SATURDAY `45 LAKH CRORE WIPED OUT FROM EQUITY MARKETS SO FAR THIS YEAR 15 FEBRUARY, 2025 The decline, driven by weak quarterly earnings, high valuations, and FII outflows, saw `24 lakh crore loss in the past week alone epaper.morningstandard.in facebook.com/TheMorningStandard X.com/TheMornStandard VOAL MINERS 11 KILLED IN PAK VEHICLE BLAST At least 11 people were killed, seven injured when a roadside bomb struck a vehicle carrying coal miners in Balochistan province on Friday, officials said. PAGE 9 INDICES IN THE RED EIGHT TIMES IN A ROW’25 A CAPITAL VIEW OF NEWS  NEW DELHI  J8.00  On Friday, BSE Sensex and NSE Nifty closed in the red for the eighth consecutive session, with the Sensex dropping 199.76 points to 75,939.21 and the Nifty falling 102.15 points to 22,929.25. The decline has been much steeper in the midcap and smallcap segments, mostly owing to FII sell-off, as they shifted focus to other emerging markets | P10 PAGES 12 1.5% BY WHICH RUPEE DEPRECIATED AGAINST THE U.S. DOLLAR YEAR-TO-DATE MARKET CAP DIPS BELOW $4 TRILLION MARK  Bloomberg data (which excludes ETFs and ADRs) shows India’s market cap dipped below the $4 trillion for the first time in over 14 months. President Trump’s tariff policies, too, is a factor in the diparound 3 am (IST) on Monday Def, trade deals to ease tariff sting 10-year defence partnership framework, $500-billion mega trade deal in the works; India to get F-35 fighter jets from US lars,” Trump told a joint news conference with Modi. “We’re INDIA and the US on Friday de- also paving the way to ultimatecided to bolster their ties ly provide India with the F-35 through a mega trade deal that stealth fighters,” he said. will see bilateral trade hit an “The leaders pledged to acunprecedented $500 billion in celerate defence technology cofive years and a new defence operation across space, air deframework that will rekindle fense, missile, maritime and cooperation across space, air undersea technologies, with defence, missile, maritime, and the US announcing a review of undersea technologies. its policy on releasing fifth genNotably India will get the cov- eration fighters and undersea , eted F-35 fighter jets from systems to India,” the joint the US, which is keen to statement said. expand defence sales In the wake of Trump and co-production with announcing reciprocal India. New Delhi will tariffs, a major part of also consider importing the discussion was oil and gas from the US around trade issues and to narrow the trade defitaking measures to have cit to a large extent. a road map for a bilatSpeaking to the media eral trade agreement. We believe at a joint press meet af“Today, we have set a that ter talks with US Presi- collaboration target of more than douand dent Donald Trump, bling bilateral trade to cooperation Prime Minister Naren$500 billion by 2030. Our dra Modi said India and between India teams will work on an and America the US can have a MEGA early conclusion of a can shape a partnership for prospermutually beneficial better world ity by aligning Trump’s Trade Agreement. We Prime Minister MAGA (Make America will strengthen the oil Narendra Modi Great Again) with his and gas trade to ensure own MIGA (Make India India’s energy security . Great Again). Investment in energy Reflecting the tone and sub- infrastructure will also instance of their nearly four-hour crease,” Modi said. meeting, which included forPresident Trump acknowlmal talks, dinner, and a press edged India’s decision to reconference, the joint statement duce tariffs on certain imports issued after the meeting men- and expressed his intention to tioned “cooperation” 18 times, begin discussions on trade dis“collaboration” 11 times, and parities, aiming to reach an “trade” 16 times. agreement. He also suggested “Starting this year, we’ll be that the trade deficit with India increasing military sales to In- could be addressed through the dia by many billions of dol- sale of oil and gas. P7 India rejects US offer to mediate on China row J AYA N T H J A C O B @ New Delhi ICC BOOSTS PRIZE MONEY Prize money for the 8-nation Champions Trophy starting in Pakistan next week has been increased by 53%, ICC said on Friday. Besides a trophy, the winning side will earn $2.24 million, the runners-up $1.12 million, the ICC stated. P11 J AYA N T H J A C O B @ New Delhi Prime Minister Narendra Modi with US President Donald Trump at the White House, in Washington, DC, on Friday | PTI KEY HIGHLIGHTS US to sell more military hardware, including F-35 stealth combat jets, to India 10-yr defence framework 2008 US to fast-track extradition of 2008 Mumbai terror attack accused Tahawwur Rana to facilitate easier trade of defence goods and services between the US and India Joint weapons production, defence technology transfer on the cards India to buy P-8I long-range maritime surveillance and antisubmarine plane INDIA TO BUY MORE OIL AND GAS FROM U.S. TARGET SET TO DOUBLE BILATERAL TRADE TO $500 BILLION BY 2030 U.S. TO BACK INDIA’S BID TO JOIN INT’L ENERGY AGENCY AS A FULL MEMBER INDIA on Friday rejected Donald Trump’s offer to mediate in the ongoing tensions between New Delhi and Beijing, after the US president expressed his willingness to help stop what he called the “vicious skirmishes” along the India-China border. Speaking to reporters, Foreign Secretary Vikram Misri said India always addresses issues with neighbouring countries through bilateral discussions and this approach remains unchanged in the case of China. “We have always adopted a bilateral approach to dealing with these issues. It’s no different between India and China. We have been discussing any issues that we have with them on a bilateral plane, and we will continue to do so,” Misri said. The foreign secretary’s comment was in response to a question during a media briefing about Trump’s proposal that he was ready to mediate between India and China over the lingering territorial disputes and skirmishes. Earlier, at the joint presser with Modi, Trump had said: “I look at India, I do see the skirmishes on the border, which are quite vicious, and I guess they continue to go on. If I could be of help, I’d love to help, because that should be stopped.” Trump said he enjoyed a “very good relationship” with China in his first term and that he got along with Chinese President Xi Jinping very well. “We were very close, as leaders go,” he said. CENTRE, FARMER UNIONS MEET, NEXT ROUND ON FEBRUARY 22 H A R P R E E T B A J W A @ Chandigarh THE first meeting between a Central team led by Union Minister Pralhad Joshi and farmers’ representatives to discuss their demands, including a legal guarantee for MSP on crops, was held here in a cordial atmosphere on Friday. The next round of talks is slated for February 22. Union agriculture minister Shivraj Singh Chouhan is expected to take part in the next meeting. The over two-and-a-half-hour meeting with a 28-member dele- gation from the Samyukta Kisan Morcha (Non-Political) and the Kisan Mazdoor Morcha was held after a year-long protest by farmers. The two outfits have been spearheading the ongoing farmers’ protest at Shambhu and Khanauri on the Punjab-Haryana border for the past one year. Following the meeting at the Mahatma Gandhi State Institute of Public Administration here, Joshi said the talks were held in a cordial atmosphere. “Details about the steps taken by the Narendra Modi government for farmers’ welfare were shared with their leaders in today’s meeting,” he added. Farmer leader Jagjit Singh Dallewal, who is on an indefinite fast, said that the meeting was held in a positive atmosphere. He was brought to the meeting venue from Khanauri protest site in an ambulance. Dallewal, the Samyukta Kisan Morcha convenor, has been on an indefinite hunger strike at the Khanauri border point since November 26, demanding legal guarantee for the MSP mechanism. Friday was the 81st day of his fast. PUNJAB CM CROSS 2nd US planeload of deportees lands in Amritsar today H A R P R E E T B A J W A @ Chandigarh A US aircraft carrying 119 illegal immigrants is likely to land at the Amritsar airport on Saturday, the second such batch of Indians deported by the Donald Trump dispensation as par t of its crackdown ag ainst ille g al immigration. According to official sources, the aircraft is expected to land at the Guru Ram Dass International airport in Amritsar around 10 pm on Saturday. Among the 119 Indian immigrants, 67 hail from Punjab, 33 from Haryana, eight from Gujarat, three from Uttar Pradesh, two each from Goa, Maharashtra and Rajasthan and one each from Himachal Pradesh and Jammu and Kashmir, ofPM: Need to combat ficials said. human trafficking A third US plane carrying deportees is also During his joint press expected to land on Febconference with Trump, Prime ruary 16. Minister Modi said there’s a T h e d eve l o p m e n t need to combat human came days after a US airtrafficking, which is the root craft carrying 104 deporcause of illegal immigration. tees landed at the AmritIndia, he said, is committed to sar airport last week. Of taking back its undocumented them, 33 each were from citizens living in the US Haryana and Gujarat and 30 from Punjab. Political leaders in Punjab have questioned the choice of Amritsar for the the US flight’s touchdown. Punjab Chief Minister Bhagwant Singh Mann launched a tirade against the Centre, calling it a conspiracy to defame the state. Mann questioned why Amritsar was chosen for the landing, as there are hundreds of airports in the country “Illegal immigration is not only Punjab’s prob. lem, but is a national issue,” Mann fumed. The Punjab government recently formed a special investigation team to probe illegal human trafficking. The SIT has filed 10 FIRs against fraudulent consultants. Suspense over new CM continues, swearing-in likely on Feb 19 or 20 ‘CMODelhi’ vs ‘KejriwalAtWork’ reaches X court A N U P V E R M A @ New Delhi AMID suspense over the name of the new chief minister after the election results, the swearing-in ceremony of the BJP government may take place on February 19 or 20. The BJP Legislature Party is likely to be held a day before the swearingin that marks the return of the saffron party in the national capital after a gap of 27 years. Preparations to form the government are expected to gain momentum after PM Narendra Modi returns from his trip to France and the US. PM Modi, Home Minister Amit Shah, BJP president JP Nadda and other senior leaders will pick the chief minister, perhaps one or two his/her deputies and a council of ministers. After the arrival of PM Modi, the party’s central leadership will appoint observers who will hold discussions with newly elected MLAs before announcing the name for the CM. BJP MLA from Rajouri Garden Manjinder Singh Sirsa said, “The new government will start working on February 19-20 after the legislature party meeting on February 18-19.” Preps to gain momentum after PM’s return from US SHEKHAR SINGH AND ANUP V E R M A @ New Delhi Sources privy to developments said preparations to form the government are expected to gain momentum after PM Modi returns from his trip to France and the US. PM Modi, Home Minister Amit Shah, BJP president JP Nadda and other senior leaders will pick the CM, perhaps one or two deputy CMs and a council of ministers. THE Delhi government has urged social media platform X to reinstate the official ‘CMO Delhi’ handle, which was allegedly renamed to ‘KejriwalAtWork’ under the influence of former CM Arvind Kejriwal. The Chief Minister’s Office (CMO) flagged the unauthorised change, saying that official gover nment accounts are meant to remain independent of persons and must transfer to Senior BJP leaders rubbished reports of race for the CM, calling them “mere speculations”. “There is no race for the CM post. In our party, the CM or the leader of the legislature party is elected at a meeting of MLAs,” said an MLA pleading annoymity . “We are thinking about addressing issues like development, clean water and air for the people. We will work to make the Yamuna water free of pollution,” he said. The MLAs said as per the PM’s promise, the Ayushman Bharat scheme, which was obstructed by the AAP government, would be implemented in in the first cabinet meeting of the new government. P3 successors as per protocol. “It has come to our notice that a “Grey Tick” Government Handle with identity “@CMODelhi”, has now been unauthorisedly changed to ‘@ KejriwalAtWork’. As per established practice, official accounts are not associated with individuals and pass on to successors as and when change takes place,” the CMO said in its communication to ‘X’. On Thursday, the BJP had sought L-G VK Saxena’s inter- vention over the renaming of the official ‘CMODelhi’ handle on ‘X’ to ‘KejriwalAtWork’, claiming that the AAP leader had used the platform for his personal use. The party said official account of ‘CMODelhi’ has around 9,90,000 followers with a “Grey Tick” government handle. Delhi BJP president Virendra Sachdeva on Thursdayt condemned Kejriwal for allegedly renaming the official handle created using public funds. “By orchestrating this digital heist, Arvind Kejriwal has not only misused government resources, but also compromised private information of the peole, for which he must face legal action,” he stated. The CM office, in its letter to ‘X’, further requested the social media platform to send the password of the account to the authorised official ID of chief minister. “This will ensure that the said Handle/ID is not misused in future and can’t be tampered with,” the letter read. EXPRESS READ 31-member House select panel on income-tax bill Lok Sabha Speaker Om Birla has formed the Select Commmittee to examine the Income-Tax Bill, 2025 with Baijyant Panda as its chairperson. Panda is BJP in-charge for Delhi, where the party recently won a decisive victory. The Speaker has named 31 members — all Lok Sabha MPs, including TMC’s Mahua Moitra and BJP’s PP Chaudhary, who is also heading the JPC on One Nation One election. MHA seeks Prez nod to prosecute AAP’s Jain in laundering case M U K E S H R A N J A N @ New Delhi THE Union Ministry of Home Affairs (MHA) has sought the President approval on prosecution sanction against former minister Satyendra Jain under Section 218 of Bharatiya Nagrik Suraksha Sanhita (BNSS), 2023, sources said on Friday . The request has been made on the basis of evidence gathered by ED in its probe against the AAP leader under provi- sions of the Prevention of Money Laundering Act (PMLA). The findings are substantial enough to initiate legal proceedings in the designated court against Jain, the sources added. Once the prosecution sanction is granted, the agency is free to proceed with the case in the court, as Jain has been under investigation over alleged financial irregularities and other charges. Section 218 of BNSS, 2023, stipulates a protocol for prosecuting judges and public servants for offences during their duties and mandates that no court shall take cognisance of such offences without prior sanction from the competent authority The provision has . been added to BNSS with an aim to protect officials from malicious prosecutions. The ED has been probing a case linked to Jain, who, during his tenure as a minister, was allegedly involved in laundering money through shell firms. In August 2017, the CBI lodged an FIR against Jain under the Prevention of Corruption Act, accusing him of acquiring assets disproportionate to his known sources of income and the ED’s money laundering case is based on this FIR. On May 30, 2022, ED arrested Jain based on evidence suggest- ing his involvement in money laundering. He was accused of routing illicit funds through shell companies and layering them to obscure their origins. Jain remained in custody for around 18 months. In October 2024, a court granted him bail, citing prolonged incarceration and delays in the trial process. In January 2025, ED urged court to frame charges against Jain saying there is evidence to proceed with the trial.