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XLIV 314, 20 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E IN THE NEWS GOVT MAY LOOK AT LIFTING CURBS ON RICE EXPORTS GIVEN THE HUGE surplus of rice stocks the government holds and the forecast of an ‘above normal’ monsoon, the government may need to look at lifting curbs on rice exports imposed last year, reports Sandip Das. ■ PAGE 3 BHARATNET: BSNL RELAXES ELIGIBILITY NORMS FOR TENDER BSNL HAS RELAXED the eligibility criteria and tightened the domestic value addition norms for its phase-III BharatNet project tender, reports Jatin Grover. ■ PAGE 4 CENTRALBANK OF INDIAEYES `4,000-CR RECOVERY IN FY25 PUBLIC SECTOR LENDER Central Bank of India expects to recover `4,000 crore from bad loans in the current financial year, reports Sachin Kumar. ■ PAGE 6 EXPLAINER Quality concerns can temper spices exports ■ PAGE 6 THE FM INTERVIEW WITH FE ‘Robin Hood economics can’t work any more’ Sitharaman hopes for‘vibrant discussions’ on the draft project finance guidelines PRASANTA SAHU & SHOBHANA SUBRAMANIAN New Delhi, May 12 THE CONGRESS’ IDEA of wealth redistribution was nothing but robbing Peter to pay Paul — something that was not only an outdated approach but also an irresponsible one,finance minister Nirmala Sitharaman told FE in an exclusive interview. “These are not the days of Robin Hood,”she said. “The methodology Congress has been adopting is very insidious.They have been constantly talking about carrying out X-rays of wealth and caste census,” Sitharaman said. The FM said while the BJP hypocrisy towards India’s would continue on its path of wealth creators.“For the past improving economic growth few years, they have been weavalong with targeted distribution ing this disastrous narrative of of amenities to the needy, the crony capitalism and showcased Congress wanted to take away businessmen as people someone else’s money who loot.Why have they sudand give it to many others. denly lost hate for Adani and “Instead of making the Ambani?”she asked. poor wealthier, their Pointing out that the solution is to make the Bharatiya Janata Party wealthier poor. It’s just (BJP) treated businessunjust.Wealth creators men and entrepreneurs also provide jobs and with respect and gave opportunities to people them opportunities to ON PAGE 2 perform, Sitharaman and resources to the government,” she said. said entrepreneurship had Asked whether the prime given India its strength.“After minister’s recent statement on developing a narrative of hatred truckloads of money being sent towards businessmen, Congress by Adani and Ambani to the suddenly adopted silence in the Congress party painted busihope that people will no longer nessmen in general as being notice.The PM’s speech was in dishonest, Sitharaman said the that spirit,” she said. PM was only calling out Rahul Gandhi and the party on their Continued on Page 18 ❝ AFTER A NARRATIVE OF HATRED TOWARDS BUSINESSMEN, CONGRESS SUDDENLY ADOPTED SILENCE. THE PM’S SPEECH (ON ADANI-AMBANI LINK) WAS IN THAT SPIRIT & Hybrid tax cut will boomerang: TaMo SWARAJ BAGGONKAR Mumbai, May 12 EASINGTAXES ON hybridcars may not result in lower emission levels, according to EV market leaderTata Motors.The automaker says hybrid users may opt to drive on the regular combustion engines after benefiting from lower duties. CitingareportbyBrussels-based think tank Transport & Environment, which said plug-in hybrids did not reduce CO2 emission but made itworse,PB Balaji,group CFO, Tata Motors,said hybridswere used for tax breaks rather than lower emission levels. “Thereportsaidmostofthepeople who bought hybrids drove on petrol only, because hybrids were usedmoreasataxbreakratherthan forzero carbon.This makes it even a starkercase forjustifyingwhythere needstobeataxcutonhybrids,”Balajisaidinapost-earningsmediacall. In hybrid cars, the driver can choose between a regular petrol engine and a limited-range battery THERE WAS A FAIR AMOUNT OF MISUSE (OF SUBSIDIES) IN FAME I. HYBRIDS BEING USED FOR TAX BREAKS IS QUITE RISKY FROM THAT PERSPECTIVE pack (25 km for the Maruti Suzuki Grand Vitara,for instance). At present, GST and cess on hybridsfallbetween28%and43%, while on EVs,the burden is 5%. Continued on Page 18 Burmans should execute open offer or shed Religare stake, says Saluja ❝ REGULATION — WHETHER IT’S FOR EQUITY MARKETS, BANKS OR CORPORATES — CAN’T BE FIXATED. A SOFT TOUCH ALWAYS RESULTS IN BETTER RESPONSE FROM THE GROUND PB BALAJI, GROUP CFO, TATA MOTORS Rashmi Saluja WITH CONTINUED UNCERTAINTY over the open offer made by the Burman family for Religare Enterprises, the Dabur owners should either expedite their plan or sell their stake to another investor, said Religare chairperson Rashmi Saluja, reports RajeshKurup.TheBurmansareyettogetregulatory approvals,andthetimelinesfortheopenofferasgiven bythem have superseded,Salujatold FE. ■ Page 6 Trust the ones with experience to move ahead in life Explore Large Cap Funds Scan to know more or contact your MFD / RIA Advantages of Large Cap Funds Exposure to large and well established businesses Offer diversification and lower volatility An Investor Education and Awareness Initiative Visit https://www.hdfcfund.com/information/key-know-how to know more about the process to complete a one-time Know Your Customer (KYC) requirement to invest in Mutual Funds. 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