Budget, BYJU’S, and more; EV sector gets charging infra boost

Hello,

At 58 minutes, yesterday’s was the shortest Budget speech delivered by Finance Minister Nirmala Sitharaman.

With no major announcements, the interim Budget 2024 seemed lukewarm ahead of the general elections this year. While reforms were announced for electric vehicles, MSMEs, farmers, and women, there wasn’t much on tax policies, climate, and other sectors.

Undoubtedly, several industry stakeholders were left wanting more from the low-key Budget. 

ICYMI: The top memes floating on social media, thanks to Budget Day! 

Also, check out YourStory’s full Budget 2024 coverage here.

Elsewhere, not a great time for Paytm and BYJU'S. 

A day after the RBI imposed severe restrictions on Paytm Payments Bank, investment banking firm JM Financial downgraded the company’s stock to sell. At market close on Thursday, the fintech major’s share price crashed 20% to Rs 608.80 apiece. 

Here’s a breakdown of what happened at Paytm.

Meanwhile, BYJU’S investors have requested an extraordinary general meeting. Proposed resolutions include addressing persistent governance, financial, and compliance issues; restructuring the Board to reduce founder control, and changing the company’s leadership. 

Lastly, Lewis Hamilton is jumping ships… well cars!

The seven-time Formula One champion is poised to leave Mercedes and join Ferrari for the 2025 season.

In today’s newsletter, we will talk about 

• EV sector gets charging infra boost
• Budget focuses on agri, farmer income
• Transforming school and higher education

Here’s your trivia for today: How many Indian prime ministers have presented the Union Budget in the parliament?

Union Budget

EV sector gets charging infra boost

Budget 2024 finally met a big expectation of the electric vehicle (EV) ecosystem as Finance Minister Nirmala Sitharaman announced that the government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure.

"These initiatives reflect the government's ongoing efforts to align with global sustainability goals while maintaining economic stability and continuity," said Sandiip Bhammer, Founder and Co-Managing Partner at Green Frontier Capital.

Going electric:

• For 2024-25, the government has allocated Rs 2,671 crore for FAME India scheme, which could change once a fresh Budget is presented following the Lok Sabha election.
• The Budget also focused on public transportation, where it said that greater adoption of e-buses will be encouraged through a payment security mechanism that provides interest-free capital.
• Sitharaman added that the government's focus on the charging infrastructure will provide entrepreneurship opportunities for vendors on the supply and installation side.

Union Budget

Budget 2024 to boost agri, farmer income

While presenting the interim Budget, Sitharaman said the government will focus on stepping up efforts to boost farmers’ income and the agricultural sector by focusing on reducing post-harvest losses and improving productivity. 

“The commitment to direct financial assistance for 11.8 crore farmers under the PM Kisan Samman Yojana reflects a dedication to enhancing the 3Ps of agricultural business: productivity, predictability, and profitability," said Sat Kumar Tomar, Founder and CEO of Satyukt Analytics.

Agri focus:

• Sitharaman said the government will also double down on its use of nano urea—which is claimed to boost crop yield and plant absorption—by expanding to agro-climatic zones.
• The government has also committed to supporting dairy farmers by building on existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds.
• Implementation of Pradhan Mantri Matsya Sampada Yojana will be stepped up to enhance aquaculture productivity to 5 tonnes per hectare, double exports to Rs 1 lakh crore, and generate 55 lakh employment opportunities.

Union Budget

Transforming school and higher education

Sitharaman also shared that the Skill India Mission has trained 1.4 crore youth and upskilled and reskilled 54 lakh youth to date. She added that the initiative has established 3,000 new Industrial Training Institutes.

"Increased women’s participation in STEM fields contributes to India’s goal of becoming a talent superpower,” Mayank Kumar, Co-founder and MD of upGrad, said.

Better learning:

• The outlay for education for FY25 is estimated at Rs 1,24,638 crore. The allocation is higher than the 2023-2024 Budget estimates for education, which was Rs 1,16,417 crore.
• The FM also said that the upgradation of Anganwadi centres under ‘Saksham Anganwadi and Poshan 2.0’ will be expedited for improved nutrition delivery, early childhood care and development.
• The 2024-2025 Budget estimate for PM Schools for Rising India (PM SHRI), which aims to deliver quality teaching as well as nurture holistic and well-rounded individuals, is marked at Rs 6,050 crore.

News & updates

• Lawsuits: Tesla is sued by 25 California counties alleging it repeatedly mishandled hazardous waste at facilities throughout the state. The complaint states that Tesla improperly labelled and disposed of materials like “lead acid batteries and other batteries,” and more at its production and service facilities.  
• Flagship: Adani Enterprises Ltd’s quarterly profit more than doubled to $228 million for the quarter through December, boosted by higher earnings from its newer businesses, as the ports-to-power conglomerate continues to rebound from a brutal short seller attack early last year.
• Partners: Tata Group is in advanced talks with Taiwan's Pegatron to partner to run an iPhone assembly plant the company is building in Tamil Nadu. Tata is building the iPhone assembly plant in Hosur city, its second such facility in the country. 

How many Indian prime ministers have presented the Union Budget in the parliament?

Answer: Three. 

Pandit Jawaharlal Lal Nehru in 1958, Indira Gandhi in 1970, and Rajiv Gandhi in 1987.

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