NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE* VOL. 17 NO.

27

Wednesday, February 1, 2023

livemint.com

mint primer QUICK EDIT

Budget 2023-24: On crypto

Key expectations watch
in a pre-poll year
BY TEAM MINT
Finance minister Nirmala Sitharaman will present her fifth
consecutive budget today. This being the last full budget before the
general elections, her formidable task: boost growth and demand
without diluting fiscal targets. Mint summarizes the expectations:
What can individuals
1 expect?
Ever since Sitharaman spoke of
identifying with the middle class,
hopes have run high that the
budget will provide some tax relief
to the common man. An increase
in the income tax exemption limit
from ₹2.5 lakh to ₹5 lakh, and in
the standard deduction from the
current ₹50,000, are on people’s
wish-list. A hike in the Section
80C deduction limit of ₹1.5 lakh
for investments in PPF, tax-saving
mutual funds, national savings
certificate etc., is also widely
anticipated. Additional
concessions in the new tax regime
(announced in budget 2020) to
make it more attractive are
expected, too.
MINT
PTI
Will capital gains tax
2 be tweaked?
At present, different assets have
different holding period
thresholds before gains in them
can be classified as ‘long term’ and
taxed at a lower rate. For instance,
the threshold is three years for
debt mutual funds, two years for
real estate and one year for stocks
and equity mutual funds. There is
a general expectation that the
government will bring about
uniformity in holding period.
Similarly, the government may
bring about uniformity in capital
gains tax rates between different
asset classes. Equity has a 10% tax
on long term gains while debt
mutual funds are taxed at 20%
with the benefit of indexation.
Among the useful nuggets in
the latest Economic Survey is a
snapshot of crypto regulation
overseas. “While crypto assets
were apparently designed to
disintermediate traditional
financial services, [they] created
new unregulated intermediat-
ing entities,” it notes, laying out
a need to regulate centralized
entities that people trust not to
let them down. It cites a 2020
estimate that said 85% of Bit-
coin was held by 4.5% of all
holders (whales), flags a few
other risks, and advocates
global coordination to keep
watch of digital tokens that defy
national borders before listing
what the EU, UK, Japan, Switz-
erland, Albania and Nigeria
have done. On rule-making,
Japan has been ahead, even
curbing the leverage given to
retail customers by crypto
exchanges, although the EU’s
proposed regimes may yet end
up wider in scope. The Swiss
approach, focused on systemic
stability while enabling the use
of various tokens, is another
model. The UK seems keen on
investor protection as a priority.
Nigeria’s tryst with e-tokens
echoes India’s in its central
bank interventions, of which its
launch of an e-naira might hold
broad policy lessons for us. We
must track developments there.
MINT METRIC
by Bibek Debroy

Tiamat Eva Medusa is a therian

3 What can we expect on
corp. tax/indirect taxes?
Corporate tax reforms have broadly been
And regards humans as contrarian.
completed but there are demands from
Since a dragon she sought to mimic,
industry to extend the concessional 15% tax The expensive surgery was no gimmick.
rate on new manufacturing companies,
which expires on 31 March 2024. Industry
Forked tongue and horns make her reptilian.
has sought an extension of one to five
years. On GST, the Finance Bill 2023 is
expected to deny input tax credits for
corporate social responsibility spending. QUOTE OF THE DAY
So, $5 trillion is something
What to expect on What about rural India
4 customs duties?
One of the enduring themes in the
5 and farmers?
Home to two-thirds of the
which can happen by 2025-26
or 2026-27 and $7 trillion by
last few budgets has been import population, rural India is looking
substitution, where customs duties for steps to improve incomes and 2030, depending on how
have been raised to provide push demand. To boost non-farm the dollar-rupee (pair)
impetus to domestic wages which grew sluggishly in
manufacturers. This year’s budget the face of high inflation, the behaves and what our
will build on that, with the government is expected to allocate nominal GDP growth in
government having identified at more funds for rural jobs, housing
least three dozen items for a hike and roads. Though crop prices rupee terms is.
in duties — from private jets and were robust, farmers are expecting
helicopters to electronic goods, an increase in the cash transfer
plastics, items of iron and steel, scheme PM Kisan to compensate
jewellery and leather. The idea is for rising input costs. The V ANANTHA
to arrest India’s overall trade government is expected to provide NAGESWARAN
deficit in general and with China more funds to incentivize farmers CHIEF ECONOMIC
in particular. to switch to natural farming. ADVISOR

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NOMURA (30 JANUARY)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
 PLAIN FACTS

What high revenues

mean for Budget 2023
By hoWiNdiAlivES.com

A
s it prepares to present the 2023-24 budget, the Centre finds itself blessed with a good revenue position. Tax collec-
tions in 2022-23 are on course to better its own projections, which lends it comfort. Yet, whether this will continue
into the next year depends on how consumption keeps growing, across consumer classes. Data suggests that smaller
producers and consumers were hit harder than top producers and consumers in the last two years. If top consumers ease
up on spending—against the backdrop of rising interest rates and job losses—budget 2023-24 might need to do its bit to
ensure the smallest of Indian consumers spend.
One data point where production and consumption are captured is the goods and services tax (GST), which is budgeted
to account for 28% of the Centre’s gross tax revenues in 2022-23. GST was introduced as a nationwide tax in July 2017, sub-
suming a host of central and state taxes. The government’s hope was that the shift to GST and greater digitization would
add assessees and revenues. The number of GST assessees has doubled from 6.7 million in August 2017 to 13.8 million in
November 2022.
Compliance, too, has improved. GST assessees have to file a summary return (GSTR-3B) each month; those with an annual
turnover of below ₹5 crore can choose to file this on a quarterly basis. Before the pandemic, on average, about 65% of assessees
were filing their 3B return before the due date. In the past five quarters, this figure increased to 75%.

GST-registered entities have Timely GST compliance has settled

doubled over August 2017 at a higher normal
Registered taxpayers under GST (million) GST returns filed by due date (%)
14 Migrated New 80 75

12 70

60
10

50
8

40

6
30

4
20

2 10

0 0
Aug Apr Apr Apr Apr Apr Sep Sep
2017 2018 2019 2020 2021 2022 2017 2022
Source: GST System Statistics, Central Board of Indirect Taxes and Customs Source: GST System Statistics

Tax Bounce Buoyancy in tax revenues has

taken off after the pandemic
THIS MAKES the pre-pandemic and post-pandemic GST Year-on-year growth (%)
performance a story of contrasts. For each of the three years till Nominal GDP
2020-21, growth in overall GST collections lagged nominal 2018-19
GST collections
GDP growth. This was reversed in 2021-22 and is likely to hold Income and corporate
2019-20
for 2022-23 also. This is true for Centre’s direct tax collection, tax collections
too. The three major tax heads of the Centre—income tax,
2020-21
corporation tax, and central GST, which account for about 80%
of its gross tax collection—are poised to top nominal GDP
2021-22
growth in 2022-23.
The first advance estimates released by the National
2022-23
Statistical Office peg nominal GDP growth for 2022-23 at 15.4%.
Between April and November 2022, the latest data available, -20 0 20 40 60
income and corporation tax have grown 24%, and overall GST For 2022-23, growth in tax collections is for April-November, while
GDP growth is the advance estimate for the full year. For 2018-19, GST
collection has risen about 25%. This points to a tax-GDP ratio data is for the August-March periods of 2017-18 and 2018-19.
that will continue going up in 2022-23 as well, from the multi- Source: Press Information Bureau, Budget documents, Comptroller
General of Accounts (CGA), National Statistical Office (NSO)
year low of 2019-20.

About 78% assessees account for

just 5% GST collections
Skew at the Top
Breakup by annual turnover (%) IN SPITE of the increase in assessees and collections, GST
remains skewed towards the top. Of the 13.8 million GST
Annual Share of GST Share of GST
turnover slab assessees (%) tax paid (%) assessees, only about 3-4 million pay tax. The rest either use
input tax credit to adjust their entire tax liability, or don’t incur
Nil 25.5 0.1
any liability. Among the payers, the top 0.1% of GST-registered
Up to 20 lakh 28.6 0.9 entities, which are principally companies with annual revenues
20 lakh to 1 cr 23.8 4.2 of ₹500 crore or more, account for 50% of India’s GST.
The smallest of GST payers—for example, a shopkeeper or a
1-5 cr 14.9 8.4 two-wheeler garage or a household services provider, with an
5-50 cr 6.4 16.7 annual turnover of ₹20 lakh to ₹1 crore—account for only 4.2%
50-500 cr 0.7 20.9
of overall GST collections. But their share among GST assessees
is 24%.
500 cr and above 0.1 49 A quarter of registered entities pay almost nothing. GSTN
Data for 2021-22, and considers only those taxpayers who had a net data shows that this structure has remained largely the same
GST liability. Turnover slabs in the original data have been subsumed over time, underscoring the challenge of expanding the tax base
into fewer slabs. Source: Goods and Services Tax Network
meaningfully.

Protect and Broaden Older GST assessees have moved to

a higher trajectory
THE GSTN data also shows an interesting effect on smaller Average tax paid by a non-zero GST assessee ( lakh)
taxpayers during lockdown. In April-May of 2020 and 2021, the 8 Migrated taxpayer
number of GST taxpayers dropped. But the average tax per
taxpayer rose. This means those who paid GST were assessees 7
at the upper turnover band, with smaller firms facing greater 6
hardships. The average GST paid by older taxpayers has seen a 4.92
5
greater increase in trajectory as compared to newer taxpayers.
Recent data suggests the same. While car sales rebounded 4
40% and 16% in 2021 and 2022, respectively, two-wheeler sales 3
grew 10% and 13%. Similarly, while the average ticket size of a New taxpayer
debit card payment has increased from ₹2,000 to ₹3,500 in 2
1.3
three years, the average size of a UPI transaction has risen only 1
5%. How that top layer fares, and how the spending base is
0
broadened, will influence tax calculations. Apr 2019 Mar 2022
www.howindialives.com is a database and search engine for Data for only those taxpayers who had a net GST liability.
Source: GST System Statistics
public data
PARAS JAIN/MINT

PEANUTS by Charles M. Schulz

This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 NEW DElHI, MUMBAI, BENGALURU, kOLkATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*
Wednesday, February 1, 2023
SENSEX 59,549.90 49.49
Economic Survey sees FY24
GDP growth slowing to 6.5%
Despite slowing growth, India will still be the fastest-growing major economy
Dilasha Seth & Subhash Narayan
NEW DELHI
T
he Economic Survey on
Tuesday projected the
Indian economy to slow
to a three-year low of
6.5% in FY24, slowing
from the estimated 7% growth for
the current year due to global eco-
nomic uncertainty impacting
exports.
The Survey, tabled in the Parlia-
ment on Tuesday, also forecast a
growth range of 6% to 6.8% for the
next fiscal year.
Despite slowing growth, India
will still be the fastest-growing
major economy in the world in
FY24, supported by “solid” domes-
tic demand and a pick-up in capital
investment amid lingering external
economic and political risks,
according to the first Economic
Survey prepared by a team led by
chief economic adviser V. Anantha
Nageswaran, who took charge last
year.
It pointed out that incipient signs
of a new private sector capital for-
mation cycle are visible, aided by
the healthy financials of India Inc.
However, the Survey cautioned
that the challenge on account of
rupee depreciation persisted amid
the likelihood of further increases
Fiscal deficit close to GST mop-up rises
60%; core output up to second highest
Saurav Anand & Ravi Dutta Mishra
NEW DELHI
I
ndia’s fiscal deficit for the
current financial year
approached 60% of the
year’s target in December, a
month in which the economy
saw a rise in core sector out-
put.
Meanwhile, eight core
infrastructure industries grew
7.4% in December, against
4.1% a year earlier.
According to official data
released on Tuesday, the fiscal
deficit till December reached
59.8% of the FY23 target, led
by the increase in capital
expenditure and the moderate
rise in tax collections.
Revenue receipts stood at
₹17.70 trillion, of which tax
revenue was ₹15.56 trillion and
non-tax revenue ₹2.14 trillion.
The government has bud-
geted a fiscal deficit of ₹16.61
Footfalls for Hindi films slump up to 50%
Lata Jha
lata.j@htlive.com
NEW DELHI
Y
ash Raj Film’s Pathaan has
offered a glimmer of hope
for the beleaguered Hindi
film industry, but cinema attend-
ance in Hindi-speaking markets
has plummeted by nearly half
post-covid. Even though big hits
such as Bhool Bhulaiyaa 2 and
Drishyam 2 have reported 15 mil-
lion ticket sales, theatre owners
lamented that they are only a
fraction of the pre-covid block-
busters such as Bajrangi Bhai-
jaan and Dangal, which raked in
a staggering 50 million each.
Footfalls for Hindi cinema fell
to 189 million in 2022 from 341
million in 2019, 316 million in 2018
and 301 million in 2017, according
to media consulting firm Ormax.
A major chunk of the growth in
box office collections is due to the
rise in ticket prices, which is keep-
ing several audience segments
away from theatres. Further, dis-
This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
livemint.com
NIFTY 17,662.15
ExPANSIoN PATH
The Economic Survey projected the Indian economy to slow to a three-year
low of 6.5% in FY24, slowing from the estimated 7% growth for the current year.
GDP growth (in %)
6.1
3.7
2018-19 2019-20
*Advance estimates released
by National Statistical Office
**Projection for a baseline
GDP growth in the Economic
Survey 2022-23
Source: Mospi, Economic Survey
PRELIMINARY ESTIMATE
THE Survey forecast a
growth range of 6% to
6.8% for the next fiscal
in policy rates by the US Federal
Reserve and also flagged that the
widening of the current account
deficit (CAD) may continue as
global commodity prices remain
elevated.
The economy is estimated to
expand by 7% in the current fiscal
compared with 8.7% in 2021-22,
according to advance estimates
Robust show
Eight core infrastructure
industries grew 7.4% in Dec,
against 4.1% a year ago.
20
Core sector
growth (in %)
15
10
7.4
5 improvement of 24% from a
4
0
Jan 2022 Dec 2022
Source: DPIIT
SATISH KUMAR/MINT
trillion or 6.4% of the GDP for
FY23.
Aditi Nayar, chief economist
of ICRA, stated that gross tax
revenues grew a marginal
0.8% in December, dampened
by personal income tax and
excise duty.
“With a typical surge in
TURN TO PAGE 4
count initiatives like National Cin-
ema Day have proven to be one-
offs and will not work when the
film is known to start streaming on
home devices within four weeks.
Overall, theatres recorded
footfalls of 892 million across
languages in 2022 against 1.03
billion in 2019, with south Indian
films bringing in more audien-
ces. Cinemas managed footfalls
of 945 million in 2018 and 1.01
billion in the previous year, the
Ormax report added. With hits
like RRR, Telugu cinema, on the
other hand, did better, notching
up 233 million footfalls in 2022
versus 182 million in 2019.
“There has definitely been a
dip in footfalls, and all things con-
sidered, people are not coming to
theatres with the same enthusi-
asm as before, which is a function
of not wanting to experiment
with content but coming only
when there is a certain assurance
of a good time,” said Rahul Puri,
managing director, Mukta Arts
and Mukta A2 Cinemas. “Every-
13.20 DOLLAR ₹81.92
8.7
7.0 6.5
2020-21
2021-22 2022-23* 2023-24**
-6.6
INCIPIENT signs of a THE challenge on
new private sector capital account of rupee
formation cycle are visible depreciation persists
SARVESH KUMAR SHARMA/MINT
released by the National Statistical
Office (NSO) earlier this month.
The Survey expects the Indian
economy to grow faster in the com-
ing decade once the global shocks
of the pandemic and the Russia-
Ukraine conflict, causing a spike in
commodity prices, settle.
TURN TO PAGE 6
Saurav Anand
saurav.anand@livemint.com
NEW DELHI
C
entral and state gov-
ernments collected
₹1.56 trillion in goods
and services tax (GST) in Jan-
uary, marking the second-
highest collection ever and an
year ago, the finance ministry
said in a statement on Tues-
day.
The highest-ever GST col-
lection was in April, when rev-
enue receipts stood at ₹1.68
trillion.
In January, after settlement
for inter-state sales, the total
revenue of the Centre was at
₹67,470 crore and of states was
at ₹69,354 crore, the ministry
said.
Receipts from GST cess
stood at ₹10,630 crore (includ-
ing ₹768 crore collected on
Footfalls for Hindi cinema
fell to 189 million in 2022 from
341 million in 2019. AFP
one knows the film will now be
available on a streaming platform
within eight weeks.”
The difference may not seem
as stark with the big, large-scale
tentpole films, but the small and
mid-budget films are taking an
even bigger hit, experts say.
The number of theatrical
releases has reduced post-lock-
down, said Ashish Kanakia,
chief executive of MovieMax
VOL. 17 NO. 27
What the middle class expects
from this budget
₹0.43 EURO ₹88.73
6.5% is not
a ‘fanciful’
number: CEA
Gulveen Aulakh
gulveen.aulakh@livemint.com
NEW DELHI
C
ommodity prices
would play a key role in
determining whether
India meets its growth and
inflation targets, chief eco-
nomic advisor V. Anantha
Nageswaran said in an inter-
view, adding that India could
m INTERVIEW
well beat the projections made
by global rating agencies if
commodity prices fall.
Global policymakers are
unlikely to end monetary
tightening quickly as was
expected by financial mar-
kets, as inflation could be
stickier, he said, adding that
TURN TO PAGE 6
In January, after settlement for
inter-state sales, the total
revenue of the Centre was at
₹67,470 crore. MINT
import of goods),” the finance
ministry said in a statement.
Revenues in the current
financial year—up to Janu-
ary—are 24% higher than the
TURN TO PAGE 4
Cinemas. “Also, audiences have
become content-conscious,
and unless the film creates an
urgency to be watched in thea-
tres, people are waiting for
them to release on OTT plat-
forms. The footfalls totally
depend on the kind of experi-
ence they are getting from a
film. OTT has never been a
competition when it comes to
experience-led content, but for
smaller films, people are show-
ing the tendency to wait and
watch unless they hear terrific
word-of-mouth,” Kanakia said.
People will increasingly watch
fewer films in theatres, especially
the lower segments of the audi-
ence who were anyway going
only four to five times a year, said
independent exhibitor Vishek
Chauhan. “A lot of people, for
instance, have already transi-
tioned to visiting the theatre
once a month from once a week
earlier. Fewer screens and more
expensive cinemas are the
future,” Chauhan said.
Rs 5.00 IN DELHI-NCR; Rs 6.00 OUTSIDE DELHI-NCR. PRICE WITH HINDUSTAN TIMES Rs 10.50 (FOR DELHI & NCR)
uP12
₹0.11 OIL $82.67
HNIs, institutional
investors help Adani
FPO sail through
Ram Sahgal
ram.sahgal@livemint.com
MUMBAI
I
n a huge relief for billionaire
Gautam Adani, institutional
investors and family offices
of high net worth individuals
(HNIs) salvaged the ₹20,000
crore follow-on public offering
(FPO) of Adani Enterprises
Ltd, ensuring the issue was
subscribed 1.12 times, up from
just 0.03 times the previous
day.
However, retail investors
and Adani employees
remained disinterested, given
that shares were available for
less in the secondary market.
Apart from anchor inves-
tors, who invested ₹6,000
crore last week, qualified
institutional buyers (QIBs)—
largely foreign institutional
investors—and HNI family
offices participated big-time
for the remaining ₹14,000
crore.
On Monday, Abu Dhabi’s
royal family backed Interna-
tional Holding Co. (IHC) said it
will invest $400 million in the
FPO to subscribe to 16% of the
share sale.
Word on the Street was
that the Adani Enterprises’
FPO was supported by the
family offices of some of the
The race of the AI labs
heats up
$1.07 GOLD ₹56,809
Heavy lifting
Institutional investors and high
net worth individuals salvaged
Adani Enterprises FPO.
Subscription (no. of times)
Institutional investors
1.26
Non-institutional investors/HNI
Retail
3.32
0.12
Employees
0.55
Total
1.12
HNI: high networth individual
Source: NSE
SARVESH KUMAR SHARMA/MINT
leading industrialists in the
country.
However, Mint could not
independently confirm the
same.
Against the 45.5 million
shares on offer, institutional
and non-institutional share-
holders, retail, and employees
bid for a total of 50.9 million
shares, enabling the FPO to
sail through.
Adani Enterprises shares
closed at ₹2,975 on BSE, 3.5%
above their previous day’s
close but 4.4% below the FPO
floor price of ₹3,112.
The share sale was priced in
TURN TO PAGE 4
18 PAGES
uP11
₹141
DON’T MISS
Adani Group acquires Israel’s
Haifa port for $1.2 billion
The Adani Group on Tuesday acquired the
strategic Israeli port of Haifa for $1.2 billion and
vowed to transform the skyline of this
Mediterranean city as part of its decision to
invest more in the Jewish nation, including
opening an AI lab in Tel Aviv.
Recovery under IBC negligible
in questionable transactions
Despite lenders initiating the reversal of
suspect deals made by companies before being
referred to bankruptcy courts, the amount
recovered so far remains a small fraction of the
value of such dubious transactions, showed
official government data. >P5
Vedanta is said to scrap plans to
sell Sterlite Copper plant in TN
Vedanta has shelved the plan to sell its copper
smelter in Tamil Nadu, which accounted for
almost 40% of the metal’s production in the
country, and has doubled down on its efforts
to restart the plant, according to people
familiar with the matter. >P10
The world’s next big inflation
surprise is looming in China
China’s reopening is set to provide a welcome boost
to global growth. But unlike in 2009, when China’s
four-trillion-yuan stimulus helped kickstart a
recovery from the Lehman slump, in 2023 there’s a
catch—a boost to inflation at exactly the moment
central banks race to bring it back under control.>P11
 02 WeDNesDay, 1 February 2023
NeW Delhi ECONOMY & POLICY LIVEMINT.COM

m MINT SHORTS
UDAN is giving birth to regional
Interest-free loans to states Omicron and
sub-lineages
still on top, says
airlines: Aviation minister Scindia
New Delhi: The government’s regional air connectivity scheme
UDAN (Ude Desh ka Aam Naagrik) is giving birth to regional carri-
ers in a country that in the last 20 years has seen closing down of
may continue in capex drive genomics body
airlines, civil aviation minister Jyotiraditya Scindia said. After flag- Priyanka Sharma
ging off regional airline IndiaOne Air’s flight from Jamshedpur to priyanka.sharma@livemint.com
Kolkata, Scindia said it will be the first scheduled commercial air NEW DELHI
service from Jamshedpur, which earlier was limited to non-sched- Capex-led growth strategy will ensure sustainable debt levels in the medium term, says Survey
X
uled operations. PTI BB, BA.2.75 and
BA.2.10 continued to be
Subhash Narayan ments and ramp it up quite signifi- the most commonly
Vodafone Idea re-authorizes subhash.narayan@livemint.com cantly in last few years. Whether we circulating Omicron sub-line-
should continue with higher public ages among the samples col-
ATC debenture issue after miss NEW DELHI
capex or some of the burden should be lected till the end of Decem-

T
he government is likely to
double down on its capital
spending by proposing even
higher allocations to build
ports, roads and other infra-
structure in the Union budget to be
presented by finance minister Nirmala
Sitharaman in Parliament today.
The budget may also extend the ₹1
trillion interest-free loans extended to
states to push up capital expenditure
and catalyse economic growth.
The Economic Survey 2022-23 pre-
Bengaluru: Telecom operator Vodafone Idea Ltd said it sented in Parliament on Tuesday gave
had again authorized preferential issue of debentures worth clear pointers toward the need to con-
up to ₹1,600 crore to ATC Telecom Infrastructure Pvt Ltd, tinue with a capex-led growth strategy,
after an earlier approval missed the deadline for issuing the saying this will enable India to keep the
debt. The debentures are convertible into shares at ₹10 ‘growth-interest rate differential’ posi-
apiece to ATC Telecom, Vodafone Idea said in a stock tive—when the rate of growth is higher
exchange filing. The firm approved the debentures in than interest rates—and lead to a sus-
November. However, they were not issued within the pre- tainable debt-to-GDP (gross domestic
scribed period of 15 days and the approval lapsed. REUTERS product) ratio in the medium term.
“The Centre should continue incen-
tivising states for reforms and higher
Jindal Steel profit drops in Q3 as capital spending” to ensure stronger
general government finances. the sur-
export tax bites vey said. “The capex-led growth strat-
Bengaluru: Jindal Steel and Power Ltd reported a nearly 68% fall egy will ensure sustainable debt levels
in third-quarter profit on Tuesday, hurt by the government’s levy in the medium term.”
on exports and weak global demand. The company’s consolidated Sitharaman had announced a 35%
net profit from continuing operations fell to ₹519 crore in the three increase in the capital expenditure tar-
months ended 31 December. India’s steel industry has been reeling get to a record ₹7.5 trillion for the year
since the government introduced an export tax on certain steel to 31 March 2023 hoping government
intermediaries in May. REUTERS spending would “crowd in” invest-
ments from the private sector.
Though the share of private invest-
DMRC gets final chance to
repay arbitration award
Poverty alleviation is ‘Fiscal discipline translates to stimulus’
focus of govt: Murmu
Rituraj Baruah current president of G20.
shared by the private sector is a matter ber, Indian SARS-CoV-2
that would be determined by the gov- Genomics Consortium (INSA-
ernment,” he added. COG) said in its latest bulletin.
The government hopes boosting It said the presence of BQ.1
public spending on infrastructure will sub-lineage has been seen in
help create jobs and sustain the eco- eastern, southern, western
nomic recovery amid global head- and northern parts of India.
winds. But finding the funds for a mas- Also, some occurrence of
sive capital spending programme may BF.7 sub-lineage has been
still be a challenge as food, fuel and fer- seen in eastern and northern
tilizer subsidies have considerably parts of India over the last
strained government finances despite week. No increase in disease
buoyant revenue collections. If Sithara- severity or hospitalization has
man allocates ₹10 trillion in the budget, been observed during this
Finance minister Nirmala Sitharaman had announced a 35% increase in the capital the capex estimates for the year starting period.
expenditure target to a record ₹7.5 trillion for the year to 31 March, 2023. PTI 1 April may nearly match the previous “Omicron and its sub-linea-
year’s increase. ges continue to be the domi-
ment has picked up pace, registering ing country which is aspiring to push Economists said the Centre’s reve- nant variants in India. Among
growth across sectors in the first half of up lower middle income category to nue position looks good this year after the samples collected till the
FY23 as compared to the previous year, middle income category, investment in jumping 34% last fiscal. Moreover, end of December 2022, XBB,
the pick-up still remains slow. Global infrastructure upgradation, infrastruc- expectations are that revenue may BA.2.75 and BA.2.10 contin-
headwinds and the possibility of a ture creation will always be there. The remain buoyant in FY24 too, allowing ued to be the most commonly
recession in FY23 may still keep the right balance has to be brought for an expansionary budget and pro- circulating Omicron sub-line-
momentum under check. between public and private sectors viding a leg-up to improve the overall ages. Presence of BQ.1 sub-lin-
Considering this, it is depending upon each one’s investment climate in the country. eage has been seen in Eastern,
expected that he Centre ECONOMIC ability to spend.” While a blueprint for raising public Southern, Western and North-
would continue with a pub- S U R V E Y “The answer on who capex is being prepared, the concern is ern parts of India. Overall, XBB
lic capex push raising it should spend varies, whether the Centre would be able to is the most prevalent sub-line-
again by about 35%, which would take depending on the context of the eco- spend the entire ₹7.5 trillion kept in the age of omicron variant. Some
spending to over ₹10 trillion. The out- nomic cycle. In the last several years, budget for this fiscal. According to the occurrence of BF.7 sub-line-
lay (target) for capital expenditure in because of the balance sheet considera- Survey, about 67% of the budgeted age has also been seen in East-
2022-23 (BE) was increased sharply by tions in the private sector and banks amount had been spent from April to ern and Northern part of India
35.4% from ₹ 5.5 trillion in the previous not lending to more risky borrowers December 2022. On current trend, it over last week. No increase in
year (2021-22) to ₹ 7.5 trillion. given their own balance sheet prob- appears that the full year’s capital disease severity or hospitaliza-
Chief economic advisor V. Anantha lems, the government took up the man- expenditure budget will be met, the tion has been observed during
Nageswaran told Mint, “As a develop- tle of continuing with public invest- Survey noted. this period,” stated INSACOG..
Gireesh Chandra Prasad
gireesh.p@livemint.com
advantage and economic
growth potential in nominal
NEW DELHI terms (of around 10% to 12% on
average in the coming years),

T
rituraj.baruah@livemint.com “Today the debate is no he fiscal discipline fol- the government’s fiscal param-
NEW DELHI longer about policy paralysis, lowed by the govern- eters will continue to improve
instead India is being recog- ment lowers the cost of even as the Goods and Services

T
he “far-sightedness” of nized for her rapid develop- capital for all sections of soci- Tax (GST) remains a source of
the government’s deci- ment and the far-sightedness of ety, freeing up resources for a durable and dependable reve-
New Delhi: The Delhi high court granted the Delhi Metro sions has helped India her decisions. That is why, we future stimulus, according to nue for the Centre and states.
Rail Corp a final opportunity for payment of arbitral award become the 5th largest econ- have now become the fifth larg- the Economic Survey 2022-23 The Centre is committed to
dues owed to Reliance Infrastructure, acceding to the Attor- omy, President Droupadi est economy in the world, up tabled in Parliament by finance disinvestments but external
ney General’s request. The court has posted the matter for Murmu said on Tuesday in her from the 10th spot,” she said. minister Nirmala Sitharaman. factors have posed a challenge
final hearing on 13 February. This comes after R. Venkatra- address to the joint sitting of Murmu said: “My govern- The survey, a review of the in the past, the survey said.
mani, the AG, informed the high court that an earnest the Parliament ahead of the ment is of the firm opinion that economy and its management, Between FY15 and FY23, as of
attempt has been made to bring the matter to closure as early Budget session. corruption is the biggest also said the government’s 18 January 2022, about ₹4.07
as possible. PRIYANKA GAWANDE In her address, she spoke enemy of democracy and social “robust capital expenditure” Goods and Services Tax (GST) remains a source of durable and trillion has been realized as
about the govern- justice. Therefore, could bring back the industry’s dependable revenue for the Centre and states. PTI proceeds from disinvestment
ment’s achieve- The address there has been a animal spirits, with early signs through 154 transactions.
Reserve Bank partially relaxes ment in accelerat- comes in the relentless fight of private investment rebound fiscal glide path will ensure through lower interest rates. As This includes ₹3.02 trillion
ing poverty allevi- against corrup- already visible. State govern- more fiscal space for policy governments make their fiscal realized from minority stake
restrictions on SBM Bank ation, focus on the
backdrop of a
number of state tion in the last few ments too have improved their action in uncertain times. situations sustainable and stick sales and ₹69,412 crore from
Bengaluru: RBI said it had decided to partially relax the restric- middle class,
elections this year years.“ finances after the pandemic, Despite the additional fiscal to that path, the risk premium strategic disinvestments. The
tions on SBM Bank (India) until 15 March, by allowing ATM and women empow- “In the last few staying within their borrowing resource pressures during the embedded in their interest FY23 budget had factored in a
point-of-sale transactions on internationally active debit cards erment and man- and general years, the Benami limits in the last three years. current fiscal, the Centre is well rates comes down, thus lower- contraction of 15% on excise
issued by the bank. Last week, the RBI ordered SBM Bank to stop ufacturing sector elections in 2024 Property Act was “It is possible to imagine fis- on track to achieve the 6.4% ing the cost of capital for all sec- collections and in line with the
all transactions under the liberalized remittance scheme until fur- among others. notified with a cal discipline turning into fiscal budget estimate for the fiscal tions of society - on their educa- expectation, excise duty collec-
ther notice, citing “material supervisory concerns” but without The address view to create a stimulus in future, as it would deficit in FY23, the tional loans, hous- tion has declined by 20.9%
giving any further details. REUTERS comes in the backdrop of a corruption-free ecosystem. bring down the government’s survey said. Fiscal ECONOMIC ing loans, car loans between April and November
number of state elections this The Fugitive Economic cost of borrowing, lowering the deficit at the end of S U R V E Y and business loans – 2022 from the year-ago period.
year and general elections in Offenders Act was passed to present high share of interest November 2022 and putting more Although customs duties
Morbi tragedy: MD of firm 2024. confiscate the properties of payments in public expendi- stood at 58.9% of the budget money in their hands,” the sur- were brought down on several
In her first address to a joint criminals who absconded after ture and making more money estimate, lower than the five- vey noted. The stimulus effect items to control the inflation
operating bridge surrenders sitting of Parliament, the presi- committing economic offen- available for economic devel- year moving average of 104.6% of fiscal deficit via diminishing impact on edible oils, pulses,
Morbi: Managing director of Oreva Group Jaysukh Patel, an dent also outlined India’s grow- ces. An effective system has also opment and social welfare,” of budget estimate during the risk-premium is likely greater cotton and steel, high imports
accused in last year’s Morbi suspension bridge collapse, was ing stature in the international been put in place to end the chief economic advisor V. same period. for emerging economies than during the current year have
arrested, hours after he surrendered before a court in Gujarat, and community including its role in practice of favouritism and cor- Anantha Nageswaran said in “In reality, fiscal discipline for advanced economies. led to a 12.4% growth in the cus-
was sent to jail. As many as 135 people were killed when a suspen- the Shanghai Cooperation ruption in government his preface to the survey. translates into a fiscal stimulus Nageswaran wrote that toms collection from April to
sion bridge collapsed in Gujarat’s Morbi on 30 Oct 2022. PTI Organization, QUAD and as the machinery,“ she said. The survey said the Centre’s for all sections of the economy given India’s demographic November period of 2022.

India on track to meet SDG target as over 400 million exit poverty CORRECTIONS AND
CLARIFICATIONS
Mint welcomes comments,
Priyanka Sharma on-track progress to attain and children of all ages living (AB PM-JAY) which offers free healthcare at their doorstep suggestions or complaints
priyanka.sharma@livemint.com Sustainable Development in poverty in all its dimensions treatment to nearly 200 mil- making it more accessible. about errors.
NEW DELHI Goal (SDG) of halving poverty according to national defini- lion beneficiaries across more Due to several such steps, Out
Readers can alert the
by 2030, more than 41 crore tions by 2030 is possible to than 26,055 hospitals. of-Pocket Expenditure
newsroom to any errors in the

O
ver 400 million Indi- (410 mn) people exited poverty achieve,” it said. Over 154,000 health and (OOPE) as a percentage of total paper by emailing us, with your
ans escaped poverty between 2005-06 and 2019-21 The survey also talked about wellness centres have been health expenditure has full name and address to
between 2005-06 according to the UN Multi-di- the government’s aims to operationalized across the declined substantially from feedback@livemint.com.
and 2019-2021, according to mensional Poverty Index,” strengthen India’s health country under Ayushman 64.2% in FY14 to 48.2% in
the Economic Survey said the survey. infrastructure and prepare to Bharat. FY19,” it said. It is our policy to promptly
respond to all complaints.
2022-23, tabled in Parliament Poverty includes lack access address present and future The survey stated that the “The social security Readers dissatisfied with the
on Tuesday. to healthcare, sanitation, clean needs. It said the government share of government health expenditure on health, which response or concerned about
The survey highlighted the drinking water or electricity, is focusing on primary health- expenditure in total health includes the social health Mint’s journalistic integrity may
key findings of the United and quality of education. The UN report, quoted in the survey, stated that about 16.4% of care expenditure which has spending has increased from insurance programme, gov- write directly to the editor by
Nations Development Pro- The UN report stated that the population in India were multidimensionally poor AFP increased from 51.1% in FY14 to 28.6% in FY14 to 40.6% in ernment-financed health sending an email to
gramme’s (UNDP) global Mul- about 16.4% of the population 55.2% in FY19 to ensure FY19. insurance schemes, and medi- asktheeditor@livemint.com
tidimensional Poverty Index in India (228.9 million people sional poverty (260.9 million exited poverty between affordable health services at “The Economic Survey cal reimbursements made to Mint’s journalistic Code of
(MPI) 2022 report released in in 2020) were multidimen- people in 2020). 2005-06 and 2019-21, demon- the grassroots level. notes that this is a significant government employees, has Conduct that governs our
October 2022, covering 111 sionally poor, while another Elaborating the findings of strating that the SDG target... The survey also lauded the increase which shows that the increased from 6% in FY14 to newsroom is available at
developing countries. 18.7% have been classified as the UN report, the survey said, of reducing at least by half the Ayushman Bharat Pradhan citizens are better equipped 9.6% in FY19,” stated the gov- www.livemint.com
“Demonstrating the vulnerable to multidimen- “In India, 41.5 crore people proportion of men, women, Mantri Jan Arogya Scheme and better provided in terms of ernment report.

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 LIVEMINT.COM DEALS, TECH & STARTUPS WeDNesDay, 1 FebRuaRy 2023
NeW Delhi 03

m MINT SHORTS
Govt-backed OpenForge has over
Firms look to ChatGPT EXPERT
VIEW
10,328 users: Economic Survey
New Delhi: OpenForge, a central government-operated open-
source code repository similar to Microsoft’s GitHub, has crossed
10,000 users, with 10,328 users and 2,205 projects currently on
for new tech solutions Respond to this column at
feedback@livemint.com
ajai chowdhry

the platform. In the 2023 Economic Survey, the Union govern-

ment highlighted the platform’s user base showing how digital
technologies are playing a growing role in India’s digital public
infrastructure. SHOUVIK DAS Potential use cases include marketing, support issues, troubleshooting
ENGINEERS SHOULD
Mobile phone, PC shipments set Shraddha Goled
PURSUE INNOVATION,
to fall again in 2023: Gartner shraddha.goled@livemint.com
NEW DELHI NOT JUST CODING

R
anjan Kumar, founder and chief

Shipments of personal computers and mobile phones are
expected to fall for the second straight year in 2023, with
phone shipments slumping to a decade low, IT research
firm Gartner said on Tuesday. Mobile phone shipments are
projected to fall 4% to 1.34 billion units in 2023, down from
1.40 billion units in 2022, Gartner said. REUTERS
ReadyAssist acquires two-wheeler
servicing co SpeedForce for $10 mn
Bengaluru: Sundaravijayam Automobile Services Pvt. Ltd,
which runs roadside service assistance provider ReadyAssist, has
acquired Vadodara-based two-wheeler servicing firm Speed-
Force for $10 million (around ₹81.7 crore) in a cash and stock deal.
The deal will let ReadyAssist expand into operating multi-brand
two-wheeler workshops.It also aims to strengthen its chain of
SpeedForce workshops by adding another 700 this calendar
year, the Bengaluru-based startup said. ANUJ SUVARNA
Ashish Kacholia invests
in Orbis Financial
New Delhi: Securities services provider Orbis Financial on
Tuesday announced that it has raised ₹ 111 crore from both exist-
ing and new investors, including investor Ashish Kacholia. Mum-
bai-based boutique investment banking firm DerivativeSaint was
the sole adviser to Orbis for the deal. Orbis plans to use the fresh
funds to capitalize on the growth momentum and further expand
its securities services business in India, the company in a state-
ment. AMAN RAWAT
E
executive officer at Entropik ngineers have often been lured by the tried and tested soft-
Tech, is excited about how ware jobs, that land them with fancy salaries and opportuni-
ChatGPT, OpenAI’s artificial ties to work with reputed companies of the world. And that
intelligence (AI)-powered chat- is just a fine way of thinking, but the times they are a changing,
bot, can enrich the customer insights firm’s and the intelligent mind would look to adapt and see which way
existing conversational platform called the wind is blowing.
Decode. Entropik uses Decode to facilitate Around 44% of the population in India is aged between 18 and
group discussions and direct interviews 25, which makes us the largest young workforce anywhere in the
with customers to help brands converse world.
about their products, advertisements, or India is also the fastest-growing R&D services export hub, as
any specific research. per the United Nations Conference on Trade and Development
Using application programming interfa- (UNCTAD). It mentions that India is the leading R&D investor
ces (APIs), Entropik is currently testing among developing countries if China, the world’s second-largest
how ChatGPT can investor in R&D after the US, is excluded from the list. India’s
be used within exports in December 2021 surged 38.91% on an annual basis to
Decode to derive ChatGPT garnered more than 1 million users within just a week. AFP $37.81 billion due to the contribution of sectors such as engineer-
insights from dis- ing, textiles and chemicals.
cussions between brands and consumers. related announcement soon. their business applications. We have remained a top outsourcing destination for busi-
“We have already tested the prototype It’s not that companies are new to using With ChatGPT, which is built on a large nesses across the world, and despite the pandemic, are second on
and found the results to be encouraging. AI-powered chatbots to answer more than corpus of data scraped from the web, maga- Tholons Top 50 Digital Nations list for 2021.
We are now evaluating how it can be scaled just basic customer queries. A June 2022 zines, and books, among others, enter- We have a lot going for us, and the changing geo-politics and
up,” said Kumar. Going further, Entropik study by IT industry body Nasscom prises can engage with customers on a the change in the global supply systems are in our favour too.
plans to explore localized models trained in revealed that 65% of the surveyed enter- deeper level and automate redundant The earlier way of working was that most companies including
regional languages and dialects to expand prises use AI-powered chatbots. However, tasks. Potential use cases for ChatGPT the US, Europe or even in India, would go to China, which had
the reach of the platform. ChatGPT that was released just a couple of include marketing, support issues, recom- joined hands with Taiwan and Vietnam, and get these companies
Entropik is among many mendations, and trouble- located there to design products.
companies in India and glo- GROWING AllURE shooting, note experts. China’s zero-covid policies forced many companies to shut
bally that are exploring how Last month, OpenAI shop. Moreover, the pandemic has made all nations think for
ChatGPT can enrich their A study by Nasscom CHATGPT accepts MICROSOFT announced on its official Dis- themselves. It’s a reverse globalization happening. In this situa-
conversational chatbots. Dur- revealed that
65% of enterprises
natural language
prompts to provide
announced on Jan 16
it will start providing
cord server that it plans to tion, I have been reiterating, we need to build faster capabilities
ing its Q3 FY23 earnings call, use AI-powered human-like ChatGPT APIs to introduce a monetized version in design and manufacturing.
IT services firm Infosys Ltd’s chatbots responses help businesses of ChatGPT, called ChatGPT We need to move fast to ensure our products have India inside
CEO Salil Parekh said the Professional, to ensure the and out. To see that kind of change happening, we need to
company is using ChatGPT for long-term viability of the tool. deepen R&D and make our engineers think more about hardware
certain “client situations”, which has months back has already created a stir To join the waitlist, OpenAI released a Goo- than software.
resulted in increased productivity and worldwide and garnered more than 1 mil- gle Form which requires users to enter We need We know how to integrate software
automation. Walmart-owned online mar- lion users within just a week with its easy- their details, about why they want to use to build into hardware. There should be no
ketplace Flipkart, too, is exploring the inte- to-use interface. The chatbot accepts natu- ChatGPT, and a few questions on how need now for Usha and Havells, and
gration of ChatGPT in its tech stack. In an ral language prompts to provide human- much they are willing to pay for the pro faster other Indian companies, to go to China
interview on 17 January, Jeyandran Venu- like responses, write code, poems, and even version. Microsoft, which invested billions capabilities to design their products.
gopal, chief product and technology officer books. Microsoft announced on 16 January in OpenAI last month,will also provide in design and Students should realize that you
at Flipkart, said the company is exploring that it will start offering ChatGPT APIs to firms access to the platform through its manufacturing don’t do engineering to just become
use cases of ChatGPT and may have a help businesses plug the smart chatbot into Azure OpenAI cloud service. coders. When you study engineering,
you are capable of innovating. The way
IIT Kanpur Ventilator Consortium assisted Noccarc Robotics, a
young start-up, in building affordable high-quality ventilators,

‘Digital tech powering economic reforms’ in the peak of the pandemic, is an example of the kind of possibili-
ties that India needs.
By building our own MedTech or drone products, for example,
we reduce the import bill, and make products that no outside
Shouvik Das ments Interface (UPI), Open there were 25 Indian Institutes of agency can spy on.
shouvik.das@livemint.com Network for Digital Commerce Information Technology (IIITs) That’s how we build resilience, and that’s the whole impetus
NEW DELHI (ONDC), Goods and Services in 2022 against just 9 in 2014. of Atmanirbharta, Make in India, Digital India, Start-up India and
Trade Network (GSTN) and Rural push: Taking digiti- so on.

T
he Indian economy has
started reaping the bene-
fits of greater formaliza-
tion, higher financial inclusion,
and economic opportunities
created by digital technology-
based economic reforms, said
The Mumbai-based fragrance maker is seeking a valuation of the Economic Survey 2023.
₹700-800 crore. ISTOCK “The use of technology, in par-
ticular digital technology,
World is looking beyond
Account Aggregator have cre-
ated more opportunities for
MSMEs by simplifying pay-
ment methods and providing
access to technology to e-com-
merce firms, diversify their tar-
get markets, and easy credit.
Blockchain: CBIC has
launched a pilot project to
implement Electronic Cargo
zation and technology to the
rural economy has also been a
key aspect of the rural develop-
ment agenda, be it in agricul-
tural activity or governance.
Solar power: The Interna-
tional Solar Alliance’s (ISA) mis-
sion is to unlock $1 trillion of
investments in solar by 2030
while lowering the cost of tech-
Now work scenarios have undergone a huge change too, and
we are adapting to fresh ways of working. Today many young-
sters are choosing to have side gigs and corporates are thinking
of how to adapt to this new trend.
Eventually things will even out and one could be working over
here as an engineering entrepreneur and doing products for
many companies globally.
If you rise above the stereotypes, you will be able to carve out
your niche with tech and expertise on your side.
In the book “The 86 Percent Solution: How to Succeed in the

ICICI Venture likely undergirds the reforms,” it said.

The survey underscored that
the world has “moved seam-
physical infra to digital. ISTOCK Tracking System (ECTS) based
on blockchain technology to
leapfrog traditional barriers to track the movement of con-
nology and financing. The push
towards self-reliance in semi-
conductor technology and pro-
Biggest Market Opportunity of the Next 50 Years”, by Vijay
Mahajan and Kamini Banga, the authors argue that 86% of the
world’s population sits in India, Africa, Middle East, China and

to exit Anthea in lessly from the focus on physical

infrastructure to investing in
digital infrastructure”.
Moving forward, the survey
majority stake sale predicted that it is “almost a cer-
tainty that most of the future
real-world applications are
Debjyoti Roy offers ingredients for the food going to marry the two, some-
debjyoti.roy@livemint.com fragrance and flavour industry. thing akin to that attempted
NEW DELHI The group company, besides under Smart Cities, that inter-
Anthea Aromatics, has two locks area-based development
development, spur innovations tainers from the port to a ware-
by startups and enterprises, house at ICD, Tughlakabad,
and advance the ‘Digital India’ ensuring secured documenta-
duction will help India erect
another pillar of this revolution.
Development of hyper-
rest of Asia.
That’s our opportunity. How can Americans and Europeans
make products for the 86% of the world, because, inherently, they
vision. Here are some high- tion and GPS-based tracking. loop technology: The Indian don’t understand this market.
lights from the survey: Education: Under the ICT
Data usage: Decision to component of the Samagra
share data and infor- Shiksha Scheme,
Railways has collaborated with
IIT Madras to develop hyper-
loop technology by setting up
They understand the 14% of the world which is advanced. But
today, this 86% is a big opportunity area.
In welfare access, in climate resilience, in EVs, in security and
mation between ECONOMIC the government Centre of Excellence for defence, in the consumer durables market, there’s a big zone of
Central Board for S U R V E y supports the setting Hyperloop Technology at IIT opportunity that awaits Indian engineering and manufacturing
D i r ec t T a x es up of smart class- Madras at ₹8.34 crore. capabilities.
(CBDT) and the Central Board rooms, and ICT labs in schools, Manufacturing: India now I also recommend young Indian engineers to veer away from

S
pecialty chemicals firm
Anthea Aromatics Pvt.
Ltd has begun talks to sell
a majority stake in the company
to strategic investors, two peo-
ple aware of the matter said.
As part of the process, ICICI
Venture may sell its entire stake
in the company, the people
cited above said on the condi-
tion of anonymity.
Mumbai-based Anthea is
seeking a valuation of ₹700-
800 crore in the transaction,
they added.
The promoters are also likely
to sell a big chunk of
units, Catàsynth Speciality
Chemicals and DRT-Anthea
Aroma Chemicals Pvt. Ltd, a
joint venture with DRT
(France). DRT is known as a
major processor of crude sul-
phate turpentine, a key raw
material in the manufacture of
aroma chemicals.
Anthea also sealed a similar
transaction in early 2020 when
it diluted a significant minority
stake in Catasynth to Solvay, a
Belgian producer of ingredi-
ents of flavour and fragrance.
Anthea posted net sales of ₹
82.9 crore during
with digital assets and digital
services”.
According to the survey, the
rollout of 5G services can
unleash new economic oppor-
tunities and help the country
Laptops get AI chips, smart software engines to boost efficacy
Abhijit Ahaskar
abhijit.ahaskar@livemint.com
NEW DELHI
of Indirect Taxes and Customs including support for hard- has the physical and digital the “nerd” tag and enjoy a variety of interests, in music, literature,
(CBIC) is a promising reform, ware, educational software, infrastructure to grow the art, or whatever.
and would result in efficiency and e-content for teaching. share of the manufacturing That’s a good way to remain efficient, energized, and involved
gains in the tax system. Tech institutes are rising: sector and make a realistic bid with the real world.
MSMEs: Digital platforms The number of Indian Institutes to become a key player in global Ajai Chowdhry is the Chairman of Epic Foundation and
including the Unified Pay- of Technology (IITs) is at 23, and supply chains. Founder, HCL.
AMD together command a This means you can run power- away. Chips like these will
much larger market share in the ful language models without enhance such software, and
PC market. Chips from these getting in the way of anything possibly make them faster.
firms are usually used for Win- else that you might be doing on “Ryzen AI engine is different

their stake, one of the
two people said.
The company has
hired mid-market focussed
investment bank Ambit to
scout for potential suitors,
especially globally reputed
firms in fragrance and flavours
category, the second person
said. Europe-based Firmenich,
Givaudan, Symrise and New
York-based IFF are some of the
formidable leaders in the cate-
gory.
In April 2016, ICICI Venture,
the private equity arm of ICICI
Bank, had invested ₹120 crore
in Anthea to buy around 23%
stake.While ICICI Venture and
Ambit declined to comment, an
email query to Anthea
remained unanswered.
Founded in 1991, Anthea
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FY22, up from ₹ 67.4
crore a year before.
However, the losses
sharply widened to ₹52.2 crore
from ₹14.2 crore, as per
VCCEdge.
ICICI Venture in recent past
had partially exited its invest-
ment in consumer facing port-
folio Go Fashion (India) during
an IPO in late 2021.The inves-
tor, in November 2022, also
made a fresh bet in consumer
houseware maker, Cello
World, marking the first bet
from its fifth PE fund.In March
2022, Puneet Nanda, manag-
ing director and chief executive
of ICICI Venture said it was in
talks to raise at least $350-400
million for the fifth PE fund and
also mulling the launch of an
early-stage growth fund.
E
arlier this year, Chinese
laptop maker Lenovo
unveiled four gaming lap-
tops with an embedded artifi-
cial intelligence (AI) -powered
chip called Lenovo LA AI.
Combined with Lenovo AI
Engine+, the chip will allow the
laptop to automati-
cally tune the sys-
tem’s performance
using machine
learning (ML) technology.
Lenovo isn’t alone. Unlike
2020, when such features were
implemented at the software
level only, chipmakers such as
Intel, Advanced Micro Devices
(AMD) and Nvidia are making AI
processing a core part of their
chips. While Apple, too, had
built a neural engine into its new
M-series chips, Intel, Nvidia and
dows-based laptops, which
compromise over 75% of the PC
market, according to statistics
website StatCounter.
For instance, AMD unveiled
the Ryzen 7000 chip on 4 Jan-
uary. The chip comes with an
AI engine called Ryzen AI built
in, and several PC
makers have
already committed
to using the chip on
their devices. Intel too is said to
be working on something simi-
lar with its Meteor Lake pro-
cessors, expected to be
launched later this year.
The moves are akin to Sam-
sung, Qualcomm, Apple and
Google, which have built chips
with specialized AI functional-
ity into their smartphones.
Google, for instance, builds
Lenovo recently unveiled four new gaming laptops with an
embedded AI-powered chip called Lenovo LA AI.
Tensor chips for its Pixel smart-
phones to enhance features like
the Google Assistant.This will
also enable developers to build
more AI-driven programs for
laptops, the same way apps use
AI functionalities on phones.
“Many of the experiences we
your PC at the same time,” said because it is the world’s first inte-
Panos Panay, chief product grated AI engine on an X86 pro-
officer at Microsoft, at CES dur- cessor. This means that AI work-
ing the unveiling of Ryzen AI loads before now have been exe-
last month.To be cuted using
sure, device mak- Now chipmakers standard pro-
ers have been including Intel, cessor or graphics
offering AI-based AMD and silicon that is not
features on lap- Nvidia are making optimized to pro-
tops for a couple of cess AI work-
AI processing
years. HP, for loads,” said Vinay
example, offers a core part of Sinha, managing
AI-based privacy their chips director of sales,
ISTOCK alerts, noise AMD India.
reduction and He explained
get on PCs demand trillions of enhanced video and sound that just like the invention of
operations per second. AI experience on its Spectre X360 the graphics processing unit
engines can run them without laptops. Microsoft’s Windows (GPU), which enhanced graph-
taxing CPU and GPU while Studio Effects software uses AI ics performance on PCs, pur-
consuming a few hundred mil- to blur background during pose-built AI processing hard-
liwatts. It means you get calls, filter noise and maintain ware enables new types of
incredible AI, without sacrific- eye contact with the webcams approaches to AI workloads.
ing performance or battery life. even when the user is looking
 04 WeDNesDay, 1 February 2023
NeW Delhi MARK TO MARKET LIVEMINT.COM

S&P BSE Sensex Nifty 50 Nifty 500 Nifty Next 50 Nifty 100 S&P BSE Mid-cap S&P BSE Small Cap
CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE

59,549.90 0.08 17,662.15 0.07 14,935.50 0.55 39,199.30 1.02 17,601.00 0.17 24,642.73 1.47 28,205.89 2.21
PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN

59,500.41 59,770.83 17,648.95 17,731.45 14,854.20 14,906.45 38,802.95 38,849.45 17,571.85 17,636.75 24,284.58 24,352.39 27,596.70 27,680.71
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW

59,787.63 59,104.59 17,735.70 17,537.55 14,962.95 14,787.85 39,293.65 38,658.30 17,644.15 17,467.50 24,691.02 24,199.10 28,267.10 27,594.44

m MINT SHORTS
Foreigners scoop up China
Orders brighten the day for L&T
shares with record Jan inflow Harsha Jethmalani
Improving momentum Q4FY23. This has fuelled manage- make a material impact on its earnings.
Foreigners are returning to China’s stock market with a harsha.j@htlive.com ment’s confidence to retain its FY23 There is little to cheer on the key Hyder-
vengeance, snapping up more shares in January alone Larsen & Toubro’s order inflows saw an impresssive rise in Q3FY23 aided by 12-15% guidance for orders inflows and abad Metro Project. Average ridership

than they did for the whole of 2022. Offshore funds have
added a net 141.2 billion yuan ($20.9 billion) worth of
stocks listed in Shanghai and Shenzhen through trading
links with Hong Kong this month, even with a week-long
holiday trading break. That’s over 50% above the previous
monthly record, according to Bloomberg data going back
to 2017. The fervour has helped drive the CSI 300 Index,
a benchmark for mainland stocks, to the brink of a bull
market as traders returned from the Lunar New Year holi-
day this week. Analysts expect foreign buying to propel an
outperformance in mainland shares in the coming
months, a catch-up to the massive rally seen in the over-
seas Chinese stocks since the beginning of November. The
buying streak continued into Tuesday, even as the CSI 300
declined by 1.1%. BLOOMBERG
L
arsen & Toubro Ltd’s (L&T)
profitability for the quarter
ending December (Q3FY23)
wasn’t exciting enough. Con-
solidated Ebitda stood at ₹5,073
crore, missing Street’s estimates. One
factor that weighed on operating profit
was the higher staff costs for the infor-
mation technology services business.
The negative surprise came in from a
revised guidance on core engineering
and construction margin, which now
factors a 30-50 basis point year-on-year
(y-o-y) decline over a low base, said ana-
lysts from Kotak Institutional Equities.
One basis point is 0.01%. The manage-
ment expects to close FY23 margin at
8.9-9%, compared to 9.5% guided ear-
lier. “While suggesting bottoming out of
margin, the company remained non-
committal to the extent of recovery on
most key parameters of execution,
ordering and margin,” added the Kotak
report on 30 January.
Against this backdrop, robust order
inflows bring some comfort. The capital
goods company is often viewed as a
proxy to the country’s infrastructure
developments as government orders
the infrastructure sector. revenue growth, and it sees the poten- in Q3 stood at 3.94 lakh/day versus 3.55
Order book Order inflow (right-hand scale) tial of exceeding it. lakh/day in Q2. Improving ridership
4,00,000 80,000
Investors seem to be factoring the and lower interest cost have helped nar-
bright picture adequately. In the last one row losses. The management expects
(in ₹ crore) year, L&T’s shares have rallied by 11%. this project to break even in another
The stock hit a new 52-week two-three years. This means
3,00,000 60,000 high of ₹2,297.65 on the STEPPING that stake sale in this project
NSE this month and has UP is unlikely in the near term.
moderated a bit from there. Apart from this, L&T also
2,00,000 40,000
According to analysts at IN Q3, L&T saw strong has exposure to Nabha
Ambit Capital, while the awarding from the
domestic markets,
Power Ltd.
Street relishes order inflow which formed over “While the worst of mar-
growth, L&T struggles with 70% of its order book gin pressure is behind L&T,
1,00,000 20,000 a difficult choice of main- re-rating would not only
taining growth, margins and THE company’s depend on its core business,
strong prospective
net working capital/capex at order pipeline but also a couple of other
the same time. “Even as val- for Q4 aids its factors such as its IT subsidi-
0 0
Q1FY21 Q3FY23 uations suggest that the revenue visibility ary re-rating and a further
Source: Company presentation
Street expects it to deliver financial improvement in
on all parameters, a miss on the Hyderabad Metro
SATISH KUMAR/MINT
any one will lead to weak cash genera- Project,” said Parikshit Kandpal, institu-
account for a huge chunk of its order domestic markets, especially in the tion,” said the Ambit report. tional research analyst at HDFC Securi-
book. Hence, the trajectory of order infrastructure vertical. Domestic orders Also, remember that exposure to ties. That said, a short-term upside trig-
inflows is crucial. formed more than 70% of its total order non-core assets has been a sour point for ger for the stock is contingent on by
In Q3, order inflows rose by 21% y-o-y book during Q3. investors. Recently, the company what extent they manage to beat FY23
to ₹60,710 crore and order book by 14% Further, its commentary on ordering announced transfer of its 100% share- order inflow and revenue growth gui-
(y-o-y) to ₹3.86 trillion. In an earnings outlook for domestic and international holding in L&T Infrastructure Develop- dance and consequently outline a
call, the management said, this year the markets was also upbeat. L&T has a pro- ment Projects (L&T IDPL) and its sub- higher figure for FY24, on back of
company saw strong awarding from the spective pipeline of ₹4.87 trillion for sidiaries. But that wasn’t enough to robust order book, he added.

In South Africa, the non-residents have turned cautious

amid a power crisis that could cripple growth. BLOOMBERG Westlife Foodworld’s December qtr is expectedly appetizing
S Africa left out of EM bond rally Vineetha Sampath average sales per store on a tomed out. While margin tail- heavy in terms of store addi-
In fine fettle
as power crisis hurts economy vineetha.s@livemint.com trailing 12 months basis was
Westlife Foodworld’s same store sales growth stood at 20% in the
winds augur well, a potential tion. In the nine-month period
Foreign flows into local debt in emerging markets are sur- higher sequentially. December quarter led by an increase in footfalls.
slowdown in demand needs ended December, Westlife

W
ging, and South Africa is being left behind. With some of estlife Foodworld The company gained market 200
closer tracking. In the medium added 17 new restaurants.
the world’s biggest asset managers turning bullish on Ltd kept the ball roll- share among quick service res- Year-on-year same store to long-term, Westlife targets As of December end, the
sales growth (in %)
emerging markets, funds have flocked into the VanEck JP ing in the December taurants, the management said 150 to maintain SSSG in the range company is present across 52
Morgan EM Local Currency Bond exchange-traded fund quarter (Q3FY23), but that was in the latest earnings call. Its of 6%-9%, to be primarily cities through 341 restaurants.
100
at the fastest pace in 11 months. The Bloomberg gauge for pretty much expected. It menu innovations, such as driven by growth in guest Further, it opened six new res-
local-currency sovereign bonds in emerging markets ral- clocked the highest-ever quar- McCheese burger and KitKat 50 count. taurants in January.
lied 3.63% in January, the best start to a year since 2012. It’s terly revenue of ₹611.5 crore. Frappe saw healthy traction 6.7 20.0 The company is confident in It aims to add 35-40 new res-
0
the opposite trend in South Africa, where non-residents This represents 28% year-on- among consumers. In Q3, Q1 Q3 overcoming a challenging taurants in FY23 against the
FY20 FY23
have turned cautious amid a power crisis that could cripple year (y-o-y) growth. The opera- about 57% of overall business -50 environment on the back of its backdrop of a strong pipeline.
growth. January net inflows of $327 million mark the slow- tor of McDonald’s restaurants was through digital channels. strategies. It sees opportunities Investors would do well to
est start for local debt sales since at least 2019, when the in west and south India saw an Westlife faced inflationary -100 in non-metro towns and con- monitor the company’s
Source: Company, Prabhudas Lilladher
Johannesburg Stock Exchange began reporting the data. increase in footfalls in the last pressures last quarter, but tinues to capitalize on the progress towards store addi-
The flagging interest comes at a challenging time for quarter. This led to same-store price hikes offset the same to SATISH KUMAR/MINT
demand in metros. In Q3, sales tion. After closing higher by
Africa’s most industrialized economy, which is becoming sales growth (SSSG) of 20% an extent. The company took a 7%. Price hikes have aided which is encouraging. from non-metro towns grew by 6.5%, shares of Westlife are
more dependent on foreign investment as its current-ac- y-o-y. In Q2, helped by a lower blended price increase of 2% in Ebitda margin expansion in Q3. The costs of commodities 1.5 times when compared to down by nearly 10% from their
count balance turns to deficit after years of surplus. It’s also base, SSSG stood at a higher October, taking the total price The measure was up by 0.5 are still elevated, but inflation- metros over the pre-covid base. 52-week highs of ₹815.55
a significant missed opportunity. BLOOMBERG rate of 40%. However, in Q3, hike over the last 12 months to percentage points y-o-y to 18%, ary pressures have likely bot- To be sure, Q4 is likely to be apiece seen in December.

Mark to Market writers do not have positions in the companies they have discussed here

Centre, state HNIs, QIBs help Adani FPO sail through Equity MFs to shift Payments by
govts collect digital means
₹1.56 tn GST
FROM PAGE 1
to T+2 redemption
the reserved portion.
Arun Kejriwal, the founder
day.
Adani Green, Adani Trans-
key events such as the Union
budget and Fed policy out- grew 24% till
a range of ₹3,112-3,276, with a of investment advisory firm mission, Adani Enterprises, come on Wednesday.
discount of ₹64 for retail KRIS, said that, unlike insti- Ambuja Cements, Adani Jugeshinder Singh, Adani PTI ment or meet any obligations Sep end: RBI
in January investors.
“Retail and employee inter-
tutional investors who have a Ports, ACC and NDTV closed
longer-term view and stand 1-4% higher, the only excep-
Group chief financial officer, a
day earlier, said that the offer
feedback@livemint.com in a more time-bound manner.
From 27 January, equity
PTI

FROM PAGE 1
goods and services tax reve-
est remained dull because of
the fall in prices below the
floor, but interest by HNI fam-
ily offices and FPIs, who bid at
A
by their commitment to tions being Adani Total Gas, would proceed without any sset management com- markets moved to a T+1 settle-
invest, even if the price cor- Adani Wilmar and Adani extension or change in issue panies are set to move ment cycle for all stocks, short- feedback@livemint.com
rected subse- Power, which price, despite concerns raised to a shorter redemp- ening the settlement cycle by a MuMbAi
quently, retail The market cap of remained frozen about the impact of Hinden- tion payment cycle of T+2 for day and making the availabil-

nues reported during the same
period last year.
In December, 83 million
e-way bills were generated,
significantly higher than the
79 million e-way bills gener-
ated in the previous month, a
trend that pointed to robust
revenue collections in Janu-
ary.
E-way bills are needed for
high-value shipments of goods
within and across states and
are taken as a high-frequency
indicator of economic activity
by analysts.
“Over the last year, various
efforts have been made to
increase the tax base and
improve compliance. The per-
centage of filing of GST
returns (GSTR-3B) and of the
statement of invoices
(GSTR-1), till the end of the
month, has improved signifi-
cantly over the years,” the
ministry said.
The high number of e-way
bills in December clearly indi-
cates an uptick in economic
activity, said Abhishek Jain,
partner, indirect tax at KPMG
in India.
“With the Economic Sur-
vey 2022-23 indicating that
the taxpayer numbers have
almost doubled from the ini-
tial 2017 numbers, it seems
that such high goods and ser-
vices tax collections can be
expected to be normal for the
coming months,” Jain added.
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a premium to the market price,
is likely to ensure some short-
covering in the near term,”
said Rajesh Palviya, vice-presi-
dent of Axis Securities. “The
negative overhang on the
stocks will sharply reduce for
now.”
While QIB and non-institu-
tional investors bid 1.26 times
and 3.32 times above their
quotas, retail investor sub-
scription stood at 0.12 times,
while that of employees was
subscribed by a little over half
Fiscal deficit nears 60% of full-year target; core output rises
FROM PAGE 1
receipts in the last quarter and
a cushion provided by an
assessed year-on-year decline
in tax devolution, we expect
the overshoot in the govern-
ment’s fiscal deficit to be lim-
ited to ₹0.8 trillion relative to
the FY2023 BE (budget esti-
mate), with the target of 6.4%
of GDP likely to be met,” Nayar
added.
With infrastructure sectors
growing robustly in Decem-
ber, the output of all core sec-
tors is now higher than the
pre-covid level, economists
said.
The eight sectors—coal,
D
would apply 10 listed Adani at their lower burg Research allegations on equity schemes from Wednes- ity of funds a day sooner. igital payments across
“only and only if” stocks fell by circuits of 10% the FPO’s fate. day. At present, funds are To pass on this benefit to the country registered
the price at ₹216 cr on Tuesday and 5%. The cut-off price of the offer transferred to investors’ bank mutual fund investors, Associ- a growth of 24.13% in a
application was The recovery will be declared on Wednes- account within three days ation of Mutual Funds on Fri- year through September 2022,
after falling ₹5.7 tn
lower than the in these stocks day. after the completion of the day said that all asset manage- as per RBI’s index that meas-
prevailing mar- over three sessions also eased the Hindenburg Research redemption process. ment companies will move to ures the adoption of online
ket rate. through Monday pressure on alleged price manipulation Moving to the T+2 cycle for the T+2 redemption payment transactions.
The success of banking stocks and accounting fraud by the equity schemes will benefit cycle for equity schemes, and The newly-constituted
the FPO eased the such as State group, which the latter has mutual fund investors. implement this uniformly RBI’s Digital Payments Index
selling pressure on group Bank of India and ICICI Bank, termed baseless and unre- Akhil Chaturvedi, chief with effect from 1 February. (RBI-DPI) stood at 377.46 in
stocks. However, the market which caused both bench- searched. business officer of Motilal Globally, most stock September 2022 against
cap of 10 listed Adani stocks mark indices—the Sensex The Adani group is examin- Oswal AMC, termed the move exchanges in developed as 349.30 in March 2022 and
fell by ₹216 crore on Tuesday and the Nifty—to end mar- ing legal redress based on the as a positive step that will give well as emerging markets fol- 304.06 in September 2021.
after falling ₹5.7 trillion over ginally in the green after a advice of its legal team, with quick and easy liquidity, which low the T+2 (trade plus two) “The RBI-DPI Index has
three sessions through Mon- turbulent session ahead of Hindenburg daring it to do so. can be used to plan re-invest- settlement system. increased across all parame-
ters driven by significant
growth in payment infrastruc-
ture and payment perform-
ance across the country over
the period,” Reserve Bank of
India (RBI) said in a statement
on Tuesday.
crude oil, natural gas, refinery “With 7.4% growth in core stood 13.6% higher than the The central bank had
products, fertilizer, steel, industries which have a pre-covid level. Even the announced the construction
cement and electricity—grew share of around 40% in the momentum (month-on- of a composite RBI-DPI in
by 8% in April-December, Index of Industrial Produc- month seasonally adjusted) March 2018 as a base to cap-
compared to 12.6% during the tion (IIP), the was at a ture the extent of digitization
same period last fiscal. latter may be Production of 10-month high of of payments across the coun-
Production of coal rose by expected to coal rose by 11.5%, 3.2% in Decem- try. The index comprises five
11.5%, electricity by 10%, steel increase by electricity by 10%, ber 2022, up broad parameters that enable
by 9.2%, cement by 9.1%, and 4-5% this steel by 9.2%, from 2.5% in the the measurement of the deep-
fertilizers by 7.3% in Decem- month,” Sabna- p r e v i o u s ening and penetration of digi-
cement by 9.1%,
ber. vis added. month,” India tal payments in the country
“Much in tune with the “ A n o t h e r and fertilizers by Ratings and over different periods.
Economic Survey, which has notable feature 7.3% in December Research said. These parameters are Pay-
painted an optimistic picture With infrastructure sectors growing robustly in December, the of December Given the ment Enablers (weight 25%);
of the economy, core sector output of all core sectors is now higher than the pre-covid level. MINT 2022 core sec- weight of core Payment Infrastructure—
growth for December has tor data is that the output of sector industries in industrial Demand-side factors (10%);
come in at 7.4%, thus taking oil, all segments witnessed limited investment in new all the sectors is now higher output, it expects Index of Payment Infrastructure—Sup-
the cumulative number to 8% positive growth. Crude oil fields,” said Madan Sabnavis, than the pre-covid levels Industrial Production to grow ply-side factors (15%); Payment
for the first three quarters. production has been affected chief economist at Bank of (February 2020). The output at around 7% in December Performance (45%); and Con-
With the exception of crude due to volatile prices as well as Baroda. of the eight core sectors 2022. sumer Centricity (5%).
 LIVEMINT.COM CORPORATE WeDNesDay, 1 February 2023
NeW Delhi 05

Scanty IBC recovery in fishy deals

So far, resolution professionals moved tribunals seeking to reverse questionable deals of firms in 809 instances
Gireesh Chandra Prasad & Sridharan Attorneys. transactions to the lack of clarity from
gireesh.p@livemint.com
Snail's pace Quick decisions by tribunals on judicial precedents, absence of stan-
new DelhI
Resolution of voidable deal these applications will help in avoiding dard procedures and lack of dedicated
applications by the NCLT is in
Hotel Association of India said GST on hotel tariffs and the slow lane. value erosion of assets of the corporate tribunal benches.

D
on-premise restaurants must be reduced from 18% to 12%. MINT espite lenders initiating debtor and in securing the interest of The government is keen to step up
the reversal of suspect Number of applications the creditors, he added. the recovery rate as it improves the

Hotels body seeks deals made by companies

before being referred to
bankruptcy courts, the
before NCLT on voidable
deals: 809
Total value:
Expeditious disposal of these appli- resources available to a bankrupt com-
cations depends on many factors, pany for restructuring, and improving
including expertise and attentiveness its chances for a fresh lease of life.

infra status, tax amount recovered so far remains a

small fraction of the value of such
dubious transactions, showed official
₹ 2.3 tn
of the insolvency resolu-
tion professionals hired by
lenders in the detection of
LIMITED
SUCCESS
“To improve the recov-
ery rate, we must have a
dedicated bench to con-
government data. such transactions and the duct these matters as per a
sops from budget According to data from the Insol-
vency and Bankruptcy Board of India
(IBBI), only ₹64 crore has been recov-
Number of applications
full bench strength of the ACCORDING to IBBI statutory timeframe. Addi-
adjudicating authority, data, only ₹64 crore
said Aldak.
has been recovered
tionally, the distribution of
the amount recovered to
disposed of by NCLT: 98 by resolution
ered by resolution professionals by Avoidance transaction professionals creditors, after adjusting
Varuni Khosla Total value:
chairman emeritus of the moving tribunals to reverse dubious cases in India are compli- for the costs incurred, may

varuni.k@livemint.com Radisson Hotel Group.
new DelhI According to the industry
body, infrastructure status
18,155 cr
deals done by companies in the period cated and require time for SPEEDY disposal of incentivize stakeholders.
of their financial distress before formal substantial evidence to be these applications
This will help ensure that
bankruptcy proceedings began, out of ₹ depends on
procured by the National expertise and the goals of IBC, including

I
ndia’s hospitality industry will ensure easier access to close to ₹2.3 trillion of questionable Company Law Tribunal attentiveness maximizing the assets of a
Amount clawed back:
is pushing for tax exemp- funds for hotel project devel- transactions done by companies. ₹64 crore (NCLT), and the recovery corporate debtor and pro-
tions as well as infrastruc- opers, including institutional Data showed that the Insolvency under these cases has been viding a time-effective res-
ture status from budget 2023, credit, and help reduce devel- and Bankruptcy Code (IBC) offers the The average bankruptcy resolution Source: IBBI
slow, said Tushar Singh, partner at law olution process, are achieved,” said
said Hotel Associ- opment costs, tools to reverse dubious transactions time is around 679 days. MINT firm Cornellia Chambers. NCLT han- Singh. Experts suggested that training
ation of India. especially for by a defaulting management, which dles cases under the Companies Act the judges and other stakeholders will
The association affordable pro- lenders and insolvency professionals lion, of which decisions have been ‘voidable’ or ‘avoidance’ transactions and IBC, which leads to the pendency also help.
said the industry is jects. are exploring, but the recovery rate is made in the case of 98 transactions is among several measures that will of a large number of cases. Earlier this month, the ministry of
expecting a For long-term yet to pick up. So far, resolution pro- involving around ₹18,100 crore, while instil better corporate governance in Singh said the average bankruptcy corporate affairs sought public com-
rationalization of development of fessionals have moved tribunals seek- only ₹64 crore have been clawed back, companies, and quick disposal of the resolution time is around 679 days, ments on further reforming the bank-
all taxes including a reduc- the industry and to increase ing to reverse questionable deals of showed the data from IBBI. applications is essential for the success more than double the statutory limit of ruptcy code, which entails streamlin-
tion in goods and services tax tourist traffic, the Centre companies in 809 instances, which Experts said it is a good beginning, of the provisions, according to Yogen- 330 days. Experts attribute the slow ing the provisions related to voidable
(GST) rate charged to custom- must focus on last-mile con- entails a total value of close to ₹2.3 tril- but it has a long way to go. Reversing dra Aldak, partner, Lakshmikumaran progress in dealing with voidable transactions.
ers for certain nectivity and
categories of The body said develop infra-
hotels. infrastructure structure for all
GST on hotel status will segments, and
tariffs and res- encourage not just five-star
taurants within or mid-scale
atmanirbharta
hotel premises hotels. If tourism
must be reduced and more local is a growth pillar
from 18% to 12% investments for India’s econ-
to ensure that omy, since it
Indian hotels are accounts for 9%
on par with global markets. of employment, then why
Taxes on hotels in China, should it not get infrastruc-
Singapore and Thailand are at ture status? said Kachru.
5-7%, and India can only get The body’s key demands
its intended 100 million for- include rationalization of
eign tourists by such policy taxes and tax rates, easy com-
interventions. The body said pliance norms and improved
infrastructure status will conditions for running a busi-
encourage atmanirbharta and ness, besides policy interven-
more local investments. tions, including moratorium.
“We don’t want any freebie It will boost long-term growth
from the government, but it for the sector, and encourage
should walk the talk,” said investments and productivity,
K.B. Kachru, vice president, and create more employment,
Hotel Association of India and Kachru added.

MakeMyTrip turns
profitable as travel
demand improves
Staff Writer
feedback@livemint.com

M
akeMyTrip, the Nas-
daq-listed travel ser-
vice provider posted
its highest-ever gross booking
and adjusted operating profit
for the December quarter, on
the back of a demand surge for
leisure travel and improved
consumer sentiment.
It also turned profitable and
reported profit of $0.2 million, Rajesh Magow, co-founder
compared to net loss of $9 mil- and Group CEO, MakeMyTrip.
lion in the year ago. Its gross
bookings grew 64.4% in con- from $14.7 million to $19.5 mil-
stant currency from a year ago lion, the company said.
to $1.74 billion, from $1.16 bil- The reported quarter was
lion, the firm said in a state- the second high leisure travel
ment on Tuesday. season of the year aided by the
Its revenue stood at $170.5 winter and festival breaks and
million for the quarter, against long weekends, Magow said at
$115 million in Q3 FY22, while the earnings call. “We lever-
adjusted operating profit rose aged demand and executed
from $13.2 million to $19.7 mil- our business strategies well to
lion, it added. get back to full recovery over
“Positive consumer senti- pre-pandemic levels in gross
ment and peak booking terms,
seasonality on The company’s and drove operat-
the back of festi- revenue stood at ing leverage from
vals and holidays $170.5 million for cost optimisation
led to improved the quarter, initiatives of the
travel demand in last few years.”
compared to
this quarter… Trends suggest
Strong growth $115 million in that travellers are
across air, hotel Q3 FY22 back on all travel
and bus bookings segments includ-
reaffirms our ing leisure, busi-
position as a trusted travel ness, pilgrimage and corporate
super-app in India,” Make- events, and will drive growth
MyTrip’s co-founder and in the coming years as well, he
Group CEO Rajesh Magow added. “During the quarter, we
said. strengthened our free cancel-
The company said its reve- lation flow within 24 hours of
nue from air ticketing went up booking, this is again an indus-
from $27.4 million in the year try-first initiative. All the inno-
ago to $38.4 million during the vations helped us remain the
third quarter of FY23, while first choice for customers. We
revenue from hotels and pack- continue to maintain our lead-
ages improved to $103.3 mil- ership position and our market
lion, from $67.2 million in the share in domestic air ticketing
period under consideration. in this quarter stood at 30.3%,”
Bus ticket revenue jumped Magow said.
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 06 WeDNesDay, 1 FebRuaRy 2023
NeW Delhi CORPORATE LIVEMINT.COM

‘Exports to slow, need 6.5% is not a ‘fanciful’ number: CEA

FROM PAGE 1 3% because our nominal GDP

to enter new markets’ this would also impact India.

He said capex investments
from the government and the
private sector would have to
continue in tandem for India
since its investment needs for
the next 30 years were substan-
Despite 25 yrs of diversification, 40% of exports go to 7 countries: Survey tial. Edited excerpts:
Are global concerns of
growth slowdown and, a
Ravi Dutta Mishra looming recession, inflation
ravi.dutt@livemint.com real for India as we go into
New DelhI the next fiscal? Do you expect
the monetary policy tighten-
base is going to be slightly higher
than originally anticipated. So
CAD might be somewhere in the
vicinity of 3% of GDP, and next
year I think most of the forecasts
are somewhere between 2.2%
and 2.4% of GDP. So we don’t
expect a widening of CAD per se,
but naturally. We understand it is
subject to uncertainties because
we still do not know how geopoli-
tical conflicts and the global eco-
nomic situation will result in
higher or lower oil prices.
Nageswaran said commodity prices and industrial metal prices did What are the avenues avail-

T
he Economic Survey on Tues- ing cycle to continue? come down meaningfully in the second half of last year. REUTERS able with the government to
day warned of a slowdown in For India, I don’t comment manage CAD if it widens?
exports due to sluggish global because I leave it to the Reserve up the forecast because of ensure inflation does not get There are multiple ways to
demand in the year starting 1 Bank of India (RBI) to make these swifter than expected reopen- out of hand, given that com- manage demand, ultimately it is
April as persistent geopolitical decisions. As far as global mone- ing. In India’s case, there was no modity, food, oil and fertilizer the higher demand that flows
tensions disrupt global trade, although tary tightening is concerned, change to its growth forecast. prices are continuing to rise? through into imports, and we
India is on pace to hit the current fiscal inflation will prove to be stickier By the way, they had 6.1% Commodity prices and have the reserves to manage
year’s export target. than what the financial markets before in October, and they industrial metal prices did CAD, and it’s always as sustaina-
“Overall, the balance of risks for global expect. Financial markets are stuck to that, and they have come down meaningfully in ble as it is possible to finance, and
trade is tilted to the downside. The biggest somehow expecting, at the 6.8% for 2024-25, and they the second half of last year, if the global conditions are rela-
downside risk emanates from the pan- moment, if you look at the mar- stuck to that as well. The slow- which is why the Wholesale tively propitious and investment
demic itself, particularly with the resur- ket pricing, a fairly quick and down that they are projecting is Price Index inflation came flows happen, then a CAD can be
gence of new variants such as Omicron,” swift end to the monetary tight- primarily on account of mone- down from 16% plus down to financed, and that is what we
the survey highlighted. ening and even a resumption of tary tightening in many parts of 4.5-5% in December. We had a found in the course of 2022-23 as
The survey further pointed out that the easier policy cycle. I really the world, including in India, particularly challenging year, well. It was initially considered a
global inflation, longer port delays, higher don’t think that is what policy- and they expect monetary poli- and we overcame them formidable challenge, but it is
freight rates, shortage of shipping con- makers have in mind, and we will cies lagged effect to play out in through a combination of price being financed through direct
tainers, and shortage of inputs such as get a glimpse of what they are 2023-24. Now, whether that measures and supply measures FDI flows, bilateral credit, and
semiconductors would continue to pose thinking probably this week would necessarily happen is and monetary policy measures. also through portfolio flows to
“significant risks” for global trade. The survey pointed out that inflation, higher freight rates, and shortage of inputs such when the Federal Reserve has its not just a function of lagged Of course, we will have to deal some extent. So there is no single
The survey highlighted the need for as semiconductors would continue to pose “significant risks” for global trade MINT monetary policy meeting. As far effects but also how commod- with them; there is no point in mechanism to finance a CAD. It is
diversifying exports to new regions, as the risk factors to India are ity prices behave. If commodity being hypothetical about it. a combination of measures that
pointing out that despite 25 years of diver- The survey said that it is a testament to (RBI) in June, the survey said that the concerned, both with respect to prices drop meaningfully, then On fiscal deficit, will it be would be brought into play.
sification, 40% of India’s exports still come the fact that India is well on track as far as framework could largely reduce the net growth and inflation, they do positive real rates of interest realistic to expect the Cen- The survey points out that
from just seven countries. attaining the export target is concerned. demand for foreign exchange, the dollar come predominantly from global will not necessarily be a damp- tre to achieve the target of private sector capex has
Chief economic adviser V. Anantha A sharp recovery in key markets; in particular, for the settlement of current factors, and I would say com- ener on growth, and we will 4.5% of GDP by FY26? Some started picking up. Will that
Nageswaran reiterated that supply chains increased consumer spending; pent-up account-related trade flows. modity prices are going to be the end up achieving a higher agencies (Fitch) have said it take pressure off the govern-
are being reconfigured, and the govern- savings, and disposable income due to the Further, the use of the Indian rupee in key factor in helping us or hin- growth rate than what these would be tough. ment to spend on capex in the
ment senses a big opportunity. cross-border trade is dering us from achieving our people project. It is not just pri- On fiscal deficit, I think we current year? Or will the gov-
“Investment into and com- ON THE RIGHT TRACK expected to mitigate currency growth and inflation targets for vate consumption. Even capital will; we will know more about it ernment have to continue
mitment towards the PLI risk for Indian businesses. 2023-24. formation has picked up quite tomorrow. with high capex spending?
(production-linked incentive) OUT of an ambitious THE survey said that CEA reiterated that Protection from currency vol- Global agencies, including the well in the first half of the fiscal, You’re anticipating the wid- It is a matter of the economic
scheme demonstrates its export target of
$400 billion set for
it is a testament to
the fact that India is
supply chains are
being reconfigured,
atility not only reduces the International Monetary Fund, and also high-frequency indi- ening of the current account cycle and the context. India would
determination to plug India FY22, India achieved well on track as far as and the govt senses cost of doing business but also have lowered their expecta- cators should not cause much deficit (CAD), yet you’re need more public investment and
into global supply chains. It is more than 75% of it export is concerned a big opportunity. enables better business tions of India’s growth . Are of a slackening of the momen- expecting tailwinds from oil private investment to continue to
an industrial policy with a growth, improving the chan- they justified, given the bounce tum in the economy, and that is prices staying low. Why the grow in tandem. Our investment
global vision,” Nageswaran ces for Indian businesses to back of domestic consumption why we feel our baseline num- contrarian viewpoint? needs for the next five to 10 or
wrote in the survey. announcement of fiscal stimulus by major grow globally. “The INR accounted for seen in FY23? ber of 6.5% is not something We don’t expect a widening of even 30 years are quite substantial
Out of an ambitious export target of economies; global commodity price rise, 1.6%. If the INR turnover rises to equal the Most of them are basically that is fanciful, even though we CAD. If anything, we don’t make and, therefore, there is no ques-
$400 billion set for FY22, India achieved and an aggressive export push by the gov- share of non-US, non-euro currencies in lowering their growth forecasts acknowledge the risk factors by a forecast and the general CAD, tion of doing an either-or thing
more than 75% of it by exporting goods ernment have bolstered exports in FY22, global forex turnover of 4%, INR could be for many countries except in saying that downside risk is according to RBI, is going to be here. But how much and who does
worth $301.4 billion, which is higher than it added. regarded as an international currency, the case of China, where IMF higher than the upside risk to lower than what it was, what it is what, and what proportion is not
the export target of $300 billion set for On the rupee settlement mechanism reflecting India’s position in the global today, in their World Economic our baseline number. going to be in 2022-23. So this something that we can give a
April-December 2022. launched by the Reserve Bank of India economy,” the survey stated. Outlook update, have bumped How can the government year, it might be in the region of mechanical answer to.

E-comm Survey calls for new Survey sees FY24 GDP growth slowing to 6.5%
mkt to grow mineral policy, FROM PAGE 1 comes a day before the other currencies, persists with trigger supply chain disrup-

at 18% in “The medium-term pros-

announcement of the Union
budget when finance minister
the likelihood of further
increases in policy rates by the
tions, as was the case during the
pandemic period. On the other

India, says extending coal usage pects of the economy look good
because of cleaned-up balance
sheets and reforms are going to
Rituraj Baruah & have a lag payback. The Survey
Survey Shashank Mattoo projects growth will be 6.5% for
the next fiscal and range
New DelhI between 6% and 6.8%. The
Staff Writer range seems asymmetric in
Nirmala Sitharaman will
attempt to insulate the econ-
omy from external headwinds
US Fed,” it said.
India’s current account defi-
cit widened to a nine-year high
hand, if China returns to nor-
malcy from covid-19, there can
be a surge in commodity
and propel growth while stick- of 4.4% of GDP in the second demand—thus reversing the
ing to the fiscal consolidation
path.
quarter because of a higher
trade deficit, reflecting the
recent slump in commodity
prices. Further, the probability
India’s “brisk” economic impact of slowing global of a soft landing in the US econ-
growth in FY24 would be led by demand on exports. omy has risen in recent

R
feedback@livemint.com aising concerns over nature and looks deliberate, a vigorous credit disbursal and The report also pointed out months, and that might keep
critical minerals becom- but we must understand that pick-up of private capital that the shrinking of the global up the US demand for oil. Simi-

T
he government’s push to
boost the digital econ-
omy and the rise in
smartphone adoption and
increase in digital payments
have accelerated the e-com-
merce market, which is pro-
jected to post impressive gains
and grow at 18% annually
through 2025, according to
the Economic Survey tabled in
Parliament on Tuesday.
Citing figures from the
Global Payments Report by
Worldpay FIS, the survey said
the expansion of e-commerce
to newer segments like gro-
cery, fresh-to-home fruits and
vegetables, and general mer-
chandise has contributed to
the rise in customer base
beyond traditional buyers.
“There has also been an
increase in the adoption of
digital solutions by Micro,
Small and Medium Enter-
prises (MSMEs) like e-com-
merce and e-procurement,
realizing the prospects of
increased revenues and mar-
gins, improved market reach,
access to new markets, and
customer acquisition,” survey
added.
E-commerce has not only
empowered small businesses
by removing geographical
barriers and providing a large
customer base but also
ing new source of dis- the global political and eco- investment cycle, with the The survey said erratic climate market due to slowing world larly, the geopolitics associated
cord among countries, the nomic environment has uncer- strengthening of the balance across the world poses upside growth and trade could result with oil can particularly affect
Economic Survey suggested tainties, and we also do not sheets of the corporate and risks to food prices. BLOOMBERG in a further loss of export stim- our imported inflation,” said
the formulation of a multi-di- know at what speed the global banking sectors, according to ulus for India. the 414-page Survey report.
mensional mineral policy to economy recovers,” Nageswa- the Survey. the millennium,” the CEA said. While the Survey took note It added that with the climate
boost India’s journey of energy The Survey said that there is a ran told reporters after the Further support for eco- The Survey offered indica- of India’s inflation manage- across the world becoming
transition. need to create strategic report was presented in Parlia- nomic growth will come from tions to the government about ment, “which can be contrasted increasingly erratic, it is further
The survey presented by mineral reserves MINT ment. expanding public digital plat- policy issues requiring its with advanced economies that fortifying upside risks to food
finance minister Nirmala “A moderate to somewhat forms and path-breaking meas- attention, including the cur- are still grappling with sticky prices. “A lot depends on indus-
Sitharaman on Tuesday noted opment of recycling, reusing, significant global economic ures such as PM GatiShakti, the rent account deficit and infla- inflation rates”, it expected trial input prices: they may
that rare earth elements and repurposing (R3) technol- slowdown will be, on balance, a National Logistics Policy, and tion. monetary and fiscal authorities ease, but on the flip side, their
(REEs) and critical minerals ogies. The suggestion comes at better outcome for India as it the production-linked incen- “The CAD needs to be to be “as proactive and vigilant delayed pass-through to con-
are essential for generating a time when the government would lead global commodity tive schemes to boost manufac- closely monitored as the as they have been this year.” sumer prices may contribute to
renewable energy and these has major plans to boost the prices to fall, prevent tighten- turing output. growth momentum of the cur- It said that while the inflation the stickiness of core inflation,”
are produced in a few coun- manufacturing of EV batteries ing of interest rate in the devel- “India’s improved balance rent year spills over into the challenge in FY24 would be a it said. India’s retail inflation
tries and processed in even in the country along with oped world and weaken the sheets and digital infrastruc- next…The widening of the CAD “lot less stiff” than it has been in moderated to within the
fewer countries. It said that accelerating the setting up of dollar. Therefore, to ensure ture together will add any- may also continue as global the current fiscal, the upside Reserve Bank of India’s toler-
there is a need to create strate- energy storage systems which that we fully accommodate the where between 50-100 basis commodity prices remain ele- risks to inflation would out- ance band of 2-6% for the sec-
gic mineral reserves on the require minerals. downside risk, the band for points to India’s potential GDP vated…The challenge of the weigh the downside risks. ond straight month in Decem-
lines of the existing strategic Currently, China dominates growth is larger,” he added. growth, which is what we were depreciating rupee, although “For instance, the re-emer- ber, even as core inflation
petroleum reserves to ensure a the battery supply chain and The Economic Survey missing in the second decade of better performing than most gence of covid-19 in China can remains sticky.
continuous supply of minerals. India is looking at reducing its
Observing that a globally almost total import depend-
synchronized energy transi- ence for critical minerals.
tion to non-fossil fuels might New Delhi has also looked to
be difficult to achieve if ade- foreign partnerships, such as
quate rare earth elements and the one established with Aus-
INDIA SET TO EMERGE AS A GLOBAL GROWTH LEADER
critical mineral are not availa- tralia, to develop India’s latent
ble, it said: “Many potential through Survey recognises that India’s medium-term growth growth of about 15% which would be high but less
experts also warn India is looking at critical minerals would average 6.5%, which would firmly establish than what is likely to be achieved in 2022-23.
of the availability
of rare earth ele-
reducing its exploration and
mining.
EXPERT India as a global growth leader among major econo-
mies. In fact, with continued infrastructure expan-
An important initiative that the Centre may under-
take is to extend the rural employment guarantee
almost total
ments and critical import While empha- VIEW sion, restoration of macro stabilisation and fiscal con- scheme to urban areas. Depending on assumptions,
minerals to be the sizing the need solidation, India’s potential growth in the medium- according to our estimates the additional cost of this
dependence for d . K . S r i va S tava
next geopolitical for energy transi- term can even be pushed to 7-8%. extension may be in the range of ₹45,000 to ₹60,000
battleground as critical minerals tion, the survey Fiscal challenges crore. This will, however, not only be welfare improv-
crude oil has for EVs also observed that Respond to this column at As compared to 2022-23, the central government ing but also support growth
feedback@livemint.com
been over the last the Ukraine war may experience a narrowing of available fiscal space. The Survey of private final consump-
fifty years.” has brought This is because the nominal gross domestic product recognises that tion expenditure.

allowed them to deal directly
with manufacturers and sup-
pliers, thus reducing the cost
of procurement.
“This increased access to
suppliers significantly helps
small business owners scale up
their businesses at a much
lower investment level, thus
boosting their cost structure, “
the survey added.
In terms of order volume
and valuation, post-covid-19
years have been the most suc-
cessful years for Indian e-com-
merce start-ups.
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“A carefully crafted multi- energy security back to lime-
dimensional mineral policy light and is again among the
would reduce our dependence top priorities across the globe,
and address the problems for and there is a need to continue
the future. The country has using coal to ensure energy
resources of nickel, cobalt, security by developing econo-
molybdenum, and heavy mies as developmental goals
REEs, but further exploration still take priority over climate
would be needed to evaluate targets. India has set itself an
the quantities of their ambitious target of achieving
reserves,” it said, adding that 500 GW installed renewable
policies should consider energy capacity by 2030 and
investing in internal research net zero carbon emission by
including technological inno- 2070.
vation for mineral exploration rituraj.baruah@live-
and processing and the devel- mint.com
T
he Economic Survey has projected a real
growth of 6%-6.8% for 2023-24. This broad
range acknowledges the significant role of the
global uncertainties in determining India’s actual
economic performance. We may be closer to the
lower end of 6% if the global economic slowdown
accentuates in FY24, the US Fed rate continues to
rise, and the Indian rupee suffers further depreciation
vis-a-vis the US dollar.
On the other hand, we may be closer to the upper
end of 6.8% provided the government is able to mount
a strong fiscal stimulus, and support infrastructure
expansion through its capital spending and by incen-
tivising the states. This may be facilitated partly by the
downward trend in global crude prices, which would
reduce the burden of petroleum linked subsidies. The
(GDP) growth would be pushed down from about Inflation & interest
15.4% in 2022-23 to about 11% in FY24. With a buoy- India’s medium- One favourable trend in
ancy of 1, the growth of Centre’s gross tax revenues term growth 2023-24 is the downward
would also fall from 15.5% to about 11%. Thus, Centre’s would average movement of both the con-
gross and net tax revenues will show lower growth in 6.5% sumer price index (CPI)
the forthcoming year. At the same time, the govern- and wholesale price index
ment may attempt to signal restoration of fiscal con- (WPI) inflation. This also
solidation by reducing the fiscal deficit to GDP ratio implies a reduction in the implicit price deflator-
from 6.4% which is a target likely to be met in FY23 based inflation and ceteris paribus, an increase in real
(RE) to about 5.7% in FY24 (BE). This will call for some interest rates which would augur well for domestic
structural adjustment between revenue and capital savings that are critical for financing an increase in
expenditure growth. Because of a lowering of global the investment rate. With lower inflation and interest
crude prices, petroleum-linked subsidies may be rates, private final consumption expenditure will also
reduced in magnitude and a lower revenue expendi- get a fillip and exports will become more competitive.
ture growth may appear feasible. According to our D.K. Srivastava is chief policy adviser, EY India.
estimates, this would facilitate a capital expenditure Views expressed are personal.
 LIVEMINT.COM
Coal India
net profit up
70% on high
demand
Reuters
feedback@livemint.com
S
tate-run Coal India Lim-
ited reported a 70.1%
surge in third-quarter
profit on Tuesday, beating
estimates, as production at the
world’s largest coal miner
increased due to higher power
demand amid extreme
weather conditions.
Consolidated net profit rose
to ₹7,756 crore ($948.35 mil-
lion) for the quarter ended 31
December from ₹4,558 crore a
year earlier, the company said
in an exchange filing.
Analysts, on average, had
expected a profit of ₹7,047
crore, according to Refinitiv
IBES data.
India, the world’s second-
largest coal consumer and
importer, reeled under
extreme temperatures—from
heatwaves in April to severe
cold in northern states
towards end of December—
putting additional strain on
power supplies.
The government has asked
utilities to not retire coal-fired
power plants till 2030, and is
planning to use an emergency
law in February to force plants
that run on imported coal to
maximise output in prepara-
tion for a likely record con-
sumption this summer.
The Kolkata-headquartered
company’s revenue from
operations grew 23.7% to
₹35,169 crore as its coal pro-
duction for the quarter
jumped 9.9% to 180.064 mil-
lion tonnes.
Output for the April-De-
cember period climbed 15.8%
to 479.045 million tonnes.
The Indian coal ministry
expects Coal India to surpass
its production target of 700
million tonnes fixed for the
current fiscal.
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CIL seeks nod to raise
investment cap in JVs
Rituraj Baruah
rituraj.baruah@livemint.com
new delhi
S
tate-run Coal India Ltd (CIL) has
sought government approval to
raise the ceiling of investment for
joint ventures from 30% of net
worth to 50% as it seeks to diver-
sify into aluminium production besides
setting up a 1,200 MW joint venture power
plant in Madhya Pradesh. In an interview,
chairman and managing director Pramod
Agrawal said the proposal has been moved
for interdepartmental discussions. Edited
excerpts:
Aluminium has been a major focus for
CIL in terms of diversification. What
are your plans?
We are looking at aluminium seriously.
We initially want to invest in bauxite min-
ing and alumina, stabilize that and then get
into aluminium. If CIL keeps on investing
in this space, it should also look at down-
stream sectors in the future.
What is the update on the proposed
aluminium plant in Odisha for which
you had sought expressions of interest
for an equity partner?
There is a condition that we cannot
invest more than 30% of equity in JVs and
others. We have already breached it
because CIL also gets money through its
subsidiaries. When our net worth
increases, their investment also increases.
So, in that way that 30% mark is already
breached. We are seeking permission from
the govern-
m INTERVIEW ment. It
should sig-
nificantly
increase. It is due to a structural problem.
We should get at least 20% above that.
Mahanadi Coalfields has announced
plan to build a power plant. Will CIL or
its subsidiaries set up more power
plants going ahead?
We are thinking of two power plants. One
at Mahanadi. Another plant in partnership
with Madhya Pradesh Power Generation
Co., in which we will have 50% share. Once
we get the permission to raise the limit, we
can invest. Capacity of the Mahanadi plant is
1,200 MW. The other plant will also have a
CORPORATE WeDNesDay, 1 February 2023
NeW Delhi 07
Hero Moto rolls out Xoom to
take on scooter market rivals
Alisha Sachdev
alisha.sachdev@livemint.com
new delhi
A
mid dwindling entry-
level motorcycle sales
and a declining market
share for scooters, Hero Moto-
Corp is expanding its portfolio
to take on rivals Honda, TVS
and Suzuki in the 110cc seg-
ment, comprising nearly 60%
of the scooter market.
While Honda’s Activa is the
segment leader, the company
has its own set of challenges in
view of the rising competition
from electric two-wheelers.
Hero MotoCorp on Tuesday Hero MotoCorp’s new 110cc urban adventure-focused scooter
launched a 110cc urban adven- Xoom starts at an ex-showroom price of ₹68,599. PTI
ture-focused scooter, Xoom,
at a starting ex-showroom Ranjivjit Singh, chief growth scooters and the 125cc motor-
price of ₹68,599. Its aggres- officer, Hero MotoCorp. “We cycle segment.
sive pricing positions it are on the path of bringing in a “We’re talking about pre-
between Hero’s compact unique value proposition that miumization of portfolio
scooter Pleasure Plus and the market appreciates as we across our range. We are put-
family scooter Destini, and have been able to think radi- ting in extra technology wher-
capacity of 1,200 MW. That will happen only significant rise. In 2019-20, it went down to will also compete with Mae- cally for Xoom in terms of the ever we have seen the highest
after government has given permission (to 602-603 mt because in March there were stro Edge in the same seg- design language, and indus- uptake with our customers.
increase investment cap beyond 30% of net problems. In FY21, we produced 596 mt. ment. Xoom will also take on try- and category-first fea- This is the path we are on,”
worth). CIL has given the proposal to the With the improvement in mining process, rivals like Honda Activa Pre- tures like wide tyres, corner Singh added.
(coal) ministry. The inter-department con- our quality is improving every year. In mium and Dio, as well as TVS bending lights, unique ergo- Hero MotoCorp’s market
sultations must be underway. FY22, we increased coal production to 623 Jupiter and Zest, to arrest its nomics and consumer value share in scooters dropped to
What are your plans for the coal-to- mt, though the first three months (April- falling market share in an proposition, fastest accelera- 7.08% in the first nine months
chemical segment? June) were lost due to covid. In 2022-23, expanding scooter market, tion and sporty styling—all of FY23, from 7.51% in the last
Coal-to-chemical is not easy. Ammo- we tried to meet whatever ground we had especially in the 110cc seg- this deserved a new name fiscal year, at a time despite a
‘
nium nitrate production may be an easy lost, and the production will definitely ment. plate.” challenging environment
option because we con- cross 700 mt. The price point is attractive Singh said the scooter volumes
sume 60-70% of the Will you require more considering all the features company saw an While Honda’s are rising. In
ammonium nitrate pro- We are looking at imports in FY24? the scooter offers, said dealers opportunity in Activa is the FY22, total
duced in the country. So, aluminium seriously. It may be required in and analysts Mint spoke to. the 110cc sporty segment leader, scooter volumes
we can manufacture our We initially want to the initial phase. Coal The Xoom is equipped with segment of it has its own set stood at 4.073
own ammonium nitrate stock for power is neither industry-first features such as scooters as it is million, while
and consume it. That will invest in bauxite mining depleting nor accretion is
of challenges in
de-risk us (from supply and alumina and then taking place. Generally, in
the Hero Intelligent Corner-
ing Light (HiCL), which illu-
the fastest-grow-
ing category at view of the rising December 2023
sales in April-
concerns). Other things November-January, minates the road in the direc- present, as a sec- competition are already at
get into aluminium
we are looking at are DME accretion takes place but tion the scooter leans for the tion of customers 3.985 million
Pramod Agrawal
(Dimethyl ether (DME) Chairman and managing
this year that has not hap- top-end ZX variant, a feature upgrades them- units. Hero Mot-
and syngas (synthesis gas); director, Coal India pened. Stock of domestic particularly useful for adven- selves to 125cc scooters. oCorp’s share in scooter was at
whether DME can be coal at power plants must ture riding in the dark. Japanese rival Honda over- 13.15% in FY18 and 10.73% in
mixed with LPG. So, that be in the range of 31 mt. Hero MotoCorp will further took Hero MotoCorp as mar- FY19, when two-wheeler sales
is a good replacement and syngas, we can We should reach 45 mt by end of March. expand its scooter range, ket leader briefly last year, as were at a pre-covid-19 peak.
use for manufacturing many things, like Therefore, there may be a shortage of alongside its premium offer- urban customers’ demand for In April-November of FY23,
fertilizers. about 14 mt. According to the predictions, ings in the market. scooters remained strong scooters contributed 32.9% to
How do you see the coal crises in the it seems accretion won’t take place even “It (Xoom) will make people even as motorcycle volumes total two-wheeler sales in the
past few years? during February and March. So, they are re-evaluate their options for struggled to keep up. To for- domestic market, compared
There are three factors in power supply. thinking of imports of 14 mt to ensure a sure. We believe the introduc- tify its position, the company to 29.8% in fiscal year 2022,
Coal, railway and power generation. We comfortable position. During the rainy sea- tory price will be very inter- is betting on a three-pronged and 29.6% in FY21, hinting at
produced 606 mt in 2018-19, which was a son, we also should not face any crisis. esting to consumers,” said strategy—premiumization, rising penetration of scooters.
DELHI JAL BOARD
(Govt. of N.C.T. of Delhi)
OFFICE OF THE ADDL. CHIEF ENGINEER (C)-5
THROUGH EXECUTIVE ENGINEER (C) DR-III
Kanhaiya Nagar, Delhi-110035
Phone: 011-27394876, Email: eecdr3@gmail.com
PRESS NIT NO.-05 (2022-23)
S. No. Name of Work Amount put to EMD (Rs.) Non-Refundable Date of Release of Last date/time of
Tender (Rs.) Tender processing Tender/Tender ID receipt of tender
fee (Rs.)
Item-1 Making house service sewer 8,40,56,160/- 16,81,120/- 1500/- 28.01.2023/ 20.02.2023
connections with construction 2023_DJB_ upto 3.00 PM
of sewer chambers with existing 235677_1
manholes in Kureni GOC falling
under Narela AC-01
Item-2 Construction of chamber for house 2,13,79,484/- 4,27,600/ 1500/- 28.01.2023/ 20.02.2023
sewer connections for Singhu 2023_DJB_ upto 3.00 PM
GOC falling under Narela WWTP 235677_2
Catchment area in Delhi.
Item-3 Construction of chamber for house 23,82,22,781/- 47,64,460/ 1500/- 28.01.2023/ 20.02.2023
sewer connections for Shahbad 2023_DJB_ upto 3.00 PM
GOC falling under Rohini/Rithala 235677_3
WWTP Catchment area in Delhi.
Further details in this regard can be seen at https://govtprocurement.delhi.gov.in
ISSUED BY P.R.O. (WATER) “STOP CORONA: Wear Mask, Follow Physical
Advt. No. J.S.V. 467 (2022-23) Distancing and Maintain Hand Hygiene” EE(C) DR-III
Delhi Jal Board, Govt. of NCT of Delhi
OFFICE OF THE CHIEF ENGINEER (SDW) NW
THROUGH EXECUTIVE ENGINEER (CIVIL) SDW-NW
6th FLOOR, VARUNALAYA, PH-II, KAROL BAGH, DELHI-110005
e-mail: eecsdwnw@gmail.com
PRESS NIT NO. 41 (22-23)
EE(C)SDW-NW
Item Name of work Amount put to Earnest Tender Date of release Last date/time of receipt
No. Tender Money Fee of tender in of tender through
(in Rs.) (in Rs.) (in Rs.) e-procurement system e-procurement solution
1. Construction of main road from staff 49,19,959/- 98,500/- 500/- 27.01.2023 09.02.2023 up to
quarter gate to near security office at 3.00 PM
coronation STP.
Tender ID: 2023_DJB_235594_1
2. Repairing, raising and strengthening of 49,26,056/- 99,000/- 500/- 27.01.2023 09.02.2023 up to
existing damaged stone boundary wall at 3.00 PM
Keshopur STP.
Tender ID: 2023_DJB_235594_2
Further details in this regard can be seen at https://govtprocurement.delhi.gov.in.
ISSUED BY P.R.O. (WATER) “STOP CORONA: Wear Mask, Follow Physical (Anil Kumar Sharma)
Advt. No. J.S.V. 466 (2022-23) Distancing and Maintain Hand Hygiene” Executive Engineer (Civil) SDW-NW
 08 WeDNesDay, 1 February 2023
NeW Delhi
PROPERTY
NORTH DELHI
ROHINI SALE/ Purchase of Plots in
Sector - 27, 28, 29, 30 to 34, 35, 36,
37, 38 Best Investment Options
Availability. Call - 08447259739
BISHT PROPERTIES Pvt. Ltd. (Since
1980) Managed by Retd. Govt. officer.
Sale, Purchase, Rent & Collaboration.
All Sectors in Rohini. 9811134984,
9650045100, 9999784468
BUY/SELL/COLAB KOTHI/FLOOR
CivilLine Nice Livble 800 yds /
BD-Estate/Model Town/Otrm & Hdsn
Line / Mukerg Nagar / Ashok vihar
& area around Neelam: 9873255806
EAST DELHI
VIVEK VIHAR, C-151, 200 Sq.Yds. G.F.
Newly Renovated 3BHK with 3Toilets,
1 Living Dining, 1 Mdlr Ktchn, Servnt.
Rm, 2 Stores, Foreyard with Garden
& Backyard.Call: Owner:9810085283.
PREET VIHAR, 370 Yds Liveable
Bungalow, wide road, best location
at reasonable price # Ankush
9811044485
WEST DELHI
SOUTH DELHI
1. MALVIYA Ngr-full house 100Yds Stilt
+4 flrs A+ construction for sale
2. Begumpur Shivalik Rd.B+G- Comml
650 sft.each FF & TF +Ter.-res, for
sale #9999904543/9999936021
PANCHSHEEL PARK 500y T.F+Terr
with lift @ 6 Cr; G.K. 500y T.F+Terr
with lift Greenery facing @ 9.25 Cr;
Vasant Vhr 400y T.F+Terr with lift
@ 8.5 Cr. # Manisha 9599808726
FARM HOUSE 2.5 & 1.5 Acrs, Dera
Mandi (S.Delhi), B'fully developed,
Modern Interiors, 5 Beds, Living /
Lounges, S.pool, Lavish Landscaped
Ready to move. # 9899017788
DEFENCE COLONY 380 Yds Corner
House , Lift + Stilt Car Parking .
Also First Floor 4 Beds @ 4.75 Cr !
Gulmohar 3 Beds 1800 sqft @3.15 Cr.
Geetanjali 800 Yds House @ 40 Cr.
OFFICE SPACE Lajpat Nagar 3 (behind
Moolchand Hospital). Lower Ground
Floor. 821 sqft in Freehold 307 sqyd
Plot. Vastu Perfect. Fully Furnished.
Ample Parking. Owner: 9540080001
JOR BAGH 375 / 600 / 1200
Floors & Bungalows., Available For
Sale. S.Kapoor 9810030231
ANAND LOK 400 & 800 Yds, Park
facing, Brand New Second & Third
Floor + Terrace; Panchsheel Park
500 Yds, Basement+Ground Floor,
Ready. Gagann Gujral 9650516999
VASANT VIHAR 400 / 600 / 800
floors & Bungalows., Available For
Sale. S.Kapoor 9810030231
This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
SOUTH DELHI
CR PARK 160 Yds, FF Freehold @ 1.85,
3BR att. Baths, D/D, Front Balconies,
SQ, Parking on Wide Rd also Suitable
for Professional Off.,Full Chq (Nego).
call Owner 9810059277, 9810017982
VASANT VIHAR 800/600/400/250yd;
Anand Niketan 700/400yds; Shanti
Niketan 800yds; Westend 1200yds;
Also Floors of all Sizes Avalb in these
areas Devinder Tara 9810055500
VALUE FOR Money As Good as New
Safdarjung Enclave, GK Encl-I, 200yd
3Beds; Green Park/Hauz Khas 500yd
4Beds, Stilt Prkg, Lift, SQ # Grover
Associates 9810173911, 01126511118
UDAY PARK No. 114 Exclusive Designer
floor 217yds First floor very specious
3 Beds D/D modular kitchen baths,
delivery by April 2023. Mannat
Homes 9810099326 / 9810209711
ANAND NIKETAN, 380 sq yards,
Ground Floor & Second Floor
comprising four bedroom D/D
each with terrace. Salwan
9810062871/9810063891
INSTITUTIONAL B'FUL Bldg for Sale/
Rent in Vasant Kunj Near DPS, Corner
Plot 2 Side Open with Lift & 100%
Power Back-up, Plot 1000sqmt, Built
-up 15000sft, G+3rd Flr #9873340866
CR PARK (125)y 55 Lac freehold 2 BR
attached 2 Toilets, D/D, Servant Qrtr,
one Car Parking, close to Main Road,
LGF, suits users/professionals,owner
going abroad. call Sunil: 9810017982
DERA MANDI Road 1Acre with Elegant
Developed Kothi Swimming Pool &
2.5 Acre Fully Developed With Kothi
Swimming Pool. Contact Owner
8368649852, 9999924995
COMMERCIAL FLAT 3BHK +3 toilets,
115yd in Sidharth Appt, Neb Sarai
(Beh. MCD School & Near upcoming
Metro Station) Lift, prkg @ 58 Lacs
(Loan avail.) # 9968246753.
DEFENCE COLONY Sale First Floor
325yd C-Block Beautiful Park Facing
3BHK+Lobby+1SQ+Parking N/E Vastu
Perfect Sanjay Malik 9810039071
Visit: www.malikestateagents.com
G.K.I/II, DEFENCE Colony Ready Poss.
/ Under Construction, Booking 3/4/5
Beds att. bath, D/D, Servant Qtr, Lift,
Parkng, TopEnd Fitting,Excellent Loc.
Raj Kumar 9625392715, 9810292932
GK: BOUTIQUE Kothi for sale 225 yds
Brand new high-end interiors, Super
Luxury 5 BHK, Park Facing, Vastu
Compliant, Suits Self User. Sharad
9811086626 Karan: 9999960877
PANCHSHEEL
PARK
500 Sq. Yds
Vastu Perfect
Wide Road
Original Booking
Ankush Pughat
9811044485
BUY/SELL/COLLAB KOTHI/FLOOR
NFC- Vasant Vihar Available 270 yds
New Kothi Anand Niketan 800 yds /
GK-1.500 yd Hauz Khas & near area
around Neelam 9873255806
LAJPAT NAGAR-1, Commercial Lower
Gr. Floor Very well ventilated & with
7’ wide entrance near Defence Cly
950 Sqft Conversion&pkg charges
paid Freehold @ 1 Cr. # 9999606901
GREEN PARK Main GF, Excellent Loc.,
East Facing 4BHK, 350 sq yds plot,
Larg Room, D/D & Kitchen, High
quality w/w, marble flr, 2 car prkng,
Nr. market 9958582862, 9873217028
VASANT KUNJ D2 Third Floor
3 Bedroom with Terrace Ready to
Shift/D2 Ground Floor 3 Bedroom.
Contact: 9716109010.
ANAND NIKETAN, First Floor, Plot
Size: 265 Sq yards, 20 years old, 3
bedroom, quiet location, reasonably
priced, immediate sale, buyers only
contact ALGEBRA @ 9354156119.
GREATER KAILASH-II Exclusive
Third floor with terrace & Lift, Stilt
on 250/300/400Yds,Few years old
@ Attractive Price also many more
options. Silver Stone 9013000630
SOUTH DELHI
PANCHSHEEL PARK 300 /
500 / 800 floors & Bungalows.,
Available For Sale. S.Kapoor
9810030231
D-BLOCK NEW Friends colony 300 Yds
Booking/Ready 2nd Floor/ 3rd Floor+
Terrace 4Bedroom+SQ+stilt Parking.
Friends cly(1000yds) 3rd+Terrace 4BR
+Lift+ SQ+2 Parking.# 9810473675
EXCLUSIVE DESIGNER Flrs SDA 450yd
all Flors Park Face, Super Luxury wth
Ample Car Prking. Also 300yd Corner
floors. Owner Representative Sharad
9811086626 Karan 9999960877
DEFENCE COL. A-Blk 217yds Entire Flr,
Wide Rd, corner, Park Fac 15 yrs
old renovated Very Well Maintained
Modern fittings, lift 3 BHK, DD, SQ @
3.65 cr. # 9971298498, 7703913734
HOTEL MG Rd. Gurgaon 1.acre 85 roms
sell wid CLU aprvd fr 200%,Co.transfr
Hotel Gurgaon 41rom rentd 7.5L @6%
Hotel Gurgaon sec-14 sale 875y 36rm
Hotl Patel Ngr Sale/rent(200)y 24rom
LAJPAT NAGAR 3 Independent House
for sale . Freehold clear title plot
area 338 yds. S Kumar.9811031558
Akshay 9999785858
GREATER KAILASH-2
S-BLK, 460 SQ.YDS
READY TO MOVE
Brand New Second Floor,
Landscaped Areas,
Top Notch Construction,
Independent Parking
Servant Qtr, Power backup.
Sumit Mohan :
9810086833
Contact us for Luxury Floors
all over South Delhi.
JEWAR PROP. Agric.& resi. land avail.
for sale in jewar nr Yamuna express-
way and jewar international airport
& v'close to proposed film city.9540-
901622, 9560838044, 9911378290
U-2, GREEN Park Main GF, best Loc.,
East Facing 4BHK, 350 sq yds plot,
Larg Room, D/D & Kitch, 11 ft ceiling,
quality w/w, marble flr, 2 car prkng,
Nr. market 9958582862, 9873217028
VASANT VIHAR 400 sq.yrds,
Independent Bungalow, Vastu
Compliant. 400 Sq.yrds BSMT &
GF, Ready to Move in. Lokesh Suri
9871863399 Preeti Suri 9810678184
VASANT VIHAR, 250 sq yards,
Ground Floor & Second Floor
comprising three bedroom D/D
each with car parking in Stilt.
Salwan 9810062871/9810063891
FARM HOUSE Sultanpur MG Road
South Delhi 2.5 Acre, 2000 & 3000
Sq.Yds Vasant Kunj 2 Acre, 5000
& 1000 Sq.Yds For Sale. Contact
# 9899017788
VASANT VIHAR 400-600-800 Ground
n Basement, Duplex, 3rd + Terrace
Garden, 4/5 B/R, Vastu Perfect, Top
Location Ready/Booking, also Used
floors,Bungalows.Sandeep 9810173551
VASANT VIHAR, 400 sq yards,
Second Floor, 4 Bed D/D with
2/3rd terrace. Immediate Sale.
Salwan 9810062871, 9810063891
WEST END 500 / 800 / 1200
floors & Bungalows., Available For
Sale. S. Kapoor 9810030231
SOUTH DELHI
KALKAJI 100 sq.yds, High Quality
Construction, All Floors available
Under Construction, Ready by Feb
2023, Excellent Location, Wide Rd
Ashok Tiwari 9810002409
SAFDARJUNG ENCLAVE B-4 /242
Exclusive Booking -150- Yds Second /
Third floor Specious 3 Beds D/D stilt
Parking for 2 Cars each. Call Mannat
Homes 9810099326 / 9810209711
VASANT VIHAR 400 sq.yrds FF &
SF, Adjoining Park, 600 sq.yrds TF
with Terrace, All Floors Booking
400 sq.yrds. Lokesh Suri 98718-
63399 Preeti Suri 9810678184
RENTED COMM. Space for sale GF
Bhikaji cama palace, Govt Bank
recently lease renewed, Rent Rs.
104000 PM expected yield 4.5%
No Brokerage. 9654096001.
DEFENCE COL. A-Blk 217yds Entire Flr,
Wide Rd, corner, Park Fac 15 yrs
old renovated Very Well Maintained
Modern fittings, lift 3 BHK, DD, SQ @
3.65 cr. # 9971298498, 7703913734
VASANT VIHAR 1000y All Floor Avlb.
Reasonable Price 12cr to 15cr & also
600/400; Anand Nktn 270 All Floors,
400 B+G, 700 SF;Westend 500 FF/SF
Shanti Nktn 1200y FF # 9899755500
ANAND NIKETAN Exclusive Booking
Wide Road /next to Park 275 yds
Bsmt. / Ground with Sept. lift &
D’way also Second & Third 4 Beds
stilt Prkg best Builder # 9810209711
DEFENCE COLONY 325 yds D-Blk
Ground & Basement, Wide Road,
lift 3 BHK, Modern fittings, 3yrs
old North East Facing Stilt parking
@ 10 cr.# 9971298498, 7703913734
ANAND LOK 430y Crnr First Floor with
Lift Freehold on Wide Peaceful Road.
Consisting of 4Beds, D/D Fmly lounge
Srvt Qtr, Reasonable Price. # Naresh
Aggarwal 98101-20612, 89206-30362
DEFENCE COLONY, D Block, 325 Sq
Yds, Ground, Basement & 1st Floor,
NE Facing. 9899534878, 9811017890
GREEN PARK Extn. 500 Yds Brand New
B+GF/FF/SF/TF with Terrace Garden/
Water Fall Pvt. Lift 4 BHK each Floor,
Ready. Floorwise /Outright Sale.
# 9811059797, 9818644007
BUY/SELL BUILT-UP & Land Farm
1000 yds - 12 acres Westend Green /
Rajokri / Radhe Mohan Drive/ DLF /
Dera Mandi / Sultanpur/Chattarpur
& area around Neelam : 9873255806
VASANT VIHAR, 400 Sq Yds, Ground,
Basement & 1st Floor, North Facing
Wide Road 4 BHK. 9899534878,
9811017890
NEETI BAGH, 511 Sq Yds, 2nd Floor,
Park Facing, Wide Rd. 9899534878,
9811017890
SOUTH DELHI
HAUZ KHAS 275 Sq Yds, Second Floor
Spacious 3 BR's attach 4 Baths, Huge
D/Dining, Lobby, S.Qtr, Reserved Car
Parking, Well Maintained, Peaceful
Location @ 3.50 Cr. call 9810221601
NOIDA/GREATER NOIDA
HIG FLATS in Sector-99, Noida for
Immediate sale. Block-A, No. 46C,
44C & 51B. Direct allotment from
Authority. Contact 9811079575
EXCELLENT PARK - Club facing,
Sunlight 2 BHK, 1045 sq.ft. in
Paramount Floraville Sec-137.
Metro-commercial-hospital-school
within 100 mtr. # 9953333354
SALE VIP Sector-44, G-Block, 300 mtr,
N/E & S/E both available 18 mtr road
and 450 mtr Green Belt Corner Park
Facing. Owner meeting. Call: Jain
9811322684
YAMUNA EXPRESSWAY Buy/Sell
Authority Plots Sec 18 & 20 Plot Size
300,500,1000,2000 & 4000 sqmtr
also deals all Gr Noida # Punjab Prop
9891008515, 0120 - 4248129
DUPLEX VILLA 300 m on 18m Rd North
*Park Fcng Pair Plot 325m + 325m
Sec 70. 450m East Fcng Sec 92.
Prime Sector-44 450m crnr 12 X 12m
Rd. 4000m Fntnl Ecotech XI
RESIDENTIAL PLOT for sale in Noida
Sector – 108, area 250 mtr. CC. near
park North facing, party meeting.
Call- 9971831792
NOIDA SECOR-57, 400 Sq. Mtr
Industrial Building for sale, 10,000
covered Area, Basement+3 floor.
Contact 9811079575
VIP SEC-36 Noida simplex Kothi for
sale,120 sq.mts, excellent loc., 2 flrs,
2BR set, attchd toilets, powder room,
kitchen, Nr park, golf course, metro
stn, nr city centre. #9599030860.
NEWLY OWNER built 200sq mtr.
House, sec-122 Noida. 3 floors,
3 side glass lift , moduler kitchens,
stilt parking 4 car,9 en suite
bedrooms, # 9667871098
SUPERTECH ECOCITI @ Sec 137, Noida
Expressway. 4BHK, 2275 sqft, large &
spacious layout,Sun facing,lower flor
apt with complete woodwork for
sale. Excellent location.#9810553957
FOR SALE Noida 250 mt Residential
Plot B Block Park face Sec 108 and
450 mt factory B Block Park face
B,G,F Sec 88 and 250 mt plot Sec 92
18 mtr road. #Agarwal 9810420093.
FARIDABAD
URGENT SALE Residence Banglow Plot
N. I. T - 3, Faridabad Plot Size 300
gaj. East Facing Prime Location.
Call 9810064262, 8053701681.
GHAZIABAD
COMMERCIAL LAND for Sale - 300/
500/ 800/ 1000 sq.yds on Mussorie-
Gulawati Road, Nandpur, Dhaulana,
Near Ghaziabad @ 15000 per sq.yd.
Contact: 9968246753.
GURUGRAM
LUXURY BLDR FLR 520/360/270 SQ
YRD,4/3 BHK/D/D, Walk-in closets,
Italian flr, modular kitchen Terrace
garden/lift/ stilt, servant Qtr, Vaastu
perfect etc @ 3.50cr/2.50 cr/2.00 cr
1000 SQ. Yds. (East) Resi. Plot For Sale
In Gurgaon (Near M.G. Road Metro
Stn.) Two Side Open 18 & 12 Mtr.
Green Belt In Front.
DLF − SUSHANT LOK
DLF -III 4 BHK Luxury Builder floors
on 402 Sq. yards plot. Excellent
location and construction call
Ambajee Prop. - 9811175732
EXOTICA APARTMENT 3 BHK, 2850
Sq.Ft., Golf Course Road, Adj. Rapid
Metro Station Sale At best low price.
Only Genuine Buyers Plz Contact
9582764549, 9354514137
DLF -I, Plot - 500 Sq. Yds. on Peaceful
Location. Only Genuine buyers Call -
Lokesh Bhardwaj - 9811078877
DLF − SUSHANT LOK
ULTRA LUXURY Top Floor with Roof
DLF Phase 2- 215 yds 3 BHK +Study
with Lift stilt North facing Near
NH-8, MG Road, Market, etc, best
Price. Saudagar Prop 9718511207
FLOORS DLF-1 500yd @5.10cr, 300yd
@3.15cr, DLF-2 402yd@3.95cr, DLF-4
360yd @3.70cr, S.Lok-1 500yd @
4.35cr, 418yd@3.75cr, 300yd @ 2.75
cr, 215yd @2.15cr Call 9810921797
MAGNOLIAS PENTHOUSE : 5 BHK -
10,500+ Sq. Ft., Semi Furnished with
Gym & Covered 5 Car Parking, Best
Location. Only genuine buyers call:
90138-99999 Southdelhiprime.com
SUNCITY PLATINUM Ready to move
3/4 BR, Super luxury Aptts.,Main MG
Rd. Original Bkg/Buy/Sell/Rent, Best
Bargain/Location Avl. 2700/3150/
4150 sqft Girish Jain 9811044967
TARUDHAN VALLEY- Studio Apt.
1st floor with terrace. Facing
Golf Course. Near Clubhouse.
Reasonable price. Contact
Sachdev 9811070908.
SUSHANT LOK-I, Confirm Plots 813y
Park Fac(A-blk)500/418y North,A-blk
300y(Gtd Comm.) E/ Fac (A-blk) DLF-
4, 500y (Gtd 4500-4600 lane) 360y
18M Rd 270y (Crnr gtd) 9999404040
REQUIRED URGENTLY For Self use
For NRI:-The Palm Spring Corner
Villa Or 3-4 BHK Apts. Golf Course
Rd. Owner's/Brokers Welcome. #
9810778950. emkay1999@gmail.com
DLF − SUSHANT LOK
FURNISHED OFFICE Space - brand
new furniture paint tiles 1330 sq ft.
Ducting glass AC done. On sale -
best deal - brokers welcome.
Call 9910050150
TOP-FLOORS DLF 800y @ 7.75 cr,
502y@5.75cr, 402y@5cr, 360y@
4.15cr, 300y@3.75cr, 270y@3.15cr,
250y@2.85cr, 200y@2.50cr, Suncity
500y@6.25cr. OPAKS 9999406261
DLF PHASE 2. 402 sqd Very Well
maintained Duplex Kothi for sale.
East facing. Ample Sun Light close to
malls & MG road. Excellent location.
Cont.: Jumbo Realty Sunny Kochhar.
COMMERCIAL OFFICE Floor Plate for
Sale Located on MG ROAD, Now or
Never Opportunity Plus other Pre
Rented options and DLF Plots
Available. Contact 9873362513
DLF-1 CONFIRM Plots 502yd wide road
n Park Fac, 502 @ 2.35 SL-1, 814 yd
@2.25, 502yd @1.90 418yd @ 2.15,
300yd @2.35 S.City-1 1004y 502, 360
wide n park @2.25 # 9811162648.
DLF CITY 300 yard plot behind arjun
Marg E Block. Best for builders floor
@8:75 call 9811068621
SL-2 PLOT No. E-12 445 yards
East facing, Third Plot from
Golf Course Extn Road @ 157K
per sq yd. File. Min 1% comm.
will be paid Call 9810011187
DLF ALAMEDA Plots 250y Corner West,
250y East, 480y Corner West Park,
538y East Park,538y North,538y West
Avenue, 700y West Park, 700y South
Avenue. Sabharwal Asso. 9811081166
DLF CITY JCM. 400/300 plots 18 meter
Road Best for commercial use
call 9811068621
LUXURY BUILDER Floor : Sector
27, 4BHK, 502 Sq. Yds., Corner
Personal Park, 7 Star Amenities.
For Best Price contact The Realty
Square : 9818499711, 8826022231
DLF − SUSHANT LOK
RETAIL SHOP for Sale in DLF City
Court, MG Road, Gurgaon Rented to
20,000 Cr Listed Co. Area 2000 sqft,
Rent 3.30L p.m, 9 yrs lease,15% incr.
after 3 years @ attractive return.
Brokers Welcome. # 9999025888
DLF PHASE- 1, 1030 Sq.Yrds,
Luxuriously Built 10000 Sq. ft, Top
Location, American/ Italian Interiors,
Ready to Move, just Like New
Contact 9899017788
DLF PHASE- 3, Plots & Builder Floors
215 Yds, 316 Yds, 402 Yds, 502 Yds &
1022 Yds North- East Facing / Park
Facing. Corner Options Also Available.
Ganga Properties. 99999-70994
DISTRESS DLF New Floors Stilt Parking
Lift 500 4BHK @5.60, 300 4BHK
Park @3.10, 300 4BHK Top+TR
@3.85, 200 3BHK @2.20, SL-1 300yd
3BHK @2.30cr. 9871177425
PLOTS DLF Ph-4, 360yd Pair, 500yd
gated South City -1, 240yd, Corner,
500yd North, Suncity 250/360 Pair/
500yd 18mtr Sabharwal Associates
9811196843
MANDATE DEAL in Suncity 250yd
park & East fac, DLF-2 300yd 4bhk
New Luxury Flr with stilt park @
2.75Cr. Call Realty 365 Real Estate
Company 9891936500,9891136500
SUSHANT LOK 1 B-blk North facing
300y kothi Basement, Ground, 1st,
2nd & S.Lok-1 B-Blk 515y Floorwise,
stilt, lift Built-up prime location
Gated Sabharwal 9958492130
DEHRADUN
1. 3BB flat Sahastradhara Rd 1350 ft,
east fcng, gated, security, prkng 58L.
2. Canal rd plot 225 sqyd posh uncon-
gested area wide rd gated @65000/-.
Mob: 9557296650, 8826160605
NAINITAL
BHIMTAL (NAINITAL) UK For Sale
Executive Duplex Bunglow in Mehra
Gaon,300Sq.Yds,5 Bedrooms, 4 Wash
Rooms, Verandah, Parking, Valley
View.Cont: 8851072178,9999606060
PUNJAB
FARM HOUSE
BUY/ SELL Uppal Farm NH-8 Village
Bilaspur kalan( Gurgaon only 32 km)
2 Acre built-up Farm and (2 -6 Acre
land) Kashyap Estate Consultant
Bhikaji Cama Place # 9810006767
TOLET
WEST DELHI
FOR RENT
Main Rama Road
New build up 375,
Sq. Yds / 15000 Sq.ft
Basement-1765 Sq.ft
Ground till 3rd flr
3315 sq.ft each
Terrace extra Bare shell/
toilet, kitchen pantry
on each flr, New Otis lift
Marble flooring 2 sided
stair case in front
emergency fire exit,
100 feet/ divided-broad
Road 2 min. walk
Kirti Nagar Metro.
Preferred MNC & good
Corporate stores etc.
M: 9811301212, 9811498481
SOUTH DELHI
GREEN PARK Extension one Bedroom
Attached Bath Drawing Dining
Kitchen balcony, near Green Park
Metro Station. Cont: 9873341468
COMM. OFFICE 1000sq.ft. 3rd flr fully
frnshd A.C. toilet, pantry, 805 Arjan
Ngr kotla Mubarakpur Main Rd (opp
IDFC bank A 283 Defence colony) Rent
Rs.30000pm Owner 9810199209
SAINIK FARMS Five-star Independent,
furnished AC rooms, Modular
Kitchen. Suits Foreigners/ Tourists/
Executives. Contact: Capt Malhotra
9811054150, 7644909332
KAILASH COLONY Three Bed Rooms,
Drawing/Dining, Lobby, Lounge,
Servant Quarter, Parking. Contact
Anil Makhijani 9811047035, Kajal
9811647035, 011-45151664.
S.D.A, SHOP GF (opp IIT, DDA Market)
& Noida Bldg, Sec-16 Main Atta Road
(opp. Metro) for Rent. Suits Retail,
Coffee Shop, Fast Food, Restra, Bank,
Showroom etc. Owner 9810040681
VASANT VIHAR, 1200 yds, Luxurious
Furnd Gr. Flr, 4BR, D/D, Lounge,
B'mt, H' theatre, Pwr bkup, lift &
Sep. Driveway. Only Expt/ Diplomats.
Salwan 9910034566, 9810062871
FOR LEASE / RENT
INDEPENDENT
VILLA
1000 SQYDS
SOUTH CITY - I
CLUB ROAD
5 BED + SQT
9810006757
FOR RENT Commercial Space First
Floor 1764 Sq.Ft. property At
H2/102- 104, Suneja Chamber,
Alaknanda Commercial Complex New
Delhi-19. Contact: 9810993996.
HAUZ KHAS Market First Floor 1800
sq.feet Lift/ Power Back-up. Also
2000 sq.feet Showroom Defence
Colony. Also 600 sqft Aurobindo
Marg # 8368649852, 9999924995
GK-I MAIN Road 500 Yds, Ground Flr,
Suitable for Dr's Clinic, Architect, CA,
Play School etc. Area- 2800 Sq. Ft.,
Ample Car Parking, Rent 3 Lakhs PM.
contact: Raghubir Singh 9811560556
OKHLA PHASE-2 Lease Available. FF
(2750 sq.ft) & Basement (1400 sq.ft).
On freehold 600 sq.yds plot. Near
C.Lal Chowk. Contact 9810899361,
9810038660
CENTRAL DELHI
CONNAUGHT PLACE, 21 KG Marg,
Naurang House,3rd Floor,
2425 Sq ft, Bright Corner Office
Space for Immediate Lease. Contact-
9818397388,9810129051,9810014165
INDEPENDENT SPACE Available for
Rent 1st Floor/2nd floor 1000×4 =
4000 Sq ft for commercial use Near
Connaught Place Close to Metro
Station,9899994222, 9811073149
FOR TOLET Prime Commercial Space
Ground Floor, 1200 to 1500 Sq Ft
available on Profit Sharing,Franchise
Leave License,Main Pusa Road, Karol
Bagh, New Delhi, Call - 9540955550
FOR RENT fully furnished 431 sq. ft.
comm. Flat on 6th floor in Ashoka
Estate CP & 827 sqft. on 4th floor in
Vishal Bhawan Nehru Place .Mobile
NO . : 9999411000, 9811373817
LIVEMINT.COM
CENTRAL DELHI
FOR RENT 2500 Sq Area at
Kanchanjunga Building Bara
Khamba Raod With fall ceiling,
lighting, flooring and interior
Please Contact : 9650399920
NOIDA/GREATER NOIDA
FOR RENT / Lease Warehouse 4000
sqft Area , 28 foot height, Sector -
127 on Noida Expressway - Near
Gyanshree School, Contact:
Yudhveer 99990 22200
GHAZIABAD
COMMERCIAL GROUND floor 1600sq
feet + basement 500 sq feet for rent
at prime plaza , 84, sector -5,
Rajendra Nagar, Ghaziabad.
Suitable for Banks and corporate.
Cont : 7982620550. Email :
skk747474@gmail.com
GURUGRAM
ROSEWOOD CITY, Gurugram, Renting
New House 3100 Sq.Ft. Floors, 5 BHK
with Bath,Modular Kitchen,Balconies,
Stilt Car Parking, Lift and Basement.
Owner: 9899722444, 9868158944.
OCUS TECHNOPOLIS (Golf Course
Road) Ground Floor, Front
Showroom 1842 Sq. Ft. For Lease/
Rent Contact Manoj 9810333253,
9810855661
SPACE AVLBL For Rent GF partial
area-3500 sft (s'tbl for Car W/shop),
Bsmnt-5800 sft, 1st Flr-3800 sft,
2nd Flr- 3800 sft (s'tbl any work)
at IDC, Sec-16, Ggn. # 9910069085
6 ACRES Urban Agriculture Land at
Khetawas Distt. Farrukhnagar, near
Dronacharya college. 900 feet
frontage, 40 ft rd. Proposals
for lease/ rent. @ 9311128853.
DLF − SUSHANT LOK
DLF CAMELLIAS, State of Art Interiors,
Fully Furnished, 7300 Sq. Ft,
4 Bedrooms with Attached Bath, Big
Living n Dining, 2 SQ, Call Dheeraj
Nathani: 9654329909, 9811509552.
AVLB. FOR lease, newly constructed
Showroom builtup 29,700 sft., LGF+
GF+FF 9,900 sft. each floors, Sec-52,
Wazirabad Market, Ggn. nearby Sec-
56/57/51/52. Owner: 9811274926.
DLF 1 Shopping Mall Chambers
for Doctors, other Professionals
on sharing / monthly basis. No
hidden cost. Modern amenities.
Call / Whatsapp: 9810155920
MATRIMONIALS
GROOMS WANTED
HINDU
PROPOSALS INVITED for an educated
Punjabi (Hindu) Girl (30, 5 Feet)
British Citizen from New Delhi,
working as Compliance Regulatory
Manager in London. Please
contact Anil Sharma.
Whatsapp : +447574163134,
sharanil@hotmail.com.
HINDU
PROPOSALS ARE invited for a very
charming, pleasing personality
Hindu Punjabi boy 6 feet tall, 28
years, working in an IT company.
Born in New Delhi , Settled in
London (UK Citizen). Kindly respond
with full particulars to enable the
parents ( Mrs & Mr Anil Sharma )
to take an early decision.
Email : sharanil@hotmail.com,
Whatsapp +447574163134.
SIKH
MATCH FOR Sikh boy Feb 1999,5'7" ,
B.Tech (IIT DELHI). Preparing for
CIvil Services.Patiala based family
Father railway engineer. Location
no bar. Whatsapp: 7087230720
 LIVEMINT.COM
WeDNesDay, 1 February 2023
NeW Delhi 09

DELHI JAL BOARD, GOVT. OF NCT OF DELHI

OFFICE OF THE ADDITIONAL CHIEF ENGINEER (P)-3
EXECUTIVE ENGINEER (CIVIL) PLANT SDW S/E
SRINIWASPURI, NEW DELHI-110065
PRESS N.I.T. NO. 25 (2022-23)
S. Name of works Estimated Date of release Last date/time of
No. Cost of tender in receipt of tender
(Rs.) E-procurement through e-procurement
solution solution
1. Lifting/Disposal of sludge from sludge drying beds of Ph-I i/c laying of 48,19,711/- 30.01.2023 14.02.2023 up to
internal roads of beds at 45 MGD STP Okhla. 3.00 P.M.
2023_DJB_235753_1
2. Lifting/Disposal of sludge from sludge drying beds of Ph-I at 16 MGD 43,17,023/- 30.01.2023 14.02.2023 up to
STP Okhla. 3.00 P.M.
2023_DJB_235753_2
3. Restoration of damaged boundary wall from Phase-I SPS, Gate Side 45,94,350/- 30.01.2023 14.02.2023 up to
(Near Security Hut) towards Effluent Channel side alongwith allied Civil 3.00 P.M.
works inside premises of Yamuna Vihar STP Phase-I.
2023_DJB_235753_3
4. Strengthening and Restoration of Damaged portions of Boundary Wall 39,44,501/- 30.01.2023 14.02.2023 up to
Answering the WHATs, WHYs, of Zafrabad SPS alongwith Strengthening of MS Jaal of Wet Sump for 3.00 P.M.
Safety and Security Purpose and allied Civil Works.
HOWs and more! 2023_DJB_235753_4
5. Lifting of Sludge manure from Sludge Drying Beds at STP Yamuna Vihar 48,68,379/- 30.01.2023 14.02.2023 up to
Introducing Phase-I alongwith allied Civil Work and Cleaning of SPS Yamuna Vihar 3.00 P.M.
Explainer Videos on the Mint app Phase-I.
2023_DJB_235753_5
*Further detail in this regard can be seen at https://govtprocurement.delhi.gov.in/nicgep/app.
Download Now
ISSUED BY P.R.O. (WATER) “STOP CORONA: Wear Mask, Follow Physical Distancing,
Advt. No. J.S.V. 469 (2022-23) Maintain Hand Hygiene” EX. ENGINEER (C) PLANT SDW S/E

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 10 WeDNesDay, 1 February 2023
NeW Delhi NeWs Wrap LIVEMINT.COM

TWEETS & QUOTES

Sudhir Sitapati Narendra Modi Gita Gopinath
Pierre-Olivier Gourinchas Managing director, Godrej Prime Minister First Deputy MD,IMF
Chief economist, IMF With commodity pressures The ray of hope being Global growth remains weak, but
We are far from having abating, we expect gradual seen by the world will it may be at a turning point. We
won the fight against recovery in consumption, glow brighter—for this, I have slightly increased our 2022 &
inflation. We’ve had a expansion in gross margins, firmly believe the 2023 growth forecasts. Global
few good prints. It’s upfront marketing investments finance minister will growth will slow from 3.4% in 2022
encouraging. It’s in the and improvement in profitabil- make all efforts to meet to 2.9% in 2023 then rebound to
right direction ity in the coming quarters these aspirations 3.1% in 2024

Reliance stops READY FOR THE BIG BUDGET IndiaMART figures in

local petcoke sales notorious market list

R I
eliance Industries has stopped selling ndiaMART, one of the largest Indian e-
petroleum coke within India and boosted commerce websites, along with four physical
imports of the product to turn it into marketplaces in Delhi, Bengaluru, Kolkata
synthetic gas to power its refineries, according and Mumbai have figured in the latest annual
to two sources familiar with the matter and trade edition of the Notorious Markets List of the US.
data. Petroleum coke is a carbon intensive solid Released by the US Trade Representative
residue left over from coking units in oil (USTR) on Tuesday, the 2022 Notorious
refineries that break down residual oil into more Markets List identifies 39 online and 33
highly valued products. Petcoke, as it is known, physical markets that are reported to engage in
can be used as a coal substitute in both or facilitate substantial trademark
steelmaking and in power plants. Reliance had counterfeiting or copyright piracy.
been depending on liquefied natural gas (LNG) The Indian markets in the list are
to run its refinery complex and selling the IndiaMART, Heera Panna in Mumbai,
petcoke locally but it is now gasifying its petcoke Kidderpore in Kolkata, Sadar Patrappa Road
amid rising LNG prices. With Reliance’s Market in Bengaluru, and Tank Road in Delhi.
petcoke no longer available domestically, India’s “The widespread trade in counterfeit and
imports are likely to rise, after doubling last year pirated goods harms the economic security of
because of higher demand from cement makers, American workers and undermines our work
who use the petcoke to manufacture the to craft equitable and inclusive trade policy,”
building material. Reliance was India’s biggest USTR Katherine Tai said. PTI
domestic supplier until 2021. REUTERS

Finance minister Nirmala Sitharaman with Samajwadi Party MP Jaya Bachchan and chief economic advisor V. Anantha Nageswaran at Parliament
House complex on the first day of the Budget Session in New Delhi on Tuesday. PTI

Vedanta is said to scrap plans to Total revenue of the company from operations
climbed nearly 14% to ₹11,241 crore. MINT
Indira IVF runs more than 110 fertility centres.

Big stakeholders of sell Sterlite Copper plant in TN Sun Pharma Q3

profit up by 5.2%
Indira IVF may exit
S
un Pharmaceutical Industries Ltd, India’s

A
group of Indira IVF’s largest
shareholders are considering selling
their holdings of the Indian in-vitro
fertilization clinic operator in a deal that could
value the company at about $1 billion,
according to people familiar with the matter.
Private equity firm TA Associates, together
largest drugmaker by revenue, reported a
Restarting the smelter will lead to a surge in India’s copper output and cut imports better-than-expected 5.2% rise in third-
quarter profit on Tuesday, driven by higher sales
of its specialty drugs.
Bloomberg India’s copper output and cut imports. plant,” the statement said. The company, known for its consumer
feedback@livemint.com The refined metal is poised to play an The company, controlled by billionaire Anil healthcare products such as Revital vitamins
important role in the nation’s shift toward Agarwal was working with Axis Capital Ltd to and pain relief medicine Volini, said it earned a

with the founders of Indira IVF, have held
initial conversations with potential advisers on
the sale of their stakes, said the people, who
asked not to be identified as the information is
private. Considerations are at an early stage
and the owners could decide to keep their
stakes for longer, the people said. A
representative for TA Associates declined to
comment. Indira IVF’s shareholders, including
TA Associates, will seek monetization of their
stake at the appropriate time and in a
systematic manner as part of their investment
strategy, a representative for Indira IVF said in
response to a Bloomberg News query, declining
to comment further on specific details.
Established in 2014, Indira IVF runs more than
110 fertility centres across India with over 250
specialists, according to its website. BLOOMBERG
V
edanta Ltd has shelved the plan to
sell its copper smelter in Tamil
Nadu, which accounted for almost
40% of the metal’s production in
the country, and has doubled
down on its efforts to restart the plant, accord-
ing to people familiar with the matter.
After scrapping the seven-month-old pro-
cess to offload the 400,000 tonnes-a-year
Sterlite Copper plant, the company will now
work with the local population to restart the
factory that was shut on environmental con-
cerns, the people said, asking not to be named
as the information is not public.
Vedanta’s petition to lift local government
order to close the plant will be heard by the
Supreme Court on 21 February.
Restarting the smelter will lead to a surge in
electric vehicles and renewables and has sell the assets and had invited bids from pro- consolidated net profit of ₹2,166 crore in three
lured interest from billionaire Gautam spective bidders in a newspaper advertise- months ended 31 December, up from ₹2,059
Adani’s group, which has the ambition to ment in June. crore last year. Analysts, on average, had
become one of the The smelter has expected the company to report a profit of
largest copper been closed since ₹2,126 crore, according to Refinitiv IBES data.
producers in the The smelter has been closed since 2018 on orders Total revenue from operations climbed
country. 2018 on orders from Tamil Nadu govt from the Tamil nearly 14% to ₹11,241 crore. Input costs rose 8.5%.
India “can’t
afford to close this following the death of more than a Nadu government
following the
Drug sales in India rose 7.1% to ₹3,392 crore,
whereas sales in the United States climbed 16.6%
plant permanently dozen people during a protest death of more than to ₹3,466 crore, with each of the two regions
when the demand a dozen people accounting for 31% of the company’s total
for copper is at its when police consolidated sales. REUTERS
peak in the country,” a spokesman for opened fire on villagers protesting pollution
Vedanta said in an emailed statement, reply- from the facility.
ing to a query on it scrapping the sale process. India had turned a net importer of the metal
“There has been a positive sway among the for the first time in almost two decades follow-
people of the region with more voices coming ing the plant’s closure, Vedanta’s spokesper-
Indian Oil posts
forward to support the reopening of the son said.
₹448 cr profit

I
ndian Oil Corporation (IOC), the nation’s
Unruly Vistara Wilmar to stand by venture with Adani
largest oil firm, reported returning to
profitability in the December quarter after
passenger arrested losses in the preceding six months from holding
fuel prices despite a rise in cost. Standalone net
Wilmar Ltd. are managed by an profit of ₹448.01 crore in October-December

A
45-year-old Italian woman passenger,
who allegedly punched a crew member,
spat on another staffer and stripped on
board a Vistara flight to Mumbai from Abu
Dhabi after she was stopped from entering the
business class, was arrested, police said on
Tuesday. The incident took place on Monday
and after the flight landed in Mumbai, the crew
members handed her over to Sahar police and
she was arrested, they said.
Vistara in a statement said the passenger was
restrained by the crew for “unruly and violent
behaviour” and the incident was reported to
the relevant authorities as per the standard
operating procedures.
Hindenburg Research accused the
conglomerate of corporate malfeasance.
independent team of professional
managers and the board is chaired by an
independent director, Singapore-based
Wilmar said in an emailed response to
questions from Bloomberg News. In
running the venture, Wilmar contributes
expertise on the commodity and
consumer-food-products businesses,
while Adani provides local logistical and
regulatory support, the company said on
Tuesday. The sprawling Adani Group,
controlled by tycoon Gautam Adani, has
been rocked to its core in recent days after
AP Hindenburg Research accused the
conglomerate of widespread corporate
OED is expanding its pronunciation coverage for
numerous global varieties of English. MINT
Pronunciation guide
2022 compared with ₹5,860.80 crore net
earning in the same period of previous fiscal,
and a loss of ₹272.35 cr in the preceding July-
September 2022 period, according to a
company’s stock exchange filing. IOC and other
state-owned fuel retailers did not revise the
price of petrol, diesel and cooking gas LPG
starting April despite a rise in cost. This led to
back-to-back quarterly losses. In case of IOC, the
loss totalled ₹2,265 cr in the April-September
period. They continue to hold prices but the cost
has come down as crude oil prices declined
globally. This has helped them recoup some of
the past losses and make decent profit. PTI

for 800 Indian words

The woman was arrested and booked under
various Indian Penal Code Sections including
323 (voluntary causing hurt) and 337 (causing
hurt by act endangering life or personal safety
of others) and provisions of the Aircraft Act, the
official said.
She was produced before a court and later
F
ood giant Wilmar International Ltd.
will continue to support its joint
venture with Adani Group, saying a
report from short-seller Hindenburg
Research had not raised any issues
specific to the unit.
The day-to-day operations of Adani
malfeasance, including market
manipulation and accounting fraud. In a
bitter showdown that’s riveted investors GAIL eyes long-term
P
worldwide, the allegations have ronunciation transcriptions and audio for
prompted steep falls in the companies’
share prices despite a lengthy rebuttal
more than 800 entries associated with
Indian English, including words like ‘desh’
gas import deals
from Adani Group. BLOOMBERG (country) and ‘bindaas’ (bold), are now available

released on bail, the police added.
IISER unravels genetic makeup of 4 native Indian cow breeds
PTI in the Oxford English Dictionary (OED).
According to Oxford University Press, Indian
English brings the total number of global
varieties covered in the OED’s pronunciations to
16 and the recent addition to the world English
pronunciation audio archive fills a large gap for
the 130 million Indian English speakers in the
G
AIL (India) Ltd is scouting for long-term
gas import deals and hopes to sign one
contract shortly to make up for disrupted
supplies from a former unit of Russian energy
giant Gazprom, its head of finance Rakesh
Kumar Jain said on Monday.
India’s largest gas distributor reported a 93%

S
cientists at the Bhopal chapter of the Indian Institute of Science
Education and Research (IISER) have unravelled for the first time the
genetic makeup of native Indian cow breeds such as Kasargod Dwarf,
Kasargod Kapila, Vechur, and Ongole, IISER said on Tuesday.
The genome sequencing study on the four breeds will throw more light on
traits like their ability to handle heat in India and will lead to increased
productivity and sustainability in the Indian cattle industry, the premier
institute said in a release.
The genome is like a blueprint or a set of instructions required by an
organism, like a plant or animal, to live and survive. It’s made up of tiny units
called genes, which contain the information needed for the organism to
grow, develop, and function properly.
By understanding the genome, scientists can learn important information
about the organism, like how it might be related to certain diseases or traits,
said the release.
country. “Ever since we started work to expand
and include audio in our coverage of
pronunciations for varieties of English besides
British and US English, Indian English has been
one of our biggest priorities and also one of our
biggest challenges,” said Dr Catherine Sangster,
pronunciations editor for the OED.
“I am delighted that we have developed a
transcription model to capture its complexity
and can now offer pronunciations for this
extremely important variety of English in the
OED,” Sangster said.
Since 2016, the OED has been expanding its
The four breeds are - Kasargod Dwarf, Kasargod Kapila, Vechur, and pronunciation coverage for numerous global
PTI Ongole. MINT varieties of English. PTI
decline in its December quarter net profit as it
transmitted less gas locally due to a reduction in
liquefied natural gas (LNG) supply from a deal
with Gazprom Marketing and Singapore
(GMTS). GAIL is in talks with Abu Dhabi
National Oil Co (ADNOC) and many other
parties to source gas.
“Probably we will get a better deal,” Jain said.
“The Indian economy is needing more and
more gas. Even if GMTS had not happened, we
were in the market for sourcing gas. Yes, but
GMTS circumstances have forced us more,” he
said. GAIL agreed a 20-year deal with GMTS in
2012 to buy an annual average of 2.5 million
tonnes of LNG. REUTERS

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 LIVEMINT.COM GLOBAL WeDNesDay, 1 February 2023
NeW Delhi 11

m MINT SHORTS
Biden says no F-16 fighter jets for
The race of the AI labs heats up
Ukraine as Russia claims gains on a continued ability to publish their
Kyiv/ Washington: The United States will not provide the F-16 research and present results at con-
fighter jets that Ukraine has sought in its battle against Russia, ferences. That is one reason that Goo-
President Joe Biden said, as Russian forces claimed a series of gle made public big advances includ-
incremental gains in the country’s east. Asked if the United States ing the “transformer”, a key building

E
would provide the jets, Biden told reporters at the White House very so often a new technol-
on Monday, “No.” REUTERS ogy captures the world’s
imagination. The latest
example, judging by the
White House to end covid-19 chatter in Silicon Valley, as
well as on Wall Street and in corpo-
emergency declarations on May 11 rate corner offices, newsrooms and
The White House will end a pair of covid-19 emergency declara- classrooms around the world, is
tions on May 11, the latest signal that the administration is wind- ChatGPT . In just five days after its
ing down its fight against the virus. The national emergency and unveiling in November the artificially
public health emergency will be extended to that date and then intelligent chatbot, created by a
lifted, the administration said Monday in a statement of policy on startup called OpenAI, drew 1m users,
bills related to the measures. BLOOMBERG making it one of the fastest consum-
er-product launches in history. Mic-
rosoft, which has just invested $10bn
FTX sues Voyager Digital to claw in OpenAI, wants ChatGPT-like pow-
ers, which include generating text,
back $446 mn in loan payments images, music and video that seem
AFP
like they could have been created by
humans, to infuse much of the soft-
ware it sells. On January 26th Google
published a paper describing a simi-
lar model that can create new music
from a text description of a song.
When Alphabet, its parent company,
presents quarterly earnings on Feb-
ruary 2nd, investors will be listening
out for its answer to ChatGPT. On
January 29th Bloomberg reported
that Baidu, a Chinese search giant,
wants to incorporate a chatbot into its
New York: Bankrupt crypto exchange FTX sued crypto search engine in March.
lender Voyager Digital on Monday, seeking to claw back It is too early to say how much of the
$445.8 million in loan repayments that FTX made before early hype is justified. Regardless of the
collapsing into bankruptcy in November 2022. FTX and extent to which the generative AI mod-
Voyager both filed for bankruptcy amid a 2022 collapse els that underpin ChatGPT and its
in cryptocurrency markets, but Voyager’s bankruptcy rivals actually transform business, cul-
preceded FTX’s filing by four months. After Voyager ture and society, however, it is already
filed in July, it demanded repayment of all outstanding transforming how the tech industry
loans to FTX and its affiliate hedge fund Alameda thinks about innovation and its
Research. FTX said in a filing that on Alameda’s behalf, engines—the corporate research labs
it paid Voyager $248.8 million in September and $193.9 which, like OpenAI and Google
million in October. REUTERS Research, are combining big tech’s
processing power with the brain power
of some of computer science’s bright-
China’s electric vehicle giant BYD est sparks. These rival labs—be they
part of big tech firms, affiliated with
in talks to acquire insurer Yi’an them or run by independent startups—
Shanghai: Chinese electric vehicle giant BYD said on Tuesday are engaged in an epic race for AI
it is working on a potential acquisition of Yi’an P&C Insurance Co, supremacy. The result of that race will
an insurer that was seized by Chinese regulators two years ago as determine how quickly the age of AI
part of a crackdown on financial conglomerates. Chinese busi- will dawn for computer users every-
ness publication Caixin reported earlier this month, citing where—and who will dominate it.
unnamed sources, that BYD would fully take over the insurer and Corporate research-and-develop-
would use it to start an insurance business targeting EVs. REUTERS ment (R&D) organisations have long
been a source of scientific advances,
especially in America. A century and a
Boeing to deliver last 747, the half ago Thomas Edison used the pro-
ceeds from his inventions, including
plane that democratized flying the telegraph and the lightbulb, to
New York: Boeing is set to officially bid farewell to the original bankroll his workshop in Menlo Park,
jumbo jet, the 747, as it makes its final commercial delivery of an New Jersey. After the second world
aircraft that democratized flying and serves US presidents. Thou- war, America Inc invested heavily in
sands of current and former employees will converge at Boeing’s basic science in the hope that this
factory in Everett, Washington, in the Northwestern part of the would yield practical products. DuPont
United States for a final sendoff celebration in parallel with the (a maker of chemicals), IBM and Xerox
delivery of a Boeing 747-8 cargo plane to Atlas Air. The existing (which both manufactured hardware)
fleet of planes are expected to fly for decades more, but in ceasing all housed big research laboratories.
747 production more than 50 years after aircraft’s first flight, AFP AT&T’s Bell Labs produced, among
The reason that, at least so far, no model enjoys an unassailable advantage is that AI knowledge diffuses quickly.s
other inventions, the transistor, laser
and the photovoltaic cell, earning its
researchers nine Nobel prizes.
In the late 20th century, though,
corporate R&D became steadily less
about the R than the D. In 2017 Ashish
Arora, an economist, and colleagues
examined the period from 1980 to
2006 and found that firms had
moved away from basic science
towards developing existing ideas.
The reason, Mr Arora and his co-au-
thors argued, was the rising cost of
research and the increasing difficulty
of capturing its fruits. Xerox devel-
oped the icons and windows now
familiar to pc-users but it was Apple
and Microsoft that made most of the
money from it. Science remained
important to innovation, but it
became the dominion of not-for-
profit universities.
THAT RINGS A BELL
The rise of AI is shaking things up
once again. Big corporations are not
the only game in town. Startups such
as Anthropic and Character AI have
built their own ChatGPT challengers.
Stability AI, a startup that has assem-
bled an open-source consortium of
other small firms, universities and
non-profits to pool computing resour-
ces, has created a popular model that
converts text to images. In China, gov-
ernment-backed outfits such as the
Beijing Academy of Artificial Intelli-
gence (BAAI) are pre-eminent.
But almost all recent breakthroughs
in the field globally have come from
large companies, in large part because
they have the computing power. Ama-
zon, whose AI powers its Alexa voice
assistant, and Meta, which made
waves recently when one of its models
beat human players at “Diplomacy”, a
strategy board game, respectively pro-
duce two-thirds and four-fifths as
much AI research as Stanford Univer-
sity, a bastion of computer-science
eggheads. Alphabet and Microsoft
churn out considerably more, and that
is not including DeepMind, Google
Research’s sister lab which the parent
company acquired in 2014, and the
Microsoft-affiliated OpenAI.
Expert opinion varies on who is
actually ahead on the merits. The
Chinese labs, for example, appear to
have a big lead in the subdiscipline of
computer vision, which involves ana-
lysing images, where they are respon-
sible for the largest share of the most
highly cited papers. According to a
ranking devised by Microsoft, the top
five computer-vision teams in the
world are all Chinese. The BAAI has
also built what it says is the world’s
biggest natural-language model, Wu
Dao 2.0. Meta’s “Diplomacy” player,
Cicero, gets kudos for its use of strate-
gic reasoning and deception against
human opponents. DeepMind’s mod-
els have beat human champions at
Go, a notoriously difficult board
game, and can predict the shape of
proteins, a long-standing challenge in
the life sciences.
All these are jaw-dropping feats.
Still, when it comes to the “genera-
tive” AI that is all the rage thanks to
ChatGPT, the biggest battle is
between Microsoft and Alphabet. To
get a sense of whose tech is superior,
The Economist has put both firms’
AIs through their paces. With the
help of an engineer at Google, we
asked ChatGPT, based on an OpenAI
model called GPT-3.5, and Google’s
yet-to-be launched chatbot, built
upon one called LaMDA, a broad
array of questions. These included
ten problems from an American
mathematics competition (“Find the
AFP
number of ordered pairs of prime
numbers that sum to 60”), and ten
reading questions from the SAT, an
American school-leavers’ exam
(“Read the passage and determine
which choice best describes what
happens in it”). To spice things up, we
also asked each model for some dat-
ing advice (“Given the following con-
versation from a dating app, what is
the best way to ask someone out on a
first date?”).
Neither AI was clearly superior.
Google’s was slightly better at maths,
answering five questions correctly,
compared with three for ChatGPT.
Their dating advice was uneven: fed
some actual exchanges in a dating app
each gave specific suggestions on one
occasion, and generic platitudes such
as “be open minded” and “communi-
cate effectively” on another.
ChatGPT, meanwhile, answered nine
SAT questions correctly compared
with seven for its Google rival. It also
appeared more responsive to our
feedback and got a few questions
right on a second try. Another test by
Riley Goodside of Scale AI, an AI
startup, suggests Anthropic’s chat-
bot, Claude, might perform better
than ChatGPT at realistic-sounding
conversation, though it performs
worse at generating computer code.
The reason that, at least so far, no
model enjoys an unassailable advan-
tage is that AI knowledge diffuses
quickly. The researchers from all the
competing labs “all hang out with
each other”, says David Ha of Stability
AI. Many, like Mr Ha, who used to
work at Google, move between orga-
nisations, bringing their expertise
and experience with them. Moreover,
since the best AI brains are scientists
at heart, they often made their defec-
tion to the private sector conditional
block in ai models, giving its rivals a
leg-up. (The “t” in Chatgpt stands for
transformer.) As a result of all this,
reckons Yann LeCun, Meta’s top AI
boffin, “Nobody is ahead of anybody
else by more than two to six months.”
These are, though, early days. The
labs may not remain neck-and-neck
for ever. One variable that may help
determine the ultimate outcome of
the contest is how they are organised.
OpenAI, a small startup with few reve-
nue streams to protect, may find itself
with more latitude than its competi-
tors to release its products to the pub-
lic. That in turn is generating tonnes of
user data that could make its models
better (“reinforcement learning with
human feedback”, if you must
know)—and thus attract more users.
This early-mover advantage could
be self-reinforcing in another way,
too. Insiders note that OpenAI’s rapid
progress in recent years has allowed
it to poach a handful of experts from
rivals including DeepMind, which
despite its various achievements may
launch a version of its chatbot, called
Sparrow, only later this year. To keep
up, Alphabet, Amazon and Meta may
need to rediscover their ability to
move fast and break things—a deli-
cate task given all the regulatory scru-
tiny they are receiving from govern-
ments around the world.
Another deciding factor may be the
path of technological development.
So far in generative AI, bigger has
been better. That has given rich tech
giants a huge advantage. But size may
not be everything in the future. For
one thing, there are limits to how big
the models can conceivably get.
Epoch, a non-profit research insti-
tute, estimates that at current rates,
big language models will run out of
high-quality text on the internet by
2026 (though other less-tapped for-
mats, like video, will remain abun-
dant for a while). More important, as
Mr Ha of Stability AI points out, there
are ways to fine-tune a model to a spe-
cific task that “dramatically reduce
the need to scale up”. And novel
methods to do more with less are
being developed all the time.
The capital flowing into genera-
tive-AI startups, which last year col-
lectively raised $2.7bn in 110 deals,
suggests that venture capitalists are
betting that not all the value will be
captured by big tech. Alphabet, Mic-
rosoft, their fellow technology titans
and the Chinese Communist Party
will all try to prove these investors
wrong. The AI race is only just getting
started.
©2023 THE ECONOMIST NEWSPAPER LIM-
ITED. ALL RIGHTS RESERVED.

The world’s next big inflation Italy’s

surprise is looming in China economy
Bloomberg
contracts by
feedback@livemint.com
0.1% in Q4
C
hina’s reopening is set
to provide a welcome Reuters
boost to global growth, feedback@livemint.com
offsetting weakness in Europe ROME
and a looming recession in the

I
US. But unlike in 2009, when taly’s economy shrank by
China’s four-trillion-yuan 0.1% in the fourth quarter of
stimulus helped kickstart a last year from the previous
recovery from the Lehman three months, preliminary
slump, in 2023 there’s a catch data showed on Tuesday, a
— a boost to inflation at exactly Kristalina Georgieva, managing director of the IMF BLOOMBERG slightly smaller contraction
the moment the Federal than expected but still raising
Reserve and other central China outperforms, with modity markets, while service fears of recession.
banks race to bring it back growth surging to 6.7%, the industries and retail prepare On a year-on-year basis,
under control. boost would be closer to two for the return of Chinese con- fourth quarter gross domestic
That’s why Kristalina Geor- percentage points. sumers. product in the euro zone’s
gieva, the head of the Interna- Against a backdrop of con- Copper prices have raced third largest economy was up
tional Monetary Fund, said sumer price inflation that above $9,000 a ton and Chi- 1.7%, national statistics bureau
this month that China’s pivot recently touched 9.1% in the nese oil consumption is fore- ISTAT said.
from covid zero is probably the US and 10.6% in the euro area, cast to hit a record this year. A Reuters survey of 23 ana-
single most important factor that might not seem like much. Air New Zealand is adding lysts had forecast a 0.2% quar-
for global growth in 2023, but In the context of central banks flights to Shanghai. Shares in terly decline and a 1.6% rise
cautioned on what it might laser-focused on getting price luxury retailer LVMH Moet compared with the year ear-
mean for inflation. gains back to their 2% target, it Hennessy Louis Vuitton SE lier. Over the whole of last
“What if the matters a lot. If have rallied, and Swatch year, GDP growth, adjusted for
good news of China’s reopening China’s rebound Group said it could hit record the number of working days,
China growing is even tipped keeps US inflation sales as China rebounds. came in at 3.9%.
faster translates to shorten the stuck around 5% China’s reopening is even Looking ahead, the outlook
into oil and gas UK’s recession in the second tipped to shorten the UK’s has been clouded by sky-high
prices jumping
as high-spending quarter — which recession as high-spending inflation and energy costs,
up, putting pres- our model sug- tourists return. exacerbated by the war in
sure on infla- tourists gests is possible — For sure, China’s rebound Ukraine, which have sapped
tion?” she said at return that might frus- won’t be linear. The sudden business and consumer confi-
the World Eco- trate expectations exit from covid zero in the final dence, crimped investments
nomic Forum in for the Fed to halt weeks of 2022 triggered an and hit families’ spending
Davos. hikes at its May meeting. immediate slump in activity. power. Rome is officially fore-
Bloomberg Economics For the rest of the world, the Lack of transparency over casting full-year growth of just
forecasts an acceleration in difference between China in a infection and fatality rates 0.6% this year.
China’s GDP from 3% in 2022 lockdown slump and China in adds uncertainty to public The Treasury estimated in
to 5.8% in 2023. Modeling the a reopening boom is an addi- health costs and the economic November that the economy
relation between China’s tional $500 billion in demand outlook. Neither is it clear that would contract in the fourth
growth, energy prices and — the equivalent of adding the China has the pent-up demand quarter of last year and also in
global inflation suggests that spending power of another seen in other major econo- the first quarter of 2023,
could lift consumer prices by Nigeria to the global economy. mies, given Beijing’s relatively dumping the country in reces-
close to a full percentage point Already, anticipation of that restrained stimulus through sion - defined as two consecu-
in the final quarter of 2023. If extra demand is lifting com- the pandemic. tive quarters of falling GDP.
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rePorTAGe | TAlkING PoINTS | IDeAS | INSIGhT | The boTToM lINe

WHAT THE MIDDLE CLASS

exPeCTS FroM ThIS buDGeT
The findings of a nationwide CVoter survey augur well for the Modi regime’s 2024 hopes.

Many economists and tax experts, among others, want the government to raise the income tax exemption limit to at least ₹5 lakh per year. MINT

Yashwant Deshmukh dom of the ordinary Indian. A substantial 27% also did not have any
feedback@livemint.com response to this specific query.
mint
SHORT
GREAT EXPECTATIONS
NeW DelHi I-T EXEMPTION HOPES STORY Here is what respondents to CVoter surveys have to say about the

L et’s first deal with income tax (I-T), LOWERED EXPECTATIONS government’s performance and their expectations on various issues.

F R
ive things become very clear which most engages the minds of egimes are considered lucky when How has the Centre delivered on the In the last one year, did the state of
when one studies the responses middle class consumers of serious media expectation levels are relatively low. WHAT economic front so far? inflation have an adverse effect/bad
of ordinary Indians to questions platforms like this one. Collectively, three One advantage of conducting the same Responses (in %) impact on your quality of life?
related to the Union Budget. The out of four Indians think that a monthly kind of surveys over a long period of time A majority of Indians think that Much better Just as Worse than Responses (in %)
first is that the current National income of ₹30,000 to ₹1 lakh is necessary is that they give you valuable insights into they have somehow tided over than expected expected expected
Chart 2 Too much Little bit Not at all
Democratic Alliance (NDA) regime is to sustain an average quality of life for a the minds of citizens and voters. On that the severe economic crises that 80
Under Modi/ Under Modi/ 100
lucky, in the sense that expectations are family of four. While 22.2% think a front, there is no doubt that this regime is have hit them and their families Jaitley Sitharaman
60 Under Singh/
not very high. monthly income of ₹30,000-40,000 is lucky, whatever be the reasons. In 2013, since 2020, forgetting the hard Chidambaram 75
Second, ordinary Indians are split right good enough, 29.3% believe ₹40,000 75% of the respondents had stated that days before the pandemic. 40
50
down the middle when it comes to expec- -50,000 is necessary, and 21.9% think it the performance of the central govern-
tations related to ‘freebies’ or welfare will take ₹50,000 to ₹1 lakh per month to ment on economic issues under Manmo- 20 25
schemes —‘revdis’ as prime minister Nar- sustain a decent quality of life. han Singh and Chidambaram was worse AND 0
Chart 1
0
endra Modi describes them. Third is that If you take a weighted average of the than expected, while a meagre 5.8% 2010 2023 2013 2023
a majority of Indians find it difficult to ‘verbatim’ responses, an annual income thought it was better than expected. The economic shocks since the
manage household budgets because of of ₹6.25 lakh is considered necessary to Everyone knows the electoral calamity pandemic have made financial In the last one year, your personal income... How much income per
stagnant or declining incomes and high sustain a decent standard of living for a that struck the United Progressive Alli- year 2019-20, perhaps the worst year is required for an
Responses (in %) Chart 3
inflation. The fourth is that a huge major- family of four. ance (UPA) regime in the year after the of the decade with GDP growth "average" quality of life
at an abysmal 4%, a distant ...went down, ...went down, ...is unchanged,
ity of Indians think that income tax A big majority of Indians want zero 2013 Union Budget. expenses went up expenses unchanged expenses went up for a family of four?
exemption limits should income taxes on annual What about 2023? Surprisingly, a third memory for most Indians. ...is unchanged, ...increased, ...increased, expenses Average response (figures in  lakh)
be raised but are not incomes of up to ₹6.25 of the respondents state that the perform- so are expenses so did expenses went down or are unchanged 7 6.64
Chart 4
very sure if finance min- Three out of four Indians think lakh. Currently, the ance of the central government on eco- 2019
6
ister Nirmala Sithara- that a monthly income of income tax exemption nomic issues is worse than expected, NOW 2020
5
man will deliver on that limit is ₹2.5 lakh per while about 44% rate their performance as 4
front. ₹30,000 to ₹1 lakh is annum, which was set by better than expected. How many politi- Nirmala Sitharaman has been 2021 3
The fifth trend could Jaitley in the 2014 Bud- cians can expect this after the economy, rated the best finance minister 2
necessary to sustain an since 2004 and P. Chidambaram,
2022
prove to be a blessing get. The CVoter tracker which was already in a slowdown, was bat- 2023
1
for the regime as it average quality of life for a in that year had reported tered by the covid pandemic and then the worst. For the Modi regime, 0
0 25 50 75 100 2012 2023
presents its 10th Union ₹4 lakh per annum as the bruised again while recovering because of that augurs well as it gears up for
Budget on 1 February, family of four. sum expected to be tax global headwinds? re-election next year. Charts by Shuja Asrar Source: Mint-CVoter pre-budget poll 2023, CVoter Budget Tracker (2010 to 2023)

the last full one before free. The gap between SATISH KUMAR/MINT

the Lok Sabha elections in 2024: despite the provision of ₹2.5 lakh and expecta- THE FOLLY OF FREEBIES
persistent economic woes, ordinary Indi- tion of ₹4 lakh wasn’t that huge 10 years
ans rate economic management under back. But the gap between ₹2.5 lakh and
Sitharaman better than most finance min- ₹6.25 lakh is huge in comparison with
T he second trend, related to freebies,
does not really need a detailed analy-
sis. The various promises made by the
the Congress has announced it will bring
back the old pension scheme in Karna-
taka if it wins the assembly elections due
There is more. Three out of every five and the county were moving in the right
Indians (60%) said in January 2023 that direction, while just 25% felt that both
inflation under Modi’s regime has gone were in poor shape.
isters, followed by the late Arun Jaitley what was expected almost a decade back. Aam Aadmi Party and the decision of Con- later this year. Early indicators do point up, compared to 17.2% back in 2015. Simi- A majority of Indians think that they
and Pranab Mukherjee. The much cele- Many economists, tax experts and others gress governments in various states to towards a Congress comeback in Karna- larly, four out of every five Indians think have somehow tided over the severe
brated P. Chidambaram is rated the worst want the limit raised to at least ₹5 lakh per bring back the old pension scheme for taka. that inflation has had an adverse impact economic crises since 2020. Economic
of the lot. year. government officials have triggered a on the quality of their life. And three out of and other shocks since early 2020 have
CVoter conducted a series of surveys Now, here is what respondents have fresh bout of debates on the fiscal BATTERED BUT OPTIMISTIC every five respondents prompted many Indi-
across India with specially designed ques- said about expectations. They were asked
tions related to quality of life, standard of if they expect Sitharaman to raise exemp-
living, inflationary expectations, welfare tion limits for personal income tax in the
(ir)responsibility of such freebies. Even
noted economist Montek Singh Ahlu-
walia, who has seen the Indian economy
T he third trend is the most significant
and provides deep insights into the
psychology of ordinary Indians, who also
said their household
expenses have shot up,
while family incomes
37% of the respondents
blame poor economic
ans to forget that finan-
cial year 2019-20 was
perhaps the worst of the
schemes, personal income taxes, the forthcoming Budget. While 36.9% of the transform since the historic reforms of happen to be voters. A big majority feel have either stagnated or decade, with GDP
global fears of an economic recession, and respondents expected her to raise the 1991, thinks that such freebies are terrible bruised and battered by their current eco- declined. And yet, the policies for high inflation growth at an abysmal
much more. Cumulatively, more than limit, 35.2% had no expectations whatso- for the long-term health of both the econ- nomic circumstances. Yet, they share a sense of positivity and while more than 43% 4%. That was before the
20,000 respondents answered the ques- ever. Besides, a fairly high proportion omy and state finances. An overwhelming sense of optimism that could defy conven- optimism is astonishing. pandemic.
tions posed by the CVoter team. These (27.9%) responded by stating they did not majority of economists share the views tional logic. Asked about the stan- blame such policies for There is another tell-
respondents are representative of the know or cannot share their opinions. So and concerns expressed by Ahluwalia. The CVoter Daily Tracker asked a dard of living of the aver- ing data point. While
demographic, ethnic and socio-economic much for income tax exemption limits. However, the ordinary Indian citizen- straightforward question related to man- age Indian over the past high unemployment. 37% of the respondents
diversity of India. Almost two in three Indian middle class cum-voter seems split almost right down aging family finances: How do you com- year, a little more than a blame poor economic
Some responses are also based on respondents have virtually given up hopes the middle on the issue. While 47% of pare your current daily expenses to last third said it has deteriorated, while an policies for high inflation, more than
questions specifically designed for a of getting any tax relief whatsoever. Even respondents expect populist schemes in year? One year into the second NDA equal proportion thinks it has improved. 43% blame such policies for high unem-
quarterly report on consumer optimism. when it comes to the possibility of a drop the forthcoming Budget in view of the regime in 2015, about 45% of the respon- When asked about expectations on the ployment. Such numbers would sound
If you are an ivory tower economist with in income tax rates, the expectation levels series of assembly elections due in 2023 dents stated categorically that they found standard of living over the coming year, alarm bells for any finance minister in
ideological blinkers, you could be temp- from ordinary Indians are not very high. followed by the Lok Sabha elections in higher expenses difficult to manage. By more than 45% are confident it will normal times. Yet, as highlighted earlier,
ted to question the wisdom of ordinary Respondents were asked: Sitharaman has 2024, more than 20% have no such 2020 when the covid pandemic hit India improve, while one in four respondents Sitharaman has been rated as the best
Indian citizens/voters because of their significantly cut corporate tax rates in expectations and almost a third of the and the world, 70% of Indians found it dif- thinks it will deteriorate. finance minister since 2004. For the
seemingly paradoxical approach to eco- recent times. Do you expect her to also cut respondents did not have any opinion on ficult to manage expenses. Things haven’t In the exclusive quarterly consumer Modi regime, that just augurs well for
nomic and political issues. If you are a income tax rates in this Budget? While the issue. improved much since then as two thirds of optimism report prepared by CVoter, 2024.
grassroots political worker, you would 36.5% of the respondents were hopeful of For better or for worse, the freebie cul- the respondents still think it is very diffi- about 47% of the respondents were of the (Yashwant Deshmukh is the founder of
understand and applaud the innate wis- a cut, 36.8% nurture no such expectations. ture has entered the political lexicon as cult to manage expenses. opinion in January 2023 that both they CVoter Foundation)
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How section 80C of I-T Act has What finance ministers

have said in the past

fallen out of sync with inflation

MANMOHAN SINGH
Budget 1991-92
Context: No rate cuts announced
Professor Kaldor once observed that no civilized
society should have a maximum marginal rate of
income tax higher than 45%. In the midst of a fiscal
crisis, however, such a change is not feasible. We
must wait for better times (for rate cuts).

P. CHIDAMBARAM
Budget 1997-98
The cost inflation index doubled between 2005 and 2014 whereas the 80C limit was increased by a mere 50% Context: Tax rate cuts announced
If we look at comparative income-tax slabs
in other developing Asian countries, it will be
evident that tax rates in India are still high and
Shipra Singh additional investments for the pur- constitute an important reason for tax evasion. I
have, therefore, decided to lower the rates of personal income-tax
shipra.singh@livemint.com
All about 80C pose of tax-saving.
Mumbai-based Preeti Grover
across-the-board

A
head of Wednesday’s
Union Budget presenta-
tion, Agra-based Punit
Chahar has a special
request. He wants the
finance minister to increase the
deduction limit under section 80C of
the Income Tax (I-T) Act to align it
with inflation. The 47-year-old busi-
nessman claims about ₹1.12 lakh—the
amount he pays towards his chil-
dren’s school tuition fees—as deduc-
tion under 80C. But that alone takes
up about 75% of the total ₹1.5 lakh
investment limit available under the
section when filing I-T returns and
doesn’t leave room for other invest-
ments
“When I claimed deductions under
80C for the first time nine years back,
my children’s tuition fee was
₹22,000. Inflation has pushed up the
fees by five times but the investment
limit under section 80C has remained
unchanged,” he said.
Chahar is right. The last time the
80C limit was increased was in 2014—
from ₹1 lakh to ₹1.5 lakh. This hike
itself came after nine years but it was
not in line with inflation. The Cost
Inflation Index (CII) saw an increase
of 105% between 2005 and 2014
whereas the 80C investment limit
was increased by a mere 50%.
“I hope the government increases
the limit to at least ₹2.5 lakh,” said
Chahar. The Institute of Chartered
Accountants of India (ICAI), in its pre-
budget memorandum 2023, has also
suggested that the deduction limit
under section 80C be increased to
₹2.5 lakh. ICAI said the hike will pro-
vide savings opportunities to taxpay-
ers, which was also the original
thought behind introducing section
80C.
“Section 80C was introduced in
1968 with the purpose of allowing tax
relief to individuals and Hindu Undi-
vided Families (HUFs) through the
provision of deductions from their
gross total income for specified
investments and expenses,” said Sujit
Bangar, founder of Taxbuddy.com.
After several modifications over the
years, 80C in its current form was
introduced in 2005 by then finance
minister P. Chidambaram.
“...it is necessary to encourage sav-
ings, and tax relief is a method to
induce people to save. Further, I
think that the State must be neutral
between one form of saving and
another, and allow the taxpayer
greater flexibility in making savings/
investment decisions. For all these
reasons, in addition to the basic
exemption limits, I propose to allow
Mahajan’s is a case in point. Her con- YASHWANT SINHA
The history of section 80C How taxpayers utilise their deduction limit Budget 1998-99
tributions in public provident fund
Introduced in 1967 Finance Bill. Context: Introduction of one-page tax return
(PPF) and employees provident fund We must recognize that the cumbersome nature of
Deduction limit - lesser of: a) 30% of the gross total income
b) 15,000 (30,000 for HUF).
(EPF) in a financial year totals up to our income tax forms, coupled with complex
Included life insurance premiums, contribution towards PF, about ₹1.5 lakh. She used to claim procedures, is a serious deterrent to an honest
bank FDs deduction on investment made in individual in becoming an assessee. I, therefore,
propose to introduce, for the first time, a simple one-page taxpayer-
Budget 1989: Repayment towards housing loan and NSC Equity Linked Savings Scheme friendly return form to be hereinafter called, ‘SARAL’, applicable to all
introduced under 80C (ELSS) in the past, but over the years, non-corporate taxpayers.
Budget 1990: Replaced 80C with section 88, which offered with increase in her income and
rebate on the same investments in place of deduction simultaneous increase in EPF contri- YASHWANT SINHA
Rebate limit - 20% of total savings amount, maximum Budget 2001-02
10,000 rebate allowed.
bution, ELSS no longer forms a part Context: Removal of surcharge
of her 80C plan. Mahajan’s term plan While imposing the surcharge of 10% in my budget of 1999-2000, I had
Budget 2005: Rebate provision revoked and deductions
under 80C re-introduced premiums also qualify for 80C promised that this would be a temporary levy. However, I was con-
Deduction limit: 1 lakh Preeti Grover Mahajan Punit Chahar deduction, but she is unable to utilize strained to increase the surcharge at the higher income levels to 15%
40, Salaried 47, Businessman due to the unexpected expenditure burden of Kargil. I now, propose to
ELSS, pension plans and Ulips included under 80C that as well. remove all surcharges payable, except 2% for relief to quake-hit areas
Budget 2014: Section 80C limit increased to 1.5 lakh How she utilizes 80C How he utilizes 80C “For high income earners, the ₹1.5 of Gujarat.
Source: Taxbuddy, budget papers PPF, EPF - 100% 2 children's tuition fee - 75% lakh ceiling is a drop in the ocean.
Other investments that fall Life insurance premium - 25% Despite making large investments, JASWANT SINGH
Lagging behind inflation under 80C but she can't utilise most of them remain taxable for me. Budget 2003-04
Increase in the investment limit under 80C is not in line 8 years back I claimed Context: Hike in standard deduction
due to 1.5 lakh cap - Term plan The investment limit under section
with spike in inflation premium, ELSS 22,000 towards A constant refrain of the salaried has been limited
Increase in CII Increase in 80C limit children's fee which is 80C can be increased to ₹3 lakh,” said standard deduction for income tax purposes. It is
For high income earners, now 1.12 lakh. It's high 40-year-old Mahajan. asserted that as a group they consistently demon-
105% 1.5 lakh ceiling is a drop strate the best tax compliance. I agree, they do. It is,
2005-2014 time 80C limit There has also been a long standing therefore, proposed to raise the standard deduction.
50% in the ocean. It can easily
increased. demand to declutter section 80C and
2014-2022 38% be increased to 3 lakh. allow separate deductions for some P. CHIDAMBARAM
0% essential expenses, such as the pre- Budget 2004-05
Context: Introduction of education cess
mium payments for life insurance I propose to levy a cess of 2%. The whole of the amount collected as
The 80C clutter policies. “We advise our clients to buy cess will be earmarked for education, which will naturally include
About 19 investment options and expenditures are clubbed under the pure term insurance irrespective of providing a nutritious cooked midday meal.
current 1.5 lakh 80C ceiling, limiting the scope of investments for taxpayers whether they are able to claim a
Investment options P. CHIDAMBARAM
deduction on it or not. Offering tax Budget 2008-09
 EPF EPF will exhaust the sops on term plans through separate Context: Hike in exemption limit
 PPF entire 80C limit of deduction, as is the case with medical I recall the budget speech of 1997. I believe that boldness pays. I also
1.5 lakh for a salaried insurance premium, will encourage believe that trust will beget trust, moderation will beget revenues and
 Sukanya Samriddhi Yojana Scheme
individual with basic fairness will beget compliance. Income tax payers have made out a
 ELSS people to buy it,” said Ashar. persuasive case for some relief. I propose to increase the threshold
salary of about
 5-year tax saving FD 6 lakh* A consolidated limit by combining limit of exemption (to ₹1.5 lakh from ₹1.1 lakh).
most major savings options and
 National Saving Certificate (NSC) PRANAB MUKHERJEE
expenses under section 80C was
 Senior Citizen Saving Scheme Budget 2012-13
introduced only in 2005, prior to Context – Enhancing exemption limit
 Unit Linked Insurance Plans (Ulips) which separate deductions with dif- Although Direct Tax Code will not be effective this
 NPS Annual tuition fee per ferent limits were available on ELSS year, I propose to introduce the DTC rates for
*assuming employer contributes 12% child for upper primary funds and pension plans, among personal income tax. I propose to enhance the
school education can exemption limit for the general category of individ-
Expenditures
range from 40,000 to other options. ual taxpayers from ₹1.8 lakh to ₹2 lakh.
 Life insurance premium 60,000, eating up half Over the years, income tax laws
 Children's tuition fees the tax deduction have combined most major savings P. CHIDAMBARAM
0.5-1% registration fee options and expenses under a single Budget 2013-14
 Principal repayment of home loan
and 4-7% stamp duty can Context – Re-introduction of surcharge for HNIs
 Stamp duty, registration charges in home purchase easily exhaust 80C limit
ceiling of section 80C. This is not the When I need to raise resources, who can I go to except those who are
 Contribution in annuity plans of LIC for the year when a case in most other countries (see relatively well-placed in society? There are 42,800 persons —let me
taxpayer buys a property graphic). For instance, in the US, con- repeat, only 42,800 persons—who admitted to a taxable income
tributions to an individual retirement exceeding ₹1 cr per year. I propose to impose a surcharge of 10%
(for one year) on persons whose taxable income exceeds ₹1 cr per year.
What the other countries are offering account of up to $6,000 (₹4.9 lakh) is
1.5 lakh=$1,839 deductible. Over and above this, tax- ARUN JAITLEY
US Germany China Japan payers can opt for flat standard Budget 2017-18
Contribution up to Premiums under contracts for life,  Children’s education:  Social insurance premiums deduction that ranges from $12,550 Context – Reduction in tax rate
$6,000 to individual health, accident or liability insurance, $148 per month per are fully deductible An argument is made that if a nominal rate of
(₹10.25 lakh) to $25,100 and full taxation is kept for lower slab, many more people
retirement account (IRA) and compulsory payments to qualified child  Life insurance premiums deduction on certain expenditure,
($7,000 if age 50 or older various forms of social security are will prefer to come within the tax net. I, therefore,
 Continued education deductible up to $306 including medical expenses, interest propose to reduce the existing rate of taxation for
at the end of 2021) deductible as special expenses for skilled professional:
 Individual pension premiums expenses towards home mortgage individual assesses between income of ₹2.5 lakh to ₹5 lakh to 5% from
within certain limits $533 per year deductible up to $306 10%.
All figures converted to $ Source : EY India
and investments, charitable contri-
butions and gambling losses. NIRMALA SITHARAMAN
Similarly, in Japan, separate tax Budget 2020-21
every taxpayer a consolidated limit of investments has decreased over the Kalpesh Ashar, founder, Full Circle deductions of 40,000 yen (₹25,120) Context – Introduction of new tax regime
Currently, the I-T Act is riddled with various exemp-
₹1 lakh for savings which will be years due to inflation. So, a big Financial Planners and Advisors, and each are offered on life insurance pre- tions and deductions which make compliance by
deducted from the income before tax expenditure, such as registration fee a Sebi Registered Investment Advisor mium, pension premium and nursing the taxpayer a burdensome process. I propose to
is calculated,” Chidambaram said in and stamp duty towards a home pur- (RIA), said for high-income earners, care insurance premium and up to bring a new and simplified personal income tax
his speech. chase or children’s tuition fees, can mandatory provident fund (PF) con- 50,000 yen for earthquake insurance regime wherein income tax rates will be significantly reduced for
individual taxpayers who forgo certain deductions and exemptions.
But, the current limit of ₹1.5 lakh is take up the entire ₹1.5 lakh limit in a tributions alone max out the 80C contracts. Social insurance premiums
inadequate given that the value of financial year. limit and there is no scope to make are fully deductible in Japan. Compiled by Satya Sontanam

Top 15 health plans for you How do I claim gratuity from an ex-employer?
ISTOCK
How do you buy a health out-of-pocket expenses from hospitalization (product rating) Suyash Srivastava
insurance plan? With numerous and (b) smoothest claim settlement (claims rating) to generate parties as well as upon exami-
products, plan options, and all the overall rating. nation of witness, evidence,
the complicated fine print, This overall rating can then be compared with the premium I worked with a midsize documents etc., the control-
comparing insurance can be affordability rating to evaluate suitable plans, based on the private company from ling authority will share its
mint quite a daunting task.
To simplify and empower
individual preference of the reader.
For the purpose of ratings, we have considered indemni-
April 2010 to October 2015. finding with the parties. If the
I was eligible for gratuity finding is in favour of the
INSURANCE RATINGS quicker decision-making, Mint in ty-based comprehensive family floater hospitalization plans since I had worked there employee, the controlling
association with Beshak.org, an available online. The premium affordability rating is indicative. for around five-and-a-half authority will issue a notice to
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company, it is yet to clear amount within a period of 30
refreshed version 2.0 of our erstwhile mediclaim rating. The full
ratings can be seen at: https://bit.ly/3ztmodF. my gratuity. Even personal days from the date of its
The below table is a summary/extract of the messages to the firm’s pro- receipt.
In today’s edition, we list the top 15 health insurance plans detailed rating on livemint.com. Scan the QR code
for people below 65. to check out the detailed Mint Beshak Insurance moters were of no avail. In case of non-compliance
These plans have been first stacked for two critical Rating including the scoring methodology. The company did not of direction to pay gratuity, the
outcomes with respect to health insurance (a) lowest make any provision in its employee may file an applica-
accounts for gratuity, tion for its recovery.
Product Claims track Overall
Premium where again both the com- The controlling authority is
affordability pany and the auditor which responsible for the adminis-
rating* record rating
rating
rating* certified the accounts seem tration of the act and a claim
to have erred. The com- ASK MINT on the steps that I can take for gratuity may be filed before
HDFC Ergo - Optima Secure 5.0 4.7 4.9 4.0 pany, however settled gra- m LEGAL to recover my gratuity it. No fee is prescribed under
HDFC Ergo - Optima Restore 4.7 4.7 4.7 4.0 tuity dues to a couple of from the company? the act for filing of such claim;
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Reliance General - Health Gain (Power) 4.7 4.3 4.6 3.5 payment under a head the company is liable to tion cost.
Manipal Cigna - ProHealth Prime (Advantage) 4.7 4.0 4.6 4.0 other than gratuity during make gratuity payments. I The employee may file a Litigating against ex-em-
ICICI Lombard - Complete Health Insurance (Health Elite) 4.5 5.0 4.6 4.5 the same period from Octo- have not taken any legal claim before the jurisdictional ployer necessarily may not
ber 2015 to around 2016. action against the company ‘controlling authority’ within a have an adverse impact if a
Niva Bupa - Health ReAssure 4.6 4.1 4.5 3.0 After the company realized nor have I complained so period of 90 days from the genuine claim / case has been
Care Insurance - Care Supreme 4.6 4.0 4.5 3.0 that it is liable to make gra- far to any regulatory date of severance of employ- filed by the employee for
Magma HDI - One Health (Premium) 4.3 5.0 4.4 4.5 tuity payments, it started authority. ment. The term ‘controlling enforcing his / her legal right
deducting an amount from Recently I have obtained authority’ is defined under the and a disclosure to that effect
Aditya Birla - Activ Fit (Preferred) 4.6 3.7 4.4 3.5 the salary towards gratuity an experience certificate gratuity law to mean an has been made to the prospec-
Royal Sundaram - Lifeline (Supreme) 4.4 4.4 4.4 2.5 contribution, making it a from the company. I want authority appointed by the tive employer.
Niva Bupa - Health Companion 4.4 4.1 4.4 3.5 part of the CTC for existing to know if there is a certain appropriate government Suyash Srivastava is partner
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tion to prove that the com- where I can complain Any delay in filing the claim queries at
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and get them answered by
tuity payments, but consid- there any cost involved? cause is shown by the
Note: The higher the rating, the better the plan is. However, in the case of the premium affordability ratings, the higher the ratings, the more expensive the plan will be. industry experts.
ering the above, I infer that Can you please guide me employee. After hearing the
This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 14 WEDNESDay, 1 FEbruary 2023
NEW DElhi VIEWS LIVEMINT.COM

OUR VIEW MY VIEW | On THe OTHer HanD

PTI

The Economic Survey’s growth

forecast is a little too optimistic
Weaker conditions ahead locally and overseas make sub-6% growth more likely than its projection

growth of private consumption. come down, it is still nowhere near their

Second, the economy has seen a
K-shaped recovery, which is visible
through different data points. Two-
wheelers, as the Economic Survey points
out, have “witnessed the lowest sales in
the last ten years”. Two-wheelers are
probably the second- or the third-most
expensive thing that individuals buy
VIVEK KAUL during their lifetime. The current low
is the author of ‘Bad Money’. appetite for them suggests that sections
of the population aren’t doing well on
the income front.
Further, the rural economy, despite
targeted 2%. Second, these central banks
have been gradually withdrawing the
money they had printed and pumped
into the financial system. This will keep
long-term interest rates high and dis-
courage consumption, hurting their
imports and our exports. Third, a major
reason for the jump in consumer
demand across the rich world was
the fact that the money printed was
indirectly handed over to governments.
They deposited that money into the
bank accounts of people. This pushed up

An economic overview
some improvement, isn’t out of the consumer demand in 2020 and 2021,
woods yet. The work demanded by but this isn’t going to happen anymore.

T
he Economic Survey has projected households under the Mahatma Gandhi So, what needs to be done? The survey
growth of 6.5% in 2023-24. Other National Rural Employment Guarantee suggests that “it is essential that [capital
than making a specific forecast, it Scheme in 2022 was 26% higher than in expenditure] continues to grow to facili-

that scores on cogency also said that the “GDP growth will prob-
ably lie in the range of 6.0% to 6.8%.”
This is expected to follow 2022-23’s
7% growth, as per the first advance esti-
2018 and 17% higher than in 2019.
Clearly, our rural economy is struggling,
even though the work demanded in
2022 was 15% lower than in 2021.
tate employment, at least until such time
the global economy rebounds”. As per
the International Monetary Fund’s
World Economic Outlook, global growth
mate. The survey notes that the Indian Also, data from the annual Periodic will slow to 2.7% in 2023 from 3.2% in
economy “appears to have moved on Labour Force Survey 2020-21 tells us 2022. The World Trade Organisation
V. Anantha Nageswaran’s first survey since he took over as CEA is refreshingly to-the-point after its encounter with the [covid] pan- that India’s labour force participation forecasts that growth in global trade will
demic”, despite the challenge of high rate has risen, suggesting some eco- slow to 1% in 2023 from 3.5% in 2022.
and makes a few valuable arguments to take debates on key economic challenges forward inflation along with the war in Ukraine. nomic recovery. Nonetheless, almost all Hence, as per the survey, “the private
This recovery is thanks to three major this increase is thanks to higher farm sector has all the necessary pre-condi-
factors: a rebound in private consump- employment. Economic history suggests tions lined up to step up… and do the
tion aided by a release of “pent-up” that as countries develop, their workfor- [capital expenditure] heavy lifting”.

T
he annual Economic Survey
released a day ahead of the Union
budget has mostly been of appeal to
policymakers and economy wonks.
Efforts have been made in recent
years by successive chief economic
advisers, who lead the exercise, to reach a wider
readership. One of Arvind Subramanian’s sur-
veys memorably had gender equity as its theme,
while K.V. Subramanian went for nudge theory
in a survey sprinkled with ancient quotations.
The latest one for 2022-23 under the charge of
V. Anantha Nageswaran—his first since taking
office as CEA—has clipped the document back
to shape. He has widened its coverage, with
detailed chapters on climate change and the
social sector, but exerted enough bloat control
in key areas to offer a read that is refreshingly
to-the-point. It relies on clarity and coherence
to make itself accessible, offers a well-selected
data trove, and, above all, places our economic
story in a global context with the realism this
aspect deserves. In terms of analysis, this would
qualify as its strong suit.
must still pursue fiscal consolidation. On this, demand, a surge in exports in the initial ces move away from agriculture into This is true to some extent. The balance
the survey makes a point that could sound months of 2022-23, and the increase in more productive jobs in manufacturing sheets of companies and banks are better
government capital expenditure. and construction. Further, there is huge than they were in the past.
counter-intuitive. “Fiscal discipline translates Further, the survey notes that “the disguised unemployment in agriculture. Nonetheless, private corporations
into a fiscal stimulus for all sections of the pent-up release of demand will have a Another factor that has negatively tend to invest when they expect strong
economy through lower interest rates,” it states, finite life” and export-growth is plateau- impacted consumption in rural areas is and robust consumer demand. As
arguing that emerging economies may have ing. So, two of the three factors will not high inflation. Comments from senior explained earlier, there are quite a few
more to gain than advanced ones by way of be able to do the same heavy-lifting. managers at Hindustan Unilever Ltd factors that are likely to hold back
In fact, private consumption has more (HUL) in their most recent earnings call demand growth in 2023-24. In this
lower risk premiums delivered by less imbal- problems. First, growth in it has come at suggest that the worst might be over. scenario, chances are that private firms
anced budgets, since financial markets do not the cost of falling household financial Nonetheless, as Sanjiv Mehta, its chief will not do the expected heavy lifting. Of
treat them alike. The former could get “greater savings. Estimates made by economist executive officer and managing director course, they will invest more than they
rewards for fiscal prudence”, which can make a Nikhil Gupta of Motilal Oswal suggest put it, “We are not jumping to [a] conclu- did during the covid years.
difference “in an era of rising interest rates.” that net household financial savings sion that everything is hunky-dory.” All Hence, as has been the case over the
“plunged to a three-decade low of about these factors are likely to hold back fast last few years, India’s government will
Yet, as the survey indicates, state spending 4.0% of GDP” during the first half of private consumption growth in 2023-24. have to do the heavy-lifting on capital
must still support growth. For India to pull off 2022-23. This is around half of the When it comes to exports, there are expenditure, which is constrained by
both, we would need a deft recalibration of out- household financial savings (flow) of three factors at play. First, rich-world fiscal deficit limitations. That’s the most
lays in favour of more productive purposes. 8.1% during the pre-covid year of central banks are likely to keep raising likely scenario. And given that, growth is
Plain expense burdens should be cut back. 2019-20. If savings go up to 7-8% of GDP interest rates, at least through the first more likely to be in the range of 5-6%
through 2023-24, it will slow down the half of 2023-24. While inflation has than exceed 6% as the survey expects.
The survey’s chapters on the social sector and
climate change cover some fresh ground. The
former offers an overview of various initiatives
taken on human development indicators and
the enabling role played by the ‘India stack’ of
digital public goods. Its emphasis on health and
education, particularly, is laudable. Combined www.livemint.com
New Delhi, Mumbai, Bangalore, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune* Friday, February 1, 2013 Vol.7 No.28 `3.00 in Delhi­NCR/`4.00 outside Delhi­NCR 24 PAGES
+ 4 MARKETS PAGES

As for the survey’s specifics, it sees India’s spending on healthcare by the Centre and BANKING: RBIpanel calls for
stiffer provisioning norms >4
CORPORATE: Calcutta high court orders
winding up of Dunlop India >5
If per capita income
economy growing between 6% and 6.8% in states was at 2.1% of GDP in 2022-23, a notch EXCLUSIVE PARTNER
EARNINGS: Mahindra Satyam net profit
declines 74% in December quarter >5
EARNINGS: Facebook profit declines 79%
on expenses >9
growth in the next
fiscal 2023-24, with a base prediction of 6.5% in lower than 2.2% the year earlier. It must reach SENSEX 19,894.98 æ 110.02 NIFTY 6,034.75 æ 21.00 DOLLAR `53.22 æ `0.08 EURO `72.07 æ `0.07 GOLD `30,335 Æ `135 OIL $114.61 Æ $0.06

40 years compares with

LOKPAL BILL
A SHARPER GDP SLUMP ICICI Bank QUICK EDIT

UPA readies Revised data shows India’s economic growth slowed to 6.2% in the year beats Street, Pawar

real terms. Without adjusting for inflation, it 3%. The part on climate action offers arguments
ended March 2012 against the earlier estimate of 6.5%. Growth in 2010-11
was revised upwards to 9.3% from the earlier estimate of 8.4%. posts record shift
net profit
new law to
Earlier Revised (Year-on-year, in %)

GDP AT FACTOR COST S harad Pawar, the

agriculture minister

the 40 years just past,

B Y J OEL R EBELLO and chief of the
6.5
2011-12 joel.r@livemint.com Nationalist Congress
6.2 ························· Party, announced his

expects nominal growth at 11%. While the wide and brief outlines of what India is doing to
8.4 MUMBAI
retirement from active

tackle graft
2010-11

2009-10
8.4
9.3
I CICI Bank Ltd, India’s larg-
est private sector lender by
assets, on Thursday posted its
politics on Thursday.
Pawar said, “I don’t
want to come to
8.6 highest ever quarterly profit as Parliament again. It has
AGRICULTURE it earned more interest income been 46 years
on loans to both companies continuously..., but I will
2011-12
2.8 and consumers in the three continue to work for the
Cabinet­approved Bill 3.6 months ended 31 December. party.” The Maratha

vulnerability to climate
Govt may

range reflects the uncertainties that prevail, attain its carbon neutrality goal by 2070. It even
may stir up controversy
after it left out a key
proposal to bring CBI
within its purview
B Y L IZ M ATHEW & A NUJA
·························
2010-11 7 The bank beat analyst esti-
mates with a 30% rise in net
strongman holds the
envious record of never
7.9
slash defence, profit to `2,250 crore from losing an election for
1 `1,730 crore in the year-ago public office in his entire
2009-10
welfare 0.8 period. A Bloomberg survey of
analysts had forecast a net
political career, including
the eight times that he has
INDUSTRY
spending 3.4
profit of `2,080 crore.
Maintaining asset quality
contested for Parliament
since 1985, but in recent
2011-12 has been key to ICICI Bank’s years he, his party and his
3.5

6.5% seems a tad too optimistic. The Interna- cites Nobel laureate Thomas Schelling, famous
NEW DELHI success, said Suresh Ganapa-
R EUTERS family have come under
7.2

O n the day that it ap- feedback@livemint.com 2010-11 thy, head of the financial re- fire for alleged acts of

change should diminish,

proved the anti-graft
Lokpal Bill, the first
murmurs of dissent against fi-
nance minister P. Chidambar-
am’s call for expenditure cuts
surfaced in the Union cabi-
net—over the seemingly pif-
····················· 9.2 search team at Macquarie corruption.
NEW DELHI Capital Securities (India) Pvt. As the curtain comes
8.4
I ndia’s finance minister
is putting welfare, de-
fence and road projects SERVICES
2009-10
9.2 Ltd.
The lender’s net non-per-
forming loans, which peaked
down on the political
career of the 73-year-old,
it is another signal of the
on the chopping block in 8.9 at 2.43% of net advances in De- generational shift under
a last-ditch attempt to hit 2011-12 cember 2009, dropped to way in Indian politics.

tional Monetary Fund’s latest forecast for for game theory, on how economic emergence
fling amount of `90.38 crore. a tough fiscal deficit tar- 8.2 0.76% of net advances at the The Congress party has
The cabinet eventually over- get by March, risking 9.3 already done so by
2010-11
ruled the finance ministry’s short-term economic 9.7 TURN TO PAGE 2® anointing Rahul Gandhi
objections and approved the growth and angering cab- as the successor to the

and the resources

10.5
infusion of the money for the inet colleagues. 2009-10 10.5 ALSO SEE party’s president, Sonia
financial restructuring of state- The cuts will reduce Gandhi. Now Pawar has
owned Scooters India Ltd, spending by about $20.6 >MARK TO MARKET: Treasury, strong indicated he is moving on.
based in Lucknow. billion in the current fis- Source: Central Statistics Office asset quality boost ICICI Bank profits >P14
AHMED RAZA KHAN/MINT
The version of the Lokpal cal, some 8% of budgeted

India’s growth next fiscal year is 6.1%, which generally favours the planet by making more
Bill approved by the cabinet outlay, or roughly 1% of
may, however, stir up political estimated gross domestic
controversy after it left out a
key recommendation to bring
product, two senior fi-
Ministers back Gold smuggling
the Central Bureau of Investi-
gation (CBI), the country’s
TURN TO PAGE 3®
proposed deal Mint turns six on the rise

available for adaptation

premier investigative agency,
within its purview.
The country’s main opposi-
would be robust enough for the country to be a resources available. We do not confront a zero-
tion Bharatiya Janata Party
(BJP) and anti-corruption ac-
tivist Anna Hazare signalled
their displeasure with the gov-
ernment’s move. The Bill re-
lates to the appointment of an-
ti-corruption ombudsmen.
But for this, the version ap-
by the Lok Sabha in December
2011. The United Progressive
Alliance (UPA) government is
likely to seek the approval of
the Rajya Sabha first before
seeking the nod of the Lok
Sabha again (because changes
have been made in the Bill) in
the forthcoming budget ses-
sion itself.
between Etihad Dear Reader, The readership of the paper has
as imports
and Jet Airways turn costlier
Mint turns six today. grown in these six years, although it
The Indian economy was booming has dropped in recent months.
when the paper launched, and is in The latest edition of the Indian
B Y T ARUN S HUKLA & the doldrums as it turns six, but Readership Survey is now out and B Y K HUSHBOO N ARAYAN
A SIT R ANJAN M ISHRA through these years, Mint has according to it, Mint’s print khushboo.n@livemint.com
························· remained an unbiased and readership has declined to 226,000 ·························
NEW DELHI MUMBAI
clear­minded chronicler of from 235,000. In the same period,
T wo key cabinet ministers the Indian dream. the readership of The Economic
G old smugglers have

should be greater.
proved by the cabinet comes Sections 63 to 97 of the Lok- on Thursday threw their The inhabitants of the Mint Times has declined from 789,000 to stepped out of 1970s’ Bol-

bright spot in global comparison. It’s important
sum situation, one in which development must
very close to mirroring the one
approved by the select com-
mittee of the Rajya Sabha; it
accepted 14 out of 16 amend-
ments.
The Bill, which was at the
centre of a nationwide anti-
corruption movement led by
pal and Lokayuktas Bill 2011,
referring to the appointment of
the ombudsmen in the states,
will be deleted. But a provision
will be included that requires
states to pass Lokayukta Bills
within 365 days after the pas-
sage of the Lokpal Bill in Par-
weight behind a likely deal in
which Etihad Airways PJSC will
buy a stake in Jet Airways (In-
dia) Ltd, moving the Mumbai-
based airline closer to becom-
ing the first Indian airline to
attract investment from an
overseas counterpart since a
policy change in September.
integrated newsroom would also like
to think they have played a role, even
if it is only a small one, in the move
towards narrative long­form
journalism, and the strengthening of
journalistic values in this country.
Personally, I’d also like to believe that
while we may have missed some
stories, we’ve covered substantive
753,000. Mint remains the second
most read business newspaper in
the country, in terms of print
readership, and by some margin
(especially in the five cities of Delhi,
Mumbai, Bangalore, Kolkata and
Chennai).
Interestingly, since September,
when we launched our new site (and
lywood potboilers into present
day reality with the govern-
ment raising taxes to curb the
import of the yellow metal.
According to data from the
Directorate of Revenue Intelli-
gence (DRI), an agency that
monitors economic offences,

for the 11% nominal projection not to go awry
suffer for the planet’s sake. It’s just that we must
Hazare last year, was passed liament, said V. Narayana-
samy, minister of state in the
Prime Minister’s Office.
The revised draft excluded
religious and charitable insti-
tutions receiving donations
from the public and aided by
the government from the pur-
view of the Bill, but included
Aviation minister Ajit Singh
and commerce minister Anand
Sharma, whose approval will
be critical for the transaction
to go ahead, supported the
proposed deal after meeting
Jet Airways chairman Naresh
Goyal and a high-level delega-
issues, even setting the agenda in
some cases.
In this period, our work has been
recognized and Mint has won three
Ramnath Goenka awards for
excellence in journalism (India’s
highest journalism prize); five
awards for excellence from the
really integrated the Mint
newsroom), our online readership
has increased nearly 50%. I don’t
want to make the case that we have
reached the tipping point between
print and digital, especially for a
product such as Mint because there
could well be some prosaic reasons
the incidence of gold smug-
gling in the current fiscal year
has zoomed at least eight times
compared with the corre-
sponding period the previous
year.
As the government struggles
to rein in a raging current ac-
count deficit that is likely to

on account of inflation, as we saw happen in maintain a pace that is both fair to everybody
those financed by the govern- tion from Etihad Airways, in- Society of Publishers in Asia (Asia’s for the decline in our readership. cross 4% of the national eco-
ment. cluding chief executive officer highest journalism prize); and four Still, print or online, Mint’s nomic output this fiscal, it has
The cabinet rejected the rec- James Hogan. design awards from IFRA. journalists—among the finest in the increased the import duty on

ommendation on seeking the
approval of the anti-graft om-
budsman for the transfer of
CBI officers probing cases re-
ferred by the Lokpal. “It will af-
fect the smooth functioning of
Finance minister P.
Chidambaram will be the third
cabinet minister to meet the
visiting Etihad delegation and
Goyal on Friday. That will
wrap up the high-level meet-
After our fifth anniversary last
year, we decided we would no longer
produce indulgent “anniversary”
issues, and instead focus on special
editions that had more meaning for
readers.
country—will continue to serve
readers with its principled brand of
journalism. Happy reading and thank
you for your support.
R. Sukumar
Editor
THOMAS SC HE L L I N G
the precious metal thrice since
last year.
India’s gold imports, next
only to oil imports in terms of
value, were responsible for a
current account deficit of 4.2%

2022-23. Global weaknesses are expected to
and sustainable. On the whole, this year’s
the CBI,” the government said.
Rejecting the parliamentary
panel’s view, the government
Mint is also available for R7 with
Hindustan Times in Delhi-NCR only
TURN TO PAGE 3®
ings the delegation had sched-
uled on its visit to India ahead
of a potential investment,
TURN TO PAGE 2®
The issue you hold in your hands
is the 1,868th of the paper and I am
hoping it is better, even if only
marginally so, than the 1,867th.
P.S.: The graphic tabulating the
errors we made in the course of our
sixth year can be found on page 24.
of the gross domestic product
in 2011-12, a 30-year high.
The increase in import duty
TURN TO BACK PAGE ®

weigh on our expansionary impulses, but we survey does a sharp job of reaching out.

GUEST VIEW

A fair deal for bank depositors can aid our bond market
are, as of date, issuing certificates of deposit
SRINIVASAN VARADARAJAN (CDs) and taking bulk deposits at rates that
are 50-75 basis points higher than those
offered to retail depositors. Is that fair? Can
we have a product that lets retail depositors
also benefit from these higher rates?
not pose a problem. Banks should offer to buy Banks would benefit because the extent of market-determined and transparent, as well
back these CDs at the same rates they would buy-backs would be negligible and the as free from other regulatory interventions
under today’s penalty system. Banks should behavioural pattern on these CDs would align and priorities that the risk-free curve of gov-
disclose the last traded yield on their CDs on with the final maturity of the CDs issued, a ernment securities (G-secs) is constrained
their websites every day. By doing so, the gap material gain in comparison with deposits. with. RBI has a platform for retail investors to
between retail and bulk deposit rates would It’s a win-win for banks and depositors. trade G-secs. Why not CDs? The bank yield

D
ifferent strokes for different folks,
even for the same products, has been
the working model of banks. While
this may be true for a multitude of asset and
liability products, it is most apparent in bank
term deposits, a retail favourite. As per
Reserve Bank of India data, bank deposits
constitute more than half the country’s total
Sure, there is. Let’s first be clear about the
regulatory framework for CDs. These are
negotiable instruments issued in the form of
promissory notes, freely tradable among
counterparties. Issued in dematerialized
form, they are in multiples of ₹5 lakh and
amounts held up to this limit are covered by
the usual deposit guarantee. The minimum
align over a short period of time. There is an Now let’s explore how we can make this an curve can be used as an indicator for pricing
added advantage of more anchor product for building all lending products and could provide banks
timely monetary policy a domestic market for cor- flexibility in pricing assets in synchrony with
transmission on deposit Retail access porate bonds. The regulator changes in the cost of funds. It is possible to
rates, just like there is no lag should allow longer matur- develop an index based on multiple bank CD
in transmission on external to tradable CDs ity for CD issuance. From rates for floating-rate products. There can be
benchmark lending rates. the current one-year maxi- derivative products linked to such indices
Now, what is in it for all
could create mum maturity, let banks that let banks hedge some of risks associated

is chairman, Union Bank of

household financial savings. A large number
of homes and senior citizens rely on interest
India income from deposits. But are retail bank
depositors getting a fair deal on the rates
they’re offered for their blind faith in banks?’
Look no further than the various bank
websites that disclose rates for various tenors
of term deposits. The preferred tenor for
retail depositors (with deposits less than ₹2
crore) is 12-24 months. For such tenors, most
banks would offer interest rates around 7%,
with an added incentive kicker of 25-50 basis
points for senior citizens. Looks attractive,
given that deposit rates were hovering
around 5% a few months ago, before RBI’s
rate hike cycle began. But is it the case? Banks
This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
tenor of a CD is seven days and since it is a
money-market instrument, the maximum
tenor is 1 year. Banks are permitted to buy
back their own CDs before maturity. Without
any change in current regulations, let’s see
how we can eliminate arbitrage between
bank deposits and CDs.
Banks today offer premature withdrawal of
deposits with prescribed penalties. The regu-
lator should nudge banks to issue demat CDs
(nothing prevents banks from doing so today)
in denominations of ₹5 lakh and credit them
to the demat accounts of depositors; if insur-
ance policies can go demat, why not bank
deposits? With an explosion in Indian demat
accounts over the last few years, this should
stakeholders? As I said,
banks incur no additional
a yield curve issue CDs for up to 3 years
maturity. From the current
with their business model. The list is endless
of what all this product can help achieve.
cost on offering such a
product. Retail investors
and give a fillip minimum denomination of
₹5 lakh, let’s make it ₹1 lakh
India’s government and regulators have
been working overtime trying to develop a
would, hopefully, get rates to corporate to widen retail access. As the robust corporate bond market. This product
better than what they do on market gains acceptance has all we need to give a fillip to that market.
retail deposits. The bigger bonds in India and traction, we can con- We already have the regulatory framework
advantage for them would sider longer maturities and and technology infrastructure in place to get
be the benefit of premature smaller denominations. this off the ground within a short span of
withdrawal. There would be other depositors Banks enjoy the trust and confidence of time. This product may pose a challenge in
willing to buy CDs at market rates, which depositors, and this product would help them terms of a regulatory overlap, know-your-
would be better than paying a penalty. The invest in their preferred maturities. By customer process alignment, taxation, etc.
deposits would have rolled down the yield lengthening the maturity period, the market However, it would help banks strengthen the
curve before premature withdrawal and for corporate bonds would have another loyalty of retail depositors.
would almost always realize the initial yield credible credit curve to go by, the bank-yield All we need to tell ourselves is ‘Let’s make
they expected to get even on a reduced tenor. curve. This curve would be independent, this happen.’
 LIVEMINT.COM VIEWS WeDNesDay, 1 February 2023
NeW Delhi 15

THEIR VIEW M I N T C U R AT O R

India’s Economic Survey has got Toyota needs its new chief to
tell an electrifying brand story
back to its true and tested format Its CEO succession may be an opportunity to push the pedal on EVs

This year’s edition departs from its trend by offering less opinion and more factual analysis for a clear view of our economy

MINT

ANJANI TRIVEDI
is a Bloomberg Opinion columnist covering
industrial companies across Asia Pacific.

BIBEK DEBROY & ADITYA SINHA

are, respectively, chairman and additional
private secretary (research) of the Economic
Advisory Council to the Prime Minister

T
he CEO of the world’s biggest car
company is stepping aside, after
steering the firm through supply-

I
t’s that time of the year again! Anticipation
builds as the Economic Survey is about to be
released. While it may seem like an annual
tradition now, it was actually started by a
simple executive decision that set a precedent
that has lasted to this day. The survey is not a
must-do as per the Constitution of India, but it has
become an eagerly awaited document before the
budget for economists, commentators and the
general public alike.
The Economic Survey is supposed to be a com-
prehensive report that gives an overview of the
current economic situation of a country. However,
while it has traditionally been focused in India on
recapping economic performance, over the years,
it has evolved into a platform for chief economic
advisers (CEAs) to opine and propose future
reforms and set the tone for the Union budget
that follows. Despite being appreciably forward-
looking in its vision, historically, the survey’s
proposals have rarely been reflected in actual
budget decisions, with the result that these
surveys ended up becoming a collection of longish
opinion pieces on the Indian economy and
economic matters.
But such things change. The latest Economic
Survey, like last year’s, is a refreshing return to its
tried and true format. This classic template focuses
more on hard facts and less on opinions, offering
a comprehensive overview of the economy’s
performance over the last year. It, however,
also highlights the reforms undertaken by the
incumbent government in the previous eight
years, which will shape India’s growth trajectory
in the medium term.
There are 12 chapters in the survey, including
two new ones: ‘Social Infrastructure and Employ-
ment: Big Tent’ and ‘Climate Change and
Environment’. Overall, Economic Survey 2022-23
is a reflection of the government’s commitment
to India’s growth and development. There are
three important things about the survey which we
would like to highlight.
One, amid two years of covid chaos and the
Russia-Ukraine conflict in the third year, what
kind of economic revival is the survey projecting
for 2022-23 and 2023-24? These figures are sure
to be the most talked about from the survey.
It predicts a 7% real growth for 2022-23. For
2023-24, the survey predicts growth in a range of
6% to 6.8%. This prediction is likely to be widely
accepted. It aligns with the International Monetary
Fund’s latest World Economic Outlook forecast
(also released yesterday) of 6.8% growth for
2022-23 and 6.1% for 2023-24. But, the good news
is farther on the horizon, as India is projected to
return to a growth rate of 6.8% in 2024-25. Despite
the widening of its current account deficit and
increased inflationary pressures worldwide, India
continues to reign as the world’s fastest-growing
major economy, outpacing growth in emerging
and developing Asia. It even outpaces projections
for China’s economy, which is set to grow at 5.2% in
2023-24 and 4.5% in 2024-25.
Two, the survey has also highlighted that India’s
progress in creating social infrastructure is a
shining example of the government’s commitment
to improving the lives of its citizens. Economic
Survey 2020-21 had developed a Bare Necessities
Index (BNI). Based on five dimensions, i.e., water,
sanitation, housing, micro-environment and other
services, it was a compilation of 26 indicators. As
indicated by our BNI at that time, in comparison
with 2012, access to basic needs improved in all
states of the country in 2018. Had the same
exercise been carried out in this survey, there
would have been drastic improvements despite
covid. As pointed out by this year’s survey, the gov-
ernment’s spending on the social sector has seen a
massive uptick. The social-sector expenditure out-
lay of the Centre and state governments was ₹12.8
trillion in 2018-19. It has increased steadily to stand
at ₹21.3 trillion in 2022-23 (budget estimate).
The covid pandemic essentially took away two
years of progress on our sustainable development
goals (SDGs) and other developmental indicators.
However, the ground lost in terms of social sector
improvements due to the pandemic has largely
been recovered. The findings of the Economic
Advisory Council to the Prime Minister (EAC-PM)
are also in line with this assertion. For instance, as
per the EAC-PM, the all-India poverty ratio in
2020-21 stood at 17.9%, compared to 21.9% in
2011-12, with lower poverty in urban India than
rural. Poverty ratios have declined, although the
pandemic has limited their quantum.
As the survey points out, India is entering a new
era of growth, where its citizens can look forward
to a better quality of life with better-equipped
schools, affordable healthcare, and increased
formal employment opportunities. Women’s
collectives have also been empowered, which can
help ensure that the country’s growth is inclusive
and sustainable.
Three, the survey highlights the continuity of
reforms in India. It compares the reform story of
the last eight years to the 1998-2002 period. In the
past eight years, the Indian government has taken
bold steps in revamping its approach to economic
reforms. Instead of just focusing on product and
capital market spaces, the reforms now aim to
make everyday life easier and improve the econ-
omy’s overall efficiency. As the survey suggests,
the strategy is centred around “creating public
goods, fostering trust-based governance, working
hand in hand with the private sector, and enhanc-
ing agricultural productivity”. The recent intro-
duction of the Jan Vishwas Bill in the Lok Sabha is
one of many examples of how the government is
promoting both the ease of doing business and
ease of living.
Ever since Nirmala Sitharaman became finance
minister, all surveys have more or less been in tune
with the government’s broad intentions. Even
though they may not divulge what the budget will
contain, they are on the same page. And even more
so with this Economic Survey.
chain crises brought on by natural disasters
and a pandemic over his more than decade-
long reign. Under Akio Toyoda’s leadership,
Toyota Motor Corp never quite took the
electric path head-on like its peers and
refrained from touting EVs as the future.
Did he mess it up and leave the Japanese
company on its back foot? Not quite. Toy-
oda, who’s likely to stay active as chairman,
may have just played a master stroke.
Nervous in the shadow of Tesla, global
carmakers have hastily talked up massive
investments and laid out electrification
plans. They’ve released and recalled models
while running into teething troubles even
as EV profitability struggled. But Toyota
focused on reducing emissions as its end-
game. It said that clean cars will help “only
when they come into widespread use.” It
took low-key but effective measures to do
this, including working with suppliers and
improving existing technology. Sadly, those
don’t get investors and analysts excited.
The carmaker’s EV efforts have been
understated and long-running: It set up an
EV division in 1992 and launched its electric
RAV4 four years later. It was withdrawn in
2014 because charging times were too long,
unless customers drove long distances for
speedy top-ups. Toyota launched smaller
EVs in the 2000s, investing over $7.7 bil-
lion, and has made over 19 million batteries
over the past three decades. In 2021, it
invested more in powerpacks. When Toy-
oda laid out its EV strategy then, with his
heir and chief branding officer Koji Sato by
his side, he said 35% of the firm’s vehicles
would be fully electric by 2030.
Toyota couldn’t convince the world it
wasn’t reluctant on EVs, partly because of
Toyoda’s plain-spoken approach. He out-
lined insufficient clean energy and charging
infrastructure as limitations. It would take
time, he said. Now, as EV batteries become
a geopolitical flashpoint, the challenge of
securing supplies has got magnified.
Toyoda has a point. Carmakers are still
working out supply agreements and turning
to China, despite diplomatic tensions.
While EV sales have risen under regulatory
pressure and subsidies, battery technology
has kept costs high. Charging infrastructure
is scarce and the cars remain unaffordable
for most. This is so even in an advanced
market like the US.
Still, Toyoda’s approach has had results.
Between 2019 and 2021, his firm brought
down direct and indirect greenhouse gases.
In 2021, Toyota’s 18.1 million hybrids had
Koji Sato (above) has taken charge of
Toyota from Akio Toyoda REUTERS
reduced emissions (because of lower fuel
consumption) as much as 5.5 million EVs
would have. Compared to some other large
automakers, its emissions-per-vehicle are
lower, as is the energy it uses to produce
every vehicle.
Sure, critics often eye this with some
scepticism. However, isn’t cleaner air why
the world got into electric vehicles in the
first place? To lower emissions? It wasn’t
just to create a fancy new car in the name of
innovation. Expensive technology rarely
outlives the practical alternatives used by
the masses. At best, they co-exist. The
invention and death of the supersonic Con-
corde aircraft is one example of excessively
costly endeavours that eventually become
hard to justify. Or, viewed another way, ceil-
ing and floor fans still exist (Dysons in their
best form), even though air-conditioning
came along.
Perhaps Toyoda realized that for the
world’s biggest car company to remain
ahead, globally, it would have to keep up its
branding exercises. Especially after
Toyota’s epic failure to launch the bZ4x
electric vehicle. Toyoda, a self-described
rally-racing “car guy”, was never able to do
the breathless marketing spiel to sow lofty
expectations. He acknowledged this:
“While we may not have explained things
adequately, I think our products speak best
for themselves,” adding that the firm was
pursuing “all options.”
Toyota’s new CEO has a different record.
Sato’s efforts at Lexus set the brand up to
target 100% battery EV sales by the end of
this decade in some regions. Perhaps Sato
will start focusing the firm’s wide-ranging
future mobility strategy toward EVs and
hybrids, and show investors that. Now that
the company is making EVs in China, he is
likely to benefit from the uptick as a portion
of their global total, as well. With the US
Inflation Reduction Act giving its various
plug-in hybrid offerings a major boost,
earnings there could give Toyota wiggle
room with its EV plan. The Japanese car-
maker won’t be a Tesla anytime soon, but it
will remain the trusty drive most consumers
want and, importantly, can afford.
Playing the martyr and replacing himself
was Toyoda’s clearest message yet. If Sato
can tell a truly electrifying brand story,
then Toyota may finally be able to shed its
laggard image. ©BLOOMBERG

GUEST VIEW

Expect action on our aim of carbon neutrality by 2070

developing countries is inadequate and
CHANDNI RAINA & RITIKA BANSAL needs to be more robust in the face of actual
requirements running into trillions of US
dollars. Access to appropriate technology
has also been a casualty.
Nevertheless, India is determined to
The formulation of the comprehensive
Long-Term Low Emission Development
Strategy postulates the vision of ‘LiFE’,
seeking rational utilization of natural
resources with a transition from fossil fuels
to cleaner sources of energy in a manner
and domestic financial markets. These
bonds are expected to raise funds ear-
marked for specific project types at costs
lower than plain vanilla bonds. The Securi-
ties and Exchange Board of India has
enhanced the scope of green debt securi-
strategy that conventionalizes climate
investments in the financial system will
help. An enhanced role played by multilat-
eral development banks in catalysing pri-
vate finance at scale and reasonable cost,
including through the de-risking of green

T
he recent net-zero carbon emission
pledges of major economies across
the world respond to the growing
threat of global warming and associated cli-
mate change. There is, however, a signifi-
cant difference. While many developed
economies have already peaked in their
annual carbon emissions decades ago—
decouple emissions and economic growth
in its development story. With a domestic
strategy guided by the ambitious Nationally
Determined Contributions adopted in 2015
and further updated in 2022, as well as the
country’s net-zero carbon emission target
for 2070, India is contributing more than its
fair share in worldwide efforts against cli-
that is both just and sustainable. The rapid
expansion of green hydro-
gen, increased use of bio-
fuels and climate-resilient The survey
urban development are
expected to take centre- outlines steps
stage in accordance with
this strategy.
taken and the
ties, improving investor sentiment towards
a larger set of environmen-
tally responsible invest-
ments.
Recently, the first tran-
che of sovereign green
bonds worth ₹80 billion
was issued by the Reserve
projects, is imperative.
There are bound to be challenges as we
reach for our climate goals. Resources are
also required for our bread-and-butter
developmental priorities. We are now on
the verge of adopting an innovative and
untested low-emission development strat-
egy. This would expose the country to some

are Indian Economic Service

some of them in the 1970s—it is an enor-
mous task for developing economies such
officers in the ministry of
finance.
as India, which have a small share in the
planet’s cumulative emissions and are yet to
reach peak levels, to achieve carbon neu-
trality. The green energy-based low-carbon
development strategy now being advocated
globally marks a paradigm shift from the
fossil fuel-backed industrial growth of the
past. Developing countries such as India
have to address this challenge through
access to appropriate technology and finan-
cial resources at a reasonable cost.
Contrary to commitments made in the
relevant multilateral environment agree-
ment, the resource flow from developed to
This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
mate change.
Action is being taken to mainstream the
country’s climate vision by incentivizing
responsible production, moderating con-
sumption, and strengthening government
regulation as well as the financial system.
Economic Survey 2022-23 outlines the
measures undertaken in this direction.
More than 40% of India’s existing installed
electric capacity is already based on non-
fossil fuel sources—and is envisaged to
reach 50% by 2030. The total carbon stock
in the country’s forests has been increasing,
and carbon emissions sequestrated
through forest and tree cover is estimated
at 30.1 billion tonnes of CO2 equivalent.
The coming years will
be action-oriented, in line
strategy being
with India’s vision to
attain net-zero carbon
adopted to
emissions by 2070, and meet India’s
access to affordable funds
at scale will hold the key. climate goals
Several measures have
been taken by the govern-
ment at the domestic level to channel
resources into environmental projects and
the renewable energy sector.
The renewable energy sector is covered
under the country’s provisions for priority
sector lending. Thematic bonds, like green
bonds, are now gaining traction in global
Bank of India at a ‘gree-
nium’ of 5-6 basis points
over other government
securities.
Considering that $2.5
trillion is required to meet
India’s NDC commitments
by 2030 and substantially
more is required to meet
future targets, greater mobilization of
finance from all sources, public and private,
including from multilateral development
banks, would be vital.
Going forward, a holistic approach is
essential for further scaling up resources for
climate action. Domestically, an umbrella
uncertainties, including but not limited to
access to critical minerals needed for the
production of electric vehicle batteries and
other such products. The path taken may
have little space for falling behind.
Developed countries should assume the
responsibility of playing a pivotal role in
enabling access to affordable financial and
mineral resources and technology. The
G20 presidency offers India a unique
opportunity to highlight the need for global
cooperation in access to technology and
resources for dealing with climate change
and nudge the international community to
address those needs.
These are the authors’ personal views.
 16 WeDNesDay, 1 February 2023
NeW Delhi
Australian Open 2023: A
comeback and a farewell
Deepti Patwardhan
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F
irst came the show of
strength, then the cascade of
tears. Over the years, we
have seen Novak Djokovic
celebrate Grand Slam title
wins by ripping his shirt, punching the air
or chewing on blades of the Wimbledon
grass. On Sunday, after he won the Austra-
lian Open for the tenth time, Djokovic
climbed up to his player box, hugged his
family and just collapsed on the floor
while sobbing inconsolably. The emo-
tional dam he had built to block out the
events of 12 months ago and the adversi-
ties in the last two weeks had seemingly
burst open.
“This probably is the biggest victory in
my life... considering the circumstances,”
said Djokovic after defeating Stefanos
Tsitsipas 6-3, 7-6 (4), 7-5 (5) in the final. It
was his 22nd Grand Slam overall. The stir-
ring, though expected, result, wrapped up
an emotionally charged Australian Open
that saw Aryna Sabalenka win her first
major and Sania Mirza play her last Slam.
While Sabalenka conquered Wimble-
don champion Elena Rybakina and her
demons in the final to capture the Austra-
lian Open, Indian trailblazer Mirza said
goodbye to Grand Slams on one of the
grandest stages in the sport. Partnering
Rohan Bopanna, Mirza made it to the
mixed doubles final, but couldn’t quite
claim the fairytale finish.
MIND OVER MATTER
A year ago, Djokovic had been deported
from Australia on the eve of his most suc-
cessful major due to his Covid vaccina-
tion status. On his return to the country
this year, Djokovic suffered a hamstring
injury during the tune-up event in Ade-
laide and seemed bothered by it in the
opening week of the Australian Open.
With some people accusing him of feign-
ing injury, the Serb shot back at the dou-
ble standards.
“Only my injuries are questioned.
Why are Indian batsmen failing against spin bowling?
Indian cricket has many
problems, but struggling
with spin bowling is
something worryingly
new and needs sorting
Sumit Chakraberty
feedback@livemint.com
T
ime was when India had the home
advantage of being better players of
spin than visiting teams. That was
certainly a factor in M.S. Dhoni’s team
winning the ODI World Cup at home in
2011.
But times have changed. Indian bats-
men these days look just as vulnerable as
the visitors when the ball turns sharply.
The pitches in Ranchi and Lucknow for
the first two T20 matches in the series
against New Zealand exposed that. It will
be interesting to see if the Ahmedabad
pitch for the decider on Wednesday con-
tinues that examination.
Both the games were close. India
seemed to have the first one in control
despite an expensive opening spell by
Arshdeep Singh. But when Singh came
back at the end to bowl a 27-run last over,
the match tilted in New Zealand’s favour.
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BUSINESS OF LIFE
When some other players are injured,
then they are the victims, but when it is
me, I am faking it,” he said. The spotlight
shifted off-court as his father was pictured
with fans carrying Russian flags. While
Djokovic defended it, saying the Russian
fans had ambushed him, Srdjan Djokovic
did not attend the final at the Rod Laver
Arena. “In dealing with an injury, things
happening off the court, as well, that could
easily have been a big disturbance to my
focus, to my game,” said the 35-year-old.
“It required an enormous mental energy
really to stay present, to stay focused, to
take things day by day, and really see how
far I can go.”
Djokovic turned each of the obstacles
into stepping stones to reach the top of the
tennis mountain. With 22 majors, Djok-
ovic is now level with Rafael Nadal for the
men’s record for singles majors. The Aus-
Daryl Mitchell, who had looked embar-
rassingly awkward against the spinners,
feasted on a pacer who was preoccupied
with where his foot was landing, because
of a spate of no-balls.
That final over meant that Indian bats-
men would be tested against a good Kiwi
spin trio of Mitchell Santner, Michael
Bracewell, and Ish Sodhi. All except Sury-
akumar Yadav and all-rounder Washing-
ton Sundar failed the test.
In the second match, India confined
New Zealand to just 99, with Arshdeep
managing to produce a good couple of
overs at the death to not unravel what the
spinners had woven. But even a target of
100 almost proved to be a bridge too far for
the Indian batsmen. Suryakumar Yadav
and Hardik Pandya managed to get home
with just a ball to spare. Strange indeed!
The experience will send both teams
scurrying to the drawing board to figure
out corrective measures. Even beyond the
current series, the answers will determine
their preparation for the ODI World Cup
in India later this year, where they could
run into turning pitches like these.
For New Zealand, only opener Devon
Conway looked like he knew what to do
with the spin, scoring a well-made fifty in
the first T20. But even he picked the
wrong ball to reverse-sweep, gloved a
catch to the keeper, and succumbed early
SPORTS
AFP
REUTERS
Rublev (6-1, 6-2, 6-4) in the quarter-final
and Tommy Paul (7-5, 6-1, 6-2) in the
semi-final. And though Tsitsipas gave him
a much tougher fight in the final, the
Greek never looked like he could pull the
rug from under Djokovic’s feet.
While Djokovic may have emerged tri-
umphant yet again, carrying on the flame
for the Big 3, the tumult in men’s tennis
was for all to see. The Australian Open
men’s draw lost its top two seeds—Nadal
and Casper Ruud—in the third round.
Andy Murray turned back the years and
tralian Open win also saw him reclaim the came up with two battling performances
No. 1 ranking. against Matteo Berrettini and Thanasi
Djokovic had started the tournament as Kokkinakis. But the five-set epics took too
the overwhelming favourite. Why much out of him and he went down to
wouldn’t he? He hasn’t lost on Australian Roberto Bautista Agut in the third round.
soil for the past five years. But no one The upshot was that by the quarter-fi-
could have nals it was well
quite predicted and truly Djok-
the manner in While Novak Djokovic and ovic versus the
which h e Aryna Sabalenka conquered the rest. Apart from
stacked up the
wins in the past singles, trailblazer Sania Mirza the Serb, there
were no Grand
fortnight. His bowed out of the grand stage Slam champions
average fore- left and only
hand speed has Tsitsipas had a
gone up from 124kmph in 2021 to major final to his name. Four of the eight—
131kmph in 2023. In the final, it went up to Sebastian Korda, Jiri Lehecka, Ben Shel-
134kmph in the second and third sets. ton and Paul—were first-time Grand Slam
Playing the most attacking tennis of his quarterfinalists.
life, he brushed past Alex de Minaur (6-2, With more opportunities opening up,
6-1, 6-2) in the fourth round, Andrey the younger brigade is gathering strength,
Virat Kohli used to be an excellent player of spin bowling. PTI
in the second game, which led to the sub- that the sweep was their only recourse.
100 total. Now they will need a crash course on bet-
The number of Kiwi batsmen who got ter skills to handle spin, and one of these is
out sweeping suggested they had decided to have a defence.
to come out to bat with brooms. Their ina- On a spin-friendly track, the worst thing
bility to read the spinner off the hand and a batsman can do is to panic and hit out
reluctance to use their feet made them feel once they get beaten by a ball that turns
There was much to unpack
at the Australian Open
this year, including Novak
Djokovic’s brilliance and
Sania Mirza’s final Slam
but Djokovic, who has now won 10 Grand
Slam titles after the age of 30, is showing
no signs of slowing down. “I don’t have
intention to stop here,” he declared.
A FIRST STEP
For Sabalenka, it was the first of the glori-
ous majors. The Belarussian, who played
under a neutral flag, pummels the ball
harder than most on the women’s tour,
but hadn’t been able to piece the Grand
Slam puzzle before this.
One of the problems had been harness-
ing that power; the other being her second
serves. In 2022 alone she hit 428 double
faults and was constantly quizzed about it
during her run in Melbourne this year.
That can chip at a players’ confidence, but
the 24-year-old proved she’s made of
stronger stuff.
The start of the final was an indicator.
Sabalenka, who served first, opened with
a double fault. She turned back, gave a wry
smile, shook it off. Next point, ace.
Through the high quality two hour
28-minute final, Rybakina kept her on the
edge with some clean, flat, fast ground-
strokes. But Sabalenka found another
gear. In the third set, her forehand speed
moved to 140kmph—higher than what
Djokovic and Tsitsipas had managed till
then. She faltered on the first three match-
points, but converted on her fourth to win
4-6, 6-3, 6-4.
sharply across the face of the bat. Instead,
they need to aim for a more conservative
total, by surviving against the good balls
and picking loose balls to hit. Expectations
are high from a spinner on such a track, so
the bowlers will also feel the pressure if
wickets don’t come to them in a hurry.
Sweeping to a collapse is not something
Indian batsmen do, but they too are vic-
tims of poor technique. Tonking spinners
for sixes on easy batting pitches has spoilt
them. They have forgotten the art of
manoeuvring spinners for singles and
twos instead of trying to hit their way out
of trouble.
A number of factors have contributed to
this state of affairs. International cricket
and the Indian Premier League rarely call
upon these skills. Even batsmen who start
out as being highly adept at countering
spin can lose the art over time. Take Virat
Kohli, for instance, a batsman spinners
used to dread bowling to. Now he rarely
uses his feet effectively to put them under
pressure. His vulnerability to Mitchell
Santner in the ODI series was palpable.
Indian batsmen can rectify this to some
extent by taking time off from the interna-
tional sides to play domestic cricket,
where they would be exposed more often
to venues like Ranchi and Lucknow. But
even in domestic cricket, the trend is
towards pace bowling and there’s an
LIVEMINT.COM
AP
Clockwise from here:
Sania Mirza and Rohan
Bopanna, Novak Djokovic
and Aryna Sabalenka
SANIA MIRZA BOWS OUT
One player who was rarely short on confi-
dence was Mirza. A standard-bearer for
Indian women’s tennis, Mirza took on a
predominantly white sport and patriarchy
with equal gusto. She climbed to a career-
high of 27 in singles but injuries forced her
out. But Mirza blossomed in doubles, win-
ning six Grand Slams—three in women’s
doubles and three in mixed doubles—and
rose to World No. 1 in 2015.
Life came a full circle for Mirza, who will
retire from tennis next month, in Mel-
bourne. Having started her Grand Slam
journey at the Australian Open 18 years
ago, she bowed out of the grand stage at
the same tournament. The 36-year-old
Mirza and 42-year-old Bopanna defied the
odds to reach the final of mixed doubles.
But they couldn’t find a way past Brazil’s
Luisa Stefani and Rafael Matos, losing 6-7,
2-6. “I’m able to say I’m leaving the game
because I want to, on my own terms,”
Mirza said. “Today I’m here...knowing
that I still have the level to make it… I’m
choosing to say that I want other things.”
Grand Slam tennis gives a fascinating
look into players of different cultures,
and nationalities, and battles and career
arcs converging upon the big stage for a
fortnight. This Australian Open, amidst
all the intertwining narratives, cele-
brated a beginning, an end and march
towards history.
increasing paucity of quality spinners.
Another way out would be to use the
National Cricket Academy (NCA) in Ben-
galuru, where batsmen can be groomed
periodically on a diet of spin. But India
have never been able to tap the talents of
their best spinners as coaches, for various
reasons. That affects the quality of spin-
ners being produced, and by extension,
what the batsmen get to practise against.
The current head spin coach at the NCA is
Ramesh Powar, who was a decent off-
spinner but not an international star for
India.
Besides, you need to rope in good
attacking players against spin from the
past to guide the batsmen at the NCA.
There’s none better than the current NCA
chief, V.V.S. Laxman. Perhaps he needs to
take time off from his administrative
responsibilities to roll up his sleeves and
show the current generation of batsmen
how he carted Shane Warne all over the
park at Eden Gardens.
It would be extremely ironical if vulner-
ability to spin, of all things, should prove
to be India’s undoing at the World Cup. A
country that has produced some of the
world’s best spinners as well as masters of
playing spin, from Sunil Gavaskar to the
current India coach, Rahul Dravid, should
certainly have the wherewithal to redress
this issue.