Andhra Pradesh’s Chief Minister YS Jagan Mohan Reddy has launched YSR Jala Kala scheme that will drill borewells in the arid and uplands in the State and will also provide free motors to small and marginal farmers.

Launching the scheme on Monday, Reddy said that through the YSR Jala Kala scheme, borewells will be drilled free of cost for needy farmers and is estimated to bring in 5 lakh acres under cultivation through groundwater irrigation with an expenditure of ₹2,340 crore over four years in all the constituencies.

Though not promised during the 3,648-km padayatra nor mentioned in the manifesto, the government assures that motors will also be provided free of cost to the borewells for small and marginal farmers. This additional cost for the motors would be about ₹1,600 crore. The CM assured that there would be no additional burden to farmers by the new meters.

He told the

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U.S. stock futures rose Wednesday, with the Nasdaq tracking for a third session of gains as tech stocks continued to dig out of last week’s hole. However, the Nasdaq, as of Tuesday’s close, remained more than 7% below its Sept. 2 record high. The Dow Jones Industrial Average and S&P 500, which on Tuesday each locked in three-session winning streaks, were still 5% off their record highs on Feb. 12 and Sept. 2, respectively. (CNBC)

* Blackstone warns of a ‘lost decade’ where stock market returns are ‘anemic’ (CNBC)

On Wednesday’s economic calendar, the government said this morning that August retail sales rose 0.6%. Economists had expected an increase of 1%. July’s gain was revised lower to a 0.9% advance. (CNBC)

* Mortgage demand fell last week as interest rates stalled (CNBC)

At the conclusion of its two-day September meeting this afternoon, the Federal Reserve releases its

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