Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, February 4, 2025. This is Nelson John, let's get started. The Budget has introduced several agricultural schemes to boost crop productivity and improve credit access, particularly in 100 underperforming districts. However, its real impact may be limited, as many initiatives are underfunded and rely on existing programmes. For instance, despite growing climate risks, funding for the crucial crop insurance scheme has been slashed by ₹3,600 crore, while research funding has seen only a marginal increase. The budget’s approach could yield mixed results for farm incomes. While the government has promised to procure pulses at minimum support price, the effectiveness of this measure remains uncertain, given only a modest rise in the PM-AASHA scheme’s budget, which ensures farm-gate prices. At the same time, rising agricultural employment has put pressure on farm wages and productivity, adding to income stress. Sayantan Bera examines whether the Budget’s proposals can truly uplift rural India in today's Primer. The Indian government is considering scrapping the requirement for National Company Law Tribunal (NCLT) approval in mergers of local listed companies, aiming to streamline the process and ease the judiciary’s burden. The move, currently under discussion among multiple ministries, could significantly reshape India’s mergers and acquisitions landscape by reducing bureaucratic delays, Anirudh Laskar reports. Introduced in 2016, fast-track mergers allowed certain companies to bypass lengthy NCLT approvals, which can take up to 10 months. The proposed change would extend this streamlined approach, enabling more mergers to proceed with just regulatory and shareholder consent, eliminating the need for court intervention. While the NCLT ensures fairness in mergers, experts argue that its involvement often causes unnecessary delays, exposing companies to market volatility and potential manipulation. Removing this step could accelerate deal-making and allow the NCLT to focus on critical cases like insolvency. India is moving to initiate formal trade discussions with the United States to secure protection against potential future tariffs. While the country avoided the initial round of tariffs imposed on Canada, Mexico, and China, Indian officials are keen on negotiating a formal exemption with the US Trade Representative, Dhirendra Kumar reports. These talks will emphasize India’s role as a key trade partner, particularly in sectors like pharmaceuticals, IT services, and leather, which are integral to US supply chains. The decision to engage follows President Donald Trump’s recent tariff moves, which have heightened global trade concerns. With a $35-billion trade surplus with the US, India managed to steer clear of the first wave of tariffs, aided by its diversified export portfolio, which includes engineering goods, jewellery, and textiles. These exports are not only critical to India’s economy but also to US businesses, reinforcing the mutual benefits of their trade relationship. Small-town restaurants in India are undergoing a digital transformation as food delivery giants like Zomato and Swiggy expand their reach. To stay competitive, these eateries are adopting restaurant management software such as DotPe, UrbanPiper, and PetPooja to streamline billing, inventory, customer relations, and payroll. India’s food services market—including online orders and dining out—is poised to nearly double to $152 billion by 2030. This surge is driven by the growing popularity of food and grocery delivery platforms, which are reshaping consumption patterns in tier-II and III cities to resemble those of larger metros. Sowmya Ramasubramanian explores how the rise of food delivery services is accelerating the modernization of small-town restaurants. Delhi’s political landscape is heating up as the Bharatiya Janata Party (BJP) seeks a return to state power after 27 years. Despite its dominance in Lok Sabha elections, the BJP has struggled in state polls, where Arvind Kejriwal’s Aam Aadmi Party (AAP) remains a formidable force. Without a chief ministerial face, the BJP is relying on Narendra Modi’s appeal, framing the contest as a direct face-off between Modi and Kejriwal. For the AAP, this election is a fight for survival. Despite corruption scandals and key leaders behind bars, its voter base remains loyal, drawn to its free public services and infrastructure improvements in healthcare, education, and electricity. Meanwhile, Congress, once Delhi’s dominant force, is a distant third, attempting to revive its relevance with promises mirroring AAP’s welfare model. Ruhi Tewari explores the high-stakes political battle in poll-bound Delhi in today’s Long Story.
