DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA ● REG.NO. MCS/067/2018 - 20 RNI REGN. NO. 1543/57 JOURNALISM OF COURAGE WEDNESDAY, JULY 24, 2024, MUMBAI, LATE CITY, 24 PAGES `5.00 ● WWW.INDIANEXPRESS.COM SINCE 1932 Firm grip on fisc, but first Budget of NDA III silent on reforms HYDERABAD, PATNA, NEW DELHI, JULY 23 Rs 15,000 crore to develop Amaravati, Rs 26,000 crore for four road projects, Rs 21,400 crore for a power plant — with 28 MPs between them, Chandrababu Naidu’s TDP and Nitish Kumar’s JD(U) managed to extract a lion’s share in the Union Budget for Andhra Pradesh and Bihar respectively. Afterwards, Naidu said “happy days are here again”, while Nitish said the Centre had compliedwiththeirproposalfor “special assistance”. CONTINUED ON PAGE 2 BY UNNY IN A bid to push employment in manufacturing and job creation informalsectorsof theeconomy, Finance Minister Nirmala SitharamanTuesdayannounced NEW DELHI, JULY 23 THEUNIONBudgethasproposed toabolish‘angeltax’forallclasses of investors — a decision which comes as a relief for start-ups, which had flagged the impedimenttoraisingcapitalamidanalready gloomy funding climate. ‘Angel tax’, at 30.9 per cent, ■ Interest subsidy for loans up to Rs 10 lakh for education in India MSMEs CONTINUED ON PAGE 2 Big relief for start-ups, Govt scraps angel tax SOUMYARENDRA BARIK EDUCATION refers to income tax imposed on funding raised by an unlisted company when its shares are issued to an investor at a price higher than its fair market value. Thecallforremovalof thetax had gained steam following last year’s Budget — after its ambit was broadened to include investments from foreign sources — and was endorsed by industry CONTINUED ON PAGE 2 ■ New credit guarantee scheme for purchase of equipment Finance Minister Nirmala Sitharaman on her way to present the Budget on Tuesday. Praveen Khanna REFORMS ■ New economic reform framework to address all factors of production OM WWW.INDIANEXPRESS.C UNION BUDGET govt will facilitate With states, our hubs... cities as growth development of & transit planning, through economic of peri-urban areas. and development 2024-25 INFRA THE INDIAN EXPRESS 2024 24, WEDNESDAY, JULY Illustration: Suvajit POWER DEMAND To bolster grid, al push for therm e & energy storag INSTALLED POWER APACITY (IN GENERATION C 2020-21 2019-20 Generation Source 10,314 10,023 2022-23 2021-22 10,802 10,682 4,944 MW) 2023-24 10,941 5,003 Dey for poor & 1 crore houses Ph-2 middle class under scheme of urban housing subsidy for credit-linked weaker `3,000 crore for the economically (LIG), scheme (CLSS) Income Group section (EWS)/Lower for Middle Income for CLSS `1,000 crore for the Credit and `500 crore is a reGroup (MIG) Trust, which will Guarantee Fund URBANdevelopmentasone scheme that Budget, Risk HIGHLIGHTING of an earlier for of the Union an- structuring sector workers who apply of the nine priorities Nirmala Sitharaman help informal get credit guarantee. Finance Minister Awas Yojanathe home loans to Pradhan Mantri the scheme, including tcentral asnounced the The details of `2.2 lakh crore 3,71,009 4.13% 4.2% forapplicantsofdifferentca Urban 2.0 — with years — to construct one Total sources 3.2% incomecriteria five still being finalised, scheme sistance over (y-o-y) egories, were Growth rate said.Launchingthe agenda Urban 2.0, crore houses. Awas Yojana “Under the PM crore is on the Ministry’s of the Source: iced.niti.gov.in days of one for the first 100 housing needs third IGHWAYS and middleHousingneedsof Modi government’s urban poor OF ATIONAL and will be ad(in km/day) term, it is learnt. ONSTRUCTION ■ Construction 1 crurbanpoor class families of Minister investment “For redevelopment families 50 dressedwithan This will options, the Finance (in km) middle-class government a policy on tricity storage ■ Construction existing cities, of `10 lakh crore. assisto formulate unveiled plans 40 will be addressedwith willformulatea framework include the central projects (PSPs). mar5,248 16,000 & AMITABH SINHA lakh crore in pumped storage a large-scaleencrinvestment. for enabling policies, tance of `2.2 AGGAM WALIA 23 A provi- `10 lakh Pumpedhydrostorageis uses gravity to 30 that ket-based mechanismsand central the next five years. NEW DELHI, JULY ex12,000 storage technology subsidy to Thisincludes Transit-oriented Duringlow demand, the vari- ergy sion of interest 20 lakh cr in regulation. plans for 14 affordable 4,410 generateelectricity.to pump water to an eleto counterbalance share of `2.2 development facilitateloansat 8,000 IN AN attempt In and strengthen is used this population power energy peaks, years cities with a Finance cess reservoir; when demand rates is also envisaged. 10 ability of renewable thenext five policies will be forto generpower capacity, vated 4,000 12.1 above 30 lakh addition, enabling through turbines India’s baseload Sitharaman announced said. water is released considered a supplement mulated...” she andregulationsforefficient Minister Nirmala country’s first 800 MW rental 0 electricity. It is water supply, the thermal ate and transparent like solar or wind. are operaplans to set up She also announced waste managewith ento renewables and solid eight PSPs housing markets be put in place,” advanced ultrasupercritical(AUSC) in partnersewage treatment As of May 2024, storage caindigenous technology. formufor 100 large cities multilathanced availabilitywillalso plant based on India with a cumulative MW, acment projects and on tional in * (up to Nov 2023) the minister said. Sitharaman alsounveiledplansto pacity of 4,745 the with state governments government last month approved storage focusing had with energy crore in ship banks. The The Cabinet cording to data late a policy for houses — two IGHWAYS storeral development schemefor development Electricity threecroreadditional in urban areas — in Central promoting pumpedof hyOF ATIONAL one crore the same type of Prime willcomeupwitha orstreet foodhubsinserural areas and OTAL ENGTH Authority. At age projects (a The allocaof 2,780 in the third term of 100 weeklyhaats Growth years, she said. its first meeting Modi’s government. time,fourprojects droelectric energystorage) 91,287 km lect cities in five the need eme,whichgives 60% Minister Narendra coming to an end on MW are under-construcand underscored re2014 projects of 1,46,145 km a tionforthePMSvanidhisch loans, was nuclear enWith PMAY-U workingcapital tion and 33 Budget made to for developing street vendors undergothis year, the through in BE 2023-2024 December 31 42,150 MW are ergy capacities 2023 from `468 crore crore for the scheme. studies. collabora2.0, duced provision of `30,170.61 ing feasibility private sector funding for PMAY-U `326.32 crore. Source: pib.gov.in This would include The amount included tion. besaid. Nuclear power ministry sources “A joint venture has sigThe budget tweenNTPCandBHELwill 800 MW push for nunalled a fresh set up a full scale using capacity through the plant clear energy India’s thermal commercial govslowed still-underaddition has deploymentof AUSCtechnology.The the years small modprovide down in recent development ernment will (SMRs). support,” coal-fired ular reactors and existing required fiscal In 2021, out the govSitharaman said plants are pumping the Sitharaman said. with a reto meet ernment willpartner remore power BHEL had completed for ever-increasing the private sector search and development indigedemand. Theoutput search and development project to develop AUSC indigefor from renewables, anddeploymentof did not nous technology which meanwhile, is nousSMRs.Butshe or dethermal plants, pandemic and may the COVID-19 inconsistent offer any timeline boast higherefficiencyand phase, of peak the mid-2010s, it into a new ployment target. fall at the time lower fuel consumption, nulate has propelled in a report. outlay of SMRsare advanced demand (typically, the Company said with a project artia capacMcKinsey & value of eboost crore. “In and traditional evenings). To clear plants with 2021, the total around `900 “To enable MSMEs (the MW per or 40 per"From 2016 to world’s first products in international grew fivefold, ity of up to 300 ‘base load capacity’of Phase-II, the be than sans to sell their commerce sales e-commerce’s share of ExportHubs will minimum level MWAUSCTechnology unit, much smaller 800 Plant markets, E-Commerce reactors. a grid cent, annually.And to 20 percent, from 5 mode. Thesehubs,unRAVI DUTTA MISHRA demand from conventional surged Demonstration 23 set up in public-PPP design enall retail sales logisticframeer a period) the t said. NEW DELHI, JULY Their modular (TDP)isplannedunderthe deraseamlessregulatoryand up; plant to be set 800 MW thermal focus on hydro High efficiency with storage policy plans for energy Biopower 2,09,344 2,05,454 Coal 46,868 6,780 24,814 4,15,527 81,813 45,886 2,17,589 46,928 DAMINI NATH 23 DELHI, JULY NEW 8,180 25,028 4,41,370 6.22% H N L 42,633 6,780 24,866 3,99,029 3,82,955 C 66,780 2,11,905 46,748 24,890 24,922 Gas 40,357 6,780 6,780 Nuclear 2,10,749 46,355 45,845 Hydro T EYE ON BASE LOAD CAPACITY 39,247 37,693 Wind 53,996 41,236 35,607 Solar 4,848 4,786 4,683 Small-Hydro N FY23 New Delhi: The Supreme Courthasruledoutcancellation of the NEET-UG 2024, saying “there is absenceofsufficientmaterial on record to lead to the conclusion that result of the... examination stands vitiated...” P5 SREENIVAS JANYALA, SANTOSH SINGH, NIKHILA HENRY & DEEPTIMAN TIWARY BUSINESS AS USUAL NEW DELHI, JULY 23 ■ Customs duty cut on three cancer drugs FY24* SupremeCourtno toNEETre-test Thank you for 28 MPs: Splurge on Bihar, Andhra CONTINUED ON PAGE 2 AANCHAL MAGAZINE & SUKALP SHARMA SOCIAL SECTOR three employment-linked incentive (ELI) schemes for two years and an internship programme in partnership with India Inc for five years in the Union Budget for 2024-25. The thrust on employment and job creation in the formal sector is the first clear FY22 Chennai,NewDelhi:Atleast four Opposition CMs — M K Stalin, Revanth Reddy, Siddaramaiah,Sukhvinder Singh Sukhu — are set to boycott the NITI Aayog meeting set for July 27 to protest against the “discriminatory”Budget. P2 UNION FINANCE MINISTER Nirmala Sitharaman’s record seventh Budget was more about coming to terms with the compulsion of coalition politics and calming frayed sentiments over jobs than about big ideas or bold reforms that could shape the sector investment, expand opportunities and create jobs. But if the Budget is to be judged by just one number, Sitharaman shines through by keeping a tight leash over the fisc, which has been the one steady theme across the two terms of the NDA government. For 2024-25, she estimated the fiscal deficit at 4.9 per cent of the GDP even if it’s largely ■ No indexation benefit for property & family gold sales, LTCG 12.5% FY21 Budget‘bias’:Opp CMstoskipmeet NEW DELHI, JULY 23 five-year course for a government in its third term. In her 82-minute Budget speech, Sitharaman announced a slew of initiatives, from internships for 1 crore youth to credit guarantees for small and medium enterprisesand tweaking of personal income tax rates, but these didn’t quite add up to what the economy needs today: a big push for consumption demand that could trigger private Job concern: PLI to ELI, 3 schemes & internship FY20 INSIDE ANIL SASI & P VAIDYANATHAN IYER REAL ESTATE FY19 76 Rs 17,500 savings for salaried, LTCG increased to 12.5% FY18 163 Election Outcome Budget FY17 132 INCOME-TAX ■ New tax regime sweetened with higher standard deduction FY16 104 FY15 24/07/2024 UNION BUDGET 2024-25 H erce exports, will set up Govt looks to boost e-comm st Asian countries Southea PPP hubs along lines of FULL COVERAGE, PAGES 6-18