BACK PAGE, P20 ECONOMY, P3 INTERNATIONAL, P7 PROLONGED BATTLE WITH CANCER AHEAD OF LOK SABHA POLLS WORSE THAN ANALYSTS EXPECTED Ustad Rashid Khan, celebrated classical vocalist, dies at 55 IT minister Vaishnaw flags social media influence on ‘democratic processes’ Samsung profits fall 35% in Q4 on weak consumer demand LUCKNOW, WEDNESDAY, JANUARY 10, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 17 NO. 32, 30 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 SENSEX: 71,386.21 ▲ 30.99 NIFTY: 21,544.85 ▲ 31.85 NIKKEI 225: 33,763.18 ▲ 385.76 HANG SENG: 16,190.02 ▼ 34.43 `/$: 83.12 ▲ 0.02 `/€: 90.97 ▼ 0.03 BRENT: $78.12 ▲ $2.00 GOLD: `62,221 ▲ `203 IN THE NEWS Budgeting for polls Sony merger on track: Zee Says working on Modi considers the poor, youth, women and farmers as ‘biggest successful closure WB RETAINS INDIA castes’. The interim Budget is expected to do its bit for them of the $10-bn deal GROWTH OUTLOOK FOR FY24 AND FY25 THE WORLD BANK on Tuesday retained India’s economic growth forecast at 6.3% for the current fiscal and 6.4% for FY25, citing slow postpandemic recovery. ■ PAGE 2 RENAULT SEEKS REGULATORY DISCIPLINE IN INDIA RENAULTWANTS INDIA to adhere to its regulatory road maps after it incurred engineering costs following a plan mandating six airbags in cars wasn’t rolled out, reports Reuters. ■ PAGE 4 WHITE COLLAR HIRING DIPS 16% IN DECEMBER: REPORT WHITE COLLAR HIRING saw a 16% fall in December compared to the year-ago period on cautious sentiments, according to a report by Naukri JobSpeak Index, reports PTI. EXPLAINER BCCI and ISPL: Batting for short-play cricket formats ■ PAGE 9 50% increase in `12k cr more for rural jobs outlay women farmers PRASANTA SAHU New Delhi, January 9 REUTERS New Delhi, January 9 THE GOVERNMENT MAY earmark around `90,000 THE CENTRALGOVERNcrore for the flagship rural jobs guarantee scheme — MENTisconsideringdouMahatma Gandhi National Rural Employment Guarblingtheannualpayoutto antee Scheme (MGNREGS) — in the Budget estimate landowningfemalefarm- FARM FACTOR (BE) for 2024-25, an increase of 50% over 2023-24 ers to `12,000, three ■ Annual ■ More than BE, in a strong signal to the poor ahead sources `2.81 trn payout to of the general elections. withknowl- landowning to over RUN-UP TO THE edge of the Rampant misappropriation of funds female 110 mn INTERIM allocated under the flagship scheme was matter told farmers to farmers one of the main triggers forthe Centre to Reuters, a may be disbursed make a five-year-low provision of move likely `60,000 crore in the FY24 BE forthe jobs to appeal to doubled to till last 2024-25 November scheme. A likely higher upfront allocawomenvot- `12,000 tion for the programme for FY25 means the governersaheadofageneralelecment would largely stick to it through the year,withtion.TheplanislikelytobeannouncedintheBudgeton out seeking supplementary grants, an official said. February1andcouldcostthegovernmentanadditional `12,000 crore, said two of the sources, all of whom declined to be named discussing a Budget proposal. Continued on Page 13 It will build on an existing programme that Prime Minister Narendra Modi, who will be seeking a third OVER THE YEARS terminelectionsduebyMay,announcedbeforethelast MGNREGS spending (` crore) general election in 2019. FY20 71,020 Under the Pradhan Mantri Kisan Samman Nidhi programme, the Centre transfers `6,000 annually to FY21 109,810 both men and women farmers. It has so far disbursed more than `2.81 trillion to over110 million farmers in FY22 96,812 15 instalments until last November,according to govFY23 88,263 ernment estimates. The plan to double the cash support and target it FY24 60,000 BE toward women has not been previously reported. BUDGET FY25 Likely 90,000 Continued on Page 13 VIVEAT SUSAN PINTO Mumbai, January 9 ZEE ENTERTAINMENTONTuesday saidthatitwascommittedtoitsproposed merger with Sony Pictures Networks India amid reports that the deal could be called off by next week. In a statement to the stock exchanges, Zee said it was working towards a successful closure of the proposed $10-billion merger, addingthatitwouldmakenecessary disclosureswith regard to the same. The statement,which came during market hours, helped arrest the nearly 13% decline seen in Zee’s ON A SHAKY GROUND ■ The deal is crucial to Zee's survival as it has been struggling with declining ad revenue ■ Cash reserves fell to `248 crore in H1FY24, from `588 crore a year ago Zee Entertainment Jan 8, 2024 277.45 ■ Zee and Sony will find it difficult to operate as single entities in India 7.64% Jan 9 (close) 256.25 INSIDE Zee to miss $200-mn cricket fee deadline to Disney PAGE 4 sharesduringearlytradeon theBSE on Tuesday.The stock had tumbled after Bloomberg reported that Japan’sSonyGroupCorporationwas planning to call off the proposed merger over leadership issues. The deadline for the proposed merger, which is under a one-month extension,will expire on January20. Continued on Page 7 Starbucks plans 1,000 stores by’28 VIVEAT SUSAN PINTO Mumbai, January 9 STARBUCKS,THEWORLD'Slargest coffeechain,saidonTuesdaythatitis planning to more than double its presenceinIndiabyoperating1,000 stores by 2028, from 390 outlets in 54 cities now.This would mean that Starbucks, which operates under a joint venture with Tata Consumer Products in India,would open one new store every three days in the country. The company plans to do this by tapping into the growing coffee consumptionculturein LAXMAN NARASIMHAN CEO, STARBUCKS THE POTENTIAL AND LONG-TERM GROWTH OF THE BUSINESS ARE RESULTS OF TWO PARTNERS WHO SHARE THE SAME VALUES. India, moving beyond metros into Tier II and III cities, expanding drive-thrus, raisingpresenceat airports and launching 24-hour cafes. It will also double workforce to 8,600 people in four years from 4,300 now,Starbucks said,as it steps up its presence in the country. “As I return to India as CEO of Starbucks,it’sinspirationaltoseethe dynamic growth that Tata and Starbuckshaveachievedsinceweopened our first café in 2012,” Laxman Narasimhan told FE. Continued on Page 7 Apni khushiyon ko roz thoda samay dena hai zindagi ki SIP Zindagi ke liye SIP Adhik jaankari ke liye apne MFD/RIA se sampark karein ya scan karein SIP ke fayde Market ki timing se azadi Nivesh raashi chunne ki azadi An Investor Education and Awareness Initiative SIP - Systematic Investment Plan. 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. Investors should only deal with registered Mutual Funds, details of which can be verified on the SEBI website (www.sebi.gov.in/intermediaries.html). 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