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<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the Union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">Budget</keyword> 2024-25 on Tuesday, outlining a detailed financial roadmap aimed at driving economic growth and ensuring fiscal stability. The budget reveals a comprehensive picture of government revenues and expenditures, highlighting major <keyword id="20439675" type="General" weightage="20" keywordseo="allocations" source="keywords">allocations</keyword> to key <keyword id="20353247" type="General" weightage="20" keywordseo="sectors" source="keywords">sectors</keyword> and <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword>. The <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> along with other taxes accounts for 18 per cent. Corporation taxes contribute 17 per cent, followed by non-tax receipts at 9 per cent, customs at 4 per cent, excise duty at 5 per cent, and non-debt capital receipts at 1 per cent. On the <keyword id="19936655" type="General" weightage="20" keywordseo="expenditure" source="keywords">expenditure</keyword> side, the budget outlines significant allocations to various public sectors. Interest payments consume 19 per cent of the total expenditure, central sector schemes account for 16 per cent, and states' tax devolution takes up 21 per cent. Subsidies represent 6 per cent of the spending, while defence expenditures stand at 8 per cent. The Finance Commission and other transfers take up 9 per cent, centrally sponsored schemes another 8 per cent, pensions 4 per cent, and other expenses 9 per cent. In terms of sector-specific allocations, defence receives the highest allocation at Rs 4,54,773 crore. Rural development is allocated Rs 2,65,808 crore, reflecting the government's focus on boosting rural economies. Agriculture is set to receive Rs 1,51,851 crore, while home affairs are allocated Rs 1,50,983 crore, underscoring the importance of internal security. Education, a critical sector for future growth, is allocated Rs 1,25,638 crore. The IT and Telecom sector, pivotal for digital transformation, receives Rs 1,16,342 crore. Health is allocated Rs 89,287 crore, emphasising the ongoing commitment to improving healthcare infrastructure. The energy sector is earmarked Rs 68,769 crore, social welfare Rs 56,501 crore, and commerce and industry Rs 47,559 crore. The budget also highlights significant increases in allocations to major schemes. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) sees an increase from Rs 60,000 crore in FY23-24 to Rs 86,000 crore in FY24-25, aimed at enhancing rural employment. Nuclear power projects receive a boost from Rs 442 crore to Rs 2,228 crore, while the development of semiconductors sees a substantial increase from Rs 3,000 crore to Rs 6,900 crore, underscoring the push towards technological advancement. Direct Benefit Transfer for LPG is allocated Rs 1,500 crore, up from Rs 180 crore, to support energy access. Solar power allocation doubles from Rs 4,970 crore to Rs 10,000 crore, reflecting the government's commitment to renewable energy. This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.

Fund allocations to key sectors and schemes hiked in budget

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

A sixth-grade social science textbook that I read described India as a piece of fabric, with countless threads coloured in a myriad of majestic shades, woven together. This metaphor holds exceptionally well when put into the context of our <keyword id="22706215" type="General" weightage="20" keywordseo="handloom-industry" source="keywords">handloom industry</keyword>. India has a rich history of handlooms and weaving cultures. The culture of handlooms is so intricately woven into Indian culture, that there are whole towns dedicated to the same: <keyword id="248532" type="General" weightage="20" keywordseo="Chanderi" source="Orion">Chanderi</keyword> in Madhya Pradesh to Pochampally in Telangana and a dozen more! Unfortunately, the handloom industry in India is dying. The struggle is multi-faceted, ranging from a declining workforce to fierce competition from <keyword id="20496028" type="General" weightage="20" keywordseo="power-looms" source="keywords">power looms</keyword>. Hence, five years ago, August 7 was proclaimed <keyword id="22677698" type="General" weightage="20" keywordseo="National-Handloom-Day" source="keywords">National Handloom Day</keyword> in response to this crisis and to heighten public awareness. This date holds special historical significance, commemorating the initiation of the Swadeshi Movement in 1905—a pivotal act of defiance against British colonial rule. <h2>When did this industry come into existence?</h2>According to archaeological findings, the origins of handloom in the Indian subcontinent may be traced back to the Indus Valley Civilization. The Mughal Empire was known to support and patronise <keyword id="20258864" type="General" weightage="20" keywordseo="weavers" source="keywords">weavers</keyword>. The support from the royal patrons resulted in the invention of new textiles such as ‘Mulmul’ and ‘Banarasi Brocade’ among others. This era witnessed a heightened worldwide demand for Indian textiles. In the 17th century, India produced 25% of the world’s textiles, with Bengal accounting for more than 50% of textiles and 80% of silks imported by the Dutch from Asia. <h2>What led to the decline of the <keyword id="19934660" type="General" weightage="100" keywordseo="Indian-handloom" source="keywords">Indian handloom</keyword>?</h2>The East India Company's entry fuelled the industry's initial decline, which started in the 1830s. The weavers were obliged to sell only to the British, and that too at exceedingly cheap prices, virtually putting them out of business. On the other hand, Indian cloth was taxed excessively to promote machine-made British clothing. The Industrial Revolution in Britain strengthened their indigenous textile industry, giving rise to new markets for cheaper textiles. In India, the collapse of the Mughal aristocracies meant no access to royal patronage. As a result, textiles like Khadi and muslin had little demand in the market. Circling back to the present, the industry is facing both similar and new challenges. Fabrics made on power looms are cheaper and faster to produce, in comparison to handloom fabrics. The industry is largely unorganised, and the wages are shockingly low. 67% of <keyword id="22706216" type="General" weightage="20" keywordseo="handloom-workers" source="keywords">handloom workers</keyword> are earning less than the minimum wage every month. Faced with economic challenges, the older artisans are thus forced to encourage the newer generation to choose an alternative career path. This migration of the workforce from a traditional sector is evident from the fall in the number of weavers less than 35 years of age- from 26.13 lakh in 2009-10 to 16.07 lakh in 2019-20. The majority of weavers do not have access to banking facilities, let alone institutional credit. Furthermore, if one manages to accumulate credit, there is a mismatch between the supply and demand forces due to the lack of awareness about handwoven textiles in the current generation. <h2>Initiatives for revival</h2>The cultural significance of the Indian handloom isn’t just limited to its beauty and extravagance, but it extends to our independence struggle as well. The Swadeshi movement immortalised the charkha and advocated for the use of indigenous goods. Following independence, the Indian government took many measures to revive the handloom industry. In 1953, India’s Parliament approved the Khadi and Other Handloom Industries Development Act. In 1955, the All India Handloom Fabrics Marketing Cooperative Society was formed to promote the sale of fabrics produced by handloom cooperatives across India. The National Handloom Development Programme (NHDP) aimed to provide financial assistance for marketing and production. The Handloom Weavers’ Comprehensive Welfare Scheme offers health and life insurance to weavers, to ensure social security. The organisation commenced a fortnight-long exhibition, “VIRAASAT” dedicated to celebrating the 10th National Handloom Day began at Handloom Haat in Janpath, New Delhi on Saturday, 3rd August 2024, and will conclude on 16th August 2024. The Handloom Mark scheme was introduced to authenticate handloom products, thus enabling weavers to gain better market access and ensuring that consumers get genuine products. Moreover, the India Trade Portal also mentions that the GOI plans to provide financial assistance of Rs. 30 crore to at least 10,000 handlooms. Various state governments also regularly conduct handloom expos and fairs, providing platforms for weavers to showcase and sell their products directly to consumers. <h2>Contemporary Brands and their love for Indian handloom</h2>Modern, popular designers such as <keyword id="8264" type="General" weightage="20" keywordseo="Sabyasachi" source="Orion">Sabyasachi</keyword> and <keyword id="21493890" type="General" weightage="20" keywordseo="ritu-kumar" source="keywords">Ritu Kumar</keyword> are known to work closely with weavers and have been doing their part by bringing worldwide attention to the handloom industries. Recently, <keyword id="1472101" type="General" weightage="20" keywordseo="Ajrakh" source="Orion">Ajrakh</keyword> was brought into the limelight when Alia Bhatt wore a custom Abu Jani Sandeep Khosla Ajrakh saree to Joy Awards in Riyadh. However, it’s not just the fashion moguls who are working towards the revival of this industry. Contemporary indie brands are partnering with local weavers, and creating awareness about their work. The emergence of such indie brands and their association with local artisans is beneficial for both entities. For instance, Joskai Studio derives its name from ‘Joskai’, a woven piece of cloth worn as a part of the traditional costume of the Tiwa community of Assam. They work with artisans in northeast India, specifically from the weaving village of Saualkuchi in Assam. Rouka by Sreejith Jeevan is a Kerala-based brand that works strictly with weavers from Kerala, specifically Chendamangalam and Kuthampally. <h2>Employment and Exports</h2>According to the Indian Trade Portal, the Indian handloom sector is the country’s second-largest employer after agriculture in rural areas. The Handloom Census 2019-20 mentions that the industry employs about 35,22,512 workers across the country, with women forming 77.29% of the workforce. India is the second largest exporter of handloom products in the world, with exports valued at $ 353.9 million in 2017- 18, as per EXIM bank's working papers. The major handloom export centres are Karur, Panipat, Varanasi and Kannur where handloom products like bed linen, table linen, toilet linen, floor coverings, and embroidered textile materials and curtains etc. are produced for export markets. During April 2021-February 2022, India exported handloom products worth 1693 crore, as per Indian Trade Portal. Indian silk scarves also form a sizable chunk of total handloom exports, in addition to home textiles like carpets, rugs and mats, which constitute over 13.6% of India’s total handloom exports. <h2>The Path Forward</h2>The mere existence of organisations and allocation of funds isn’t enough to sustain the legacy of India’s rich handloom industry. Big corporations working with local weavers ensure employment but don't protect them from exploitation and meagre wages, leaving them vulnerable. The people in power ought to come up with strategies that ensure the trickle-down effect of the schemes and funds. The new generation of buyers has a greater purchasing power than the one before them. Marketing focused on bringing Indian handloom practices into the limelight can do wonders in this case.

Fabric of a nation: Sustaining India's handloom legacy in modern times

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani group</keyword> plans to invest about Rs 1.3 lakh crore across its portfolio companies in this financial year, as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, the group's CFO said. The investment will range from ports to energy, airports, commodities, cement and media. 70% of this will met through internal cash generation and the remaining will be taken care through debt, group CFO Jugeshinder 'Robbie' Singh noted. The group will look to refinance $3-4 billion of debt maturing in the year and raise an additional $1 billion in project financing, he said, adding the annual $2-2.5 billion of equity infusion by bringing in new investors is also likely to continue. "This year will be more about asset completion," the CFO continued. <keyword id="34553" type="General" weightage="20" keywordseo="Renewable-energy" source="Orion">Renewable energy</keyword> firm <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword> Green will complete 6-7 GW project, while the solar wafer manufacturing unit will also attain scale. Also, the new airport at Mumbai will be completed. The projected capital expenditure or capex for 2024-25 (April 2024 to March 2025) fiscal is 40% higher than what the portfolio is estimated to have incurred in FY24. The group had previously guided a $100 billion capex over the next 7-10 years. Most of this investment is going to go into the group's fast growing businesses -- renewable energy, <keyword id="8411893" type="General" weightage="20" keywordseo="green-hydrogen" source="Orion">green hydrogen</keyword> and airports and infrastructure. As much as 70% of the planned capex will go into its green portfolio - primarily <keyword id="19904987" type="General" weightage="20" keywordseo="renewable-power" source="keywords">renewable power</keyword>, green hydrogen, green evacuation. Of the remaining 30%, the majority will be spent towards airports and ports businesses. Adani group companies posted a record 45% rise in pre-tax profit (Ebitda) to Rs 82,917 crore (about $10 billion) in FY24, Singh said. Emerging from a damning report of a US short seller <keyword id="191733" type="General" weightage="20" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword>, which hit the market value of its listed companies, Adani group in 2023-24 focused on containing debt, reducing founder share pledge and consolidating the business in core competencies. The five-year CAGR (compound annual growth rate) for profit growth was 54% A school drop-out, group chairman <keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> started out as a commodities trader and rose to be counted amongst world's richest with an empire spanning across ports, power generation, airports, mining, renewables, gas, data centres, media and cement. Today, Adani group is the world's second largest solar power company, it is the largest airport operator with 25% of passenger traffic and 40% of air cargo, the largest ports and logistics company with 30% market share, largest integrated energy player, and the country's second largest cement manufacturer. With strong emphasis on <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword> transition, it will be allocating more than 70% of this $100 billion to its green businesses including renewable power, green hydrogen, and green evacuation transmission lines. The conglomerate is building the world's largest renewable park at Khavda, Gujarat, spanning over 530 square kilometers, which is about five times the size of the city of Paris. A large portion of total investments is earmarked for expansion and development of its fast-growing airports business and ports business. With a portfolio boasting eight airports including the upcoming <keyword id="57321" type="General" weightage="20" keywordseo="navi-mumbai" source="Orion">Navi Mumbai</keyword> airport and 14 domestic ports, Adani wants to further solidify its presence in these sectors.

Adani to invest Rs 1.3 lakh crore in FY25 across its companies

<ul class="summary-list"><li>Bill Gates is optimistic about the future of American nuclear power thanks to bipartisan support.</li><li>Gates is building a power plant in Wyoming with TerraPower, a company he cofounded.</li></ul>The forecast looks bright for American nuclear energy, Bill Gates says.The billionaire former Microsoft CEO is already building a <a target="_blank" href="https://www.businessinsider.com/bill-gates-terrapower-nuclear-power-plants-energy-tech-science-wyoming-2024-3">nuclear power plant in Wyoming</a> with TerraPower, a company he cofounded.The company intends to take its nuclear power plant online in 2030, Business Insider previously reported, and Gates is "quite confident" the project will move forward regardless of who wins the White House or the Congressional majority in November."Their support for nuclear power is very impressive in both parties," Gates told CBS News on <a target="_blank" href="https://www.cbsnews.com/video/bill-gates-on-face-the-nation-with-margaret-brennan-full-interview/">"Face the Nation"</a> on Sunday. "Of all the climate-related work I'm doing, I'd say the one that has the most bipartisan energy behind it is actually this nuclear work."He noted the reasons each party supports nuclear "may not be identical." Republicans value energy security and exports, he said, while Democrats value both those issues and clean energy."Nuclear really is a special," he told CBS. "Not because it's green, there are people who don't value that part of it all, I wish they would. They value it because of the US leadership. And you really don't want the nuclear reactors around the world, made by our adversaries, because it's economically a huge job creator."Nuclear energy is considered the largest source of clean power in the United States and is responsible for nearly half of the nation's emissions-free electricity, <a target="_blank" href="https://www.energy.gov/ne/articles/advantages-and-challenges-nuclear-energy">according to the Office of Nuclear Energy</a>, a US government agency.It's produced in nuclear reactors through atomic fission, in which subatomic particles called neutrons collide with full atoms, forcing them to split in two. This process releases tons of heat, which is used to boil water and produce steam. That steam is then routed through the nuclear reactor's steam system to spin turbines and produce electricity.Lawmakers on both sides of the aisle have worked to bolster the nuclear energy industry this year.In March, the House of Representatives <a target="_blank" href="https://bucshon.house.gov/news/documentsingle.aspx?DocumentID=4564">passed</a> the ADVANCE Act, which will expand the use of nuclear energy in the United States and abroad. President Joe Biden also signed a <a target="_blank" href="https://www.congress.gov/bill/118th-congress/house-bill/4366">law</a> in March that allocates $100 million to nuclear workforce training programs at universities, two-year colleges, and trade schools.This renewed focus on nuclear energy also comes as <a target="_blank" href="https://www.businessinsider.com/top-artificial-intelligence-customer-experience-business-applications-2024-5">the development of AI</a> surges. Tech companies like OpenAI are increasingly looking for cleaner, greener forms of energy to meet the huge power demands of their data centers.

Bill Gates says nuclear power has 'impressive' bipartisan support

<ul><li>Historical data suggest an annual <keyword id="6355445" type="General" weightage="20" keywordseo="education" source="Orion">education</keyword> inflation of 10-12%. </li><li>Start <keyword id="159805" type="General" weightage="20" keywordseo="sips" source="Orion">SIPs</keyword> in diversified equity funds for the child's future <keyword id="132743" type="General" weightage="20" keywordseo="goals" source="Orion">goals</keyword>. </li><li>The goal must be periodically re-evaluated for the changing costs and inflation rate.</li></ul>The birth of your newborn is undoubtedly the happiest occasion of your life. But with great joy comes great responsibility. As a parent, you are responsible for the well being of your child and that includes providing him or her with good quality higher education. Expenses associated with education include various aspects, such as university tuition, tutoring, transportation, and accommodation charges. While there isn't a distinct inflation index for education, historical data suggests an annual inflation rate of approximately 10 to 12%. This is higher than normal inflation. To estimate the future cost of their child's education, parents can project the current course expenses by applying the mentioned inflation rate. For example, if the current cost of an engineering degree is ₹15 lakh now, 18 years later it would cost around ₹1.15 crore at 12% inflation. <cmsannotation type="cmsannotation" annotationid="Start early" comment="Subhead" text="Start early">Start early</cmsannotation> The corpus you need to build may seem very big, so it is key to start early. Starting early lets you harness the power of compounding right from day one. At birth, a child is likely to receive a lot of monetary gifts from friends and relatives. Rather than keep the cash idling away, one should use this money to kick start investing in the child’s future. <cmsannotation type="cmsannotation" annotationid="Mutual funds the way to go" comment="Subhead" text="Mutual funds the way to go">Mutual funds the way to go</cmsannotation> Mutual funds are vital for saving for a child's education due to their diversified investment options, expert management, and potential for long-term growth. “Start SIPs in diversified equity funds for the child's future goals. The child will be the beneficiary of these investments made by the legal guardian,” says Rahul Jain, president and head, Nuvama Wealth, a wealth management firm. Insurance and mutual fund companies sell ‘child plans’ which are either issuance plans or mutual fund schemes. These plans often have a ‘child’ prefix and are meant to tempt parents into investing in them. For most of them a payout is meant only when the child turns 18 years and they are designed in such a way that parents cannot touch the money before the child turns 18. But one should not fall for such schemes, since investing through mutual funds is a much better option. “Beware of schemes like 'XXX Childcare' that exploit the emotional quotient of investors, as they are often expensive investment products,” says Deepak Gagrani, Founder of MADHUBAN FINVEST. <cmsannotation type="cmsannotation" annotationid="Asset allocation is key" comment="Subhead" text="Asset allocation is key"><keyword id="151746" type="General" weightage="20" keywordseo="asset-allocation" source="Orion">Asset allocation</keyword> is key</cmsannotation> The principal of asset allocation applies to education as well. “In case of a girl child, one should definitely consider investing up to ₹1.5 lakhs annually in Sukanya Samriddhi Yojana,” says Gagrani. The investments are eligible for deductions under Section 80C and interest income is tax free. . Otherwise, regular investments in public provident fund (PPF) is a good idea to get debt exposure. “The goal must be periodically re-evaluated for the changing costs and inflation rate. The portfolio must be reviewed at least once a year to ensure that it delivers the expected returns,” says Jain. If possible, the services of an investment advisor must be engaged.

Investing in tomorrow: A guide to securing your newborn's higher education

Chennai, Tamil Nadu's ruling <keyword id="19897149" type="General" weightage="20" keywordseo="dmk" source="keywords">DMK</keyword>, a key constituent of the INDIA bloc, in its manifesto released on Wednesday promised to repeal the Citizenship Amendment Act, 2019 if the opposition alliance wins the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls. Restoration of statehood to Jammu and Kashmir and holding polls there, scrapping the New Education Policy 2020, slashing fuel prices, annulling Article 361 of the Constitution that provides protection to governors from legal action and appointment of Governors following consultation with Chief Ministers, were among the key promises made by the DMK. The recommendations of the M S Swaminathan committee will be adopted to ensure that MSP for agricultural products "is set at total production cost plus 50 per cent," the DMK said. Also, it announced that if voted to power, the INDIA bloc will withdraw the Agnipath scheme and reintroduce "permanent recruitment service" in the Indian Armed forces. "From now on, population census, including caste-wise census and census concerning people below the poverty line, will be conducted by the Union government once every five years simultaneously." The DMK will firmly insist on the removal of Article 356, which allows the dismissal of duly elected state governments and imposition of President's rule. The Congress party's ally in Tamil Nadu said that "new constraints" on States' borrowing capacity, imposed by the union government beyond the limits in each state's FRBM-equivalent Act will be eliminated. "A recommendation to share cess revenues with states will be made. It will be proposed that the Finance Commission increase the horizontal devolution of tax revenue (to all States together) from 42 per cent to 50 per cent." The Union government's financial contributions to states will be based on the income tax and GST collected in those states. Thus, financial contributions will be assured based on the taxes collected within each state. The finance provided to states will be permanently determined based on the 1971 population. A 33 per cent reservation for women in Parliament and legislative assemblies will be implemented immediately. "DMK will insist that the Union government enact a law providing menstrual leave to women, emphasizing the journey towards gender equality." Petrol and diesel prices "will be set at Rs 75, Rs 65 (per litre)" and cooking gas cylinders shall be made available at Rs 500 (per cylinder). "The introduction of the Uniform Civil Code will be strictly prevented" to preserve India's secular nature as stated in the Constitution's preamble. "The 2019 CAA law will be repealed, and all minorities will be treated equally without any discrimination. The recommendations of the Sachar Committee for the improvement of the lives of Muslims and other minority communities will be implemented." Facilitation will be provided for <keyword id="21027983" type="General" weightage="20" keywordseo="sri-lankan-tamil" source="keywords">Sri Lankan Tamil</keyword> refugees to get Indian citizenship. Assistance will be provided to those who wish to return to Sri Lanka. Also, the manifesto said efforts will be made to implement reservation for minorities at the all-India level, similar to Tamil Nadu. "The financial assistance previously provided to minority educational institutions has now been stopped. Action will be taken to resume this assistance." For "political" reasons, funding from foreign countries to non-governmental organisations (NGOs) has currently been stopped. "The Foreign Exchange Regulation Act will be properly amended, and measures will be taken to ensure these financial aids continue to reach NGOs without any problems." The proposal of 'One Nation, One Election' will be abandoned, and for the allocation of Lok Sabha seats to states, the current practice, based on the 1971 census will continue. All "people-unfriendly" laws introduced by the BJP government over the last 10 years will be reviewed immediately by the INDIA alliance government. The "labour-hostile laws" introduced by the BJP government will be "reformed." Through the Employees' Provident Fund (EPF), the Union government will ensure a minimum pension of Rs 5,000 per month. The number of working days under the Mahatma Gandhi National Rural Employment Guarantee Act will be increased from 100 to 150 days. "A wage of Rs 400 will be provided across states/ union territories nationwide." Disbanding the current NITI Aayog, set up by the BJP regime and establishing again the Planning Commission to draft plans based on the requests of state governments is another assurance the DMK has made. "Measures will be taken to reclaim Kachchatheevu to ensure India's security and to protect the welfare of the fishermen." A mandatory "cooling-off period" of 2 years will be introduced for retired judges and secretaries before they could join private companies or political parties, the manifesto said. Waiving loans and interests for farmers in nationalised and scheduled banks, waiver of educational loans for students, monthly entitlement of Rs 1,000 for all women in every state and formation of <keyword id="21027984" type="General" weightage="20" keywordseo="state-development-council" source="keywords">State Development Council</keyword> by including Chief Ministers were among the promises made by the DMK. Exemption for Tamil Nadu from the NEET exam and complete removal of toll booths on national highways, forms part of poll promises of the Dravidian party. Further, the DMK said amendments will be made to relevant laws to ensure that state governments, elected by the people, appoint Vice-Chancellors to state-run universities, rather than Governors. Stopping government's divestment from public sector enterprises, implementing the Sethusamudram project, law to ban online gambling, setting up a <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> branch in Chennai, providing statehood for <keyword id="19901639" type="General" weightage="20" keywordseo="puducherry" source="keywords">Puducherry</keyword>, equal funding for all state languages including Tamil, were among the host of other promises made by the DMK. Establishment of Tamil departments in varsities and stopping construction of <keyword id="19950851" type="General" weightage="20" keywordseo="mekedatu" source="keywords">Mekedatu</keyword> dam were also promised by the DMK. "The <keyword id="19996334" type="General" weightage="20" keywordseo="vishwakarma-scheme" source="keywords">Vishwakarma Scheme</keyword>, introduced by the BJP government to encourage caste-based occupations, will be restructured on the basis of social justice."

DMK vows to repeal CAA if INDIA bloc is voted to power

<ul><li>In the hotly-contested debate around active versus passively-managed schemes, often many investors miss the woods for the trees.</li><li>The beauty of passive investing is that it does not suffer from any emotional bias, recency bias or any other prejudice that afflicts humans.</li><li>Passive products such as index funds and ETFs are better-suited for tactical allocation in a portfolio. </li></ul> If mutual funds are a cricket team, actively-managed funds would be the star batsmen while passively-managed schemes would be the all-rounders. In the hotly-contested debate around actives versus passives, often, many investors miss the woods for the trees. In a seasoned portfolio, both active and passive products have their respective place because of the inherent design. Yet, the narrative often gets hijacked and becomes a question of either or, instead of deciding the choice of the right product for the right investor. Given the dynamic nature of markets and economic cycles, it is impossible to guess the winning asset class/theme/sector consistently. Furthermore, there may be prolonged cycles of outperformance and underperformance of these investments, and thus difficult to project the winner. So, investors should ideally have a mix of investment plays in their portfolios through active and passive products. While domestic markets have been stuck in a range for quite some time, tactical bets have played out in sectors such as banking, public sector undertaking (PSU), infrastructure and consumption sectors. This has brought to the fore the utility of passive product allocation when used tactically. Here, for tactical plays, one can do it largely through passive products such as thematic/sectoral index funds and ETFs or exchange-traded funds, and core plays through actively-managed diversified funds that can generate better investment outcomes over the long-term. The beauty of passive investing is that it does not suffer from any emotional bias, recency bias or any other prejudice that afflicts humans. Since portfolio construction and maintenance is rule-based, passive products give simple pure-play exposures to sectors/themes at the lowest cost possible. This fits well with the overall tactical allocation principle and dynamic nature of product requirement to exploit short-lived market opportunities. Tactical plays Tactical asset allocation is practised by many investors. This is done by smart shifts in a certain percentage of assets held in various categories to take advantage of strong market sectors/asset classes. Such a strategy allows investors to create extra value by taking advantage of certain situations in the market. Passive products such as index funds and ETFs are better-suited for tactical allocation in a portfolio on account of various reasons as listed below: One, passive products track markets efficiently. There is no time lost in tweaking a portfolio, since indices get rebalanced at defined intervals and positions can be taken quickly. Two, specific themes/sectors often offer a short window of opportunity for tactical allocations. Especially, when it comes to sectoral allocation, timing matters and for this type of allocation one can choose a passive offering. Healthcare as a theme saw a sharp rally during the pandemic years. The S&amp;P BSE Healthcare index delivered 61.45% and 20.87% respectively in calendar years 2020 and 2021. However, come 2022 and 2023 (year-to-date), the index delivered a negative return to the tune of 12.5% and 13% respectively. If an investor had initiated investments in 2020 and held on to it till date, almost half of the gains accumulated till 2021 would have been wiped out. This shows the importance of getting both the entry and the exit right in sectoral/thematic investments. Three, for commodities investing, a savvy investor can consider the ETF route as it efficiently tracks the price of the underlying commodity. So, if an investor is bullish on, say, the outlook of gold or silver, instead of physically buying or storing these commodities, he can just own these in ETF form and enter and exit the position with ease thereby boosting portfolio return. Four, passive smart-beta offerings can be harnessed to play a market trend. If the market is momentum based, one of the easiest ways to participate is through momentum-based smart beta offerings. In this manner, you can participate in the trend without disturbing the core of your long-term portfolio. Similarly, a knowledgeable investor can tactically make use of smart-beta offerings to play a particular style of investing. To conclude, over a complete market cycle, there will be times when active management triumphs and at other times, a passive approach may outperform. An ideal portfolio should be one which captures both these trends. Instead of pitting one strategy against the other, harness the power each of these approaches offer. At all times, use an informed eye to decide when and how much to skew towards passive. If unsure, seek help from a financial advisor. (The writer is the head of investment strategy at ICICI Prudential AMC)

How passive offerings can contribute to tactical allocation of a portfolio

<ul class="summary-list"><li>Rahul Rai, a 24-year-old hedge fund founder, believes <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword> could overtake bitcoin in the next six or so months.</li><li>The <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> token has the potential to "power the rails of all global finance" through DeFi use, he told Insider.</li><li>Ether has climbed to new highs recently, and there is around $100 billion in total value locked on the network.</li></ul><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> hedge fund manager Rahul Rai believes the market will see ether overtake bitcoin in terms of market capitalization before the middle of next year, in what experts call "<a href="https://www.businessinsider.com/crypto-investing-strategy-what-is-flippening-experts-predicitions-bitcoin-ethereum-2021-10?r=US&amp;IR=TIR=T">the flippening</a>". The native token of the ethereum network hit record <a href="https://markets.businessinsider.com/news/currencies/ether-price-record-high-futures-metaverse-nft-cme-facebook-binance-2021-11">highs</a> above $4,600 this week, after CME Group, the world's largest derivatives exchange, said it would launch <a href="https://markets.businessinsider.com/stocks/cme-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">micro ether futures</a> in early December.Ether's rise was propelled by a series of developments that underscored the growing momentum in the digital market beyond pure cryptocurrencies.Facebook recently said it would <a href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10">rebrand itself as Meta</a>, in a nod to its commitment to expanding its activities in the metaverse, while metaverse gaming platform Sandbox raised $3 million in a day. Even K-pop sensations <a href="https://markets.businessinsider.com/news/currencies/bts-nft-crypto-kpop-after-agency-signs-deal-korea-exchange-2021-11">BTS</a> are set to launch digital photocards in the form of non-fungible tokens (NFTs), thanks to a collaboration unveiled this week between their agency and South Korea's biggest <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> operator.The ethereum network now has around $100 billion <a href="https://www.theblockcrypto.com/data/decentralized-finance/total-value-locked-tvl">total value locked</a> onto it, according to The Block data. Yet ethereum is still very much second to bitcoin in terms of market value. This might not be the case for very much longer, according to Rai, the co-head of market neutral at BlockTower Capital."I definitely think there's a really good chance for ether to surpass bitcoin. I wouldn't be surprised if it happened within the cycle," the 24-year-old told Insider."Very tough to predict when this cycle will end. My take is mid-next year," he continued. Bitcoin is the number one crypto with a market capitalization of over $1 trillion, while ether is in second place with a market cap of $535 billion - meaning it's edging closer to its rival. Two years ago, bitcoin accounted for almost 67% of the entire crypto market, but its portion has dropped to 45%. Meanwhile, ether's market share has risen from 8.5% to nearly 20%.This year, bitcoin has hit record highs near $70,000, powered by major investors including the cryptocurrency in their portfolios as a means of diversifying their holdings and as a hedge against inflation."Bitcoin is a store of value, it's digital gold. And so its market cap, at most, is going to be somewhere around gold - maybe larger, because it has some properties that are better than gold. But that's roughly the benchmark you're going to use to cap its market size," Rai said.Gold's market cap is currently around $11 trillion, according to CompaniesMarketCap <a href="https://companiesmarketcap.com/gold/marketcap/#:~:text=Gold's%20Market%20Cap&amp;text=The%20Market%20Capitalization%20of%20Gold,world's%20above%20ground%20gold%20reserves.%20reserves.">data</a>. Rai, who sold his crypto hedge fund Gamma Point Capital for $35 million this year, said the versatility of the ethereum network would be the key attraction for developers and investors alike.Ethereum is a layer one network that allows payments, lending, trading and <a href="https://www.coinbase.com/learn/crypto-basics/what-is-staking">staking</a>. It enables peer-to-peer activity without a broker or bank as an intermediary. Unlike bitcoin's network, the blockchain is programmable, meaning it can run other applications such as smart contracts, NFTs and even the metaverse. "Ethereum is trying to power the rails of all of global finance in the future, and that is a much bigger market, if it does succeed," Rai said."If it does succeed, and if the thesis plays out, then the market value is going to capture trillions of dollars in global activity, and that's a much bigger market than (what) bitcoin's going up (toward)," he added.

A Gen Z crypto millionaire says ether could overtake bitcoin as the No 1 crypto before mid-2022 - and could 'power the rails' of global finance

<ul class="summary-list"><li>The <keyword id="105472" type="General" weightage="60" keywordseo="us-treasury" source="Orion">US Treasury</keyword> does everything in its power to kill <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, according to <keyword id="5294933" type="General" weightage="60" keywordseo="cardano" source="Orion">Cardano</keyword> founder <keyword id="4783377" type="General" weightage="60" keywordseo="charles-hoskinson" source="Orion">Charles Hoskinson</keyword>.</li><li>Hoskinson was speaking in South Africa for a pan-African tour that started last week. </li><li>"A $2 trillion industry just pops up in our backyard, and my government's trying to kill it," he said. </li></ul>The US Treasury Department is doing all it can to shut down crypto assets, Cardano founder Charles Hoskinson said late last week during a tour of Africa. He kicked off an event in Cape Town, South Africa, by saying he is not discouraged by the Treasury's efforts to limit the growing <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto community</a>. Regulators have been scrutinizing the crypto industry more closely to safeguard against money<a href="https://markets.businessinsider.com/news/currencies/binance-insider-trading-investigation-traded-customer-orders-intensifying-us-probe-2021-9"> laundering</a>, exploitation of investors, ransomware attacks, <a href="https://markets.businessinsider.com/news/currencies/cryptocurrencies-95-fraud-hype-noise-confusion-neelcoin-fed-neel-kashkari-2021-8">fraud</a> and<a href="https://markets.businessinsider.com/news/currencies/imf-crypto-warning-risks-disappearing-coins-volatile-stablecoins-cbdc-2021-10"> disappearing</a> coins. "In DC, the Treasury Department does everything in its power to try to kill our industry," Hoskinson said in a chat with the Cape Innovation and Technology <a href="https://www.youtube.com/channel/UCkPukeyUiKb2LWpFcJZp-iQ">Initiative</a>, part of a tour that started last week. "A $2 trillion industry just pops up in our backyard, and my government's trying to kill it." Market players are looking for regulatory clarity in the growing <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto space</a>. Authorities around the world have stepped up their scrutiny of bitcoin and the like as they have gained in adoption and value. Cardano's ada, for example - the fourth biggest cryptocurrency with a <a href="https://coinmarketcap.com/">market capitalization</a> of over $70 billion - has surged by more than 2,000% since the start of 2021, according to Binance data. <keyword id="2420795" type="General" weightage="60" keywordseo="cryptocurrencies" source="Orion">Cryptocurrencies</keyword> have also long been attractive for criminals, given that they're decentralized and ownership is difficult to track. The Treasury, which is responsible for maintaining systems critical to US financial infrastructure, blacklisted its first crypto exchange in late September. The agency said it would sanction Russian-owned Suex for its role in laundering financial transactions for <a href="https://markets.businessinsider.com/news/currencies/us-treasury-crypto-exchange-suex-sanction-blacklist-ransomware-attack-payment-2021-9">ransomware</a> actors, saying 40% of the exchange's transactions were tied to illicit activity. Most recently, the Treasury has joined a chorus of voices calling for crypto companies to be at the forefront of helping stop ransomware payments that are not easily traced on the blockchain. But Federal Reserve Chairman Jerome Powell clarified that he had no intention of <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-regulation-sec-gary-gensler-coinbase-fed-ban-powell-2021-10">banning </a>crypto in late September.

Cardano founder Charles Hoskinson says the US Treasury does ‘everything in its power to kill’ crypto

<ul class="summary-list"><li>The Wagner Group's failed mutiny exposed major cracks in Vladimir Putin's domestic authority. </li><li>The worsening chaos has fueled further hostility and power plays in the Russian ranks.</li></ul>The Wagner Group's armed rebellion against Russia's military leadership may have been short-lived, but the fallout from the insurrection is far from over.More than three weeks after the historic challenge to Russian President Vladimir Putin's authority, there's still internal power plays and high-level purges in motion. Some top figures are tightening their grips on power as other prominent figures fall, having been exiled, detained, or dismissed.War experts say what we're seeing unfold is that several high-ranking officials and influential figures are fixated on their own personal goals, hold different opinions of Moscow's military leadership, and maintain different views on how the war in Ukraine should be fought. Wagner's insurrection appears to have only poured fuel on the fire as longstanding infighting threatens the cohesion of Moscow's military.And a danger for the Kremlin here is that the mutiny showed that Putin "doesn't have the monopoly of violence to the same extent that he used to," Kateryna Stepanenko, a Russia analyst at the Institute for the Study of War (ISW), told Insider. "We are seeing a lot of military formations and military figures that are pushing for their own objectives." But the top military leaders are also pushing back.For months leading up to Wagner's rebellion, Yevgeny Prigozhin, the founder of the Wagner Group private military company who became increasingly critical of the conduct of the war, frequently clashed with Moscow's defense ministry in a publicized feud that covered everything from battlefield strategy to lack of ammunition, and even Putin's justifications for waging war on his neighbor.The tensions boiled over on June 23 when Prigozhin turned his mercenary organization famous for its culture of extreme violence away from eastern Ukraine and <a href="https://www.businessinsider.com/ukraine-gained-ground-russia-wagner-group-prigozhin-uprising-march-moscow-2023-6">launched an invasion of Russia</a> that saw Wagner forces marching toward Moscow. They were only a few hours out when Belarusian President Alexander Lukashenko helped broker a deal between Prigozhin and the Kremlin that sent him and some number of his fighters into exile. Prigozhin's whereabouts since the rebellion have been a <a href="https://www.businessinsider.com/yevgeny-prigozhin-all-but-disappeared-after-mutiny-putin-russia-2023-7">mystery</a>, with different explanations swirling around. There's <a href="https://www.businessinsider.com/new-image-prigozhin-wagner-group-boss-maybe-at-belarus-camp-2023-7">evidence</a> the former warlord is at a military camp in Belarus, but the once-outspoken critic of the defense ministry has gone silent.<div type="image" title="Wagner mercenary chief Yevgeny Prigozhin leaves the headquarters of the Southern Military District amid the group's pullout from the city of Rostov-on-Don, Russia, June 24, 2023." height="1270" width="2000" msid="101838848" hostid="261" sizebytes="84020"></div>Western officials have asserted that Prigozhin's actions in June exposed serious cracks within Russian military leadership, which is already under fire for its handling of the war in Ukraine. But he's not the only influential figure who believes things could be run differently — perhaps for personal benefit — in Moscow, and new rifts are emerging, even as the defense ministry clamps down."There's so much chaos within the Russian Ministry of Defense, within the Russian Armed Forces, that allows for these figures to push for their own objectives and for their own visions of the war," Stepanenko said. "I don't think it's as extreme as Prigozhin, however, we are definitely seeing more figures push for their own interests, despite the fact that they have the common goal of occupying the entirety of Ukraine."<h2>Putin's top general, the man at the heart of the fighting</h2>A key aspect of the power dynamics in Moscow is whether these figures support Russian <a href="https://www.businessinsider.com/russia-new-ukraine-general-focused-on-soldiers-shaving-uk-intel-2023-1" rel="">Gen. Valery Gerasimov</a>, who has overseen the war in Ukraine for nearly all of 2023. In the pro-Gerasimov camp, there are key players who benefit from being in his inner circle and that of Russian Defense Minister Sergei Shoigu, who, like Gerasimov, appears to have Putin's favor at the moment.One such figure is Ramzan Kadyrov, a warlord who leads a band of Chechen fighters. Although he has <a href="https://www.businessinsider.com/irregular-russian-commanders-undermine-top-general-war-efforts-ukraine-experts-2023-5">butted heads</a> with Russia's defense ministry in the past and has even <a href="https://www.businessinsider.com/ramzan-kadyrov-private-military-group-wagner-chechen-leader-russia-putin-2023-2">praised</a> the Wagner Group for its efforts in Ukraine, Kadyrov ultimately sided with Moscow's military leadership during the mutiny and even <a href="https://www.washingtonpost.com/world/2023/06/24/ramzan-kadyrov-chechen-leader-putin-ally/">offered</a> to send his fighters to stop Wagner. Kadyrov has historically been vocal about wanting his forces to avoid fighting in Ukraine, Stepanenko said, and he even managed to persuade Putin to deploy some of his fighters to Russia's Belgorod region, which borders northeastern Ukraine, instead of into the fray on the other side of that border.But there's also an anti-Gerasimov camp made up of officers and commanders who think he is incompetent, unable to administer military changes, and tends to prioritize having his own people in command. Their ultimate goal is not to purge the Kremlin but rather to push a change in the military command and prove to Putin that Gerasimov is a poor leader, and this group has become much more outspoken, even as their vocal criticisms of Russia's military leadership comes at a cost.<div type="image" title="Russian President Vladimir Putin greets Chief of the Russian General Staff Valery Gerasimov in Moscow, Russia, on December 21, 2020." height="1334" width="2000" msid="101838851" hostid="261" sizebytes="108350"></div>Some people in the anti-Gerasimov camp are associated with the Wagner Group, the most obvious being Prigozhin, who has long been critical of Gerasimov and Shoigu and who positioned his mutiny to pressure Putin into removing them, Stepanenko said. "Not everyone is happy with the command that is in power. There's commanders that perceive Gerasimov and Shoigu as weak leaders," she added. "Their main objective is to convince Putin that there needs to be some change within the military command structure."Another notable figure in the anti-Gerasimov camp is Col. Gen. Mikhail Teplinsky, who is the commander of Russia's VDV Airborne Forces and has maintained affiliations with Wagner. A favorite to Russian ultranationalists, Teplinsky oversaw successful operations in Ukraine last fall only to be <a href="https://www.businessinsider.com/key-russia-commander-dismissed-amid-military-power-struggles-uk-intel-2023-1">dismissed</a> from his position by Gerasimov after he took over from Gen. Sergei Surovikin, another figure popular among the pro-war community, earlier this year, which prompted a certain degree of insubordination from the Russian airborne commander.Britain's defense ministry <a href="https://twitter.com/DefenceHQ/status/1617785717383364612?s=20&amp;t=-XCQr9DDhDPRPG8ZPZRtMg">said</a> at the time that the sudden shake-up was likely the result of fractures within Russia's military leadership and the consequence of Gerasimov trying to "impose his personal authority" on Russia's war machine.But Teplinsky was ultimately brought back into a leadership role, despite expressing his frustration with the military command directly to Putin, ISW, a Washington-based think tank, noted in an April <a href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-april-30-2023">assessment</a>. "Teplinsky is a good example of a commander promoting his own interests," Stepanenko said. "There's obviously likely more of these commanders that are pushing their own objectives, trying to promote their personalities, and have information networks that they use to emphasize and uplift their reputation."Shifts in military command are mainly efforts to obtain access to resources or dictate how particular military units are used, Stepanenko said. For example, in Kadyrov's case, he may be pushing for control to shield his fighters from the battlefield in Ukraine and send conventional Russian forces instead. <div type="image" title="Ramzan Kadyrov, head of the Russian republic of Chechnya." height="2156" width="3012" msid="101838852" hostid="261" sizebytes="200884"></div>"Almost everyone is trying to protect their own personnel and their own resources" in addition to getting closer to Putin, she said. Among other things, Prigozhin's motivation for the mutiny, she noted, seemed to be securing more equipment and social benefits for his forces. <h2>Consequences for disobedience</h2>Insubordination against Moscow's military leadership, such as Teplinsky's criticisms or the Wagner's rebellion, has undermined Russian military leaders but has also come with consequences for members of the anti-Gerasimov camp. Prigozhin was first on the chopping block — seemingly cast into exile in Belarus with his mercenary organization, which was <a href="https://www.businessinsider.com/russian-video-disarming-wagner-group-mutiny-weapons-tanks-military-equipment-2023-7">stripped</a> of all its heavy weaponry — but it didn't stop there.Gen. Sergei Surovikin, who previously commanded Russian operations in Ukraine and had ties to Wagner, was reportedly <a href="https://www.wsj.com/articles/russia-detained-several-senior-military-officers-in-wake-of-wagner-mutiny-35a696e4">detained</a> in the wake of the mutiny and hasn't been seen since. There certainly appears to be more at work than just rumors he's resting, as one political figure claimed.Two Russian commanders are also said to have been removed from their posts.<div type="image" title="Commander of Russia's Aerospace Forces Sergei Surovikin, Chief of the General Staff of the Russian Armed Forces Valery Gerasimov and Head of the Main Operational Directorate of the Armed Forces' General Staff Sergei Rudskoi attend a meeting with President Vladimir Putin in Sochi, Russia, November 3, 2021." height="3648" width="5472" msid="101838854" hostid="261" sizebytes="320636"></div>Maj. Gen. Ivan Popov, who previously commanded Russia's 58th Combined Arms Army, was apparently dismissed from his role recently after calling attention to <a href="https://www.businessinsider.com/fired-generals-concerns-show-ukraine-bloodying-russia-in-key-fight-2023-7">shortcomings</a> in Moscow's artillery defense, among other weaknesses on the front lines. And Maj. Gen. Vladimir Seliverstov, who led the 106th Guards Airborne (VDV) Division is said to have been dismissed from his role. According to a July 16 ISW <a href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-july-16-2023">assessment</a> that cited Russian sources, even Teplinsky may be back in hot water now.After he was relieved of his command, Popov said in an audio recording shared online that "our senior commander hit us from the rear, treacherously and vilely decapitating the army at the most difficult and tense moment," a reference to an ongoing Ukrainian counteroffensive push."The Russian MoD has begun to remove commanders from some of the Russian military's most combat effective units and formations and appears to be accelerating this effort," ISW experts wrote, adding that "the apparent Russian chain of command crisis threatens to demoralize the wider Russian war effort in Ukraine." And these challenges may also extend down to unit levels, exacerbating problems.There have also been changes to Russia's internal security dynamics in the aftermath of Wagner's rebellion, like the militarization of the Gen. Viktor Zolotov-led National Guard. This force's border guards let armed Wagner columns through rather than attempt to resist during the revolt.In the wake of the mutiny, during which Wagner forces <a href="https://www.businessinsider.com/russia-valuable-command-aircraft-safe-from-ukraine-downed-by-wagner-2023-6">shot down</a> several Russian aircraft and killed a handful of pilots, the National Guard asked Putin for armored vehicles and other heavy military equipment under the premise of boosting security along Russia's western borders.<div type="image" title="Russian National Guard Service Director Viktor Zolotov speeches during a meeting with officers of Russian army and secret services who prevented invasion of PMC Wagner Group to Russian capital last weekend, on June 27, 2023 in Moscow, Russia." height="758" width="1024" msid="101838857" hostid="261" sizebytes="57160"></div>"There's some interesting power play ongoing there," Stepanenko said of the National Guard's ability to secure additional military capabilities, though it's too soon to determine what it means for the major players. Another shift is underway in Russia's Belgorod region, where Putin previously had no interest in allocating resources to defend these areas, Stepanenko said. But ISW noted in a July 6 <a href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-july-6-2023">assessment</a> that the region's governor, Vyacheslav Gladkov, had stated that Belgorod would be boosting its territorial defense units. "Some security organs in Russia are getting a little bit more responsibilities and military capabilities that they did not have before," Stepanenko said. This will ultimately be beneficial for Ukraine because these resources will not be seen on the battlefield and will instead be committed to protecting the Russian homeland.The instability increasingly endemic to the Russian military comes as the Ukrainians try to break through their defensive lines. It's not a good time at the Kremlin, and as Prigozhin's revolt showed, the infighting can always get a lot worse.

'Chaos' is fueling fights among Putin's top commanders. These are the players battling for power.

All eyes were on <keyword id="7706673" type="General" weightage="20" keywordseo="finance-minister-nirmala-sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword>, on Tuesday, as she tabled the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword> in the Parliament. The Indian government projects 8-8.5% growth rate for the financial year FY 22-23, according to the Economic Survey 2022. <ol><li>What is the total budget for this year FY 22-23? The total budget for FY 22-23 is ₹39,44,908 crore.</li><li>How much funds are allocated to the Health Ministry? India’s Finance Minister, <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, allocated ₹86,200 crore for FY 22-23</li><li>How much funds are allocated to the Civil Aviation Ministry? The Union <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword> has allocated ₹10,667 crore to the Ministry of Civil Aviation.</li><li>What is the budget allocated to the Ministry of Commerce and Industry? This year the Department of Commerce has been allocated ₹14,421 crore.</li><li>What is the Defense budget for FY 2022-23? The Ministry of Defense has been allocated ₹5,25,116 crore this year (FY 22-23).</li><li>How much funds are allocated to the Education Ministry in FY 22-23? The Ministry of Education has been allocated ₹1,04,277 crore.</li><li>How much is the budget allocated to the Ministry of Finance in 2022-23? The Finance Ministry has been allocated ₹15,38,779 crore.</li><li>What is the budget allocation to the Ministry of Electronics and Information Technology? In FY 22-23, the Ministry of Electronics and Information Technology has been allocated ₹14,300 crore.</li><li>What is the budget for Railways in FY 22-23? The Finance Minister allocated ₹1,40,367 crore to Railways.</li><li>What is the budget for the Jal Jeevan Mission in 22-23? The government has allocated the Jal Jeevan Mission ₹86,189 crore for FY 22-23.</li><li>How much funds are allocated to the Labour and Employment Ministry in FY 22-23? The Union Budget 2022-23 has allocated ₹16,893 crore to the Ministry of Labour and Employment.</li><li>How much budget is allocated to micro, small and medium enterprises (MSMEs)? The MSME sector has been allocated ₹21,422 crore for this year FY 22-23.</li><li>What is the budget for the Power Ministry? The Ministry of Power has been allocated ₹16,074 crore for this year FY 22-23.</li><li>How much is the government spending on women and child development? The Union Budget 2022 has allocated ₹25,172 crore to the Ministry of Women and Child Development.</li></ol>

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