Stock broker deals on the market movements after Budget 2014 in Mumbai. (Anshuman Poyrekar/HT Photo)
People watch Buget on billboard outside BSE in Mumbai. (Anshuman Poyrekar/ HT Photo)
Brokers at a stock exchange market in Kolkata. (PTI Photo)
CII members watch the live screening of the Union budget 2014-15 speech in New Delhi on Thursday. (PTI Photo)
After two days of the rally, Sensex slumped 442 points in late-morning deals following weakness in global stocks amid profit-booking by wary operators ahead of ...
Industrialsts watch finance minister's budget speech at an event organised by CII at a city hotel in Indore. (Amit K Jaiswal/HT Photo)
Industrialsts watch finance minister's budget speech at an event organised by CII at a city hotel in Indore. (Amit K Jaiswal/ HT Photo)
People watch Budget 2014 on billboard outside BSE in Mumbai.(Anshuman Poyrekar/HT Photo)
The English and Hindi versions of the budget on Thursday promised one Indian Institute of Management (IIM) to two different states – Maharashtra and Rajasthan.
Finance minister Arun Jaitley’s speech in English — read out in the Lok Sabha — gave the IIM to Maharashtra, apart from one each to Himachal Pradesh, Punjab, Bihar and Odisha.
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The Hindi version of the same speech, however, named Rajasthan in place of Maharashtra.
The error has left the National Democratic Alliance (NDA) government red-faced with the human resource development (HRD) ministry ordering a probe.
The government would inform the Parliament of the mistake and accordingly move a corrigendum, said an HRD ministry official. The budget is now the property of Parliament.
This isn’t the first instance of such an error with Rajasthan having benefitted. The last time such a mistake was committed by the previous UPA regime in 2009.
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Presenting the interim budget in the Lok Sabha before the 2009 polls, then finance minister Pranab Mukherjee announced that, of the six new IIMS, teaching was expected to commence in four institutes, to be located in Haryana, Rajasthan, Jharkhand and Tamil Nadu.
Rajasthan, however, wasn’t supposed to be on the list as the IIM had been allocated to Chhattisgarh. The typographical mistake had been made by the HRD ministry, and Rajasthan was dropped from the list.
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Subsequent protests by members from Rajasthan forced the UPA to compensate for the error with Mukherjee announcing an IIM for Rajasthan during his reply to the debate on the budget in the Rajya Sabha.
The announcement of new IIMs and IITs in Thursday’s budget was said to be the brain child of Prime Minister Narendra Modi, who had talked about widening the spread of the premier institutes during his election campaign. Jaitley set aside Rs 500 crore for initiating work on the new IITs and IIMs.”
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Full Coverage: Union Budget 2014-15