NEW DELHI, mumbAi, beNGALuru, kOLkAtA, cHeNNAi, AHmedAbAd, HyderAbAd, cHANdiGArH*, PuNe* VOL. 17 NO.

200

Wednesday, August 23, 2023

Parboiled rice may attract Rising prices warrant greater

livemint.com export levy uP1 vigil, says FinMin uP1
 NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HyDERABAD, CHANDIGARH*, PUNE* VOL. 17 NO. 200

Wednesday, August 23, 2023

Think Ahead. Think Growth.

mint primer QUICK EDIT

E for extinction? Onion

A new lexicon of clamps
The Centre’s recent decision to
the climate crisis impose a 40% export duty on
onions hasn’t gone down well
with traders, with auctions
BY SAYANTAN BERA being called off indefinitely in
With extreme weather events taking a devastating toll across the world Nashik and farmer bodies pro-
—from wildfires and heat waves to extreme rainfall and desertification testing too. That disgruntle-
—the conversation around climate change is getting peppered with ment is rife, although the prom-
new words and phrases. Here’s a handful to mull over: ise of central procurement rates
being raised above what onion
farmers would get in export
markets shows that this assur-
ance has fallen flat. What they
would rather have, it seems, is
the freedom to sell their pro-
duce wherever it’s most remu-
nerative. The export barrier
treats them as captive suppliers
for national purposes such as
inflation control. Ironically,
farm reforms are needed to
address this. For too long, farm-
ers have been kept away from
market forces of demand and
supply in the name of Indian
A satellite image shows Hurricane Hilary (right) off Mexico’s Pacific coast. AP
food security. And with the gov-
Eco-anxiety Tipping point ernment taking similar action
1 The psychological impact
that climate events can have on
2 A temperature threshold,
beyond which irreversible changes
with wheat, non-basmati rice
and sugar, among other com-
communities living in trauma and are likely to occur in the physical modities, it’s unlikely that India
others worried about their future world. Some examples are the will get around to giving up an
and that of future generations. The collapse of the West Antarctic and interventionist model anytime
American Psychological Greenland ice sheets, melting of soon. Right now, keeping a lid
Association defines eco-anxiety as Arctic permafrost and the on food prices is the Centre’s
“an overwhelming sense of fear, withering away of the Amazon
goal. But the frequent use of
sadness, and dread in the face of a forests. Citing new research, a
warming planet”. The mental 2022 OECD report warns that these barricades isn’t just a
health effects of climate crisis may important tipping points are bother for suppliers; they signal
involve post-traumatic stress already possible at current levels of a policy approach at odds with
disorder, suicides due to economic warming and may become likely agricultural liberalization.
fallouts (say, a drought), heat within the range of 1.5-2°C rise in
induced aggression, or nagging temperature. Breaching tipping
stress about an uncertain future. A points can lead to cascading socio-
more benign instance is ‘range- economic and ecological impact
anxiety’—fear of being stranded if
the battery of your electric vehicle
within a short span of time,
challenging the ability and
MINT METRIC
runs out. capacity of humankind to respond. by Bibek Debroy

Is he truly son of a judge?

3 Climate doom-ism
The belief that humanity has lost the
battle against climate change and that
Or is that plain fudge?
mankind is on its way to extinction.
In Lucknow, with a no parking ticket,
Experts say there is little or no scientific He hit his own wicket
truth to such views which have gained
popularity in tandem with frequent
And left a permanent smudge.
climate events. Be warned: climate
doomers can potentially cause as much
damage as climate deniers, by pushing
humanity into inaction. QUOTE OF THE DAY
With high safety standards, Indian
Direct capture Wet-bulb temperature
4 Direct air capture, or DAC, is
a nascent technology to extract
5 When it’s too hot, the
human body cools itself by way of
cars will be able to compete better
in the global market, increasing the
CO2 from the atmosphere. After sweating. That process is export potential of the car
extraction, the greenhouse gas can interrupted when the air is very
either be stored or used to develop humid, leading to higher heat manufacturers in India. The (Bharat
synthetic fuels. The US plans to stress. The wet bulb temperature NCAP) programme is expected to
spend $1.2 billion on building two combines both air temperature
commercial-scale plants. The and humidity to measure how
develop a safety sensitive car
technology is controversial: some unbearable it really is. This is done market in India.
scientists claim it can help fight by wrapping a wet cloth around
climate change, but others say it the bulb of a thermometer and
benefits the fossil fuel industry (if recording the temperature. A wet
you can suck in carbon from the bulb temperature of 35°C is the
NITIN GADKARI
air, big oil can continue to pollute). threshold for humans—reflecting Minister for road
One problem is direct capture is an air temperature of 40°C with transport and highways
currently expensive, because CO2 75% relative humidity. Organs can
in the air is very diluted. start to fail beyond this point.

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JINDAL STEEL & POWER CHOLAMANDALAM

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
 PLAIN FACTS

How India, China fare

on personal wealth split
BY HowINdIAlIvES.Com

G
lobal personal wealth in 2022 fell for the first time since the global financial crisis of 2008, according to the
Global Wealth Report released by Credit Suisse and UBS earlier this month. In net terms, global wealth fell
by 2.4% to $454.4 trillion. Much of this was due to the rise of the US dollar. Adjusting for this, global
wealth increased, but at the slowest pace since 2008. While India bucked the trend, its wealth remains overly
concentrated in the hands of the top 1%.
The report defines a household’s wealth as inclusive of all its financial and real assets, minus the debts. The wealth
losses were heavily concentrated in North America and Europe. In fact, India, along with Latin America and Africa, saw
gains in net wealth. In 2022, India saw a 4.6% rise in net personal wealth to $15.4 trillion. Latin America saw the biggest
percentage increase, of 18.6%, helped by an appreciation of currencies in that region against the dollar.
India accounts for 4% of global wealth, while China accounts for 19%. Average wealth per adult in China has
increased 12.6 times since 2000, compared with just 4.9 times in India and 2.8 times globally. Looked at another
way, in 2000, average wealth per adult in China was just 21% of the global average. By 2022, it had reached 94% of
the global norm. By comparison, average wealth in India has increased from 11% of the global average in 2000 to
20% in 2022.

India is among the few whose total China's per capita wealth is nearing
wealth rose in 2022 the global average
Total wealth in 2022 ($ trillion) Year-on-year change (%) Average wealth per adult ($)
100,000 World
China
89,745
North America 151.2 -4.5 India

80,000
Europe 104.4 -3.4 85,234

China 84.5 -1.7 60,000

Asia-Pacific 78 -2.6
40,000

India 15.4 4.6

20,000 18,048
Latin America 15.1 18.6

Africa 5.9 1.5 0

2000 2005 2010 2015 2018 2019 2020 2021 2022

Geographies arranged in descending order of total wealth in 2022. Data in 'smoothed' 2021 exchange rates.
Source: Credit Suisse/UBS Global Wealth Report 2023 Source: Credit Suisse/UBS Global Wealth Report Databook

When 1% = 41% The top 1% holds a greater share

in India than in China
WEALTH INEQUALITY, as measured by the share of the Share of the top 1% in country's wealth (%)
top 1% in a country’s total wealth, remains high for India. Of 50 India
the 14 economies for which such data is given by the Global
Wealth Report, only Brazil had a higher concentration of 41
40
wealth than India (48.4% versus 41%). This was the case in
2000, and remains so in 2022. India’s figure has remained
consistently higher than China’s, though in both countries, the 30
share of the top 1% has not varied too much since at least 2010 31.1
(since 2005 for India). 20
China
In general, since 2000 onwards, inequality has increased
across countries, aided partly by falling interest rates causing
the value of wealth held in the form of financial assets (for 10

example, shares) to increase sharply. Since the rich hold

wealth in the form of financial assets to a greater extent than the 0
2000 2005 2010 2015 2020 2021 2022
middle class or the poor, they saw their wealth increase at a
Source: Credit Suisse/UBS Global Wealth Report 2023
greater pace.

The increase in wealth is slower

for India's majority
Median vs Average Wealth
Wealth per adult in India ($) MEASURES OF average wealth tend to be heavily influenced
20,000 by a disproportionate increase in wealth going to the rich. A
18,048 more accurate measure of how increases in wealth are
Average distributed across poor, middle-income and rich adults is to
16,000
compare the wealth at the middle of the income distribution
(the 50th percentile) with the average, as the median value is
12,000 unaffected by extreme concentrations in wealth. Median
wealth in India has remained at about 22% of average wealth
8,000
since 2005, higher than the 2022 global average of 10%.
The interesting case here is China, where this ratio has
4,107 declined since 2000, indicating rising inequality. It has fallen
4,000 Median from 46% in 2000 to 36% in 2022, which is still much higher
than India or the global average. In general, the Global Wealth
0 Report points out, median wealth has increased at a rate faster
2000 2005 2010 2015 2020 2021 2022 than the average in Africa, Asia-Pacific and Europe, but not in
Source: Credit Suisse/UBS Global Wealth Report 2023
North America, China and India.

Future Millionaires China and Asia-Pacific will lead in

new dollar millionaires
ACCORDING TO the report, the number of dollar Number of dollar millionaires (million)
millionaires in the world (wealth of about ₹8 crore) was 59 30
2000 2022 2027
million in 2022. This is projected to increase to 86 million by
2027, led by China (112% increase in count between 2022 and 25

2027), Asia Pacific (57%) and Europe (43%). The number of

20
dollar millionaires in India is expected to grow 69%, but on a
much smaller base.
15
At the other end of the distribution, the report forecasts the
number of adults with wealth below $10,000 to shrink from
10
52.5% in 2022 to 46.6%. The share of adults in what the report
calls the global middle class—those with wealth between 5
$10,000 and $100,000—is projected to increase by 268 million
by 2027. For India, the challenge remains to add big numbers in 0
North Asia-Pacific Latin America Africa
this segment and, even more importantly, those below. America Europe
www.howindialives.com is a database and search engine for Mainland China India
Source: Credit Suisse/UBS Global Wealth Report 2023
public data.
PARAS JAIN/MINT

PEANUTS by Charles M. Schulz

 New DelhI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE* VOL. 17 NO. 200 Rs. 10.00 . Price with Hindustan Times Rs. 15.50 20 PAGES

Wednesday, August 23, 2023

Of heat, floods and lives Banks crowd RBI window as

livemint.com on the edge uP10 CRR measure sparks deficituP2

SENSEX 65,220.03 3.94 NIFTY 19,396.45 2.85 DOLLAR ₹82.93 ₹0.18 EURO ₹90.46 ₹0.14 OIL $86.35 $0.78 GOLD ₹58,331 ₹177

Parboiled rice may Rising prices

warrant
PharmEasy plans
₹3,500 cr rights
DON’T MISS

greater vigil,
attract export levy says FinMin
Gireesh Chandra Prasad
issue next week
Govt is also weighing MEP of $1,250 per tonne for basmati rice [email protected] Ranjani Raghavan &
NEW DELHI Sneha Shah
US Prez Biden to visit India from
Puja Das

W
hile economic 7-10 Sep to attend G20 summit
[email protected] PRICe CONtROl growth continues to
MUMBAI
US President Joe Biden will travel to India

O
NEW DELHI be driven by domes- mnichannel pharmacy from 7 to 10 September to attend the G20
The central government may impose a 20% duty on non-basmati tic consumption and invest- chain PharmEasy will Leaders’ Summit, the White House said on

I
ndia is considering extending parboiled rice exports in a bid to curb rising prices. ment demand, the government raise ₹3,500 crore Tuesday. Biden and G20 partners will
duty restrictions to exports of and the Reserve Bank of India through a rights issue next discuss a range of joint efforts to tackle
All-India average price of rice in Exports (in million tonnes) global issues.
non-basmati parboiled rice and retail market, monthly average (RBI) need to keep greater vigi- week, multiple people aware of
FY23 FY24
imposing a minimum export 42 lance on inflationary pressures, the development said, helping
price (MEP) for the basmati (in ₹/kg) 41.4 which may remain elevated in it repay a big chunk of its loans Sebi bars Shankar Sharma from
variety following the ban on white 2.6 coming months due to global to Goldman Sachs.
41 Parboiled rice selling shares of Brightcom
rice exports in response to escalat- Apr-Aug* uncertainty and domestic dis- Temasek Holdings, TPG,
3.1 Sebi on Tuesday barred investor Shankar
ing prices of the staple. 40 ruptions, the finance ministry Prosus, CDPQ, Eight Roads, The rights issue is priced at a
Sharma from selling any shares of Brightcom
The government may impose a said in its latest monthly eco- LGT, Abu Dhabi sovereign pre-money valuation of around Group. It also restrained two key directors
20% duty on non-basmati parboiled 39 1.1 nomic review. wealth fund ADQ, Amansa, $500 million. GETTY IMAGES/ISTOCK of Brightcom Group—Suresh Kumar Reddy
rice exports, while an MEP of Basmati rice The warning about price OrbiMed and Sunil Kant Mun- and Narayan Raju—from holding any
Apr-Jun
around $1,250 per tonne could be 38 1.2 pressures comes in the context jal’s family office have already ated by API Holdings Ltd. directorial positions until further notice. >P6
levied on basmati rice, two officials of Consumer Price Index committed to invest as much as Goldman Sachs, which will
37.4
aware of the plan said on condition 37 *Till 11 August. (CPI)-based inflation hitting ₹2,000 crore, one of the people receive repayment of some of Government buying onions at
Aug 2022 Aug 2023
of anonymity. However, the deci- 7.4% in July, way above the cited above said. Manipal its loan, will also convert almost
sion will depend on several factors, Source: Department of Consumer Affairs
Source: Commerce ministry, All India Rice Exporters'
Association, govt source Reserve Bank of India’s (RBI’s) Health Enterprises founder $40 million of its debt to equity
₹2,410 a quintal: Piyush Goyal
including rice prices, they added. tolerance range, posing a head- Ranjan Pai’s family office may as part of the transaction, the The Centre has begun procuring onions at
MEP, first implemented on bas- SARVESH KUMAR SHARMA/MINT
ache to policymakers. Prime invest ₹1,200 crore. second person said. ₹2,410 per quintal from Tuesday, consumer
mati rice in FY11 to deter exports, is of the government officials said. constituting 4% of the total export Minister Narendra Modi-led “Some of the small investors, Around ₹200 crore is affairs and food minister Piyush Goyal said,
as prices of the kitchen staple picked up and
typically implemented to contain “Exports of basmati rice have been quantity. National Democratic Alliance including B Capital, Everstone expected to be allocated for trading in the mandis of Maharashtra
surging domestic prices because of noticed to be more than the pro- Basmati rice exports in the June government, which will seek a Capital and JM Financial, will covering acquisitions made by remained suspended. >P2
production disruptions. duction. How can that be possible? quarter were about 1.17 million ton- return to power at next year’s confirm their participation API Holdings. “Each of these
The proposed move aims to stop Therefore, the government is con- nes (mt), against the previous year’s national polls, has already once the rights issue opens next payments are small and amount
aggressive exports by falsely label- sidering imposing MEP of around 1.13 mt. The latest data could not be imposed export restrictions on week,” the person said. to around ₹5 crore to ₹10 crore SoftBank’s Arm files for IPO
ling shipments as those of basmati $1,250 per tonne.” accessed as the Directorate General rice and wheat and resorted to The issue is priced at a pre- each,” the second person that is set to be 2023’s biggest
rice. “The ban on non-basmati In the first three months of the of Commercial Intelligence and administrative steps and import money valuation of around added. Investors have a three- SoftBank Group Corp.’s Arm Holdings Ltd
white rice exports led people to ship current fiscal, India, which Statistics is still compiling it. of onion to cool local prices. $500 million, sharply lower week window to subscribe, and took a step toward what’s set to become the
non-basmati white rice containers accounts for about 80% of basmati In the case of parboiled rice, firm The ministry’s review also from its peak valuation of $5.6 it will be clear by the third week biggest US initial public offering (IPO) of the
under basmati HS (harmonised sys- rice trade globally, exported the prices have been a concern despite pointed out the deficiency in billion, the people said on con- of September who will join the year, a bet that the once-obscure designer
tem) code, which is causing aggres- premium variety to 75 countries. In the government restricting exports monsoon rainfall in August. dition of anonymity. This is the issue, the person added. of phone chips can flourish in the era of
sive exports and consequently nine of these countries, the price second rights issue in 12 artificial intelligence computing. >P9
pushing up prices domestically, one was less than $1,000 per tonne, TURN TO PAGE 6 TURN TO PAGE 6 months for the company, oper- TURN TO PAGE 6

India adopts Bharat ‘Beware of fake

NCAP for safe roads weight loss drug’
Subhash Narayan & Priyanka Sharma
Saurav Anand [email protected]
NEW DELHI
NEW DELHI

C
ounterfeit versions of a

T
he government, in part- diabetes drug, also
nership with London- used to treat weight
based Global NCAP, will loss, are making the rounds in
introduce the Bharat New Car India, prompting drug regula-
Assessment Programme tors to warn doctors, chemists
(BNCAP) crash testing stan- and patients about their pur-
dards for vehicles starting 1 chase and consumption.
October to enhance road safety The Drugs Controller Gen-
in India, a nation with some of Under BNCAP, vehicles will be eral of India (DCGI) has raised Last week, WHO said there
the world’s deadliest roads. assigned star ratings. BLOOMBERG an alert about falsified versions has been a surge in demand
Union minister of road of Glucagon-Like Peptide 1 for GLP-1-RA products. REUTERS
transport and highways Nitin 150,000 deaths, translating Receptor Agonist (GLP-1-RA)
Gadkari unveiled the pro- into a daily toll of about 400. products sold at physical out- has also advised all state drug
gramme aimed at crash testing “This is the time when we lets and over social media after regulators to procure samples
motor vehicles up to 3.5 ton- have the highest priority for a warning in this respect from from the market and initiate
nes and assigning star ratings how we can save the lives of the World Health Organiza- necessary action under the
based on their performance. people,” Gadkari said. tion (WHO) last week. provisions of the Drugs and
Gadkari emphasized the Under the BNCAP frame- The drug regulator has Cosmetics Act.
importance of road safety in work, vehicles will be assigned advised doctors to prescribe “There has been a surge of
India, a country witnessing a star ratings, facilitating con- alternatives and inform online information promoting
staggering 500,000 annual patients about any likely
road accidents resulting in TURN TO PAGE 6 adverse effects of the drug. It TURN TO PAGE 6

How to keep planet Earth alive and well

Alokesh Bhattacharyya Mint has assembled India’s
[email protected] leading experts for a deep dive
NEW DELHI into the issues facing the
Indian economy from a green

A
t the COP27 Summit in angle. The Mint Sustainability
Sharm El-Sheikh, Summit, to be held in New
Egypt, in November, Delhi today, will see a star-
UN Secretary-General Antó- studded galaxy of speakers
nio Guterres painted a sober- debating the issues and striv-
ing picture of the global cli- ing to find solutions to the
mate trajectory. “We are on a challenging road ahead.
highway to climate hell with Union ministers Nitin Gad-
our foot still on the accelera- kari and Gajendra Singh She-
tor,” he said in a stark warning Union ministers Gajendra Singh Shekhawat (L) and Nitin Gadkari will khawat, along with key fig-
about the perilous journey deliver keynote addresses at the Mint Sustainability Summit today.PTI ures like Sumant Sinha of
ahead. ReNew Power and Arunabha
While nations are embrac- Meteorological Organization degree higher, potentially Ghosh of CEEW, alongside
ing the 17 sustainable devel- (WMO), the annual mean surpassing the tipping point corporate leaders like R.P.
opment goals (SDGs) defined global surface temperature of 1.5 degrees, which, if Gupta of Solar Energy Corp.
at the UN Conference on Sus- was 1.15 degrees breached, would of India, Gurdeep Singh of
tainable Development in Bra- higher than the lead to irreversi- NTPC, Vikram Pawah of
zil in 2012, corporations are baseline in 2022. Presents
ble climate chaos. BMW India, Kamran Khan of
also trying out sustainability The baseline Will it be possi- Deutsche Bank, and Sanjeev
initiatives in the ESG (envi- refers to temper- SUSTAINABILITY ble to halt the rise Panchal of AstraZeneca India,
ronment, social and govern- atures seen in the SUMMIT 2023 or at least slow it will join a distinguished
ance) space. pre-industrial down? group of chief sustainability
Yet, things aren’t moving as era. The WMO estimates that, Amid conversations on officers from major corpora-
fast as required, experts said. between 2023 and 2027, this countering the possible exis-
According to the World temperature will be 1.1-1.8 tential danger to humanity, TURN TO PAGE 6
02 WeDNesDAy, 23 August 2023
NeW Delhi ECONOMY & POLICY LIVEMINT.COM

India, Iran drop

arbitration clause
Banks crowd RBI window as
for Chabahar port CRR measure sparks deficit
Subhash Narayan &
Rituraj Baruah

NEW DELHI Lenders borrow nearly ₹90,000 crore from RBI’s MSF window, the highest in a decade

I
ndia and Iran have agreed not The government has decided to
to seek commercial foreign Gopika Gopakumar credit and RBI selling dollars in the mar- increase the onion buffer. MINT
arbitration for disputes [email protected] ket has affected liquidity which has
between users and operators at
Chabahar Port, paving the way
MUMBAI forced banks to seek high recourse to
the MSF,” said Madan Sabnavis, chief Goyal says

L
for the two sides to sign a long- iquidity in the Indian banking economist, Bank of Baroda. He said RBI
term deal for the development
of the strategic port, two persons Both sides will pursue arbitration
system slipped into deficit for
the first time this fiscal on the
could order Variable Rate Repo (VRR)
auctions to stabilize liquidity. In a VRR
govt buying
aware of the development said.
They said a team from the
ministry of port and shipping is
under UN Commission on
International Trade Law. REUTERS
back of the Reserve Bank of
India’s (RBI) temporary liquid-
ity withdrawal, coupled with tax out-
auction, banks borrow funds from the
RBI at variable rates.
Short-term yields have shot up post
onions at
expected to visit Iran in Septem-
ber to try and reach an agreement
Port. However, New Delhi has
been pushing Teheran to sign a
flows.
Liquidity stood at a deficit of ₹23,644
the ICRR, with Treasury bill rates rising
by 11-13 basis points and the yield on ₹2,410 a qtl
over the rules of engagement and longer-term agreement as it crore as of 21 August, according to RBI commercial papers increasing by 25
mode of arbitration. This would
be followed up with the two
seeks more certainty for invest-
ment and development plans
data, prompting banks to borrow a
whopping ₹89,813 crore from the RBI’s
bps. The 10-year government security is
currently at 7.22% and is expected to
amid strike
countries reaching a formal for the India-designed port. A Marginal Standing Facility (MSF) win- move upward as liquidity tightens in the
agreement for long-term opera- long-term contract may be for a dow on Monday, the most in a decade. market. Puja Das
tion of the port located in South- period of 10 years with provi- On 28 June, banks had borrowed “ICRR has brought back frictional [email protected]
east Iran, with an unhindered sea sions for automatic renewal. nearly ₹71,050 crore through the MSF Liquidity stood at a deficit of ₹ 23,644 crore as of 21 August, as per RBI data MINT volatilities in the money market, which NEW DELHI
route to India’s West coast. Negotiations on long-term window at 6.75%. The repo rate is cur- is healthy for the system. Amid sus-

T
“We have agreed that dis- contract had been held up due rently at 6.5%. MSF is a window for along with foreign inflows into the Das has assured that there will be ade- tained strong demand for credit and he Centre has begun pro-
putes at Chabahar will not go to disagreements over the arbi- banks to borrow from the central bank equity market and a higher-than-bud- quate liquidity in the system to meet the renewed fear of a rate hike, the entire curing onions at ₹ 2,410
for commercial arbitration in tration clause. Both sides have in an emergency when interbank liquid- geted dividend transfer by the central credit needs ahead of the festival season yield curve has shifted upwards,” said per quintal from Tues-
foreign courts but take invest- now agreed to pursue arbitra- ity dries up. bank to the government. even after the temporary ICRR. RBI will Soumyajit Niyogi, director, India Rat- day, consumer affairs and food
ment arbitration or other any tion under rules framed by the On Tuesday, the overnight call Excessive liquidity “can pose risks to review this move on or before 8 Septem- ings & Research. minister Piyush Goyal said, as
other mode of dispute settle- UN Commission on Interna- money market rate—at which price stability and also to finan- ber to return liquidity to the Given volatile sentiments in prices of the kitchen staple
ment. This would prevent Iran tional Trade Law (UNCITRAL) banks borrow or lend to each cial stability,” RBI governor banking system. Economists the global markets and unset- picked up and trading in the
from having to amend its Con- which is favoured by India over other for a day—also hard- Shaktikanta Das said on 10 are, however, expecting a tled interest rate, Niyogi mandis of Maharashtra
stitution,” one of the persons
quoted above said. Under Iran’s
those framed by the Interna-
tional Chambers of Commerce
ened above the MSF rate.
Banks are facing a short- ₹ 71,050 August. “Hence, efficient further draining of liquid-
cr liquidity management ity next month as out- long-term view on liquid- ₹2.5 tn
said, it is difficult to take a remained suspended.
“The measure is being taken
Constitution, an arbitration (ICC). Both arbitration routes do age of liquidity after the borrowed by banks requires continuous flows of both advance tax avg daily amount ity, which meant liquidity to ensure the interest of both
cannot be referred to a foreign not have designated courts in RBI ordered them to set on 28 June through assessment of the level of and Goods and Services parked by banks management would con- farmers as well as consumers,”
court. It would require a consti- specific jurisdictions. India had aside 10% of their incre- the MSF window surplus liquidity.” Tax (GST) take place, with RBI in Aug tinue to be done for short Goyal said.
tutional amendment, which earlier suggested arbitration mental deposits—known as In August, the daily aver- necessitating liquidity infu- periods. The FOB (Free on Board)
would have been difficult and matters be taken up either in the incremental cash reserve age amount of surplus funds sion from the RBI. The market is not expecting price, which is the price goods
would have delayed a long- Dubai or Mumbai. The ministry ratio (ICRR)— garnered between parked by banks with the RBI was “The liquidity crunch in the sys- RBI to unwind the ICRR at one go. are exported at, stood at $320
term contract. Currently, India of ports, shipping and water- 19 May and 28 July. at a 14-month high of ₹2.5 trillion. After tem has become acute post the ICRR Instead, it is expecting the central bank per quintal. “This translates
and Iran sign one-year con- ways did not respond to a query This move was meant to stem a the ICRR move, the banking system is being invoked by the RBI. This along to withdraw it in a staggered manner as into ₹18-20 per kg of realization
tracts for developing and run- sent on the issue till press time. liquidity surge following the return of ₹ short of ₹1 trillion—the amount that is with other factors like tax payments, low it uses this liquidity management tool to for the farmers which is much
ning the terminal at Chabahar [email protected] 2,000 notes into the banking system, now in the RBI’s coffers. flow of ₹2,000 note deposits, increase in tackle the sharp jump in food prices. below ₹24.10 that we are offer-
ing,” Goyal said.
The government on Sunday
decided to increase the onion

India won’t pay EU for ICT tariff losses Crude import costs down 35%, buffer to 500,000 tonnes from
an initial procurement target of
300,000 tonnes for the cur-
Ravi Dutta Mishra
[email protected]
India could appeal the panel’s
findings at the WTO Appellate
creates room to cut fuel prices rent year. The National Coop-
erative Consumers’ Federation
of India Limited and National
NEW DELHI Tribunal. Agricultural Cooperative Mar-
However, the tribunal is Rituraj Baruah compared to a net loss of ₹883 keting Federation of India have

I
ndia has no plans to compen- defunct since the US has not rituraj.baruah@livemint crore in the same period last started procuring the addi-
sate the European Union for named members to it.“The EU NEW DELHI year. The other OMCs, Bharat tional 100,000 tonnes each.
the losses the 27-nation bloc says it is losing 500 million Petroleum Corporation Ltd “This year, we have bought

I
claims on account of Indian tar- euros annually due to India’s ndia’s oil import bill declined (BPCL) and Hindustan Petro- 300,000 tonnes of onions
iffs on imports of electronic duty on ICT products. But India 35.3% during the first four leum Corporation Ltd (HPCL), because of which prices have
items. is also facing similar losses due months of FY24 due to eas- reported net profits of ₹ 10,644 risen and farmers have earned
This is because India is to their tariff on steel. So, we are ing crude oil prices over the crore and ₹6,765.5 crore, considerable profits. Further,
already suffering from EU tariff telling them that we don’t need past year. respectively. the government decided to buy
rate quotas (TRQs) on Indian to give additional concessions Refiners imported 79.4 mil- Indian refiners have been an additional 200,000 tonnes.
steel, an official aware of the in the ICT case because we are lion metric tonnes of crude oil buying discounted Russian oil There is no bar on procure-
matter said. also taking a hit,” the official for $41.6 billion during April- for most part of the past one- ment, and the number will be
In any case, New Delhi has cited above said. July, compared to 81.3 MMT for and-a-half year since the Rus- increased if needed,” Goyal
decided not to slap retaliatory Queries sent to the spokes- $64.3 billion in the same period sia-Ukraine conflict broke out, told reporters. The statement
tariffs against EU TRQs on In 2018, the EU had imposed tariff rate quotas on steel imports to person of the commerce minis- of last fiscal, according to the allowing them to record a sig- came after the mandis of Lasal-
Indian steel because of their shield its industry. ISTOCK try remained unanswered at Petroleum Planning & Analysis Refiners imported 79.4 mn nificant jump in refining mar- gaon in Nashik, Asia’s largest
ongoing efforts to hammer out press time. Cell (PPAC). metric tonnes of crude oil gins, while petrol and diesel onion market, stopped trading
a free trade agreement, the offi- Russia, India and Turkey. The EU challenged India’s Notably, the WTO last year This fall in import expense during April-July. BLOOMBERG prices have largely remained in onions for an indefinite
cial said. To protect its domestic steel tariffs in 2019 and was joined by accepted some of Turkey’s for the refineries and oil mar- the same since May last year. period beginning Monday to
“We had identified two sets industry, the EU set quotas for other countries, including complaints against EU meas- keting companies (OMC) weakened owing to a projected In FY23, the gross refining protest the Centre’s imposition
of high-end products imported steel imports for exporting Japan, Taiwan and China. ures to curb steel imports. comes in the backdrop of global slowdown. margin (GRM) of IOCL, BPCL of 40% export duty.
from Europe where we could countries such as To avoid an Reuters reported that the around 30% fall in interna- This fall in the import bill will and HPCL was $19.52, $20.24 Fearing onion prices could
have raised the duty in retalia- India, beyond A WTO panel has indefinite delay as safeguard duties were due for tional crude oil prices. The likely see oil marketing compa- and $12.09 per barrel, respec- touch triple digits like tomato,
tion to the EU’s restrictive which exporters concluded that the WTO appel- three years, with quota limits Brent crude in July averaged at nies, which operate most of the tively, compared to $11.25, the government on Saturday
move on Indian steel exports. were required to India’s tariffs late body is not increasing 5% each year. $80.05 per barrel, compared to refineries in the country, $9.09 and $7.19. imposed the export duty until
But we did not impose the duty pay additional on some functional, the EU Turkey complained that the $112.70 a barrel in July last year. increase their refining and Union minister for petro- December to augment domes-
in good faith because we were import duties of
electronic items had filed a three- increases were less than 5% . In June this year, Brent was at marketing margins—and prof- leum and natural gas Hardeep tic supplies and tame inflation
in talks for a free trade agree- 25%. month deferment each year. $74.70 per barrel. The Indian its too —as retail fuel prices Singh Puri recently said there is during the upcoming festival
ment,” the official said, In a setback to were not in line that allows parties However, the European crude basket price in July aver- have remained unchanged a possibility OMCs may cut pet- season.
requesting anonymity. India, a World with global norms to settle through Commission stated that the aged at $80.37 per barrel, down since May last year.In the first rol and diesel prices post their “Our intervention in tomato
In 2018, the EU imposed Trade Organiza- talks. verdict was satisfactory overall, from $105.49 during July 2022. quarter of FY24, OMCs, which robust earnings for the April- helped consumers and prices
TRQs on steel imports to shield tion (WTO) panel If the talks fail, as key issues were resolved in Global crude prices have are public sector companies, June quarter. “They have made came down significantly.... We
its industry, triggered by recently concluded that India’s the EU could demand the its favour, and the WTO panel eased from the multi-year- reported healthy profits. good earnings, and if interna- aim to follow the same path for
former US president Donald tariffs on several electronic implementation of a WTO confirmed safeguard duties highs reached in the first half of Among them, Indian Oil Cor- tional prices don’t go through onions,” Goyal said.The all-In-
Trump’s decision to increase items were not in line with panel report that found India could be used to protect last year as supply concerns poration reported net profit of the roof and remain stable, it’s dia average retail price of onion
import duties on steel from global norms. violating global norms, and domestic industry. somewhat eased and demand ₹14,735 crore for April-June always a possibility.” is ₹40 per kg.

Icra pegs India’s GDP growth

m MINT SHORTS written to health minister Mansukh Mandaviya seeking
the withdrawal of National Medical Commission (NMC)
regulations on mandatory prescription of generic drugs
‘Over 15 million tonnes of
fertilizers in stock’ at 8.5% in Q1
CORRECTIONS AND
CLARIFICATIONS
until there is quality assurance on all medicines.The New Delhi: India’s economic Mint welcomes comments,
NIV scientists detect cases of doctors’ body also expressed concern over regulations growth will accelerate to 8.5% suggestions or complaints
which bar doctors from attending conferences spon- in the April-June period of about errors.
new covid variant Eris sored by pharma firms saying the ban warrants a recon- the current fiscal from the
Readers can alert the
New Delhi: Scientists at the National Institute of Virol- sideration. It demanded that associations and organiza- 6.1% in the preceding Janu-
newsroom to any errors in the
ogy (NIV), Pune, have identified a few cases of the new tions be exempt from NMC regulations. PTI ary-March quarter, Icra Rat- paper by emailing us, with your
covid-19 variant Eris (EG.5) in ings said in a report on Tues- full name and address to
India after a global alert was day. The rating agency attrib- [email protected].
sounded by the World Health Need single-rate GST, govt uted the faster clip to a supportive base and a recovery in
Organization (WHO). This the services sector. It is our policy to promptly
reporting of new cases of cov-
losing revenue: Bibek Debroy STAFF WRITER
respond to all complaints.
Readers dissatisfied with the
id-19 variants comes in the New Delhi: Bibek Debroy, chairman of the Economic response or concerned about
backdrop of accelerating Advisory Council to the Prime Minister, said the govern- UNDP partners with govt to Mint’s journalistic integrity may
whole genome sequencing of ment was losing revenue due
positive samples. PTI to the goods and service tax New Delhi: Union minister of chemicals and fer-
fast-track NE development write directly to the editor by
sending an email to
(GST), which he said should tilizers, health and family welfare Mansukh Man- New Delhi: The ministry of development of north east- [email protected]
be revenue-neutral, with a daviya said India has an ample supply of more than ern region (MDoNER) and the United Nations Develop- Mint’s journalistic Code of
IMA wants NMC regulation on single rate. He was speaking 15 million tonnes of fertilizers. This substantial ment Programme (UNDP) joined hands on Tuesday to Conduct that governs our
at an event organized by the inventory is expected to cater to the requirements enhance and expedite progress toward achieving the
generic drugs withdrawn Calcutta Chamber of Com- of farmers. STAFF WRITER sustainable development goals (SDGs) in the North-east-
newsroom is available at
www.livemint.com
New Delhi: The Indian Medical Association (IMA) has merce . PTI ern region. STAFF WRITER

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LIVEMINT.COM DEALS, TECH & STARTUPS WeDNesDAy, 23 August 2023
NeW Delhi 03

m MINT SHORTS
Matrix Partners, Nexus Venture
Narayana Group seeks
lead seed round in Wootz.work
Bengaluru: Business-to-business (B2B) engineering equipment
marketplace Wootz.work has raised $3.5 million (₹29 crore) in a
seed funding round co-led by Matrix Partners India and Nexus
debt from GIC, others
Venture Partners. The round also saw participation from Advan-
tEdge and Mars Shot Ventures (Razorpay Founders’ Fund) along
with 30 angel investors like Ramakant Sharma (Livspace), Sanjiv
Rangrass (ex-ITC) and Vikrampati Singhania (JK Group). The Target to raise up to ₹1,400 cr; funds mostly to finance PE investors’ exit
funds will be used to add talent, build technology and strengthen
the company’s presence in the US and UK. K. AMOGHAVARSHA Started in 2019, InsuranceDekho claims to cover 98% of pin
Beena Parmar codes and over 1,600 cities in India. ISTOCK
[email protected]
B2B manufacturing platform
Boxs secures seed funding
BENgaLuru
InsuranceDekho
E
ISTOCK
ducation-focused Narayana
Group is looking to raise
₹1,350-1,400 crore (about $163-
169 million) in debt from a consor-
set to raise $50 mn
tium comprising Singapore’s sov-
ereign wealth fund GIC and British lender
Barclays, among others, said two people
aware of the development.
in fresh funding
London-based private equity firm Hill Debjyoti Roy anceDekho and Beams Fintech
Capital Partners, and two Indian non-bank [email protected] remained unanswered.
lenders including Tata Capital will also be NEw DELHI Started in 2019, Insurance-
part of the consortium, the people said Dekho earns about 82% of its

I
requesting anonymity. nsuranceDekho, which premium from tier-II cities and
The capital will be used to mostly finance raised $150 million in one of beyond. It competes with the
the exit of Morgan Stanley PE and mid- the largest Series A funding likes of Acko, Turtlemint and
Bengaluru: Boxs, a B2B manufacturing platform for interior market private equity investor BanyanTree rounds in India earlier this year, Policybazaar, and claims to
designers and architects, has secured $1.6 million (about ₹13 Capital from Narayana Group firm Nspira is close to raising another cover 98% of pin codes and
crore) in a seed funding round led by Surge, Peak XV’s rapid Management Services, round of institutional funding, over 1,600 cities in India.
scale-up programme, with participation from Titan Capital the people said. two people aware of the devel- The company offers a range
and the founders of unicorn Zetwerk. The fresh proceeds will Both will sell their The group currently has more than 750 schools, colleges, coaching centres, and opment said. of commercial line insurance
be deployed to strengthen the startup’s product offerings and stakes to Nspira’s pro- professional colleges across 23 states. Girnar Insurance Brokers products such as engineering,
bolster its manufacturing capabilities. Founded by Satheesh moters through a buyback transaction. Pvt. Ltd, which runs Insurance- marine, fire, health, and liabil-
Ramdass and Vikram Venkatesan, Boxs provides a platform In March, VCCircle reported that Hyder- pumped in about $75 million (around ₹515 the institutes operated by Narayana Educa- Dekho and is part of the Car- ity.
for interior designers to create bespoke designs and ship abad-based Narayana Group was looking to crore then) in Nspira. Morgan Stanley PE tional Society and Narayana Education. Dekho Group, is set to secure Fire and marine insurance
them as ready-to-install products. K. AMOGHAVARSHA buy out the two existing private equity accounted for almost ₹450 crore of the Starting with a single coaching centre, $50 million (about ₹415 crore) dominate its MSME insurance
shareholders from Nspira. total while BanyanTree and a few individ- the group currently has more than 750 in the new round, one of the portfolio, accounting for over
Barclays’ investment banking arm is ual investors contributed the remaining schools, colleges, coaching centres, and persons said. two-thirds of the business.
IBM unveils new Gen AI product to managing the debt funding transaction, amount, according to VCCEdge, the data professional colleges across 23 states. It The deal may be sealed at a The firm counts Bahrain-
the people cited above said. research arm of VCCircle. employs more than 50,000 teachers and pre-money valuation of $450- based alternative asset man-
speed up Cobol translation to Java As part of the deal, Barclays will infuse a In March, the Competition Commission staff who cater to more than 600,000 stu- 500 million, similar ager Investcorp,
New Delhi: IBM has announced a new generative artificial intelli- part of the capital and has also arranged for of India approved an application by Puneet dents every year, from kindergarten to to its last outing in Goldman Sachs AMC
gence (AI)-assisted product called Watsonx Code Assistant for Z, commitment from the two Indian non- Kothapa, Ponguru Sindhura and Ponguru post-graduate levels. February this year, and Indian private
which will help enable faster translation of Cobol to Java on ‘IBM bank lenders and other investors. Most of Sharani to acquire NHPEA Minerva Hold- Nspira provides management services the person added. equity firm TVS Capi-
Z’ and enhance developer productivity on the platform. IBM Z is the debt would be deployed to buy out the ing BV’s 18.23% stake and BanyanTree such as hostel management, sale of educa- Beams Fintech Fund, a tal among its backers.
a family name used by IBM for all of its Z architecture mainframe two PE investors’ stake in tional materials and other growth capital vehicle floated InsuranceDekho recently
computers. The product is designed to assist businesses in leverag- Nspira, while the rest will be DEBT ASCENT related services to educational by investment firm Venture struck two acquisitions. It
ing generative AI and automated tooling to accelerate their main- used for general corporate institutions. It also provides Catalysts last year, is among the bought Mumbai-based small
frame application modernization to preserve the performance, expenses, one of the persons PE firm Hill Capital BARClAyS’ THE group plans to private coaching for profes- potential investors expected to and medium enterprise insur-
security and resiliency capabilities of IBM Z. SOHINI BAGCHI said. Partners, two Indian investment banking expand its offline sional courses. The firm com- lead the round, the second per- ance distributor Verak for an
non-bank lenders arm is managing the presence by opening
Barclays, GIC, Hill Capital will also be part of debt funding 25 more schools petes with the likes of Hydera- son said. He added that Beams undisclosed sum and also
and Narayana Group did not the consortium transaction by 2024–2025 bad-based education support Fintech may contribute $15 snapped up Gujarat-based
‘Around 99% Indian B2B SaaS firms respond to email queries. Tata services provider Varsity Edu- million to the fresh fundraise. IRSS.
Capital did not comment. cation Management Pvt. Ltd Beams Fintech recently The larger insurtech space
embrace deeptech innovation’ Narayana Group was founded in 1979 by Growth Capital’s 2.24% stake in Nspira and K12 Techno Services Pvt. Ltd, which invested in debt collection-fo- has seen a handful of deals in
New Delhi: Around 99% of Indian B2B software-as-a-service Dr. Ponguru Narayana, a former minister in Management Services. runs Orchids international schools. cused software-as-a-service recent past. Acko General
(SaaS) companies have embraced deeptech innovations to address the Andhra Pradesh government. NHPEA Minerva is an investment hold- Meanwhile, Narayana Group is targeting (SaaS) startup Credgenics. It Insurance was earlier this year
their clients’ needs and challenges, according to a study published The potential deal will happen four-and- ing company of Morgan Stanley PE Asia. annual revenues of ₹3200 crore by also counts consumer-facing reported to be close to raising
by global consulting firm EY India and IT lobby group Nasscom on a-half years after Morgan Stanley PE Asia Nspira was launched in 2013 with an aim 2024-25. It also plans to expand its offline banktech platform Niyo and $100-150 million from new and
Tuesday. The report titled, ‘Breaking ground: unravelling the Deep- and BanyanTree Capital sealed what was at to provide management services to educa- presence by opening 25 more schools by digital lending platform Prog- existing investors.
tech potential in Indian B2B SaaS’ is based on an analysis of more the time one of the biggest deals in India’s tional institutions that are mostly run by the academic year 2024–2025 with an Cap in its portfolio. The fintech Turtlemint, too, was in news
than 200 leading Indian B2B SaaS companies. The report also said education sector, before it was upstaged by Narayana Group. Run along with Ponguru investment of ₹125 crore. The group is also fund’s focus areas are embed- in February this year for its
one out of four Indian B2B SaaS firms covered in the study were PE firm KKR’s acquisition Eurokids in Narayana’s daughter Sindhura Ponguru considering a foray into the competitive ded finance, SaaS products or maiden inorganic move. Tur-
inventive deeptech focused, with more than 1,400 patents filed 2019. and son-in-law Puneet Kothapa, Nspira exam space and plans to introduce new technologies, open banking tlefin, the SaaS platform of Tur-
between them over the past half decade, up from 574 patent filings Around mid-2018, Morgan Stanley PE manages coaching centres and provides courses. It also plans to expand its market and digital financial inclusion. tlemint, acquired a Bengaluru-
in the preceding decade. SOHINI BAGCHI and BanyanTree Growth Capital II had infrastructure and support services to run beyond its current base of southern India. Email queries sent to Insur- based insurtech SaaS company.

Telenor picks
Phadke from
Google Cloud
as tech chief
Reuters
[email protected]
OSLO

N
orwegian telecoms firm
Telenor has recruited
Google Cloud’s Amol
Phadke as its new chief tech-
nology officer (CTO) to
strengthen its artificial intelli-
gence (AI) activities, Telenor
said on Tuesday.
Phadke most recently
headed Google Cloud’s tele-
com business and has previ-
ously worked for British Tele-
com, Alcatel-Lucent and
Accenture’s network services
unit. “He knows the challenges
that a legacy business such as
ours has, and it’s important that
Telenor will continue to be on
the forefront of the technology
change,” Telenor chief execu-
tive Sigve Brekke said.
Telenor partnered up with
Google Cloud in 2021 to digital-
ize its global operations explor-
ing ways to jointly offer services
to customers, part of its ongo-
ing digital transformation plan.
AI can be used to collect data
to be used to train predictive
models that automate core
functions within companies, or
their customers.
Brekke said Telenor needs to
prioritize speedy innovation
and form partnerships to trans-
form the traditional telecom
company, although it started
using AI 10 years ago and
applied it to make the networks
more energy-efficient.
He said he wanted Telenor
“to use AI in all of our opera-
tions to make operations more
efficient, develop new prod-
ucts, increase energy effi-
ciency.”
04 WeDNesDAy, 23 August 2023
NeW Delhi MARK TO MARKET LIVEMINT.COM

S&P BSE Sensex Nifty 50 Nifty 500 Nifty Next 50 Nifty 100 S&P BSE Mid-cap S&P BSE Small Cap
CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE

65,220.03 0.01 19,396.45 0.01 16,905.25 0.32 44,324.50 0.66 19,325.45 0.11 30,816.28 0.94 35,850.19 0.89
PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN

65,216.09 65,272.42 19,393.60 19,417.10 16,852.05 16,886.95 44,033.90 44,176.30 19,303.40 19,333.05 30,528.40 30,600.73 35,535.38 35,623.03
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW

65,362.91 65,165.45 19,443.50 19,381.30 16,925.45 16,874.80 44,359.70 44,142.55 19,364.25 19,305.50 30,828.37 30,590.42 35,873.15 35,619.85

m MINT SHORTS
Losses on QE programme cost
Tyre stocks’ rally may hit a bump
UK taxpayers £30 bn since Sep Harsha Jethmalani
Driving force material prices are not coming down, August. They further added that the
Losses on the Bank of England’s quantitative easing pro- [email protected] so demand revival becomes a crucial current high multiples imply strong
gramme have cost the taxpayer almost £30 billion ($38.3 The tyre sector’s gross margins got a boost in Q1FY24 as average rubber and stock trigger from hereon, he added. earnings growth, supported by a struc-

T
billion) in the past 11 months. To meet shortfalls on the he tyre sector continues to crude oil prices eased. The trends in demand and margins tural shift to higher industry profitabil-
bank’s monetary stimulus programme under a 2009 reap the benefits of soften- Natural rubber (in /kilogram) Brent crude oil (in $/barrel) are critical, especially as competitive ity. “However, there has been no mate-
indemnity, the government has transferred £29 billion ing prices of inputs such as 200 90 intensity in the sector is likely to rise. At rial improvement in the market struc-
to the bank since September last year. The figures rubber and crude oil. This, 86.35 a time when margins are improving ture, which can lead to better pricing
emerged in the latest public finance numbers released coupled with product price 168 and volume growth is subdued, com- power in future,” said the report.
Tuesday by the Office for National Statistics, which hikes led to further sequential gross 155 panies may opt for price At FY25 price-to-earn-
showed that £14.3 billion was moved from the Treasury margin expansions for leading listed 150 85 cuts to protect market dOUBLE ings, Apollo, Ceat, JK Tyres
to the bank in July taking the total to date to £29 billion. tyre companies in the June quarter share and propel growth. TROUBLE and MRF Ltd are trading at
The July sum is the single biggest state transfer to the (Q1FY24), which came as a positive sur- 81.34 The latest management multiples of 10-22 times,
bank ever and is £5.4 billion more than forecast by the prise. The consistent improvement in commentaries of tyre firms dOMESTic demand showed Bloomberg data.
indicate that demand could trends are hardly
100 80
Office for Budget Responsibility in March, underscoring profitability resulted in a significant encouraging amid
To be sure, there are some
the devastating impact that high interest rates are having re-rating of tyre stocks. recover in the second half subdued exports led comforting factors as well,
on the public finances. QE affects the public finances For instance, so far in 2023, shares of of the year. Even so, as by dull Europe which bode well for the
because the bank bought UK government bonds with tyre companies, such as Apollo Tyres 50 75 things stand, analysts antic- companies’ balance sheet
£875 billion it created between 2009 and 2021. Ltd, Ceat Ltd and JK Tyres & Industries ipate single-digit volume WhiLE gross margin strength. “Tyre companies
of tyre cos was
BLOOMBERG Ltd, have rallied 21-47%. Some stocks growth for key listed com- strong in Q1FY24, it are seeing improvement in
have beaten benchmark index Nifty panies in FY24, at best. remains to be seen if free cash flows on higher
Auto by a wide margin. The moot ques- 0
Q1FY22 Q1FY24
70
31 Dec 2022 21 Aug 2023
Furthermore, the steep this sustains margin and moderation in
tion now is whether this rally has more Source: Bloomberg, HDFC Securities Ltd
uptick in stocks has meant capital expenditure inten-
legs. Well, this would depend on a slew that valuations are rela- sity. For example, Apollo
of factors. For one, it remains to be seen SATISH KUMAR/MINT tively pricey. A concern is that the and Ceat are doing capital expenditure
whether gross margins seen in Q1FY24 tional Equities said in a report. a dismal state due to demand pressure Street may be pricing-in a best-case in a staggered manner and at same time
have peaked or there is more room for Second, overall demand trends do in the crucial export market of Europe. scenario for the sector’s earnings they are focussing on de-bottleneck-
expansion. As such, lower-than-ex- not lift spirits. In Q1, domestic demand “Tyre companies were able to beat growth. “The market is assuming an ing,” said Raghunandhan NL, director,
pected profitability could dampen growth in replacement and original margin expectations in Q1, primarily extended period of elevated margins Nuvama Institutional Equities.
investor sentiment. A 5% change in equipment manufacturer (OEM) seg- because they were able to retain pric- and profitability irrespective of (1) But given that valuations have
gross profitability assumptions can ments was subdued. Analysts said there ing power,” said Aniket Mhatre, insti- demand-supply scenario, (2) nature of run-up now, any earnings disappoint-
lead to 8-18% change in earnings per would be some pain in demand for bus tutional research analyst, HDFC Secu- business and (3) disruption risks,” said ment, could spoil the party as far as fur-
share of tyre companies, Kotak Institu- and truck tyres. Besides, export was in rities Ltd. But incrementally, raw Kotak’s analysts in a report dated 18 ther upsides are concerned.

Strong economic growth has spurred expectations that

the Federal Reserve will leave rates higher for longer. AP Star Health awaits gains from premium hikes, non-agency push
From stocks to bitcoin, soaring Bavadharini KS expected to be visible over time quarter. many specialized products such
Recovery path
US yields cast shadow over risk [email protected] but has likely affected new busi-
Star Health’s retail premium year-on-year growth in July was lower
“Star Health is taking a cau- as cancer care and women care
Surging US Treasury yields are sending shudders ness to some extent.” tious approach in taking aggres- policies.
sequentially at 16%.

T
through riskier areas of the market, leaving investors to he shares of Star Health Note that Star Health had sive risks in the non-fixed inc- Specialized products contrib-
wonder how badly it will dent a rally that has lifted every- and Allied Insurance Co. increased premium (price incr- Retail health premium growth year-on-year (in %) ome book. They are expecting an ute almost 16% of Star Health’s
30
thing from stocks to bitcoin this year. Strong economic Ltd are about 21% below ease) by 25% from February on improved combined ratio in total retail health gross written
growth has spurred expectations that the Federal their 52-week highs seen in Sep- new policies of one of its best- 24 rural areas as the company exp- premium. It is also trying to
Reserve will leave rates higher for longer, pushing Trea- tember. Amid stiff competition selling products, Family Health 23 ands into Tier-3 and Tier-4 develop an outpatient product.
18
sury yields this month to their highest levels since 2007. in the health insurance market, Optima insurance plan. towns. These are some factors Further, implementation of
That climb has made them harder to ignore for holders investors will watch if the com- In May, it hiked the premium 12 16 investors need to keep an eye on expenses of management (EoM)
of stocks and other speculative assets, which have rallied pany can sustain growth in gross in Family Health renewal poli- 6
in FY24,” says Narendra Sola- norms by the regulator will be
for most of the year even as yields moved steadily higher. direct premium income (GDPI) cies too. nki, head fundamental research positive. Sujal Kumar, analyst,
The S&P 500 has lost 4% this month as the US bench- in FY24. It has guided for 20% The company has taken other 0
Jul 2022 Jul 2023
- Investment Services, Anand PhillipCapital (India) said, “The
mark 10-year Treasury yield climbed to a more than premium growth in FY24. initiatives to boost growth. Rathi Shares and Stock Brokers. implementation of the EoM reg-
Source: IRDA, General Insurance Council, Kotak Institutional Equities
15-year high of 4.366% on Tuesday. Meanwhile, the S&P In July, Star Health’s retail These measures are expected to It has also been diversifying its ulation is expected to work in
500 technology sector has dropped 5.7%, bitcoin has premium growth was 16% year- show results in the coming quar- SATISH KUMAR/MINT business to include more profit- favour of Star Health as it has
fallen over 10% and the ARK Innovation ETF—a bastion on-year (y-o-y), lower than 18% ters. For one, Star Health is partnered with various financial along with loan products. For able products. EoM of less than 35%, unlike
of many high-growth names—has dropped 18.5%. Stocks seen by the industry. Kotak Insti- strengthening its non-agency institutions. Star Health plans to Star Health, the agency network In this regard, Star Health has other health insurers. But it
rose on Monday, with the S&P 500 closing up 0.7% and tutional Equities’ analysts said, channels, particularly banks, to scale up its credit-linked busi- is crucial, accounting for 81% of focused more on improving its would take over 1-2 years for the
futures pointed to a further rise on Tuesday.BLOOMBERG “The benefit of the tariff hike is drive business. It has already ness, which is a health plan sold the company’s premium in June retail business and has launched benefit to come through.”

Mark to Market writers do not have positions in the companies they have discussed here

Jio Fin to exit all BSE Cement firms see strong volume growth Rupee sees best 1-day
indices on 29 August gain in 1.5 months
Ujjval Jauhari
[email protected]
improvement in realisations The lower realisations
meant that the operating per- impacted operating perform-
expected Ebitda per tonne
improvement of ₹100 or even
NEw DELhi formance remained muted. ance even as volume growth more, actuals were much
PTI The profit before interest and supported revenues. The all- lower. Reuters

S
[email protected] trong domestic demand tax though was up 14.4% year- India average cement prices Analysts at Centrum Brok- [email protected]
led to cement companies on-year, but declined 7.5% per 50kg bag during Q1 had ing said the average Ebitda per

L T
eading stock exchange reporting strong double- sequentially. declined to ₹355, from ₹358 tonne for their coverage uni- he rupee posted its big-
BSE on Tuesday post- digit volume growth during As per Jefferies India Pvt during the previous quarter verse at ₹889.60 improved gest single-day gain in
poned the removal of Jio the previous quarter but the Ltd, the average and ₹365 during marginally from ₹866.90 in nearly a month and a
Financial Services Ltd, the limited improvement in reali- Q1 realisations The net the year-ago the previous quarter. On a half on Tuesday, as the green-
demerged non-banking finan- sations and lower-than-ex- declined 1% profit quarter. year-on-year basis the per back eased from recent peaks
cial services unit of Mukesh pected decline in costs meant sequentially for improvement Analysts at a tonne profitability was still amid some rebound in global
Ambani-led Reliance group, that overall performance was a companies under was tepid domestic broker- 7.8% lower. risk appetite while late dollar
from all the S&P BSE Indices to mixed bag. its coverage as age said perform- Mangesh Bhadang, senior inflows also aided.
at 5.8%
29 August. Data compiled by Mint for producers passed ance of cement analyst at Centrum Broking The rupee closed at 82.9350
Earlier, the stock was sched- 42 cement companies showed on some part of year-on-year companies came said realizations did not see per dollar, 0.2% stronger than IPO inflows, RBI presence
uled to be removed from the that the net profit improve- sequential cost during Q1 slightly below much improvement though Monday’s close of 83.1075. helped rupee gain. BLOOMBERG
indices on 24 August. ment was tepid at 5.8% year- decline to boost expectations as volume growth was strong at “Inflows for initial public
Jio Financial Services Ltd The stock was scheduled to be on-year (y-o-y) during Q1. volume growth. O profitability did 18% year-on-year and on offerings and presence of the Companies such as Pyramid
(JFSL) got listed on the removed from the indices on Also, on a sequential basis the a year-on-year basis realiza- not see much improvement expected lines. central bank around 83.10 lev- Technoplast, Aeroflex Indus-
bourses on Monday and hit the 24 Aug. HT net profit declined 12%. tion declined around 4%. over the previous quarters. Even as per Jefferies, aver- els ensured some strength in tries and Vishnu Prakash R
lower circuit for the second The raw material costs, The volume growth, how- The reduction in operating age Ebitda per tonne for its the rupee after nearly two Punglia, among others, are in
day in a row on Tuesday. limit on either of the next two which were still 17.4% higher ever, stood at 18.8% year-on- costs was lower than what coverage universe during Q1 weeks of fall,” said Anil Bhan- the process of raising funds via
“AIPL (Asia Index Private days but hits the lower circuit year-on-year, were up 2% year for companies under Jef- management had guided ear- came at ₹930 (below its esti- sali, head treasury at Finrex an initial public offering over
Ltd) is aware of the recent limit on the third day, the sequentially. Not much feries’ coverage universe. lier and hence while analysts mate of ₹960). Treasury Advisors. the next two weeks.
lower circuit hitting for JFSL. removal of JFSL from all the
Since the stock has hit lower S&P BSE Indices will be
circuit limits for two consecu- deferred by another 3 days, it
tive days—Monday 21 August
and Tuesday 22 August, the
Index committee has deter-
added.
It further said any post-
ponement of removal will be
Profectus Capital sees loan book at ₹4,500 crore this fiscal
mined to postpone the communicated as soon as pos-
removal of JFSL from all the sible; any changes to this Shayan Ghosh ₹4,000-4,500 crore by the end will not look at hiring more pharmaceuticals, food proce- electronics manufacturer Fox-
S&P BSE Indices by another 3 approach would be [email protected] of this financial year. Ulti- senior executives, it will ssing, engineering, auto com- conn, a wider ecosystem will
days,” according to a BSE cir- announced through the stan- MuMbai mately, by about FY26, we onboard people at the operat- ponents, hospitality, education eventually develop in India.
cular. dard channels. should touch ₹10,000 crore,” ing level in roles like sales man- and healthcare. “It may take time but that is a

N
Now, JFSL will be removed Earlier, Asia Index on-bank financier Pro- Srinivasan said in an interview. agers. This, he said, would take The company has two loan huge ecosystem and we are
from all the S&P BSE Indices announced Jio Financial Ser- fectus Capital, which Its loan book stood at ₹2,363 the number of employees from offerings: property-backed closely watching it. It would
effective prior to the opening vices would be removed from lends to small busi- crore as on 30 June, up 47% 700 at present to 1,500 by lending and direct equipment definitely be one of the areas we
of trading on 29 August 2023, all the S&P BSE Indices on 24 nesses, wants to fund newer from the same period last year. FY26. purchase. would like to get into,” said
it said. August following its listing on areas aligned to the govern- The lender made a profit of ₹10 At present, the company “While we have started with Srinivasan.
Asia Index is a joint venture Monday due to its spin-off ment’s incentivized local man- crore, on the back of ₹93 crore lends to small businesses across these 11 segments, these are not He said that while the
between BSE and S&P Dow from its parent. ufacturing scheme and grow its in revenues in the June quarter 11 industries but wants to cast in stone. There are a lot of Reserve Bank of India has
Jones Indices. On Monday, the scrip listed book to ₹4,500 crore by end of and its stage 3 ratio or bad loan expand its coverage gradually. new sectors that are coming up. raised the repo rate by 250
Moreover, if JFSL contin- at ₹265 apiece on the BSE, up this fiscal, chief executive offi- ratio was at 1.53% in Q1 this year, KV Srinivasan, CEO, Profectus “Our ability to understand too Take the case of the electronics basis points, Profectus’ cost of
ues to hit lower circuits in the 1.2% against ₹261.85—the cer K.V. Srinivasan said. up from 0.88% in Q1 of FY23. Capital. many industries is limited and sector where the government is funds went up about 100 bps,
next two days, the removal price fixed at a special price Founded in 2017 by Sriniv- “All the investments that are we did not want to spread our- putting in a lot of effort,” he which it has been able to pass
date will be deferred by discovery session held last asan, who was earlier the chief required to make this happen, we really need to go beyond selves too thin. We have chosen said. on to customers.
another three days, according month. executive of Reliance Com- in terms of technology, pro- that but need to add manpower eight manufacturing and three Srinivasan believes that Srinivasan had told Mint in
to the notice. The stock later declined mercial Finance, Profectus is cesses, branches and people, at the operating level,” said services industries and are although the semiconductor September 2018 that the com-
Additionally, in case JFSL 3.85% to hit ₹251.75—its lower backed by private equity firm are all in place. We have about Srinivasan. focussing only on that,” he said. sector is restricted to large pany could reach a loan book of
does not hit the lower circuit circuit limit. Actis. “We should cross 25 branches and I do not think He said while the company These include chemicals, enterprises like Taiwanese ₹10,000 crore in five years.
LIVEMINT.COM CORPORATE WeDNesDAy, 23 August 2023
NeW Delhi 05

SC to decide on Sebi’s SAT denies Eros plea against Sebi order

Priyanka Gawande seeking a stay on Sebi direc-

conflicting directives [email protected]

MuMbAi
tions. National Stock Exchange
had also released a preliminary
examination report, stating

T
he Securities Appellate that revenue from operations,
Tribunal (SAT) on Tues- trade receivables, and loans
day refused to interfere given by Eros primarily com-
with Securities and Exchange prised related-party transac-
Board of India(Sebi)’s actions tions, which increased substan-
SAT had criticized Sebi for not following consistent approach in all cases against Eros International for tially in FY20.
alleged misrepresentation and According to NSE, prima
diversion of funds. facie, these transactions indi-
Pavan Burugula Instead, Justice Tarun Agar- cated that the company was
[email protected] wala directed the company to engaging in financial misre-
NeW DelHi file its reply to Sebi’s 22 June porting or siphoning off or
ex-parte order in three weeks. diversion of funds. Following

T
he Supreme Court is expected to “We do not find any reason Justice Tarun Agarwala directed Eros International to file its reply the NSE report, Sebi opened an
take a call on the validity of the to interfere with the impugned to Sebi’s 22 June ex-parte order in three weeks. investigation into the matter.
Securities and Exchange Board order at this stage. If a reply In its petition, Eros had con-
of India (Sebi)’s conflicting along with stay vacation appli- facie and should not be utilized ture of the financial health of tended that the appeal ought to
directives. The markets regula- cation is filed, WTM (whole- by either party. the company and transactions be set aside as it was passed
tor had moved the apex court urging it to time member) will fix a date Sebi had restrained Eros between the content advance without establishing instances
review the rulings by an appellate tribunal, within a week from date of fil- International and its officials, entities and trade receivable of manipulation in the securi-
overturning its orders pertaining to some ing the reply by appellants,” including managing director entities, raises the possibility ties market. It also argued that
key developments. Justice Agarwala said. Sunil Lulla, and chief executive that Eros was circulating funds interim orders could be passed
The cases are expected to be heard by a SAT also directed the WTM Pradeep Kumar Dwivedi, from where amounts transferred as in extreme cases. “The order
two-member bench, comprising Justices to give an opportunity to Eros buying, selling or dealing in content advances was recog- has been passed in gross viola-
Sanjiv Khanna and S. V. N. Bhatti. The SC to argue its case. The bench will securities till further orders. nized as revenue, but subse- tion of principles of natural jus-
had served notices to all the parties on 7 pass an order after three weeks They were also restrained from quently was routed to overseas tice. The order fastens the
August, according to the court website. after considering the material accessing the securities mar- entities of Eros and, thus, there applicant with charges of fraud
According to existing rules, two Sebi offi- evidence placed by the appel- kets. was large-scale diversion of based on mere conjectures and
cers of varying seniority levels—adjudica- lants. It also clarified that any “The books of accounts have funds,” Sebi had observed. surmises without providing an
tion officers and whole-time members observation made by the tribu- been overstated and do not Aggrieved by the order, the opportunity of being heard,”
(WTMs)—can issue quasi-judicial orders. nal in the order is only prima- represent true and correct pic- company moved SAT on 7 July Eros had alleged.
While adjudication officers handle general
orders, WTMs issue orders concerning
matters of larger investor interest. In cer-
tain instances, both WTMs and AOs initiate The Supreme Court had served notices to all the parties on 7 August, the
proceedings against the accused.
One of the cases mentioned involves S.
court website showed. MINT Hindalco to invest ₹2K cr in railway project
K. Chowdhary, former independent same issue on the same facts under Section However, Sebi board has the authority to
director of Austral Coke, which conducted 11 and 11B of the Sebi Act and pass contra- overturn any order passed by an AO if it Naman Suri designs of freight wagons in the agenda,” he said. Hindalco will
an initial share sale in 2008. Sebi found dis- dictory orders,” the Securities Appellate believes the order is erroneous and not in [email protected] coming months targeting spe- also be looking to scale up EV
crepancies in the company’s offer docu- Tribunal (SAT) asked in a 12 April order. the interests of the security markets. This NeW DelHi cific end-use applications manufacturing in India, as the
ment. An independent investigation by SAT also criticized Sebi for not following can be done through a special provision including bagged cement, and company is working closely

H
Sebi was initiated and action was taken a consistent approach and observed that under the rules. But in this instance, Sebi indalco Industries Ltd foodgrains,” he said. with original equipment man-
against Chowdhary as well as other the orders of an AO will be binding did not seek a review, leading SAT to con- is planning to invest Birla said the company is ufacturers (OEMs) to co-de-
board members by both the AO on Sebi in such cases. clude that the order was final and binding about ₹2,000 crore to making another ₹2,000 crore velop and manufacture critical
and the WTM. In July 2022, “In our opinion the authori- on Sebi. In the past, questions over consist- bring new extrusion and fabri- investment to establish a first- components such as battery
the AO exonerated the
accused for insufficient evi-
dence. However, Sebi’s
₹29.42
Amount Sebi’s WTM
ties of the board, while pass- ency of Sebi’s regulatory actions have
cr ing quasi-judicial orders, are sparked debates. Even the Sapre Commit-
required to take a consistent tee, appointed by the Supreme Court itself,
cation technologies to India
which are critical to build
Vande Bharat trains in the
of-its-kind copper and e-waste
recycling facility. “At present,
due to lack of advanced metal
enclosures, motor housings,
busbars, structural and safety
components, and lightweight
WTM, in an order on 5 asked to return in view in a matter,” the appel- had made similar recommendations after country, the company’s chair- Kumar Mangalam Birla, extraction and refining tech- load bodies.
December 2022, found the Austral Coke case late tribunal said. “If the AO the Adani-Hindenburg issue. man Kumar Mangalam Birla, chairman, Hindalco. MINT nologies domestically, a sub- “Our projects for battery
accused guilty and ordered after applying his mind, and “Effective enforcement policy would said at the company’s 64th stantial volume of e-waste is foils, coated aluminium fins,
him to return ₹29.42 crore of the after considering the material mean laying down criteria on the basis of Annual General Meeting. rication technologies to India,” exported to other nations. aerospace grade extrusions are
IPO proceeds. evidence on record passes an order which Sebi may choose whether to initiate “We are even more excited he said. Bringing this cutting-edge also on track to make Hindalco
“The question which arises for consider- exonerating an appellant, then the order of proceedings and what type of proceedings to partner Indian railways ...An Hindalco is going all out to technology to India marks a an ideal partner for multiple
ation is, that once an AO, after making an the AO which is an order of the regulator, to initiate, in a clear, reasoned and non-ar- investment of ₹2,000 crore is support the railways’ goals of transformative step to offering industries to support their new
inquiry and adjudicating the matter Sebi, is binding upon the WTM and it is not bitrary fashion. Enforcement must also be planned for the project and becoming net zero, while dou- a tangible solution, aligned product development and
quashes the proceedings, is it open to an open for the WTM to take a different view,” consistent with the legislation and policy technology tie-ups are in place bling freight capacity. “We plan with your company and our make-in-India initiatives,” he
another authority of Sebi to adjudicate the it had said. stance of Sebi,” the panel had observed. to bring new extrusion and fab- to introduce three more nation’s circular economy said.

Upscale ice-cream Saint-Gobain eyes EV battery management Dolomite secures

lounges, organic ₹50 cr to expand
Naman Suri & Mihir Mishra
NeW DelHi
battery management, gaskets,
and provide seals to make sure
applications for ₹150 crore.
The company will be making
that they are waterproof. the new acquisitions through
line in works: Amul S aint-Gobain India Pvt.
Ltd (SG), a subsidiary of
the French glassmaker,
“We have several solutions
in this, whatever the battery
type that is going to happen,
internal accruals only, he said.
“We are almost net zero
debt company, we have very
Varuni Khosla
[email protected]
NeW DelHi
Suneera Tandon is looking to further invest in we have an opportunity in all strong cash generation to

D
[email protected] two or three bolt-on acquisi- of that...but we will only be in power our growth...our cash olomite Restaurants
NeW DelHi tions to expand their auto and battery management. We have position goes to ₹2,500 crore. Pvt. Ltd, the parent of
EV (electric vehicles) segment materials that go into making We don’t need a fusion of equ- Jamie’s Italian and

T
he Gujarat Cooperative in India, CEO-APAC and India batteries, but the final battery ity or to go to parent company Jamie’s Pizzeria brands in
Milk Marketing Federa- region, and chairman-Saint- manufacturing, we will leave it for equity, there is sufficient India, has raised ₹50 crore from
tion (GCMMF), which Gobain India, told Mint in an B. Santhanam, CEO-APAC and to battery experts,” he added. cash for expansion,” he said. existing investors—Interna-
sells the Amul brand of dairy interview. India region and chairman- Electric vehicle sales in the SG is also focused on build- tional Market Management
products, is expanding its pres- “We are at this point in time Saint-Gobain India. country hit a record high dur- ing on its services in the build- (IMM) in UK and Hunch Ven-
ence with a focus on premium looking at two or three bolt-on ing fiscal 2023 registering a ing and construction segment. tures in India.
offerings. The cooperative is acquisitions. Most would be targets, we are only con- year-on-year increase of 155% “That’s where I think the resi- In 2018, Indian venture capi- The firm intends to open at least
establishing upscale ice-cream building materials then we are strained by opportunities and at about 1.2 million. While a dential growth rates we see, tal firm Hunch Ventures took a 20 restaurants this year.
parlours pan-India with 100 looking at anything connected demand growth...We also have whopping 95% of the sales the commercial spaces and the significant minority stake in
Amul Ice Lounge stores in with EV. Because we have a global ambitions in this. So, it came from two- and three- infrastructure spaces, oppor- Dolomite Restaurants, which is For this venture, both part-
FY24. Jayen Mehta, in-charge fairly large portfolio of solu- could be that some of that wheelers, the segment is esti- tunity for light and sustainable a subsidiary of IMM. This year ners are expected to contribute
Additionally, after introduc- managing director, GCMMF. tions for EV,” said Santhanam. could come if there is a global mated to register similar construction, what we call it, IMM, founded by Dolomite nearly equal amounts. The
ing organic flour last year, it is The company had ear- acquisition,” he said. growth in the current fiscal. and we are focused on lighten- managing director Jasper Reid, company will use this to accel-
preparing to launch organic tea ice-cream brands such as Bas- marked ₹8,000 crore to be The glassmaker provides Saint-Gobain India earlier ing the construction.... the sold its Wendy’s burger chain erate its growth in the next
and spices, to tap the growing kin Robbins and Naturals. spent on capital expenditure various glass solutions for the acquired Uttar Pradesh-based opportunity is humungous,” to Rebel Foods for an undis- 12-18 months with a view to
demand for such products, said Recently, the firm and acquisitions between 2021 automotive industry, with EVs Twiga Fiberglass Ltd, a com- he added. “Low carbon offers closed sum. become a ₹500 crore topline
Jayen Mehta, in-charge man- announced a group turnover of and 2025. About 10% of the being a large part of it. And the pany that manufactures glass are now interesting. A few With this, the company company over the next few
aging director, GCMMF. ₹72,000 crore for the FY23. allocation was for acquisitions company will primarily con- wool, through SG’s technology leading players are willing to intends to open at least 20 res- years. “Our vision is to be
“We have created premium Notably, Amul’s milk-based and company has already centrate to strengthen its elec- for ₹400 crore, and last year pay for sustainable energy. taurants this year, including a India’s most respected and
ice-cream lounges, offering the beverages business saw 34% spent it. “We have already tric mobility solutions busi- Rockwool India Pvt. Ltd, a They are willing to pay 5-10% new variant of Jamie’s called profitable food group. We are
finest flavours from every rise from a year ago, while its invested the allotted ₹600 ness in the EV segment, where manufacturer of stone wool in extra for sustainable products. Jamie Oliver Kitchen, and to very much focused on the café
country in the world in a very ice-cream division saw 40% crore-₹800 crore for mergers it provides special materials India with a wide range of So, we increasingly will pro- continue its recently and casual space versus the
upmarket ambience. We have growth. Amul butter grew by & acquisitions (M&A), but we for insulating battery pack like insulation products for ther- vide low carbon solutions.” announced Jamie’s Cafe part- pure quick-service restaurant
launched five such stores: four 19%, and ghee consumer packs aren’t constrained by those thermal insulation barriers, mal, acoustic and fire safety [email protected] nership with FabIndia. format business...,” said Reid.
in Ahmedabad and one in Jai- grew over 9%. The cooperative
pur. We are planning a few reported 20% growth in long-
more stores in Mumbai and life milk, 40% for dahi, 16%
Delhi. We have signed the best growth in fresh buttermilk.
malls in India, and definitely However, unseasonal rains
achieve 100 outlets in this fiscal in the last two months damp-
Colgate’s single mandate is to drive growth: Narasimhan
year. We’re expanding in inter- ened demand for its beverages
national markets as well, and and ice-cream portfolio, said Suneera Tandon expressed a strong intention to Who could have predicted we do will comes in its way. If But will the investments be
will have hun- Mehta. [email protected] acquire local brands. Edited that inflation was going to be the investment is in advertis- slightly turbocharged?
dreds of parlours,” Amul is set to Meanwhile, in NeW DelHi excerpts: where it was over the last year ing, it will be for growth, if it’s As soon as we find some-
Mehta added. scale the launch January, the and who could have predicted for better quality products, it’s thing where return of turbo-

C
While Amul of products under Union cabinet o l g a t e - P a l m o l i v e What is the mandate from covid-19? We’re struggling to for driving growth. If it is about charging investment makes

‘
boasts of a signifi- the new organic approved the set- (India) Ltd is planning the global headquarters on do the long-term predictions. bringing Colgate’s global sense to drive growth, abso-
cant share of the ting up of a to increase investment the India business? So, I’m loathe to making long- offering or lutely yes. It is
cooperative, of
mass market ice- national-level in its core brands and explore Our single mandate is driv- term predictions. At this point, investment about profita-
cream segment, it which GCMMF is a cooperative soci- new opportunities for growth, ing growth. China, the US and we are seeing this uptick that into an inor- Given that we are bility. The
now aims to cap- promoter ety for organic said Prabha Narasimhan, the India sit in the global strategy seems more structural and not ganic target beginning to see these f a s t e r w e
ture the premium products. managing director and chief as the called out countries. The intervention-led. So, let’s hope m a k i n g green shoots and a grow, more
segment, he GCMMF is among executive officer. In FY23, its global headquarter, like any between that, and the work we sense, it will the money we
added. Initially, Amul Ice the five promoters of the soci- revenues stood other company, will do to drive consumption, be that. Really little bit of revival, we will make.
Lounges are being established ety, which will manage various at ₹5,279 crore. m INTERVIEW isthecognizant of it will be more consistent. the focus is to are cautiously What’s your
through internal accruals. The activities related to organic sec- The Colgate potential of more sustained? You spoke about doubling make sure we optimistic view on the
franchise model is also availa- tor by providing certified and brand has a sig- this market. We Given that we are beginning down on brands and look- drive growth, 68% rise in
ble for entrepreneurs looking authentic organic products. nificant share in India’s tooth- are a highly profitable firm, to see these green shoots and a ing at areas such as whiten- everything Prabha Narasimhan gross mar-
MD&CEO, Colgate Palmolive
at high-yielding investment Amul is set to scale the launch paste segment. However, its therefore, the more growth we little bit of revival, we are cau- ing in oral care and grow- else is in the India Ltd
gin in Q1?
opportunities, he said. “Ice- of products under this initia- portfolio under the Palmolive drive, all other lines will move tiously optimistic. As I said it is ing the Palmolive brand. process of I’m actually
creams will be available at a tive. “We have launched 9-10 brand, offering products such as well. So that’s really our sin- more structural than tempo- Will the India investments getting there. very proud of
premium to Amul prices—a products within the Amul as body wash and hand wash, is gle mandate. rary. Let’s see, time will tell. It over 5-10 years be signifi- While, maintaining finan- the gross margin of the firm.
scoop will be for ₹200.” organic range. This month relatively small. In an inter- You spoke on green shoots also depends on what happens cantly higher than earlier? cial discipline, sustainability What it allows us to do is to
This strategic move places we’re going to launch organic view, Narasimhan shared her in rural consumption. Now to the monsoon. In fact, many The biggest thing we strive and governance and all good make sure that we are invest-
the dairy cooperative in direct chai...and different spices,” said views on the company’s strat- in the run-up to an election factors come into play, such as to do is to drive growth, and I things we are known for, the ing back into continuing to
competition with well-known Mehta. egy to strengthen the core and year will rural revival be what happens to inflation. don’t think there is anything primary focus is growth. build this fabulous brand.
06 WeDNesDAy, 23 August 2023
NeW Delhi CORPORATE LIVEMINT.COM

PharmEasy
to launch Automakers ready for crash India adopts own
BNCAP crash
₹3,500 cr
rights issue
testing under Bharat NCAP testing standards
FROM PAGE 1
FROM PAGE 1
sumers in selecting safer cars
PharmEasy needs another Adult and child occupant safety is rated based how a PV performs in a crash test at 64 kmph and encouraging competition
₹300 crore in capital (to among original equipment
achieve the scale) to turn profit- manufacturers (OEMs) to pro-
able, a third person said. “How- Alisha Sachdev India to define safety goals for passenger duce safer vehicles. The new
ever, the company decided to [email protected]
On a par vehicles. We will participate in the pro- system will become opera-
India's own crash-test safety rating programme, named Bharat New Car Assessment
raise a large rights issue to pro- New Delhi
Programme, or BNCAP, is similar to the international rating programme.
gramme and our SUVs have scored 4 or tional on 1 October, with about
vide itself a capital buffer for 5 stars in the Global NCAP too.” 6-8 government-certified test-

M
TESTING CENTRES FOR BNCAP
any payments it may need in aruti Suzuki, Mahindra & (Those in bold currently fully functional) The crash tests will be conducted at ing stations already opera-
future,” the person added. Mahindra & Hyundai  AUTOMOTIVE Research Association of
the government’s automotive labs tional near auto hubs in the
The company had tried to Motor India are among India (ARAI), Pune, Maharashtra which currently handle vehicle homol- country. “This is a significant
raise fresh capital in FY23 but automakers that have  VEHICLE Research & Development ogation tests. However, the fully-func- step towards ensuring the
was forced to shelve the plans offered initially at least a Establishment (VRDE), Ahmednagar, tional labs, which can conduct tests structural and passenger India witnesses 500,000 road
Maharashtra
due to poor market conditions. dozen vehicle models for testing under under BNCAP are the Automotive safety of cars in India,” Gadkari accidents every year. ISTOCK
 CENTRAL Farm Machinery Training and
In October 2022, existing India’s first crash-test safety rating pro- Testing Institute, Budni, Madhya Pradesh Research Association of India (ARAI) in said, emphasizing that the ini-
investors were invited to sub- gramme, which is modelled after the  INDIAN Institute of Petroleum (IIP), Pune, the Global Automotive Research tiative would not only make third-largest in terms of pro-
scribe to up to ₹750 crore Global NCAP, according to industry Dehradun, Uttarakhand Centre (GARC) in Chennai, and the Indian cars safer, but also duction, is set to benefit
through convertible notes. officials.  CENTRAL Institute of Road Transport International Centre for Automotive boost exports. greatly from BNCAP. Gadkari
PharmEasy is now valued at a The government’s Bharat New Car (CIRT), Pune, Maharashtra Technology (ICAT) in Manesar, Hary- The programme aims to envisions India becoming a
tenth of the $5.6 billion it com- Assessment Programme (BNCAP) will  INTERNATIONAL Centre for Automotive ana, according to the Center for increase the localization of global leader in the industry,
Technology (ICAT), Manesar, Haryana
manded in 2021, making it the award a star rating out of five for adult OEMS LINE UP 15-20 MODELS FOR  NORTHERN Region Farm Machinery
Advancement of Road Traffic Safety safety components, ultimately offering high-quality vehicles
first unicorn to take a major and child occupant protection respec- BNCAP RATING Training and Testing Institute, Hisar (CARTS). contributing to the production at competitive prices.
mark-down in valuations. The tively to passenger vehicles based on  Maruti Suzuki: 3 models (Baleno, Brezza,  GLOBAL Automotive Research Centre “An amalgamation of Indian and of safer vehicles in the country. Rajeev Singh, partner and
Grand Vitara) (GARC), Chennai
reset in valuation and the subse- their performance in a crash test at a international parameters to assess the Initially, crash testing will be consumer industry leader at
 Hyundai: 3 'popular' models  NATIONAL Automotive Test Tracks,
quent recapitalization by exist- speed of 64 kmph. The test, which is  Mahindra & Mahindra: All latest SUVs
safety standards of cars through a robust voluntary, but as testing Deloitte Asia Pacific, said,
Indore
ing and new investors will lead completely voluntary for automobile Source: Companies
crash testing process, the BNCAP will capacity becomes more read- “Having our own norms and
to a major change in the share- companies, will begin from October. help consumers make informed choices ily available, the rules may be test facilities for the safety of
holding of all shareholders, with The tests will be similar those con- concerning vehicular safety. Currently made more stringent. vehicles is very timely and
the founders’ stake falling below ducted by London-based safety watch- iants of popular passenger vehicles and mandatory safety standards set by the voluntary, BNCAP assessment safety One of the notable aspects win-win for all.”
1%, the second person said. dog Global NCAP as well as Euro NCAP, only award ratings based on the per- government which are themselves rating, available for both manufactured of BNCAP is its Renault India’s
In June 2021, API Holdings with an aim to make safer vehicles for formance of the base variant, in case aligned globally. BNCAP measures and imported light motor vehicles, will alignment with The B-NCAP country chief
acquired a 66% stake in Thyro- consumers in India, home to the world’s higher-end models, are tested as well. additional safety over and above this prove to be instrumental towards engi- global crash test programme aims executive and
care for ₹4,546 crore. deadliest roads. “The BNCAP, being a government compliance level. We welcome this ini- neering a shift in consumer behaviour protocols while to harmonize m a n a g i n g
Spokespeople for Phar- Maruti Suzuki, India’s top passenger programme, lends a lot of objectivity tiative of the government and will offer and is a welcome step towards making considering Indian crash director Venkat-
mEasy, Prosus, Temasek and vehicle maker, said it will volunteer and authenticity to the testing process. at least three models for BNCAP testing roads across India safer. This pro- existing Indian
regulations. This
safety standards ram Mamillapalle
Manipal Group declined to three models—the Grand Vitara, gramme offers mutual benefit for emphasized the
comment. Brezza and Baleno. This would be a RIGOUR FOR SAFETY consumers and manufacturers. It alignment ena- with international initiative’s impor-
The recapitalization comes at first for the carmaker as it hasn’t so will ensure fewer casualties and bles OEMs to benchmarks tance in curbing
a time the company has far volunteered any of its cars to be PASSENGER PARTICIPATION in BNCAP measures THE programme injuries, lessening the strain on conduct vehicle road fatalities.
reduced its monthly opera- tested under GNCAP. Sport-utility vehicles are awarded BNCAP testing is
star ratings up to five optional for original
additional safety
beyond government
aims to help users
make informed
healthcare and insurance sectors testing in India, “The Govern-
tional loss from ₹86 crore in vehicle maker Mahindra & Mahin- for adult and child equipment standards and global choices about safety and fostering a positive societal reducing the costs of sending ment of India’s timely and his-
March 2022 to approximately dra, which has received either 4- or occupant protection manufacturers alignment. of vehicles they buy impact by reducing trauma caused cars to NCAP-accredited cen- torical introduction of Bharat
₹5.6 crore in March 2023. It 5-star ratings for all its new SUVs by road traffic injuries and deaths. tres abroad. “Today, we have a NCAP showcases its dedication
reported consolidated net sales such as the XUV700 and Scorpio-N Manufacturers will also gain by report given to me that to safeguarding its citizens and
of ₹5,728.8 crore in FY22, when tested under GNCAP, will also It is in the spirit of customer empower- in the first lot itself. At the same time, we enhancing their brand reputation requests to test and certify advancing road safety,” he said.
according to regulatory filings. volunteer to obtain a BNCAP rating. ment and enabling them to make would request all users to fasten seat through consumer-centric practices, more than 30 models of differ- The BNCAP programme
The losses in FY22 amounted to Hyundai Motor India, the country’s informed choices that we, as market belts whether in the front or rear seats as enjoying higher consumer loyalty. ent companies under BNCAP aims to harmonize Indian crash
₹3,992.4 crore in FY22. How- second-largest passenger vehicle leaders, decided to offer some of our that is the most critical factor in keeping Additionally, this programme will posi- have already been received. I safety standards with interna-
ever, the operational loss stood maker, too will volunteer “at least” three current models for the tests right away,” passengers safe,” he added. tion India as an innovation hub for vehi- am really happy with the tional benchmarks, reflecting
at around ₹850 crore in FY22. of its “popular” models to be tested said Rahul Bharti, executive officer, cor- Velusamy R., chief of global product cle safety.” said Piyush Tewari, founder response,” Gadkari said. the principles of Global NCAP.
ranjani.raghavan@live- under the BNCAP. porate affairs, Maruti Suzuki. “Any car development at M&M said the “Bharat and chief executive, SaveLIFE Founda- India’s automotive indus- subhash.narayan@live-
mint.com The programme will test the base var- that is launched in India follows the NCAP is a really good way forward for tion and Carts. try, currently the world’s mint.com

Romancing planet: ‘Beware of fake weight loss drug’

How to keep Earth FROM PAGE 1 the world are obese.
DCGI has also asked the All
the use of GLP-1-RA products India Organisation of Chem-
alive and well for weight loss, encouraging
risky procurement behaviour.
It is possible that falsified ver-
ists and Druggists and state
drug controllers to keep a
close watch on the sale of these
sions are sold and distributed drugs. “Instruct officers to Sebi has barred directorship
FROM PAGE 1 energy-related carbon diox- through unregulated outlets, keep a strict vigil on the move- of Suresh Kumar Reddy and
ide, slowed to a mere 0.9% in including social-media plat- ment, sale and distribution, Narayan Raju in the case. MINT
The warning about price pressures comes in the context of CPI- tions, including Hindustan 2022 from 6% in the previous forms,” DCGI Rajeev Raghu- stock of the said drug products
based inflation hitting 7.4% in July. BLOOMBERG Unilever, Nestle, Larsen & year, according to the Inter-
Toubro, ITC, and Greenko, to national Energy Agency. The
vanshi wrote in a letter
reviewed by Mint.
in the market and draw sam-
ples and initiate necessary Sebi bars
Price pressures engage in real, actionable global-scale move towards
strategies to make a differ- renewable energy sources has
ence. seemingly begun to take
“Educate patients for
reporting any adverse drug
reaction with the usage of pro- WHO says around 1 billion
actions,” said the DCGI.
An official at Delhi’s drug
control office said, “We have
two from
warrant greater They will discuss issues effect. India is doing its part. A
including the
nature of India’s There are
sustained push
has managed to
cured medical products.
Patients need to be careful and
only procure the necessary
people are obese globally. ISTOCK

Queries sent to a health min-

received the communication
from the DCGI today itself,
and we have immediately cir-
Brightcom
vigil, says FinMin
sustainability
playbook, the
other, bigger
targets in
get renewable
energy to breach
medical products from autho-
rized sources with proper pur-
istry spokesperson remained
unanswered till press time.
culated the information
among our officers to keep a directorship
path to 500GW the offing, and 40% of the coun- chase bills,” he said. In 2022, the market size of check on the sale of this drug
renewable try’s energy In its threat assessment for GLP-1-RA was estimated at formulation in the city. We are Staff Writer
action is clearly
FROM PAGE 1 the opportunities for the pri- energy capacity, capacity. There India last week, WHO said around $22.4 billion, and it was also in the process of identify- [email protected]
vate sector to participate in the green mobil- visible on are other, bigger there has been a recent surge expected to grow in the com- ing and streamlining how New Delhi
However, pre-emptive steps to myriad infrastructure initia- ity imperative, multiple fronts targets in the off- in demand for and reported ing years due to the increasing many such drugs are being

T
check food inflation and the tives such as highways, con- financing the ing, and action is shortage of GLP-1-RA prod- burden of diabetes and obesity sold in the market under dif- he Securities and
arrival of fresh stock will help struction of new roads, hous- green transition, clearly visible on ucts. It said demand for these in people worldwide. ferent brand names.” Exchange Board of
address price pressures in the ing, and drinking water pro- and the ESG battles of corpo- multiple fronts. products has risen worldwide According to the Interna- Last month, the DCGI India(Sebi) on Tuesday
market, the review said. jects, among others,” the rate India. Will our efforts make a dif- since late 2022, with reported tional Diabetes Federation, the issued a similar advisory for barred investor Shankar
Earlier this month, RBI review said. While the world is peril- ference? They have to. shortages adversely impact- number of diabetic patients cough syrups and cold reme- Sharma from selling any shares
chose to retain the repo rate at The finance ministry review ously close to the cliff edge, Because as Guterres said: “We ing people with Type-2 diabe- worldwide will reach 643 mil- dies containing pholcodine to of Brightcom Group.
6.5% while remaining focused also cautioned that it is impor- fortunately, emissions of the are in the fight of our lives, tes. The drug is sold and mar- lion by 2030 and 783 million be stopped for consumption In an interim order on Tues-
on the withdrawal of accom- tant to keep a watch over the principal component of and we are losing.” That needs keted globally under various by 2045. Similarly, WHO says after WHO alerted about the day, Sebi also restrained two
modation to ensure that infla- impact new technologies, such greenhouse gases (GHGs), to change. Fast. brand names. around 1 billion people across safety concern. key directors of Brightcom
tion progressively aligns with as artificial intelligence, can Group—Suresh Kumar Reddy
the target of 4%. The central have on demand for India’s ser- and Narayan Raju — from hold-
bank’s estimate is that the econ- vice exports and on job creation. ing any directorial positions
omy will grow at 6.5% this fiscal. The ministry also pointed out
Separately, State Bank of India that while service exports may
(SBI) said in a research note on continue to do well, merchan-
Centre weighs 20% export duty on parboiled rice until further notice. Reddy is
also the promoter of the com-
pany, while Raju is chief finan-
Tuesday that growth could be a dise export growth should be cial officer.
notch up at 6.7%. strengthened in FROM PAGE 1 according to government data. eral of Foreign Trade remained The case pertains to prefer-
SBI pointed out Pre-emptive steps the face of slowing The aggressive export of par- unanswered at press time. ential allotments made by
there has been a to check food global demand. of non-basmati white rice on boiled rice has sparked con- Rice exporting companies Brightcom Group in the period
surge in capital inflation and the Elevated asset 20 July. Prices of parboiled cerns as rice prices remain say they have been receiving between FY20 and FY21. The
expenditure in the arrival of fresh prices in financial rice have risen 19% since April firm despite July’s interven- more queries after the export complaints received by Sebi
June quarter, with markets and geo- in the domestic market and tion, and because of this, the ban on non-basmati white suggested the company raised
stock will help
the central gov- political and geo- 26% in the international mar- government is considering a rice. “Usually, we get 2-3 que- money through the preferen-
ernment spend- address price economic con- ket, while the export quantity duty restriction on parboiled ries each day for basmati tial issue of shares to entities
ing more than a pressures cerns, which have and value of the rice variety rice exports, the second gov- around this time of the year, that were connected to the
quarter of the not abated and shot up 21% and more than ernment official said. “The but since the imposition of company, and the money
budgeted target may endure for 35%, respectively. duty could be 20%. However, a export duty on non-basmati raised in the preferential issues
and states spending 12.7% of “quite some time”, are also of Currently, all-India average definite figure is difficult to say white rice, we have been was given as loans and advan-
their budgeted level. “States like concern to the finance ministry. retail parboiled rice is availa- as the final call will be taken by receiving 4-5 queries,” said ces to its subsidiaries. There
Andhra Pradesh, Telangana “Maintenance of macroeco- ble at ₹37-38 a kg and ₹92-93 top authorities.” one of the leading rice export- were also allegations regarding
and Madhya Pradesh, where nomic stability is paramount to for basmati rice. Free-on- Meanwhile, Union food sec- ers on condition of anonymity. the lack of proper disclosures
elections are due, have regis- keep interest rates from rising board (FoB) parboiled rice retary Sanjeev Chopra told The government, on 20 with respect to the utilisation of
tered capital expenditure too much, to underscore the price is around $500 a tonne In the case of parboiled rice, firm prices have been a concern despite news agencies that there is “no July, amended the export pol- proceeds.
growth up to 41%,” SBI said. The relative attractiveness of India and $1,000 a tonne for bas- the Centre curbing exports of non-basmati white rice on 20 July. AP proposal, as of now, to restrict icy of non-basmati white rice “BGL has brazenly
central government, which has as a zone of performance and mati varieties, traders said. exports of parboiled non-bas- from ‘free with the export duty attempted to cover up its mis-
set a capital spending target of promise for domestic and India has a share of around from the Gulf Cooperation an uptrend in international mati rice.” of 20%’ to ‘prohibited’ to deeds by submitting forged and
₹10 trillion for FY24, has been international investors and to 25-30% of the global parboiled Council countries and Euro- prices of rice offered by other Chopra did not respond to ensure adequate availability of fabricated bank statements to
stepping up its capital spending maintain steady economic rice trade. pean nations has gone up by nations. calls and texts seeking com- the above variety in the Indian Sebi.” said the 73-page Sebi
to crowd in private investments. growth,” the economic review According to economists, 5-7% post-India’s 20 July ban, As a result, India exported ments. Queries sent to the market and to allay the rise in order. “The blatant acts of the
“The healthy balance sheet pointed out. Policies that aid in retail inflation in rice was 13% vulnerable nations in West about 3.1 mt of parboiled rice spokespeople for ministries of prices in the domestic market. company and other noticees
of the private sector, with macroeconomic stability make in July, compared to 12% in Africa are shifting to Indian so far in the current fiscal as food and public distribution, It had taken a similar decision raise serious concerns about
increased capex by the govern- up a macroeconomic stimulus, June and 4.3% in July 2022. parboiled rice to meet their against 2.58 mt during the cor- commerce and finance minis- for broken rice exports last the affairs of the Company,”
ment, is anticipated to increase the review said. While demand for basmati domestic consumption amid responding period last fiscal, try, and the Directorate Gen- September. the order further said.
LIVEMINT.COM CORPORATE WeDNesDAy, 23 August 2023
NeW Delhi 07

‘TV9 Network’s journey is Warner Bros’ bet on local IPs

sparks growth of kids’ cluster
about complete disruption’ Lata Jha
[email protected]
NEW DELHI
Gaurav Laghate han Royals during covid because we

W
[email protected] realised that brand salience is impor- arner Bros. Discov-
MuMBaI tant. We took it for two consecutive ery, which operates
years (2020-2021) and that paid divi- children’s TV chan-

B
arun Das, who joined the dends. Even now, if you travel from nels POGO, Cartoon Network,
TV9 Network in August Delhi or Mumbai you will see all the tel- and Discovery Kids in India,
2019 as chief executive, has evisions running TV9 Bharatvarsh. has reaped rewards by invest-
turned around a small, loss- So, it’s content, which is finding out ing in local intellectual prop-
making news network, into a a nice need gap, and this is a focus area. erties (IPs) such as Little Sing-
profitable venture comprising both TV for us on international content and fan- ham and Chhota Bheem, which
and digital operations. Das, who had tastic packaging and treatment backed helped drive growth.
stints in Zee News, India Today and by distribution upliftment. There are The company has expanded
ABP in various managerial roles, said three pillars for building your ratings— its programming on POGO by
his mandate has been to make TV9 one one is content, two is distribution, and adding Malayalam, Kannada, The company has expanded its programming on POGO by
of the leading news networks in India. three is marketing. All three were coor- and Marathi content, besides adding Malayalam, Kannada, and Marathi content.
In an interview with Mint, he spoke dinated and executed with precision launching weekly long format
about his focus on three key factors, and efficiency, and therefore, we con- shows to captivate and retain fined to their homes, it did not the interests of the producers
content, distribution and marketing, tinued to grow. its young audience. translate into advertising reve- to continue featuring such
which, he said, transformed the organi- Considering news is the fourth pil- However, linear television nue for the overall industry as film franchises for the big
zation, helping it post a net profit of ₹76 lar of democracy, is it difficult to remains the company’s main- the market condition was very screen.
crore in FY23 from a loss of ₹55 crore in maintain a balance between edito- stay even though all content is challenging, Singh said. Furthermore, the company
FY20. Edited excerpts: rial and business interests? available on its direct-to-con- Subsequently, as normalcy that has already ventured into
There is a very fine line that we have sumer streaming platform dis- returned with the reopening gaming for some of these IPs,
You will complete four years as the to draw—news is a business or news is covery+, besides Prime Video of schools, viewership is set to diversify its offerings
CEO of TV9 Network this week. the fourth pillar. It’s a very difficult line Channels in India. dipped, but still the genre’s through licensing and mer-
How will you describe your jour- to tread. Obviously, today, I believe that “The kids’ genre has always reach grew 20% compared to chandise.
ney so far? creativity or anything, unless it is self- been a good contributor to the the previous year as things While all shows are availa-
Hindi news channel TV9 Bharatvar- In terms of revenues, where do you cerned, we have an undisputed leader- sustaining, will not last. Even if you’re (broadcast) industry and busi- stabilized. This prompted ble on discovery+, the com-
sha was launched in March 2019 and I stack up with competition? ship in terms of viewership for broad- a brilliant artist, until it is commercially ness with significant potential POGO to broaden its lan- pany’s video streaming ser-
joined in August. Due to launch-related Last year, we closed at ₹635 crore. cast. We are at 240 million AMAs (aver- viable, you won’t be able to sustain. So, that is only going to grow from guage offering with Malaya- vice that is part of the Prime
expenses, we had an Ebitda (earnings This year, we will be closing at ₹750 to age minute audience in thousands) it is another thing we keep consciously hereon. The differentiator for lam, Kannada, and Marathi, in Video Channels, an aggrega-
before interest, taxes, depreciation and ₹800 crore, considering this is an elec- every week and the next player will be in our mind. I have overcome this pre- us is what we have invested in addition to Hindi, Tamil, and tion service by Amazon Prime
amortization) loss of ₹44 crore and net tion year. Last year, we were among the sub-200 million. So, there is a huge dicament. I don’t think anything would local IPs to create characters Telugu. Now, the channel Video , that hosts subscrip-
loss of ₹55 crore in FY20. Since then, if top three. I believe other than News18 gap. We are also catching up in the digi- stand the challenge of time, unless and that resonate and connect with seeks to engage tion-driven vid-

‘
you look year on year, our topline grew and India Today, remaining news net- tal domain, where our growth in until you stay true to your identity. the Indian culture,” Uttam Pal the children for The success of eo-on-demand
40% in FY21, 50% in FY22 and 16% in works were lower than us. Though topline has been expo- We maintain the iden- Singh, head of kids cluster at longer periods Little Singham platforms on its
FY23. While almost everybody in the other companies, that might be close to nential, far higher tity of being a fourth Warner Bros. Discovery, said by replacing and Fukrey app and website,
news industry grew in FY22, following us are unlisted firms. In FY24, we are than the percentages If you compare with pillar and build the in an interview. 11-22 minute Singh said linear
Boyzzz, fuelled
the covid slump, for us, it was different going to be a strong top three player. we had set, because we other leading networks, business around it. Introducing characters like daily program- television
interests for
because we grew on a But, more impor- are starting from a we were the only ones That is the only way to Chhota Bheem and Little Sing- ming to new for- remains the
featuring more
40% growth over the
previous year. In FY23,
m INTERVIEW with theif other
tantly, you compare
leading
small base. While we
are catching up in tra- expanding...we had a
go forward. So that is a
very fine balance.
ham offer a more relatable
and slice-of-life perspective
mats with 44-
minute shows film franchises
focus. “We’re
able to create sig-
listed players have networks, we were the ditional terms, we new Hindi channel, and Do you think news compared to traditional for the week. nificant value and
either remained stagnant or saw a dip. only ones expanding. Not only that we have ventured out into a Bengali channel as a genre is suffer- mythological and superhero “We do sense impact on televi-
Now, coming to the bottom line. I had a new Hindi channel, but also had two new things, pure- ing due to the fight narratives that the children in an opportunity in adaptations sion, in terms of revenue on
Barun Das
started at a net loss of ₹55 crore in a Bengali channel launch. Then, we play experimentation CEO, TV9 Network over ratings? India were used to watch. but at the same time, a lot of distribution and ad sales. It
FY20, in FY21 we broke even, FY22 we had a complete revamp of our digital and something to keep It’s a fiercely com- Chhota Bheem, an animation work goes into these. We can- remains a mainstay because
had a PAT (profit after tax) of about ₹50 organisation during that covid slump, us future-ready. petitive genre and show, has been on air since not just pick up any Bollywood we’ve built scale on it for the
crore, and in FY23, we ended with PAT when everybody else was taking salary You are lead sponsor of an IPL when you have such competition, you 2008, while Little Singham, IP, the character needs to get a genre and once our content
of ₹76 crore. cut or was doing retrenchments. In team. A very unorthodox move for tend to overlook the collective benefit. an adaptation of the Bolly- life of its own without messing has reached majority of kids
Again, if you compare with listed fact, we recruited close to 1,000 people a news network, isn’t it? You go for recency, you go for immedi- wood action movie was cre- up its intrinsic brand value,” on television, it always has the
news companies, they have witnessed and built a digital team. We have had Before 2020, if you asked people in acy. But if you ask, we all stand to gain if ated in collaboration with said Singh. potential to travel to other
a significant drop, ranging from 30% to increments in September with retro- north India about TV9, they would not ratings don’t get stalled because, if it director Rohit Shetty. The success of kids’ shows platforms.”
70%. So, this is the journey. Now you spective effect, starting April. have known. So, with the relaunch in does, advertisers will have to play blind. While the pandemic led to like Little Singham and Fukrey The firm has also signed a
need to decide whether you call it a And what about viewership? March 2020, we backed it up with solid In the absence of anything better, news increased viewership for kids’ Boyzzz, adaptation of another syndication deal with Netflix,
complete turnaround or a disruption. As far as the overall business is con- marketing. We took jerseys of Rajast- as a genre stands to lose significantly. content, as children were con- Bollywood hit, has also fuelled Singh said.

‘India not an emerging market for Porsche’

Alisha Sachdev formance carmaker will have ket. We want to establish
[email protected] 10 dealer-investors in India by strong relationships with our
NEW DELHI the end of the year, which will customers—we have
give it a footprint in all of the 4,000-5,000 active custom-

G
erman sports car major tier-1 markets, the com- ers in India who have expecta-
maker Porsche AG is pany said. tions in terms of quality and
doubling down on “We are one of the fastest after-sales services. And for
building its India presence, growing luxury car brands in that I think it’s more impor-
finding investor partners and India. As part of the luxury car tant to grow qualitatively,”
becoming a relevant brand for market here, we will continue Platen said.
the “young country”, as a new to be small in terms of vol- Europe is Porsche’s largest
crop of Indians look for super- ume. But I don’t see India market, followed by the US
car brands with a sustainable anymore as an and China which
story, according to Detlev von emerging market The Porsche are almost equal
Platen, a member of the com- where every- Taycan, its first in volume for the
pany’s executive board. The carmaker sold nearly 800 thing has to be battery electric brand.
“India has a chance (to grow units in India in 2022. established. vehicle, Germany is the
the luxury car market) when India is a leading third-largest sin-
accounted for
you look at its willingness to comes investments, in infra- country in terms gle market for
invest in sustainable technol- structure, sustainability and of software tech- 10% of its sales in the brand and its
ogy and infrastructure. We’d in R&D. Education levels here nologies, in India last year largest market in
like to learn more about it. At have changed in the last ten terms of IT Europe. South-
Porsche we have a clear com- years. We see a lot of opportu- developments,” east Asia is one of
mitment to be net-carbon nities here, but we will not do Platen said. the fastest growing regions
neutral by 2030, which an assembly operation here. “We are heavily focussed for Porsche.
means our entire supply chain We are focused solely on val- on developing our presence The Porsche Taycan, its
and even the usage of our ue-oriented growth, sustaina- in India. We just doubled the first battery electric vehicle,
products must be net carbon- ble growth and building our number of partners we have accounted for 10% of its sales
neutral. India can be a coun- brand in the country,” Platen in India. We aren’t expanding in India last year. The Stutt-
try where the transition to said. in a classic dealership way. It’s gart-based carmaker sold
EVs can happen quickly. We The board member is in more important for us to nearly 800 cars in India in
don’t see India as an emerging India with Matthias Becker, establish a strong credibility 2022. The company is now
market anymore,” Platen said. vice president of Porsche’s for us a brand, as a unique lux- gearing up to launch its sec-
“There’s a very strong overseas markets. ury brand. We don’t want to ond battery electric vehicle,
momentum in India as it wel- The German high-per- compete in the premium mar- the Macan EV, next year.

Pilots unite to raise fatigue, safety risks

Reuters group will be compliance with
[email protected] international standards and
NEW DELHI recommended practices,
flight safety and pilot fatigue -

H
undreds of Indian air- which is a clear and present
line pilots plan to form danger to (the) safety of air-
an association to chal- craft operations in India,” said
lenge flying duty regulations Lumba, who was involved in
they say cause fatigue and setting up IndiGo’s opera-
jeopardise safety after an tions from 2005.
IndiGo pilot collapsed and India’s aviation watchdog
died before his flight. did not respond to a Reuters
Former pilots have taken to request for comment.
social media and newspaper In the United States, regu-
columns to publicly raise con-
cerns that airlines, though The development comes after an IndiGo pilot collapsed and died
lators allow flights manned by
two pilots to serve maximum
MAKE YOUR
operating within regulatory
frameworks, are stretching
before his flight last week. MINT duty time of 14 hours during
the day and 9-10 hours for MONDAY MORNING PLAYFUL
them to the brink as air travel had a 27-hour break before plan to come together with an late-night flights. India does
booms in India. duty and was in good health. existing group of 600 to raise not differentiate on the basis Catch the latest section of
The sudden death last week Captain Shakti Lumba, a awareness and lodge con- of day or night-time and to solve a set of intriguing puzzles.
of an IndiGo pilot heightened retired vice president at cerns over fatigue with allows pilots to be on duty for
those worries although IndiGo, has garnered the sup- authorities and airlines. 13 hours within a 24-hour hindustantimes htTweets www.hindustantimes.com
India’s biggest airline says he port of hundreds of pilots who “The main focus of the span.
08 WeDNesDAy, 23 August 2023
NeW Delhi NEWS WRAP LIVEMINT.COM

QUOTES
Colin Kahl Benjamin Hung Annaliesa Anderson
Dipali Goenka Former under secretary, CEO, Asia, Standard Head, vaccine R&D, Pfizer
CEO & MD, Welspun India Defence for Policy Chartered Abrysvo’s approval as the first and
We hope you know how My inference was that Musk was I’m a big believer in a only maternal immunization to
proud the country getting nervous that Starlink’s South Asia led by India. I help protect newborns immedi-
is of you today, involvement was increasingly seen think this is actually ately at birth through six months
Praggnanandhaa. Such in Russia as enabling the Ukrain- India’s decade. India is from RSV marks a significant
incredible talent at such a ian war effort, & was looking for a structurally like China 10 milestone for the scientific com-
young age way to placate Russian concerns to 15 years ago munity and for public health

SC seeks response WARM WELCOME Bank transactions at

on GM mustard GIFT IFSC hit $508 bn

T T
he Supreme Court sought the response of otal banking transactions at GIFT
NGO ‘Gene Campaign’ and others on the International Financial Services Centre
Centre’s plea seeking withdrawal of its (IFSC) reached $508 billion till July, an
oral undertaking of November 2022 that it will official said. GIFT IFSC executive director
not go ahead with the commercial cultivation Dipesh Shah said that till July, the total banking
of genetically modified (GM) mustard in the asset size at GIFT IFSC stood at $41.20 billion,
country. and cumulative derivative transactions booked
A bench comprising Justices B.V. by banks were worth $632 billion. There were a
Nagarathna and Ujjal Bhuyan took note of the total of over 545 International Financial Services
Centre’s petition and issued notices to the Centres Authority (IFSCA) registered entities at
NGO, which had filed the PIL on the issue way GIFT IFSC till July, including 25 aircraft and
back in 2004, and others including activist shipping entities, and monthly turnover on the
Aruna Rodrigues. IFSC International Stock Exchange in July was
The Centre, in a fresh application filed in the $60.33 billion. Total commitments made to
pending cases, has sought withdrawal of the alternative investment funds till July was at $17.8
oral undertaking given by an additional billion, he said. Shah said that as of date, over
solicitor general that it will maintain status quo 5,000 employees worked at GIFT IFSC zone,
on commercial cultivation of GM Mustard. and a proposal was received from a single
Advocate Aparna Bhat, appearing for the company interested to employ 5,000 people in
NGO, sought time to file the response, saying its GIFT IFSC unit. PTI
the plea was submitted late last night. PTI

Prime Minister Narendra Modi was welcomed by folk artists on his arrival at the Air Force Base Waterkloof, in Johannesburg on Tuesday. PM Modi is
on a three-day official visit to South Africa and will attend the 15th BRICS summit as well as hold bilateral meetings with a number of world leaders.
BRICS is a grouping of countries—Brazil, Russia, India, China and South Africa. PTI

The company recently cleared pending dues of

Economist Neelkanth Mishra Revenue from operations of Lifestyle
International rose 49.5%. REUTERS
licence fees and spectrum usage charges.

Vodafone Idea to
MINT

named UIDAI part-time chief Lifestyle profit hits

₹700 crore in FY23
clear ₹2,400 cr dues
R
etail store chain Lifestyle International

T
elecom operator Vodafone Idea plans to Ltd, a part of Dubai-based retail and
clear about ₹2,400 crore of dues to the Appointment comes four years after J. Satyanarayana quit as part-time chairman hospitality conglomerate Landmark
government by September, people privy Group, has reported a jump in its net profit to
to the development said. The company recently ₹700 crore for FY23, according to data
cleared pending dues of licence fees and Shouvik Das of Artificial Intelligence (AI) at the Indian Institute nify any strategic or operational shift for the body. accessed by business intelligence platform
spectrum usage charges of about ₹450 crore for [email protected] of Technology (IIT), Delhi, as part-time members “This is a fairly regular appointment. There’s Tofler.
the March quarter of 2022-23, a person with the of the UIDAI board. nothing much to read into it. The government has Besides, revenue from operations of

U
knowledge in the matter said. “Vodafone Idea nique Identity Authority of India The appointment comes just over four years regularly appointed prominent industry members Lifestyle International also rose 49.5% to
will clear dues for the June 2023 quarter and (UIDAI), the statutory authority over- after bureaucrat J. Satyanarayana resigned as into the UIDAI board to take decisive steps ahead ₹11,672 crore for the financial year that ended
spectrum instalment with applicable interest by seeing Aadhaar operations, finally gets UIDAI’s last chairperson—in what was also a part- in terms of key policies, and the latest appointment on 31 March 2023.
September, “ the person mentioned above said. a head, though as a part-time chair- time role. is in line with The company operates retail stores under
Vodafone Idea had to pay a licence fee of around man after over four years . In a gazette With this UIDAI’s previous the brand names—Lifestyle Stores (large
₹770 crore by July and ₹1,680 crore as the first notification on 21 August, the ministry of electron- appointment, the Nilesh Shah, MD of Kotak Mahindra leadership appoint- format departmental stores), Home Centre
instalment for the spectrum it purchased in ics and information technology (Meity) announced UIDAI board is now AMC and Mausam, associate prof of ments,” the official (home improvement stores) and Max (value
auctions that were held last year. While the the appointment of eminent economist Neelkanth complete. It com- said, requesting ano- fashion chain) along with international fashion
company has sought 30 days to clear the Mishra as a part-time chairperson along with two prises the CEO— Yardi School of AI at the IIT-Delhi nymity. apparel brands Bossini and Kappa.
spectrum payment, the company is also gearing part-time members. who also serves as appointed as part-time members Mishra now also Its net profit for the financial year 2021-22
up to clear the licence fee payment by Mishra will join Amit Agarwal in UIDAI’s board. the legal representa- serves as a member was ₹269 crore and revenue from the
September. Agarwal, who had formerly served as an additional tive and administra- of the advisory coun- operations stood at ₹7,806 crore. PTI
“Due on late payment of spectrum instalment secretary at Meity, took over as chief executive of tive head of the body; along with a chairperson and cil of the 15th Finance Commission, a part-time
will attract 15% interest rate on annual basis. The the nodal Aadhaar authority on 20 June. two part-time members. The rest of the hierarchy member of the Economic Advisory Committee to
company will have to pay around ₹1,700 crore Meity also appointed Nilesh Shah, managing within the body is spread across UIDAI’s headquar- the Prime Minister (PM-EAC), and a member of the
for spectrum instalment and around ₹710 crore
for licence fee dues with interest,” another
director of Kotak Mahindra Asset Management
Company (AMC), and Mausam, associate professor
ters and regional offices. advisory committee to India Semiconductor Mis-
A senior official with knowledge of the matter sion (ISM). He is also the chief economist for Axis
Glenmark settles
person said. PTI of computer science and founder of Yardi School said that the appointments do not particularly sig- Bank, India’s third-largest private-sector bank.
pricing case in US

D
rug firm Glenmark Pharmaceuticals said
CoinDCX cuts staff it has entered into a pact with the US
Isro may postpone landing on Moon Department of Justice, Antitrust Division
strength by 12% (DOJ) to resolve court proceedings related to the
pricing of a drug. US-based Glenmark
a senior official has said. Pharmaceuticals Inc, a subsidiary of the

C
ryptocurrency exchange CoinDCX is Isro had planned the soft landing of the company, has entered into a three-year deferred
reducing its staff by 12%, after the Chandrayaan-3 spacecraft at 06.04 pm IST prosecution agreement with DOJ involving
platform’s revenues were hit by an on 23 August. The Moon mission was historical pricing practices by former employees
ongoing slump in virtual currency trading. launched on 14 July at 2.35 pm from relating to the generic drug pravastatin between
As part of a drive to cut costs, the firm is also Sriharikota. 2013 and 2015, the Mumbai-based drug maker
refocusing its strategy and investing in According to Isro Space Applications said in a regulatory filing. If the company
automation, CoinDCX’s founders Sumit Gupta Centre director Nilesh Desai, the focus of adheres to the terms of the agreement,
and Neeraj Khandelwal said in a statement the scientists would be on reducing the including the payment of $30 million, payable
announcing the job cuts. speed of the spacecraft above the lunar in six instalments, the DOJ will dismiss the
“Startups and businesses globally are going surface. pending Superseding Indictment, it added.
through challenging times due to tough macro “The lander will try to land on the The SC temporarily protected the status of “Glenmark is committed to being a socially
conditions, more so in crypto because of the Moon’s surface from a height of 30km on Mohammed Faizal as an MP. PTI and ethically responsible company,” Glenmark
prolonged bear market and impact of TDS on Isro had planned the soft landing of the 23 August, and its velocity at that time will Pharmaceuticals Inc, USA president Sanjeev
domestic exchanges,” the statement said.
“These factors had a significant impact on our
Chandrayaan-3 today. REUTERS be 1.68 km per second. Our focus will be on
reducing that speed because moon’s
Lakshadweep MP Krishan stated. PTI

gets temp reprieve

A
volumes and thus revenues.” s scientists at Isro gear up for the soft gravitational force will also play its part,” he
Cryptocurrency trading platforms have seen landing of the much-awaited said.
volumes slump globally over the past year, but Chandrayaan-3 spacecraft on the Earlier in the day, Isro said the mission is
Vedanta seeks $9.5
T
the decline has been particularly steep in India surface of the Moon, the space agency may on schedule and it is smooth sailing for the erming as “erroneous” the Kerala high
after the government introduced a 1% tax on
crypto transactions in July 2022. Volumes on
postpone the touchdown to 27 August in
the event that health parameters of the
spacecraft. “The mission is on schedule.
Systems are undergoing regular checks.
court’s approach, the Supreme Court set
aside its verdict suspending the conviction of for Rajasthan gas
Indian crypto exchanges have collapsed more lander module are found to be “abnormal”, Smooth sailing is continuing,” Isro said. PTI Lakshadweep Lok Sabha MP Mohammed Faizal in

V
than 90% since then. BLOOMBERG an attempt to murder case, but shielded him from edanta Ltd is seeking a minimum of $9.5
immediate disqualification by keeping in abeyance per metric million British thermal unit
the operation of its order for six weeks.The SC (mmBtu) for the natural gas it produces
temporarily protected the status of Faizal as an MP, from its Rajasthan block, according to a tender
Bourses penalize Adani Green, Dish TV for non-compliance saying the benefit of the high court’s impugned
order, staying the suspension, will remain in
floated by the firm for the sale of the fuel.
Vedanta sought bids from users for 0.6 million
operation during the period keeping in mind that standard cubic metres per day of gas it plans to

A
dani Green Energy on Tuesday said Bombay Stock Exchange and there should not be any “vacuum” with regard to produce from the RJ-ON-90/1 block in the
National Stock Exchange have imposed a fine of ₹2.24 lakh each on representation of the Lakshadweep Lok Sabha Barmer basin of Rajasthan in three months
the company for certain non-compliance.The fines have been constituency in Parliament. It remanded the beginning 1 October.
imposed “for non-compliance with the requirements pertaining to the matter back to the high court and asked it to decide The price being sought by Vedanta is almost
composition of the Board, including failure to appoint a woman director”, the afresh the lawmaker’s application seeking a stay of 50% premium over the ceiling price of $6.5 per
company stated in an exchange filing. his conviction within this period. A bench of mmBtu paid to state-owned producers like
Since then, the company has been running an extensive process of justices B.V. Nagarathna and Ujjal Bhuyan took ONGC for output from legacy or old fields.
identifying potential independent directors who can fill these vacancies and note of the vehement submissions of senior lawyer E-bidding is planned for 8 September.
is in advanced stage of discussions/finalization. Abhishek Singhvi, appearing for the NCP Block RJ-ON-90/1 Block, where a subsidiary
The BSE and NSE have also imposed penalties on DTH operator Dish TV lawmaker, that the Lakshadweep constituency and of Vedanta holds 70% stake, is predominantly an
over composition and lack of quorum for its Board meeting, according to a its voters should not remain unrepresented in the oil production block but it also has some gas
regulatory filing by the company. Lok Sabha keeping in mind the legal position that resources.
The company which is facing a prolonged tussle between the Subhash in the event of non-stay of the conviction, his State-owned Oil and Natural Gas Corporation
Chandra-led promoter family and its earlier largest shareholder Yes Bank Ltd disqualification as the MP will be automatic under (ONGC) holds the remaining 30% interest in the
(YBL), said the fines amount to ₹2.75 lakh. PTI NSE and BSE imposed a fine ₹2.24 lakh each on Adani Green Energy. MINT the Representation of People Act, 1951. PTI block. PTI
LIVEMINT.COM GLOBAL WeDNesDAy, 23 August 2023
NeW Delhi 09

m MINT SHORTS
Claims from natural disasters set
SoftBank’s Arm files S&P downgrades
credit ratings for
to top $100 billion for a third year
Claims for weather-related incidents are set to exceed $100 billion
for the third year in a row, as floods, hail and wildfires linked to cli-
mate change become more frequent. Munich Re has put the total
for 2023’s biggest IPO several US banks
global insured costs of natural-catastrophe events in the first half Bloomberg
of 2023 at $43 billion, while Swiss Re has pegged it at $50 billion, [email protected]
according to a report by Bloomberg Intelligence. More than two-
The tech firm is expected to seek a valuation of $60 billion to $70 billion
T
thirds of the insured losses were as a result of severe thunderstorms wo weeks after Moody’s
in the US. BLOOMBERG Investors Service rattled
financial stocks by cut-
Bloomberg ting the ratings for a slew of US
Thaksin jailed on return from [email protected] banks, S&P Global Ratings is
downgrading and dimming its
exile, ally elected new Thai PM

S
BLOOMBERG
oftBank Group Corp’s Arm Hold- outlook for several more—cit-
ings Ltd took a step toward what’s ing a similar mix of pressures
set to become the biggest US ini- making life “tough” for lenders. Moody’s also lowered its
tial public offering (IPO) of the S&P lowered grades one outlook for US banks this
year, a bet that the once-obscure notch for KeyCorp, Comerica month. BLOOMBERG
designer of phone chips can flourish in the Inc, Valley National Bancorp,
era of artificial intelligence computing. UMB Financial Corp and Asso- A spree of Federal Reserve
In a long-awaited regulatory filing Mon- ciated Banc-Corp, it said in a interest-rate hikes is squeezing
day, Arm said the offering is being led by statement, noting the impact of many small and midsize banks
Barclays Plc, Goldman Sachs Group Inc, higher interest rates and that for years paid little to
JPMorgan Chase & Co and Mizuho Finan- deposit moves across the attract customer deposits that
cial Group Inc. The document listed 24 industry. S&P also lowered its fund loans and other assets on
other underwriters below that top tier— outlook for River City Bank and their balance sheets. Consum-
with Morgan Stanley notably absent. S&T Bank to negative and said ers and businesses now have
Thai property mogul Srettha Thavisin was elected prime A successful debut by Arm would pro- its view of Zions Bancorp more opportunities to earn
minister after a decisive win in a parliamentary vote on Tues- vide a windfall for SoftBank founder Mas- remains negative after the higher returns elsewhere.
day as his party’s fugitive figurehead Thaksin Shinawatra ayoshi Son, whose Vision Fund lost a review. That’s prompted non-interest-
made a historic homecoming after years in exile and was record $30 billion last year. It could also Many depositors have bearing deposits to fall 23% in
taken straight to jail. The victory by Srettha paves the way for spur dozens of companies to pursue—or “shifted their funds into high- the past five quarters, accord-
a new coalition government, ending weeks of uncertainty further delay—their own IPO plans. That SoftBank will remain the controlling shareholder of Arm after it begins trading. BLOOMBERG er-interest-bearing accounts, ing to S&P.
and stalemate in parliament after an election 100 days ago includes businesses like online grocery-de- increasing banks’ funding As cash walks out the door,
that threatened to weaken the political clout of the country’s livery firm Instacart Inc, marketing and or even just below the tech industry’s larg- helped make it ubiquitous on phones, costs,” S&P wrote in a note banks can either replace it with
powerful military. REUTERS data automation provider Klaviyo and foot- est-ever IPOs: Alibaba Group Holding Ltd’s where battery life is critical. summarizing the more expensive
wear maker Birkenstock. $25 billion 2014 offering and 2012’s $16 bil- Rene Haas, who took over as Arm’s chief moves. “The S&P lowered forms of funding,
Arm plans to start its roadshow the first lion debut by Meta Platforms Inc, then executive officer last year, is now working decline in depos- grades one notch such as brokered
Kim Jong Un’s provocations prod week of September and price the IPO the known as Facebook Inc. Arm’s target valua- to expand beyond the smartphone market, its has squeezed for KeyCorp, deposits, or
following week, Bloomberg has reported. tion reflects a belief that it will benefit from which has stagnated in recent years. He’s liquidity for many shrink their bal-
South Korea to nationwide drills The company didn’t disclose proposed the stampede toward artificial intelligence setting his sights on more advanced com- banks while the
Comerica Inc,
ance sheets by
Valley National
South Korea will call for people to clear off the streets when it con- terms for the share sale in the document, chips and generative AI—an industry shift puting, particularly the chips for data cen- value of their selling assets cre-
ducts its first nationwide civil defense drills in six years, which but it’s expected to seek a valuation of $60 that has helped give chip- ters and AI applications. securities— which Bancorp, UMB ated in a lower-
come as North Korea made a fresh threat of nuclear war on the pen- billion to $70 billion. Arm, based in Cam- maker Nvidia Corp a $1.2 tril- A successful Processors for that market make up a large Financial Corp rate environ-
insula. The scheduled 20-minute exercise will begin with an air- bridge, UK, also has held talks with some of lion valuation. “A strong per- debut by Arm are among the most expen- part of their ment—locking in
raid warning siren at 2 pm, according to the ministry of the interior its biggest customers about backing the formance from Arm will not Holdings Ltd sive—and profitable—in the liquidity — has losses on those
and safety. After the siren starts, drivers in certain areas of Seoul IPO. only be a major windfall for would provide a industry. Amazon.com Inc fallen.” that have declined in value.
will be required to park or pull over, while pedestrians must move While Arm had been aiming to raise $8 SoftBank, but also reinforce has adopted Arm-based chips Moody’s lowered credit rat- Either way, it bites into earn-
windfall for
to the nearest safe-haven or underground shelter for about 15 min- billion to $10 billion in the IPO, that target its AI strategy by showing the for its Amazon Web Services ings for 10 US banks earlier this ings.
utes. BLOOMBERG could be lower since SoftBank has decided market hype around AI hasn’t SoftBank founder because it says they are more month and warned it may Those pressures are widely
to hold onto more of the company after waned,” said Kyle Stanford, an Masayoshi Son efficient both in terms of downgrade others as part of a expected to push more banks to
buying Vision Fund’s stake in it. That trans- analyst at PitchBook. energy and economics. They sweeping look at mounting combine in deals designed to
Baidu’s sales beat estimates in action valued Arm at more than $64 billion, Though Arm’s technology are used by 40,000 AWS cus- pressures on the industry. shore up their finances. In July,
based on the filing. is used in almost every smartphone, it isn’t tomers. The KBW Bank Index of Beverly Hills-based regional
good sign for internet economy Even so, the offering promises to give the well-known among consumers. Arm sells SoftBank will remain the controlling major US banks has since lender PacWest Bancorp,
Baidu Inc’s revenue rose its most in more than a year, joining struggling IPO market its biggest lift in the blueprints needed to design micropro- shareholder of Arm after it begins trading, slumped almost 7%—heading which had been shedding
China’s largest internet companies in rediscovering growth after almost two years. The listing is poised to be cessors, and licenses technology known as according to the filing. SoftBank, based in for its worst monthly perform- assets to bolster liquidity,
Beijing relaxed its grip on the private sector to try and jumpstart a the largest in the US since electric vehicle instruction sets that dictate how software Tokyo, has acquired substantially all of the ance since the collapse of three agreed to sell itself to smaller
faltering economy. The company reported a 15% jump in sales to maker Rivian Automotive Inc’s $13.7 billion programs communicate with those chips. Vision Fund’s 25% stake in Arm for $16.1 bil- regional banks in March rival Banc of California to help
34.1 billion yuan for the June quarter. BLOOMBERG offering in October 2021. It could rank near The power efficiency of Arm’s technology lion. sparked a broad selloff. navigate the turmoil.

Microsoft submits
new Activision deal
to UK regulator
AFP
[email protected]
london

M
icrosoft has submit-
ted a new proposal to
Britain’s competition
regulator for the acquisition of
video gaming giant Activision
Blizzard, the watchdog said on
Tuesday, after a previous ver-
sion of the deal was blocked.
Xbox-owner Microsoft
launched a bid for Activision Xbox-owner Microsoft
Blizzard early last year, seek- launched a bid for Activision
ing to establish the world’s Blizzard early last year. AP
third biggest gaming firm by
revenue after China’s Tencent all cloud gaming service pro-
and Japan’s PlayStation maker viders (including to Microsoft
Sony. itself)”.
But the $69 billion deal for “This will allow gamers to
the purchase of the owner of access Activision’s games in
game titles including Call of different ways, including
Duty, World of Warcraft and through cloud-based multi-
Candy Crush has faced signifi- game subscription services,”
cant scrutiny by regulators. Sarah Cardell, the CMA chief
Britain’s Competition and executive, said.
Markets Authority (CMA) said Cardell added that “this is
it has “opened a new phase-1 not a green light”.
investigation into a new, “Our goal has not changed—
restructured deal by Microsoft any future decision on this
to buy Activision”. new deal will ensure that the
It added that the new deal growing cloud gaming market
follows confirma- continues to ben-
tion by the regu- Under the new efit from open
lator that “the proposed deal and effective
original deal Microsoft will not competition driv-
would be blocked acquire cloud ing innovation
to protect inno-
rights for existing and choice,” she
vation and choice said.
in cloud gaming”. Activision PC and The new dead-
Under the new console games line for the review
proposed deal is 18 October.
“Microsoft will The launch of a
not acquire cloud rights for new investigation “leaves the
existing Activision PC and merging parties open to the
console games, or for new prospect of another lengthy
games released by Activision drawn-out process to deal with
during the next 15 years (this competition concerns raised,”
excludes the European Eco- said Alex Haffner, competition
nomic Area),” the CMA said. partner at UK law firm Flad-
Instead these rights will be gate.
divested to French game “However, it is hard to
developer Ubisoft Entertain- believe Microsoft would have
ment prior to Microsoft’s taken this new course without
acquisition of Activision, a high degree of confidence it
according to the CMA. will now in due course (finally)
Ubisoft will in particular get a regulatory green light
have “the ability to supply from the CMA,” Haffner
Activision’s gaming content to added.
10 WeDNesDAy, 23 August 2023
NeW Delhi LONG STORY LIVEMINT.COM

OF HEAT, FLOODS AND

lIvES on ThE EDGE
Climate change is marginalizing millions of women garment workers across the length and breadth of India

File photo of people wading through floodwaters as they shift to safer places in West Midnapore district of West Bengal. For workers living in low-lying areas, floods often lead to loss of income. REUTERS

Ritwika Mitra across India, with temperatures crossing dipped by 50% in the summer months. impacted diets, food security, incomes income went down to around ₹800 dur-
mint
[email protected] 45 degrees Celsius in some parts of the This was in addition to the setbacks they SHORT and the ability of households to spend on ing peak summer because we could not
AHmeDAbAD country, affecting the livelihoods of mil- suffered during the covid-19 pandemic, STORY education or health. work,” says Thakur.
lions of home-based workers. and the lockdowns it induced. For 40-year-old Mehrun Nisha, earning

P
eople like us do not have a job The report, ‘State of India’s Environ- Chandni Singh, a senior researcher at ₹800 every month means compromising UnsUng and UncoUnTed
WHAT
where we can afford to take paid ment In Figures, 2023,’ released in June
leaves,” remarks 40-year-old by the Delhi-based think-tank Centre for
Urmila Srivastava drily. Srivas- Science and Environment and environ-
the Bengaluru-based Indian Institute for
Human Settlements (IIHS), noted that
pregnant and lactating women who work Multiple studies have shown that
on her health. She picks up whatever work
comes her way—assembling plastic gar- S halini Sinha, urban Asia lead and
home-based work sector specialist at
lands, sewing the corners of a dupatta, the women-focused non-profit WIEGO,
tava, a resident of Ahmedabad’s mental magazine Down To Earth, showed indoors are doubly vulnerable to extreme the climate crisis has a direct cutting threads from shorts and palazzos. observed that the contribution by home-
Rakhial locality, pauses to catch her breath that India witnessed extreme weather heat. “Home-based workers are impacted impact on millions of home-based Nisha suffers from inflamed joints, based women workers goes unnoticed.
as she looks up from her sewing machine events on 84 of the 120 days in the first by the increase in outdoor and indoor women workers, with little being thyroid and high blood pressure. Sitting “One of the primary characteristics of
in her tiny, dimly lit home. Her husband four months of this year, across all the temperatures. This is particularly serious done to address their issues or at a stretch is a task for her. But she has no home-based work is the invisibility of
sells plasticware and their three children, states and union territories (UT). Last for indoor small industries, which them- secure their livelihoods. choice. “I have used a walker for the past women’s work and contributions in
aged 20, 18, and 17, are studying. Though year, this was spread across 27 states and selves generate heat. Home-based weav- four years. If I have to make ₹50 per day, labour statistics, policy and social
it is difficult to work in the cramped space, UTs for over 89 days. The Intergovern- ers, cooks, people who work in small I have to sit at a stretch and complete the schemes. The pandemic has left home-
a part of which also serves as her bath- mental Panel on Climate Change (IPCC) home-based jobs like making agarbattis, AND work, which is a challenge. My waist based workers more vulnerable than
room, she reminds herself that the rent of had earlier warned that India may face sorting tendu leaves, tailoring, cooking starts aching.” ever,” she says.
₹4,000 is all that the family can afford. irreversible damage from climate change. etc., are among those affected,” says India, Bangladesh and Pakistan will In Ahmedabad’s Vatva locality, Hetalben “A study conducted by WIEGO in four
“My priority is to educate my chil- Another 2023 study, conducted by sci- Singh. be hit hard by changes in weather supplements her home-based work with sectors, including street vendors, domes-
dren,” says Srivastava, and the number of entists from India, Thailand, France, A 2022 paper, ‘Indoor heat measure- patterns. Besides the direct impact domestic work in households. Hetalben, her tic workers, waste pickers and home-
days that she does not switch on her sew- Australia, Denmark, Germany, Kenya, ment data from low-income households on health, this could lead to a husband and mother-in-law earn a living based workers, showed that the last cate-
ing machine are few. But the rising mer- the Netherlands, the US and the UK, doc- in rural and urban South Asia,’ showed decrease in their per capita sticking stones on blouses. The income from gory was the most affected and slowest to
cury has been distressing. “During the umented that large parts of south Asian that rising temperatures caused distress consumption expenditure and GDP. this occupation, however, is a paltry ₹1,500 recover. The climate crisis has added
summer, I feel restless and my head reels. countries had witnessed heat levels around the world. “India, Bangladesh and a month. Asked if she faces any health chal- another layer of vulnerability to this,”
The heat is unbearable. I cannot sit for crossing the ‘dangerous’ mark of 41 Pakistan are projected to be severely lenges, she looks up amused for a few sec- adds Sinha.
long and work during such heat. I have to degrees Celsius. Most parts of India will affected by changes in weather patterns. SO onds. “Everything hurts—eyes, waist, arms. The 2019 India Exclusion Report had
take frequent breaks. Sometimes, I also witness an increase in the heatwave Besides the direct impact on health, this This work requires you to engage all parts of documented that workers took risks for
get a fever and feel nauseous. I then have duration by 12-18 days by 2060, accord- could lead to an overall decrease in per Experts say that mitigation your body.” Each piece fetches between ₹1 product quality and to meet market
to bear more medical expenses.” ing to an India Meteorological Depart- capita consumption expenditure and strategies need to take workers’ and ₹10, depending on the intricacy of the demands. Their work was also not “recog-
About 13 km away, ment (IMD) report, gross domestic product,” the paper states. perspectives into account. work. Reports show that nized” and considered
37-year-old Tarannum ‘Heat and Cold Waves in According to the draft action plan on Protecting and promoting workers suffer from pos- an extension of “natural,
Banu endures the same India witnessed extreme India—Processes and climate change, Delhi may suffer a loss of informal livelihoods should be a ture problems; poor light- Most parts of India will unpaid work”.
suffering, spending weather events on 84 days Predictability,’ released ₹2.75 trillion by 2050 due to the climate critical part of measures to ing conditions, which lead witness an increase in the
sleepless nights as the in April. crisis. The heat aside, the national capital address climate change. to eye problems, and joint The way forward
in the first four months of heatwave duration by
delivery date of her third
child nears. this year, across all states ProdUcTIvITy hIT
region has been battling a flood-like situ-
ation, with the water level crossing the becomes so thin during the summer
pains.
The myriad health 12-18 days by the year 2060, S inha emphasized
that it was important
A home-based gar-
ment worker, Banu was
in her eighth month of
and union territories, says H ome-based gar-
ment work
involves a variety of sub-
danger mark during monsoon.
In July, as Delhi was inundated amid
heavy rainfall, Reshma’s work cutting
months that it becomes difficult to stick
the stones on garments.”
Every year, rainfall wreaks just as much
challenges that climate
change has imposed on
women also include
according to an IMD report
to note that climate
change does not impact
men and women alike.
pregnancy when this a CSE-DTE study. contracted work —cut- threads from jeans, which fetched her havoc, if not more, over 1,500 km away, in mental distress. “Mental released in April. “Mitigation strategies
reporter met her in July, ting out handkerchiefs, around ₹2,500 for a month, came to a West Bengal’s South 24 Parganas. Kash- health challenges need to include the
and still scrambling to make ends meet for cutting threads from the edges of hand- halt. Reshma’s husband ekes out a living mira, a garment worker, says she has got- related to climate change are increasing, workers’ perspectives. Many local coping
her family of four. The pregnancy, mount- kerchiefs, sewing kurtis, sticking stone- as a rickshaw driver. Around the same ten used to losing her livelihood during caused by increasing temperatures, strategies are scalable. When it comes to
ing living costs, as well as a medical emer- work onto garments, sewing buttons, and time, one of her sons, aged three, con- the frequent cyclones that hit her home trauma from extreme weather events, loss mitigating the climate crisis, protecting
gency that translated into loss of two sewing the edges of dupattas. Workers are tracted pneumonia. “We stopped receiv- in the Sundarbans. “There is no electric- of livelihoods and culture,” says the report and promoting informal livelihoods
months’ work, have left the family in debt. paid by the piece. The workers this writer ing supplies of garments and thread. Our ity for days when cyclones hit our villa- ‘Climate Change is a Health Crisis — should be a key strategy,” says Sinha.
As Banu tried to pick up more work spoke to had an average income ranging income immediately dipped. It became ges. The water level rises, flooding our Health Messages from the IPCC Sixth Veena Bhardwaj, programme coordi-
sewing salwar kurta sets, the heat in May between ₹800 and ₹5,000. Most typically difficult for us to sustain the family. My homes. How will we work during those Assessment Report on Climate Impacts, nator at the non-profit Mahila Housing
slowed her down, with the asbestos roof have to depend on subcontractors, and are son had pneumonia around the same days?” she wonders. Adaptation and Vulnerability’. Trust, Delhi, says governments should
over her home turning it into an oven. not assured of steady work. time. We admitted him to a government An IMD report observed that the Sun- A short distance from Hetalben’s adopt innovative strategies to improve
“The room heats up so severely that it Interactions with the home-based hospital,” says Reshma. darbans is the cyclone capital of the coun- home, Kanku Cheilaji, 52, and Meena workers’ living conditions and help
becomes unbearable for me to sit here. I female garment workers—over a dozen of Anisha Sheikh, home-coordinator at try. When Cyclone Amphan raced through Thakur, 27, are separated by a generation. them improve their productivity.
sometimes work till midnight in the sum- them in the Sundarbans (West Bengal), the Self-Employed Women’s Association the region in May 2020, the tin roof of The mother-daughter-in-law duo work “When we introduced solar reflective
mer as I cannot work during the day. I also Delhi and Ahmedabad—revealed the (SEWA), a trade union, observed that cli- Kashmira’s mud house was blown away, tirelessly to bring in additional income of paints at around 300 homes of informal
have a thyroid problem, which makes me impact of climate change on their liveli- mate change has thrown up a set of practi- and her house almost collapsed. At that around ₹1,200 for the family. Before the workers in Delhi, they said there was a
feel exhausted,” says Banu sitting on the hoods. Both extreme heat and untimely cal challenges that women workers have time, she did not do any work; her husband pandemic, the two managed to make difference in their productivity. They
floor, her legs stretched out. rains had affected the productivity of to deal with on an everyday basis. worked as a tailor in Kolkata’s Metiabruz ₹2,500 a month. said they saw a dip in their electricity
The tribulations faced by Srivastava and workers, which led to a sharp decline in “While the intensifying heat brings area. In 2021, Cyclones Yaas and Jawad With her focus unwavering as she cuts bill. Also, incomes had doubled in some
Banu are a familiar script playing out in their incomes. Almost all the interviewees down productivity during summers, the raced through the Sundarbans again. A a handkerchief from cloth, Thakur says cases,” she says.
the homes of millions of home-based said they suffered distress induced by changing pattern of rains means workers year and a half back, her husband decided her hands ache from holding scissors for For some workers, focussing on the
women workers across India. While these heat—headaches, fever, restlessness, nau- find it difficult to plan for the monsoon to move back, and the couple started work- many hours. But more than that, she con- small wins matters. Banu says she is
largely invisible workers are critical to the sea, and dehydration in the summer. months. Most workers stay in low-lying ing on half-stitched garments in their stantly worries about her mother-in-law, relieved that mildly increasing the level of
supply chain and the economy, multiple Switching on the fan interferes with areas in the city, which get flooded. Raw home. who suffers from high blood pressure. “In her house this year has kept gutter water
studies have shown that the climate crisis threadwork, so they typically work with material and electric sewing machines get the summers, the heat worsens her condi- from flowing in during heavy rains. “Last
has a direct impact on them, with little fans off. Most women work where they damaged and the women workers have to ImPacT on healTh tion. I always keep lime water ready. She is year, I didn’t even have this asbestos roof,”
being done to address their issues. This cook, amid the heat in their small housing
year, for instance, severe heatwaves swept units. The workers say their income levels
bear the cost,” says Sheikh. “For those who
are engaged in stonework, the glue I IHS’s Singh says that climate change
and increasing weather variability have
on medicines but it is becoming more dif- she says with an ironic smile.
ficult for her to work in this heat. Our The writer is an independent journalist
LIVEMINT.COM MINT MONEY WeDNesDAy, 23 August 2023
NeW Delhi 11

How much a house costs in Bengaluru

How PPFAS’s Raunak Onkar
A
house is probably the biggest spend for most Indians.
And with urban population increasing manifold,

makes his investments

buying a house in a large city, which is where most
jobs are likely to be, has become difficult—the main obstacle
being cost. Determining a property’s value is difficult.
Our compilation of property prices of prominent localities
in major cities and surrounding areas across India may
help you compare and make an informed decision.
Here are the prices of some properties across three bands.

No. of Average unit Average price Approximate

Location
bedrooms size (sq. ft) (₹/sq. ft) price (₹ lakh) Onkar speaks about his investment portfolio, savings, emergency corpus and retirement kitty
Under ₹45 lakh
Sashind Ningthoukhongjam
[email protected]
Chandapura 1 BHK 550-650 3,350-3,775 19.3-23.3 BREAK-UP OF WHAT ABOUT
WHAT'S YOUR 9
1 EQUITY PORTFOLIO FOREIGN STOCKS?

T
CURRENT
Attibele 2 BHK 900-1,150 2,950-3,550 38.2-42.2 he story of how Raunak ASSET MIX?
Onkar landed an internship PPFAS flexi-cap and  My foreign stock
tax saver fund holdings are only
Hoskote 2 BHK 900-1,050 3,200-3,900 35.0-39.0 position in the backdrop of A Equity 90%
the 2008 financial crisis is a through PPFAS flexi-cap
B Debt 10% fund. If given a choice,
Gottigere 2 BHK 800-1,000 3,700-4000 33.1-37.1 testament to sheer luck. It we would like to allocate
started with a blog post that he had C Gold NA 25
more towards it but the
Electronic City Phase- 2 2 BHK 800-1,200 3,500-3,850 42.0-45.0 written at that time. A virtual encoun- D Real estate NA (in %) current RBI limit for
ter between him and Arpit, who was investment in foreign
then working as an analyst at PPFAS, securities has not been
₹45 lakh-₹90 lakh
over this blog post led to his securing an WHY DO YOU 75 revised.
internship at PPFAS. The firm, which
2 HAVE A HIGH
Varthur 2 BHK 990-1,400 4,100-5,200 51.2-55.2 Unlisted shares
did not have a mutual fund license ALLOCATION TO
of PPFAS
Kadugodi 2 BHK 1,000-1,600 4,600-5,500 55.6-59.6 then, was running a portfolio manage-
ILLIQUID SHARES?
10 WHAT CHANGES
HAVE HAPPENED
ment service (PMS) portfolio.  It's a departure from SINCE THE COVID
Hennur 2 BHK 1,090-1,500 4,400-5,300 51.4-55.4 “It was a generous offer considering regular thinking about PANDEMIC?
investments but I don't RAUNAK ONKAR, fund manager &
that it came right after the financial cri- research head at PPFAS Mutual Fund
have much debt, I can  I bought a house
Yelahanka 2 BHK 1,070-1,300 5,400-5,900 64.1-68.1 sis,” said Onkar, recalling that he was whose home loan EMI
manage liquidity from
paid ₹8,000 per month as stipend. other assets. is 3x of my rent. I also
K.R. Puram 2 BHK 950-1,450 4,900-5,800 56.9-60.9 Onkar, who has since moved up the TELL US ABOUT WHAT ARE SOME bought my first car:
corporate ladder, is now a co-fund 5 YOUR HOME 7 BIG MONEY Tata Tiago.
₹90 lakh and above manager and heads the research team WHEN DID YOU BUYING JOURNEY? MISTAKES YOU
at PPFAS Mutual Fund.
3 FIRST START MADE?
THINKING ABOUT  We rented for 1.5 WHAT DOES YOUR
Sarjapur Road 3 BHK 1,400-1,650 5,850-6,550 93.0-97.0 The pandemic was a blessing in dis- years before buying a  I could have invested 11
MONEY? RETIREMENT
guise for both PPFAS and Onkar. Assets property in the same more in debt MFs*
KITTY LOOK LIKE?
Hebbal 3 BHK 1,200-1,300 7,000-7,500 90.0-92.6 managed by their flagship PPFAS flexi  After I read a book locality. That was like instead of FDs to get the
cap fund skyrocketed from a mere called 'Rich Dad Poor on-ground research we tax advantage. Also, I  I haven't assigned a
₹3,500 crore to about ₹40,000 crore. Dad'. Then, I started did on the neighborhood should have invested number to it. My needs
Thanisandra Road 3 BHK 1,800-2,100 6,400-6,900 117.0-127.0 reading about Buffett before buying. more in equity early on.
During this time, Onkar’s annual remu- are specific and even if I
during my graduation apply modest inflation
Kanakapura Road 3 BHK 1,600-1,800 7,500-8,500 131.0-136.0 neration also more than doubled. days. on top of that, I still have
“I recently bought a new house but I WHAT’S YOUR DO YOU FOLLOW enough savings to
Thanisandra Road 4 BHK 1,850-2,000 7,500-8,500 135.0-140.0 consider that more of a liability. And a 6 EMERGENCY 8 ANY INVESTOR’S manage it.
huge chunk of my portfolio is in illiquid WHAT PERCENT- CORPUS? STYLE?
Look out for real estate data in this space for cities such as Delhi and NCR, Mumbai, Bengaluru, Chennai, Kolkata, Pune
assets and I want to hold on to it,” says
4 AGE OF YOUR Each investor has their own
and Hyderabad. The list is not exhaustive. Data as on 04 August 2023.  It's roughly 1.6 years'  No, I try to learn from
The average price is the base rate on saleable area, and excludes infrastructure charges and government taxes. Onkar in an interaction with Mint for SALARY DO YOU worth of expenses. It's everyone but I don't preferences and risk appetite,
Source: Cushman and Wakefield Research India SAVE AND INVEST? do your own research before
the Guru Portfolio series. In this series, in liquid and arbitrage follow anyone's style. investing. Mint does not
leaders in the financial services indus- funds. I aim to keep Every investor has a independently verify
 Initially, I saved 30% aside one year's worth different risk appetite. I
try share how they manage their own of my income. I now non-public data reported by
of expenses. The don't look at a stock and interviewees.
money. save and invest more additional six months is go by how Buffett would

Can I draft a will that benefits Edited excerpts from the interview:

How is your portfolio divided?

than 50%. like an extra cushion. have invested. *Debt MF tax advantage is no
longer there

The house I live in is my only real

my family as per my terms? estate portfolio. I recently bought a
new house but I consider that more of about money then. It all started with a
a liability. That’s because I pay interest book Rich Dad Poor Dad that I read in
ting a job itself was a big deal back then. age rule. (As per this rule, you allocate
Eventually, the amount I saved went up funds that are equal to 100 minus your
every month on the home loan. As for 11th standard. That book taught me the as my earnings also increased. I cur- age to equity and the rest to debt). At
Neha Pathak will and have the same regis- financial assets, roughly 90% of it is difference between how a salaried per- rently save and invest more than 50% of one point, I realized this did not make
tered (this is optional). made of equities and the rest is allo- son and a business owner think about my salary. any sense and decided to put more into
I am 54-years-old and live In case of your demise, the cated towards debt instruments. money. It created a whole new percep- Did you ever consider renting a equity.
with my wife and son . I own executor has to seek probate Of the total equity portion, 75% is in tion in my mind. house instead of buying one? What about foreign stocks?
the house we live in as well on your will and distribute the private unlisted shares of PPFAS that I Then, when I was doing second year When I moved out of my parent’s My investment in foreign stocks is
as the adjacent house in assets as per your wishes. got through the employee stock option B.Sc, I read a newspaper article on house, I rented an apartment for more through PPFAS flexi cap fund. The cur-
which my mother resides. The second option is to cre- plan. The rest of it is in the PPFAS flexi Warren Buffett surpassing Microsoft’s than a year so that I could get used to rent Reserve Bank of India limit for
Additionally, I have invest- ate a private family trust. cap and the tax saver fund. I don’t invest Bill Gates to become the richest per- the neighbourhood where I live cur- investment in foreign securities has not
ments in PPF (public provi- However, you would either directly in stocks as we are discouraged son. Everyone knew Bill Gates but I rently. After that, I started looking for a been revised so we can’t put more into
dent fund) account, and have to transfer the property from investing in individual stocks. had no idea who Buffett was. So I did place nearby to buy. I financed a part of foreign stocks. In our flexi cap fund, we
various other assets. I am in the trust which will attract The remaining 10% debt allocation is an online search for Buffett on Yahoo the purchase with a housing loan. have a 17% allocation in foreign stocks
planning to write a will stamp duty levied at the mar- split between employee provident and Nebraska Furniture came up in Also, rent is a compo- as of now. We aim to put
with my wife as the sole ket rate or make a provision in fund, public provident fund, our con- the results. I wondered for a while how nent of where you stay in Onkar 30% in international
beneficiary. In case she your will that the property gets servative hybrid a furniture guy Mumbai. If I wanted to believes staying stocks.
predeceases me, I want the bequeathed to the private trust fund, and our liquid m GURU PORTFOLIO could become so stay close to the office, I close to office Your salary increased
assets to go to my son. I upon your demise. fund. I also have A MINT SERIES rich. I did some would have had to spend a would have exponentially after the
ASK MINT
want my mother to retain m Here, the trust can have the some allocation to research and then lot of money and I thought covid pandemic as
E S TAT E necessitated a
the flat till her demise, terms where your mother will liquid funds managed by other asset figured out that Nebraska Furniture that wasn’t worth it. assets under manage-
whereupon my son should have the right to enjoy the management companies. That’s was just one of the companies that What’s your emer- significant ment (AUM) of PPFAS
get custody of that house. With reference to the flat property during her lifetime because we are not allowed to exit fre- Buffett owned and his job was to invest gency corpus? expenditure jumped more than 10
How do I accomplish all where your mother is residing, and only then will that be quently from our own funds. in various other companies. The very It’s about a year-and-a times. What has
this with a will? you should specify the prop- given to your wife or son. Why do you have a huge exposure idea of how someone could get so rich -half worth of expenses changed since?
—Name withheld on request erty and insert a “life interest” A private trust is an effective to illiquid shares? by investing in stocks fascinated me. I and that’s a generous limit. Generally, The only additional expense that has
clause to create a living inter- vehicle to ensure a proper suc- It’s a departure from regular think- read Buffett’s annual letters to share- I aim to keep aside one year’s worth of come to my life is the home loan EMI
As per your query, we est for your mother. The life cession plan and does not ing about investing. All my life, I’ve holders and decided that I wanted to expenses. Six months is the extra cush- which is thrice the rent I used to pay
assume that you are is a Hindu. interest clause should specify require probate to transfer/ been thinking about investing in liquid do something in the investment field. ion that I have. This is deployed in liq- before. I purchased the house in 2021
Further, we understand that clearly that you want your benefit from the property. financial assets which I can buy and sell It seemed far more interesting than uid and arbitrage funds. just when the second wave of the pan-
there is no right or interest of mother to enjoy the property Do remember to update on a whim. But, yes, now a huge chunk the placement offer I had after gradua- What are some big money mistakes demic was slowing. I also learned to
any other person in your prop- for her lifetime. The property your will periodically to reflect of my portfolio is in illiquid assets. tion. that you have made? drive, so I bought a Tata Tiago too.
erties and that the same were on which such a life interest is changes in your assets, benefi- I want to hold on to it because it’s What percentage of your salary do For the debt part of my portfolio, I Those are the two new expenses, other-
held only by you. We further created cannot be sold, mort- ciaries, or other circumstan- been there for a long time now. I think you save and invest? used to park money in fixed deposits. I wise, everything is the same. I don’t
understand that these are self- gaged or alienated by any ces. it has good potential. My needs can be When I first started working, I would think I should have explored the debt enjoy spending. Though I can do that,
earned and self- created. method by any other person Neha Pathak is head of trust managed easily using other assets. I save roughly 30% of my earnings. At mutual fund side a little more. This is I don’t want to fill up my home with
In a situation like this, the for the lifetime of your mother, and estate planning, Motilal don’t need to worry too much about that time, my salary was quite low. I for the sheer tax advantage that debt unnecessary stuff.
first option is creating a will. thus will allow your mother to Oswal Private Wealth. illiquidity. It’s not like I’m drowning in used to stay with my parents and tried mutual funds had over fixed deposits What does your retirement kitty
You can draft a will for all enjoy the property without debt. to save whatever I could. When I first then. Now the tax treatment is equal look like?
your assets. The will should any complications. Do you have a personal Where did you pick up your money joined as an intern, I used to get ₹8,000 but I think I could have saved a lot by I don’t have any number yet. My
have details of the beneficia- The will should be dated finance query? Send in your management skills? per month. The company tripled my investing there earlier. needs are specific and even if I apply
ries and details of all assets and and signed by you and attested queries at This goes a little back to before I salary when I joined as an analyst. The But again, in the early days, it did not modest inflation on top of that, I still
investments. The will should by at least two witnesses (pref- [email protected] started working or even before I was in amount was low but you have to recall even make sense to put much money in have enough savings to manage it. This
and get them answered by
then specify the distribution of erably younger to you), college. And this exposure did not that this was just after the financial cri- debt. Initially, I had a higher allocation includes my family’s medical and term
industry experts.
assets as per your wishes. appoint the executor in the come from my family as nobody talked ses and I had no prior experience. Get- to debt as I used to follow the 100 minus insurance expenses.

THE IDEA OF FINANCIAL FREEDOM AND EARLY RETIREMENT IS A FLAWED CONCEPT

where it pertains to financial freedom is attaching a very large is not a good idea. It indeed is. But the most ignored part, and
number to it ( 25-50 times of current annual expenses). That arguably the most important one, too, is what you should do after
POWER number is so big that we struggle to make any meaningful
progress in the first three to four years and lose motivation. Alter-
retirement. It should be something that makes your life more ful-
filling and also pays your bills. So, saving for retirement is neces-
POINT nately, as our financial status improves, the earlier number looks sary but not a sufficient condition.
too small, given our changing life patterns. Technology and the internet have opened up a lot of opportu-
ANKIT KANODIA The above two reasons are good enough obstacles to our cov- nities for us. Rather than dreaming of retirement obsessively, a
eted ‘retiring rich’ dream. That is why only a few manage to retire good way to approach your life is to figure out how you can
We welcome your views and comments at at the age of 40. But even those few people have no clue about the reduce your 100-hour work week to
[email protected] most difficult aspect of retiring early. We think quitting our job Most people 80, then 60, 40, and eventually 10-20.
and chilling out is easy, but we realize that it is not so only later. who retire at Having a balanced life with proper

M
ost young people in their late 20s or early 30s think they Most people who retire at an early age experience a void in their attention to health, wealth, and wis-
have come up with the perfect financial plan: work till lives. The happiness of quitting a job and having all the time in the an early age dom does a much better job than being
the age of 40, save enough money during that time and world appears to be thrilling at the start. However, that dies down experience a obsessed with the notion of “I will work
retire rich. soon. Why? Because, eventually you get bored. Our mind gets void in their until I attain the age of 40, save enough
Sounds simple enough. Right? No! Here are a few reasons why used to everything after a while and everything just looks like a lives soon money by that time and then retire
it is not right. Firstly, when we start earning more, we also get mundane routine-exotic vacation, new houses, cars, gadgets, and rich.”
used to a different, better lifestyle. We get addicted to new com- everything else. Finding the answer to the quintes-
forts and luxuries. Hence, climbing the income ladder makes us Happiness is a journey, not a destination. Hence, drawing fixed not check every day or every year whether you have become sential question as to what we want to do in our life to bring satis-
vulnerable to an inflated lifestyle which prevents us from break- and definite targets to achieve financial freedom often turns out financially free or not. Why do you think Warren Buffett and faction to self and livelihood for dependents rather than when
ing free. to be illusory. Rather, choose a lifestyle that can keep you Charlie Munger, in their 90s, have not retired yet? Do you think and with how much money; should be the prime consideration
Secondly, our understanding of financial freedom is always a happy—doing what you like best. In doing so, even if it takes you they are working for money? Of course Not! They are still work- before we start evaluating any such plan of retirement.
little fuzzy and keeps on changing in tandem with changes in cir- a little more time to achieve financially freedom, you have a lot ing because they love what they do. Ankit Kanodia is founder of Smart Sync Services, a Sebi regis-
cumstances and financial status. The biggest mistake we all do of fun along the way. And because you have so much fun, you do Don’t get me wrong. I am not saying that saving for retirement tered investment advisory firm.
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for sale park facing & North East GURGAON, SOUTH City-1 Plot For
GOLF LINKS, Jor Bagh, Chanakyapuri & facing best location. Contact: DLF CITY 1: Avl Ind house (316 Sy) BOOK/ BUY/ Sell DLF Arbour 4BHK DLF PHASE-5 Plot 270 Sq.yds North
+ 2 Store, Renovated Flat/Car Park Facing, Ground Floor 3 Beds adjoining areas 375/575/1200 Yds, Ideal Location & DLF Alameda Sale-360 SQ. Yards, I-Block, Demand
Parking, Freehold. Contact: Raman Jitendra Singh 9810207945, Emaar Digi Homes 2/3 BHK, Elan facing, Rare Availability, condo.
D/D with car parking in Stilt. North-East/ Park facing, Clear Title, (535 Sy) east and park facing on Presidential 3/4/5 BHK Premium Living, 12 Mtr Road. Plz Call On Call. Genuine Buyer Contact.
9810940556 Immediate Sale. Raman : Also many more options in All Over
9810061531 cheque payment. serious queries Surender Thakran # 9810495592
Apartments. Call 8527419333 Mohit- 9999970994
9810062871 Amit 9810063891 South & Central Delhi.# 9810069114 contact: Moti Ahuja 9810012400
SALE 75000 sq yard good location 9910007022
Multipurpose land @ Rs. 200/- per
sq yard on pakki sadak within 10 kms
of Bikaner Airport, Tehsil Kolayat
MIX LAND Use East of Kailash
Independent House 300 sqyd, on
ROHAN SALE EDUCATIONAL Plot 24000
sq.mtr. in Greater Noida, Prime
SABHARWAL
(Raj). Pakki Registry. 8447317001. main road, South Ex-2, Independent
House 550 sqyd, corner, Freehold,
SABHARWAL Location, Corner, 60 mtr. wide road,
next to Pari Chowk. Dhawan
ASSOCIATES
DWARKA
Broker Excuse # 9910007022
9873333207 Properties: 9810022432, 9811651216
9910596619
DEFENCE COLONY 401 Sq.yds B-Block, 9811333425 DLF ARBOUR 4BHK Upper Floor DLF CITY-I, 425 & 500 Sq Yds, Builder
DLF ALAMEDA plot for sale 250y
Corner West Facing, 538y North
DWARKA 4BHK + study Society Flat
for rent in Sec 19 Huge Flat Near
PNB Head Office For Service Class
100% Commercial Building 3 side VASANT VIHAR 400 Yds 1st & 2nd Flr NEW FRIENDS colony-- 3 side corner KNIGHT’S COURT Sec 128 Noida on PLOTS DLF -IV, 270/360/500sq.yd. Tower A 200y 400y Villa E Fcng 12m
corner North Facing All Floors Floors: Top Floor with Terrace 4 BHK Facing, 700y West+Par Facing, 700y only. Also 2 Bhk Society flat for rent
Park Facg Ready to Occupy.600 yds east facing as per vastu Elegant , as Expressway Golf Course facing 3BHK Pair also available, Garden Villas - Rd DLF 1 500y E fcng 12m Rd @ 4.25 also 3 BHK @ 1.90, Excellent pair West+Park Facing. Sabharwal
available on booking. Contact GF & Bsmt & Third Flr +Trc. Garden, in Sec 19 Contact 9810848773
per your requirements top builder Apt with SQ, Parking. Newly built 316 sq.yd. North /East facing, All 500Y Greenwood 24m N fcng Locations. Malhotra & Co 45, Ashoka Associates 9910596619
# 9971298498, 7703913734 800 Bsmt, Ground & 3rd +TRC Gdn, 3rd floor booking 98110-72455 with modern amenities. Call/ Best Price Deal Sabharwal 9717009994 Crescent, DLF City-I.# 999-999-4104
1000/1200 yds All Flrs. 9811333425 Whatsapp 9810811460. Brk Wlc. Associates 9811196843
ROHINI 1981 Scheme Plot Sale/ SHOP/OFFICE RENT
CONFIRM PLOTS DLF- 1, 2
Purchase Sector 1 to 38 Mktd By us:
Migsun Commercial Mall CRA Flats
Sector-32. 8826452499, 8447259739 DLF AVENUE, Saket, 6th Floor, Corner
1000y Shatoot Marg 1571ft. Plush furnished office, Facing
1000y Kachnar Marg Citywalk, 5 Cabins, 12 workstations,
500y Paschimi/Sukhchain (24 M.) Conf. room, Reception, 2 Toilet,
Pantry # 9811155195, 9810943939.
500y B-Block (12 Mtr.)
360y Park Facing PREMIUM PLOTS DLF-I, II, 1022y A-25,
VASANT VIHAR 400 sq.yds, Park 300y E & F Block (12 Mtr.) Shahtoot, Kachnar, Gulmohar, 502y
Facing, Second Floor comprising PANSHIL 250Y Pfac Livable House 7BR
VASANT KUNJ 2.5 Acre, Dera Mandi
NOIDA SECTORS, Plots, Kothi, PLOTS DLF-1 500y Park facing N/F Sukhchain, Arjun, Ashoka Amaltas, EMPLOYMENT
4 Bedroom D/D car parking in 800y Bs+GF/SF, 4BHK, [email protected]/17
1 Acre, Radhe Mohan Drive 1/2 Acre,
Sultanpur 1/2 Acre, Ansal Satbari 2.5 Sectors-15A, 33, 39, 41, 44, 46, 47, 12m, 500y 18mtr@ lucrative price, 1000y Gulmohar Marg (DLF-2) Paschim, 402y ANM, JCM
driveway. Immediate Sale. Raman: South X2 400y Kothi Gd Loc,Flx Trms Acre,Chattarpur 6 Acre, Civil Line 48, 51, 52, 92, 93B, 100, 105, 108, DLF-2- 300y New house 4-5 B/R + 682y (M-1, L-1) 9810026076, 9910026336.
9810062871 Amit 9810063891 SDA 800y Tf+T 4BR Lift, Stilt@Gd Prc Kothi 850 yds # 9899017788 128, 131, 145, 151. Call: 9911714666 lift, H.theatre, swimming pool. 500y Corner on 18 Mtr.
HIG 100 sqyd (Aes) =56 sqmtr 3Side Gulmohr 300-370 4-5BR Dplx Cnr/pfc SL-1, 418y, kothi 5 B/R, fully furn’d 400y Aakshneem Marg 18 Mtr. ACADEMIC
Drawing +3Bed+2toilet+lift,H.No. 121
3D BUILDCON CHANDIGARH
-122, Pkt-16A, Sec-22, Rohini. 65L-GF,
75L-FF, 70Lac-SF, 95L-TF, Const. on COLONEL
COLONEL LAJPAT NAGAR 100-200 Yds
Basements on fully Commercial
9999404040,9811162648
SPECIAL
Plot+Loan 9811134984, 9650045100 CHANDIGARH, PANCHKULA & Mohali:
SPECIAL .COM
.COM
Road adjoining Central Market,
surrounded by all good Brands.
Contact for sale-purchase of
DLF CITY-1 502yds Builder Floor residential & commercial property.
AMAN BAJAJ # 9810287080, 9810047690. Yogesh Chopra 9872099999.
AMAN BAJAJ 3rd Top loc., 2side corner park fac.
98100 81588
98100 81588 SJE 325 sq.yd, A/1 Blk FF 4 BHK D/D,
12 mtr Rd vastu perfect top of the
line interiors power back-up price
FLOORS RE-SALE ( With Stilt parking) N/E/Park Fac, just like new, wide Rd
BOOKING /OUTRIGHT 750 / 825yd YAMUNA EX-WAY Plots Authority, on call. S & R Realty 8800784380 PUNJAB
WESTEND 500 yds 3rd floor+Terrace 10 yrs old, 2 stilt car prkg & Lift sep. Residential Sector-18, 20, 22D, ULTRA LUXURY Floors for sale
Shanti nkt 800 FF sunder ngr 867 FF gate @5.75 cr. Rented to Japanese. Lajpat nagar Ring Road / 200-1000
yd Kothies & Floors South Extn-2 / Industrial 29,32,33 Sizes 300, 500, S.Lok-1, 500syd. corner @ 4.5,
Panchsheel 800 Yds 3rd + Terrace # 9971298498, 7703913734 1000, 2000, 4000, 5000, 10000, JALANDHAR (PUNJAB): 1 Kanal kothi
GK / Panchsheel Park / Vasant Vhr & DLF-1, 500syd @ 5, S.Lok-1, 418syd prime location for sale, Urban Estate
Def. Col 325 yd B+GF & 1st @ 17 Cr 25,000 Sq.Mtr. Call: 9911714666 @ 3.85, SL-1 300syd @ 2.75, South COM. SPACE for sale /Rent in Spaze
ROHINI SALE/ Purchase Plots Alloted around /Golflink/ Jorbg 9873255806 Phase-1, Pin 144022. Contact
City-1, 500syd @ 3.90 (Park face). Boulevard, Sohna RD. 1496 on
by DDA Sector-1 to 37. Liaison/ LAJPAT NAGAR 100 Yds fully G.f & 1318 sq ft on 1st FL. Ideal for 076960-94649
Collaboration/ New Allotment Commercial Building surrounded by banks/car showrom/food joints etc.
Investment. Nirvana - 9873409999 all good Brands (Appearls & FOR SALE Mohan Co Operative # 9810327243
Industrial 1460 Sqyd, 25000 Sqft GF,
Jewllers) 9810047690, 9810287080.
FF, SF Freehold Site plan Sectioned DWARKA
LA- TROPICANA Apartment For At B-1, Extn. Contact Prem Verma
Sale Civil Lines 3620 Sqft 4BHK Mobile 9810589802.
LUXURY BUILDER Floors South City 1 DWARKA 72 Sq .yd F/H Plot for sale
With Servant Room , 3rd Floor , 180yds @ 1.8 cr - DLF 1 200yds @ in Sec 19 North Facing centrally
Tower 12. Club House, Pool etc. 225-DLF 3 215 Yds @ 225 - Sushant located & 4 Bhk Fully Furnished park
Contact Rajiv 9810669092. Lok-1 300yds@ 3 cr -South City 1 facing Society flat for sale. For more
GREEN PARK near Deer Park 225 Yds, YEIDA PLOTS Sale/ Buy, Sector 18 & 240yds@ 2cr -DLF-2 400yds @ 4cr info cont: 9810848773 9910172629
3rd Floor+Terrace 3 Beds, D/D, Lift, 20, Yamuna Expressway, Size 300, LUXURY FLOORS for Sale DLF Phase 2
S.Qtr, Sept. Gate Stilt 2 Car Parking & 500, 1000, 2000 sqm, Call - 215 yds 3 BHK + Study Lift stilt
Safdarjung Encl 200/300/500 Yds, WhatsApp 9717452701

TO-LET
Near by NH-8 Highway, only UGF
Floors, Ready/U.Const also Kothies and Top Floor left. Best Price. SUSHANT LOK-1, A-block 502y Corner,
SARITA VIHAR Pkt-K, 1st Floor, 3+1 Saudagar Prop 9718511207 A-block 300y East Facing, B-block
BHK, corner, park green all sides, 1000 MTR Industry Hosiery Complex, 300y best deals available on Prime
teak wood work, best location. 2000Mtr Ecotech-11, & Plot 300Mtr locations Price on call. Sabharwal
WESTEND GREEN Want 2.5 acre / Pair Sec-93B, (250 Mtr pair Sec-92), Associates 9958492130
available 1100yd / 2.5/5.5 acre / 450M Sec-44, (250/300M Sec-36/39) SOUTH CITY-1 Block-J, 502yd
Vasant Kunj 1300 yd / 5 acre / 1400 450M Sec-36. Mr. Saini- 9330933039 Plot. Call for Details. NSS Realtor WEST DELHI SOUTH DELHI
SHIG 2200 sqft (207 sqmt) Drawing + yd DLF/ Ansal / 1-2.5 acres Radhe (Kunal Kanwar) 9810047003
4Bed + 3Toilet, Lift + Parking, 12 Mohan / Dera/ more 9873255806
MTR Rd, H.No.44, 4A- Sec-23, Rohini. RING ROAD Naraina Vihar 25000 READY APARTMENT 4BHK, 2nd Floor,
2.50Cr-UGF, 2.40Cr-FF, 2.35Cr-SF, Sq.Ft. Building Bare Shell On Prime Modern Modular Kitchen, 4Baths,
Loan Avail 9811134984, 9650045100 DEFENCE COLONY / South Ex-II Location, Near Metro Station, For Stilt Parking, Lift, Genset, AC in
KALKAJI 100 sq.yds, High Quality Excellent Constructed Vastu Perfect Rent, Suits Hospital, Institute, Clinic, every Room at C.R. Park. Pets
Construction, All Floors available Four Bedrooms Drawing Dining, Offices Etc. Call: 9911100010. avoided. Contact- 9818900670.
for Sale. Ready to move with CC. Lounge Airy Kitchen, Parking, SQ.
Excellent Location, Wide Road. DEFENCE COLONY - 3 side corner Sudesh 9811448544, 8447600000
Cont: 9810002409, 9899042787 east facing as per vastu 400 sq yd GOLF COURSE Road 500y Plot PRIME PROPERTY with fire noc best VASANT VIHAR F9/4, Raj Villa,
Independent House. call: Rohit F 10 DLF 1 & Sector 28 & E fcng, suitable for coaching centre on main Rent-free Bedroom for 4 needy
98110-72455 YAMUNA SEC 18 & 20. Clear Title Rohtak Road, Punjabi Bagh. Avlb on Indian ladies, with token subsidy
S Lok -1 C Blk 418y E fcng, Sec- 42 14
S.D.A , Safdarjung Enclave, Uday Park NOIDA/GREATER NOIDA Transfer 300, 500, 1000Mtr Resale,
UnRegd, Regd. Bank Loan, Greater Marla N fcng Sec-43 1 Kanal E fcng rent. 550sqyd 3 storied with Send your CV and meet at site owner
Sarvodaya Green Park, Sarvpriya 9717009994 basement & parking. # 9811047611 Kapur 9899959005.
Vihar D/D, 3Beds, Stilt Parking & Lift Noida Chi-Phi, P3, Swarn Nagri,
Excellent Construction. # Grover Villa/ CC Plots. Call: 9910330483
KOTHIES 250 -3700yd Civilline/ 160yd Associates 9810173911, 011-26511118
new Kothi & 3rd Floor Hdsnline/272y DLF CITY-2 215yds Top Floor with ASIAD VILLAGE II/III Duplex 3 BR,
Lake Face Corner Floor/Model town / exclusive Terrace. rights lift & stilt One S.Qtr. with attached Bathrooms.
360yd GF+Bsmnt Gujrwal / 2200 / FARIDABAD North East facing Top Location 12 Large drawing cum dining,
3000 yd Industry SSI : 9873255806 mtr Road Vastu Perfect @ 2.20Cr. 3 Balconies total: (1880 sqft.) Govt.
Call. S & R Realty 8800784380 PSU Bank preferred. Contact -
UPCSFF Ltd., 515,Asiad Village
GREEN FIELD Flat 2 BR (Cash) 26 to 31, Complex, New Delhi-110049.
3 BR (cash) 35 to 46, 3 BR S/U (cash)
EAST DELHI DESIGNER KOTHI NE Sec-26, 171 mtr., 82 to 90, 4 BR 1.15 to 1.50 CR (Loan BESTECH ALTURA Sector 79 Gurgaon
Mobile- 7838994966 & 7880888921
GF one bedroom, att bath, D/D, & Lift). Also New Flat for rent 3 BHK 2150 Sq.ft and 4 BHK
3 & 4 BR. Chirag Prop. 9811031478.
I.P. EXTENSION Society Flat. 3 Lobby, Kitchen Powder room, FF 2675 Sq.ft Garden, Corner and Pool ASIAD VILLAGE Complex- Avlbl 3 BHK MEDICAL
Bedroom, 2 Bathroom, Drawing cum 3 Bedroom att. bath, SF one bed facing. For sale contact 9910888735 Simplex, 3 Side Corner, Park Facing.
Dining, Kitchen, Middle Floor, Ample GREATER KAILASH-2 Sale Newly Built lobby # 8860004733 For rent. More options in south delhi
Kothi 725 sq.yds Stilt+Bsmt+4storied also avlbl.Brokers excuse Call Kamal
Parking, Excellent Location, Near
suits Hospital/Guest House Reason- GURUGRAM Nagpal 9818633599. Asian Realtors.
Metro Station. # Gujral 9654410009.
able Price. Sanjay Malik 9810039071
Visit: www.malikestateagents.com DLF, SUSHANT Lok, South City, Sun
DEFENCE COLONY A Block 217 sq.yds COMMERCIAL UNIT 1000 Sft Recently City, Buy/Sell Plots, Houses, Builder
Rented @ 43000/- Monthly to ICICI DEF. COLONY 1 Room Bath 15,000,
Second Floor 3 Bhk D/D Park Facing Floors, Turnkey Constructions. South Ext 1 Room Bath 15000, 2 BHK
Best Location Wide Road 15 years Bank Loan Department, Universal Contact Fairdeals (A Real Estate
SUKHDEV VIHAR 350 Sq.Yds. Corner Trade Tower Sohna Road, Gurgaon. FF 45000, 2 Room Set 1 Bath FF Suit
North / East Facing First / Second old No lift @4 cr Mix payment. Consultancy) DLF-I. # 9810014398 students/Small family 40,000, GK-II
# 9971298498, 7703913734 Contact: 9780014950, 9780014920.
Floor All Branded Stuff, Separate RENTAL COMMERCIAL space on 4 BHK FF 70,000 # 9210891075
Gate / Two Car Parking/ One Servant main road, near metro, Ready to

SCO
Quarter. Contact: 9540001353. COMMERCIAL UNIT 869.51 Sq.Ft., ROSEWOOD CITY Plot for sale move 70 Networked stations, Lan,
AVAILABLE/ WANTED 5% Noida, 6% 1000syd / 525syd Corner/ Park/ Reception, Cabins, Lounge Space
Rented @ 51735/- Monthly June 2021
Gr. Noida, 7% Yamuna (Kisan Kota),
onwards to MNC, BPTP Park Centra, Shop Cum Office 60ft wide road Confirm Deal. with AC & Furniture. Contact: CENTRAL DELHI
Buy/Sell Noida/Gr.Noida/Yamuna/ Call Swadeshi Estates 9871733088 9811118830, 9811616516
7th Floor Gurgaon. Contact:
PLOTS IN HUDA
Ghaziabad,Plots,Flats & Comm. Call
W'app 99-5322-5322, 888-22-31347. 9780014950, 9780014920.
AVAILABLE FOR Rent/Lease Shop's /
office on Pusa Lane near Abdul
Sector 29, 42, 53, 56 SOUTH DELHI Aziz Road, Karol Bagh Area Appx
350 SQ each DIAS bldg Contact:
GREATER KAILASH , Gulmohar park,
park facing as per vastu Elegant , as
IREO CITY DEFENCE COLONY Second Floor, Two
9868090008 , 8826260018

per your requirements top builder of Plots Available Rooms Set & 1 AC with Terrace Pipe
IGL Gas Connection & Car Parking, CONNAUGHT PLACE, AVG Bhawan,
booking.call: Rohit 98110-72455
GANGA
9999973766
SALE, PURCH, Tolet Shops office (Since 1992) Single Preferred. Court Agreement. M-3, Middle Circle, Semi-furnished,
Contact Owner- 9811139479 3rd Floor with lift. Area 2300 sq.ft
Factory 200, 300, 400, 555 yds Flat PROPERTIES
99999-70994
Kothie Flrs Madhuban to Vivek Vhr NEW FLOORS in DLF-1,2,4, Sushant available for Rent. Contact Owner
NCR 440 yds Kothi West Jyoti Ngr DLF2 DUPLEX kothi Plot-251 yard. Lok-1, 500 yards 4 BHK @ 5 Cr., 9810126008.
Shahdara. 9818184100, 9718184100 5Bhk-12mtr.road Sun facing & DLF1 400 yards 4 BHK @ 4 Cr., 300 yards VASANT VIHAR F9/4, Raj Villa,
Plot 500 yard.North Facing Gated 4 BHK @ 2.80 Cr., 215 yards 3 BHK to-let utility flats, emergent renting,
Lane @10.5cr. #9999973766 @ 1.85 Cr., Call: 9650339080 4 BHK 4 bath, 2 BHK Annex,
ready end-Aug, 2 BHK, 1 BHK, NOIDA/GREATER NOIDA
WEST DELHI lift, 4AC, rent 80 40 30 20
15-10k resp, meet at site,
CONFIRM PLOTS Kapur 9899959005 FOR RENT 454 sq meter plot area. WEB DEVELOPER
PUNJABI BAGH WEST Prime Road 1210 SQ Yds Farm Land (Plot) SUSHANT LOK-I 4 floors 1st, Ground, Basement, back
No 42, East Facing 550 Sq Yds Plot For Sale in Vasant Kunj, Church 813y A-Block (East Facing) up hall each 1500 to 1600 sq ft., Con-
100% Vastu Clear Title Single Owner RECTANGLE ONE District Centre Saket tact: Mr.Ashok Tiwari, A-44 sector 16 REQ: FULL stack Dev. Next JS+
9899012000
Road_Gated Complex..Price 9.75 cr 500y Corner (Maple Lane) Gated For Rent Fully Furnished Office 800 Noida back MacDonald, 8506001572 Express+ Mongodb. Azure Strg.
Sumit # 9810086833 4 AND 5 BHK luxury apts, on Noida 418y (North/East) Gated
9999973766 DISTRESS DLF stilt/lift 500y Park 4bhk sqft Centrally A/C,100% Pwr-Backup Blobs & Ecosyst. VMS & Load Bal.
Expressway, Prime Loc. Complete Contact Ravi 8010280140 ( Or Site
250 YD. freehold plot sale at best cheque deals, spacious layouts. [email protected], 500 Ter 4bhk+SQ@6, 400 300y Park Facing (A-B Block) Visit 11am To 6pm Every Saturday)
Stripe Paymnt. Syst. email CV to
Park 4bhk+SQ @4.50, 500 Ter 4bhk [email protected]
location metro park Dwarka. Brokers
VASANT VIHAR 250 sq.yds, Park
SALE CORNER 1st, 2nd & 3rd floor with
terrace with open space of more
Facing Golf course. Starting from
5.50cr onwards. Call @ 9810553957 GOLF COURSE Road Centrum Plaza +SQ @4.50, 338 Ter 4bhk+SQ @4.30, DLF PHASE - 4 GURUGRAM
excuse. call 8851070173 (owner)
Facing, Second Floor comprising than 150 sq yds, all for Rs 1.27 crore 3000sqft fully furnished office for 300 Park [email protected] 500y 4500-4600-4700
3 Bedroom D/D car parking in in jangpura extnsion, Pant Nagar , lease,WS 35,cabins 3,conference (Gated-Park Facing) FOR RENT Commercial Crnr Shop
Stilt. Raman: 9810062871 South Delhi 8447317001 room 1, Pantry 1. #9999973766
360y 18 Mtr. Corner in LSC Uday Park South Del, 235 UDYOG VIHAR 9000 ft for lease, MATRIMONIALS
RESIDENTIAL PLOT for sale Sector- sqft, Ground Flr, 2 Side Entrance, Brand new interiors, NH-8 facing,
Amit 9810063891
COMMERCIAL USE Plot for Sale 130 size 230mtr. On Express Highway 270y Park Facing (Gated Villa) Wide rd, For Office/ Retail/ Signage available. Other tenants
310 sq yard for 6.2 crore - Main Noida excellent for Guest house/PG. Bakery/ etc Owner 9354113694 MNC. Next to Radisson Hotel.
GREEN PARK 500 Yds, Vastu Perfect
Najafgarh Road, Near Nangli Metro
Resale First Flr 4 Beds, 4 Baths, D/D, Contact- 7011764629 DLF − SUSHANT LOK Covered car parks. # 9871098146 GROOMS WANTED
Station, Dwarka Mode. GK-1, E- blk 208 yds, Entire FF, Park
Fac, just like new, 8 yrs old Very well S.Qtr, Lift, Separate Stilt 2 Car Park, 9999404040,9811162648
Ph 7982841271
maintaind modern fittings, lift 3Bhk Well Maintained & Sarvapriya Vihar
DD SQ car prkg in Stilt @ 3.5cr. Full 240y SF/3rd Flr+Tr 3BR. 98111-91901 KOTHI / Floors & Farm House: Vasant TIME TOWER M.G.Road Furnished
FOR SALE Mansarovar Garden 300 cheque.# 9971298498, 7703913734 FACTORY FOR sale Greater Noida, Vihar, Vasant Kunj, SDA, Jor Bagh, Office 1700 Sq.Ft, with 2 Cabins, 8 ENGINEER
Sq.Yds, Newly Built 4 BHK, Luxury Ecotech- 6 size 450mtr. On 18mtr. GK, Panchsheel Park, NFC & Farms: Workstations, Conference Room,
Builder Floors, Lift, Stilt Parking, LUXURY FLOORS 400-1000 sqyrds Chattarpur, Ansal, Vasant Kunj, Pantry, Reception, 2 UG Parking.
Road. Contact 3 7011764629 brand New Builder Floors for sale in Contact WhatsApp: 9717672104.
Top of the line construction. all LAJPAT NAGAR-II Ideally Located Sainik Farm RK Sharma 9310051666 24 YRS beautiful 5'7' Hindu Punjabi
Floors available. Cont: 9650572733 Newly Built Two/ Four Bedrooms, DLF: 1/ 2/ 4 and Sushant Lok-1. Khatri girl. CSE Delhi top University.
Drawing Dining, Terrace, Ready Starting 4 cr. 100% Inventory. Working at first 3 international
Possession, Reasonable Price. House2home : 9899917999 DLF CHATTARPUR Farms -5 Bed House Software company, seeking highly
Sudesh 8447600000, 9811448544 SECTOR- 108 Plot, 250 Sq.Mtrs. one 2 D/D, 4 S.Qtrs., 6000 Sq.ft. built on DLF − SUSHANT LOK educated professional Engg/Doc/
SOUTH DELHI
9910000257 time lease rent and completion west
facing, near park. Also Sector-48 SUNCITY PLATINUM (Many Families
FOR SALE 3 +1 BHK / 2 +1 BHK
/Penthome / Garden home in
1000 sq.yds. Off Central Drive, Pool,
2 Garages, Generator, for Rs.1.75
CA /MBA. Father 91-7217814682

Buildup House, 300 Sq.Mtrs. . already residing) 3/4 BR Super Celebrity Homes, Palam Vihar, lakh pm. # 98105 56471
WANTED PRE-RENTED property with C-213, GR. Kailash-1, 300 sqyd B'ment Luxury Apts,MG Rd, Original Bkg Gurgaon. Cont - Bhupender Kochar
& Ground Duplex 4+1 BHK, Drawing Contact: 9871800565 / 9717718658
good ROI, budget 15-25 Crs. Contact: /Resale/ Buy/Sell/Rent 2685/3150/ 9810076991, 9810776993
9871800565 / 9717718658 Dinning, Car parking with separate 4175 sqft Girish Jain 9811044967 GREEN PARK Main X-7, FF, Builder's
gate, Fully furnished, Vastu perfect, Floor, good location, 3 BHK attach
wide rd,Broker Excuse #9910000257 bath, all AC, Modular Kitchen, Lift,
SALE PLOT 4 Marla Sec - 27, 3 stilt parking, near Metro. Contact-
Marla Sec- 42, 182yrd Plot Sec-52 011-46066990, 7827074376
FARMS: ANSAL Villas Satbari, Half DLF PHASE-3 Confirm Sale 5Bhk / DLF CITY-I, Plot - 500 Sq. Yds. - Best Rate options av’ble in DLF-
acre, Brand new House, 5 Bedrooms, VASANT VIHAR / Anand & Shanti
niketan / westend/ jor bagh 502sqyd Kothi Prime Location & Park Facing / Corner / Wide Road, 1,2,4, S.Lok-1,2,3 & Huda Sectors
Swimming Pool, Lift, Clear Title, GULMOHAR 300 Yds, Ground Floor, GGN. 9810200032, 9910109474
Resale 6.40cr; Safdarjung 400 Yds, 400/600/800 Grndbmt & TF Terc National Media Center /Villa Also 4/5 Bedrooms Tastefully PANCHSHEEL ENCLAVE - Main Road :
Registry & Mutation, other options 240sqyd/Well Renovated. pls call Built, Luxurious Floors on 500 / Vastu Perfect Prime Office Space
also available, Biswajit 9810887956 3rd Floor+Terr.+Full Stilt Gate 7.65cr; FF @8 & 1000 Grndbmt @21 also
Hauz Khas 250 Yds, G.Flr Like New 270 TF [email protected]. Ravi 9818935156 Amit Kumar 9899335988 1000 Sq. Yds. PLF- 9811078877 Near Metro, Second Floor 2000 Sft.,
3.65cr, SDA 200 Yds, GF+Stilt 4.10cr. DLF PHASE - 1, Ground Floor Four 4 Toilet, Pantry, Balconies, Lift, 5 Car
GREEN PARK 300 Sq.yd Flrs GF 3BHK Bedrooms Drawing Dining East Parking & S.Qtr. Owner 9810222051
D/D Sq, sept D'way 2 side open & 3rd FOR SALE Lagoon Apartment, Facing Price @ 5. 50 Crore, Contact
Flr+TRC Stilt, Lift 4 BHK 2 Car Park Ambience Island NH 8, Near Leela kashyap :- 9810053788
wide Road Well Mntd. only Genuine Hotel & Ambience Mall, 4400 Sq.Ft, IDEAL CORPORATE Office Commercial
Buyers Call Agarwal 9810000859 4BHK, Excellent Interiors, Pool Space Near Mercedes Showroom for
facing, call Rajesh 9999006608 Rent at E-18, B-I Extn., Mohan Co-Op.
Indstrl Estate, Mathura Road, ND-44
Total Area 32000 Sq.Ft, Bsmt. GF, FF
FOR SALE Newly built 4 BHK, B-319 CR & SF Call: 9818268146, 9974231595.
Park, Delhi 160 sq. yds, 1st, 2nd & RENTED COMMERCIAL, on main Golf
3rd floor, with Lift, car prkg, & Course Extn. Road Gurgaon, Studio
servant qtr. completion certificate. Flat Rent: 30k, Fresh 9 years Lease, FOR RENT - Nehru Place, Ansal Tower,
Max. Rental assured. # 8587095020 MAHARANI BAGH 3 side corner east 5 Years Lock In. For details Call
facing as per vastu Elegant , as per FARM HOUSE Buy / Sell Farm Land 3rd floor. Fully furnished, Area :
DLF Chatterpur Vasant Kunj 9205622514, 8368841512 1088 Sq Ft. Contact : 9811141369,
your requirements top builder of
booking. call: Rohit 98110-72455 Sultanpur Dera Mandi Radhey Mohan 9971543561
Drive.
CHATTARPUR ENCL. 2x Flats, each DLF PHASE-1: Plot for sale in A-
1100sq.ft Aprx. 2ND & 3rd flr (on top Block, 476 Sqyds., Corner & West VASANT VIHAR F9/4, Raj Villa, utility
FARMHOUSE: LAND / Built-up GREEN PARK 200 Sq Yds, Newly Built Facing, Near Ashoka Crescent. flats to-let, 4BHK 4bath, terrace
of 2nd flr flat- identicles) Lift, 3BR, 1000/ 2500 Sq.Yds/ 1 Acre. Vasant
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Kunj, Sultanpur, Bandh Road, DLF S.Qtr, Lift, Separate Gate Stilt 2 Car 1BHK, room & shared bath, 4AC, rent
@65 lacs each (Nego.) #9810300374 Chhatarpur, Westend Green, Dera #9854333353
Parking, Ready to move, Reasonable 90 45 30 25 20 15 (10k for SC), lift,
Mandi.RaviBhatnagar 9810081507 Price. call Raju Sharma 9811-464624 Kapur 9899959005.
LIVEMINT.COM
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BHOPAL SMART CITY DEVELOPMENT CORPORATION LIMITED

3rd Floor, Smart City Building, BHEL, Govindpura,
Bhopal - 462023 (M.P.), Phone : 0755-2477770 GOVERNMENT OF INDIA
Email : estateoffi[email protected] / www.smartbhopal.city MINISTRY OF FINANCE, DEPARTMENT OF REVENUE
Notice Inviting Tender Bhopal, Date : 22.08.2023
NATIONAL ACADEMY OF CUSTOMS, INDIRECT
Bhopal Smart City Development Corporation Limited õFSF ´»FFGM Ii ¸FFaI 81
À¸FFMÊ dÀFMe E.¶Fe.Oe. ÃûÂF Me.Me. ³F¦FS ·Fû´FF»F IZ ½¹F¹F³F WZ °Fb AFG³F»FFBÊ ³F d³Fd½FQF Ii ¸FFaI TAXES & NARCOTICS FARIDABAD
MPBSCDCL/TENDER NO. :- 280 AF¸FadÂF°F I e ªFF°Fe W` -
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Have fun
S. Tender Name Cost of Earnest Money Pre-Bid Purchase of
n Bidding Deposit/ Bid Meeting Tender
o. Document Security Date End Date NOTICE FOR CUSTOMS BROKERS EXAMINATION, 2024
(Non Re- and Time
fundable) August, 2023
1 2 3 4 5 6
1. Applications are invited from Indian citizens to appear in the online written

with facts
1 Allotment of Plot No. 81 Rs. Rs. 29,15,952/- 04.09.2023 25.09.2023
with land use as PSP on 50,000/- (Rupees Twenty at at 16:30 Hrs. examination for issuance of license to act as a Customs Broker under
freehold basis for ABD (Fifty Nine Lacs Fifteen 15:00 Hrs. Bid Submission
Area of Bhopal Smart City Thousand Thousand Nine
Customs Brokers Licensing Regulations (CBLR), 2018, as amended. A
End Date -
Development Corporation Rupees) Hundred and Fifty
25.09.2023 copy of the regulations is available at www.cbic.gov.in and www.nacin.
Limited (MPBSCDCL/ Two only)
TENDER NO- 280)
at 17:00 Hrs. gov.in.

on Sundays d³FdUQF QÀ°FFUZþ Ii ¹F-d³FdUQF ´Fi´FÂF ´FiÀ°Fb°F I S³FF, ²FSûWS SFdVF ªF¸FF ÀFa¶Fa²Fe ÀF¸FÀ°F I F¹FʽFFWe °F±FF
d³Fd½FQF ÀFZ ÀFa¶Fad²F°F ÀFaVFû²F³F, d³FdUQF ÀFa¶Fad²F°F dUÀ°FÈ°F þF³FI FSe www.mptenders.gov.in ´FS
QZJe þF ÀFI °Fe W`ÔÜ BÀF d³FdUQF ÀFZ ÀFa¶Fad²F°F ÀF¸FÀ°F ÀFaVFû²F³F ÀFc¨F³FFEa IZ U»F ´FûMÊ»F ´FS We þFSe I e
þF¹FZÔ¦FeÜ ·Fû´FF»F À¸FFMÊ dÀFMe OZU»F´F¸FZÔM I FG´FûÊS ZVF³F d»Fd¸FMZO d³FdUQF I û dI ÀFe ·Fe ÀF¸F¹F d³FSÀ°F
2. Complete application is to be submitted in person or by Registered/Speed
Post in Form-A (available in the CBLR, 2018) along with two passport size
photos and self attested documents on citizenship (Aadhaar/Passport/
Voter Card), educational qualification, financial viability, mobile number,
Catch the latest column of I S³FZ A±FUF ÀFaVFû²F³F I F Ad²FI FS ÀFbS dÃF°F SJ°FF W`Ü ¸Fb£¹F Ad·F¹Fa°FF e-mail id and other requirements along with the prescribed fee of Rs. 500/-
·Fû´FF»F À¸FFMÊ dÀFMe OZ ½F»F´F¸FZÔM I FG´FûÊSm VF³F d»Fd¸FMZ O

A
(Rupees five hundred only) to the Principal Commissioner/Commissioner
of Customs/Commissioner of Customs (Prev), having jurisdiction over the
area where the applicant intends to carry on his business from 18.10.2023
to 17.11.2023 up to 06.00 PM. Applications sent by post, in case received
after the last date shall not be entertained.
A quiz on the week’s development. 3. Before submitting the application, applicant should ensure the completeness
of the application. Incomplete applications shall be summarily rejected.
4. Syllabus of written examination will be as per regulation 6(7) of CBLR,
2018.
5. Names of applicants found eligible to appear in examination will be displayed
on the notice board and/or website of the respective Commissionerate
latest by 08.12.2023.
6. Information regarding roll number, admit card and examination venue will
be made available on the website of CBIC and NACIN under the icon/
tab <GSTP/CBLR Exam>. A link to download the admit card will also
be provided therein. Admit cards shall also be sent by email to eligible
applicants 12 days in advance before the date of examination. The written
examination shall be held in the Month of March-2024.
7. The candidates have the option to answer either in Hindi or in English.
8. Successful candidates will be called for an oral examination for which
separate communication will be sent.
9. In case declarations and information submitted by the applicant are found
to be incorrect, the application shall be rejected or license, (if issued) shall
be cancelled.
10. For any query regarding eligibility and process of application, please
refer to the regulations available at the websites (www.cbic.gov.in and
www.nacin.gov.in) or contact the nearest Customs Commissionerate. A
helpline will be made operational by this office at e-mail id. cblre.helpline@
gmail.com from the (date of start of submission of application) till the date
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Director General
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OUR VIEW MY VIEW | On THE OTHEr Hand

ISTOCKPHOTO

Opportunistic exploitation has

marked the rise of finfluencers
Many of them exploited people’s ignorance during an asset boom and hid their ulterior motives

believe they are probably right: if they marketing companies did manage to do.
are less certain, we feel they are less reli- Nonetheless, unless one inherits
able.” Indeed, finfluencers are able to do money, steals it, enters an investment
this because their target audience is bubble in its early stage and has the guts
largely unaware of the subjects they are to ride it all the way and the sense to sell
speaking about, and is often looking for right at the top, or is lucky enough to be
some hand-holding. in the top echelons of a startup that VCs
Fifth, their sales pitch is typically built are backing with a massive valuation
on the proposition that “if I can do it, so that neither current earnings nor future
VIVEK KAUL can my followers,” which is why any earning prospects justify, it’s almost
is the author of ‘Bad Money’. nuance is usually edited out and any talk impossible to get rich quickly.
of luck that one needs or the risk that The trouble is that just being popular
one faces while investing goes out of isn’t enough because a living also needs
the window. This helps cater to a mass to be made. Finfluencers make money

UDAN is slogan-worthy
market. Most people are already busy from social media companies. They get
handling the pressures of daily life. So, paid on the basis of the number of views

I
n the last few years, financial influen- when it comes to investing, they like their content gets. They also get paid by
cers—or finfluencers as they are being told exactly what to do. companies and brands for recommend-
widely known—have become very Now these are the most obvious rea- ing their financial products; but the fact

but in need of a rethink popular. In their bid to make money and

drive up the number of their followers,
they have done pretty much everything
from explaining the basics of personal
sons behind the popularity of the finflu-
encers. But there are two more not-so-
obvious reasons as well.
First, the covid pandemic led to
that they are getting paid for saying
something that they are isn’t always
made clear simply because the moment
they say they are being paid by someone
finance to recommending stocks, interest rates falling to very low levels, to offer financial advice, their credibility
cryptos and even real estate. encouraging investors to divert their goes for a toss.
India’s air map has hardly expanded, flying remains out of reach for most and this scheme So, what explains their popularity and money into other asset classes—every- Some finfluencers have even
why have they become popular only in thing from stocks to cryptos. Stock indulged in front-running by recom-
has shown how tough it is to defy market forces. We must weigh its costs and benefits closely recent years? There are several reasons. prices went up at a fast pace after March mending a stock they already own.
First, the rise of cheap smartphones 2020 and the price of cryptos went Once purchases by their followers have
and rock-bottom internet rates have led through the roof in 2021. This spread pumped up its price, they have sold
to increased individual content-viewing the belief that it was possible to get rich their holdings and made money.

I
ndia’s Ude Deshka Aam Naagrik, a subsidy apply to half the seats, and investing more in on smartphones, as opposed to families quickly. Finfluencers cashed in by being Again, this is a function of the fact that
scheme launched in 2016, was cleverly airport back-up and helipad support. Indeed, watching TV together earlier. This has at the right place at the right time. stock prices shot up after March 2020.
led to people watching stuff on You- Second, investing is a very simple In fact, as Walter Bagehot writes in
named in Hindi to mean ‘the country’s it would not be a surprise if the Centre opts to Tube, Instagram, etc, and helped every- exercise, but one that is psychologically Lombard Street, a book published in
common citizen shall fly’ and also yield the sweeten the deal in an effort to attract more one from streaming platforms and very difficult to follow. An investor 1873: “The good times… of high price
acronym UDAN (‘flight’). As it captures an takers. With a long patch of weak competition famous journalists running their own needs to spread investments across dif- almost always engender much fraud.”
aspiration, it isn’t a literal misnomer. Our in Indian skies expected to give way to an air- YouTube channels to finfluencers. ferent asset classes, invest regularly for The fact that finfluencers have indulged
vast majority still cannot afford air travel, but it capacity boom as a new era of rivalry gets Second, the work-from-home covid the long-term, and wait for the invest- in outright fraud or that they forget to
years gave people more time to watch ment to compound. But the simplicity mention that they are being paid to rec-
could yet happen someday. The scheme’s aim underway, a relaunch will have its advocates. content, helping finfluencers showcase of this and the fact that one has to wait ommend something stems from this.
was to pin many more airports on our map of What comes of it will remain a guess, though, their content and build an audience. tend to result in impatience. The To tackle this, late last week, the
air-links by offering airlines funds to plug via- as we don’t know what success might take. Third, unlike financial advisors on human mind wants to tinker and fiddle Advertising Standards Council of India
bility gaps for a bunch of unserved—or under- This is a complex sector. As unsold seats go TV, finfluencers spoke to a young gen- around. This is where finfluencers with revised its guidelines for influencers
plied—routes they were asked to bid for. A waste, it is a market of perishables, one marked eration—newcomers to the world of their regular myriad recommenda- operating in the banking, financial ser-
money—in a language they understand. tions—of doing this and doing that— vices and insurance domains. If such
recent report by the Comptroller and Auditor by such supply rigidities that prices—which Fourth, whether or not finfluencers come in. In a world not connected by influencers are to offer investment
General (CAG) says 2.5 million passengers took vary by demand—tend to be volatile. This have a good understanding of what they the internet, it wasn’t easy to cash in on advice, they need to compulsorily regis-
these UDAN routes in 2022-23. This is a sliver effect is amplified on sparsely travelled routes, are speaking about, they do so with a lot this human vulnerability. You had to get ter with the Securities and Exchange
of our domestic air traffic, which, placed at 136 whose ticket sales swing too wildly for seats to of confidence. This helps get credibility. many people into a room to tell them it’s Board of India. Now it remains to be
million fliers that year, shows a distinct big-city be aptly committed. Under stiff pressure to As Dan Gardner writes in Future Babble: easy to become rich quickly, something seen how effective these guidelines will
“If someone’s confidence is high, we that Ponzi schemes and multi-level be in a fast-changing digital world.
skew. Only 260 UDAN flights are in operation contain costs and optimize operations, airlines
today, a fraction of those cleared for take-off, would need an outsized lure to devote their
going by government data. The CAG audit precious resources to such services. At times of
offers a dismal picture of steep drops, as if aircraft scarcity, that incentive would have to
this outreach project hit one air-pocket after go even further up. Over time, it would also
another. Of the 774 routes awarded in its first have to pay for the brand-image risk of service
three phases, more than half could not make a instability, which is a put-off for customers. www.livemint.com
New Delhi, Mumbai, Bangalore, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune* Friday, August 23, 2013 Vol.7 No.201 `3.00 in Delhi­NCR/`4.00 outside Delhi­NCR 24 PAGES
+ 4 MARKETS PAGES

start; of those that did get off the ground, less All added up, achieving a map of air coverage Rupee fall costs
CORPORATE:
Mukesh Ambani $5.6 bn >11
NATION: Cabinet signs off on move to
protect convicted lawmakers >4

than a third lasted all three years of the deal’s idealized by the state could prove far more CONTENT PARTNER
INDUSTRY: L&T plans to revamp
engineering business >5
WSJ: China manufacturing expands >21

period; and of these, less than half kept going. expensive than its benefits can justify. It will SENSEX 18,312.94 Æ 407.03

SOOTHING INVESTORS
NIFTY 5,408.45 Æ 105.90 DOLLAR `64.63 Æ `0.59 EURO `86.09 Æ `0.33

HINDUSTAN TIMES

CAG has
GOLD `31,375 æ `65 OIL 109.74 æ $0.05

QUICK EDIT

No capital copies of Offshore

Although covid dealt aviation a heavy blow, not be anytime soon that most Indians can controls, says
‘missing’
coal files
rupee
I t is well known that
around half the daily
traded volumes of rupee
contracts are offshore. So Confidence, not paper
Chidambaram
B Y A MAN M ALIK how important has off-

the later phases of UDAN are unlikely to have afford air-fares anyway, even with our brisk
[email protected] shore trading been in the
························· drama of the rupee’s de-
NEW DELHI cline?

or digital money, is
A senior official of the
Comptroller and Auditor
General of India (CAG) has
It is very hard to judge,
but an internal study by
the Reserve Bank of India
Finance minister says said that the auditor is in pos- (RBI) that has been pub-
some RBI measures Explore new session of all the “key docu-
ments” related to the allot-
lished in its new annual
report offers an interest-

fared any better, a reason the ministry of civil economic emergence, and the sky may turn
were misunderstood,
rupee at its current avenues for ment of captive coal blocks be-
tween 1993 and 2012. The offi-
ing insight. Economists at
the central bank note
level is undervalued revenue, RBI cial did not want to be
identified.
CAG audited the entire proc-
that the offshore market
determines the onshore
price of the rupee during
tells govt

the key currency in a

B Y A SIT R ANJAN M ISHRA ess of coal block allotments depreciation episodes.
[email protected] and came out with a report last In other words, it is the
························· year that said the process was offshore market that is
NEW DELHI
B Y A NUP R OY flawed and possibly fraudu- the driver of exchange

aviation has initiated a relook at the package. out to be the limit for what it costs to reshape F inance minister P. [email protected] lent, and had caused the gov- rates during times such
Chidambaram and Re- ····················· ernment exchequer a notional as these. That creates two
serve Bank of India (RBI) MUMBAI loss to the tune of `1.86 tril- problems. First, this mar-
governor D. Subbarao sepa-
rately tried to talk up senti-
ment surrounding the rupee
T he Reserve Bank of
India (RBI) warned
on Thursday that the gov-
lion.
“It is our practice to retain
copies of all the key docu-
ket is out of the reach of
Indian regulators, includ-
ing RBI. Second, foreign
on Thursday, a day the curren- ernment may find it diffi- ments pertaining to an audit banks (and hedge funds?)

capitalist system.
cy tumbled to a record low for cult to stick to its fiscal report. These are the docu- are big players in the off-
the fifth day on the trot. deficit target in the cur- ments that are crucial to the shore rupee market of

The fault, though, may not lie in UDAN’s a market that’s given to evolving its own way.
Chidambaram told reporters rent fiscal year, given the report,” the CAG official said. non-deliverable forward
that some measures taken by impact of the economic On Tuesday, the government contracts.
RBI had been misunderstood. downturn on tax collec- said that it will make “all pos- So, is the dominance of
He said the government had tion and the depreciation The witness: Reliance Group chairman Anil Ambani arrives at the sible efforts” to locate the files the offshore market the
no intention to bring back a re- of the rupee on the im- Patiala House court complex in New Delhi on Thursday for the hearing that went missing. reason Indian authorities
gime of capital controls on re- port bill, and called for on the 2G spectrum allocation case. Ambani said he was unaware of or “As the investigation have failed to defend the
patriation of funds and the alternative sources of rev- could not recall the names of companies, including Swan Telecom, that rupee?
steps by the central bank will enue to be tapped. CBI claims were controlled by him. See Page 8 TURN TO PAGE 3®

nitty-gritty. Weak demand for flights to reach Policy tools used as air traffic signals expose an
be revisited as stability returns RBI suggested strategic
to the money market. planning, including larg-
The minister spoke at a er dividend payouts by
press conference called hur-
riedly as the rupee slumped af-
cash-rich public sector
units and stake sales in
Indie’s new VHP CAMPAIGN
ter the minutes of a July meet-
ing released on Wednesday by
state-run companies that
are likely to receive inves- make­it mantra: Ayodhya once again emerges
the US Federal Reserve failed
to calm investors fretful that
tor interest and attract
higher prices. Find your own
Kiran Rao as ground zero in UP politics
remote places with wobbly facilities for air old conceit of the command economy: that
the US central bank will soon
end its economic stimulus pro- TURN TO PAGE 3®
gramme. RAMESH PATHANIA/MINT

MA L F L E TC HE R
The rupee fell to as low as B Y N ANDINI R AMNATH B Y A NUJA
65.56 to the dollar on Thursday that these measures were tak- [email protected] [email protected]
before closing at 64.63. en to reduce volatility in the ························· ·························
RBI last week announced markets and to quell specula- MUMBAI AYODHYA/FAIZABAD

that resident Indians cannot

remit more than $75,000 a
tion on the Indian rupee.
There was, and is, no intention T he most unusual ingredi-
ent so far in the marketing O n Wednesday, the annual
street fair, Saavan Mela,

services is seen as a key force that pushed market forces can cheaply be swayed to serve a
year, a steep reduction from to introduce any type of capital plan for Ritesh Batra’s debut in Ayodhya wore an unchara-
the $200,000 permitted earlier. control, including controls on feature Lunchbox: the movie teristically deserted look—like
It also reduced overseas in- repatriation,” Chidambaram critic. the uneasy calm before a
vestment limits for non-gov- added. Lunchbox, a Mumbai-based storm.
ernment companies to 100% of Interacting separately with love story starring Irrfan Khan On Sunday, the storm is ex-
net worth from 400% through the media, Subbarao echoed and Nimrat Kaur, has mostly pected to break as the Vishwa
the automatic route. Some in- the minister’s views and said earned praise wherever it has Hindu Parishad’s (VHP’s) cad-
vestors feared that more capi- the central bank was commit- been shown, whether at film res face off against a deter-
tal controls may be imposed. ted to reining in volatility in festivals (it was shown at the mined state government that

carriers off profit paths. In response, the central agenda. As seen in the past, it’s a losing
“We wish to make it clear the exchange rate. International Critics’ Week at doesn’t want to allow the
“RBI’s commitment to curb Cannes this year), or private right-wing Hindu organization
volatility in exchange rate is industry screenings. Lunchbox to use the town to revive its Tense stand­off: On Sunday, VHP cadres will face­off against a state
total, we are committed to will be shown to critics in campaign to build a temple at government that doesn’t want to allow the right­wing organization to
curbing volatility in exchange Mumbai on 23 August, a whole the disputed site where the use the town to revive its campaign for a temple at the disputed site.
rate and we are firm in our re- month in advance of its 20 Babri Masjid stood before it
solve,” he said. September release. Movies are was demolished in 1992, and polarize the people of UP, and UP, with a population of 200
Credit rating agency Stand- usually screened for reviewers where, many Hindu’s believe, possibly India, along religious million, sends 80 representa-
ard & Poor’s (S&P) said in a re- only a few days before their re- Ram was born. lines. UP has seen several out- tives to the Lok Sabha, and the

Centre could pull a big lever to angle the bet more often than policymakers like to
port on the Asia-Pacific region lease, mostly to offset negative The VHP is part of the ex- breaks of communal incidents SP, led by Mulayam Singh Ya-
released on Thursday that pol- feedback and prevent piracy. tended so-called Sangh Parivar since 2009, according to data dav who harbours ambitions of
icy changes in Indonesia and But Karan Johar’s Dharma of the Rashtriya Swayamsevak journalism site IndiaSpend.in, a national role in the next gov-
India that increased uncer- Productions Pvt. Ltd, which is Sangh (RSS) whose political which said that between 2009 ernment, would like to do well
tainties for foreign investors, presenting Lunchbox in India, face is the Bharatiya Janata and March 2013, the state wit- in the next general election
and DisneyUTV, which is dis- Party (BJP). nessed 482 incidents of com- scheduled for 2014. The BJP
TURN TO PAGE 3® tributing the movie, are confi- Uttar Pradesh’s (UP’s) Sa- munal violence, the highest for once ruled the state, which is
dent that it will have very few, majwadi Party (SP) govern- any state in the country, result- key to its hopes of displacing
ALSO SEE if any, detractors. ment has refused permission ing in 105 deaths. On 21 Au- the Congress-led United Pro-

project up. It could double down on its thrust admit. Interventions like UDAN should be
“We are going to back the to the VHP for the launch of its gust, two people died in com- gressive Alliance in the coming
>Rupee drops to 64.63; marketing campaign on the 20-day Chaurasi Kos Yatra. munal clashes in Muzaffarna- general election. As is Bihar,
panic grips market >P24 viewing of the film, and we will Neither sides seem willing to gar district of the state. The which sends 40 representatives
Mint is also available for R7 with
>Mom­and­pop investors blink in what is threatening to ruling SP has always counted
Hindustan Times in Delhi-NCR only bolt emerging markets >P21 TURN TO PAGE 2® become a spat that will further Muslims among its voter base. TURN TO PAGE 10®

by raising payouts, easing the price caps that subject to rigorous cost-benefit analysis.

MY VIEW | Ex MacHIna

Worldcoin should go beyond verifying our humanness

The first step in the process of registering the individual, ensure that the raw image While this in itself is a worthy endeavour, it trolls will no longer be able to hide online.
RAHUL MATTHAN for a World ID involves visiting in-person information is converted into a set of vectors is necessary but not sufficient. In a world The content they generate will be associated
one of the many locations in the world where that are used to uniquely identify individuals already saturated with untruths, the greater with them, and as more and more of their
a Worldcoin Orb has been placed. This is a in much the same way that the Orb uses an problem by far is figuring out what will hap- content is shown to be fake, consumers will
device with special biometric imaging tech- iris code. Since Aadhaar is a truly digital pen to the problem of fake news when gen- slowly gravitate away from them.
nology that can verify humanness and identity, it can, like World ID, be incorpo- erative AI starts to exponentially expand the When reputational risk automatically

I
am a sucker for new technology. When- uniqueness in a privacy-preserving way. rated by digital workflows to offer the same volume of fabricated text, audio and video attaches to the very act of creating and dis-
ever a new gadget comes along, I feel After using its sensors to confirm that the proof of humanness that content—producing imagi- seminating content, creators will realize that
almost compelled to buy it so that I can see person standing in front of it is a human, it World ID has been nary information that is so they need to think carefully about what they
for myself how it works and what it can do for captures a series of iris images that it then designed to provide. We need a way utterly believable that it is say online if they want to retain credibility
me. As soon as a new digital service opens its processes into a unique digital representa- All of which is to say that indistinguishable from the and attract the audiences they need. Those
doors to beta testers, I am almost always as tion of your iris. Once this iris code is cre- should we choose to use it to trace fake truth. who today have built vast armies of followers
far up at the head of the line as my time zone ated, the image data is deleted from the Orb. in this manner, India This is the problem that I using click-bait tricks and fake news will no
will permit. Which is why the moment I Each iris code is compared with every other already has a biometrically
content to its believe organizations like longer be able to amass such numbers when

is a partner at Trilegal and also

heard of Worldcoin, the first thing I did was
identify the locations in India where regis-
iris code created anywhere in the world in
order to establish uniqueness. If you have
de-duplicated digital iden-
tity system in which over
makers and not Worldcoin should be con-
centrating their energies
it starts to become evident that the content
they create cannot be trusted. If content
has a podcast by the name Ex
Machina. His Twitter handle is
tration services were being offered.
The inspiration behind the creation of
never been previously verified, your World
ID is added to the list of verified World IDs.
1.4 billion people have
already been enrolled. We
just distinguish on. Instead of merely dis-
tinguishing humans from
originators can no longer hide behind the
anonymity that the internet offers, a pre-
@matthan Worldcoin is the very real concern that at The theory is that once digital services start could, should we so bots from bots, they should look to mium will start to be placed on the content
some time in the not-so-distant future, the to incorporate this identity into their sys- choose, use it to solve the devise means by which we of creators who have taken the trouble to
world will become so saturated with artifi- tems, we will be able to tell whether the exact same problem that human beings can more efficiently associ- release tokenized material that is verifiably
cial intelligence (AI) that we will find it diffi- entity we are interacting with is a human or Worldcoin has been cre- ate fake content with their trustworthy.
cult—impossible even—to determine an AI bot. ated to address. purveyors. One way to In the end, I did not get myself a World ID.
whether those we are interacting with are As I thought about what Worldcoin was The more I reflected on what Worldcoin achieve this would be to create digital identi- It is not that I did not trust the technology
humans or not. The solution on offer is to offering, I could not help but be struck by the is setting out to do, I could not help but think fiers for content—tokens if you will—that behind the effort or worry that my personal
create a verifiable digital identity that users similarity between this and India’s own digi- that it is not being ambitious enough in what once inextricably linked to a unique digital information might be misused. Instead, it is
anywhere in the world can use to identify tal identity service, Aadhaar. We too have it is trying to achieve. At present, all it is identity will let readers not only know that it because I believe that even if it is not the case
themselves as human, so that we can all tell establish our uniqueness through biometric doing is giving us tools to identify human was created by a human, but also which one. right now, the digital ID I currently have will
whether we are having a conversation with verification (fingerprints and iris), and, in actors in a world about to be increasingly Once everyone can associate content with eventually be all that I will need to prove my
a bot or not. order to preserve the security and privacy of populated by artificial intelligence agents. the specific human being who created it, humanness.
LIVEMINT.COM VIEWS WeDNesDAy, 23 August 2023
NeW DelhI 15

GUEST VIEW M I N T C U R AT O R

Medical prescription guidelines: FIFA missed a penalty shot by

not speaking up for pay parity
Go for well-calibrated adoption The women’s football World Cup offered a perfect platform for it

India’s generic drugs push can cut healthcare bills but various challenges must be addressed for the idea to fulfil its promise

MINT

ANDREEA PAPUC
is a Bloomberg Opinion editor.

RISHABH BINDLISH, SUJESH

VASUDEVAN & ROSHNI RATHI
are, respectively, managing director & partner
and co-lead of the healthcare practice; senior
advisor; and managing director & partner at
BCG India

M
ore than 2 billion people are
expected to have tuned in. About
2 million attended matches in per-
son. The FIFA Women’s World Cup gener- Women’s football has revealed the fragility

T
he National Medical Commission ated more than $570 million to break even. of a patriarchal paradigm REUTERS
(NMC), the apex regulator of India’s So how much more convincing does FIFA
medical sector, released a set of guide- President Gianni Infantino need that on an unprecedented scale. Taylor Swift’s
lines on 2 August for all registered women deserve pay parity? How much ‘The Eras Tour’ is on track to gross over $1
medical practitioners (RMPs) covering more convincing do women have to do? In billion. Her economic impact earned a
a wide spectrum of issues, including comments two days before the Cup’s final mention in the Federal Reserve’s beige
medical ethics. Among the guidelines is a key gui- that instantly drew ire from players and on book of economic conditions. The Barbie
dance for RMPs to prescribe only INN generic social media, Infantino said women “have movie smashed $1 billion in global box-of-
(International Non-Proprietary Name, i.e.) instead the power to convince us men what we fice sales, making Greta Gerwig the first
of branded drugs. The guidelines also urge pre- have to do and what we don’t have to do” to female sole director to achieve that feat,
scribers to encourage patients to purchase drugs achieve pay equality. It was the same trite and Margot Robbie, the star of the movie,
from government centres and generic pharmacy old message that it’s still up to women to a formidable force in Hollywood.
outlets and to educate the public about generics prove themselves. The World Cup has shown that women
being equivalent to their branded counterparts. This was a golden opportunity to lever- can draw a crowd and their athletic prow-
The government has been advocating the use of age the undeniable success of the tourna- ess more than matches that of men, as
generics for the past few years with the intent of ment that was held in Australia and New shown in a clever French advertisement.
lowering the cost of healthcare and thereby Zealand to telegraph a message of accept- The 32 teams that competed have inspired
improving access. As per the NMC, INN generics ance that women are world-class competi- young girls and boys and showed them
are 30-80% cheaper than branded generics. A sim- tors in sports traditionally dominated by what they can be. It has given them world-
ilar benefit to consumers has been seen in markets men. Instead, the ball was kicked into the class role models.
such as the US, where generics saved the health- women’s half. We heard women “have the Its success went beyond sports or soccer
care system nearly $2.8 trillion from 2009 to 2022. power to change.” “Just keep pushing, fans. In Australia, the national team
India vs West: Structural differences and imple- keep the momentum going, keep dream- brought a country together, and prompted
mentation challenges: Unlike markets in the West, ing,” Infantino said. Nothing about it’s time the government to give a $128 million
the Indian market is a predominantly generics for men’s attitudes to change. funding boost to ride the momentum.
market: Branded, trade and INN. All these three for a re-evaluation in the wake of concerns raised and will need a concerted push by the government Infantino has been calling for greater Companies can learn from the event.
categories are me-too drugs but marketed and dis- by medical associations about their potential to bring it to a level where all manufacturing facili- financial commitment to the women’s Team skills displayed during the tourna-
tributed differently. Branded generics are pro- impact on patient care. ties are inspected regularly. All RMPs need to feel game. Prize money for this women’s World ment are invaluable as women try to navi-
moted to doctors, while trade generics are sold Unlike Western markets, where a combination comfortable prescribing INN generics, as medical Cup exceeded $150 million, up from $30 gate the corporate landscape. In a 2020
through the trade network (with higher margins), of factors like consolidated insurance and orga- accountability rests with them. Till such time, doc- million in 2019—yet still far short of the report, EY found that 94% of women in the
and usually not promoted to doctors. The NMC nized retailer power regulates drug prices and tors in India should be encouraged to prescribe $440 million pot distributed at the men’s C-suite played sport.
has asked RMPs to switch from branded to INN, ensures that significant savings are passed onto branded medicines along with INN generics as World Cup last year. FIFA earned $7.5 bil- Money talks in sport, and probably
which is a major shift. There has been a pushback consumers, doctors in India fear that merely pre- they deem appropriate. lion in revenue from the Qatar event, indi- nowhere more so than in soccer, where
from pharma companies and RMPs. To under- scribing INN generics will not guarantee savings For the Indian consumer to benefit from trade cating the enormous growth potential for superstar players like Lionel Messi and
stand why, we need to consider the structural because the proposed guideline potentially means generics or INN drugs, we must evaluate trade the women’s game. Cristiano Ronaldo get paid mind-blowing
factors that led the Indian pharma market to its a transfer of drug choice from trained prescribers margins in addition to price caps. That will ensure Even if the latest comments were not amounts. Women’s football is far from
domination by branded generics. whom patients trust to chemists who may be moti- that the savings from lower marketing costs are interpreted as intended, they offer a achieving anywhere near that sort of par-
India is an out-of-pocket healthcare expenditure vated to dispense drugs with higher trade margins indeed passed on to the customer. Medically glimpse of the attitudes men in positions of ity. The most successful women’s football
dominated market, one where patients have than cheaper INN versions. Related to this are diffi- rational fixed-dose combinations can help reduce authority hold towards recognizing tournament in the world should have been
always had an inherent trust in doctors. From our culties in prescribing fixed-dose molecule combi- pill burdens, but may pose challenges if INN pills women as equal. Not to mention the sexism the forum to double down on support to
conversations with multiple doctors, there is clear nations with appropriate strength variations. are to be prescribed. This must also be considered. that still exists, as a kiss that briefly over- get there, not suggest that women still
hesitation in prescribing INN generics due to a lack Quality and access must be supplemented with In summary, improving the affordability of (and shadowed Spain’s defeat of England to win need to persuade those who make deci-
of confidence in the quality of products and repu- adequate availability of INN drugs, which cur- thus access to) quality medicines is a step in the the World Cup reminded us. sions. In a sport where brand advertising
tation of manufacturers. In terms of quality stan- rently make up a market share of only 1-2% in India right direction. However, a much deeper and open Women are told to lean in. They have and merchandise sales are of utmost
dardization in India, bio-equivalence criteria are (while trade generics have a 7-8% market share). dialogue is needed between the government, med- been doing just that for the past decade. importance, it’s worth remembering the
mandatory only for the first four years after a mole- While Jan Aushadi centres and government clinics ical bodies, patient groups and the pharmaceutical Yet progress toward parity is advancing at spending power of women should not be
cule enters the market. Subsequent introductions have been scaled up to 9,000+ centres, there is a industry. The effort must carry everyone along and a snail’s pace. The World Economic Forum underestimated. Amanda Staveley,
can get approvals by just submitting stability data. need to establish a much broader network of such any implementation done in haste could be detri- estimated that it will take 131 years to co-owner of Newcastle United FC, told
By comparison, in Western markets such as the facilities with assured availability of molecules so mental for the long-term growth of the industry. achieve political, social and economic par- Bloomberg News that there was a signifi-
US, all generics must match active-pharmaceuti- that customers are not inconvenienced. We must also always keep the interest of the ity, according to its 2023 Global Gender cant lack of commercial revenue despite all
cal-ingredient (API) characteristics and bio-availa- Key considerations and the way forward: While patient front and centre, while recognizing that Gap Report. The overall rate of change had the success women are having in the sport.
bility with those of the original drug innovators, the government’s intent is laudable, several con- India is a unique market and there are challenges slowed down following the pandemic. The head of FIFA had a captive global
which enables prescribers to trust drug quality and siderations need to be discussed and enablers put that will need to be mitigated. This is an implemen- “Even reverting back to the time horizon of audience to enforce that commitment once
prescribe INN drugs post patent expiry. Doctors in in place for successful implementation. Quality tation journey that requires a well-calibrated 100 years to parity projected in the 2020,” the euphoria dies down, and declare that
India have years of experience with branded assurance of INN generics is paramount and approach in a time-bound manner. it said, “would require a significant acceler- he is convinced. It could’ve been a power-
generics and feel more confident about clinical requires a step change in India’s quality-assuring Ram Balasubramanian, principal, BCG contrib- ation of progress.” ful message resonating beyond sport. It’s a
outcomes. It comes as no surprise that the NMC’s framework. The number of drugs standard control uted to the article. These are the authors’ personal This year, women have been rocking the pity that with the world watching, he didn’t
guidelines are facing strong opposition amid calls inspectors and testing laboratories is woefully low views. entertainment and sports world globally lean in himself. ©BLOOMBERG

MY VIEW | CAfE ECOnOMICs

Adopt clear evaluation criteria for industrial policies

ernment is focused on. Fourth, the report the annual reports of all listed Chinese com- in its three selected areas of infrastructure, than the previous two decades’ average.
NIRANJAN RAJADHYAKSHA card for the new industrial policy should not pany from 2015 to 2018 using text search semiconductors and clean energy. China is Two: A meaningful increase in industrial
be based on just shreds of descriptive data algorithms to identify the beneficiaries of struggling to pivot from its old model of production as a percentage of GDP. (The
about how private investment is picking up, government largesse. Their broad conclu- export growth driven by capital accumula- industrial policy launched in 2013 explicitly
but on more rigorous causal analysis as evi- sion after careful statistical analysis is that tion and low-cost labour to an economy aimed at raising this measure by nine per-
dence piles up over the years. while the firms that received government based on innovation and domestic demand. centage points to 25% of GDP.)

I
t has been a year since US President Joe Washington’s industrial policy in the US subsidies to promote innovation did The success rate of 20th century indus- Three: A substantial rise in the proportion
Biden signed the Inflation Reduction Act is barely a year old. In contrast, Beijing’s increase their research and trial policy is far lower than of the labour force employed in factories.
into law. The new legislation goes beyond ‘Make in China 2025’ programme is nearly development spending as a is commonly assumed. For Four: A structural shift in the trade bal-
the goal of price control stated in its name. a decade old. It was launched in 2015 as part percentage of sales, there We must agree every South Korea, there is ance, especially for countries such as India
The Inflation Reduction Act works in tan- of a larger strategic goal to guide the Chinese is little evidence of broader a Brazil. The initial burst of with high trade deficits.
dem with other new legislative proposals economy up the value chain, from being a productivity improve- on how best to Chinese growth that pro- Five: Lower dependence on China either
such as the American Rescue Plan and the developing country that was a cheap pro- ments, patenting increases vided the necessary as an export market or as a source for
CHIPS and Science Act to pivot the US vider of industrial capacity to an advanced or higher profitability.
measure their momentum for that econ- imports that go into domestic production as

is executive director at Artha

towards active government intervention in
industry, through direct investments, tax
economy driven by innovation. The idea is
to build capabilities in 10 industrial fields:
These results are only
for the initial years of the
success or omy came with falling
import tariffs and very few
well as consumption.
Most debates on the impact of industrial
India Research Advisors, and
a member of the academic
credits, subsidies and some import tariffs.
A senior economist in the Biden adminis-
next-generation information technology,
robotics, aerospace, oceanographic equip-
policy, and before the tar-
iffs imposed by the Donald
failure for a sector-specific interven-
tions by the government.
policies—tax breaks plus import tariffs plus
investment subsidies—are based so far on
advisory board of the Meghnad tration has written a lucid policy brief to ment and high-technology shipping, Trump administration that proper debate The new variant of anecdotal evidence. Both the early success
Desai Academy of Economics. mark the first anniversary of the Inflation advanced rail transportation equipment, Biden has not removed. industrial policy being of American industrial policy as well as the
Reduction Act. There are four salient points electric vehicles, electric power equipment, There are two broader on their value introduced across the early problems of Chinese industrial policy
in her note. First, US industrial policy is very agricultural machinery and equipment new points here. First, the world over the past few fall into this category. India is no exception.
tightly focused on three areas: infrastruc- materials, and biopharmaceuticals and potential goals of indus- years is too fresh to offer Most of the evidence on offer is either anec-
ture, semiconductors and clean energy. Sec- high-performance medical equipment. trial policy depend a lot on what a country any convincing conclusions. Yet, it is worth dotal or restricted to a few areas. The macro
ond, the government will intervene with a How is it doing? There is scant research on sets out to do. Second, what a country should asking what the metrics of future success or data as yet shows no structural shifts, though
combination of direct investments as well as this. One reason is that the Chinese govern- set out to do depends on where it is in terms failure will be. These metrics matter for it is only fair to add that it will take many
incentives for companies. Third, the ulti- ment has never revealed which firms it is lav- of the global innovation frontier. Geopoliti- India as well. Here are possible ways to more years for more clarity to emerge. How-
mate test for the success of these public ishing funds on as part of its ‘Make in China cal calculations matter as well. The US has measure the impact. ever, it is important to agree on some stan-
investments will be whether private invest- 2025’ programme. Economists Lee Bran- launched its industrial policy to ensure that One: Economic growth over the next dec- dard of measures of success or failure to give
ments flow into the three areas that the gov- stetter and Guangwei Lee trawled through it has enough domestic production capacity ade is at least one percentage point higher the debate on industrial policy some weight.
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SUSTAINABILITY
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Charting the most optimal

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CEO, Paravastu Partner, Trilegal Managing Director,
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India's green mobility pathway Chhattisgarh: The

sustainability journey
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Has India Inc. got its environmental, social and governance (ESG) quotient right?

Madhulika Sanjay Dr. Sanjeev Dr. Pradeep Hetal Gandhi

Sharma Khajuria Panchal Panigrahi Director-Research,
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