FRIDAY 09 FEBRUARY 2024 www.thestatesman.com Pages 12 |` 5.00|LC Twitter.com/thestatesman Facebook.com/thestatesman INDIA’S NATIONAL NEWSPAPER SINCE 1818 KOLKATA | NEW DELHI | SILIGURI | BHUBANESWAR KERALA GOVT STAGES PROTEST AGAINST CENTRE AS CHARLES AILS P6 SENSEX 71,428.43723.57 WEATHER MAINLY CLEAR SKY. MIST IN THE MORNING. THE MAXIMUM AND MINIMUM TEMPERATURES WOULD BE AROUND 23 AND 08 DEGREES CELSIUS RESPECTIVELY. RAINFALL: NIL RELATIVE HUMIDITY Max. 89 % TEMPERATURE Max: 22.2 °C-1) SUN RISES 7:04 hrs MOON RISES 07:29 hrs P4 NIFTY 21,717.95212.55 P5 ` vs $ 82.98 Min: 08.2 °C (-1) SUN SETS 18:06 hrs MOON SETS 17:26 hrs FM tables ‘White Paper’ on Indian economy in LS Blames UPA govt for ‘mountain of bad loans’ and ‘double-digit inflation’ THUMBNAILS Devotees arrive to take a dip at Sangam on the eve of Mauni Amavasya during the annual religious 'Magh Mela' festival, in ANI Prayagraj on Thursday. ISRO to launch meteorological satellite: India will put into orbit its new meteorological satellite INSAT-3DS on 17 February at 5.30 p.m. with the Geosynchronous Satellite Launch Vehicle (GSLV) rocket, the Indian space agency said on Thursday. The INSAT3DS is India’s third generation meteorological satellite and is fully funded by the Ministry of Earth Sciences. It is designed for enhanced meteorological observations and monitoring of land and ocean surfaces for weather forecasting and disaster warning. F inance Minister Nirmala Sitharaman on Thursday tabled a 'White Paper' on the Indian economy in the Lok Sabha which blamed the erstwhile UPA government for the ‘mountain of bad loans’ and ‘double-digit inflation’ in the period before the Narendra Modiled government took charge. "The UPA government failed miserably to facilitate economic activities. Instead, it created hurdles that held back the economy. It basked in the afterglory of the lagged effects of the reforms of the Vajpayee-led NDA government and benign global conditions and proceeded to exploit the resultant fast economic growth for narrow political purposes," the White Paper stated. The result was a "mountain of bad loans", a high fiscal deficit despite "much of it being hidden", a high current account deficit, "double-digit inflation for five years" which hit the pockets of many Indians, and “membership of the club of 'Fragile Five' in 2013”, the document stated. Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha during the Budget Session of Parliament, in New Delhi on Thursday.  ANI The Fragile Five was the term used for India, along with Turkey, Brazil, South Africa, and Indonesia, by investment bank Morgan Stanley for allegedly being too reliant on foreign investment to fuel their growth ambition. Notably, the White Paper is aimed at highlighting the alleged economic mismanagement under the United Progressive Alliance government, which was led by the Congress from 2004 to 2014. The White Paper further claimed that the economic policies of the UPA government drove investors away from the country. The coalition government not only failed to impart dynamism into the economy but also robbed the economy of it as a result of which our industrialists went on record stating that they would rather invest abroad than in India, it said. “To drive investors away is easy but to win them back is hard. The UPA government also demonstrated that it is easier to hurt the economy than it is to help it. They inherited a healthy economy and bequeathed an enfeebled one to us. We have restored its vitality," it said. The paper said the government chose not to reveal the shortcomings of the UPA earlier, as it would have further shaken investor confidence. The need of the hour P12 SILVER 74,500 GOLD 63,230 STATESMAN NEWS SERVICE NEW DELHI, 8 FEBRUARY Min. 33 % VIRAT KOHLI LIKELY TO MISS THIRD TEST RAHUL GANDHI PLEDGES TO CONDUCT CASTE CENSUS was to attract investments, both domestic and global, and to build support for the much-needed reforms, the paper said, adding that the government believed in 'Nation First' and not in scoring political points. "In 2014, when we formed the government, the economy was in a fragile state…Our government refrained from bringing out a White Paper on the poor state of affairs then. That would have given a negative narrative and shaken the confidence of all, including investors," it said. Ms Sitharaman further highlighted that since the time the NDA government assumed power in 2014, the Indian economy has undergone many structural reforms that strengthened the macroeconomic fundamentals of the economy. The government has undertaken diverse reforms to restore and enhance the potential of the economy by creating a business-friendly environment, improving ease of living, and strengthening the governance systems and processes. This led to a substantial decline in policy uncertainty in India, which had peaked under the UPA government. BRENT CRUDE (IN $) 79.090.54 Kaala Teeka: PM responds to Cong ‘Black Paper’ highlighting ‘failures’ of BJP govt since 2014 STATESMAN NEWS SERVICE NEW DELHI, 8 FEBRUARY Prime Minister Narendra Modi on Thursday took a swipe at Congress President Mallikarjun Kharge for bringing out a “Black Paper” against the BJP-led NDA government. “When a child gets ready for some good occasion by wearing some nice clothes, a family member applies 'Kaala Teeka', to ward off an evil eye. Today, as the country is touching new heights of prosperity over the last ten years, an attempt has been made to put a 'Kaala Teeka', so that no one can cast an evil eye on it. I thank Kharge Ji a lot (for bringing out a Black Paper)," he said. The PM was speaking in the Rajya Sabha when the Upper House was bidding farewell to the retiring members of the House. Quoting ancient scriptures, Mr Modi explained that those who keep good company inculcate similar qualities, and those surrounded by bad company become flawed. He further added that water from a river remains worth drinking only when the river flows, and as soon as it meets the sea, it gets salty. Earlier in the day, Congress president Mallikarjun Kharge on Thursday released a critique on the BJP-led NDA Government at the Centre on Thursday, dubbed a “Black Paper”, accusing it of failure on many fronts, including employment and inflation. While releasing the document titled “10 Saal Anyay Kaal (2014-2024)” (ten-year period of injustice) at a press conference here, Kharge reiterated the Opposition INDIA bloc’s resolve to retrieve the country from the alleged “anyay” (injustice) by the ruling dispensation this year, in an apparent reference to the upcoming general elections. The Congress chief said, “We are releasing a ‘Black Paper’ against the government because whenever Prime Minister (Narendra) Modi presents his views in Parliament, again and again he highlights his achievements and hides his failures. At the same time, when we speak about the failures of the government, it is not given importance. So, we are bringing out a “Black Paper” against the government to apprise the public about its failures.” On unemployment, one of the key issues highlighted in the “Black Paper”, Kharge said, “Unemployment is a big issue in the country, but the Modi Government never talks about it. They (the government) always compare (their) 10 years (with the tenure of the first prime minister of India), but never tell about the achievements of the (former prime minister) Jawaharlal Nehru.” Referring to the prime minister’s reply to the Motion of Thanks on President’s address in Parliament, he said, “He (Modi) doesn’t speak on unemployment, inflation and farmers in the Parliament. He brings other things that are irrelevant.” RBI MPC Meet: Policy rate unchanged at 6.5 per cent Govt approves proposal STATESMAN NEWS SERVICE NEW DELHI, 8 FEBRUARY The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India on Thursday decided by a 5-to1 majority to keep the policy rate unchanged at 6.5 per cent. The RBI MPC also decided to maintain the monetary policy stance as ‘withdrawal of accommodation’. RBI Governor Shaktikanta Das announced that the Marginal Standing Facility (MSF) and Standing Deposit Facility (SDF) rates remain unchanged at 6.75 per cent and 6.25 per cent . “Growth accelerating and outpacing most analysts' forecasts,” he said. Announcing the MPC decision, the Governor said the real GDP growth was projected at 7 per cent for 2024-25. For next year, real GDP growth for Q1 RBI projects real GDP growth for 2024-25 at 7 pc on back of falling inflation STATESMAN NEWS SERVICE The Reserve Bank of India (RBI) at the Monetary Policy Committee (MPC) meeting on Thursday projected the real GDP growth for 2024-25 at 7per cent on the back of falling inflation, sustained profitability in manufacturing and underlying resilience of services. "Looking ahead, recovery in rabi sowing, sustained profitability in manufactur- ing and underlying resilience of services should support economic activity in 2024-25. Among the key drivers on demand side, household consumption is expected to improve, while prospects of fixed investment remain bright owing to upturn in the private capex cycle, improved business sentiments, healthy balance sheets of banks and corporates; and government’s continued thrust on capital expenditure," RBI Governor Shaktikanta Das said. 2024-25 was projected at 7.2 per cent, for Q2 at 6.8 per cent, Q3 at 7 per cent and Q4 at 6.9 per cent; the risks were evenly balanced. “Though global trade momentum remains weak, it is exhibiting signs of recovery and is likely to grow faster in 2024,” the Governor said. He stated the Consumer Price Index (CPI) Inflation for NEW DELHI, 8 FEBRUARY the current year is projected at 5.4 per cent with Q4 at 5 per cent . For next year (2024-25), CPI inflation is projected at 4.5 per cent. CPI Inflation for Q1 2024-25 is projected at 5 per cent, Q2 at 4 per cent and Q3 at 4.6 per cent and Q4 at 4.7 per cent . “In this uncertain global envionment, the Indian economy has performed remarkably well, inflation on a downward trajectory,” the Governor said. Mr Das announced a few additional measures while announcing the MPC decision. Announcing the review of the regulatory framework for electronic trading platforms, he said: “A revised regulatory framework for electronic trading platforms will be issued for stakeholders' feedback.” On hedging of gold price risk in the Over the counter (OTC) in Indian Financial System Code (IFSC), he said: ''It is now decided to also allow resident entities to hedge the price of gold in the OTC segment in the IFSC.” for spectrum auction STATESMAN NEWS SERVICE NEW DELHI, 8 FEBRUARY The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved a proposal of the Department of Telecommunications to conduct a spectrum auction through which spectrum will be assigned to the successful bidders for providing telecom services. Additional spectrum will improve the quality of telecom services and coverage for the consumers. The auction will be held for spectrum in 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz and 26 GHz frequency bands. "Spectrum will be offered for assignment for a valid- The CCEA also approved 6 railway multitracking projects with a total estimated cost of Rs 12,343 crore ity period of 20 years. A total of 10,523.15 MHz is being offered with a valuation of Rs 96,317.65 crore (at reserve price)," an official statement said. The Cabinet has also set up a Committee of Secretaries (CoS) to consider refarming of existing spectrum usages with a view to increase the spectrum availability to meet the future needs of telecommunication services. The Cabinet also approved a proposal for spectrum requirements of rail-based urban/regional transit systems like NCRTC in the 700 MHz band for Automatic Train Protection (ATP) systems and operations. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Modi, also approved six projects of the Ministry of Railways with a total estimated cost of Rs 12,343 crore (approximately) with 100 per cent funding from the Central Government. The multi-tracking proposals will ease operations and reduce congestion, providing the much-required infrastructural development on the busiest sections across Indian Railways. Govt decides to scrap FMR between India & Myanmar ‘Indian troops in Maldives will be replaced by competent Indian technical personnel’ India ‘strongly rejects’ charges of interference in Canadian elections STATESMAN NEWS SERVICE AGENCIES NEW DELHI, 8 FEBRUARY NEW DELHI, 8 FEBRUARY The Ministry of Home Affairs on Thursday announced its decision to scrap the Free Movement Regime between India and Myanmar to ensure the internal security of the country and to maintain the demographic structure of India’s north eastern states bordering Myanmar. Union Home Minister Amit Shah, in a social media post, said: “It is Prime Minister Narendra Modi Ji's resolve to secure our borders, the Ministry of Home Affairs (MHA) has decided that the Free Movement Regime (FMR) between India and Myanmar be scrapped to ensure the internal security of the country and to maintain the demographic structure of India’s North Eastern States bordering Myanmar. Along with illegal immigration, these porous borders and the FMR also pose a threat with regard to illegal activities like smuggling of various contraband items from Myanmar to India. Since the Ministry of External Affairs is currently in the process of scrapping it, the MHA has recommended the immediate suspension of the FMR.” Manipur, which has witnessed ethnic clashes since May last year, has been demanding the scrapping of the FMR that allows citizens on both sides of the IndiaMyanmar international border to travel up to 16 km into the other country without any travel document. The FMR has been attributed as a factor facilitating illegal immigration in the state as it enables individuals to cross over from Myanmar and allegedly acquire Indian citizenship through fraudulent means and to avail benefits that are meant for the Scheduled Tribes (ST) of Manipur under the Indian Constitution. India shares a 1,643-km long border with Myanmar. Four north-east states ~Manipur, Mizoram, Nagaland and Arunachal Pradesh ~ share international borders with the neighbouring country. While Manipur shares a 398-km long border with Myanmar, Mizoram shares 510 km, Nagaland 215 km and Arunachal Pradesh 520 km. Along with illegal immigration, these porous borders and the FMR also pose a threat with regard to illegal activities like smuggling of various contraband items from Myanmar to India. STATESMAN NEWS SERVICE NEW DELHI , 8 FEBRUARY India will replace military personnel at aviation platforms in the Maldives with competent Indian technical personnel, the Ministry of External Affairs said on Thursday. The Mohamed Muizzuled Maldives government has formally requested that India withdraw its troops from Male. In this regard, a second high-level group meeting took place in New Delhi on February 2 and a third meeting is scheduled to be held later this month. MEA spokesperson Randir Jaiswal said, "What we had to say, we made it out in the press release. This was done after the second high-level core group meeting. We also said that the third core group meeting will be subsequently held." "I would like to say, the present personnel will be replaced by competent Indian technical personnel," Jaiswal said. After the second meeting, the Maldives Foreign Ministry in a statement said that India will replace its military personnel in one of the three aviation platforms in the Maldives by March 10 and will complete the replacement by May 10. "Both sides agreed that the Government of India will replace the military personnel in one of the three aviation platform by March 10, 2024, and will complete replacing military personnel in the other two platforms by 10 May 2024," the statement read. India on Thursday strongly rejected a Canadian foreign intelligence agency's charge that New Delhi interfered in Canada's elections and accused Ottawa of interfering in the internal affairs of this country. "We have seen media reports on the Canadian Commission inquiring into foreign interference. We strongly reject such baseless allegations of Indian interference in Canadian elections. It is not the Government of India's policy to interfere in the democratic process of other countries. In fact, quite in the reverse, it is Canada, which has been interfering in our internal affairs,” Ministry of External Affairs spokesperson Randhir Jaiswal said at a media briefing. He said India has been rais- The Canadian Security Intelligence Service, the country’s highest foreign intelligence agency, recently alleged that India had potentially interfered in the country’s election in a recent intelligence report. ing the issue of the involvement of Canada in the internal affairs of India regularly. ''We continue to call on Canada to take effective measures to address our core concerns," he added. The Canadian Security Intelligence Service, the country’s highest foreign intelligence agency, recently alleged that India had potentially interfered in the country’s election in a recent intelligence report. The report accessed by the media on Thursday named India as a 'foreign interference threat' and stated that the government "must do more to protect Canada’s robust democratic institutions and processes." Relations between India and Canada touched a new low last year after Prime Minister Justin Trudeau alleged, without citing evidence, the involvement of Indian agencies in the killing of 'Khalistan' supporter Hardeep Singh Nijjar in June.