## (,%/# (,%/# ! (,%/# # (,%/#! Authorised Officer Mobile No 8588983696. Please send your query on WhatsApp Number – 9999078669 13. TDS of 1% will
be applicable and payable by the highest bidder over the highest declared bid amount. The payment needs to be deposited by high-
(,%/#

(,%/#! (,%/#" (,%/#! (,%/#" (,%/# (,%/#! (,%/# est bidder in the PAN of the owner/ borrower(s) and the copy of the challan shall be submitted to our company 14. Please refer to
(,%/#

(,%/# #! (,%/# #" (,%/#! (,%/#" (,%/## (,%/# (,%/# the below link provided in secured creditor’s website http://surl.li/qytmw for the above details. 15. Kindly also visit the link:
https://www.tatacapital.com/property-disposal.html
(,%/#!

(,%/# (,%/#! (,%/# (,%/#!! (,%/#!! (,%/# (,%/#
Please Note - TCHFL has not engaged any broker/agent apart from the mentioned auctioning partner for sale/auction of this prop-
(,%/#!!

(,%/#"" erty. Interested parties should only contact the undersigned or the Authorised officer for all queries and enquiry in this matter.
) 
7 7 9 79 .  38 .  "!! " Place: Tamilnadu Sd/- Authorized Officer,
$ 
09  +4+ * 
- 7  - 
(  5 
1 ) 7 9 - 
 Date: 04.03.2024 Tata Capital Housing Finance Ltd.
12 TECHNOLOGY 4.0
>
CHENNAI | MONDAY, 4 MARCH 2024 1

Charting an Indian
space odyssey
KRANTI NATION The Gaganyaan mission is
PRANJAL SHARMA ambitious and indigenous.
Shine Jacob explains
Leaning on the nuts and bolts
in its planning
theoretical and
practical sessions at

AI for early Isro's Human Spaceflight

O
n January 10, 2007, India Centre and the Indian Air Force's
launched an experimental Institute of Aerospace Medicine. The

childhood
space capsule that stayed in United States of America is helping in
orbit for 12 days for a series of manoeu- Gaganyaan preparations and has
vres and was recovered when it the four flight engine for the mission agreed to send an Indian astronaut to

learning
splashed into the Bay of Bengal. astronaut has also cleared the the International Space Station.
The Space Capsule Recovery candidates, Indian acceptance test.
Experiment (SRE-1), which was Air Force test pilots After LVM3 flies to space, an Life in space
launched using a Polar Satellite Prashanth Nair, orbital module comprising the ECLSS is one of the crucial parts in
Improving foundational learning and Launch Vehicle of the Indian Space Angad Prathap, Ajit crew of astronauts will be placed in maintaining life inside a space shuttle
numeracy (FLN) is a critical starting point in Research Organisation (Isro), was the Krishnan and orbit. The astronauts will be for it manages air quality and water
early childhood education. FLN is the ability frontrunner of what is going to be the Shubhanshu Shukla, contained in a pressurised earth-like supply. It also controls temperature,
of a child to read and write with country's first manned space mission were made public last week. atmospheric condition in the waste disposal and fire protection. Air
comprehension and be able to do basic called Gaganyaan. It was a module. quality is maintained using activated
mathematics. Artificial intelligence (AI) and demonstration that India had the Securing the crew opportunities at Isro, told Business "It (the module) should look at charcoal beds, catalytic oxidisers, and
digital tools are being used to focus on technology to send humans to space Gaganyaan will by 2025 send a three- Standard. According to Kumar, how an astronaut's comfort is molecular sieves. Water is reclaimed
education in early childhood. and bring them back safely. membered crew into an orbit of 400 Gaganyaan has three key technology maintained; how he can move around using crew members' urine and cabin
India is aggressively focusing on using The Union Cabinet approved Rs km for three days and bringing them elements: A reliable “man-rated” – bio-toilets, water and food humidity.
emerging and digital technologies to ensure 9,023-crore for the mission in back to the earth. "The speciality of launch vehicle, a livable crew module, availability, waste management is India indigenously developed
better outcomes in early childhood learning. December 2018, five months after our mission is that all the hardware, and an environmental control and life controlled by this," said Kumar. ECLSS as other nations were
“The highest priority of the education system Prime Minister Narendra Modi spoke except the space suit, is indigenously support system (ECLSS). The Human "Space suit is very important. During reportedly not keen in sharing such a
will be to achieve universal foundational about the national ambition in his built. In any manned mission, the Space Flight Centre at Isro’s the descending and ascending phase, technology.
literacy and numeracy in primary school by Independence Day speech. India will most important things are crew headquarters in Bengaluru is he (the astronaut) should go around After the success of SRE-1, Isro
2025. The rest of this policy will become be the fourth country, after the United management and crew recovery," N managing the mission. wearing it. During the rest of the mastered the art of crew atmospheric
relevant for our students only if this most States, Russia and China, to conduct a Sudheer Kumar, director for capacity Isro will use its old war horse, things, he should come out of the reentry through a 20-minute
basic learning requirement (i.e., reading, manned space mission. The names of building programme office on space heavy lift launcher Launch Vehicle suit." suborbital flight called the Crew
writing, and arithmetic at the foundational Mark-3 (LVM3), for the mission. LVM The crew module is a double- Module Atmospheric Re-entry
level) is first achieved,” says the government’s was designed to place walled construction comprising a Experiment on December 18, 2014. An
New Education Policy. communication satellites into pressurised, metallic inner structure upgraded test was conducted in
A recent report by the Institute for geostationary orbit and has been and an unpressurised external October last year, when a liquid-
Competitiveness (IFC), an international upgraded for Gaganyaan for a three- structure with thermal protection propelled single-stage Test Vehicle
research initiative centered in India, staged launch. The first stage has two system. It houses human-centric successfully conducted a crew escape
underlines the need for AI in FLN. AI can solid fuel boosters; the second products, a life-support system, system test. The system ensures quick
be used to improve the learning experience comprises two liquid-fuelled engines avionics and deceleration systems. ejection of the crew to reduce
of young children and training teachers and the final stage includes a The module is designed to ensure the potential risks, during reentry.
to adopt new ideas and models. Supported cryogenic engine with liquid astronauts' safety as it descends and The Gaganyaan mission comes 40
by USAID and global non-profit Room to hydrogen and liquid oxygen as fuel. returns to earth. years after Rakesh Sharma became
Read, the IFC report was launched at the In February, Isro conducted Isro is likely to procure space suits the first Indian in space as part of a
India Dialog research initiative at performance tests of the cryogenic from Russia, which trained the Indian Soviet Union mission in 1984.
Stanford University last week. engine and certified it to be human astronaut candidates at the Gagarin According to Isro , Sharma is hand
ready. On February 14, a final vacuum Cosmonaut Training Centre, about 30 holding the four astronaut candidates
test of the cryogenic engine was km north of Moscow. The Indians for the Gaganyaan mission. If all goes
successfully completed at the space completed their Russian training and as per plan, India is expected to create
PM Narendra Modi with the IAF test pilots training for Gaganyaan mission. agency’s High Altitude Test Facility in returned to India in 2021. Since then history by the end of this year or early
(above); a model of the proposed crew module for the mission PHOTOS: PTI Mahendragiri in Tamil Nadu. The they have undergone several next year.

ALGO RHYTHM
WHAT'SWORRYING
AI improves the AI in age- BUSINESS AS INDIANBUSINESS

USUAL AFTER
learning experience appropriate
of children and education is crucial 79% 61% 51%
helps teachers to as children need

TECH DISASTER
adopt new ideas continuous support
and models. It is and guidance from Cyberattack Employee Natural
useful in assisting teachers and parents is firms’ top negligence calamities
India’s target in but it must be worry is next is third
improving cautiously applied, Almost 50 per cent of Indian companies
childhood learning says the report. review their business continuity and
Technology has disaster recovery (BCDR) strategy only 49% 43% 37%
limitations and its unplanned use may hinder once in three years, says a report by
children's natural thinking abilities in the information technology (IT) analyst firm
long term. Government systems must Geopolitical Hardware Power
collaborate with specialists and teachers to
ThinkTeal. Nearly 40 per cent of firms do crisis failure outages
bridge the gap between AI-driven technology not have any detailed BCDR strategy,
solutions and effective pedagogical practices according to the report that interviewed TOPREASONSFOR
for lifelong learning. “Numerous countries IT decision-makers at enterprises BCDRSTRATEGY
are dedicating substantial endevaours to employing at least 500 people and
advance the integration of AI education 86% firms say strategy will foil
representing diverse fields. ransomware attacks
within primary and secondary education
system through the development of detailed 71% say it will prepare them for
curriculum designs and guidelines,” it says. disaster recovery
“Recent observations have indicated an 8 out of 10 2-fold more cyberattacks
alarming decline in learning outcomes, companies are on Indian firms compared 63% seek to protect applications
particularly in the aftermath of Covid,” says WHY FIRMS digitising business to global average 57% want to ensure regulatory
Dr Amit Kapoor, the chairman of IFC and a PLAN FOR 41% businesses 73% firms say data gives
compliance
lecturer at Stanford University. “Foundational
learning is an integral part of a child’s
DISASTER have limited competitive advantage 42% want to protect remote users
educational journey. To elevate foundational expertise in BCDR and has to be secured
education, it is imperative we recognise and
rectify the prevailing gaps in that impede the
learning journey.” Source: Think Teal’s Tealscope ‘2024 State of BCDR, India’ report; Compiled by Shivani Shinde
This is where the role of teachers becomes
critical. As new learning methods and
curriculum are designed with AI, teachers
have to rethink their approach. Digital
technologies enhance the skills of teachers.
Phones smarter with Qualcomm has introduced a slate
of features for the S24, including
live translation and transcription.
“AI holds enormous potential to offer
significant support educators/teachers. It
enables them to harness predictive analytics
GenAI give industry Google search on the phone is
more intuitive and can be done
with just a gesture. It has Note
to anticipate the trajectory of individual
students learning paths and their learning
potential performance outcomes,” the report
hope to ring in sales Assist, which simplifies and orga-
nises complex texts, and
Generative Edit, which allows a
says. “By analysing individual performances, user to freely resize or reposition
learning styles and historical performance
data, AI-powered recommendation systems
Technology improves videos and photos subjects within photos.
Will GenAI improve
can provide with required suggestions.”
DIKSHA (Digital Infrastructure for
on devices, enables multiple tasks to be smartphone sales? Ankit Malhotra,
senior analyst at CounterPoint
Knowledge Sharing), India’s national portal done in a single prompt from the user said: “If you take a look at the
for school education, is pioneering the use of period from 2016 to 2019, we
AI to improve teachers. It has clocked more moved from single camera devices
than 5.24 billion learning sessions and more ASHUTOSH MISHRA segment and people upgrading to for five megapixel to quad camera
than 61.25 billion learning minutes with more 5G devices. GenAI improves a devices. The display got bigger,
than 22 million average daily page views. As In a flat market for smartphones, smartphone but it eats up more the batteries got bigger,
many as 317,496 pieces of e-content are live the hope is that generative artificial power. AI-enabled smartphones processing power got really fast.
on DIKSHA, according to the government. intelligence (GenAI) will make the have been around for years, but But over the last two years that
Room to Read, which aims to improve difference for better sales. GenAI enables a device is to do growth has not been sustained
literacy and gender equality in education, A preliminary forecast by much more. straints. While Cloud (service) can Technology experts said as because there have not been many
uses DIKSHA to distribute student- and research group IDC said that 170 “GenAI brings several advan- address this issue, confining gener- GenAI improves it can be used to hardware advancements in smart-
teacher-related content. It has developed million smartphones with GenAI tages including seamless perform- ative AI services solely to the Cloud run many apps on a smartphone phones, So, for OEMs this is a very
self-paced digital courses for teachers on FLN will be shipped in 2024, compris- ance, greater privacy, better secu- is both expensive and often restric- with a single prompt by the user. good avenue to attract con-
instructions, library activities, life skills and ing almost 15 per cent of total ship- rity and reliability, lower latency, tive in its application range.” “The experience of using a smart- sumers,” said Ankit Malhotra,
multi-lingual education. It also hosts a ments and compared to 51 million the ability to work in areas with lit- Meditek, at the Mobile World phone becomes more intuitive, senior analyst at Counterpoint.
Literacy Cloud, an online learning platform shipments in 2023. The forecast tle to no connectivity, and lower Congress in Barcelona in February, reducing pain points and merging Experts said the global demand
that provides access to high-quality should cheer up original equip- operation cost,” said Anku Jain, announced a series of GenAI tasks that people undertake. We for GenAI-powered smartphones
children's storybooks. India’s National ment manufacturers (OEM) who managing director at MediaTek features in the AI Processing have not seen smart apps run by will help Indian manufacturing.
Mission on Foundational Literacy and have been struggling with a global India, which is part of the Unit (APU) of its chipset for smart bots yet. It will become one “The local production of these
Numeracy, or NIPUN, is working with states sales slowdown. Taiwanese chipset maker. improving video and animation in instruction running many apps,” smartphones will empower Indian
to ensure that all children in the country Smartphone shipments in India “GenAI needs 10 to 100 time smartphones. APU, along with said Ranjit Atwal, senior director companies to acquire expertise in
attain literacy and numeracy by Grade 3 by were flat in 2023 at 152 million greater performance than conven- Neural Processing Unit, in analyst at Gartner. the development of cutting-edge
2026-27. AI can strengthen this process. units, according to Counterpoint tional AI. Its limitations currently smartphone chipsets accelerate Premium smartphones, such as AI-driven devices, and raise
Research. Sales improved in Q4 of stem more from available memory AI tasks, particularly machine Samsung’s S24 ultra, have on- India's competence as a global
2023 but largely in the premium capacity and performance con- learning algorithms. device GenAI now. Chipmaker manufacturing hub,” said Jain.
.
CHENNAI | MONDAY, 4 MARCH 2024 TAKE TWO 13 <

A duel of sexagenarians
TACKLING and quadragenarians?
AN INEDIBLE
Innovationsinfintechwillcontinue,butwilltheinnovatorsintheir40shave
thefreedomtoignoretheregulationssetbythecentralbankersintheir60s?

DEFICIT
a decade when the global financial crisis, threat? The promoter of the bank in ques-
triggered by the fall of iconic US invest- tion is into fintech, but not the bank that
ment bank, Lehman Brothers Holdings has been punished for the violation of KYC
Inc, changed the track of fintech. (know your customer) norms, among
Bitcoin was born in 2009, followed by other irregularities.
other cryptocurrencies using blockchain “In RBI’s view, Paytm is not system-
WilllegalisingMSP technology. Meanwhile, the proliferation ically important. ‘If it dies, it dies, what do
of smartphones and mushrooming of we care?’” the founder of the fintech com-
reducetheimportbillfor
edibleoilsandpulses? AGRI TRADE ($bn) Exports
Balance of Trade
Imports startups started redefining products and pany has said.
services in the fintech space. They have Yes, Paytm Payments Bank is not sys-
helped create the so-called neo-banks or temically important. For that matter, no
PULSES VEGETABLE OILS BANKER’S TRUST digital banks and changed the customer payments bank in India is systemically
INDIVJAL DHASMANA 4.5 30 experience. At the forefront of this revolu- important. The maximum money a
New Delhi, 3 March TAMAL BANDYOPADHYAY tion are China and India. depositor can keep with a payments bank
Going by data from the Department for is ~2 lakh, which enjoys insurance cover.

T
he protesting farmers’ main 1.83 20.84 It’s difficult to pinpoint who invented Promotion of Industry and Internal Trade And 75 per cent of their deposits are
3 20
demand to legalise the minimum the car, but Karl Benz is most often iden- (DPIIT) of the Ministry of Commerce and invested in government securities.
Balance 1.94
support price (MSP) regime has tified as the inventor. He patented the Industry, in seven years between 2016 and Where is the systemic risk? Moreover,
divided opinion. One school of thought of Trade 7.25 three-wheeled motor car — called 2023, the number of startups in India grew such banks have very small balance
1.5 10
says it would lead to crop diversification -1.28 -20.4 “Motorwagen” — in 1886. It was the first from around 300 to at least 117,000, gen- sheets. (Paytm Payments Bank had
-1.59 Balance
and help India keep under check its bur- 0.66 -7.2 modern automobile. erating more than 1.24 million jobs. India posted ~14.5 crore profit on an asset base
geoning import bill on edible oils and 0.24 of Trade 0.44 A century later, in the 1980s, Ernst is home to 10,224 fintech companies work- of ~9,844 crore in FY23.)
0 0.05 0
pulses, while another says it would Dickmanns of Germany converted a ing in diverse sectors and segments, mak- Nonetheless, Finance Minister Nirmala
incentivise farmers to produce low- 2013-14 2022-23 2013-14 2022-23 Mercedes-Benz van into an autonomous ing its fintech ecosystem the third largest Sitharaman’s recent meeting with startups
quality crops. vehicle, guided by an integrated com- in the world. It has been expanding at 14 must be reassuring to the fintech ecosys-
Contrary to popular perception, TOTAL AGRICULTURE AND ALLIED ACTIVITIES (incl. plantation and marine) puter. In 1987, the car managed to travel per cent compound annual growth rate. tem. Following this, we expect the RBI to
India has a trade surplus in agriculture 60 through traffic-free streets at a speed of The driver of all innovations is chang- hold monthly meetings with fintech start-
and allied activities, which stood at 52.35 63 km an hour. ing the customer experience in a secure ups since innovative solutions are essential
$18.65 billion during 2022-23 (FY23) 39.59 Google, Tesla and Uber got into the self- way. In the current stage, going beyond to the financial services sector, while
against $15.92 billion in the previous 18.65 40 driving car business decades later. blockchain and open banking, machine adhering to regulations.
year. However, the surplus was mainly In October 1994, Dickmanns’ team learning is set to redefine both banking A few months ago, the banking regu-
24.96 Balance of Trade
on account of rice, wheat, sugar, spices, 33.7 20 picked up a group of high-profile guests and insurance. Fintech is cha- lator issued a draft framework
and buffalo meat. from the Charles de Gaulle airport in Paris, nging the way money is col- for the recognition of self-reg-
It was dragged down by vegetable 14.63 drove them to the nearby motorway and lected through a wave of inte- What does a ulatory organisations (SROs)
oils and pulses, which India imported to 0 switched the two cars into self-driving grated payments providers. payments bank for the fintech sector. An SRO
meet the domestic demand. 2013-14 2022-23 mode. A year later, the team took a re- Why am I mixing the have to do with will also come in handy for
The country had a $20.84 billion Note: Individual items don't add to total since all items are not given engineered car on a 1,700-km trip, from invention of cars with fin- innovations that are putting the fintech house in
trade deficit in vegetable oils during Source: Commerce department, UN International Trade Statistics Year Book, 2022 Bavaria to Denmark, at a speed of at least tech? What’s the connection? supposedly under order, maintaining a balance
FY23, up from $18.99 billion in the pre- 175 km per hour. Let’s get to the crux of the threat? Its promoter between adherence to regu-
vious year. The deficit was around three Benz, Dickmanns and others like them matter. The provocation is the has been into fintech lations and innovations.
times as much during FY23, as against “Otherwise, farmers won’t diversify,” wheat, the yields are not comparable. are great innovators and have enor- shock and surprise that has innovations, but not The RBI and DPIIT will
$7.2 billion 10 years ago. This deficit dur- he says. The yields are much higher in rice and mously contributed to the evolution of gripped the fintech industry the bank, which has now start working with the
ing the year alone constituted 7.8 per However, Bank of Baroda Chief wheat, compared to pulses and oilseeds. human civilisation. But did they have the after the Reserve Bank of been punished for finance ministry to examine
cent of the total trade deficit India had, Economist Madan Sabnavis says the This is so because rice and wheat are licence to drive a car violating traffic India’s (RBI’s) action against violating KYC norms, issues relating to change of
at $266.78 billion. MSP does theoretically lead to diversifi- grown on irrigated land, while pulses rules? The same applies to the current fin- Paytm Payments Bank Ltd among other ownership holdings and con-
cation. “We already have MSP every and oilseeds are cultivated on mostly tech sector. Innovations are welcome and and the reactions of some fin- irregularities trol of listed fintech com-
Price versus yield year and there is no need really to legal- dry land. there is no conflict between innovations tech leaders. panies to enable them to be
The enormity of edible oil imports ise it,” he points out. The yield in rice was 2,607 kg per and regulations. The founder of an Indian in sync with regulatory
could be gauged from the fact that India The government does not have the hectare (average of FY17 to FY21), and By the way, what’s fintech? According multinational fintech company that sells compliance requirements.
was the top country to import this food machinery for procuring all the crops for wheat it was 3,384 kg per hectare. On to the Financial Stability Board (FSB), fin- digital payment and financial services to Innovations in the fintech sector will
stuff in the world in 2022, according to anyway, Sabnavis says, emphasising the other hand, the yield in major oil- tech is “technology-enabled innovation in small merchants and grocery stores is not continue, but 40-year-old innovators will
the United Nations trade statistics book. that the problem with MSP is that seeds was 1,242 kg per hectare and that financial services that could result in new happy with the RBI’s “punitive” action never have the freedom to ignore the reg-
India imports pulses too, but the farmers will gravitate to the lowest in major pulses at 805 kg per hectare, business models, applications, processes against the payments bank. According to ulations set by central bankers in their 60s
trade deficit here is not as enormous as acceptable quality and hence it can be according to data by the department of or products with an associated material him, the message being sent out by such so long as their products are meant for the
in edible oils. The deficit here fell to counterproductive. agriculture. effect on the provision of financial servic- an action is that “banks are (systemati- financial system. The message is clear: The
$1.28 billion during FY24, against $1.87 Dev, on the other hand, says the rate Dev says if the assured price is there, es”. FSB, headquartered in Basel, cally) important but fintechs are not”. 60-year-old wise uncles need to handhold
billion the previous year. The deficit of return is dependent on the yield and people will plant pulses and oilseeds on Switzerland, is an international body that “In the RBI, individuals responsible for the 40-year-old entrepreneurs when,
remained less than $2 billion during the price of the produce. If you increase the irrigated areas too. Though the govern- monitors and makes recommendations making decisions and handling calls are obsessed with ambition and greed for
last five years each, but it had risen to as MSP but the yield is low, farmers’ ment does announce MSP for major on the global financial system. typically around 60 years old. They have growth, they become a victim of hubris.
high as $4 billion during FY17. It had income will be low, he points out. pulses and oilseeds, there is very little The first transatlantic cable (1866) and experience managing a system of banks. A sexagenarian banker has been instru-
remained more than $2 billion during “So, we should have policies for both procurement, and therefore it is mean- Fedwire (1918) in the US marked the first However, there seems to be a lack of trust mental in cleaning the balance sheet of
each of the first four years of the yield and price. Then people will shift to ingless. stage of fintech as they enabled the maid- in a 40-year-old individual, especially if the fintech company founded by the gen-
National Democratic Alliance govern- pulses and oilseeds. MSP takes care of That said, won’t increasing procure- en electronic fund transfer, using technol- they are considered a maverick, to run a tleman who is not comfortable with the
ment led by Prime Minister Narendra the price, technology will take care of ment of oilseeds and pulses disturb ogies such as telegraph and Morse code. core system,” the 41-year-old founder said. age of central bankers. And the payments
Modi that came to power in 2014. the yield,” Dev says. export markets for rice and wheat? The second stage kicked off in 1967 The founder of the payments bank in the bank’s promoter has recently appointed a
Farmers are pressing for legalising Dev says it will, but imports of pulses when Barclays set up the ATM. A few years eye of the storm is 45. septuagenarian to strengthen governance
MSP for all 23 crops, among their other Exporting water and oilseeds will come down. Rice, later, in the 1970s, the Society for This gentleman is entitled to have his and regulatory issues involved in the par-
demands. But will legalising MSP, at Rice and wheat are grown on 58 per cent wheat, and sugarcane consume 80 per Worldwide Interbank Financial Telecom- opinion about the inability of sexagenar- ent company. He was not a central banker
least on pulses and oilseeds, lead to of the total land under foodgrain culti- cent of the water used in agriculture and munication (SWIFT) started facilitating ians to appreciate the innovations of quad- but a regulator.
diversification of cultivation? vation. While rice was grown on 43.90 exporting these crops is like exporting large volumes of cross-border payments. ragenarians, but just as car inventors could
In response to a query, S Mahendra million hectares, wheat was grown on water, he explains. SWIFT is a communication protocol not escape traffic rules, fintech innovators
Dev, director and vice-chancellor of 30.28 million hectares (average of FY17 Diversification to pulses and oilseeds between financial institutions. — however great their contributions to the The writer is an author and senior advisor
Indira Gandhi Institute of Develop- to FY21). On the other hand, pulses were is not only good for soil and environ- Digital banking appeared on the scene growth and development of the industry to Jana Small Finance Bank Ltd
ment Research, says if procurement is grown on 29.10 million hectares. Major ment, but also for climate change. If in the 1990s. By 1998, the launch of PayPal, be — are not above the rules that govern His latest book is Roller Coaster:
there, farmers will diversify and shift to oilseeds were grown on 25.65 million there is drought, these crops would be an US multinational financial technology the flow of money. An Affair with Banking
pulses and oilseeds only if the rate of hectares. more resilient, he says, while emphasis- company, laid the path for the new pay- More importantly, what does the pay- To read his previous columns,
return is equal or higher than that of While area under pulses and oilseeds ing that pulses and oilseeds are ments systems in the world that started ments bank in question have to do with please log on to www.bankerstrust.in
rice and wheat. each is not much less than that under nutritionally good as well. shifting to online. It continued for exactly innovations that are supposedly under X: @TamalBandyo

STATSGURU 1 FOREIGN STAKE AT DECADAL LOW 2 RISING DOMESTIC INVESTMENTS

Domestic institutional investors Ownership of Indian

Falling foreign
(value of investments, in ~ trn) (LHS) stocks (in %) (RHS)
60 18
56.7
15.6

ownership
40 14
6.60
9.37
20 10

SACHIN P MAMPATTA
0 6
Foreign investors Dec ‘13 Dec ‘23
now own a Note: Compiled by BS Research Bureau
Note: Compiled by BS Research Bureau Source: Sebi, Capitaline, Business Standard calculations
smaller Source: Capitaline, NSDL, Business Standard calculations
share in the booming
Indian stock market 0
than before.
3 SMALLER Dec '22 > 4 RISING DEBT FLOWS
Their holdings now account Foreign portfolio flows (trailing 12-month, in $ billion)
for 16.3 per cent of the total market, COMPANIES Dec '23 > 20
40
likely the lowest in a decade, according to
a report by brokerage firm ICICI Securities.
IN FOCUS FPI holdings 19.9 Equity 23.1
Note: Data based on (in %) 20
However, the value of their holdings continues shareholding of nLargecap
to rise and it touched nearly ~62 trillion as of
top 1,000 stocks by
100 nMidcap 0
IMAGING: market capitalisation.
Source: ICICI Securities 8 9 nSmallcap
January-end (Chart 1). AJAY MOHANTY

The decline in foreign ownership also 17 74 40

Debt -20
78 -8.0 12.6
reflects increased buying by domestic debt recorded their hig- 14 -40
institutions, including mutual funds. Domestic hest levels since July 2023 on a Dec ‘13 Feb ‘24
institutional investors owned a nearly 16 per trailing 12-month basis in February (Chart 4). 80 Note: Compiled by BS Research Bureau. Data as of February-end
cent stake, according to the latest available The decline in foreign stake in the equity 60 Source: NSDL, Business Standard calculations
December quarter numbers. It was around 13 market comes even as earnings growth remains
per cent in 2019 (Chart 2).
Mutual fund investors allocated nearly
robust. Earnings and index returns have largely
moved in line with each other over long periods
5 STRONG EARNINGS GROWTH 6 LOWER DOLLAR RETURNS
~19,000 crore through monthly systematic (Chart 5). Nifty 50 (index value) Nifty 50 earnings Annualised returns over last 10 years (in %)
(LHS) per share (in ~) (RHS)
investment plans (SIPs) in January, according to Currency can be a key factor, with some
25,000 1,250
industry data. This represents a 36 per cent analysts predicting an appreciating trend for 22,378.4
increase over the same period last year. the rupee in 2024. This can act as a tailwind for 20,000 1,000
Foreign investors invested more money in foreign investor returns.
riskier midcap and smallcap stocks even as their There has been a difference in long-term 15,000 6,304.00 750 Rupee Dollar
overall stake came down (Chart 3). returns in the past for the Indian investor vis-à-
337.11 13.6 10.3
They have also been allocating higher amou- vis foreign investors even for the same holdings. 10,000 500
nts to debt. Indian debt securities are due to be The annualised return over the last decade was 970.44
included in global indices, which are expected to 330 basis points lower for foreign investors due 50,00 250
attract additional capital. Inflows into Indian to the rupee’s depreciation (Chart 6). Dec ‘13 Mar 2,’24
Note: Compiled by BS Research Bureau Source: Stock exchange Note: Based on Nifty 50 and Nifty 50 Dollar indices. Data as of March 2.
Source: Stock exchange, Business Standard calculations

StatsGuru is a weekly feature. Every Monday, Business Standard guides you through the numbers you need to know to make sense of the headlines
14
>
CHENNAI | MONDAY, 4 MARCH 2024 1

~1 trn at stake in mineral tax tussle Demandsoarsfor

Ramcharitmanas
As Centre and states contest the issue of taxation rights in court, CAGR of revenue from coal stands at 13.8% during 2014-23 aftertemple
NITIN KUMAR
New Delhi, 3 March
erbate inflation nationwide.
The ministry argued that a uniform
levy of royalty would create a level playing
inauguration
T
he contentious issue of taxation field. For instance, if a major coal-produc- VIRENDRA SINGH RAWAT
rights on minerals has brought the ing state (where 78 per cent of coal Lucknow, 3 March
Centre and mineral-rich states at resources are concentrated, namely
loggerheads. The Supreme Court is cur- Odisha, Jharkhand, Chhattisgarh, and Gita Press, the Gorakhpur-based largest pub-
rently hearing a case to ascertain whether Bengal) imposed an additional cess, all lisher of Hindu religious texts, is virtually
states can impose taxes on mineral-bear- states purchasing coal from it would be burning the midnight oil. The 100-year-old
ing land, a proposition vehemently con- compelled to raise power tariffs. This company is deluged with demand for
tested by the central government. increase in power tariffs, given that 55 per Ramcharitmanas, the venerated epic ded-
At stake is revenue from mining, and cent of India’s commercial energy pro- icated to Lord Ram authored by medieval poet
data on royalties garnered by states for duction relies on coal and 68 per cent of Goswami Tulsidas, following the Ram Mandir
major minerals during a five-year period coal produced is used for electricity gen- inauguration.
crossed ~1 trillion (see chart). eration, would directly impact inflation. After the construction of the Ram temple
The Centre has argued that the royalty
fixed under the Mines and Minerals MINERAL RICHES District Mineral Foundation (DMF)
funds status (~ cr)
The ministry also provided a detailed
overview of important mineral reserves
started in August 2020, the demand for the
holy tome began to rise. It skyrocketed when
(Development and Regulation) (MMDR) across states: Chhattisgarh, Jharkhand, the date of the “pran pratishtha” (consecra-
Act, 1957, gives uniformity in taxes for all State-wise royalty accrued from major minerals (other State DMF collection Amount spent Odisha, and Karnataka hold significant tion) was announced. The consecration cere-
states, and granting states unrestricted than coal, lignite, sand for stowing) from 2017-22 (~cr) Andhra Pradesh 1,888.62 665.14 iron ore reserves, accounting for over 50 mony was attended by Prime Minister
taxing authority over mineral-rich land State 2017-18 2018-19 2019-20 2020-21 (P) 2021-22 (P) Chhattisgarh 12,053.42 9,334.26 cent of annual production. Karnataka, Narendra Modi on January 22.
could harm the mining sector. It warned Odisha, Madhya Pradesh, and Gita Press prints
of an “economic disaster” if states impose Andhra Pradesh 334.9 418.0 360.1 341.0 414.0 Goa ** 243.4 53.23 Maharashtra collectively possess 82 per 1,800 books in several The publishing
unlimited taxes, as it would deter invest- Assam 4.6 5.0 6.6 5.3 5.8 Gujarat 1,480.20 668.94 cent of manganese ore reserves. Andhra genres in 15 Indian house has
ments and impede the development of Pradesh, Odisha, and Chhattisgarh hold languages apart from uploaded nearly
Bihar 1.5 5.9 10.0 10.8 7.1 Jharkhand 11,861 5,875.73
the critical minerals sector in India. 73 per cent of bauxite reserves. Odisha English. Annually, it 500 books,
However, the states have argued that Chhattisgarh 1,651.3 2,211.7 2,187.5 2,320.2 8,838.7 Karnataka 4,467.52 2,040.83 dominates with 96 per cent of chromite prints nearly 22.5 mil- including
tax on mining is a state subject that the Goa 239.6 22.3 5.1 73.4 97.6 Maharashtra * 4,773.82 1,883.76 resources. Karnataka, Rajasthan, and lion religious and spir- Ramcharitmanas,
Centre cannot dictate. Acknowledging Andhra Pradesh collectively hold 84 per itual books. on its website for
that Parliament doesn’t have power to Gujarat 263.7 270.4 218.5 246.5 251.7 Madhya Pradesh 6,624.09 2,629.83 cent of tungsten reserves. “Currently, we download and free
impose tax on mineral rights, the Haryana NA NA NA NA NA Odisha 24,596.26 14,507.53 “A uniform levy of royalty prescribed print roughly a lakh reading, yet it is
Supreme Court on Wednesday asked min- Rajasthan * 8,728.89 4,019.79 by the Union under MMRDA levels the copies of Ramcharit- hard-pressed to
eral-rich states like Jharkhand and
Himachal Pradesh 131.8 97.8 NA NA NA playing field, thereby promoting domes- manas a month, yet cope with the
Odisha whether the lawmakers can pre- J&K 15.4 14.5 NA NA NA Tamil Nadu 1,293.42 760.57 tic industry across the nation in a manner we are unable to meet high demand
scribe any limitation on the taxes they Jharkhand 1,255.6 1,166.1 1,159.0 1,082.9 2,791.4 Telangana 3,703.89 3,171.51 which is equitable, while at the same time the rising market
impose on mineral-rich land. Assam ** 117.32 76.9 ensuring revenue generation for the stat- demand for the text,” Gita Press manager
Karnataka 1,271.4 1,282.3 1,424.3 1,503.6 2,542.1 es,” the ministry said. It said the royalty Lalmani Tewari told Business Standard.
Behind the tussle Kerala 8.5 5.3 8.8 8.2 10.6 Bihar ** 129.7 21.55 is fixed keeping in view the international “There is a renewed interest among the
At present, under the MMDR Act, state Himachal Pradesh 307.02 52.11 price of minerals so as to keep their cost people, especially youth, for religious and an-
governments have the power to grant
Madhya Pradesh 461.7 538.8 686.4 742.6 1,488.3 and that of the finished product using cient texts. Our uploaded content has clocked
Maharashtra 171.5 182.7 196.0 165.8 304.5 J&K 65.17 20.45
mining concessions and collect revenue such minerals competitive in order to more than 1.7 million searches, about 225,000
from mining activities. This revenue Kerala * 66.97 0 boost exports and shrink trade deficit. reads and 68,000 downloads. Yet, Gita Press
Meghalaya 55.9 86.4 NA NA NA
encompasses royalties, contributions to Meghalaya ** 89.18 7.68 is facing an uphill task to meet the demand
the District Mineral Foundation (DMF), Odisha 3,470.4 7,581.5 7,672.2 7,034.6 17,983.7 SC intervention from booksellers,” he added.
and auction premiums. The sole contrib-
Uttarakhand 375.6 143.28 Several state governments have proposed Interestingly, the publishing house has
Rajasthan 2,649.0 3,045.1 2,485.7 2,886.3 3,676.0
ution to the central government is direct- Uttar Pradesh 1,603.97 744.51 to impose tax on mineral-rich land above uploaded nearly 500 books, including
Tamil Nadu 150.7 NA 193.7 180.1 179.4
ed to the National Mineral Exploration West Bengal ** 148.57 36.38 the royalty based on a 1989 verdict. In the Ramcharitmanas, on its website for download
Trust (NMET). Telangana 229.3 235.8 209.0 191.2 224.7 India Cements Limited vs State of Tamil and free reading, yet it is hard-pressed to cope
From 2014 to 2023, coal-producing Punjab *** 174.85 42.05 Nadu case, a seven-judge Bench of the with the high demand.
Uttar Pradesh 19.2 NA 44.1 38.0 24.5
states in India, which include Jharkhand, Haryana # 91.24 14.91 apex court held that royalty was a tax. The uptick in demand is translating into
Chhattisgarh, Odisha, Madhya Pradesh, Uttarakhand 0.3 0.4 0.1 0.1 0.4 However, a five-judge Bench of the good revenues. Gita Press, which saw a
Total 84,884.12 46,770.94
West Bengal, and Telangana, garnered Total 12,386.2 17,169.9 16,867.1 16,830.6 38,840.5 Supreme Court held in 2004 in the State workers’ strike in 2015, is looking at reve-
Note: * Data till Sep 2023; ** data till Aug 2023;
total revenues of ~1.52 trillion from royalt- P: provisional; R: revised; NA: not available; Source: State governments, DGM offices *** data till Feb 2023; # data till Oct 2022 of West Bengal vs Kesoram Industries nues of ~130 crore this financial year, a 25
ies, DMF, and the NMET through the min- Limited case that there was a typograph- per cent increase over last year’s top line of
ing sector, according to Ministry of Coal ical error in the 1989 verdict and that roy- ~108 crore.
data. State governments receive 14 per According to data from the Ministry of specifically earmarked to address the nine-judge Bench, the Ministry of Mines alty was not a tax. “Since 2015, we have installed new printing
cent of the sale price as royalty while DMF Mines, the states received ~1 trillion in development needs of areas impacted by expressed concerns about potential infla- The dispute was then referred to a machines costing ~30 crore at our Gorakhpur
receives 30 per cent and 2 per cent goes royalties from the mining of other min- mining. And auction premiums are one- tionary impacts resulting from increased nine-judge Bench. plant,” Tewari said, strongly refuting reports
to NMET from coal produced by both coal erals during 2018-2022. time payments made by winning bidders prices of essential minerals like coal, Following the 2004 judgment, mining that the publisher ever faced any financial
companies and the private sector. Royalty fees are rent paid by mining when mineral leases are awarded through which are vital for industries such as companies, public sector undertakings troubles and was close to shutting down in
The compound annual growth rate companies to the state government for an auction system, providing additional power, steel, cement, and aluminium. and state governments have filed 86 app- 2015 following the strike.
(CAGR) of the revenue from coal mining the privilege of extracting minerals. DMFs revenue for the state. The ministry emphasised that any eals arising from conflicting verdicts pas-
during 2014-2023 stood at 13.80 per cent. are funded by a portion of those royalties, In an affidavit submitted before a additional cess on minerals could exac- sed by different high courts on the issue. More on business-standard.com