OPINION, P7 EXPRESS ADDA Chhattisgarh chief minister Bhupesh Baghel Pages 10-11 Reservation when? After,after,after FE LINES While NavIC is widely used, there are other global navigation satellite systems as well Page 6 NavIC counterparts ‘THE CONGRESS HAS COMPLETE FAITH IN RAM' ACROSS THE AISLE, P CHIDAMBARAM WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXII NO. 48 WHEN PM COMPARED URJIT PATELTO A SNAKE NEW DELHI SUNDAY, SEPTEMBER 24, 2023, 20 Pages, `12 (Patna `12, Raipur `12) P U B L I S H E D F R O M : A H M E D A B A D , FINANCIAL EXPRESS ON SUNDAY B E N G A L U R U , WHAT'S INSIDE C H A N D I G A R H , C H E N N A I , Excerpts from We Also Make Policy by Subhash Chandra Garg Page 4 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , GROUND-BREAKING OF MICRON’S $2.75-BILLION CHIP UNIT Chips stacked in India’s favour ● After Micron, 2 more chip projects soon: Vaishnaw ‘Open to sops for ancillary industries’ JATIN GROVER Sanand, September 23 JATIN GROVER Sanand, September 23 THE SETTING UP of two more, ■ SPOTLIGHT, P5 Tourism for all What does it take for a tourist destination to be accessible for persons with disabilities, kids and senior citizens? Ahead of World Tourism Day, we do a reality check on accessible tourism in India ■ LEISURE, P9 Strokes of fortune Record-breaking prices and rising valuations are catapulting Indian art to new highs Communications and IT minister Ashwini Vaishnaw and MoS for electronics and IT Rajeev Chandrasekhar, along with other officials, in Sanand, Gujarat, on Saturday “We are focusing to build a complete semiconductor manufacturing ecosystem in the country. It is a natural process that first assembly, testing, marking and packaging (ATMP) units come up and then we move to higher fabs,” Vaishnaw said. Under the `76,000-crore semiconductor and display manufacturing scheme, the governmenthasreceivedapplications from 42 companies. Continued on Page 2 PTI Micron chip facility to be operational by 2024-end JATIN GROVER Sanand, September 23 US-BASED MICRON Technol- ogy’s semiconductorfacilityat Sanand,Gujarat,is expected to start theprocess of assembling and packaging of chips by the end of 2024. The facility will come up in two phases—the first will be operational by 2024-end,and the second will start in 2025. Micron, which did the ground-breaking ceremony of the $2.75-billion facility on Saturday, has roped in Tata Projectsasitsengineering,procurement and construction (EPC) partner. Continued on Page 2 averse to considering incentives for the semiconductor supply chain partners such as those involved in specialised chemicals,gasesandother components required for manufacturing chips.The incentives, however, will dependontheneedaswell as the volume and scale of chip development in the country, minister of state for electronics and IT Rajeev Chandrasekhar told FE on Saturday. “If you look at India’s semiconductor incentive scheme,there is a built-in incentive which can take care of both the semiconductor company and its ancillary industries,” Chandrasekhar said. Continued on Page 2 836 REC 849 Zomato 858 SBFC Finance 892 HUL 1,226 Suzlon Energy 1,716 IndiGo 2,006 2,379 Bharti Airtel Jio Financial HDFC Bank 3,445 4,774 Top 10 stocks in which MFs increased holdings in August 2023 (` crore) Kotak Bank Ashok Leyland Dr Reddy's Labs NTPC HDFC AMC -720 -706 -696 -683 -605 Axis Bank Reliance Inds -1,253 -1,135 Infosys -1,365 SBI Top 10 stocks in which MFs decreased holdings in August 2023 (` crore) -1,629 PhonePe is inviting Android app creators to register and upload their applications to be featured on the Indus Appstore which will be made available in 12 regional languages, apart from English, and rival Google Play Store, reports Anees Hussain in Bengaluru. ■ PAGE 3 SMALL-CAPS HAVE not just outperformed their heavyweight counterparts in terms of price but have also done better on EPS (earnings per share) upgrades and consensus target revisions.According to a report by YES Securities, a correction in mid-cap and small-cap stocks looks likely, despite the street's bullishness on small-caps.This is because 86% of stocks have seen a price-toearnings (P/E) expansion over the past three months.While HDFC Bank, besides Coforge andAirtel, remained MFs' top picks inAugust, all other banks were in the sold list, as per the report. Compiled by Siddhant Mishra & Kishor Kadam Coforge PhonePe’s app store to rival Google, Apple THE GOVERNMENT IS not Small-caps surpass heavyweights Supreme Inds A total of 70.9 million income tax returns have been filed for the income earned in FY23 (assessment year FY24). Of these, 69.6 million ITRs have been verified, of which 64.6 million returns have been processed as on date (September 23), including 27.5 million refund returns, the income tax department said, reports Priyansh Verma in New Delhi. ■ PAGE 3 large semiconductor projects will be finalised in the next few months,communications and IT minister Ashwini Vaishnaw said on Saturday. Speaking with FE, after the ground-breaking ceremony by US-based Micron, which is setting up a $2.75billion chip assembly and packaging unit at Sanand in Gujarat, Vaishnaw said that the entire global semiconductor industry is today feeling very confident about India’s capability. “This (Micron) plant is a major milestone in India’s semiconductor journey and soon a lot of industries, especially in specialised chemicals and gases, are going to complete the ecosystem,” the minister said. He added that most of the new units to come up after Micron will be a combination of assembly, packaging and manufacturing of chips. -1,675 IN THE NEWS 70.9 m IT returns filed till Sept 23: IT department Source: NAV Database, Yes Securities 8% growth ‘imaginable goal’ for India, but needs policy support: Summers ●‘But this would require changes in current policies’ PRASANTA SAHU New Delhi, September 23 AMID CONCERNS OVER a fall in India’s economic growth capacity in recent years,noted economistandformerUStreasury secretary Larry Summers said on Saturday that 8% annual expansion is still an “imaginablegoal”forIndia,but added that this would require changes in several of the current policies at the federal and state levels. Stating that an eight-fold expansion of the Indian econ- Former US treasury secretary Larry Summers at an event in New Delhi on Saturday ANI omy by 2050 could transform the lives of hundreds of millions of people,he said:“I think it is something to target as India defines its greatness in the next century.” Hewasdeliveringalectureon ‘TheWorldisonFire’atanevent M U M B A I , organised by the CII in partnershipwiththedepartmentofeconomicaffairsinNewDelhi. The finance ministry and the Reserve Bank of India expect India’s economic growth to be around 6.5% in FY24 compared with 7.2% in FY23. The Indian economy grew 7.8% in the April-June quarterof the current fiscal on strong services sector activity and robust demand. India has set a target to become a developed nation by 2047, 100 years after its independence. “I think this is a reasonable thing to say that a stretched target, an ambitious goal, a possible aspiration for India is an 8-fold growth between now and the end of the half-century,”Summers said. He, however, quickened to add that growth of 8% a year wasn’t his“forecast on current policy”, but something that is possiblegivenIndia’spotential even in the more challenging world economy. Continued on Page 2 New Delhi N E W D E L H I , P U N E X’s India, South Asia policy head quits: Sources REUTERS New Delhi, September 23 SOCIAL MEDIA PLATFORM X’s head of policy for India and SouthAsia,SamiranGupta,has resigned, two sources said, a top departure that comes ahead of the general elections and as the company fights a court battle with the government over content removal. Gupta was the most senior employee in India for X, formerly known as Twitter, and responsible for“key content-related policy issues” and “defending Twitter’s position with new Samiran Gupta policydevelopmentsandsupportin-countrysales organisation”,according to his LinkedIn profile. Gupta,whowasdesignatedas X’s head of global government affairs for India and SouthAsia, declined to comment.X did not immediatelyrespondtoarequest forcomment.Gupta’stenureatX endedinSeptember,accordingto Gupta’sLinkedInprofile. Continued on Page 2