NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE* VOL. 16 NO.

304

Wednesday, December 21, 2022

livemint.com

mint primer QUICK EDIT

The why and how China’s

of changing our
competition law
BY GIREESH CHANDRA PRASAD
The Parliamentary standing committee on finance, led by the BJP’s
Jayant Sinha, has recommended modifying a Bill currently before the
Parliament to make the Competition Act more up-to-date. Mint
examines what’s in store for businesses.
Why does the law
1 need an overhaul?
The Competition Act was passed
in 2002 and came into force in
2009, while its merger control
regime took effect in 2011. Since
then, the digital economy has seen
explosive growth while tech start-
ups have disrupted the market.
Also, the jurisprudence and global
best practices in anti-trust
regulations have evolved. A Bill to
amend the law was introduced in
the Lok Sabha during the mon-
soon session. It seeks to regulate
digital economy mergers and
acquisitions, and offers negotiated
settlements in anti-trust cases. The
Parliamentary panel, which revi-
ewed the Bill, has now suggested
some pro-investor changes.
MINT
MINT
What are the panel’s
2 recommendations?
The committee recommended that
under CCI’s proposed deal value-
based merger control regime, the
value of global deals be revised
every year, instead of every two
years as originally proposed. It also
recommended more in-depth
economic analysis to assess the
likely ill-effects of a proposed
merger. The panel proposed
broadening the scope of negotiated
settlements without admission of
guilt and spiked a plan to cut the
time available for the Competition
Commission to approve deals. It
recommended that reasonable use
of intellectual property rights be
allowed as a defence in cases of
abuse of dominance.
slump
The World Bank slashed its
growth forecast for China to
2.7% this year from 4.3% esti-
mated in June and to 4.3% next
year from 8.1% projected earlier.
With the world’s second-big-
gest economy in such a slump,
the global economy is expected
to slow steeply amid a mix of
adversities ranging from high
inflation and lingering covid
snarls to the effects of the
Ukraine war. For India, this
implies our economy will likely
hold the crown of the world’s
fastest-growing major economy
both this year and the next. Yet,
while our trade linkages with
the global economy aren’t too
deep, we can’t expect to escape
the world’s economic woes. Our
balance-of-payments is unlikely
to go so badly out of whack as to
result in outright dollar scarcity,
but plugging the gap with capi-
tal inflows may get more chal-
lenging should US interest rates
reach a level that needs returns
on investment in India to rise
sharply for foreign money to
keep coming in. While we didn’t
over-stretch our finances with
covid-relief packages as much
as others did, the compound
impact of dearer purchases and
tighter money worldwide will
cramp our economic prospects
as well. Self-pats on the back are
premature at this point.
MINT METRIC
by Bibek Debroy

An omelette with a cockroach,

3 How influential is the
standing committee’s view?
Law-making entails the scrutiny of Bills by
Railways show the wrong approach.
standing committees, which helps make
That too, a Rajdhani train
the legislation more robust. Although their Makes this difficult to explain.
recommendations are not binding, they
heavily influence the final form of the Bills.
Clearly, the catering isn’t above reproach.
The CCI, and other regulators, are set up
under Acts of Parliament and reviewing
their performance is within the purview of
the standing committees.
QUOTE OF THE DAY
The Finance Commission has
4 Will cartels be allowed
to settle cases? 5
Yes; if the panel’s recommendation
What is the proposal
around IPRs?
IPRs, such as patents, confer a
asked for devolution of funds
is accepted. Sectors like tyre limited market monopoly to
directly to local bodies. We have
manufacturing, shipping and innovators. A patent, for example, given that. They are now
cement have witnessed prevents others from making its
investigations for cartelization. copies for 20 years. Competition
sitting on money which can be
Settlement would involve paying law, on the other hand, punishes used for developmental
an amount to the government as everything that stifles
ordered by the CCI. The competition. The law now allows
expenditure.
committee also recommended IPRs as a valid defence in the case
compensation to consumers. This of anti-competitive agreements
is meant to ensure early market between entities. The committee’s
correction and to prevent cases proposal is to allow similar carve-
from languishing in courts. It also out to IPRs in the case of abuse of NIRMALA
proposed allowing businesses to dominance related cases, too. This SITHARAMAN
withdraw from the settlement and brings more certainty to holders of FINANCE MINISTER
commitment process. patents, trade-marks, etc.

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EMKAY GLOBAL (20 DECEMBER)

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

Indian cities: broken

finances, low capex
by howINdIAlIvES.com

T
he Municipal Corporation of Delhi (MCD) recently elected new councillors in a high-pitched election. Meanwhile,
elections to Mumbai’s municipal body have been delayed for nearly a year. Whoever is in charge, India’s municipalities
have to work with a budget that lacks heft and is short on prudence—and, thus, ends up placing boundaries on the qual-
ity of civic life delivered. About 600 million Indians, or 40%, will be urban dwellers by 2036, against 35% now, according
to the World Bank. This will put pressure on municipal services. Indian cities have perpetually struggled to be self-sustaining,
said a recent report by the Reserve Bank of India (RBI) on municipal finances. This report shows that municipalities are mostly
financed by three sources to a nearly equal degree: own taxes, own non-tax revenues, and transfers from governments. In
2019-20, 35.7% of total municipal revenues were to come from state and central transfers.
Even Delhi , with high commercial activity and wealth concentration, was to receive one-third of its ₹21,802-crore munici-
pal revenues from its state government. For municipalities in 15 of the 28 states covered in the RBI report, the share of this
revenue head exceeded 40%. Important municipal taxes such as octroi were subsumed in the goods and services tax (GST)
in 2017. Municipal bodies have found it difficult to find new and stable sources of tax revenue. For instance, the experiment
with local body tax (LBT) on goods in Maharashtra failed miserably. This creates too much dependence on state governments
in areas where a city needs to spend.

State and central transfers form a In 16 states, the share of transfers in

third of municipal revenues municipal revenues exceeds 40%
Share of revenue receipts of municipal corporations in India (%) Share of central and state transfers in total municipal revenues (%)
Transfers
State transfers 32 20 40 75

Central transfers 3.7 Delhi: Has been running up salary

dues, affecting civic services. Has
to resolve sanitation issues and
Own tax revenue widen the property tax ambit.
Property tax 15.5

Octroi tax 3.8

Water tax 3.2

Other tax receipts 10.4 Kolkata: Large dues to

contractors affects city
beautification, and
Own non-tax revenue projects related to water
supply and drainage
Fees and user charges 16 Mumbai:
refurbishment.
Subsuming of
octroi into GST
Other non-tax receipts 6.4 forced it to dip
into its reserves
Bengaluru: Dependence on
Rental income from in 2020-21. Needs
4.6 grants is seen dropping to 38%
municipal properties to revamp
in 2022-23, but is still high. Road
property tax
congestion and drainage are
collection.
Income from investment 4.3 enduring issues.

Data shows budget estimates for 2019-20. Uncategorized amounts have been Data shows budget estimates for 2019-20
subsumed under relevant heads. Source: Report on Municipal Finances, 2022, Reserve Bank of India; news reports

Taxing Properties For some states, property tax is the

only source of tax revenue
IN 10 of the 28 states, the share of state and central transfers in Breakup of tax revenues (%)
municipal revenues increased in 2019-20. Implicit in this is Property tax Other sources
Telangana
their own limited ability to raise revenues. Property tax is the
biggest tax revenue source for most municipal bodies in the West Bengal
country. It is typically charged on an annual basis, on the value Uttar Pradesh
of a property. It can thus provide a stable and predictable source Andhra Pradesh
of revenue for local governments, though it is also plagued by Tamil Nadu
under-coverage. Haryana
In a large city like Delhi, property tax was projected to Delhi
account for 55% of its tax revenues in 2019-20. This was Gujarat
followed by toll tax (20.8%) and electricity tax (19.8%), according Maharashtra
to the RBI report. For municipalities in West Bengal and Madhya Pradesh
Telangana, property tax is the nearly the only source of tax 0 20 40 60 80 100
Data shows budget estimates for 2019-20 for top 10 states by municipal
revenue. Developed states such as Maharashtra and Gujarat revenues. Other sources include taxes on water, electricity, and other
have equal reliance on taxes other than property tax, such as municipal services.
those on water and electricity. Source: Report on Municipal Finances, 2022, Reserve Bank of India

User charges lead non-tax revenues

for municipalities
User Charges Dominate
Breakup of non-tax revenues (%) NON-TAX REVENUES is the third category of revenues,
Fees and user charges Rental income from properties Others accounting for 31.3% share in 2019-20 on an all-India basis. User
West Bengal charges and fees for municipal services such as health and
Telangana transport form the biggest chunk. Rental income from
Andhra Pradesh properties owned and maintained by the municipal body, such
Gujarat as commercial properties and heritage buildings, is also an
Maharashtra important source. For Delhi, rental income from municipal
Madhya Pradesh properties accounts for about 47% of its non-tax revenue,
Tamil Nadu
against the national average of 5%. For Delhi, this proportion
Uttar Pradesh
may go up. With the reunification of the Municipal Corporation
of Delhi, there has been a major reshuffling in office spaces. For
Delhi
example, the 12-storey building in Karkardooma that was meant
Haryana
to house the Shahdara zone offices of the erstwhile East Delhi
0 20 40 60 80 100
Data shows budget estimates for 2019-20 for top 10 states by
Municipal Corporation will now be put on rent. A similar
municipal revenues. repurposing is expected with offices of the North and South
Source: Report on Municipal Finances, 2022, Reserve Bank of India Delhi Municipal Corporations as well.

Quality of Expenditure Most municipalities spend below 1%

of GSDP on capex
CITIES NEED to invest in infrastructure—for example, Capital expenditure
garbage dumps and trucks, and waste-management plants. by municipalities 0.31 0.62 0.93
Rather than use up all their income in running the as share of state
administration, they also need capital expenditure. In 2019-20, GDP (%) Bihar
0.84
RBI estimated capex by municipal corporations to be 0.44% of
GDP, against 1.7% by the Centre and 2% by states. There is
variance among states, for many reasons. Municipal bodies in
Delhi were projected to spend just 0.16% of the state’s GSDP on
capex, one of the lowest. That figure for Chhattisgarh and
Maharashtra was 1.24% and 1.18%. Municipal capex spend needs Chhattisgarh
to be seen along with how much a state is investing in its cities. Maharashtra 1.24
The Delhi government, for example, aims to spend 29% of its 1.18
FY23 budget on capex. Even with that, Indian cities have much
catching up to do, especially to keep up with rising populations. Data shows budget
www.howindialives.com is a database and search engine for estimates for 2019-20.
public data. Source: Report on Municipal Finances, 2022, Reserve Bank of India
PARAS JAIN/MINT

PEANUTS by Charles M. Schulz

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 NEw DElhI, MUMBAI, BENGALURU, kOLkATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE* VOL. 16 NO. 304 Rs 5.00 IN DELHI-NCR; Rs 6.00 OUTSIDE DELHI-NCR. PRICE WITH HINDUSTAN TIMES Rs 10.50 (FOR DELHI & NCR) 18 PAGES

Wednesday, December 21, 2022

Centre calls for vigilance as BOJ‘s surprise hawkish turn

livemint.com covid surges in China uP2 jolts bond markets uP10

SENSEX 61,702.29 103.90 NIFTY 18,385.30 35.15 DOLLAR ₹82.75 ₹0.05 EURO ₹88.03 ₹0.22 OIL $79.20 $0.02 GOLD ₹54,319 ₹320

Sebi board rejigs Jobs, women’s

empowerment
key priorities
DON’T MISS

rules on buyback for secy panel

Dilasha Seth &
Gireesh Chandra Prasad
Capital markets regulator strengthens governance at exchanges
NEW DELHI
Need spending flexibilities to
Priyanka Gawande

T
he government has estab- achieve fiscal glide path: Centre
priyanka.gawande@livemint.com
MUMBAI
STOCk TAkING Finance minister Nirmala Sitharaman is also expected to announce a
lished 12 committees com-
prising top officials to
The Centre on Tuesday highlighted the need for
flexibilities in expenditure amid external shocks
₹10,000 cr additional outlay for states to acquire 26% equity stakes devise ways to stoke long-term and global uncertainties to achieve the fiscal

T
he country’s markets reg- in 14 hydropower projects totalling 13.25GW in the hilly states. REUTERS economic growth amid global glide path. As tax revenues soar, the Centre told
ulator will gradually elim- uncertainties. The panels are Parliament, it remains committed towards
inate share buybacks
through stock exchanges
by April 2025 as it works
Budget to press for working on easing the compli-
ance burden for businesses,
encouraging private investment
strong macroeconomic fundamentals. >P11

Domino’s Pizza plans expansion

to create a more equitable process
for shareholders.
The Securities and Exchange
energy transition in infrastructure, supporting
small businesses, and promoting
job creation, a person familiar
drive; to add 1,300 more outlets
Domino’s Pizza plans to ramp up its retail store
Board of India (Sebi) will create a sep- with discussions in the govern- network as it bets on growing appetite for its
arate window on the stock exchanges Utpal Bhaskar & Rituraj Baruah Kashmir, northeastern and hilly ment said. products in its largest market outside of the US
to conduct buybacks until then. The NEW DELHI states. Furthermore, the govern- Based on the suggestions, the by store count. Jubilant FoodWorks, the Indian
regulator also increased the mini- ment may offer a 5% interest government will draw up plans franchise of Domino’s, will add 1,300 stores
across India , taking its store count to 3,000. >P8

mum utilization of funds allocated for
buybacks through the stock
exchange to 75% from 50%.
“These amendments aim to
streamline the process of buyback,
create a level-playing field for inves-
tors and promote the ease of doing
business,” Sebi chairperson
Madhabi Puri Buch told reporters
after a board meeting on Tuesday.
Sebi is reviewing several regula-
tions and tightening corporate gov-
ernance norms amid a sharp
increase in frauds and underper-
forming initial public offerings that
have hurt minority shareholders.
The regulator also reduced the
timeline for the completion of buy-
backs through the tender offer route
by 18 days. Sebi said the requirement
of filing the draft letter of offer with
the regulator would be eliminated,
Sebi chairperson Madhabi Puri Buch.
TIGHTENING THE SCREWS
SEBI to scrap share REGUlATOR cuts
buybacks through timeline for completion of
exchanges by Apr 2025 buybacks via tender offer
saving time for listed firms. “Over
time, more and more companies will
have to resort to the tender offer
route. Arguably, this is a fair way and
will allow all shareholders to partici-
pate,” said Yash J. Ashar, partner and
head of capital markets at law firm
Cyril Amarchand Mangaldas.
Sebi also approved the recommenda-
tions of a working group on improving
governance standards at exchanges—
new rules include increased accounta-
F
PTI
IT also okayed a plan to
create platforms for direct
sale of mutual funds
bility of directors, stricter investment
policy and data sharing.
The Sebi board approved the pro-
posals designed to improve govern-
ance at market infrastructure institu-
tions, including stock exchanges,
clearing corporations, and deposito-
ries. These proposals are particularly
significant in light of past failures and
controversies involving the National
TURN TO PAGE 8
inance minister Nirmala
Sitharaman may unveil a
range of initiatives to sup-
port India’s energy transition in
the Union budget, including a
₹21,650 crore scheme to
encourage the set-
ting up of grid-
scale battery
energy storage sys-
tems (BESS),
₹3,765 crore in via-
bility grants for such projects,
and reduced import duties on
parts to build BESS, two people
aware of the development said.
Sitharaman is also expected to
announce an additional ₹10,000
crore outlay for states to acquire
26% equity stakes in 14 hydro-
power projects totalling 13.25
gigawatts (GW) in Jammu and
subvention for new energy-effi-
cient technologies and a credit
guarantee of 75% of the loan
amount or ₹15 crore per project
to small and medium enterprises
deploying energy-efficient tech-
nologies.
“The equity sup-
port for hydro-
power projects can
result in a capital
expenditure of ₹1.3
trillion and help in creating
jobs in these states and help
with revenue generation for
their economy,” one of the two
people cited above said, seek-
ing anonymity.
Transitioning to clean energy
from fossil fuels is crucial for lim-
TURN TO PAGE 8
to help India match developed
country parameters in these
areas and create an enabling
infrastructure for growth over
the next 25 years, the person said,
seeking anonymity. The com-
mittees have representatives
from states and Union territories.
The move comes at a time
India’s exports and job creation
are being adversely affected by a
decline in global demand due to
rising interest rates. The govern-
ment has been increasing spend-
ing on infrastructure projects to
stimulate private investment and
drive economic growth.
The 12 working groups are
based on six sub-themes of two
broad pillars—growth and job
TURN TO PAGE 8
Global economy to see impact
of policy actions next year: RBI
The global economy will bear the brunt of
monetary policy actions next year as the
balance of risks gets tilted toward a
darkening global outlook, the Reserve Bank
of India said in its December bulletin
released on Tuesday. >P2
Mahindra and Mahindra hits top
gear in battle for SUV crown
Plagued by a dated product line-up with designs and
features that were out of sync with shifting consumer
preferences, M&M had been in a downward spiral.
But now it has scripted a turnaround as from an all-
time low market share of just 13.3% in September
2020, it has bounced back to 20% share now >P12

After a lull
Out of all the offer documents filed by firms with Sebi, 55 have got its
nod to raise a total of ₹83,481 crore, according to Prime Database.
Maruti chairman calls for paring NBFC loan sanctions fall as
Year
2017
2018
No. of IPOs Amount (₹ cr)
36
24 30,959
67,147 tariffs, GST to perk up auto sector commercial demand slows
2019 16 12,362 Alisha Sachdev motor vehicles—whether SUVs Shayan Ghosh emergency credit line guaran-
Subdued phase
2020 15 26,613 alisha.sachdev@livemint.com (sport-utility vehicles) or shayan.g@livemint.com
Aggregate approved loans tee scheme (ECLGS) loans
2021 63 1,18,723 NEW DELHI MUVs(multi-utility vehicles)— MUMBAI fell 3% in the September were sanctioned,” said K.V.
2022* 38 58,961 have been in the highest tax quarter from a year ago. Srinivasan, chief executive of

M T
aruti Suzuki India Ltd bracket. This clarification he amount of loans sanc- Total NBFC loan sanctions (₹ trillion) Profectus Capital Pvt. Ltd, a
No. of IPOs Amount (₹ cr) chairman R.C. Bhar- (recent GST Council clarifica- tioned by domestic non- 4 3.66 company that provides
Sebi nod received 55 83,481 gava on Tuesday said tion) only confirms the govern- bank lenders in the secured financial solutions to
Awaiting Sebi nod 32 54,415 India must aggressively pursue ment will levy a 22% cess if four three months ended 30 Sep- 3 small businesses.
free trade agreements (FTAs) conditions are met, which puts tember fell from a year earlier, Launched on 20 May 2020
*Till 19 December Source: primedatabase.com
and trim tariffs to help auto- us into a 50% kind of tax primarily due to a drop in 2 as financial assistance to small
SARVESH KUMAR SHARMA/MINT
makers tap large overseas mar- bracket. You can’t grow an demand for commercial loans, businesses during the pan-

Slew of IPOs to hit kets. Alongside, the local auto

industry must abandon its “pro-
tectionist mentality” and
Maruti Suzuki India chairman
automobile industry at a 50%
tax rate,” Bhargava said, assert-
ing there is no country where
data showed.
Aggregate sanctioned loans
fell 3% to ₹3.7 trillion in the 0
1

Q2 FY21 Q2 FY23
Source: Finance Industry Development
demic, ECLGS provides a
100% guarantee to lenders for
loans to select borrowers.

market despite
embrace competition to thrive,
Bhargava said at the company’s
annual media meet.
India is currently engaged in
R.C. Bhargava.
vide major expansion opportu-
nities, Bhargava added.
the automobile industry has
grown with such a tax rate.
“It is the wisdom of the policy-
makers and the political leader-
September quarter from a year
earlier, according to data
released by industry body
Finance Industry Develop-
Corp.-Crif High Mark
While it was originally devised
for small business borrowers
PARAS JAIN/MINT
with total credit outstanding of
basis in the September quarter, up to ₹25 crore, it now

new-age cos’ rout free trade negotiations with the

Ram Sahgal & Priyanka Gawande price after more than halving
MUMBAI from their 52-week highs. After
a lull since the mega Life Insur-
UK and the European Union,
deals that could potentially
have a significant impact on the
automotive industry.
According to Bhargava,
He argued that India could
compete by supplying high-
quality vehicles to various parts
of the world rather than relying
on “dumping” to gain an
advantage.
ship—they really don’t want the
car industry to grow fast... they
want it to grow, maybe at 4-5%. If
the leadership is happy with the
4-5% growth for the industry,
who am I to quibble with that?”
ment Corp. (FIDC), jointly
with credit information com-
pany Crif High Mark.
Retail loan segments,
including consumer, educa-
tion, gold, and home loans,
things have improved in the cur-
rent quarter, data for which will
be available in the next couple of
months, according to experts.
They said the NBFC industry is
not seeing any serious demand
includes other segments as
well.
According to Srinivasan, the
data also shows that some seg-
ments, like long-term and
medium-term loans, have

T
he primary market is
poised to gather steam
soon as the steep losses
in issues of new-age companies
become a fading memory.
Out of the offer documents
filed by firms with the capital
markets regulator, 55 have
received approval for raising a
total of ₹83,481 crore, while 32
looking to raise ₹54,415 crore
are awaiting approval, accord-
ing to Prime Database, a pri-
mary market tracker.
Some of the large initial pub-
lic offers that have received
Sebi approval are Aadhar
ance Corp. of India (LIC) issue,
IPO activity picked up again in
October. Momentum in the
secondary market has fuelled
appetite in the primary market.
From a 52-week low of 15,183.4,
the Nifty has risen 21% through
18,385.3 on 20 December,
whereas the Dow Jones was
11.3% below its 52-week high on
19 December.
The Nifty outperformance
was driven by domestic insti-
tutional investors (DIIs), who
net-purchased shares worth
₹2.57 trillion in 2022 through
November end, against for-
India has the potential to be “far
more competitive in manufac-
turing” than any other country.
While there may be concerns
around dumping, the country
can handle a certain volume of
imports, and FTAs would pro-
Biodiversity new risk for asset managers after UN summit
Bloomberg
feedback@livemint.com
Steep taxes on automo-
biles—28% plus compensation
cess depending on the vehicle
segment—are keeping India’s
car penetration low, Bhargava
said.
“Throughout our history, all
global head of sustainable
investment at Schroders Plc.
What’s more, it “should make
he said.
“The growth rate of the car
industry today in the country
compared to the first 10 years of
this century has been steadily
TURN TO PAGE 8
saw higher sanctions in the
September quarter, while
short-term, medium-term and
long-term loans contracted,
the data showed.
While there was some amount
of slowdown on an aggregate
positively noted the adoption of
requirements for all large busi-
nesses and financial institutions
contraction.
“I would call it flat instead of
a decline. The reason for this
slight contraction in the fiscal
second quarter is somewhat
owing to the high base in the
last financial year when the
through, particularly from poli-
cymakers, in delivering on these
commitments,” he said.
contracted, while many other
categories have grown.
“Home loans seem to be
affected because of higher
interest rates because the cur-
TURN TO PAGE 8
ing risk and investing in compa-
nies seeking to provide solu-
tions.”

F
Housing Finance, which is rais- eign portfolio investors (FPI) und managers who financial regulators sit up and lis- to assess and disclose how they Delegates compared the The financial-services indus-
ing an estimated ₹7,300 crore, selling ₹1.23 trillion. While haven’t cared about biodi- ten.” affect and are affected by biodi- accord to the landmark Paris cli- try has so far largely ignored the
and TVS Supply Chain Solu- markets could turn volatile versity may soon find they The accord will essentially versity, even though making mate agreement of 2015, which planet’s rich biodiversity. In
tions, Macleods Pharmaceuti- given the global macro head- have to. encourage the finance industry this process mandatory is key reset the regulatory framework fact, corporations and those
cals and Bharat FIH (₹5,000 winds such as rising interest In the early hours of Monday to assign a price to natural for us,” Robert-Alexandre Pou- across jurisdictions and helped funding them have contributed
crore each). Other than the rates in the US and growing in Montreal, a deal was struck resources that had previously jade, ESG analyst–biodiversity turn 1.5C and net zero into a to an alarming destruction of
Macleods IPO, which is a pure fears of a recession there, that has the potential to shake been treated by bankers and lead at the asset management global mantra. “From an envi- the world’s natural resources,
offer for sale (OFS), the others bankers and market experts up the regulatory landscape for investors as cost-free. The World The deal will encourage the finance arm of BNP Paribas SA. ronmental perspective, biodi- with animal populations drop-
combine fresh issuances and believe the secondary market the investment industry. After Economic Forum reckons that industry to assign a price to natural The inclusion of quantifiable versity has often felt like this ping by an estimated 69% since
OFS. momentum could help revive four years of talks, UN negotia- more than half of global gross resources that had previously been objectives among the 23 targets amorphous thing living in the 1970. Over the same period, the
Many investors are sitting on FPI interest in India. tors hunkered down for two domestic product, or about $44 treated by investors as cost-free. AP such as around reducing pesti- shadow of climate change,” said human population has more
huge losses after buying into “We are expecting a lot of FII weeks at the COP15 biodiversity trillion of economic value, relies cide use by 50%, as well as tar- Robert Furdak, chief invest- than doubled to 8 billion.
new-age firms like Zomato, activity going forward, which summit to produce a framework to some extent on nature. sures, with the ultimate goal of gets related to corporate disclo- ment officer of responsible “It remains rare to find funds
Nykaa and PolicyBazaar, which that KPMG says provides “an Negotiators at COP15 agreed shielding 30% of the world’s sures, send “powerful signals to investment at Man Group Plc. that specifically target biodiver-
have fallen below their issue TURN TO PAGE 8 unambiguous message” to firms that governments and the natural assets by 2030. the investment community,” But the COP15 agreement “adds sity and natural capital as an
on the need to start disclosing finance industry need to invest Asset managers are paying said Lorenzo Bernasconi, head an important financial compo- investment theme,” said Lind-
NOTE TO READERS The Media Marketing Initiative on their biodiversity footprint. in such a way so as to halt and particular attention to the of climate and environmental nent that we think will acceler- sey Stewart, director of invest-
Page 5 is the equivalent of a paid-for advertisement, and no Mint The agreement “is a signal the reverse nature loss by the end of agreement on disclosures, even solutions at Lombard Odier ate its adoption as a factor to ment stewardship research at
journalists were involved in creating it. Readers would do well to financial community cannot this decade. The deal includes a though these weren’t made Investment Managers. The key consider in portfolios, both
treat it as an advertisement. ignore,” said Andy Howard, clause on biodiversity disclo- mandatory in the final text. “We will be “seeing strong follow from the perspective of manag- TURN TO PAGE 8

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 02 WeDNesDay, 21 December 2022
NeW Delhi ECONOMY & POLICY LIVEMINT.COM

m MINT SHORTS
EPFO adds 1.29 million members
Nepal
blacklists FM to speed up processes
in October; 30% fall in a month
New Delhi: The Employees’ Provident Fund Organization (EPFO)
made 1.29 million net additions in October, a dip of 30.2% as com-
pared to 1.68 million net new subscribers added in September, the
16 Indian
pharma cos
for urban housing scheme
labour ministry said on Tuesday. The ministry said that around
2,282 new establishments have started complying for the first time PTI
under the Employees’ Provident Funds & Miscellaneous Provisions feedback@livemint.com
Act, 1952 ensuring social security cover to their employees. A year- Government aims to complete building the sanctioned 12.2 million houses by December 2024
N
on-year comparison of payroll data reflects an increase of 21,026 epal’s drug regulator
in net membership in October 2022, it stated. SAURAV ANAND has blacklisted 16
Indian pharmaceutical Rituraj Baruah & with the state governments for reduc-
companies, including Divya Subhash Narayan tion of time required for all land and
Parliament’s winter session Pharmacy which makes yoga construction-related approvals, for pro-
guru Ramdev’s Patanjali prod- moting affordable housing for middle
likely to end on 23 December ucts, saying they failed to com-
NEW DELHI
class and economically weaker sections

ply with the World Health
Organisation’s (WHO) drug
manufacturing standards.
The Department of Drug
Administration, in a notice issued
on 18 December, asked the local
agents in Nepal, which have been
supplying these medicines, to
immediately recall them.
According to the notice
issued by the department, the
medicines manufactured by
the listed companies cannot be
New Delhi: The winter session of Parliament is likely to con- imported or distributed in
clude on 23 December, a week ahead of schedule, official Nepal. The list of the compa-
sources said on Tuesday. The decision to recommend early nies that do not comply with
conclusion of the session was taken at a meeting of Lok WHO standards were pub-
Sabha’s Business Advisory Committee chaired by Speaker lished after inspection of the
Om Birla, they said. The Winter Session began on 7 Decem- manufacturing facilities of the
ber and was originally scheduled to end on 29 December.PTI pharmaceutical companies
that had applied to export their
products to Nepal, according to
CCI approves Brookfield’s minority department officials.
The list includes Radiant
stake purchase in UPL SAS Parenterals Ltd, Mercury Lab-
New Delhi: The Competition Commission of India (CCI) on Tues- oratories Ltd, Alliance Biotech,
day said it has approved Woodhall Holdings Ltd’s acquisition of a Captab Biotec, Aglowmed Ltd,
minority stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). Zee Laboratories, Daffodils
Woodhall is a special purpose vehicle and part of Brookfield.Under Pharmaceuticals, GLS Pharma,
this framework, a transaction which does not raise any risk of an Unijules Life Science, Concept
appreciable adverse effect on competition is deemed to be Pharmaceuticals, Shree Anand
approved on being intimated to the fair trade regulator. PTI Life Sciences, IPCA laborato-
ries, Cadila Healthcare Ltd, Dial
Pharmaceuticals and Mackur
Gambia House panel pins blame laboratories.
on Maiden Pharma for deaths
T
he upcoming annual budget in urban areas,” she said.
is likely to propose a major Sitharaman added that the Centre
focus on the Pradhan Mantri would also work with the financial sec-
Awas Yojana (Urban), as the tor regulator to expand access to capital
government aims to com- and reduce the cost of intermediation.
plete the homes sanctioned under the As part of this playbook, the Union
flagship housing scheme by the ministry of housing and urban affairs
extended deadline of December 2024. holds consultations with state govern-
In the last Union budget, the Centre ment on issues hindering affordable
had allocated ₹48,000 crore for the com- housing projects, including land acqui-
pletion of 8 million homes in FY23. This sition and environment-related clearan-
time, the allocation is unlikely to touch ces for projects.
the record levels of last year. But, as the Several demand-boosting incentives
government aims to complete the sanc- The budget may not sanction any more homes under the scheme for the next one under the scheme closed in FY22.
tioned 12.2 million houses by December year as it focuses on completing sanctioned projects. AP A credit-linked subsidy scheme for
2024, the allocation would be “signifi- people belonging to the middle-income
cant”, said two officials aware of the The official added that the financial A total of ₹1.29 trillion has been released group (MIG) and low-income group
development. assistance would be not as high as the by the Centre out of the committed ₹2.03 (LIG) or economically weaker section
In August this year, the Union cabinet last budget’s allocation as no new homes trillion so far, according to data on the (EWS) for affordable housing ended on
extended the scheme till December have been sanctioned now. website of PMAY-U. 31 March.
2024, to give itself time to complete all On 13 June, Mint reported that the gov- Experts suggested the covid-19 pan- Similarly, the additional tax deduc-
the homes sanctioned till demic forced a delay in tion of ₹1.5 lakh on interest paid on
March 2022. Of the 12.2 HOMING IN the ‘housing for all’ tar- housing loans for purchase of affordable
million homes sanc- get, and that the govern- homes, the deadline for which was
tioned, 6.5 million have SO far 6.5 million IN the last budget, A total of ₹1.29 tn ment is now looking at extended twice, also ended in the last
been completed. homes have been Centre allocated has been released by completing the sanc- financial year.
completed out of ₹48,000 cr for the the Centre out of
The decision provides the 12.2 million completion of 8 mn the committed tioned houses rather than Recent hikes in interest rates by the
for financial assistance to sanctioned homes in FY23 ₹2.03 tn so far adding more. Reserve Bank of India are also expected
be provided for the com- In last year’s Union to dampen housing demand going for-
pletion of sanctioned budget, finance minister ward.
homes. ernment is unlikely to sanction any more Nirmala Sitharaman said that the gov- Queries sent to the ministry of hous-
“The focus will continue to be on reg- homes under the flagship affordable ernment would now focus on faster ing and urban affairs and the ministry of
ulatory easing and facilitating the com- housing scheme for the next one year as it clearances for projects under the finance remained unanswered till press
pletion of the sanctioned homes,” said knuckles down on completing sanctioned scheme. time.
one of the officials. projects. “The central government will work rituraj.baruah@livemint.com

Dixon unit Padget, Global economy to see impact

Foxconn India get of policy actions next year: RBI with

Editor’s Note
₹410 cr incentives Gopika Gopakumar
gopika.g@htlive.com
MUMBAI
achieve the first milestone in
its price stability objective –
bringing headline inflation
Dear Reader,
I have a request.
Gulveen Aulakh under the segment of mobile enduringly into the tolerance- We want to

T
gulveen.aulakh@livemint.com phone making. Padget Elec- he global economy will band during 2023-24. understand your
Dakar: A parliamentary committee in Gambia on Tuesday NEW DELHI tronics Pvt. Ltd will receive bear the brunt of mone- Yet, with inflation projected needs better so we can
said that drug maker Maiden Pharmaceuticals Ltd was ₹58.29 crore as incentive for tary policy actions next to turn up in the second quar- tailor our offerings to

T
responsible for the deaths of at least 70 children from acute he empowered commit- mobile manufacturing for the year as the balance of risks gets ter of next year, there can be better serve you.
kidney injury and called on the government to pursue legal tee for the performance quarter January-March 2022, tilted toward a darkening no letting down of the guard, it We have prepared a
action. The WHO in October said that lab analysis confirmed linked incentive scheme the committee said in a state- global outlook, said RBI in its warned. short interview that
“unacceptable” amounts of diethylene glycol and ethylene for large-scale electronics man- ment Tuesday. December bulletin released on Headline inflation is projec- will help us know you
glycol in the four medicines made by Maiden, which can be ufacturing has approved incen- Padget Electronics had Tuesday. ted at 6.7% in FY23, with Q3 at better: https://
toxic and lead to acute kidney injury. The drugs were pulled tives amounting to over ₹410 already received ₹53.28 crore “Emerging market econo- Emerging market economies 6.6% and Q4 at 5.9%. livemint.typeform.co
from the shelves. REUTERS crore for mobile manufactur- under the PLI scheme for the mies (EMEs) appear even more appear even more vulnerable, The risks are evenly bal- m/qnawithmint (takes
ing to Foxconn period August– vulnerable, having battled said RBI in a bulletin. HT anced. 3-5 minutes) or scan
India and Padget The PLI scheme December 2021 currency depreciations and CPI inflation for Q1FY24 is this QR code:
Fitch affirms India at ‘BBB-’ with Electronics, a for large-scale based. capital outflows in addition to of global growth in 2023 and projected at 5% and for Q2 at
subsidiary of The PLI slowing growth and high infla- around three-fifths in 2024,” 5.4%, on the assumption of a
stable outlook Dixon Technolo-
electronics
scheme for Large- tion,” said RBI in a chapter on the bulletin added. normal monsoon.
manufacturing
New Delhi: Fitch Ratings on Tuesday affirmed India’s ratings at gies. Scale Electronics the state of the economy. As far as India is concerned, Headline inflation moder-
provides a boost Manufacturing,
‘BBB-’ with a stable outlook. Fitch said it expects the general gov- The committee The RBI bulletin is a the near-term growth outlook ated by 90 basis points to 5.9%
ernment deficit to fall slightly to 9.6% of GDP in full-year 2023 headed by chief to Atmanirbhar under MeitY is monthly publication with a for the economy is supported in November was driven by a
from 9.8% in 2022. “India is somewhat insulated from the gloomy executive officer Bharat aimed at making collection of articles that ana- by domestic drivers as fall in vegetable prices even as
global outlook in 2023, given its modest reliance on external of Niti Aayog Par- India a competi- lyse the trends in domestic and reflected in trends in high-fre- core inflation remained steady
demand,” Fitch said. REUTERS ameswaran Iyer tive destination global economies. quency indicators. at 6%.
issued incentives of ₹357.17 for electronics manufacturing According to the bulletin, “Waning input cost pres- On 7 December, the mone- If you would like to
crore to Foxconn Hon Hai and providing a boost to debt distress is rising with a sures, buoyant corporate sales, tary policy committee of the share thoughts, ideas
Trucap Finance buys retail MSME Technology India Mega Devel- Atmanirbhar Bharat while cre- surge in default rates and an and rising investments in fixed RBI hiked the repo rate by 35 or feedback, please
opment Pvt. Ltd for the period ating more global champions in appreciating US dollar. Look- assets are heralding the begin- basis points in response to a write to feedback@
book of EZ Capital beginning August 2021 to this sector. As of September ing beyond, a mild recovery is ning of an upturn in the capex modest downward shift in the livemint.com.
Mumbai: MSME-focused shadow lender Trucap Finance has March 2022 based on its incre- 2022, the PLI scheme for the projected to get underway in cycle in India will contribute to projected trajectory of infla- Looking forward to
announced two deals—buying out the retail MSME book of Jalan- mental investments and sales category had attracted invest- most countries in 2024, it said. speed up growth momentum tion, a dip in inflation expecta- your response,
dhar-based EZ Capital in a share-swap deal and a ₹105 crore fund- figures. The Indian arm of the ment of ₹ 4,784 crore, and led “Emerging Asia will likely in the economy,” it said. tions and indications that the
ing in a mix of equity and debt from the Mauritius-based fund Zeal Taiwanese electronics manu- to total production of ₹2.03 tril- become the world’s engine of The bulletin added that if economy’s resilience and Sruthijith KK
Global.The NBFC has a loan book of around ₹500 crore spread facturing major was the first lion, including exports of growth, collectively account- the projections hold, then growth foundations are Editor-in-Chief
across unsecured small-ticket MSME business loans. PTI global company to be approved ₹80,769 crore. ing for close to three-quarters India could be poised to improving.

Stay vigilant, avoid panic, says health ministry amid China covid surge CORRECTIONS AND
CLARIFICATIONS
Mint welcomes comments,
Priyanka Sharma on a daily basis. as possible samples of all posi- talized cases,” said Dr NK now and INSACOG is trying suggestions or complaints
priyanka.sharma@livemint.com However, top government tive cases, on a daily basis are Arora, Chief of National Tech- their best to collect the samples about errors.
NEW DELHI scientists at NTAGI, INSACOG sent to the designated INSA- nical Adivsory Group of Immu- from the hospital and all these
Readers can alert the
and National Institute of Virol- COG laboratories that are nisation (NTAGI). are Omicron variants which are
newsroom to any errors in the

A
spurt in covid cases in
China and a clutch of
other countries has
prompted central health
authorities to direct states and
union territories to gear up for
whole genome sequencing of
positive samples and track vari-
ants of the virus through the
government’s covid network.
Union health secretary
Rajesh Bhushan directed all
states/UTs to ensure that as far
as possible samples of all posi-
tive cases are sent to the desig-
nated INSACOG laboratories
ogy said that covid cases are
fewer in India and that the
country is in a comfortable
position due to extensive vacci-
nation and herd immunity in
the population.
The experts have urged con-
stant surveillance, and moni-
toring of hospitalized cases
and deaths.
“In view of the sudden spurt
of covid cases in China, Japan,
the US, South Korea and Brazil,
it is essential to gear up within
whole genome sequencing of
positive case samples to track
mapped to the states and UTS,”
Bhushan said in a letter.
“India is in a very comforta-
ble position now due to exten-
sive covid vaccination drive
and also the entire population
has now been exposed to the
virus giving rise to hybrid
Experts say the country is in a comfortable position due to immunity. Chinese population
extensive vaccination and herd immunity in the population. AFP followed strict lockdown
whenever there was a surge, so
the variants through INSACOG country and will facilitate people did not get exposed to
network. undertaking of requisites pub- the virus. The only thing
Such an exercise will enable lic health measures for the important for us is that we
timely detection of newer vari- same. All the states are should follow constant surveil-
ants, if any, circulating in the requested to ensure that as far lance and monitoring of hospi-
India on Tuesday reported
69 cases and two deaths in the
last 24 hours, taking the total
number of cases to 44.6 million
and deaths to 530,677.
A scientist at the Indian
SARS-CoV-2 Genomics Con-
sortium (INSACOG) said,
“Everybody in India has built
good immunity and T-cell
immunity also takes care of
human body. We don’t see that
the present situation in China
can affect India. We are contin-
uing our surveillance. How-
ever, there are no samples right
circulating right now.” As of 19 paper by emailing us, with your
December, Chinese authorities full name and address to
had reported 10 million cases of feedback@livemint.com.
covid-19 with 31,309 deaths.
Health Minister Mansukh It is our policy to promptly
respond to all complaints.
Mandaviya will hold a review Readers dissatisfied with the
meeting on Wednesday on the response or concerned about
covid situation in India. Mint’s journalistic integrity may
A senior scientist at the write directly to the editor by
National Institute of Virology sending an email to
(NIV-Pune) said the emergence asktheeditor@livemint.com
of Omicron BF7 has made the Mint’s journalistic Code of
situation worse in China and it Conduct that governs our
seems that Chinese authorities newsroom is available at
have not been able to manage it www.livemint.com
very well.

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First published in February 2007 to serve as an unbiased and clear-minded chronicler of the Indian Dream.
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 LIVEMINT.COM DEALS, TECH & STARTUPS WeDNesDay, 21 DecembeR 2022
NeW Delhi 03

m MINT SHORTS
Delhivery acquires Algorhythm
‘Digital is not just tech,
Tech to boost supply chain
New Delhi: Logistics firm Delhivery on Tuesday said it will
acquire Pune-based Algorhythm Tech Pvt. Ltd for ₹14.9 crore,
in an all-cash deal to enhance its integrated supply chain solu-
it’s biz transformation’
tions offering. Delhivery expects to complete the transaction by Leslie D’Monte
January after which Algorhythm will become its wholly-owned leslie.d@livemint.com
subsidiary. MALVIKA MALOO BENGALURU

A
mathematician by training,
China’s Xiaomi to cut 10% of Sylvain Duranton is a managing
director and senior partner at
jobs amid covid outbreaks management consulting firm
ISTOCK
Boston Consulting Group, Inc.
(BCG) and global leader of BCG X. The global
tech build and design unit, which was
unveiled this month, comprises about 3,000
technologists, scientists, programmers and
engineers. In an interview, Duranton dis-
cussed how the unit is helping companies
earn return on investment (RoI) on their AI
and digital investments. Duranton also
shared his thoughts on the popular percep-
tion of AI becoming sentient and the dangers

China’s Xiaomi Corp has started laying off workers in its

of algocracy, where algorithms and AI make
critical decisions without human interven-
tion. Edited excerpts: nology innovation today, but we don’t see about building a new service offering. Then
CarDekho bets on
smartphone and internet services business, joining a long
list of Chinese tech firms cutting jobs as the country battles
covid-19 outbreaks. A company spokesperson said on
What do you hope to achieve with
BCG X?
those technologies scaling fast enough. you need to seek a solution for those prob-
BCG X tries to bridge these gaps when we lems. You can’t go to companies saying I have
work with our clients. a blockchain team and if you have a block-
insurance platform
Tuesday that its “personnel optimzation and organiza- Despite economic headwinds, 60% of Given this context, how should CXOs chain problem, we could solve it for you. The
tional streamlining” practice would “affect less than 10%
of total workforce”. REUTERS
companies that BCG recently surveyed
(‘Mind the Tech Gap’ report, released in
November) plan to increase their invest-
balance their excitement over digital same is applicable to other technologies.
technologies like AI, blockchain, As an example, let’s take the metaverse,
metaverse and web3, with a business which is a very important topic for India too
ahead of FY24 IPO
ments in digital and AI in 2023. But many of strategy? because there is a lot of manufacturing that Aman Rawat, Malvika Maloo ments in others to make them
ChatGPT can be used to generate

those surveyed simultaneously expressed
concern over the uncertainty on the RoI
malicious code: Check Point
from digital transformation. During covid,
New Delhi: OpenAI’s ChatGPT, the large language model we saw companies that used advanced digi-
(LLM)-based artificial intelligence (AI) text generator, can be tal technologies and AI outperform their
seemingly used to generate code for malicious tasks, a research counter-
note by cyber security firm Check Point has observed. The m INTERVIEW parts. But
researchers at Check Point used ChatGPT and Codex, a fellow the big
OpenAI natural language to code generator, to create code that challenge is
can be used to launch spear phishing attacks. SHOUVIK DAS for those companies that are trying but fail-
ing —our survey revealed that about 70% of
digital transformations fail to achieve their
Farmers’ network co Aquaconnect objectives.
However, digital is not just about tech-
raises $15 mn in Series A round nology. It’s also about business transforma-
New Delhi: Coastal Aquaculture Research Institute Pvt. Ltd, tion. If companies want to succeed, they
which operates aqua farmers’ network Aquaconnect, on Tuesday will need to move away from being too
said it has secured Series A funding of $15 million (around ₹124 focused on technology to striking a balance
crore) led by impact investment venture capital firm Lok Capital. between technology and business transfor-
The startup will deploy the fresh funds to expand its service mation. The other big learning is that we
offerings. SHUBHOBROTA DEV ROY see a massive increase in the rate of tech-
‘
Yes, companies tend to get too can involve the use of digital twins (cop- NEW DELHI/BENGALURU grow faster, Jain said.
excited about technology. ies) to optimize the layout “There are certain busi-
C
But we are organized by of the plants (factories). arDekho, run by Girnar nesses in investment mode,
business problems We see a massive One of our most iconic Software Pvt. Ltd, is and certain cash-generating
because each business increase in the rate of customers in this field is a sharpening focus on its modes. A healthy mix of two
problem will rely on a technology innovation large Indian company. insurance platform Insurance- has to exist if we want to grow
combination of different You can, for example, Dekho even as it scales down its over the next decade at 40-50%
technologies. Today, today, but we don’t see make digital twins of fac- asset-heavy used car market- annually,” said Jain.
companies want to spread those technologies tories and use virtual real- place to pursue an auction CarDekho also ventured into
their bets. So, there are a scaling fast enough ity to ensure that synchro- model. The startup is also plan- overseas markets such as Indo-
lot of blockchain experi- nized robots do not bump ning an initial public offering nesia and expects an annual
Sylvain Duranton
ments, one or two AI POCs MD & Senior Partner, BCG into each other or into next financial year, CarDekho revenue rate of up to $26 mil-
(proof of concepts), etc. assembly lines. Another co-founder and chief executive lion from Southeast Asia. “That
When we surveyed CIOs, example is that of Amit Jain said in an interview. market size is large because the
the number one challenge was still the ChatGPT with which everybody is super- “I link it (the IPO) to profita- average car value is higher, and
cloud, and about making the right bets impressed. But it is machine learning and bility. So, when we are going the loan attachment rate is
given the proliferation of technologies. the underlying new generation of AI mod- out, we want to be a profitable higher. This makes it a lucrative
You need to first identify your fundamen- els—the generative AI models—that are company. My intent market,” he said.
tal business problem—it could be a supply foundational; these will change the world is to make sure that However, the
chain problem, a pricing problem, a cus- because there’s a massive change versus the company is public Sequoia Capital-
tomer engagement problem, or it could be what they were doing in the past. at a price, which is backed firm, closed
sustainable,” he said. many retail stores in India since
CarDekho expects to post last year due to thin margins in
Ebitda (earnings before inter- the used marketplace business.

Instacart’s Mehta sued over trade secret theft for copycat startup est, taxes, depreciation, and
amortization)-level profitabil-
ity by the third quarter of FY24.
“Globally, most of the used
car marketplace models have
collapsed. We also evaluated
By then, “we are hoping for our own models on where it’s
Bloomberg business partner Tejasvi up with Singh, “to do what part of due diligence for inves- other strategies, “in mere already raised $30 million green shoots at a group level,” going to generate a profit pool.
feedback@livemint.com Singh, and their company Mehta later said he considered tors, according to the com- weeks,” NextMed claimed in from two venture capital firms, Jain said. So, we’re now pursuing auction
Cloud Health Systems over ‘unethical but not illegal’— plaint. the complaint. NextMed said. Founded in 2008 by siblings business where we buy cars

I
nstacart Inc. co-founder
Apoorva Mehta was accused
in a lawsuit of using stolen
trade secrets to create a
healthcare startup that was a
copy of an existing company.
Hello Logistics Inc., which
operates under the name
NextMed, sued Mehta, his
allegations of misappropria-
tion of trade secrets, copyright
infringement and other
claims. Both companies run
websites promoting weight
loss. “Wanting in on Next-
Med’s success, and in search of
venture capital funding for a
new project,” Mehta teamed
create a copycat company,”
NextMed said in the complaint
filed Monday in Manhattan
federal court.
Singh, a co-founder of Next-
Med, collected some of the
company’s closest held trade
secrets under the guise of
gathering the information as
Mehta and Singh then used
the information to create a
company that does business as
Sunrise, with a copycat web-
site, according to the com-
plaint. They also lined up ven-
dors and implemented Next-
Med’s highly confidential
customer acquisition and
Instacart didn’t immedi-
ately respond to a request for
comment, made after regular
business hours. Sunrise also
didn’t immediately respond to
an emailed request for com-
ment.
Mehta’s new company was
launched a few weeks ago, has
NextMed is seeking an order
to shut down the Sunrise web-
site and unspecified monetary
damages.
The case is Helio Logistics
Inc. v. Mehta, 7:22-cv-10047-
NSR, US District Court, South-
ern District of New York (Man-
hattan).
Amit and Anurag Jain, Car-
Dekho ventured into the pre-
owned car retail market under
the ‘Gaadi’ brand name in 2019,
and later launched lending
platforms and other verticals.
Most of the individual busi-
nesses are already profitable,
while it expects to add invest-
from customers and auction
them to the dealers,” Jain said.
CarDekho last raised $250
million as part of its latest Series
E round at a valuation of about
$1.2 billion in October 2021.
The round turned the company
into an unicorn.
aman.rawat@livemint.com

TOp TecH pRedIcTIONS fOR 2023 Macquarie, Site

system work as a platform for your digital transformation.
Capital invest
EXPERT
We also expect organizations to lean into technology that
gives them flexibility and open access to innovation, and in BetterPlace
to partners who can coordinate the sprawl into an auto-
VIEW mated working system. Malvika Maloo & Shubhobrota Dev Roy
And there’s a good reason—no single solution, platform BENGALURU/NEW DELHI
Jeff Clarke or provider will deliver on the full promise of technology.

That means that the proverbial “walled gardens” of
Respond to this column at “closed” ecosystems will crumble.
feedback@livemint.com AI will reach an inflection point
We’ve been talking about the promise of AI for years.
B
lue collar workforce management
firm BetterPlace Safety Solutions Pvt.
Ltd has raised $40 million (about ₹ 331
crore) in a Series C Plus round of funding

T
he year 2022 has been a roller coaster. I don’t think
any of us could have predicted what was coming. The
constant through it all has been the importance of
technology to overcome our near-term obstacles and to
realize our long-term opportunities.
The technological innovation that drives human
progress is accelerating. At the forefront of this advance-
ment and growth, we will experience new expectations. We
will expect technology to help us advance in areas from
education to healthcare to government services and
beyond.
As we look ahead to 2023, I see four themes rising to top
of the CIO agenda.
Technology will define the new work experience
In the do-anything-from-anywhere economy, the future
of work is evolving, and as we design for a hybrid world,
technology rather than physical workspace, will increas-
ingly define the employee experience.
Version one of work-from-anywhere during the early
stages of covid-19 was about the “anywhere” part. The
next phase of this journey is about making the “work”
part better. We need the right tools and devices, the right
workspaces for collaboration, and the right culture to
make work, well, work.
We now realize, having the right client capability, form
factor and most importantly ecosystem of peripherals cre-
ates the complete environment needed to excel. After all,
from building culture to driving innovation to serving cus-
tomers, technology is the fulcrum of progress.
Walled gardens will crumble into tech ecosystem
The global technology industry is massive and growing
every day. The good news is that there is no shortage of
innovation to address the breadth of business opportuni-
ties.
In the early days of cloud, most companies ended up
adopting multiple public, private, edge and even telecom
clouds to power their business. This “multiple cloud” stage
creates huge access to innovation.
In 2022, we started to see an industry shift to true “mul-
ticloud” architectures. In 2023, we expect accelerating
innovation to focus on making the entire technology eco-
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2023 is a year that we expect acceleration of real-world use
of AI and machine learning. At Dell, we have been on this
journey and today have around 1000 projects, products, or
efforts focused on using AI to advance our business. That
means, we also need more infrastructure optimized for
these highly demanding workloads.
In 2023, there will be an even broader range of accel-
eration chips entering the market and a correlating
increase in performance and efficiency. Organizations
that ride the second wave of AI will see a distinct com-
petitive advantage. As the
Companies that industry matures, AI will also
ride the second become more democratized as
open-source AI becomes prev-
wave of AI will alent and accessible to larger
see a distinct communities.
competitive Momentum will accelerate
advantage for Zero Trust architectures
The digital transformation
of the global economy is
increasing the number of potential attack surfaces.
With organizations transforming their security strate-
gies, many are looking at Zero Trust architectures to
better secure their environments. The three main ten-
ets are: universal continuous authentication of every-
thing; robust authoritative policy driven behaviour;
and deeply integrated threat management.
The real challenge is the current state of the industry and
technology makes integration of Zero Trust too complex
for most customers. Our job is to ease that burden and sim-
plify the process.
Ultimately, Zero Trust will become the foundation for a
new level of data security and trust in a highly distributed
multi-cloud world where everything is connected.
This shortlist is at the top of my mind for the next year,
but if there’s one thing 2022 taught us, it’s how hard it is to
predict the future. No doubt, 2023 will be full of unknowns
and surprises. But I am confident that innovation will drive
amazing progress. And I’m excited for what lies ahead.
Jeff Clarke is the Vice Chairman and Co-COO of Dell Tech-
nologies.
from Macquarie Capital and Site Capital
Partners, with participation from existing
investors Jungle Ventures and British Inter-
national Investment.
The round valued BetterPlace between
$500-$700 million and has increased the
company’s total fundraise to $80 million
till date, said co-founder Pravin Agarwala.
“We will be deploying the fresh proceeds
to fuel growth organically, which will
comprise building more technology and
products as well as catering to a larger
audience,” he said.
In June, VCCircle first reported that Bet-
terPlace is in talks with global venture capi-
tal funds to raise $50
million in a fresh round
at nearly $400 million
valuation. Besides,
expanding its tech portfolio and capabili-
ties, the company plans to grow its geo-
graphical footprint across Indonesia and
Malaysia early next year.
“We are looking to establish ourselves
across all Southeast Asian countries by mid
next year. The region interests us due to a
similar demographic and enterprise ecosys-
tem, especially for the frontline segment. All
Asean countries, hence, will fall in the
bracket where we will eye strategic invest-
ments,” he added.
BetterPlace will also use the funds for
more acquisitions and for consolidation
within India and Southeast Asian markets.
The company has set aside $20 million
for spending in the region next year, which
it plans to boost to $60-100 million in the
coming years. Founded in 2015 by Agarwala
and Uday Singh, BetterPlace offers a soft-
ware-as-a-service (SaaS) platform.
malvika.maloo@livemint.com
 04 WeDNesDay, 21 December 2022
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

61,702.29 -0.17 18,385.30 -0.19 15,726.20 -0.18 43,329.25 -0.19 18,570.40 -0.18 25,843.13 -0.27 29,596.46 -0.02
PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN

61,806.19 61,608.85 18,420.45 18,340.30 15,755.20 15,704.05 43,413.50 43,348.70 18,604.50 18,532.95 25,912.52 25,886.21 29,602.03 29,605.25
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW

61,780.37 61,102.68 18,404.90 18,202.65 15,740.25 15,580.80 43,379.45 42,935.00 18,589.50 18,391.20 25,898.20 25,622.62 29,694.30 29,415.71

m MINT SHORTS
Bitcoin falls to lowest in Dec
SRF’s chemical biz to do heavy lifting
with risk of further decline Samarth Gupta & Harsha Jethmalani
Key catalyst sentiments. In CY22 so far, the SRF addition to agrochemicals, SRF is also
Washington: Bitcoin dropped to its lowest level in three samarth.gupta@livemint.com stock has declined by 4%, while the Nifty developing a Kilo Lab at Bhiwadi to
weeks as equities continued to trend lower. The largest Contribution of chemicals business in SRF’s total revenues has risen significantly 500 index has risen almost 5%. From its cater to the pharmaceutical market.

S
cryptocurrency declines as much as 1.9% on Tuesday to RF Ltd has been gung-ho on
$16,277, the lowest level since November 29. Second-larg- its chemicals business for
est Ether fell 2.1% to the lowest since November 28. Those some time now. Recall that
moves come as the S&P 500 slid for a fourth straight ses- SRF has guided for a cumula-
sion amid nervousness about the Federal Reserve’s poten- tive capital expenditure
tial rate-hike path. “We expect a retest of the November (capex) outlay of ₹15,000 crore over
lows, near $15,600, in the coming weeks” after a failed test FY24-28. Out of this, ₹12,000-13000
of levels in the $17,000 to $18,000 range, said Katie Stock- crore will be directed toward the chemi-
ton, founder of Fairlead Strategies LLC. “We ultimately cals business.
expect Bitcoin to make a lower low, increasing risk to long- In this backdrop, its Dahej plant in
term support near $13,900.” Cryptocurrencies have had Gujarat, which houses specialty chemi-
a harsh 2022 after reaching record highs late last year, buf- cals and fluorochemicals units, is key.
feted by everything from the Fed’s policy tightening to the SRF’s board recently approved capex
implosions of the Terra/Luna ecosystem, hedge funds worth ₹604 crore to enhance the exist-
Three Arrows Capital and exchange FTX. BLOOMBERG ing capacity at Dahej and to set up four
new agrochemical plants. These are
expected to be completed in the next
ten-to-twelve months.
SRF’s optimism toward this segment
stems from strong traction aided by
increasing customer enquiries. “Around
six-seven years ago, the speciality
chemicals business used to produce
only 6-7 products; this has now scaled
up to 40-45 products (some of the dedi-
cated plants produce more than one
product),” said analysts at Kotak Institu-
tional Equities in a report dated 13
December. “SRF sets up capacities only
over the past decade.
16,000
12,000
8,000
4,000
0 cal demand,” said analysts its agrochemicals
FY13 FY14 FY15
Note: E is estimated
when there are firm commitments from
customers, and these agreements can
span 3-5 years in duration,” added the
report.
This bodes well for the medium-term
order visibility of the chemicals busi-
ness, which is SRF’s highest revenue
contributor. Apart from chemicals, SRF
52-week low of ₹2,002.20 in July, SRF According to Nilesh Ghuge, institu-
Total segment revenue Chemicals revenue (in  crore) shares quickly recovered to a 52-week tional analyst, HDFC Securities Ltd,
high of ₹2,865 in September. However, there is a huge opportunity in the fluo-
its fall from glory was swift, with the rochemicals business.
stock currently down 19% from the “Also, in terms of R&D, the numbers
recent high. of patents filed have gone up
There is also rising con- ROuGh significantly over the last
cern over a slowdown in the Path five to seven years,” he
agrochemicals business. added.
“India’s chemical export SRF’S recent earnings Meanwhile, on the valua-
volumes have declined 29% drag stems from weak tions front, more than 75%
performance in
and 49% year-on-year in technical textiles and of SRF’s fair value is derived
September and October, packaging films biz from their chemicals busi-
respectively, raising con- ness — specialty and refrig-
cerns of a possible slow- MEanwhiLE, there erant gas — where the com-
is also rising concern
down in global agrochemi- over a slowdown in pany is surpassing expecta-
tions every quarter in terms
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23E from Jefferies India in a business and exports of earnings, said Abhishek
Source: Company, JM Financial Institutional Securities
report on 14 December. Navalgund, research analyst
They added, “SRF’s agro- at Nirmal Bang Institutional
SATISH KUMAR/MINT
chem portfolio has over 40 products Equities.
has exposure to technical textiles and currently vis-à-vis only 5-6 in the last Even so, investors should be mindful
packaging films businesses. Perform- agrochem downturn in FY17-18. It of some potential downside risks. For
ance of these businesses was subdued in expects the impact of any such slow- instance, delay in the commissioning of
the September quarter (Q2FY23). down to be muted given its diversified new specialty chemicals plants. Sec-
To be sure, the overall earnings drag portfolio.” ondly, demand uptick in SRF’s newly
from the weak performance of these two Meanwhile, SRF’s efforts to tap into forayed fluoropolymers sector has been
businesses, especially packaging, is one various opportunities in the chemicals slower than expected. Also, a prolonged
factor that has weighed on investors’ sector should offer some comfort. In product approval cycle could be a risk.

The UK currency is under pressure from the Bank of

England turning more cautious on further rate hikes. ISTOCK JSW Steel’s growth plans encourage but demand uptick needed
Pound risks lagging the euro in Vineetha Sampath Moreover, the plant’s second (Q2FY23), on a consolidated JSW Steel have recovered by
Rising burden
2023 as central banks diverge vineetha.s@livemint.com phase has a lower conversion
JSW Steel’s net debt to Ebitda ratio in H1FY23 rose sharply from
basis, the company swung to a 43% from their 52-week lows of
London: The pound has slid against the euro this year and cost. “JSW Steel commissioned loss due to a sharp drop in steel ₹520.05 apiece. This is primarily
FY22 levels due to an increase in leverage and lower profits.

J
it risks flopping again in 2023. The UK currency is under SW Steel Ltd’s plant Dolvi
pressure from the Bank of England turning more cautious Works in Maharashtra is an
on further interest-rate hikes, just as the European Central example of the company’s
Bank amps up its rhetoric on the need for more action to strong execution capabili-
tame inflation. Analysts including from Royal Bank of ties. Analysts who recently
Canada and Bank of New York Mellon see the euro rising visited the plant have come back
against sterling. It’s a trade based on what’s shaping up to pleased. Recall that this facility
a key theme for the new year: the divergence of monetary was added to the company’s
policy. Traders are looking at which policy makers will portfolio with the acquisition of
blink first, following aggressive rate hikes by central banks Ispat Industries Ltd in 2010. The
in tandem across the world this year. “It’s a consistent plant was loss-making back then
theme, a mispricing of rate expectations — and the most and JSW Steel has successfully
extreme example of that would be euro-sterling,” said turned it around.
Adam Cole, head of currency strategy at RBC. He expects Dolvi now has a capacity of 10
the currency pair to rise more than 3% by the end of 2023 million tonnes per annum
to reach 0.90 — a level last seen during the UK’s “mini- (mtpa) and JSW Steel is in the
budget” market chaos in late September. BLOOMBERG process of expanding it further.
the 5mtpa phase II in Q3FY22,
which has ₹4,500 per tonne
lower conversion cost versus
phase I, and impressively
ramped up production to rated
capacity within one year. This
drives our 4-5% volume upgrade
for FY2024-25E,” said analysts
at Kotak Institutional Equities in
a report on 16 December.
JSW Steel aims to reach total
domestic capacity of 37mtpa by
FY25 from 27mtpa in FY22. “All
expansions in the current stage
are brownfield in nature with
shorter gestation and lower
capex, resulting in higher inter-
realizations and utilization of driven by factors such as stable
Net debt to Ebitda (in times) higher priced inventory. The net steel prices and removal of
5
debt to Ebitda (earnings before export duty on the metal.
4 interest, taxes, depreciation and However, analysts point out
3 amortization) ratio rose sequen- that the valuations are expen-
2 tially to 2.7 times at September- sive, which is why Kotak has a
1 end from 2.03 times in June-end ‘sell’ rating on the stock. Accord-
0
and 1.4 times in March-end. ing to Bloomberg, the JSW Steel
FY18 FY19 FY20 FY21 FY22 H1FY23 With capital expenditure plans stock trades at 7.5 times EV/
Note: Ebitda is earnings before interest, tax, depreciation and amortization; in place, it remains to be seen if Ebitda based on FY24 estimated
the figures are on a trailing twelve month basis
the company can achieve signifi- earnings. EV is enterprise value.
Source: Company, Antique Stock Broking
cant deleveraging hereon. While volume growth for JSW
SATISH KUMAR/MINT
The reopening of China is vital Steel is on track, this and possible
nal rate of return (+20%),” added tional capacities to be absorbed. for global demand to see an cost benefits are already priced
the Kotak report. However, This has been a key concern for uptick. This in turn would have a in, point out analysts at IIFL
demand needs to pick up ade- JSW Steel’s investors. positive bearing on domestic Securities. Given this, sharp
quately for volumes from addi- In the September quarter prices. Meanwhile, shares of upsides appear capped.

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

NCLAT nixes SaaS fintech Zaggle to raise ₹750 cr in IPO Burmans sell 1% in Dabur for
Jet lenders’ Malvika Maloo
over ₹1,000 cr to fund ventures to the selling shareholders. IPO placement aggregating up

plea to delete malvika.maloo@livemint.com

mumbaI
Currently, Raj holds over a to ₹98 crore, in which case, the
51% stake in the company and amount to be raised from fresh
will sell about 3.2% of his hold- issue will be deducted. Ranjani Raghavan proceeds in his restaurant ven-
remarks
S
oftware-as-a-service ing. Godkhindi, who has about Founded in 2011, it offers ranjani.raghavan@livemint.com ture Lite Bite Foods, according
(SaaS) fintech firm Zaggle 9.95% stake, will dilute 16.67% employee rewards and recog- mumbaI to two people with knowledge
is looking to raise ₹750 of his holdings in Zaggle. nition, channel partner incen- of the development. Saket Bur-
Priyanka Gawande

I
crore through an initial public Zuzu Software tives, employee nvestment vehicles owned man, the vice-chairman of
priyanka.gawande@livemint.com offering (IPO). Services, which VenturEast and benefits, online by Amit Burman and Saket Dabur India Ltd, sold his shares
mumbaI The Mumbai-based com- has about 18.95% GKFF Ventures shopping as well Burman, both members of via investment vehicle Chow-
pany’s issue will comprise a stake, will sell up are looking at a as cash-backs at the Burman family that owns a dry Associates.

T
he National Company
Law Appellate Tribunal
(NCLAT) on Tuesday
rejected a plea filed by the len-
ders of Jet Airways India Ltd on
technical grounds. The tribu-
nal said that it will not review its
own order passed in the matter
on 21 October.
In its plea, the lenders of the
cash-strapped airline had
sought to expunge remarks by
the NCLAT which said that the
Jalan-Kalrock consortium has
completed the Conditions
Precedent (CP) with respect to
the implementation of the res-
olution plan.
“The resolution applicant
has also completed all neces-
sary conditions precedent sat-
isfactory to the Monitoring
Committee,” NCLAT had said
in its 21 October order.
The lenders and the success-
fresh issue of ₹490 crore and an
offer for sale of up to 10.53 mil-
lion shares by shareholders,
according to the draft prospec-
tus filed by Zaggle with Securi-
ties and Exchange Board of
India (Sebi) on Tuesday.
VenturEast and GKFF Ven-
tures are looking at a partial exit
through the IPO, which will
also see promoters Raj N. and
Avinash Godkhindi trimming
their stakes.
The company plans to utilize
DroneAcharya eyes runway success from training 25k drone pilots a year
Anu Sharma
anu.sharma@livemint.com
new DelhI
Zaggle’s IPO issue will comprise
a fresh issue of ₹490 crore. PTI
the proceeds of the fresh issue
to acquire and retain customers
(₹300 crore), developing tech-
nology and products (₹40
crore), for repayment and early
payment of certain borrowings
( about ₹18 crore) and the rest
for other corporate purposes.
The proceeds of the OFS will go
and conservatively around
300% is very achievable.” Srivas-
tava said the long-term plan is to
raise the topline to ₹1,000 crore
to 1.77 million partial exit; restaurants. majority stake in Dabur India The Burman family has been
shares, or 10%, of It posted oper- Ltd, sold approximately 1% of building a diverse portfolio of
promoters will
its stake. Other ating revenue of their shares on Tuesday morn- assets outside the Dabur corpo-
shareholders also trim their ₹371.3 crore in ing, raising over ₹1,000 crore. rate balance sheet.
including Kotes- stakes FY22, up 55% It is estimated that each Amit Dabur India shares closed at LiteBite Foods operates
wara Rao Meduri from a year ago. Burman and Saket Burman ₹579.85 Tuesday. MINT around 150 food and beverage
and Malvika Pod- Its profit for the sold half a per cent of their stake outlets, across malls, airports,
dar will also participate in the year doubled to ₹41.9 crore. It in the company, according to a ily,” the company said in an and hotels, according to its
share sale. ICICI Securities, competes with Divvy, Brex, person with knowledge of the exchange filing. website. Its brands include
Equirus Capital, IIFL Securities Pleo, Ramp, Coupa, Expensify, development. Amit Burman, non-execu- Punjab Groll, Tres, Zambar,
and JM Financial will be the Fleetcor, Edenred, Wex, and “The purpose of doing this tive director at Dabur, sold his The Artful Baker and Asia 7.
book running lead managers to Happay and caters to banking transaction is to raise funds for shares through his vehicle Dabur India shares closed at
the issue. and finance, healthcare and financing some ventures in pri- Gyan Enterprises Pvt Ltd and is ₹579.85 per share, shedding
Zaggle may consider a pre- manufacturing, among others. vate hands of the Burman fam- expected to invest a bulk of his 1.51% from its Monday close.
subscriptions for ₹6,016 crore. pilots. arya will increase the number
“Shankar is a long-time pro- “India requires thousands of of training schools from just
fessional investor. He guided registered pilots and there are two, in Gandhinagar and Pune,
me to go public, though at that not more than 10 active train- to eight within four months,

ful resolution applicant, Jalan-
Kalrock consortium, are fight-
ing a legal suit over the imple-
mentation of the resolution
plan by the latter. The lenders
have claimed that the CPs have
not been complied with by the
consortium, which has been
denying the allegations.
Another plea by Bhartiya
Kamgar Sena seeking clarity on
the tribunal’s judgement on the
payment of PF and gratuity
dues to those who retired or
resigned after insolvency com-
mencement, was also rejected.
This PDF was originally uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) Subscribe now to get this edition before anyone else!! Backup channel:@LBSNEWSPAPER
D
roneAcharya Aerial
Innovations Ltd, which is
backed by ace investor
Shankar Sharma, is seeking to
boost its operating revenues by
300% within three years by
training 25,000 drone pilots
each year, according to founder
and managing director Prateek
Srivastava.
“For FY24, topline should be
₹50-60 crore and 18-20% PAT
(profit after tax). For next three
years, we are looking at 300%
year-on-year growth in topline
and 18-20% PAT. Optimistically
by 2026-27.
According to Srivastava, the
company expects to post profit
of around ₹4 crore and operat-
ing revenue of ₹18 crore for the
current fiscal year. In the first
quarter, the company posted
net profit of around ₹70 lakh,
and continued to perform well
in the September quarter.
Srivastava started his career
at the Indian Space Research
Organisation (ISRO) in 2007 as
a research fellow. In 2013, he
entered the drone industry and
launched DroneAcharya in
point in time, the firm was in ing organisations. We are one. and to 25 by March 2024,
initial stages. But Currently, we including four schools in the
then, he con- Against an issue enjoy 25% market North-East. It offers 12 courses
vinced me. Oth- size of ₹34 crore, share, which we with subjects ranging from
erwise, the plan DroneAcharya’s intend to maintain geospatial information system
was to go public in IPO received or grow within to cinematography to a Direct-
2023-2024 but
subscriptions for three years. So orate General of Civil Aviation-
then we fast- even just consid- certified pilot.
DroneAcharya will increase the number of training schools from tracked it by a ₹6,016 crore ering just 10,000 “Currently, we have capacity
two, in Gandhinagar and Pune, to eight within four months. ISTOCK year. It helped last week pilots and an aver- of 200 students per month, but
and the results are age of ₹45,000- training about 40-50 students.
2017. During 2013-2017, he surprise when DroneAcharya’s here for everyone 50,000 in fees By April, we are looking at an
worked at the Indian units of initial public offering was sub- to see,” Srivastava said, adding work out to ₹50 crore,” he said. utilization rate of 2,000 stu-
global drone majors Precision- scribed by over 177 times last that he is confident of growth as The long-term plan is to dents a month. We are also get-
Hawk and Terra Drone. week. Against an issue size of the firm has a solution to an train around 25,000 drone ting .We are also getting” he
The markets were taken by ₹34 crore, the IPO received acute problem—shortage of pilots every year. DroneAch- added.
 LIVEMINT.COM CORPORATE WeDNesDay, 21 December 2022
NeW Delhi 05

‘Broadcasting needs Cosmea consortium exits RCap auction

at the last minute; Piramal stays in race
pricing forbearance’ Gopika Gopakumar
gopika.g@htlive.com
mumBaI
tion, which will take place on
22-23 December. With the exit
of Cosmea-Piramal, now only
Gaurav Laghate three players are left in the race,

I
gaurav.laghate@livemint.com n a setback to Reliance Capi- including Hinduja Group, Tor-
mumBaI tal Ltd’s resolution process, rent, and Oaktree.
the Cosmea Financial Hold- Cosmea-Piramal, with a bid

B
roadcasters are delighted with
the amendments to the Telecom
Regulatory Authority of India
(Trai)’s new tariff order (NTO),
which have come as a lifeline at a
time of declining pay TV users. In an inter-
view, K. Madhavan, president of Indian
Broadcasting and Digital Foundation, and
country manager for Disney Star, pressed
for pricing forbearance, clarity on gaming
versus gambling, and light-touch regula-
tion. Edited excerpts:
Are broadcasters happy with the
amendments to the NTO which essen-
tially allows you to increase channel
prices back to ₹19?
The new changes introduced by Trai in
NTO 2.0 is a great win-win situation for the
entire industry and the regulator. Probably
for the first time in the history of the regula-
tor, broadcasters have withdrawn a case,
which had reached the Supreme Court. It’s
a very positive thing from broadcasters and
Trai, even though there was some delay.
But they acted very, very positively to
ings-Piramal Group consor-
tium, the highest bidder, pulled
out a day before of the auction
is to be held by the committee
of creditors, said two officials in
the know.
However, Piramal Group
will continue to be in the race,
one of the two officials said,
seeking anonymity.
In a letter to RCap’s adminis-
trator on Tuesday, Cosmea said
it was withdrawing from the
bidding of the holding com-
pany’s assets.
The Cosmea-Piramal con-
sortium had bid for the com-
pany and its subsidiaries with
debated and as an industry, we are very revenues due to the ban on advertising Piramal group’s liability limited
happy Trai has taken the right direction. by betting and gambling firms? to Reliance General Insurance.
While we have not covered it fully, we hope We have lost heavily during the World Incidentally, Soumen (Sam)
that this is a path towards total forbearance Cup due to this ban. Problem is that there is Ghosh, the former chief execu-
that will support the whole ecosystem, no clarity on the whole betting and gam- tive officer of Reliance Capital,
including the customers. bling policy. First of all, I think gaming heads Cosmea.“Cosmea has
Which demands have not been met? should be taken to the central government decided to walk out of the reso-
First and foremost is forbearance and it and there should be central legislation. lution process. It believes that
The committee of creditors fixed a floor price of ₹6,500 crore for
the auction.
the revised base price of ₹6,500
crore is beyond expectation,”
the first official added.
“According to the new rules,
in the first and second rounds,
bidders will have to increase the
bid value by a minimum of
₹1,000 crore each. In the third
and fourth rounds, the amount
has to go up by ₹500 crore and
₹250 crore, respectively. This
would mean that the required
bids should be ₹7,500 crore,
₹8,500 crore, ₹9,000 crore, and
₹9,250 crore, respectively,” he
GETTY IMAGES
said. The committee of credit-
ors fixed a floor price of ₹6,500
crore for the auction, which is
₹1,500 crore more than the net
present value of the Cosmea-Pi-
ramal resolution plan.
Last week the committee had
called for an e-auction for RCap
after they found that the initial
bids were below the liquidation
value. The lenders had asked
the bidders to revise the bid
price else the companies will go
in for liquidation. The bidders
and CoC agreed to hold the auc-
value of ₹5,231 crore, was the
highest bidder for the holding
firm RCap. Its offer included an
upfront payment of ₹4,250
crore. Hinduja’s bid of ₹5,060
crore, including upfront pay-
ment of ₹4,100 crore, was the
second highest. Torrent and
Oaktree quoted ₹4,500 crore
and ₹4,200 crore respectively,
offering an upfront payment of
₹1,100 crore and 1,000 crore,
respectively.
Reliance Capital was sent to
debt resolution process under
Insolvency and Bankruptcy
Code in November 2021, after it
defaulted on bank loans. The
NBFC has a consolidated debt of
nearly ₹40,000 crore.
As many as 55 entities had
submitted their expressions of
interest in February for RCap’s
assets, but only 14 companies
submitted non-binding bids by
the end of August.

address the issues, though they have just will take care of everything in pricing
partially addressed the issue as our demand and distribution. But
is always regulatory forbearance. If you there are new issues such
compare pre-NTO and post-NTO, the
monthly cable or DTH bill was probably
60% of what it is today. And by introducing
as OTT content regula-
tion in the draft Telecom
Bill. There is no clarity on
NTO, everyone in the value chain suffered. entertainment content.
No one was For entertainment, we
m INTERVIEW hincluding appy, don’t need any regulation
as we have a very effective
the regula- self-regulatory system by
‘
Every state has a different policy and
every other company is
moving to high courts and
There are new Supreme Court seeking
issues, including OTT injunctions. This should
content regulations be taken away from the
Shyam Metalics acquires Mittal Corp
states and the Centre
under the draft should define what is gam- Mayur Bhalerao pany said in a statement. ture plan for the last two years. domestic and global presence,”
Telecom Bill. There is ing and what is gambling. mayur.bhalerao@livemint.com Within the next five years, The fresh infusion will also said Brij Bhushan Agarwal, vice
no clarity. Today, nobody knows mumBaI capex is likely to be at ₹10,000 help it bet big on export mar- chairman and MD, Shyam Met-
what is gaming. Let’s make crore to support its inorganic kets and expand its global foot- alics and Energy. Within the
K. Madhavan

tor. Customers were most affected. So, that
itself shows that such regulations and
restrictions are not required. In any devel-
oped country, there are no such pricing reg-
ulations. Even in our country, there is no
control over any essential item; so, we have
always been of the view of what’s the point
of controlling this? There are certain chan-
nels, which are spending probably just ₹10
crore on content for the year, while there
are others, especially sports channels, that
are spending thousands of crores only on
sports rights. You can’t compare these
channels and, thus, every channel can’t be
for ₹19. That’s what we discussed and
K
Broadcasting Content it very clear so that it’ll be olkata-headquartered and organic print. It is present next six months, the company
President of Indian
Complaints Council, and a easier for all stakeholders integrated metal pro- growth plans. The company will in 40-plus coun- will boost capacities of pellets
Broadcasting and Digital
similar one on the digital Foundation, and country to understand. It’s in the ducer Shyam Metalics The firm seeks invest ₹7,500 tries, which con- from 3.6 million tonnes (mt) to
side. There is no com- manager for Disney Star interest of both broadcast- and Energy Ltd has announced to expand its steel crore over five tribute 16% to its 6.0 mt, sponge from 2.10 mt to
plaint. So, why control it? ers and regulators. the acquisition of Indore-based capacity to 14.45 years to diversify revenue. 2.90 mt, billet capacity from
News and current affairs is But with amendments Mittal Corp Ltd to expand its million tonne per “We are PAT 1.47 mt to 2 mt, and finished
its metals
a different segment. Now, look at the kind of to the NTO, will prices increase again, footprint in stainless steel, wire annum from 8.85 (profit-after-tax) steel from 1.47 mt to 2 mt.
FDI (foreign direct investment) in media. resulting in pay TV subscribers moving rod and bar mill businesses. mtpa, including businesses positive since the The company is also looking
Disney has put $5-6 billion, Sony is invest- to OTT or FTA? With the acquisition, Shyam value-added long further commencement to increase its captive power
ing heavily in ZEE acquisition… so huge We will wait and watch. We will be con- Metalics adds 150,000 tonnes steel capacity of 2 of our operations plant capacity from 267 mega-
investments have happened and more is in scious of not charging much. We increased per annum stainless steel, wire mtpa from the in 2005. The cur- watt (mw) to 357 mw.
the pipeline. Unless you have clarity on reg- our bouquet prices by a single digit. We had rod and bar mill capacity. It will existing capacity of 1.47 mtpa. rent investments across portfo- Over FY24 and FY25 it will
ulatory measures, even the discussion is not increased prices in the last three years. invest ₹7,500 crore over five Shyam Metalics has already lios will take us to the next level add capacities to its coke oven
harming FDI. Looking at inflation, IBDF has advised its years to diversify its metals invested ₹2,400 crore from its of diversification, business and ductile iron units and blast
Has the industry lost ₹1,500 crore in ad members not to increase more than 7-8%. businesses further, the com- ₹3,950 crore capital expendi- excellence and strengthen furnace facility, it said.

MINT MEDIA MARKETING INITIATIVES

SUST
SUSTAINABLE
DEVELOPMENT GOALS:
COLLABORATION TO CLOSE THE UNIQUE FEATURES THE EMINENT SPEAKERS

COMMITMENT ACTION GAP TO Launch of UN GCNI – Accenture

CEO Study on sustainability
Vishvesh Prabhakar, Managing
Director, Sustainability Services,

ACHIEVE AGENDA 2030

Growth Markets, Accenture.
trends in India. Anjali Singh, Managing Director,
Felicitation of Young Sustainable Operations, Deutsche Bank.
Girish Wagh, Executive Director,
“Bringing up and highlighting the most prudent issues of our times and Champions of India’s Future TATA Motors. Kulmeet Bawa,
developing a roadmap for approaching the midpoint of the SDGs target in the Tycoons - fourth edition. President & Managing Director,
SAP India. Mahendra Singhi,
Decade of Action” Launch of Joint Annual Calendar Managing Director & Chief
by UN GCNI & Citizens Executive Officer, Dalmia Cement

N
ew Delhi, 15th December
2022: UN Global
Compact Network India
(UN GCNI) - A local arm
of United Nations Global Compact,
New York, held the 17th National
Convention on December 15, 2022
at Hyatt Regency, New Delhi.
The theme for this year’s
convention was: ‘Sustainable
Development Goals: Collaboration
to Close the Commitment-Action
Gap to Achieve Agenda 2030’ –
which revolved around the UN
Sustainable Development Goals
(SDGs) and its allied mechanisms
to look at collaborative solutions as
to how the government, private
sector, not-for-profit organizations
and communities at large can
contribute towards creating an
ecosystem around building a
strong foundation for a sustainable
tomorrow. The objective was to
assess, act and accelerate action
to achieve Agenda 2030.
The National Convention
provided a platform to highlight
issues related to SDGs in India and
discussed ways to overcome these
concerns. Over 300 representatives
from the public and private sectors,
industry, policymakers, civil society
organizations, academia, and UN
agencies, participated in the
convention.
Sh. Nitin Jairam Gadkari,
Hon’ble Union Minister, Ministry of
Road Transport and Highways,
Govt of India, spoke about the
importance of sustainability and
India’s contribution towards the
implementation and promotion of
Agenda 2030.
KEY TAKEAWAYS FROM THE
CONVENTION
01. Understanding mechanism for
tracking progress on SDGs and
ways to scale up action.
02. Exchange of best practices,
innovations championed by
stakeholders and creating an
integrated forum for the
advancement of the SDG ladder.
03. Providing an exemplary
platform for businesses and other
relevant stakeholders for dialogue
and deliberation on SDGs and their
progress.
04. Thinking through the Agenda
2030 lens and crafting an
actionable plan on SDGs.
05. Promoting collective learning
and fostering collaborations for
inclusive and sustainable
development.
Foundation of India (Bharat) Limited. Sundeep Singh,
Managing Director, Accenture
'GOALKEEPERS- Landmarks in Strategy & Consulting,
India’s SDG Journey'. Sustainability. Dr. Harivansh
Chaturvedi, Director, Birla Institute
of Management Technology
(BIMTECH). Manikiran Chowhan,
Vice President, Enterprise Sales,
Salesforce India. Nidhi Bhasin,
CEO, NASSCOM Foundation.
Nikhil Mathur, Senior Director,
Credex Technology. P S Murthy,
Executive Director-HSE
(Corporate), Hindustan Petroleum
Corporation Limited. Dr. Lovneesh
Chanana, Vice President (Govt
Affairs), Asia Pacific and Japan,
SAP. Dr. Ashok Khosla, Chairman,
Development Alternatives. Lakshmi
V Venkatesan, Founding &
Managing Trustee, Bharatiya Yuva
Shakti Trust (BYST). Neelam
Gupta, Vice President, Group
Portfolio & Sustainability CoE,
Capgemini Technology Services
India. Ramraj Pai, Chief Executive
Officer, India Impact Investors
Council. Dr. Bhaskar Chatterjee,
CEO, Anil Agarwal Foundation,
Vedanta Group. Apurba Mitra,
Associate Partner, ESG, KPMG
India. Hyun Hee Ban, Chief Social
Policy, UNICEF India.
Swati Sahai, Head of Corporate
Affairs and Public Policy, HCL
Technologies, Priyanka Abbi,
Business Strategy Senior Manager,
Accenture, Siddharth Sharma,
Group Chief Sustainability Officer,
Tata Sons

Follow Us On....
Social Media: @GCNIndia
Website:www.globalcompact.in

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 06 WeDNesDay, 21 December 2022
NeW Delhi
LIVEMINT.COM

19th December 2022

India Habitat Centre, New Delhi

AUTHOR OF THE YEAR

The Maverick Effect
Harish Mehta
Founder & Executive Chairman
Onward Technologies FROM L TO R: KULMEET BAWA, MD, SAP INDIA AND PRESIDENT, CAII;
2022 BIBEK DEBROY, CHAIRMAN, PMEAC; SAMEER KOCHHAR, CHAIRMAN, SKOCH GROUP AN
SAMEER KOCHHAR
Chairman, Skoch Group SECRETARY GENERAL CAII; SANJIV MEHTA & MONA MEHTA

AUTHOR OF THE YEAR LIFETIME

Harish Mehta, Founder & Executive Chairman, Onward Technologies Sanjiv Mehta, MD & C

H is book, The Maverick Effect provides unique insights into the tireless efforts it took to set up
NASSCOM that not only enhanced India’s global brand image but also helped create the great O ut of 29 years that he has served Unilever
the world. During his 9-years at the he
the India success story, taking HUL from
Indian middle class. Harish Mehta’s co-creation of NASSCOM changed the game for the IT industry,
India Inc brand and the Indian business landscape forever. It galvanised the fledgeling tech industry valuable companies in the country. Believe
to become a global leader. He is an entrepreneur, investor and a changemaker. By way of forming HUL’ - a digital transformation endeavour ha
a JV between Onward and Novell (world’s 2 nd largest personal software company at that time), he national corporate priority, using machines to
brought networking to India. Prior to founding Onward, he was one of the chief architects of the and machines at the same time has been his
Hinditron–Digital JV in India. consumer and corporate exp

CIO OF THE YEAR CIO OF THE YEAR

Critical Infrastructure Telecom
Anish Shah
Kersi Tavadia President, COO, Jio Platforms Ltd, Chief of
CIO, BSE Ltd IT & Digital Platforms, Reliance Jio TINA ANISH S

CIO OF THE YEAR - CRITICAL INFRASTRUCTURE CIO OF THE YEAR - TELECOM

Kersi Tavadia, CIO, BSE Ltd Anish Shah, President, COO, Jio Platforms Ltd, Chief of IT & Digital Platform

CONTRIBUTIONS TO DIGITAL INDIA CIO OF THE YEAR

Cyber Security Asset Management Company
Jaspreet Singh Sanjivan Shirke
Partner – Advisory Services SVP - (IT), Head - IS
Grant Thornton
ARUMDHATI SANJIVAN SHIRKE UTI Asset Management Company

CONTRIBUTIONS TO DIGITAL INDIA - CYBER SECURITY CIO OF THE YEAR - ASSET MANAGEMENT COMPANY
Jaspreet Singh, Partner - Advisory Services, Grant Thornton Sanjivan Shirke, SVP - (IT), Head - IS, UTI Asset Management Company

NOMINATIONS OPEN: FINTECH fintech.skoch.in | BFSI bfsi.skoch.in | FINANCIAL INCLUSION

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 LIVEMINT.COM
WeDNesDay, 21 December 2022
NeW Delhi 07

#SkochParivar

LIFETIME ACHIEVEMENT CEO OF THE YEAR

Financial Markets
Sanjiv Mehta
MD & CEO, Hindustan Unilever Ltd Radhika Gupta
MD & CEO, Edelweiss Mutual Fund
ND 2022 2022
SAMEER KOCHHAR SAMEER KOCHHAR
Chairman, Skoch Group Chairman, Skoch Group

E ACHIEVEMENT CEO OF THE YEAR

CEO, Hindustan Unilever Ltd Radhika Gupta, MD & CEO, Edelweiss Mutual Fund
r, 20 years he led businesses in different parts of
elm of Hindustan Unilever, Sanjiv Mehta has scripted F rom being a self-doubting girl to becoming one of the youngest CEOs in the financial services industry
at 33, livewire Radhika Gupta’s climb up the corporate ladder has been steep. Since the time she took
charge, Edelweiss MF’s AUM have grown from Rs 6,000 cr in 2017 to over Rs 91,000 cr in just five years.
$17 billion to $70 billion, making it one of the most
er in harnessing technology, he launched ‘Reimagine Investing in long-term debt was brought to the forefront by her, when she launched Bharat Bond ETF three
armonising people and technology. Making reskilling a years ago. The Edelweiss MF Bharat Bond AUM has crossed Rs 50,000 cr mark already. Her motivation
o augment human cognition, leveraging human talent has been the multiple job rejections early on, which only cemented her determination to make it to the top.
s vision. His endeavours have unleasheda frictionless She was finally hired by McKinsey in 2005 and has not looked back ever since. She has penned down her
erience delivering competitive growth. experiences overcoming adversity and attaining success in ‘Limitless’, published recently.

CIO OF THE YEAR CIO OF THE YEAR

Healthcare Media
Arvind Sivaramakrishnan Rajeev Batra
SHAH MISHIKA ANISH SHAH MANTHAN ANISH SHAH CIO, Apollo Hospitals CIO, Bennett Coleman

CIO OF THE YEAR - HEALTHCARE CIO OF THE YEAR - MEDIA

ms, Reliance Jio Arvind Sivaramakrishnan, CIO, Apollo Hospitals Rajeev Batra, CIO, Bennett Coleman

PERSON OF THE YEAR CIO OF THE YEAR

Public Affairs Manufacturing
Lovneesh Chanana Manoranjan Kumar
VP & Head, Government Affairs (APAC) SAP ASIA CIO, Shree Cement SAVITA SINGH

PERSON OF THE YEAR - PUBLIC AFFAIRS CIO OF THE YEAR - MANUFACTURING

Lovneesh Chanana, VP & Head, Government Affairs (APAC), SAP ASIA Manoranjan Kumar, CIO, Shree Cement

N financialinclusion.skoch.in sko chg roup sko chg roup sko chg roup sko chconsu lt anc y i n fo @ sko ch. i n

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 08 WeDNesDay, 21 December 2022
NeW Delhi CORPORATE LIVEMINT.COM

Domino’s Pizza set for Maruti chairman calls for paring

tariffs, GST to perk up auto sector
mega India expansion FROM PAGE 1

coming down. From 12%, we Carmaker to roll out

have declined to a 3% growth
rate over a 12-year period,”
Bhargava said. “We are adding 2 SUVs at Auto Expo
Indian franchise Jubilant FoodWorks will add 1,300 outlets across the country one point each year to the car
penetration. We have 30 cars New Delhi: Maruti Suzuki ing products such as Grand
per 1,000 people. It has been will launch two SUVs for the Vitara, XL6, Ertiga, Brezza,
Suneera Tandon going up in the past five years by Indian market at the Auto Baleno, and Swift. While
suneera.t@htlive.com one person per year. If you say Expo, scheduled for 13-18 one of the SUV launches is
New DelhI our target is to get to China’s January in Greater Noida. It expected to be the five-door
level, which is around 70 per will also unveil a concept offroader Jimny, which will

D
omino’s Pizza Inc. will signifi- 1,000, it will take us 140 years”. e-SUV as part of a range of rival M&M’s Thar in the
cantly ramp up its retail store Bhargava said taxes on auto- 16 vehicles it will display at Indian market, the second
network in India as it bets on mobiles in Europe, Japan, and the motor show. The range one is likely to be a Baleno
growing appetite for its prod- the US is much lower at Bhargava said that in the will also include a WagonR crossover which will be sold
ucts in its largest market out- 10-20%, which makes them EU, the tax on cars is not Flex Fuel prototype and a through Maruti’s Nexa out-
side of the US by store count, senior com- more affordable in these coun- significantly different from the customized line-up of exist- lets. ALISHA SACHDEV
pany executives said. As part of the plan, tries, even as per capita tax on other products. REUTERS
Jubilant FoodWorks Ltd, the Indian fran- incomes in those economies
chise of Domino’s, will add another 1,300 are much higher than in India. their GDP fast have done it on behaviour, and people who are large pyramid. In a way, it
stores across the country, taking its store He also pointed out that in the the back of the automobile buying small cars are not buy- needs to balance itself. If the
count to 3,000. The company currently EU, the tax on cars is not signifi- industry. Whether it’s Japan, ing them in the same numbers base keeps becoming nar-
runs 1,701 Domino’s stores across 371 cities. cantly different from the tax on South Korea, China, or Ger- they used to”, he said, adding, rower, I don’t see it becoming
Domino’s on Tuesday announced the other products. many, the automobile industry “For the healthy growth of the an inverted pyramid and an
formal launch of its 20-minute pizza deliv- “I think we need to look at has led the way”, he said. automobile industry, there industry where there is hardly
ery in India, making it the first market glo- the total benefits to the econ- “In the current situation, must be a steady increase in the any growth in the lower seg-
bally. The quick delivery promise, which omy in terms of the generation because of the regulatory number of new customers in ments. The regulatory effects
Domino’s has been trying to perfect for a of revenues through the auto changes which have happened, the car market. The base of on the cars have to be kept in
while, has been for now introduced in 20 industry. All countries which the burden on small cars is far ownership of cars must keep mind. This becomes an argu-
zones across 14 cities, Jubilant said in a reg- Domino’s on Tuesday announced the formal launch of its 20-minute pizza delivery in have grown their manufactur- higher than on big cars. This is increasing every year; only ment for not having a uniform
ulatory filing. This means that the company India, making it the first market globally to launch such a service. MINT ing rapidly and have grown changing the whole market then will the pyramid become a rate of tax for all cars.”
will now have to build a wider network of
stores and ensure its hot pizzas reach con- competition in India’s fast food market. ute delivery promise could be replicated in
sumers on time. The move is being driven Domino’s, which first entered the market other markets. “When we look at consumer
by enhancing and optimizing in-store pro- in the late 90s, has the largest retail net- data, the NPS scores and the retention and
cess improvements, technology upgrada- work for a fast-food chain. India’s quick ser- frequency increased dramatically when we Sebi board rejigs rules on buyback Slew of IPOs
tion, interventions for improved opera- vice restaurant market is forecast to climb deliver a pizza in under 20 minutes—it’s
tional efficiencies, and expanding stores to ₹534 billion by FY25 from ₹145 billion in hotter, it’s fresher, it’s a much better prod- to hit market
within the vicinity, according to Jubilant. FY21, according to a Technopak study. uct. And that data holds true around the FROM PAGE 1 appointing public interest ance and risk management
Quicker delivery of pizzas will signifi- Domino’s, the world’s largest pizza chain globe. This is just the first place that we’re directors (PIDs) would be aspects need to be disclosed on FROM PAGE 1
cantly grow sales volumes, launching this initiative,” he Stock Exchange and Multi Com- streamlined by linking specific the websites, Buch said.
increase consumer retention GROWING APPETITE said. India will lead store modity Exchange (MCX). skills and expertise to PIDs. The Sebi also approved a pro- will boost activity in the pri-
as well as frequency of orders expansion for the pizza chain According to Sebi, the func- regulator also said posal to create mary markets as well,” a banker
and make labour cost more THE move comes DOMINO’S, which INDIA’S quick outside of the US over the next tions of market infrastructure the internal eval- Sebi said internal execution-only said, requesting anonymity.
efficient, executives at Dom- amid intensifying
competition in
entered the mkt in
the late ’90s, has the
service restaurant
market is forecast to
4-5 years, he added. institutions should be divided uation of the per- evaluation of the platforms such as “The domestic story remains
ino’s said. “Domino’s is in 95 India’s fast food largest retail network climb to ₹53,400 cr Meanwhile, Sameer Khet- into the three categories of criti- formance of mar- performance of Paytm and Groww intact. Many IPOs having
markets around the world. We market for a fast-food chain by FY25 arpal, CEO and managing cal operations; regulatory, com- ket infrastructure market infra for the direct sale received Sebi approval would
have 19,000, going on 20,000 director at Jubilant said the pliance, and risk management; institutions and
institutions would of mutual funds. list in the near term. Depending
stores, and the number one move to deliver pizzas within and other functions, including their statutory Before this, there on investor appetite, compa-
market outside of the US is India. So, we’re by stores, remains the market leader in 20 minutes will lead to higher customer business development. The key committees be conducted was no clear regu- nies will be opportunistic on
very proud of it. The rate of growth is also India, followed by Pizza Hut. However with retention rates, help acquire new custom- managerial persons in charge of would be con- annually latory framework going public,” the banker said.
tremendous. I believe the goal is to open consumer tastes, preferences and reach ers, while also ensuring that the existing functions in the first two catego- ducted annually. for execution- Pranav Haldea, managing
about 250 stores this year. It (Jubilant) also changing, several indigenous pizza brands stores see faster growth. ries should have the same level of The agenda only platforms. director of Prime Database, said:
has a medium term goal of getting to 3,000 are able to make a mark, analysts at ICICI The promoters of HT Media Ltd, which authority as those responsible for items and minutes of the gov- The framework for execution- “Quite a few of these companies
stores, which is incredible for the brand,” Securities said in a report earlier this year. publishes Mint, and Jubilant Foodworks are the third category, Sebi said. erning board of the market only platforms aims to provide could list in the first quarter of
said Russell Weiner, chief executive, Dom- Art D’Elia, executive vice president, closely related. There are, however, no pro- Regarding board govern- infrastructure institution per- investors with greater conve- 2023, given the momentum in
ino’s. The move comes amid intensifying international, Domino’s said the 20-min- moter cross-holdings. ance, Sebi said the process of taining to regulatory, compli- nience in making investments. the secondary market.”

Secy panels focus Budget to press for energy transition NBFC loan approvals
on jobs, women’s FROM PAGE 1 age plant policy for hydropower.
A PLI scheme for advanced
private partnerships, with the
electricity storage business
drop as demand slows
iting global warming. Warming chemistry cell batteries has expected to be a vital part of the
empowerment of the planet is already causing
more frequent and intense heat-
waves, droughts, and storms, as
already been launched, with
the shortlisted firms focusing
on batteries for electric vehi-
energy transition. “The grow-
ing share of renewables in the
energy mix is expected to lead
FROM PAGE 1

rent growth of 5% is lower than

demand, but perhaps a higher
base could have been a cause
for the contraction. “On the
FROM PAGE 1 well as rising sea levels and cles. The new PLI scheme for to a healthy demand for energy what the industry has been lending side, both banks, as
flooding. By helping limit global BESS is targeted at grid-scale or storage projects to manage the seeing for the past several well as NBFCs, have been
creation; and inclusive human warming, India can help to miti- utility-scale battery storage. grid stability. Pumped hydro quarters. While retail loans increasing their interest rates,
development. The six themes gate the dangers associated with Large battery storages can and battery storage are emerg- have performed well, com- and the hikes have not made
include minimizing regulatory climate change. store electricity generated ing as the major sources for mercial loan sanctions, prima- them less competitive on
compliances, infrastructure Energy storage is expected to Energy storage may play a key from solar or wind projects as energy storage projects,” said rily an urban phenomenon, assets,” he said.
and investments, thrust on play a key role in helping India role in helping India meet its chemical energy and reconvert Vikram V., vice-president and have been hit,” said Srinivasan, Meanwhile, although inter-
small businesses, empowering meet its commitment to net-zero commitment to net-zero carbon it to electricity to maintain grid sector head of corporate rat- also a board member of FIDC. est rates have gone up, the
women, health and nutrition, carbon emissions by 2070, emissions by 2070. BLOOMBERG stability, given the intermittent ings, ICRA. That said, analysts are quite overall cost of funds of non-
and skill development. increasing non-fossil energy nature of clean energy. Large The improvement in cost bullish on non-bank finan- bank lenders is still lower than
“The secretaries’ panels are capacity to 500GW by 2030 and generation potential of India’s batteries are typically used to economics remains key to ciers. pre-pandemic levels. Icra
working on identifying specific reducing the carbon intensity of northeastern states and Bhutan store inexpensive green power greater adoption of the storage “Non-banking financial expects the impact of the rise
milestones to be achieved in each its economy by 45% from the is approximately 58 GW. during off-peak hours, which projects and within these two companies (NBFCs) are in a in interest rates on new bor-
of these areas over the next 25 2005 level. A 27 October Mint report said can be released for consump- sources, execution risks remain position to raise funds and, rowings of NBFCs to get
years so that they are on a par Micro, small and medium Queries emailed to the India’s first sovereign green tion during increased power relatively higher for pumped accordingly, most of them are reflected in the second half of
with developed country parame- enterprises figure prominently spokespeople for the ministries bond might be utilized to fund demand. hydro projects, he said. looking to scale up. While we this fiscal, manifesting as com-
ters. Based on these milestones, in the deliberations. of power and finance on 19 clean energy initiatives, includ- “Given that the manufactur- “With the focus on renewa- are saying that the overall sys- pression in margins.
specific schemes and pro- December remained unan- ing viability gap funding for bat- ing capacity for grid-scale BESS ble energy, India will require tem may grow at 10-12% when In fact, Icra expects the prof-
grammes needed will be drawn The key recommendations swered till press time. tery storage, energy efficiency will only come up by 2025, 15-20GW of energy storage and we talk to people, many say itability for non-banks—retail
up. That work is going on,” said a of these groups will be dis- Equity support for hydro- schemes for small and medium there is a need to incentivize there is opportunity in both they are looking at over 15% NBFCs and housing finance
second person who is also famil- cussed during the second power projects in northeastern businesses, and equity support such manufacturing in the battery storage and pumped growth in FY23 and possibly companies—to improve from
iar with the discussions in the National Chief Secretaries and other mountainous states for hydropower projects in the interim period for which the storage spaces,” said Hetal sustain it in the next financial the levels seen in FY22 and
government. The targets will Conference to be held in 2023. aims to facilitate the establish- northeastern states. On 13 VGF is being looked at,” the Gandhi, director-research at year as well,” said Karthik reach pre-covid levels in FY23.
soon be turned into a plan of Various projections have ment of these projects, as many December, Mint reported that first person cited above said. Crisil, adding that the pumped Srinivasan, group head of This is expected to be on the
action and will take into account pegged the economic growth of them lack the resources to the budget is expected to In addition, the viability gap hydro plants would be commis- financial sector ratings, Icra back of higher growth in assets
the requirements of economic for the current fiscal at close to contribute their equity share include a production-linked funding by the government can sioned by FY27 and before that, Ltd. under management, modera-
growth and human capital devel- 7%. Emails sent to the spokes- for these capital-intensive pro- incentive (PLI) scheme for bat- support India’s infrastructure battery storage would have to Icra’s Srinivasan said that tion in asset quality indicators
opment, the person said. people for the finance ministry jects. The total hydropower tery storage and a pumped stor- creation plans through public- store the power. there is no slowdown in and controlled credit costs.
While Punjab leads the group and NITI Aayog on Tuesday
on minimizing regulatory com- seeking comments for the story
pliance, the one to assess the remained unanswered.
cost of regulation is led by Tamil India needs to create an ena-
Nadu. The working group on bling infrastructure for growth,
improving private investment is said Madan Sabnavis, chief
Biodiversity new risk for asset managers after UN summit
led by Gujarat, with a focus on economist at Bank of Baroda.
manufacturing, housing and “The focus on reducing reg- FROM PAGE 1 and be even more active in “Clearly, there is a long way to wrote in its Living Planet will translate into action.
real estate, and ulatory compli- financing protection and con- go before biodiversity gains the Report. “Whether the agreement
services. The move comes at ance has always Morningstar Inc. servation of natural areas,” she same prominence as climate as The Global Biodiversity from COP15 will act as a cata-
Madhya Pra- a time exports and been high on the A 5 December report pub- said. a fund investing theme,” Stew- Framework agreed in Mon- lyst to see more funds flowing
desh is leading the job creation are agenda of the lished by the researcher identi- Soubranne also praised the art said. treal will guide policy and into nature will to some extent
grouping for being adversely hit government, but fied only 14 funds with $1.6 bil- accord for acknowledging the The huge gap between biodi- funding over the next decade, depend on how the broad
urban infrastruc-
by a decline in global requires a push lion of combined assets that role indigenous populations versity and climate-themed with “an important break- goals and targets are trans-
ture, urban trans- from states. This have strategies based on biodi- play in protecting biodiversity. funds in no way reflects the through” includ- lated into
port, roads and demand amid rising will also help versity. Firms getting a foot in early environmental, social and gov- ing the adoption A key goal of COP26 national legisla-
logistics, power interest rates improve private The biggest is managed by include the asset management ernance risks that both the of a target that tion,” said Martin
in Scotland and
and industrial investment flows Lombard Odier, while Axa units of HSBC Holdings Plc and planet and its financial actors calls on govern- COP27 in Egypt was Berg, CIO of the
infrastructure. as the industry Investment Managers runs the BNP Paribas SA, as well as Fidel- face in reality, according to sci- ments, industries to stress on the point Nature Based
Micro, small and medium looks at different states and second largest. Together, the ity, which all launched strate- entists. and the finance Carbon Strategy
that biodiversity is
enterprises (MSMEs), which then takes a call on where to two asset managers command gies last quarter that focus on The financial services industry In fact, a key goal of the two sector to align at Climate Asset
were most affected by the invest. If we do take this up 70% of the market that Morn- biodiversity, according to has so far largely ignored the most recent climate summits their financial inextricably linked Management.
impact of demonetization and seriously, it should create a ingstar analyzed. Morningstar. planet’s rich biodiversity. AP — the COP26 in Scotland and flows with the to climate “Meanwhile, the
the pandemic, figure promi- spirit of competition where Though Axa already has bio- Other major asset managers COP27 in Egypt — was to drive new framework, requirements for
nently in the deliberations. states work to attract more diversity strategies on its shelf, to offer nature-based funds clothing industries, the home the point that biodiver- said Simone Lov- businesses are
Haryana is leading the group- investment, which in turn will the COP15 agreement will help include AllianceBernstein, researcher said. sity is inextricably linked to cli- era, policy director of the quite challenging, but because
ing for formalization, assess- help to create jobs,” said Sab- the fund manager go further, Legal and General Investment Such strategies are vastly out- mate. Global Forest Coalition. That for the majority, they remain
ment, and bridging the credit navis. Therefore, the link to said Celine Soubranne, head of Management and Schroders. numbered by those focusing on “Unless we stop treating means they’ll need to “divest voluntary, it will be interesting
gap in MSMEs across sectors creating jobs is furthering ESG Development at Axa. It will Schroders and LGIM are climate, which include roughly these emergencies as two sepa- from harmful activities,” she to see how many rise to the
and synergizing states’ and the investment where regulatory help “obtain more data to inte- among managers to “most 1,100 funds holding over $350 rate issues, neither problem will said. challenge.”
Union government’s efforts barriers need to be eased, he grate biodiversity challenges prominently” highlight the bio- billion in global assets, accord- be addressed effectively,” The next months and years Nishant Kumar contributed to
towards inclusion. added. into our investment decision, diversity risks of the food and ing to Morningstar estimates. World Wide Fund for Nature will show how well the COP15 the story.
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 LIVEMINT.COM
PROPERTY
NORTH DELHI
SALE! 3BHK (furnished+modern interi-
ors) in dream society-M2K Victoria
Gardens Azadpur-Google it! Area
2485sqft,Price 3.5Cr,call 9313618496
9312256708 for viewing.
FOR SALE Freehold HIG Duplex Flat,
3/4th Floor with Roof, Milansar
Society, Opp. Sports Complex,
Parshant Vihar, Sec-13, Rohini. Ph :
Owner 9891023047, 9643535098
COMMERCIAL SHOP on Main G.T.
Karnal Road, C.C.Colony. Opp. R.P.
Bagh 385 Sq.Feet. adjacent to
Jiwaram Sweets for Sale. Contact:
Owner- 8287809422, 011-41646551.
BISHT PROPERTIES Pvt. Ltd. (Since
1980) Managed by Retd. Govt.officer.
Sale, Purchase, Rent & Collaboration.
All Sectors in Rohini. 9811134984,
9650045100, 9999784468
BUY/SELL/COLLAB/ KOTHI/ Floor
All Size Civilline/BD-Estate/Model
Town/ Ashok Vihar/ Gujranwal /Roop
& Kamla ngr / Outrm/ Hdsn Line &
Mukrg nga & around 9873255806
EAST DELHI
FOR SALE, 3 BHK, 1300 sq ft, Eastend
Apartments, Mayur Vihar Extn, Delhi.
Newly refurbished, sun facing, own
water softening unit @ 1.50 Cr.
9818900459, 9315553158.
700 SQ. ft Office space for Sale at
Preet Vihar Community Center,
Main road facing, lots of windows.
Contact 9773933599
WEST DELHI
FOR SALE Freehold commercial
property in Mayapuri, Ph-1,main
Rd,Nr Metro,1st,2nd & 3rd Flr Area
each-1120 sq.ft, Ample parking. Cont.
Rajeev 9910000729, 9250104728
JANAKPURI GPA 4 BHK, Immediate
Sale, Owner going Abroad, covered
area 185 sq. yds, Corner, Main Road,
5 Minutes from Metro & Market. Very
Low Price. Contact: 9811132373
3RD FLR (Top Flr) with Roof (Terc) 110
sq yds 3bhk with Stilt pnkg in Om vhr
Uttam ngr Registry Loan avlbl MCD
Aprvd New Const. ready to move,
near Market, hospitals, Banks ATM’s
KFC & metro @ 54 Lacs # 9871111132
SOUTH DELHI
3+1 BED room 1 Drawing, 1 Dinning
2 Bath 1 kitchen Ground Floor 3 side
open corner Sarita Vihar E block
Sale. All Cheque Payment dealers
excuse. # 9818472525, 9582709632
SALE D-BLOCK, Defence Colony,
100% Commercial, Brand New
First Floor, With Stilt / Lift /
Fire Exit / CC, Contact
8920931334, 9821260111.
KHEL GAO, Asiad village, V I P area of
south Delhi, Three bed, first floor
with reserved Parking and servant
quarter for Immediate sale. Cosmos
# 9810001682.
SHIVALIK MAIN Road 3 BHK with
Lobby,Imported Fittings in Kitchen &
Bath, Italian Marble Floor, Teakwood
8 Feet Doors, S.Qtr,1 Car Pkg,Near to
Biggest Mkt & Metro St#9289300774
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SOUTH DELHI
2 BHK, Ready to move-in, Loan
registry, at Nebsarai, near
upcoming IGNOU Metro station.
Very reasonable. Immediate sale.
Raj: # 9811010285
MUNIRKA ENCLAVE Opp Vasant vihar
police station sale Flats duplex 2nd +
3rd floor 3Beds D/D original 4Bath
3 Big Open Terrace & Roof Area
2400 sqft. Free Hold # 9810856550
DEFENCE COLONY Corner , First Floor
4 Bedrooms D/D, Lounge, Stilt Park-
ing, Rich specifications. S Kumar
9811031558, Akshay 9999785858
wanted Old Floors and House
LUXURY BUILDER, Floor South Delhi,
For Sale Purchase, Plot, Flat, Villa,
Vasant Vihar, Anand Niketan, GK,
Safdarjung, 9818299956,
9717230503
THIRD FLOOR Gulmohar Park/Green
Park 300 Corner Ready to shift North
East Facing 4BHK separate Car
Parking Wide Road. Prem Chauhan:
9810066309
GULMOHAR PARK 200 sq yds, Third
with Terrace, NE facing, Vastu
perfect, park facing, Excellent
construction ( LFW -VY)
9899534878, 9811017890
NEW FRIENDS Colony-500 yds Indpt.
House; Basement GF/FF/SF/TF Park
Facing; Maharani baagh - 800 Yds
Indpt House Cont-9810280980.
GK-II (300)Y GF 4br lift stilt 2car 4.25
GK-I (208)y SF+Trc 3BR SQ 2 car 2.50
CRPrk(160)y 3bhk UC/ready 2.25-2.85
EOK(200)yTF+T3br lift stiltprk fc3.30
CRPrk 2BR D/D frihold SQ onecar 55L
#9810017982, 9810364472 Bahlsons
VASANT KUNJ DDA Flats in all Sectors
Sale, Purchase & Renting - 2, 3 & 4
BHK - Nice Location - Nangal Dewat
Builder Floors also Available.
ESPEE Associates # 9953099535
14 GAUTAM Apartment DDA-SFS Flat
opp. Gulmohar Park, 3-Side Corner
Extended G.Flr 3 Beds attach Baths,
D/D, Well Maintained, 2 Car Parking,
Exclusive Mandate. Kapil 9810148551
OLD FLRS Defence Col Park Fac B'ful
Loc 325y FF No Basement 33% Land
Rights, Lift,1car prkg@7.25cr. & Also
PSheel Prk 300yd S-Blk FF, Lift, Stilt
@6cr. Rajesh Khanna 9810526800
GK-II ENCL. 400 Corner, FF & SF,
4BHK D/D, 2 Car Parking in Stilt for
each Floor, Brand New First Entry.
Reliance Properties Sanjiv
9810124540
PANCHSHEEL ENCL 265 Yds, TF+Tr. 3
BHK; Green Park 200/300 Yds, GF/SF
3/4 BHK; GK-I, 250/500 Yds, TF+Tr. 4
BHK, Corner; GK-II 250Yds, GF 3 BHK,
Corner+N-East. Vineet 98714-17999
VASANT VIHAR Sale Beautiful Duplex
Bungalow 400 sq yd Park facing N/E
Vastu Perfect, Rare Genuine Deal.
Call: Sanjay Malik 9810039071
Visit: www.malikestateagents.com
DEFENCE COLONY D block, 325 Sq Yds,
Ground, Basement & First Floor, NE
facing, Excellent Construction
(LFW-VY) 9899534878, 9811017890
FOR SALE Freehold LGF 800 sq. ft /
hall Two Toilets Two A/C Front
and back access, ample parking,
for Offices, Clinics Storage D -86
Kalkaji, 1.20 Cr Contact. 9811080399,
9716389956
SOUTH DELHI
OWN A Luxurious Farm House at the
Price of Builder Floor at Vasant Kunj,
Chatterpur, MG Road & Dera Mandi
1000 Yds to 1 Acres, Best Locations,
Crystal Clear Title. call: 9999008016
3 BHK with 3 toilets Flat, 115 sq.yds in
Sidharth Apartment, Neb Sarai
(Behind MCD School) with lift, Free
Car Parking, Registry @ 45 Lacs.
Loan available. Cont: 9968246753
DUPLEX ( 2nd & 3rd floor) Flat, Free-
hold, 2200 sq ft, Newly renovated,
Hill View Apartment Vasant Vihar
New Delhi -110057 available for sale
@ 3.85 Cr. M Dhingra 9716133381
9910003307
JANGPURA 200YDS TF+Terrace 3 Side
Corner Behind Park @4cr & Defence
Colony 325yds 1st floor @5cr. Broker
Excuse. Call -9910003307
NEETI BAGH 511 Sq Yds, 2nd Floor,
Park facing, Wide road, Excellent
construction(LFW-VY): 9899534878,
9811017890
PANCHSHIL 500Y Flr Crnr Stilt@7.5-8
265y TF+T Pfac@5.65, Gf Wdrd@3.8
GF Pfc Stilt@4.9; GK 1000y Flr Pfc@8
500y B+G Pvt Lft@10.25; All TF+Terr
Stilt 500y@8.5, 300y@5+, 200y@3.5
HAUZ KHAS, Green Park-New Ready
Luxurious Floors in 350-500yds FF,
SF & TF with Terrace,GF with Base-
ment also available,Vaastu Complaint
- Inder Pal Singh-9999327785
PSHIL - 1200/500 all Flr;HKEnc 1000/
670P/F B+G/FF&500B+G/TF+T;M.Bgh
800 B+G/FF/TF+T Nw;NitiBgh515 P/F
FF&SF;V.Vhr 400 FF/SF/TF+T;Gulmo-
har 200 P/F G+TF+T Nw. 7982156567
9910008089
PANCHSHEEL ENCLAVE, 265yds, 4bhk,
Stilt &Lift @4.25cr also Gk1, 300yds,
4bhk, stilt & Lift, 3rd+trrc, North-
Facing @ 5.74cr call # 9910008089
FOR SALE
SARVODAYA
ENCLAVE
OLD HOUSE
450 sq.yds
A.K. JAIN & ASSOCIATES
ROHIT JAIN
98110-22044
FOR SALE Bijwasan 2 acre land attched
to Ansal Palam Vihar 1100 + 1000
yds Plots. Farm Buy/Sell Vasant kunj
/ DLF / Rajokri 2.5 acre @ 30 & More
options in around 9873255806
GK, AREA 1000 Sqyd, TF with Terrace,
5BR, Sep Gate Also GK-1, Livable
House, Area 500 Sqyd, Reasonable
Price, Call 7838871114
GREATER KAILASH-1, 500 Sqyd. 3 Side
Corner, Third Floor with Lift and
Stilt Parking, 4 BHK D/D @6.5 cr.
Also 200/300 yds. Cheepest Price
Floors. Suraj Puri 9811181629
GOLF COURSE Rd, Gurgaon, Rented
2 Restaurants, 3600 Sq fts Each, GF
+ MEZZ Duplex, Total Rent 8.45 Lacs
P.M. Asking @ 6.5% 15.50, Reliance
Properties Sanjiv 9810124540
KAILASH COLONY, 16 Bed Room with
Basement, Independent, Liveable
house, plot Area 525 for Immediate
Sale. Cosmos #9810001682
DDA SFS Spacious Duplex flat 2nd &
3rd floor,4BR D/D 2 Terrace, Mount
Kailash, East of Kailash, ND-65.
Contact owner at: 9811056230,
9811090414
VASANT VIHAR 400 Sq Yards,
1st Floor- 4BHK Wide road
Excellent construction (LFW)
Vaibhav 9899534878
SOUTH DELHI
3 BEDROOM 4 Bath Fully Renovated
Ready to move in Call 9311105610.
(Between 1 to 5 PM)
BUY/SELL/ COLLAB/ Kothies/ Flor
200-1000 yds / GK / Vasant Vihar /
Huzkhass 512 yds / SDA / SJE /
Panchshel Friends colny / Def-col /
&near area around 9873255806
GOLF LINK Bungalow 645 Sq. Yds.
East Facing 8Bedrooms with 8
baths, 3Servant Qtrs., 3 Car
Parking, Crystal Clear Tittle.
Contact # 9311895858.
9910002208
KOTHI FOR Sale in Saket 350yds
3 Side Corner also Geetanjali
Enclave 500yds on Wide Road &
Saket New TF+Terrace 200yds.
Call-9910002208
NRI SELLING, Farmhouse, Ghitorni,
2.6 Acres, Designer, with Swimming
Pool, Land Scaping, Very Reasonable
Price, Only Genuine Buyer,
7838871114
BUILDER FLRS 100% clean title (Best
price guarantee certificate) 200/300
/500 Booking, Ready (Get gift worth
2 Lakh on every purchase) Brokers
Excuse. # 9910061255, 9810061255.
CR PARK K-1 Blk Crnr Office Sale/Rent
F.Flr 500 Sft, Fully Furn, Commercial
Road; CR Park Pkt-40 Sale/Rent F.Flr
160 Yds, 3 Beds att. Baths, D/D, Main
Road, Freehold. Owner 98100-59277
VASANT KUNJ, Sec-A, PKT-B&C, H.No.
1517, Ground Flr 3 BHK, Park/Corner,
Newly Renovated @ 2.50; C-3, First
Flr 3 BHK @ 3.25; B-8, First Flr 3 BHK
+Garage @ 2.65. Vineet 98714-17999
RADHE MOHAN, Satbari Ansal, Dera
Mandi,MotherTeresa,Asola Mini Farm
5-6bhk(1000-1200-1700-2400y to 2½
acre) 2storey new/old with lift & pool
delhi registry,suits self user/investor
Global Homes Reality
9999199062, 9711362234
GREATER KAILASH-2, 550 sq.yds.,
North Facing,Builder Floors available
at an Attractive Price. More options
also available in South Delhi.
Contact: 9999199062 / 9711362234
ANAND LOK 800 Yds, Corner, Park
facing Brand New First, Second &
Third Floor with Terrace, Excellent
Location also Basement + Ground
Floor. Gagann Gujral 96505-16999
SALE 1125 sq yds Forest Lane, Neb
Sarai, 7750 sqft, 6 Bedroom, DDA
SFS Flat Duplex 1250 sqft with
Servant Quarter Near Ashram
Chowk, Dehli. Contact - 9910258915
RADHEY MOHAN Drive/ DLF Farms/
Gadaipur 1 Acre @ 23Cr & Half Acre
(2420 Yds) @ 12Cr; Mini Farms, Brand
New 1200-1500 Yds @ 12 to 15Cr.
#RV Homes 9953101010, 9811227622
ANAND LOK, 800 Sq Yds, Brand
New 2nd Floor, ready to move in,
Private Lift with 4 Car Parking, Top
line Construction@Reasonable Price
for more option. Call: 9971110380
CENTRAL DELHI
FOR SALE 1000 sq. ft. Approx, 2nd
Floor, Katra Baryan, IN Crown Hotel
Building, Fatehpuri Chowk, Chandni
Chowk, Delhi. Ideal for Dormitory -
Rs. 3.99 Cr. # 9711773339
NOIDA/GREATER NOIDA
RESI PLOT 24mtr Rd N/E 300 &
450mtr Sec-105,108, 92, 44 Sec-30,
450, 30mtr Rd sec-36, 450, 30mtr Rd
Sec-19 30mtr sec-93B, 300 & 450
Raj Assotech Call:9871146434
VIP SECTOR-15A, 44 B & F-Block, 93B,
47, 450 mtr, Corner and 300 mtr
G-Block, Corner & regular, N/E.
Best Locations. Reasonable price.
Call: 9811322684
DELUXE ARMY Flat for Sale, 1st floor,
3BHK, Study, Sec-28/37, Noida,
Original Allottee, Open & Airy,
centrally located, Car Prkg. Nr. Mall
& Metro. Maj. SS: 9810029407
FOR YAMUNA Exway Authority plots
300, 500, 1000 sqm etc. in sec 18, 20
-only property in Delhi NCR that can
be transferred legally & safely with-
out registry & others. 9899755160
NOIDA PRIME Location Sector-29
AWHO 3rd Floor 3BHK Terrace plus
One Modified BHK at GF 1950 sq.ft.
attach bath facing Metro Mkt Owner
Col Sushil 9811032324.
CONFIRM SALE Residential Plot 450
mtr in sec- 108 with C. C, Corner,
North & Park facing, one Time lease
rent paid. Venus : 9810417663
PRIME SEC 44 prk fcng 450m & 450m
crnr. 300m N/E 18m Sec 44 450m
North Fcng Sec 92. 240m 3side open
Sec 44. & prk fcng &N/E,200 m Kothi
Prk Fcng Sec 15A.200m-450m Sec15A
PRIME LOCATION kothi for sale
heart of Noida sector 17 Size
450 mt corner B ,G , F ,2nd
Call Rishika Associate.
#9871560888 / 9810469761
INDUSTRIAL SALE/RENT 65000sqft
Sec-140, 210mtr Sec-6; 200mtr Sec-
8; 372mtr Sec-6; 450mtr Sec-63; 300
mtr Sec-83; 5000mtr HC, 1500 mtr
58 Noida 9810300059, 9891942000
ICONIC TOWER, Sector-62, Noida. Two
Office Space available for Sale with
all facilities. Walking Distance from
Metro. Area 808 to 1600 Sq. Ft.
Contact : RPG Estate : 9811625679
SECTOR-44 NOIDA, 300 sqmtr,
Completion plot avail for sale, east
facing, Call 9999011116
SECTOR-92, 105, 108, 46, Sizes 450
and 300 mtr Plots / Kothies, best
on Expressway. Look for 250 mtr
also, all best locations. Call Jain:
9811322684
LOW INVESTMENT High Return:
We deal in mixed use land (5,6 &
7 %) allotted by Noida, Greater
Noida and Yamuna authorities.
Plot owners / buyers may
please contact directly for sale /
purchase # 8810376695
SECTOR-46 NOIDA, Completion plot
avail for sale 450sq mtr, east facing,
gated Society nearby Metro. Call
9999011116
YAMUNA EXPRESSWAY Buy/Sell
Authority Plots Sec 18 & 20 Plot Size
300,500,1000,2000 & 4000 sqmtr
also deals all Gr Noida # Punjab Prop
9891008515, 0120 - 4248129
RENTED TO MNC Industrial Building
for Sale 4000 mtr Coverd Area.
1,10,000 sq.ft. Sector- 80 Phase - II
on 18 mtr wide road, long Lease.
Contact: 9971768326
4000 MTR. Industrial Shed for sale
phase-2 Noida on 45 mtr. Road
completion functional done.
Contact- Jitendra -9810207945
FARIDABAD
FLAT FOR Sale in Charmwood Village,
Faridabad, 1600 sqft, 3 BHK+S.Qtr,
European Kitchen, Covered Parking,
Power Backup, Call: Honey Garg
9873426894
FOR SALE BPTP Resi Plot Sector-85,
500 yds, Excellent Location, Corner,
24 mtrs (80ft) road. Prime Estates:
9810483104
GHAZIABAD
COMMER. APPROVED 3000 sq.yds
Plot on 150 ft wide MG Road,
Dhaulana, Near Gzb. Suits Industry,
Shops, Hospital, Banquet School etc.
@ 10,000 per sq.yd # 9968246753
GURUGRAM
CATRIONA AMBIENCE apartment
for Sale, 7000 sq ft, 4 Beds D/D,
study East facing. Golf Course facing.
Purri Realtors 9811015635
HUDA PLOT No. 406, Sector-50
Gurugram, Area 221.45 Sq, Mtr.
Behind DPS School. Good Location.
Contact Owner: 9810053457.
DLF − SUSHANT LOK
SL-2 E-BLOCK 3000 ft 4BHK/
5toilets Luxury Floors, ready to
move,100% power backup @ 3.2
cr onwards. Call 9810011187
SUPER LUXURY Builder Floors DLF
Phase 2- 215yd/300yd 3/4 BHK Lift
stilt North facing best in Town Con-
struction Near NH-8, MG Road, best
Price. Saudagar Prop 9718511207
APARTMENT FOR Sale Ireo Grand Arch
3BHK, 2167 Sq.ft, Higher Floor, East
Wing. And 3BHK Ground Floor with
Personal Lawn. Contact:
9999006608
DLF CITY-II 400y old House @
plot, 500/682/1000y B-7,M-1,H-34
Park Fac Cnr 2side open,South City
-II 500y North Park, DLF-IV 360y
2side open, Surendra 9810996372
VATIKA PRIMROSE sohna road
Mandate with key 3 Bed Room-3BHk
2297 sqft. 2 Covered Car parking.
Contact : Vipul Cell 98103-33886,
Email: vipulproviders@gmail.com
PALAM VIHAR Sale Villa 270 yds
3 Br Duplex,drawing dining,
servant room well maintained
Corner / Park facing call Akash
Properties 9811011647.
SUNCITY VILLA 980 Yds, Brand New
North fac Duplex House B'ment+G.Flr
1st & 2nd Flr 10 BR, Lift, VRV, Genset,
High End Interiors. Dream Home (E-7/
10,DLF-I)Amitt Kukreja 9700800100
DLF-II VILLA 402 Yds Duplex, N-East
Bmt, GF, 1st & 2nd Flr with Swimming
Pool, Lift, 5 BR, Study, Mandir, Power
Bk-up, 4 yrs Old. Dream Home (E-7/
10 DLF-I) Amitt Kukreja 9700800100
SL-2 E-BLOCK Plot 445 yards East
facing, Third Plot from Golf Course
Extn Road @ 159K per sq yd.
File.Min 1% comm. Call
9810011187
DLF-1, PLOTS- 500y 9mtr,12mtr & 18 M
tr Rd,300y corner 12mtr,DLF-2, 300
& 402y Independent designer kothi
with lift N/F, Plot- 250/300/400/
500, more options avail. 9810171345
PLOTS DLF @ Reasonable rate,
T-Points Only at J-1 400 Park @2.50,
K-3 300 North @2.60, N-2 400 @2.75
& CM-200 @6cr. DLF-IV 4100 @2.60,
1100 416yd @2.20. 9810112870
DLF-1-2 PLOTS :Shahtoot marg 1022y
2side open North park, Kachnar
Marg 12mtr park, 500 yrds :M-1, L-1,
J-1, J-7, 682y : M-1, L-1 Sabharwal
Asso. 9810026076, 9910026336
LUXURY BUILDER flr UGF 4 bhk
on 500yd plot excellent location
nr Golf Course Rd, metro, park in
SL-2 D-blk, cheap price. 965444-
5234, 9910032042, 9810255520
SOBHA CITY Apartment Area 1711 Sq.ft
, 3BHK Good Location Covered Car
parking Mandate with key Contact :
Vipul Cell 9810333886 E mail:
vipulproviders@gmail.com
DLF − SUSHANT LOK
SOUTH CITY 1, Ready to Move
Luxury Floors with Stilt & Lift in
500yds, 360yds, 240yds, All floors
options available @ 2cr onwards
# Indo Scottish 9990005817
SWADESHI
ESTATES
9810921797
FLOORS DLF-1 500yd 18Mtr wide Road
@5.50cr, Gated Community, Sushant
Lok-1 300yd@3.75cr Park Facing,
North Facing, Corner Floor 100%
Gated Call 9810921797
SUSHANT LOK 1, Plots confirm Deal,
300yd in A-Block ,500yd in B-Block
East facing, Near park, Prime
location, Sabharwal Associates
9958492130
AVAILABLE FOR Sale Top Floor
with Terrace, 535 Sq.Yrd
Greenwood city, Gurgaon, Gated
& PW Backup in very Attractive
Price. Call 8178871400
PLOTS SOUTH City -1, 360/500yd
North, 240yd Park facing, Corner
Suncity 250/360/500yd Greenwood
City - 500yd park facing Sabharwal
Associates 9811196843
DLF PARK +North facing flr 300yd 4BH
K Lift+Stilt, fully Loaded@3.10. S.Lok
Top with terrace 2 side open 300 yd
3BHK Lift @2.10. Below market & oth
er distress options avbl. 9871177425
SOUTH CITY 1, Plots/Kothi's Available
in 1000yds (Blk-E), 500yds (Blk -F,
G,H,K), 360yds (Blk -B,C,O,P,Q),
240yds (Blk -C,M), 180yds (Blk-A,N)
# 9990005817, 9990009777
DLF SUPER Luxury, fully loaded 502/
300/270 sqyrd bldr flr 4/3 bhk, D/D
Kitchen,Terrace garden. Split a/c's,
branded, lift, stilt, parking, servant
qtr@ 6.75 cr/3.80 cr/3.50 cr
DLF ALAMEDA Plots for Sale 250y East
Fac, 480y East Fac Corner Park, 538y
East Facing Park, 700y West Facing
Park, 1 Acre School Site 24 mtr
Corner. Sabharwal 9711776151
PLOT CLEAN title 402 yard. H 36/4
DLF phase 1 (one) near Dronacharya
Metro Only geniuene buyer.
Please Contact +91 60093 98065 /
9433024614 (Sohil Jain)
4 BHK Flrs for sale newly builtup DLF-2
400 sq. Yds@ 4.25cr., 300 sq.yds.@
3.75cr. S.Lok-1 /418 sq. Yds @ 4.75cr.
(Gated Community with 100% PBU)
S.City-2/ 500 sq.Yds/ 4Bhk @ 3.25cr.
EXCLUSIVE PROPERTY : DLF Ph-2
X-Block 565 Sq. Yds. House, 3 Side
Open, 3 Side Park, Wide Road, VIP
Area. Many options of Floors, Houses
and Plots. Srinivasan : 9811278164
WeDNesDay, 21 December 2022
DLF − SUSHANT LOK
LUXURY BUILDER Floors DLF-3 : 4 BD
1st Floor on 316 V block Rs 2.90cr; 4
BD 1st Floor on 402 W block Rs. 4.25
cr; 4 BD Top with terrace on 502 Rs
4.50cr. Srinivasan : 9811278164
NEW DESIGNERS flr DLF-II,300yd
4BHK @ 2.75Cr. also av'ble Top flr
with Terrace Garden,Kothi300 502
syd 5BHK Duplex, Attractive price
Plz. Call 9811179706(Realty 365)
FOR SALE Plots in DLF & Sushant
Lok Distress & Value for Money
Deals available. Cont:- Heritage
Estate (Bipin Sharma)
9654445234
MARQUEE
ASSETS
9015697979
8920054538
DLF/ S.LOK-1/ South City-1 Confirmed
& Direct Plots Av'ble 250 / 300 / 360
/ 500 Yds all super Prime Locations
Av'ble Cont:- 9015697979 /
8920054538
TO-LET
EAST DELHI
COMMERCIAL RETAIL Space for Rent
in V3S Mall Laxmi Nagar, 3800 sft
rent @165-175/sq.ft. on 2nd floor,
facing Main Vikas Marg. Contact:
9810014715, 9310014715
SOUTH DELHI
VASANT KUNJ Three Bedrooms Three
Bathrooms Drawing Dining Ground
First Duplex with scooter garage
C-9814 Sector C-9 Vasant Kunj
Contact: 8527605291
ANAND NIKETAN Independent Single
Unit 3Bedrooms Attach Baths, D/D
Separate, Kitchen, Servant Qtr,
Garage Front Garden. Call Dogra
9811087358, 9625146388
HAUZ KHAS Market First Floor 1800
sq.feet Lift/ Power Back-up. Also
2000 sq.feet Showroom Defence
Colony. Also 600 sqft Aurobindo
Marg # 8368649852, 9999924995
AVAILABLE, BUILDING for Industrial
use, in Okhla Phase 1, approx. total
area 28000 sq.ft. Immediate avail-
able b'ment, G.F, F.F & S.F 13000
sq.ft. #9818365007 for enquiries.
SDA C-3/11 Duplex Ground+ Lower
Ground Floor 3Beds Approx 3000 ft
Corner Well maintained Ample
Parking Excellent Location. Grover &
Associates 9810173911, 011-26511118
PREMIUM FULLY Furnished Space in
"The Capital Court" - Munirka near
Vasant Vihar, ready to move & many
more options in Vasant Vihar, Saket.
For details: 9811191901, 8368538234
FOR RENT Commercial Space, Ist
Floor, Area 1764 Sq. Ft. property
at H-2/102 -104, Suneja Chamber,
Alaknanda Commercial Complex,
New Delhi-110019 # 9810993996
Predict the Sensex
Play and win
Download Now
*Exclusively on the Mint app
NeW Delhi 09
DLF − SUSHANT LOK SOUTH DELHI
PLOTS- EMAAR Emerald Hills
(500) Corner, Emaar Marbella
(267), Emaar SCO Sec-65
(88/167), Vipul World (240).
Link Properties: 8510023177
LUXURY BUILDER Floors 3/4/5
BHK 300/ 400/ 500yd in DLF-I, II,
IV & Sushant Lok-I, II, III Deals GK-II 300 Sqyds, S Blk, Ind. Duplex
av'ble at reasonable price. House 4BHK @2.50 Lacs, & 300 Yds
Heritage Estate- 9910032042 SF 4BHK, Lift, Parking @ 1.25 Lacs,
600 yds FF 4BHK @ 1.60 Lacs.
Reliance Pradeep 9873073388
GURUGRAM
RENTED
DLF 2 200Yd East Facing Villa
Renovated, Excellent Condition
5 BHK, Reasonable Price 12 m Road
Direct Party Meeting M: 9871733233 RENTAL INVEST
XEROX - 32,500 45 LACS
NAINITAL KUEHNE+NAGEL - 58,000 1.25 CR
AIR INDIA - 66,000 1.13CR
PUMA - 1 Lacs 3 CR
FOR SALE-ON way to Corbett Park on
Highway between Kashipur-
DELHI HEIGHT - 2.97 L 7.4 CR
Ramnagar Road, (Uttarakhand),
Farm Land, 14 Acres, Contact Arun
9999720055
Kapur # 9811167775, 9560132775
RAJASTHAN
KRISH ICON, Bhiwadi, 12th Floor, U.VHR. PH.1V:- Independent
2 Bedrooms, 2 Baths, 3 Balconies. corner bldg.3 Floors,Covered
Never used. 980sq ft. Contact: Area 20000S.ft.Best for Logistics,
9871107755 Warehouse & Multiple use.Huge
Parking # 9810778950, 8587878745
UDYOG VIHAR 9000 ft for lease, brand
new interiors, NH-8 facing, Signage
available. Other tenants MNC. Next
to Radisson Hotel. Covered car
SOUTH DELHI parks. # 9871098146
NEHRU PLACE, Devika Tower Fully
Furnished Office Space 2000SqFt.
10 Work Station, 2 Cabins+2
Washrooms conference + pantry+
reception. Contact :- 9983133331
GREATER KAILASH-1, S block,
Basement 650 sq ft comprising
2 halls each with new AC, 1 pantry,
1 bathroom available for rent, LEASE/JV / Co-Working 100 -750 seats,
Immd. part possession in Sec-44,
Contact : 9818300700
Gurugram, 1350- 60000 SqFt, HUDA
Metro stn. 9999005322, 9811444190
umac_crative@yahoo.com
FOR RENT- A 211 NFC,6 BHK
Independent House, Park Facing,
Wide Open Road, Green View, Ample
Parking @ 3.25 Lakhs, Many more
options for Rent. Cont: 9871516368 ROSEWOOD CITY, Gurugram Long/
Short lease. Newly Built 530 yds. 4
floors, each 5BHK, Modular Kitchen,
Balconies both Sides, basement.Each
GREEN PARK Commercial G.Flr+Mezz 3100 sq.ft. Contact: 9899722444.
1800 Sft in Uphaar Complex, Best
Location. Suits Banks, Restaurant,
Automobile, Insurance. Reasonable
Terms adj Metro. Owner 9810075960
TOLET COMMERCIAL office space DLF
Corp Greens, Sector 74A, Ggn, off
1640sqft, Tower1/6, Furnished ,22
OKHLA PHASE-III B-Block, Corner Plot Seats, conf room ,2 Cabins, Pantry-
1200 Sq.Yds (Aprox 7000 Sq.Ft.) For wash ,Recp, Carpeted-Ac -Ready to
Office Or Any Use. Prime Location, move :- Call 9718 11 00 99
Well Maintained, Reasonable Rent.
Contact Owner: 9810849422.
FOR RENT fully furnished with lift DLF − SUSHANT LOK
F.Floor J 1860 CR Park facing
beautiful Garden N. East facing
75000 per month for MNC or PU
taking lease Khanna. M 9810156510.
GK-2 LGF E block 900sq.ft. Ideal Loc.
Main Gurdwara Rd Partitioned Glass
Cabins suitable for Office / Clinic
Purposes. Owner Col Nagrath
9811032324.
AVLB. FOR lease, newly constructed
Showroom builtup 29,700 sft., LGF+
GF+FF 9,900 sft. each floors, Sec-52,
SHOP AVAILABLE for Rent at Wazirabad Market, Ggn. nearby Sec-
Greater Kailash 1 Market 325 sq.ft, 56/57/51/52. Owner: 9811274926.
Ground Floor, Prime location,
Contact - 9810173756, 9810318941
C- 9/4, DLF- 1, independent house,
LAJPAT NAGAR/ Central Market Office high end house for foreigners,
Space , Showroom Space, Shops, MNC’ Guest House, Fully 5 Star
prime Location Reasonable Rent Furnished, Drawing, 5 Beedrooms,
Contact 7838885165 Dining, Big Lobby # 9810162866
subscription.
 10 WeDNesDay, 21 December 2022
NeW Delhi
m MINT SHORTS BOJ‘s surprise hawkish
Amazon agrees to EU antitrust
truce in marketplace data probe
Amazon.com Inc. settled European Union antitrust investiga-
tions over how the US ecommerce giant uses rivals’ sales data and
whether it unfairly favours its own products. The European Com-
turn jolts bond markets
mission accepted proposals from Amazon, including a vow to
stop using non-public data on independent sellers on its market-
place for its competing retail business. Amazon also pledged to
Move by world’s largest creditor may hit asset prices, boost borrowing costs
address concerns about the way its Buy Box unduly favoured its
own retail business, as well as marketplace sellers that use Ama-
zon’s logistics and delivery services. BLOOMBERG
Bloomberg
feedback@livemint.com
Meta to delay closing Within
T
he Bank of Japan’s unexpected
Unlimited deal by one month hawkish shift sent shock waves
through global markets as the
developed world’s last holdout
for rock-bottom interest rates
inches toward policy normalization.
Japanese government bonds and Trea-
suries both slumped, while the yen surged
after the BOJ raised its cap on benchmark
10-year yields to around 0.5% from 0.25%,
surprising every economist surveyed by
Bloomberg. The fallout touched every-
thing from US stock-index futures to the
Australian dollar and gold.
The turbulence is unlikely to end on
Facebook parent Meta Platforms does not expect to seal Tuesday. Japan is the world’s largest cred-
its acquisition deal with Within Unlimited, maker of the itor, and tightening domestic financial
popular fitness app “Supernatural”, before 31 January, conditions may result in a wave of capital
according to a court filing from Tuesday. Meta has agreed returning home. That threatens to push
to push back the closing by one month or until the first day down asset prices and boost global bor-
after the court rules on U.S. Federal Trade Commission’s rowing costs at a time the economic out-
(FTC) preliminary injunction trial, according to its filing look is deteriorating.
with the court. REUTERS “It’s important not to underestimate the
impact this could have, because tighter
BOJ policy would remove one of the last
Binance ousts Tokocrypto CEO global anchors that’s helped to keep bor-
rowing costs at low levels more broadly,”
and is cutting 58% of jobs at unit Deutsche Bank AG’s global head of macro
Binance Holdings Ltd.’s Indonesian unit is cutting jobs and research Jim Reid wrote in a note to cli-
replacing its top executive after the parent company took nearly ents.
full control over it. The dominant cryptocurrency exchange now Investors are expected to exit bonds in
owns almost 100% of PT Crypto Indonesia Berkat, known as Tok- the US, Australia and France, and devel-
ocrypto, lifting its shareholding from more than 51% two years oped-market equities also likely to
ago when the investment was first made, the local unit said in an decline, according to UBS Group AG. The
emailed statement on Tuesday. BLOOMBERG Swiss bank’s asset management arm, as
well as Schroders Plc and BlueBay Asset
Management, are among those who stand
North Korea says sanctions won’t to benefit from the BOJ’s decision.
The yield on French 10-year bonds rose
stop its missile development 9 basis points to 2.81%, the most among
Seoul: North Korea on Tuesday criticised South Korea for under- core markets in the region. Equivalent
mining its weapons development, saying additional sanctions will German securities fell a fifth straight day,
not stop its missile programme, state media KCNA said. Kim Yo putting the notes on track for their longest
Jong, the powerful sister of North Korean leader Kim Jong Un, losing streak since early September.
said the isolated country’s initiative to develop a spy satellite is a “This was bound to happen with infla-
“pressing priority directly linked to our security.” REUTERS tion rising in Japan, it’s just happened
This PDF was originally uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) Subscribe now to get this edition before anyone else!! Backup channel:@LBSNEWSPAPER
GLOBAL LIVEMINT.COM
China’s zero-covid
drive boosts budget
deficit to $1.1 tn
Bloomberg
feedback@livemint.com
C
hina’s broad budget
deficit hit a record so
far this year, showing
how damaging the now aban-
doned covid zero policy and
the ongoing housing slump
have been to the economy and
to the government’s finances.
The augmented fiscal deficit
was 7.75 trillion yuan ($1.1 tril-
lion) in January to November, The lockdowns, testing and
according to Bloomberg cal- quarantine rules put a strain
culations based on data from on the economy. BLOOMBERG
the Ministry of Finance. That
was more than double the market.
same period last year and With covid infections now
larger than in 2020, when the sweeping across the country,
economy was battered by the local governments are unlikely
initial covid outbreak and to see an immediate improve-
growth was the slowest in dec- ment in tax revenue and finan-
ades. ces. Healthcare spending is
The worsening deficit likely to jump as more people
BOJ raised its cap on benchmark 10-year yields to around 0.5% from 0.25%. Governor underscores just how bad the fall sick, even if spending on
Haruhiko Kuroda said the shift in yield-curve control may help the economy. AFP economy was at the end of testing and quarantines fall.
November, shortly before the There’s also little immediate
sooner than many thought,” said Amir ment strategy at AMP Services Ltd. in Syd- government in Beijing effec- prospect for an improvement
Anvarzadeh, an analyst at Asymmetric ney. “But, it will be seen as a move in that tively scrapped its strict policy in the property market, which
Advisors in Singapore, who has tracked direction by many adding to the hawkish of trying to contain Covid will likely keep land sales reve-
Japanese markets for three decades. “It bias from global central banks seen last infections. nue subdued.
could spark money flowing back into week, hence the spike in the yen and The l o c k - With covid cases Consumers in
Japan. It will force Japanese investors to adverse impact on global share markets.” downs, testing rising, local govts some cities are
raise the hedging on their dollar exposure, The Nikkei 225 Stock Average slumped and quarantine are unlikely to see a v o i d i n g
which in turn strengthens the yen and as much as 3%, while futures of the S&P rules that were crowded places,
becomes a self-fulfilling prophecy of more 500 Index dropped 0.7%. key to the covid
an immediate
and labour short-
improvement in
yen strength.” BOJ Governor Haruhiko Kuroda said at Zero policy put a ages and factory
Japan’s benchmark a briefing after the decision strain on con- the tax revenue disruptions are
10-year yield jumped as Trading of that further widening of the sumer and busi- and finances expected to
much as 21 basis points to Japanese bond yield band isn’t needed and ness spending, increase in com-
0.46% before dropping back futures was briefly the shift in yield-curve con- pushing the ing months as
to 0.4% after the BOJ also halted by the trol is likely to be positive for economy close to contraction infections spread. Car sales, a
announced unscheduled the economy. in the second quarter. A surge rare bright spot for consump-
debt-purchase operations.
Osaka Exchange The policy adjustment in infections this quarter has tion this year, declined for the
Trading of Japanese bond after they hit a came after an increase in already caused a drop in retail first time in six months in
futures was briefly halted by circuit breaker Japan’s core inflation to a sales in October and Novem- November, while the fall in
the Osaka Exchange after four-decade high bolstered ber. The covid policy was also home purchases deepened
they hit a circuit breaker the case for a reduction in increasingly expensive to even though local authorities
threshold. The yen strengthened as much central bank stimulus. Speculation of a maintain. Local governments further eased curbs on buying.
as 3.6% to 132 per dollar. shift had jolted markets on Monday after had to bear huge costs to test Total income from the gen-
“In theory, it’s not a tightening in mon- Kyodo news reported that Prime Minister and quarantine residents, eral public and government
etary policy as the yield target is still zero Fumio Kishida was planning to revise a while their income from land fund budgets was 18.6 trillion
and the BOJ says it will step up bond buy- decade-old accord with the BOJ on the 2% sales and taxes plummeted yuan in the first 11 months of
ing,” said Shane Oliver, head of invest- inflation goal. amid a slump in the housing this year.
 LIVEMINT.COM NEWs Wrap WeDNesDay, 21 December 2022
NeW Delhi 11

TWEETS & QUOTES

Ramesh Nair Bill Gates Smriti Z Irani
Rajeev Mohan CEO, Colliers India Co-founder, Microsoft Union Minister
Head, Treasury & Global Mar- Year 2022 is likely to be a I am in awe of people Robust policies & conducive envi-
kets, Kotak Mahindra Bank landmark year in commercial who have dedicated ronment for new age entrepreneurs
Worst part of dollar strength office real estate. Collaborat- their lives to making the have put India at forefront in the
globally is behind us, which ing, brainstorming and creat- world a more equitable world of startups. With over 80k
means that currencies ing a dynamic culture are the place, and I feel lucky to recognized startups & 105 unicorns,
should not be unduly three pillars of any workplace be able to support their India today has 3rd largest ecosys-
stressed against dollar post-pandemic efforts tem for startups globally

Mensa acquires REHEARSAL TIME Govt may waive tax

MensXP, iDiva, Hypp for IDBI Bank buyer

M T
ensa Brand Technologies Private Ltd, he government is likely to waive some tax
which owns a clutch of direct-to- norms for the buyer of IDBI Bank in a bid
consumer companies under Mensa to attract more suitors for a majority stake
Brands, has partnered with India Lifestyle sale in the lender, two government sources said
Network to acquire lifestyle portals MensXP, on Tuesday, after the Centre extended the
iDiva, and creator management and marketing deadline for initial bids.
company Hypp from Times Internet. The The federal finance ministry is looking to
acquisitions that have been done for an relax a tax clause, which would require the buyer
undisclosed sum will enhance Mensa’s digital of IDBI Bank to pay additional tax if the share
brand-building capabilities and provide price rises post the final bid, one of the officials
synergies in building a next-gen, digital-first said. Share prices tend to increase after financial
consumer company, it said. Together, these bids are invited by the government, the official
properties reach more than 40 million monthly said, noting that it would be “unfair” to ask the
visitors on-platform and 250 million monthly new buyer to pay tax on an increase in price
visits across social platforms. “Aside from being from the time bids are placed to the closure of
the largest destinations in their segments, they transaction.
have built tentpole positions in their categories The government and Life Insurance Corp
with Indian youth audiences, with some of (LIC) together hold about 95% in IDBI Bank, and
India’s most popular and loved IPs, such as have sought initial bids from investors to buy a
Honest Reviews and South Delhi Girls,” the 60.72% in the bank. REUTERS
firm. VARUNI KHOSLA

The Indian Navy contingent marches during a rehearsal for the Republic Day parade in New Delhi on Tuesday morning, PTI

Need spending flexibilities to SDRF will provide ex-gratia assistance of ₹50,000

to the next of kin of covid victims. AP
Airtel has acquired 8% stake in Immensitas.

Airtel buys stake in

MINT

achieve fiscal glide path: Govt SDRF to be utilized

for ₹50k covid aid
Immensitas Pvt Ltd
T
he Centre has allowed the states to use the

B
harti Airtel on Tuesday said it has
acquired 8% stake in Immensitas Private
Limited, which runs Lemnisk, as part of
the telecom company’s startup accelerator
program.
The deal is subject to applicable statutory
approvals, as per the company’s stock
exchange filing. Airtel didn’t disclose the
State Disaster Response Fund (SDRF) to
Highlights need for flexibilities in expenditure amid external shocks and uncertainties provide ex-gratia assistance of ₹50,000 to
the next of kin of those who have succumbed to
covid-19, the Lok Sabha was informed on Tuesday.
Dilasha Seth Budget 2021-22 through a glide path,” said the um-term goals difficult. Union minister of state for home Nityanand Rai
dilasha.seth@livemint.com statement by the ministry of finance. The state- “In the current financial year, the expenditures said as per the national policy on disaster
New DelhI ment was part of the requirement under the Fiscal to stabilize the economic growth and also catering management, the primary responsibility for
Responsibility and Budget Management (FRBM) the needs of marginally weaker sections of the disaster management, including disbursal of relief

amount it will be investing in the startup, citing
confidentiality.
Founded by Subra Krishnan, Rinku Ghosh
and Praveen D.S., Lemnisk offers real-time
marketing automation and secure customer
data platform (CDP). The CDP platform is
capable of coordinating one-to-one
personalization and cross-channel customer
journeys at scale, thereby helping enterprises
in increasing conversions, retention, and
growth, Airtel said in a release.
Airtel will integrate the Bengaluru-based
startup’s services across several of its
platforms, including adtech platform Airtel
Ads, digital entertainment apps Wynk Music
and Airtel Xstream and online marketplace
Airtel Thanks App. AMAN RAWAT
T
he Union government in a statement to
Parliament on Tuesday highlighted the
need for flexibilities in expenditure
amid external shocks and global uncer-
tainties to achieve the fiscal glide path.
However, with tax revenues significantly
higher than the five year’s moving average and a
historic push to capital expenditure and rationali-
zation of revenue expenditure, it said that the
Centre remains committed towards strong mac-
roeconomic fundamentals and financial stability.
“…Effective management of the exogenous
shocks and global uncertainties requires the addi-
tional flexibilities in terms of expenditure man-
agement and fiscal consolidation keeping the
government’s intent to reach the fiscal deficit of
4.5% of GDP by FY 2025-26 as announced in the
Act. country amid the external economic shocks have assistance to the affected people, rests with the
India’s fiscal deficit shot up to a record 9.3% in pushed the expenditure upward. Therefore, any state governments concerned. He said the state
2020-21 from 4.6% projections amidst governments undertake relief measures in the
in the previous year global turbulence, wake of natural disasters with help from the SDRF,
due to the pandemic Effective management of the having consequence already placed at their disposal, in accordance with
shock. exogenous shocks and global on all major econo- government approved norms. Rai said keeping in
Explaining the mies, may bring risk view the spread of coronavirus in India and the
reasons for not uncertainties requires the additional of considerable gap declaration of covid-19 as pandemic by the WHO,
being able to table flexibilities in terms of expenditure. between projected the central government has allowed the states to
its rationale of devi- numbers and actu- use SDRF towards containment measures for the
ating from the fiscal als therein,” it said. financial years 2019-20, 2020-21 and 2021-22. PTI
deficit glide path in Parliament during the pan- The government last week sought an additional
demic, it said that the three continuous covid-19 ₹3.25 trillion as supplementary demands for
waves, ongoing Russia-Ukraine conflict, and grants for 2022-23, primarily to fund a higher
global economic uncertainties have affected subsidy bill on items such as fertilizers, food and
almost all macroeconomic indicators, making LPG, and to further ramp up capital expenditure
Axis Bank enters
synchronization between the budget and medi- in sectors like roads and railways this year.
pensions business

A
xis Bank on Tuesday announced that it has
NTPC crosses 3GW received regulatory nod to act as a pension
Puducherry is best in social progress fund manager and has already crossed ₹100
renewable output crore in assets under management (AUM) for its
retirement business. The third largest private
PM) along with the Institute for sector lender received a commencement of

I
ndia’s largest power producer NTPC on
Tuesday said that the group, including joint
ventures and arms, crossed 3GW of
operational renewable energy capacity.
The NTPC Group achieved this milestone
with commissioning of first part capacity of
100 MW out of 300 MW Nokhra Solar PV
Project at Bikaner, Rajasthan from 20
December 2022, the company said in a
statement.
NTPC group had crossed 2 GW on 24 June
this year with the commissioning of its 92 MW
floating solar project at Kayamkulam, Kerala.
The company now has 36 operational RE
projects spread across 12 states with a
Lakshadweep and Goa followed close with
scores of 65.89 and 65.53, respectively. MINT
Competitiveness and Social Progress
Imperative on Tuesday said. According to
the report, Puducherry had the highest
score of 65.99 for its remarkable
performance across components like
personal freedom and choice, shelter, and
water and sanitation. Lakshadweep and
Goa followed close with scores of 65.89
and 65.53, respectively. “Jharkhand and
Bihar scored the lowest, 43.95 and 44.47,
respectively,” it said. SPI is a
comprehensive tool that can serve as a
holistic measure of a country’s social
progress at the national and sub-national
levels. The index assesses states and
Launched on 12 November 2020, ‘Vagir’
commenced the sea trials on 1 February.
Submarine Vagir
business certificate from the Pension Fund
Regulatory and Development Authority (PFRDA)
on 20 September, and the AUM has been managed
in the first 45 days of the business, as per a company
statement.The bank has launched a step-down
subsidiary Axis Pension Fund Management
through its subsidiary Axis Asset Management
Company, which marks its foray into the
retirement business, the statement added. Axis
Bank’s chief executive and MD Amitabh Chaudhry
said Axis Pension Fund will capitalize on the
investment management capabilities and
distribution strength of the group and aims to be
the preferred retirement solutions provider. PTI

P
cumulative capacity of 3,094 MW, it said.
The capacity includes the largest floating
solar portfolio of 262 MW in the country with
two largest floating solar PV projects located at
Ramagundam in Telangana.
The Kayamkulam project has added 1,242 MW
of renewable energy capacity in the current
uducherry, Lakshadweep and Goa
emerged as best-performing states
and Aizawl (Mizoram), Solan and
Shimla (Himachal Pradesh) were the top
three districts in the Social Progress Index
(SPI), a report released by Economic
Advisory Council-Prime Minister (EAC-
delivered to Navy
districts based on 12 components across
three critical dimensions of social progress
—Basic Human Needs, Foundations of
IndiGo is most
T
Wellbeing, and Opportunity. The index he fifth submarine of the Project–75,
uses an extensive framework comprising
89 indicators at the state level and 49 at the
Kalvari Class submarines, Yard 11879,
which when commissioned will be punctual airline
district level. SAURAV ANAND christened INS Vagir, was delivered to the Navy

fiscal. SAURAV ANAND by Mazagon Dock Shipbuilders Limited (MDL)
Mumbai on Tuesday. “Project–75 includes
indigenous construction of six submarines of
Scorpene design. These submarines are being
Indians can bring up to two pets after two-year stay abroad constructed at Mazagon Dock Shipbuilders
Limited (MDL) Mumbai, under collaboration
with Naval Group, France,” the ministry of
D
omestic air passenger traffic increased by
2.4% month-on-month to 11.7 million in
November, as per the latest data from the
Directorate General of Civil Aviation (DGCA).
India’s largest airline IndiGo has made a
comeback as the most punctual domestic carrier
after seven months with an on-time

T
he government has allowed persons transferring their residence to
India after two years of continuous stay abroad to bring up to two pets
— dogs or cats — as passenger baggage without permission from the
Directorate General of Foreign Trade (DGFT).
This is part of the clarification issued by the commerce ministry for
import of pet animals.
“Import is allowed as passenger baggage, without DGFT authorisation,
only to persons transferring their residence to India after two years of
continuous stay abroad. Only cats and dogs can be imported under baggage
rules,” the DGFT said in a trade notice to all international airlines, all
embassies and consulates of India abroad; and concerned pet owners.
The notice was issued by the government following representations
received for clarity on norms for import of pets.
It also said that permission would be required for import of more than
two pets. PTI
Permission would be required for import of more than two pets.
defence said in a statement. Launched on 12
November 2020, ‘Vagir’ commenced the sea
trials on 1 February, and has completed all major
trials including the weapon and sensor trials in
the shortest time in comparison to the earlier
submarines. Submarine construction is an
intricate activity as the difficulty is compounded
when all equipment are required to be
miniaturised and are subject to stringent quality
requirements.
Other submarines of the Kalvari class are INS
Kalvari, INS Khanderi, INS Karanj, and INS Vela
which have already been commissioned into the
Navy and INS Vagsheer, which was launched in
HT April earlier this year. SAURAV ANAND
performance of 92.5% at the four metro airports,
the data showed.
IndiGo jumped from the fourth place
recorded in October at 87.5% and dethroned Air
India as the most punctual airline at the four
metro airports of Delhi, Mumbai, Hyderabad
and Bengaluru, the data showed.
The low-cost carrier had soared past its
competition in time-keeping in the current year
during the months of February and March, with
95.4% and 93.9% of flights reaching destinations
on time, respectively. Since then, however, the
Tata group airlines AirAsia India, Vistara, and
Air India have moved ahead in the punctuality
meter. ANU SHARMA

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rePOrTage | TalkINg POINTS | IdeaS | INSIghT | The bOTTOM lINe

M&M HITS TOP GEAR

IN baTTle FOr SUV crOwN
The automaker was outflanked in the SUV market. Now, it has caught up with rivals Tata Motors and Maruti Suzuki

Sumant Banerji
sumant.banerji@livemint.com
NeW delHi

O
n 7 August in 2018, Anand
Mahindra, the chairman of
Mahindra Group, faced a
volley of questions from
concerned shareholders at
the conglomerate’s 72nd annual general
meeting in Mumbai. Its businesses span
23 industries but the flagship company,
Mahindra and Mahindra Ltd (M&M), was
in the middle of a bumpy ride—its market-
share in sports utility vehicles (SUV) was
on the slide.
“How do you intend to arrest the slide in
marketshare in SUVs and recover lost
ground?” asked one shareholder.
“Is there any plan to get into the passen-
ger car segment?” asked another.
Mahindra scoffed at the second ques-
tion. “Why should we get into cars when
people around the world are switching to
SUVs?” he countered.
He didn’t have a convincing answer to
the first question, though. “It has become
like plastic....it is just expanding,” Mahin-
dra rued. “The definition of SUV has
become fluid...people are calling those
cars SUVs which don’t have chassis....cars
without a chassis is not really an SUV.”
He further added: “If you look at the old
day SUV, which are ladder-frame SUV, I
daresay our share has not gone down.”
SUVs are manufactured in two ways—
‘ladder on frame’, where the body and
chassis are built separately, and ‘mono-
coque’, where like small cars and sedans,
it is all built as one unit.
M&M is a master of the first kind but
most automakers, eager for a piece of the
SUV action, innovated with the mono-
coque frame where the vehicles were
lighter, more fuel efficient and drove like
a car. Gone were the undulating ride qual-
ity and lack of refinement that SUVs were
infamous for. As a result, new segments got
created. As car-like SUVs became a rage,
M&M came under attack from all sides.
M&M held a commanding 55.6% mar-
ket share in the utility vehicle segment,
which includes 7-seaters, in 2012. Back
then, its burly SUVs dotted every nook and New Thars at M&M’s Nashik factory. The vehicle played a pivotal role in the company’s turnaround story.
cranny of the country. Then, started a
nine-year slump. The company was
plagued by a dated product line-up with
designs and features that were out of sync This was the new Thar, the most expen- strategy firm Expereal. “The engine range
with shifting consumer preferences. sive small vehicle in the country with a of Mahindra is one of the best in class now.
mint
SHORT
BOUNCING BACK
By 2018, it lost its leadership position to starting price of ₹13.59 lakh. It wouldn’t They have made significant progress on STORY After losing its top spot, Mahindra has clawed back in recent months
Maruti Suzuki India Ltd. Korean carmaker enjoy the concessional GST that sub-four- aspects of product engineering.”
Monthly wholesale figures for utility vehicles
Kia Motors made its debut in 2019 and metre cars get in India because of its large This template worked in the other two
over time, shunted out M&M’s podium engine size and higher ground clearance. launches as well—XUV7OO and Scor- WHAT 140k
Mahindra Maruti Tata Kia Hyundai

positions. Tata Motors Ltd would also join Only cars that have engines smaller than pio-N. In both cases, Mahindra has been 26,967
the party on the back of its compact SUV, 1.2 litre for petrol and 1.5 litre for diesel and able to re-energize hugely successful but Plagued by a dated product 120k
Nexon, and micro SUV, Punch, to become a ground clearance of less than 170mm stagnating brands. line-up with designs and
24,025
the segment leader in 2022-23. qualify for lower GST. The company is now investing ₹7,900 features that were out of 100k

Between 2012 and 2018, M&M’s share Nevertheless, it would turn out to be crore towards expanding capacity, from sync with shifting consumer
less than halved. In the next three years, M&M’s biggest success in close to a decade. 29,000 units per month in the second preferences, M&M was in a 80k 31,558
its share declined further, to under 15% Bookings hit 9,000 in the first four days quarter of 2022-23 to 49,000 units per downward spiral for many years.
60k
in 2021. after the launch in October 2020. It would month by March 2024.
“Those were a few tough years for us swell to 15,000 within a fortnight and 32,563
40k
and a lot of people were critical of our per- 40,000 in the first three months. The SIBLING RIVALRY NOW
formance. They were justified...our num- momentum kept on building and by Octo-
bers were not flattering,” said Rajesh ber 2021, Thar had bookings of over 75,000
Jejurikar, executive director, auto & farm units. Even today, Thar has pending orders
W hat about M&M’s growing rivalry
with Tata Motors?
Founded within months of each other,
M&M, which competes with Tata
Motors and Maruti Suzuki, has
20k

0k
30,238

Sep 2019 Nov 2022

sectors, at M&M. “We had our task cut out of over 20,000 units that translates into a in 1945, Tata Motors and M&M have, from scripted a turnaround. From an In April 2020, there were no sales due to lockdown
and needed to bounce back.” waiting period of over four months. time to time, crossed each other’s paths all-time low market share of just
Since then, it has been quite a turn- “You can accuse us of being under pre- over the last two decades. While M&M’s 13.3% in September 2020, it has Hits Misses
around. From an all- pared but nobody could SUV prowess was due to its genesis as a bounced back to 20% share now.
time low market share of have anticipated this licensed importer and assembler of Ford’s THE first bonafide two-door MAHINDRA’S attempt at cracking
just 13.3% in September The new Thar is the kind of response,” said Willys Jeep, Tata started out as a manufac- blockbuster success in India, defied the sub-4-metre SUV category

2020 when it could most expensive small Jejurikar. “We had ini- turer of heavy trucks before gradually HOW company’s own expectations

RIDING on the success of XUV5OO,

found no takers

manage to sell less than tially planned a volume venturing into the ladder on frame utility the company’s most premium
15,000 vehicles, it has vehicle in India. Yet, it of 1,500 units per month vehicles. Later, in 1998, Tata forayed into The last three launches— offering enjoys a long waiting period
EVEN though India has a MUV market, Marazzo
couldn’t crack it
bounced back to 20% for the Thar and not a passenger cars with the Indica. Thar, XUV7OO and Scorpio N—
turned out to be M&M’s are hits. M&M upgraded its CAPPING a hat trick of hits, it
share (34,262 units) in very large proportion of In recent times, Tata has been particu- has doubled the sales of the
engineering, introduced MAHINDRA’S tryst with premium SUVs did not
September 2022. In the biggest success in close that was hard top. But larly successful in the car-like SUVs that 20-year-old Scorpio brand go as per the plan
process, it pipped Tata closer to the launch, we M&M doesn’t want to venture into. The new platforms and a fresh
Motors to once again to a decade. could see we would end success of the Nexon compact SUV, which design language. Source: SIAM, Mint research
SARVESH KUMAR SHARMA/MINT
become the largest SUV up with volumes far is now the largest selling SUV in the coun-
player in the country, a position it would higher. So, we triggered an expansion to try, and more recently, the Punch micro-
hold again in October and miss out nar- 3,000 units a month.” SUV, with which it has opened up a new than trying its hands at everything.” ELECTRIC FUTURE The investments are aligned to meet
rowly in November. Indian consumers are not known for try- segment altogether, has been instrumen-
Following a string of successes—its last ing out new form factors and two door cars tal in the company becoming the utility GAPS, STILL T he rivalry between the two firms is this ambition. It will sink in ₹10,000 crore
set to spillover into electric vehicles over the next seven-eight years for EVs,
three launches, Thar, XUV7OO and Scor- have never worked in the past. So much so, vehicle leader. Tata is another turnaround
pio N, are all hits—it has an order backlog it has deterred Maruti from launching its story and the similarities in the journey of
of over 260,000 units. That’s more than two-door Jimny SUV in the country. the two firms are hard to miss.
T here are gaps M&M may want to
plug. These include the micro-SUV
segment and mid and full-sized people
(EV), too. M&M can lay claim to being the which includes a standalone manufactur-
first EV maker in the industry—it ing plant in Pune. “Fortunately, all the
acquired Chetan Maini’s Reva Car Com- investments needed for petrol or diesel
what it sold in 2021-22. This implies some Against such odds, the success of the “It is a privilege to have strong competi- mover segments where Maruti’s Ertiga pany in 2010 and powertrains for the next
customers would need to wait for well Thar is an outlier. Still underpinned by a tors like Tata Motors. They keep reinvent- and Toyota’s Innova rule the roost. Fur- launched its first vehicle 10 years is done. So, we
over a year to get their vehicles. It also lost ladder on frame chassis, the new version ing themselves and that inspires us to do ther upwards, the premium SUV space is back in 2016. Tata Tata Motors is another don’t need to worry,”
flab by doing away with models like is more refined, comes with contempo- even better. Competition spurs innova- dominated by the Toyota Fortuner. Motors, however, stole turnaround story. The said Velusamy R, presi-
NuvoSport and rationalizing its lineup. rary infotainment, connected features tion,” Anand Mahindra tweeted in July That’s a space ripe for disruption after their thunder with the dent, Automotive Tech-
For instance, TUV3OO has morphed into and has a petrol engine and automatic this year in response to a question by a the exit of Ford’s Endeavour. Nexon and Tigor EVs. company has been nology and Product
Bolero Neo. transmissions—two areas where M&M user on how he viewed the rivalry. “We will look at all possibilities but we With the wind back in particularly successful in the Development, M&M.
Nevertheless, this year, Tata Motors has traditionally been weak. In some ways, Tata has helped M&M. are clear we will not get into something its sails, M&M is itching It will certainly not be
would still command a comfortable lead The impact of the Thar goes beyond With its focus on car-like SUVs, the com- where we don’t have a right to win...to cre- to reclaim that position car-like SUVs that M&M a cakewalk. Globally,
over M&M. just the numbers or the technology. Bulk pany has ceded the space in ladder on ate a me-too product with our rivals,” said as well. It will launch the companies have joined
of its sales come from first time M&M buy- frame. Earlier, Tata had the Sumo against Veejay Nakra, president of M&M’s auto- XUV4OO, the electric doesn’t want to venture into. hands to share the cost
THE THAR’S DRIVE ers, underlining how the brand’s percep- M&M’s Bolero and the erstwhile Safari motive division. version of its compact of research and devel-

L et’s look at how M&M got its mojo tion has changed.
back. The turnaround story started on
against Scorpio. Now, M&M has been able
“It takes four-five years for a complete to exploit the void.
the Independence Day of 2020. The turnaround and that is what M&M has
Experts believe it will have to play in
some of these segments to remain near, if
“Both companies have gained but not at not at the summit.
SUV XUV3OO, in January 2023. This will opment for electric vehicles. M&M has
be followed by at least five more electric also formed a partnership with Volks-
SUVs in the next five years. wagen but it doesn’t have a very good
country was still coming to terms with the done—(they) upgraded engineering, the cost of each other. They have found “M&M needs metro-centric SUVs in the “We would want to be leaders while track record on collaborations—one
pandemic and had just experienced the introduced new platforms, a fresh design their strengths in different areas,” said sub-₹7 lakh segment. It does not have any- making money in the EV business,” said enduring criticism of the company. But
first round of lockdown. But M&M, boldly, language and an overarching intent to auto industry veteran Arun Malhotra. thing on offer, so it will take time to over- Nakra. “We are not just going to chase then, M&M can prove the pundits wrong.
unveiled a quirky two-door SUV that move into higher gears,” said Avik Chatto- “M&M has benefitted from its new found take Tata in a sustained manner,” said numbers blindly but we want to be leaders It already has once with the success of the
looked bigger than its four-metre length. padhyay, co-founder and partner of brand focus of sticking to what it does best rather Chattopadhyay of Expereal. in revenue market share.” two-door Thar.
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How NRIs can solve property Compare your bank FD rates

B ank fixed deposits (FDs) continue to be popular investment products not just
among senior citizens, who are looking for guaranteed income, but also among

management challenges investors who can’t stomach risk. But overexposure to FDs is not good, and you need
to assess your asset allocation and goals to decide how much money you should
park in them. For instance, saving for your child’s
higher education that’s 15 years away through FDs
may not be effective as the post-tax interest rate
of an FD may not give you a real return (return
that’s above the rate of inflation). But if you plan to
take a holiday in two years, an FD can help. Before
choosing an FD, you should compare the interest
From regular upkeep of property to finding the right tenant, NRIs have to do this remotely rates on offer. Here is a list of banks that offer the
highest FD rates for deposits up to ₹1 crore over
various tenures.
Shipra Singh Property management
shipra.singh@livemint.com companies for NRIs
u Nestaway Interest rates (%) for fixed deposits up to ₹1 crore

I
t was after a roadshow held in Lon- uMyfollo
don in 2019 by a major Indian real uGlobal Indian Solutions 6 months 1 to < 2 2 to < 3 3 to < 5 5 years
estate company looking to sell uPropertyAngel to < 1 year years years years and above
properties to non-resident Indians uNobroker
DCB Bank 5.70 6.75- 7.5 7.50 7.25-7.5 7-7.25
(NRIs) that Parth Nain decided to uJLL India
buy a flat. “I was lured by the prospect City Union Bank 5-5.75 6.25-7.1 7.00 6.9-7 6.9-7
of owning a house in India. Only after
buying the flat in Gurgaon did it strike YES Bank 4.75-5.75 7-7.25 7.00 6.75 6.75
me: how would I manage the flat till I
moved back to the country?” said Nain, Union Bank of India 4.4-5.25 6.3-7.25 6.3-7.3 6.7-7.30 6.70
who went to London in 2009 to study
IndusInd Bank 4.75- 6 6.75-7.25 7-7.25 6.75 6.50-6.75
for his masters and now works in a con-
sulting firm there. ICICI Bank 4.50- 5.50 6.1-6.40 6.40-6.50 6.50-6.60 6.50-6.60
Nain’s predicament echoes the con-
cerns of most NRIs in managing Canara Bank 5.50 6.25-7.0 6.25 6.50 6.50
remotely their properties, either
inherited or purchased in the country. Axis Bank 5.25-5.5 6.25-6.5 6.50 6.50 6.50
Maintaining a property—from its regu-
lar upkeep to finding the right tenant Decoding the cost structure of property management Indian Overseas Bank 4.85-5.25 6.30-6.40 6.30 6.40 6.40
and resolving their complaints, to Owners should check for services offered by property managers to estimate how much extra charges they may have to pay Federal Bank 4.75-5.50 6-7.25 6.40-6.50 6.50 6.30-6.50
ensuring that all related taxes and bills
are paid on time—from several thou- Standard charges Additional costs* Indian Bank 3.85-4.75 6.1-6.3 6.50 6.40 6.30-6.40
sand kilometres away can be a mam- What does the service
Brokerage on finding tenant Service fee Site monitoring RBL Bank 4.5- 5.85 7-7.55 7.00 6.55 6.25-6.55
moth task. fee cover? on repairs
15 days of rent each from ₹7,000-10,000
“Generally, NRIs face issues around tenant and owner  Rent collection 3-5% on major repairs per year HDFC Bank 4.5-5.5 6.1-6.5 6.50 6.50 6.25-6.50
proper upkeep of the property and in  Assistance in bill payments
Monthly or annual service fee Interiors
finding a good tenant who pays rent on   Arranging workers for repairs As per actual amount spent on Karur Vysya Bank 5.5-6 6.5-7.25 6.5-7 6.25-7 6.25
5-10% of monthly rental
time and vacates the property without  Property inspection setting up the property to let out
any hassles when the lease period Repairs
 Owner's agreement Kotak Mahindra Bank 5.5-6 6.25-6.50 6.40 6.25-6.30 6.20
Charged on actual bills Deep cleaning Legal services
ends,” said Amarendra Sahu, founder  Site inspection ₹4-6 per sqft As per actuals Data taken from respective bank's website as on 8 December 2022; Only main entity of the merged banks are taken. Banks which merged
and CEO, NestAway. with its main entity are removed from the table; The list of 15 banks is based on highest fixed deposit rates available for 5 years and above
Chavvii Prabakar, founder and CEO, These costs are for residential properties. For commercial ones, all the charges are higher by 10-50%
Source: www.Bankbazaar.com
Indian Global Solutions, concurred and *Not all property management companies levy these. You should watch out for these charges to estimate the final outgo from your pocket
said, “We have even come across cases
where a property was vacant for 10-15
years and the cumulative pending nance has gradually gone out of fashion
maintenance bills and taxes have sur- over the last decade or so, said Prab-
passed its market value.” akar. What to ask
tion. As for any structural damages to
the building, the PMC carries out the
repairs and sends the bills to the owner.
How can a coparcener of HUF
before finalizing your
Typically, NRIs entrust a third party, Property management companies
usually a family member or relative, (PMCs) now serve as an alternative to
with the responsibility of regular this.
property manager?
How do you screen tenants?
It is a good idea to be involved and
What if the tenant does not pay rent
or refuses to vacate the property?
While these are not part of their stan-
claim rightful share in income?
maintenance, routine repairs and even expect full transparency at this stage dard services, most of the bigger PMCs
finding a tenant without a legally bind- WHAT PMCs OFFER provide legal assistance in case of such ISTOCK
What are the services covered Aradhana Bhansali
ing contract in place. That said, prop- The key services that a PMC provides under the maintenance fee? litigation. So, the onus is on the prop-
erty owners have to issue a power of include overseeing the rental proce- A seemingly lower maintenance fee erty owner to check the list of service
attorney (POA) to the third party con- dure–finding the tenant, completing may exclude a host of essential inclusions before enlisting a PMC. What would be the best
cerned (grantee or attorney) to finalize the paperwork, dealing with tenant’s services Where court cases are concerned, recourse or remedy for a
the tenancy or carry out other property queries and timely rent collection–and Which services will be provided at owners can give a special POA (for a coparcener of a Hindu
an extra cost?
transactions in their absence here. regular repairs and maintenance. A lot of the services you need may
specific purpose and one that ceases to undivided family (HUF)
POAs does not confer ownership To hire a PMC, property owners come at extra cost and disturb your exist after the said purpose is fulfilled) who is not being given his
rights to the attorney. “This instrument have to first enter into an agreement budget to the PMC to represent them in the rightful share of income by
doesn’t give any ownership rights over with the company. Such an agreement How many times will you visit the cases and so they need not be physically the Karta in connivance
an immovable property to the grantee. ensures that the PMC is vested with the site in a year and what will be the present for court hearings. with other coparceners?
There is no provision under the Stamp right to represent the owners and their frequency of such visits? Additionally, NRIs can also get sup- —Name withheld on request
It is a good practice to keep getting
Act or in the Registration Act which properties. It is not the same as a POA. bi-monthly/quarterly visual updates
port from PMCs with regard to prop-
brings general power of attorney at par “Under the agreement, the owner per- on property upkeep erty taxation. “The tenant has to man- In a Hindu family, the Karta
to the sale deed,” said Vikas Soni, advo- mits us to collect rent on his behalf and How do you ensure timely rent datorily deduct 30% tax on rent and or manager occupies a unique
cate, supreme court, and senior represent him and his property on his collection? deposit the same with the income tax position. He has greater rights ASK MINT deprived of your rightful share
advisor, MVKini Law Fi. behalf in the matters of The company should have a plan of department. We ensure that tax-re- and duties as opposed to m LEGAL in the HUF properties. A parti-
Vaibhav Suri, Partner, PMC’s service fee tenancy,” said Sahu. action for default situations lated transactions are done in a timely coparceners and members of tion suit may be filed by you in
Luthra and Luthra Law is calculated on Before letting out the manner,” said Fahad Ibnu A. R., the joint family. the court having the compe-
Offices, said an attorney the basis of size, property, the PMC carries co-founder and director, Karetakers. Karta must look after the in the court of law. The other tent jurisdiction of the HUF
does not have the rights type (residential out background checks of ties in high rental demand areas carry a Some bigger PMCs have an alterna- family interests. He is entitled members of the family i.e., a property and the ultimate
to sell the property with- potential tenants, aids in lower fee. In localities where it is diffi- tive model: take the property on lease to possession of the entire joint coparcener has a right to have result would be distribution of
or commercial)
out the owner’s consent, police verification of such cult to find tenants , we charge a higher themselves and then sublet it at their estate. He is also entitled to the transaction declared void, the coparcenary property
unless so specified. “An and location of tenants, executes the fee of about 9%,” said Sahu. end. Nain said “I find this more conve- manage the family properties. if not justified. When an alien- among the coparceners.
NRI who has issued a POA the property rental agreement and fol- “Some residential localities are far nient as I don’t have to get involved at The managing member or ation is challenged as unjusti- Upon such partition, each
can challenge the attor- lows other legal proce- from the city and may require longer all while I earn an assured yearly Karta has not only the power to fied or illegal, it would be for coparcener is entitled to a
ney if the latter misuses dures. The owner also has travel time for service providers to income,” he said. Baskar said proper- manage but also to alienate the Karta as an alienee to prove share of the property. Further-
such powers in concluding the sale or the option to issue a POA to the PMC to reach. These are the kind of factors that ties are typically let out under this joint family property. The that there was legal necessity more, only coparcenary prop-
lease of the property. As long as the execute the rental agreement or autho- jack up the fees,” Prabakar said. model to bigger corporations that use alienation may be either for in fact or that he made proper erty can be subject matter of
attorney sells or leases the property rize a relative who then works with the A service provider who charges a them as guest houses for employees. family necessity or for the ben- and bona fide inquiry as to the partition and therefore sepa-
within the realms of his powers under PMC towards this end. lower fee may also bill you extra for Do note that PMC services are costly. efit of the estate. Such aliena- existence of such necessity rate property or property
the POA, it cannot be challenged.” Since this process is akin to what a inspection visits, routine cleaning, and If that is the case, NRIs can consider tion would bind the interests and satisfied himself/herself as which by custom descends to
Nain pointed out that relying on broker does, the PMC charges a bro- facilitating repairs for major damages, issuing a POA to a trustworthy relative of all the undivided members to the existence of such neces- one member of the family can-
family members alone may not be a kerage fee, equivalent to 15-30 days of besides the rent deposit and invoice who can manage their properties. If of the family, adults or minors. sity. If the alienation is found not be the subject of partition.
workable option for those whose fami- rent, from either the tenant or both the generation service (see table). In addi- that’s not an option or if you want pro- Remedies against aliena- to be unjustified, it would be Aradhana Bhansali is part-
lies don’t live in the same city where the tenant and the landlord. tion, some companies may charge a fee fessional upkeep of your property, you tions: Although the power of declared void. ner at Rajani Associates.
property is located. “Initially, I gave my Apart from this, it will deduct a ser- of ₹3,000-8,000 at the time of renew- can opt for the PMC service. But a Goo- disposition of joint family It is pertinent to note, that
father the POA but we soon realized it vice fee of 5-10% from the rent every ing the rent agreement, typically after gle search on PMCs throws up numer- property has been conceded to any coparcener can demand Do you have a personal
was not a feasible option because he month or charge a fixed annual fee ran- its expiry in 11 months. ous results. So, how do you decide the manager/Karta of joint partition of the coparcenary finance query? Send in your
lives in Agra and cannot regularly com- ging between ₹20,000 and ₹1 lakh. The For any requests pertaining to whom to trust with your home keys? Hindu family, the law raises no property generally and in par- queries at
mute to Gurgaon,” he said. fee is determined depending on the repairs and other services, tenants can Mint has listed some key questions (see presumptions as to the validity ticular reference to the cir- mintmoney@livemint.com
and get them answered by
Moreover, the system of NRIs size, type (residential or commercial) reach out to the PMC through what- table) that you must ask the property of his transactions. cumstances as informed to us
industry experts.
involving families in property mainte- and location of the property. “Proper- sapp or the company’s mobile applica- manager to arrive at a decision. His acts could be questioned by you, when you are being

ARE SIPs COMPETING WITH TRADITIONAL HEALTH INSURANCE PLANS AS WELL?

ISTOCK
social media. Unfortunately, that is not what people know, and becomes unaffordable, you simply drop the base plan, and con-
honestly this will soon get out of hand, in the absence of a collec- tinue with the super top-up plan to cover larger costs.
POWER tive effort from the industry to regain customer confidence.
Two, and this one is more serious, people have been experienc-
Parallel to this, you also build a fund to manage the cost of
smaller surgeries. This allows you to maintain some level of con-
POINT ing unpredictable, huge hikes in health insurance premiums. In trol over your healthcare expenses while still having a safety net
fact, there is an increasing trend of people, especially senior citi- for unaffordable health insurance premiums.
M A H AV I R C H O P R A zens, talking about dropping out of plans. Since the entire pitch But won’t the cost of a super top-up plan also go up? Super
and idea of buying health insurance to younger folks was to finan- top-up plans generally come at a fraction of the cost of base plans,
We welcome your views and comments at cially insulate families during old age when the risk of hospitali- because they are extensions to base
mintmoney@livemint.com zation is at its peak, the fact that people are dropping off when Combining the plans. The reason for this is they kick in
they need it the most makes the whole investment look uncertain idea of an ‘own only when you exceed a certain

W
hen Mercedes announced that SIPs (systematic invest-
ment portfolios) were their competition, it rang a bell.
Being active on social media, I have seen so many
financially savvy young people actively discussing the creation
of their own fund as an alternative to having health insurance.
Yes, SIPs can be a threat to health insurance, even before they
become a competition to luxury cars. When you analyse the con-
versations, there are two specific reasons why people have started
considering their own funds as an option to health insurance.
One, there is increasing negative publicity about insurance,
especially insurance claims. Most people have heard negative
reviews about the difficulty and time-consuming process of mak-
ing a claim, which can be frustrating and stressful.
In my own experience of nearly two decades, I know for a fact
that health insurance claims aren’t as good as insurance salesmen
want you to know, and not as bad as what you read or hear on
This PDF was originally uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) Subscribe now to get this edition before anyone else!! Backup channel:@LBSNEWSPAPER
when you are young.
Since people want visibility over pricing and claims, they have
started exploring having their own fund that they can track and
control completely, instead of living in the dark.
But let’s understand if having an alternative fund for hospitali-
zation risk is a feasible option.
The simplistic way to look at this is to create a fund equal to the
sum insured you are buying. But, it’s important to understand
that conventional health insurance provides recurring annual
coverage for hospitalization risks for a lifetime. Health insurance
does not cover a one-time risk or claim occurrence like term
insurance. Therefore, before considering an alternative fund, it’s
crucial to do a detailed calculation on the lifetime hospitalization
expenses that a family will require, including an adequate buffer
for healthcare inflation—which, in my view, is a complicated task.
A more practical alternative to protect against hospitalization
threshold of healthcare expenses—the
fund’ with frequency of which is significantly low,
traditional keeping the premiums low.
health policy To understand this better, it’s useful
can be an option to compare the pricing of base plans
with super top-up plans. For example,
a 30-year-old might pay around
risk, while keeping a tab on unpredictable pricing, would be to ₹20,000 for a ₹40 lakh base plan, but only ₹800-1,000 for a
combine the idea of an “own fund” with traditional health insur- super top-up plan with the same coverage, but with a deductible
ance. of ₹10 lakh. This clearly demonstrates how base plans will always
For instance, consider the purchase of two insurance plans: a remain relatively more expensive than super-top ups.
base plan with a coverage of ₹10 lakh and a super top-up plan with In conclusion, the idea is to have an alternative fund to work
a coverage of ₹40 lakh (over the ₹10 lakh threshold). Now, the as a stop-loss arrangement to cover annual healthcare expenses
base plan will cover healthcare expenses up to ₹10 lakh, while the of up to ₹10 lakh, with a super top-up plan to cover costs above
super top-up plan can cover costs above that amount till ₹50 lakh. that amount.
In the event when you grow old, and the cost of the base plan Mahavir Chopra is founder & CEO at Beshak.org.
 14 WeDNesDay, 21 December 2022
NeW DelhI VIEWS LIVEMINT.COM

OUR VIEW MY VIEW | ON THE OTHER HANd

AP

Inflation is likely to persist as a

big economic problem in 2023
Signs abound that Indian prices are unlikely to soften enough to relieve RBI of its policy dilemma

Items used to calculate core inflation
form around 52% of the overall CPI.
High core inflation can possibly be
explained by the fact that high inflation
expectations have set into the economy.
Median inflation expectations one-year
head have been higher than 10% since
May 2020. In November, the figure
stood at 10.8%, having fallen from 11% in
VIVEK KAUL September, but still high nonetheless.
is the author of ‘Bad Money’. People believe that inflation is here to
stay, and hence have been demanding
higher wages for the work that they do.
The salaries and wages of more than
picked up as well. The lending growth
needs to slow down for inflation to
come down to RBI’s target of 4%.
Hence, the question that arises is
whether RBI should wait and watch, or
continue to raise rates. The answer is
not an easy one, given that if the central
bank stops raising rates too soon, it may
end up letting inflation run for a longer
time. On the flip side, if RBI overdoes
this, it will end up slowing down growth
much more than it possibly estimates.
Nonetheless, some slowing down of
growth is inevitable if the objective is to

Musk has a fresh chance

4,500 listed companies tracked by the control inflation.
Centre for Monitoring Indian Economy Fifth, inflation in rich-world econo-

R
etail inflation as measured by the grew by 13.2% during July to September mies continues to be high. In Novem-
consumer price index (CPI) came compared to the same period in 2021. ber, retail inflation in the US and the
in at 5.9% for November. Despite They have been growing at a double- Euro area were recorded at 7.1% and

to make up for self-goals this being the lowest rate in 11 months,

India’s troubles on the inflation front
may not be over as yet. There are multi-
ple reasons for the same.
digit pace for the last six quarters. This
gives us some indication of why core
inflation is very high.
Fourth, for the one-year period
10.1%, respectively. This, along with a
weak rupee, will feed into higher
imported inflation in India.
Sixth, the benefit of falling oil prices
First, November’s fall in inflation was ended 2 December, total bank loans hasn’t been passed on to the Indian end
primarily on account of a fall in prices of have grown at a very fast pace of 17.5%. consumer in the form of lower petrol
Flawed as it was, Musk’s poll among Twitter users that asked him to step down as CEO also seasonal vegetables as well as oil and Of course, some of it is because of the and diesel prices. In Mumbai, the price
fats. Vegetables have a weightage of a base effect. Nonetheless, loans of all of petrol and diesel has remained fixed
spelt a chance he should grab to reset this platform. It may even serve his own agenda better little over 6% in the CPI and their prices kinds have been growing rapidly. Retail at ₹106.31 per litre and ₹94.27 per litre,
fell 8.1%, whereas oil and fats have lending of banks grew by more than respectively, since mid-July. In July, the
weightage of around 3.6% and their 20% in October, the highest since the price of the Indian basket of crude oil
prices fell 0.6%. If we leave out the items covid pandemic began. Lending to had averaged $105.5 per barrel. In

I
t was dramatic, even for a businessman as
given to spectacle as Elon Musk. He held a
poll among Twitter users on whether he
should resign as the platform’s chief. As a
referendum, it was also deeply flawed. The
electorate was composed of those he asked
directly if he should step down “as head” of the
online ‘public square’ he bought almost eight
weeks ago for $44 billion. “I will abide by the
results of this poll,” Musk promised his 122.3
million followers. Despite a glaring bias of self-
selection inherent in this format, his result
tweet on Monday displayed a ‘yes’ from 57.5%
of the 17.5 million plus users who voted. Last
month, a similarly biased poll held by Musk on
whether former US President Donald Trump’s
account should be restored got 52% ayes. This
was duly dismissed by critics as a pale attempt
to pardon its none-too-subtle role in the mob
attack of 6 January 2021 on Washington’s
Capitol Hill, a symbolic beacon of democracy,
in the guise of defending free speech. Both
these dubious bows to public opinion may
seem whimsical, like Musk’s ‘chief twit’ tom-
sniffed in Twitter stakes reportedly held—per- under these headings, the rate of infla- services businesses grew by 22.5%. December, it averaged $77.8 per barrel.
haps to arched eyebrows in Riyadh—by Saudi tion in November was 7.3%. Further, lending to micro and small This approach to fuel pricing is not
Second, the base effect was at work industries and medium industries grew good news for inflation.
Arabia’s Alwaleed bin Talal and Qatar’s sover- with the index number for last Novem- by 20.5% and 31%, respectively. The latest round of a survey of
eign fund. In this maze of interests, the word ber being on the higher side. This If lending continues to grow at this professional forecasters on macroeco-
‘agency’ in place of ‘platform’ proposes itself benefit will not be available in the pace, then the chances of inflation fall- nomic indicators that is regularly
for Twitter. Although Musk’s weekend poll months to come and is likely to push up ing are low. Higher retail lending will carried out by RBI expects inflation to
was apparently prompted by another bout of inflation again. create private consumption demand, moderate to 5.2% in 2023-24. Given
Third, core inflation continues to leading to more money chasing goods that most of these forecasters are corpo-
platform policy confusion, this time over links remain high. It was at 6.5% in November and services, and hence, higher prices. rate economists, they have a tendency
to rival platforms being tweeted, it followed his and has been higher than 6% in eight of Higher lending to industry and services to underestimate inflation and then
Doha visit for Sunday’s football World Cup the last nine months. Further, it has will create more jobs and feed into wage revise their forecasts as higher price
final so closely that West Asian investor feed- been higher than 5% since June 2020. inflation in the process. levels become obvious. Take the case of
back could plausibly also claim some credit. Core inflation is the inflation of items Now monetary policy takes time to 2022-23. Initially, the median forecast
that remain after excluding the food seep into the economy. Up until now, was for inflation of 4.7%. This has since
There have been reports that he is scouting for group, fuel-and-light group and petrol, that clearly hasn’t happened, despite been revised to 6.7%. This happened in
fresh investment in what’s turning out to be a diesel and other fuels for vehicles. The lending rates on fresh rupee loans of previous years as well.
cash burner, with many valuable advertisers idea here is to look at the inflation that banks going up from an average of 7.5% What all these factors essentially tell
and content generators having fled. This the Reserve Bank of India (RBI) has in April, before RBI started raising rates, us is that we haven’t seen the last of
requires platform stability as a basic condition, some ability to control, given that it has to 8.7% in October. As interest rates inflation and it will continue to remain
little control over food and fuel prices. have gone up, lending growth has high well into 2023.
even if only to regain its broad potential as an
opinion swinger of sorts, which itself calls for
appeal across both sides of the political aisle, a
game that would take a fresh start to play, now
that Twitter has taken such an openly rightist
tilt. Given the value of real engagement, real
neutrality would be better for business too. www.livemint.com
New Delhi, Mumbai, Bangalore, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune* Friday, December 21, 2012 Vol.6 No.304 `3.00 in Delhi­NCR/`4.00 outside Delhi­NCR
+ 4 MARKETS PAGES + 4 PAGES MEDIA MARKETING
24 PAGES
INITIATIVE
+ 4 MARKETS PAGES

foolery, but also speak of an agenda that Should Musk step aside, he does have lieu- OBITUARY: Leslie Claudius,
hockey magician >24
POLITICS: Banking, debt recovery Bills
passed in Rajya Sabha >7

extends well beyond making money—into the tenants who could take charge: Steve Davis, EXCLUSIVE PARTNER
DIPLOMACY: India, Asean seek enhanced
maritime security cooperation >5
MARKETS: ICE agrees to acquire
NYSE for $8.2 billion >24

risky zone of wielding influence. If so, it offers for example, or David Sacks, both of whom go
SENSEX 19,453.92 æ 22.08 NIFTY 5,916.40 æ 13.20 DOLLAR `54.85 Æ `0.30 EURO `72.69 Æ `0.18 GOLD `30,595 Æ `55 OIL $110.20 Æ $0.32

Cash transfer STATE ELECTIONS QUICK EDIT

roll­out may
BJP, Congress split spoils Who next

Twitter’s owner a splendid chance to drop that back with him a long way. But then, if a hand- miss 1 January
deadline
B Y S URABHI A GARWAL &
Narendra Modi wins
third term as Gujarat
conceded defeat after the Con-
gress won 36 seats, leaving 26
MAKING HISTORY
after Tata?
T ata Sons Ltd
chairman Ratan Tata
retires on 28 December

The best way

A MAN M ALIK for the BJP in a tight electoral when he turns 75. While
························· chief minister, but contest. Part of the BJP’s deba- his successor is in place,

plot, hit the reset button, and let it evolve by a over of reins doesn’t deliver normalcy, then
NEW DELHI
Congress trounces cle is attributed to infighting, there is no clarity on the

I n a tacit admission that the

government may be strug-
gling to meet its deadline for
rolling out Aadhaar-based
cash transfers in over 43 dis-
tricts within the next 10 days,
the Prime Minister has asked
for secretaries of key line min-
BJP in Himachal Pradesh raising larger questions about
the state of the country’s main
opposition party.
identity of the individual
who will fill an even
more important position
B Y L IZ M ATHEW, The results provide a defi- the man occupies—the
S AHIL M AKKAR & nite breather for the Congress, elder statesman of Indian
M AULIK P ATHAK which has been mired in a se- business.
························· ries of corruption charges and There are no obvious
NEW DELHI/AHMEDABAD controversies that have dented candidates for the job

laid-down set of rules, not someone’s whim. the exercise would be a waste. Rather than an T
BJP

to predict the future

istries to scramble to assess
the state of preparedness at
the ground level.
The decision was taken at a
high-level meeting chaired by
Prime Minister Manmohan
Singh and attended by senior
cabinet ministers
Chidambaram, Jairam Ramesh
he Bharatiya Janata Par- its popularity and the Con- once he goes. Azim
ty (BJP) and the Con- gress-led United Progressive Premji is probably the
gress have split the hon- Alliance (UPA) government’s best candidate, but he is
ours in the state elections in image. It will also boost the even more shy than Tata.
Gujarat and Himachal morale of the ruling coalition HAT-TRICK FOR MODI IN GUJARAT Sunil Mittal’s success is
Pradesh. that has recently discovered its 127 still far too recent to
While Narendra Modi won a mojo and embarked on some Congress make him a candidate.
117 115
P. record third term as chief min- long-overdue policy changes. Deepak Parekh is too
ister and the BJP retained pow- Importantly, the verdict could Others closely associated with

Musk runs two other private businesses asset, Musk’s controversial buyout has been
and Unique Identification Au- er for a fourth consecutive mean that there is no immedi- one business to make
thority of India (UIDAI) chair- term in Gujarat, precedence ate threat to the stability of the 59 61 him acceptable to
51

man Nandan Nilekani, among
others. A person familiar with
the developments, who did not
want to be identified, disclosed
that some ministers were em-
phatic that the scheme should
not be rolled out unless the
is to create it.
endured in Himachal Pradesh, UPA, which means the next everyone. Which brings
where the Congress convinc- general election will, more us to Anand Mahindra.
ingly trounced the incumbent likely than not, take place on He is still young (57). He
BJP. schedule in 2014. 4 6 6 is handsome, intelligent
Of the 182 seats in Gujarat, Congress leaders claim the and articulate. And he
the BJP won 115 and the Con- 2002 2007 2012 hasn’t been afraid to
gress 61, while others, includ- TURN TO PAGE 4® voice his views, even if

that depend on state funds in some form or looking like a liability for his wider empire.
supporting infrastructure was ing former chief minister Kes- PRECEDENCE RULES IN HIMACHAL PRADESH they are not popular
in place. hubhai Patel’s Gujarat Parivar- ALSO SEE 43 41 ones. It’s still premature
Ahead of the 2014 general tan Party (GPP), which had 36 to declare Mahindra’s
election, the ruling Congress- been expected to erode the >Narendra Modi’s win will force BJP to 16 23 26 ascension, but Indian
led United Progressive Alli- BJP’s support base, won only make choices >P6 9 4 6 industry could do worse
ance has made cash transfers six seats. >BJP scores own goal in than pick him as its next
Himachal Pradesh >P6 2003 2007 2012
of government subsidies and In Himachal Pradesh, chief >OurView: The road to New Delhi? >P22
elder statesman.
Source: Election Commission
welfare payments such as pen- minister Prem Kumar Dhumal
AHMED RAZA KHAN/MINT
sions and scholarships linked

another. His EV company Tesla has been a big Even as his debt burden made him liquidate
to the Aadhaar number its key
electoral plank. It said it would REVIVAL OF INTEREST
roll out these payments across
34 schemes directly into Aad-
haar-linked bank accounts of
beneficiaries in 43 districts
Ad rates soar for
P E TE R D RU C K E R
from 1 January and in 18 states

TURN TO PAGE 4® India-Pakistan series

beneficiary of clean-energy subsidies in the some Tesla stock, which couldn’t escape this ALSO SEE
>Cash transfers: milestone or millstone for
the government?
>TheirView: Exposing the cash transfer
myth
>P19

>P23
B Y A MINAH S HEIKH
S UNEERA T ANDON
·························
MUMBAI/NEW DELHI

S ports broadcaster ESPN

Star Sports may see adver-
&

tising revenue rise as ad rates

`4.25-4.5 lakh
Twenty20 matches.
for

The India-Pakistan ICC

World Cup match in 2011 saw
ad rates surge, with a 10-sec-
ond spot going for a record
`13.5 lakh.
the

US, while SpaceX has got juicy contracts from year’s tech slump, his rightist politics has been
NOTE TO READERS
The four­page Media Marketing
Initiative with this edition is the
equivalent of a paid­for
advertisement, and no Mint
journalists were involved in
creating it. Readers would do well
to treat it as an advertisement.
double for the India-Pakistan
cricket series beginning 24 De-
cember, with sponsors and ad-
vertisers queuing up to be part
of a contest between the arch-
rivals playing each other in a
bilateral series after a gap of
five years.
The neighbours have fought
“The Indo-Pak series is the
hottest platform for advertisers
on television this year,” said
Habeeb Nizamuddin, chief
growth officer at Lodestar UM.
“Maximum eyeballs, maximum
emotions, maximum impact.”
Basabdutta Chowdhury,
chief executive of Platinum

America’s national space agency and air force. losing admirers and his SpaceX ride, its thrust.
four wars with each other, the
last in 1999, and last played a
bilateral series in 2007. The
2009 series was called off after
the terrorist attacks in Mumbai
the previous year.
The series, comprising three
One-Day Internationals (ODIs)
and two Twenty20 matches, is
Media, a division of Madison
Media, concurred.
“The sentiments around In-
do-Pak series are always high.
Viewers are passionate...and
higher viewership has always
been a driving force for adver-
tisers to be willing to shell out
much more than what they pay

Not only is Musk’s success less of a market out- Has Musk got in his own way? He would need
expected to fetch the broad-
caster more than `100 crore,
according to at least four me-
dia-buying executives. ESPN
Star Sports declined comment
for the story.
Advertising spots are being
sold for nearly `7-7.5 lakh for a
10-second one for the ODIs
for the other series,” he said.
According to people close to
the development, the broad-
caster has signed on three co-
presenting sponsors—Havells
India Ltd, Hyderabad-based
mobile phone maker Celikon
and Hero MotoCorp Ltd. The
associate sponsors are said to

come than his advocacy of laissez faire may to step aside fully before he gets a statistically
and `9 lakh for the Twenty20 be adhesive brand Fevicol,
matches. In the ongoing India- confectionery brand Cadbury,
England series, spots were sold Vodafone India Ltd, Coca-Cola
Mint is also available for R7 with for around `3.5 lakh per 10
Hindustan Times in Delhi-NCR only
seconds for the ODIs and TURN TO PAGE 5®

suggest, whiffs of global geopolitics have been reliable answer to that one.

MY VIEW | EX MACHINA

Idea factories differ in how they get tech startup success

struggle to achieve market success.
RAHUL MATTHAN The second category of entrepreneurs is
of the opposite disposition. Not only do they
not have a fountain of business ideas to
choose from, they are lucky if they come up
with even one over the course of their
ness. To be clear, this does not mean Idea address, say, a shift in market demand. More often than not, entrepreneurs are
Factories should be locked away in ivory We often make the mistake of conflating either one or the other, and need a team
towers, tasked with doing nothing other these two type of entrepreneurs. We expect around them to supplement the skills they
than generating ideas. To the contrary, their that because our Idea Factories were smart do not have.
problem-solving capabilities are invaluable enough to come up with an idea in the first This is why I make it a point to figure out
when it comes to finding solutions to hur- place, they have what it takes to convert it what sort of entrepreneur I am dealing with

O
ver the course of my career, I have
come across entrepreneurs of all
hues. Some are bubbling with inspi-
ration, constantly finding solutions to the
problems around them. They have an almost
inexhaustible supply of ideas and the energy
and inclination to worry away at a problem till
they’ve figured out how to solve it. They love
career. Their skill lies in taking the germ of
an idea and transforming it into a venture,
building a product team, sales force and the
whole operational machinery needed to
transform a concept into a self-sustaining,
revenue-generating business. I call this type
of entrepreneur a Factory for Ideas—an indi-
vidual who has what it takes to transform an
dles that inevitably crop up. They should, into a successful business. Similarly, we before I start offering them advice.
however, be sheltered often assume that just If I am dealing with an Idea Factory, I often
from the more process- because the Factory for advise them to establish licensing busi-
driven aspects of the busi- Entrepreneurs Ideas was so successful nesses. I tell them to register the intellectual
ness—fund raising, HR, with the first business, property in their ideas so that they can
building a sales team and have different there must be dozens more engage someone else to turn it into a prod-
developing expansion where that came from. uct. This way, they can get paid for their
strategies.
classes of skills Which is why both types of ideas without having to build a business to

is a partner at Trilegal and also

to mend what’s broken in the world—the
problems no one else has been able to solve.
has a podcast by the name Ex
Machina. His Twitter handle is
And once they’re done, they can’t wait to
move on to the next thing that needs fixing.
@matthan I call these people Idea Factories—indi-
viduals who generate a stream of ideas with
such predictable regularity that it feels as if
there is an assembly line churning away
inside their heads. The trouble is that more
often than not, that constant stream of ideas
comes in their own way. With their minds
constantly grinding out new ideas, they
struggle to buckle down and do what it takes
to turn any one of these into a successful
business. And so, these entrepreneurs,
despite their indisputable brilliance, often
This PDF was originally uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) Subscribe now to get this edition before anyone else!! Backup channel:@LBSNEWSPAPER
idea into a revenue stream.
The first time I meet an entrepreneur, I try
and slot the individual into one or the other
category, not because I believe that one is
more likely to succeed than the other, but
because they each must take a different path
to achieve that success.
The Idea Factory needs space to create, so
that all those ideas can bubble up to the sur-
face and are allowed to develop into viable
businesses. The business needs to be
designed around this notion so that the Idea
Factory can achieve its full potential. This
calls for a team that can execute on ideas
without involving the entrepreneur in any
nitty-gritty details of building out the busi-
This, however, is exactly
what Factories for Ideas
that must be entrepreneurs often disap-
point us when they collapse
monetize it. And once they’ve successfully
licensed it out, they can turn their attention
excel at. These are entre-
preneurs who love to create
recognized for under the weight of our
expectations.
to the next great idea bubbling inside them.
With Factories of Ideas, I see my role as
teams, develop business their ventures In an ideal world, an Idea tempering their enthusiasm. I try and ensure
processes and engage in the Factory should be paired that the heady success of their first venture
interminable negotiations to succeed with a Factory of Ideas, so doesn’t lead them to believe that every suc-
with potential investors that the ideas generated by cessive idea will be a similar gold mine.
that are necessary to keep one can be efficiently exe- Instead, I encourage them to leverage their
the business funded. Given a sufficiently cuted by the other. If you look closely at the experience of having successfully built a
fleshed-out idea, there is very little more that founding teams of many of the most success- business from scratch to help other busi-
a Factory for Ideas needs to turn it into a suc- ful technology businesses today, you will nesses scale.
cessful business. However, when things are find this sort of pairing. When they work It is tempting to believe that all successful
less well defined, a Factory for Ideas may well together, the companies they build technology businesses are fundamentally
flounder, unable to successfully pivot when exceed all expectations. similar. In reality, this is never the case. True
the idea quickly needs to be reoriented to But this sort of pairing is serendipitous. success lies in figuring out which is which.
 LIVEMINT.COM VIEWS WeDNeSDay, 21 December 2022
NeW Delhi 15

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

Let our learning curve be hybrid, The US Fed ought to take the
digital yuan far more seriously
holistic and hyper-personalized China has geopolitical ambitions for it that America mustn’t ignore

Next year could see edtech deploying AI and other high-tech enablers to help transform Indian education in welcome ways

ISTOCKPHOTO

ANDY MUKHERJEE
is a Bloomberg Opinion columnist covering
industrial companies and financial services
in Asia.
DIVYA GOKULNATH
is co-founder, Byju’s

I
f the US Federal Reserve still wants proof
of China’s intention to challenge the dol-
lar’s hegemony, it should look no further

T
here are some weeks when decades
happen,” is perhaps the best way to
describe 2022. While we kicked it off
adjusting to a post-pandemic world, the
year was also marked by challenging
macroeconomic conditions and shifting
geopolitical dynamics. The disruption that followed
compelled sectors across the spectrum to think lat-
erally. The edtech ecosystem turned this challenge
into an opportunity by doubling down on core capa-
bilities to take digital learning to the masses.
Over 2023, digital education is expected to take
deeper roots in India, thanks to the growing afforda-
bility of smart devices and data, cascading benefits
of Digital India and an influx of ambitious govern-
ment programmes such as Swayam, Atal Labs and
PM e-Vidya. The edtech ecosystem will continue to
be a partner in bringing together world-class peda-
gogies and technologies to unlock the true potential
of India and its students. The best learnings of 2022
can be expected to guide the sector to build newer
learning experiences, backed by a few key trends:
Deeper integration of hybrid and ‘phygital’ formats:
The rich experience provided by technology will
likely reach more classrooms as hybrid learning
formats will continue to marry the best of online
and offline learning. Hybrid learning will probably
emerge as a preferred learning tool for better
engagement and flexibility across all levels of edu-
cation: K-12, test prep, professional upskilling and
more. The ‘phygital’ model, combining digital
learning with hands-on learning and instructor
interventions, is projected to gain ground.
Artificial Intelligence (AI) and ‘gamification’ will
simulate learning experiences: The ability of AI to
create impactful solutions for learning cannot be
overstated. We can now expect AI in edtech to craft
hyper-personalized solutions for students, class-
rooms and local education systems. This can foster
real-time collaborative learning experiences
between different student communities, thereby
overcoming the traditional constraints of space,
time and geography. In addition, augmented reality
and virtual reality could push the delivery of such
learning programmes really close to reality. Simu-
lated labs, experiential centres and ‘gamified’ con-
tent could become the preferred modes for students
to explore academics by the turn of this decade.
There are many emerging technologies which,
when applied seamlessly to education, can facilitate
‘learning by living it.’
The emergence of entrepreneurial mindset train-
ing: An entrepreneurial mindset unlocks critical
thinking, problem-solving and an ability to create
tangible solutions on a global scale. With India fea-
turing among the top entrepreneurial economies in
the world and home to 250+ million school-going
children, fostering an ‘entrepreneurial mindset’
among future generations is imperative. Thanks to
the pioneering National Education Policy (NEP)
2020, we can expect pedagogies to focus on how
education systems can foster creativity and entre-
preneurial thought among children through aca-
demic and non-academic interventions.
Increased inclusivity in the learning ecosystem:
One of the most important trends of 2023 to look
forward to will be the integration of previously
excluded student communities into mainstream
learning with technology. This effort towards inclu-
sive and accessible digital learning is also enshrined
in NEP 2020, making way for children with physical
or learning disabilities, those on the neurodivergent
spectrum, or who come from underserved commu-
nities to receive learning opportunities in languages
of their choice and curriculums crafted for their
unique needs and abilities. With an estimated 900
million internet users in India by 2025, the oppor-
tunity to bring children who are on the fringes of
education into the mainstream is huge.
Educating the educators: Since 2020, teachers
globally have experienced a steep upward curve
where they have learnt how to integrate technology
into their classrooms. As this trend continues, there
will be a concerted effort to upskill teachers in the
use of tech-enabled pedagogical techniques that
bring their classrooms firmly into a post-pandemic
world. Simultaneously, we can expect an increase in
regional language teaching in line with provisions
made for it in NEP 2020.
Moving from STEM to STEAM: During the rest of
this decade, there will be a sharper focus on STEAM
(science, technology, engineering, arts and math)
programmes that help students develop competen-
cies holistically. With future workplaces requiring
skills that not only visualize and solve problems, but
also understand their human impact, these subjects
will be important for students. By being at the inter-
section of media, technology and education, edtech
is well-positioned to lead this trend. Through inter-
active digital programmes that leverage audio-vi-
sual learning, students can be introduced to topics
like empathy, teamwork and collaboration just as
well as biology, physics or math.
Social and emotional learning in mainstream edu-
cation: Social and emotional learning will come to
the forefront as students and institutions reel from
the effects of the pandemic. Instilling tools for
empathy and behaviours that help in community-
building will become a vital goal in the education
that institutions impart. Edtech can play an impor-
tant role in this endeavour by providing tools that
help students and teachers remain connected to
each other virtually as well. Also, by leveraging
tech-enabled collaboration tools, edtech can help
educators design projects and coursework that can
inculcate better social skills in their classrooms.
This will extend the efforts of creating a safe,
healthy and functional social community within
schools and institutions of learning.
With the world increasingly turning digital,
education is undergoing a widespread transforma-
tion. What is especially exciting for the edtech
sector is the depth of this transformation. It is set to
create a billion-plus lifelong self-learners in India.
We can expect 2023 to be the year that edtech
goes deeper into the heart of education to help
more students unlock their true potential.
than a small Hong Kong experiment. Last
week, Bank of China, one of the city’s big
deposit-takers, had its offer of 500 trial
accounts tied to the e-CNY, the electronic
version of official Chinese money, snapped
up in two days. Customers each get 100
yuan in digital form, which they can spend
at mainland stores, the JD.com website or
a supermarket chain. This debut under-
scores Beijing’s resolve: Even before the
digital yuan can become a payment instru-
ment of choice at home, authorities are
testing it in another market. Expect the
trials to pick up speed as the e-CNY inte-
grates with Hong Kong’s sFaster Payment
System, a 24x7 network for people to pay
one another and settle bills instantly via
mobile numbers, email addresses or QR
codes. Once that link is in place, someone
with a bank account in Hong Kong should
be able to shop with digital yuan on Ali-
baba’s Tmall and Taobao sites without pay-
ing credit card fees or facing their digital
wallet inefficiencies.
Beginning with South Korea at the start
of the new millennium, more than 60 econ-
omies have come up with their own versions
of smartphone-based, real-time, retail-pay-
ment systems. China might want to tie up
with more of them to broaden e-CNY usage,
but only for international settlements. The
benefit of pushing e-yuan in trade will be
that even tiny mainland suppliers will be
able to quote prices to foreigners in the local
currency. High transaction charges on
cross-border payment gateways won’t get in
the way. The yuan’s share in global pay-
ments will have a chance to move up from
2% where it’s been stuck despite two dec-
ades of efforts to internationalize its use.
The US Federal Reserve is yet to make up
its mind on a digital dollar. Some policy-
makers, like Fed Governor Christopher
Waller, have said that a new payment
instrument may not be necessary to protect
the dollar’s privileged status. However,
Washington should pay closer attention to
how the e-CNY could potentially dislodge
the US currency from regional commerce,
at least in Asia and the Middle East.
A dominant medium, one that changes
hands in almost 90% of all foreign-exchange
transactions, won’t be toppled overnight.
Still, it may make sense to remember that an
estimated 36% to 40% of greenback demand
comes from being a good ‘vehicle’ for indi-
rectly exchanging two non-dollar curren-
cies. This function has a cost. Banks charge
$120 billion to move $23.5 trillion across
Online ledgers can reduce cross-border
transaction costs sharply AP
borders annually, according to research by
Oliver Wyman and JPMorgan Chase & Co.
A Thai importer paying under $3,000 to
an Indonesian exporter must fork out $40 in
fees. First, the importer’s bank takes a cut
for moving the funds along to a bank that
will exchange the Thai baht into dollars.
Those dollars then find their way to a large
institution that’s a member of the US corre-
spondent banking network. The funds may
have to jump again to reach another net-
work member that has an account with a
lender in Indonesia. Upon receiving
instructions, this middleman will swap the
dollars into Indonesian rupiah and hand
them to the payee’s bank, which will pay the
exporter. There are charges at every stage.
The whole chain could shrink, and costs
fall dramatically, by using distributed ledger
technology. That’s the idea behind
mBridge, a joint project of the monetary
authorities of China, Hong Kong, Thailand
and the UAE. A recent pilot brought 20 of
their large financial institutions together on
a shared blockchain. There, they swapped
prototype digital currencies issued by their
central banks to settle cross-border claims
of their corporate clients. Funds didn’t have
to move from one bank to another. The dol-
lar didn’t enter the picture.
Correspondent banking emerged in the
late 1800s, so it’s natural to expect that a
shift away from it will take years, if not dec-
ades. But at least the tools to cut the dollar
out as a middleman in regional Asian trade
are starting to emerge.
The e-CNY serves two objectives. The
more urgent goal is to fill a domestic hole.
Usage of physical cash in China’s economy
is dwindling, as it is in Sweden and some
other parts of Europe. Since a nation’s
money is too important to be left entirely to
the private sector, authorities have come up
with a digital alternative for their legal ten-
der. However, the internationalization of
the e-CNY has a geopolitical motivation as
well. The payment instrument gives Beijing
a fresh chance to realize its long-term goal
of reshaping the US-centric global mone-
tary order.
To fully grasp the upcoming challenge,
Washington may have to look at how the
digital yuan performs backstage, where
financial claims arising from trade have to
be settled. That’s where real competition to
the dollar may crop up. ©BLOOMBERG

THEIR VIEW

India should stay on high alert to see off China’s threat

much more for a country that has border
HarsH V. Pant disputes with that power. It was incumbent
upon New Delhi to engage with Beijing on
trade, culture and even on border issues.
But not preparing the nation internally to
eventually meet the China challenge has
eral optimism about the Chinese Commu-
nist Party suddenly embracing democracy
has finally been thrown to oblivion. But
New Delhi, which has been one of the first
countries to face the reality of China as a
neighbour, should have been better pre-
resources to take on the China challenge,
and China, facing multiple setbacks on the
domestic and foreign policy fronts, tries to
find chinks in India’s armour. At a time
when the world is looking at India with a
renewed sense of optimism and with New
its orbit, thereby denying any agency to
India in shaping its policy vis-à-vis China.
More worryingly, however, it is also being
suggested in China that it is the Narendra
Modi government’s nationalist agenda that
is responsible for “creating” the current

R
ecent clashes between Indian and
Chinese soldiers along the Line of
Actual Control, or LAC, have once
again underscored how a 20th century con-
flict continues to shape the 21st century tra-
jectory of Sino-Indian relations and con-
strain New Delhi’s aspirations to play a
larger role on the global stage. The Galwan
been the singular failure of Indian policy-
makers on this front, especially over all
those decades when Beijing was more
focused on internal consolidation. There
was a huge constituency in India that
believed that after gaining territory in 1962
at India’s expense, China had become a sat-
isfied power. The argument went that
pared. The Galwan crisis finally made us Delhi’s G20 presidency, China might be border crisis; it is all, therefore, India’s fault
realize that time is really tempted to bring India that Sino-Indian ties are facing strong nega-
running out and some key down a notch. tive headwinds and the onus is on New
decisions would have to be New Delhi must New Delhi has been Delhi to improve them.
made. We are busy today making a point since the This narrative makes it highly unlikely
building border infra- sharply raise its 2020 border crisis that that India and China will be able to find a
structure, modernizing these are “abnormal” times modus vivendi anytime soon to move ahead
our defence forces, mobi-
preparedness in Sino-Indian relations, and chart a more productive course in their

is professor of international
relations, King’s College
London, and vice president for
studies at Observer Research
Foundation, New Delhi
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Valley crisis of 2020 made it clear that Bei-
jing had no intention of diplomatically
resolving its border dispute with India. It
also pushed Indian decision-makers into
making certain choices that they were
reluctant to make in the past, hoping
against hope that engagement with China
would be enough to produce the desired
results. That Xi Jinping’s China had differ-
ent ideas about its role in the world and
India’s place in it should have been clear
long ago, as the Chinese Communist Party
went for aggressive postures in various
parts of the world.
Managing a rising power at one’s door-
step is a difficult task for any nation and
China was now invested in the status quo,
and so had no reason to disturb that.
As a result, border negotiations were
compartmentalized as the bilateral focus
shifted to trade and people-to-people ties,
which were deemed as ends in and of them-
selves. The pretence of dialogue continued
even as China’s ‘salami slicing’ went on
unhindered. Even just a few years back,
India’s crème de la crème believed that in
the name of ‘non-alignment 2.0’, it was pos-
sible to maintain equidistance between
China and the United States.
China’s rise has had an impact on the
entire world and most nations have been
found wanting in their response. The lib-
lizing our forces and
upgrading partnerships
to deal with and unless Beijing demon-
strates a greater degree of
bilateral engagement.
That India has been better able to man-
with like-minded coun-
tries.
a Beijing that sensitivity towards Indian
concerns based on mutual
age its recent crises—be it the health crisis
induced by covid or the energy crisis as a
Yet, as a nation, we still seems bent respect, there is unlikely to result of the Russia-Ukraine war—than
do not seem united in the be a change. But Beijing many had anticipated seems to have aggra-
message we want to send on aggression clearly remains reluctant vated this sense in Beijing that India needs
Beijing. There is enough to change track. In fact, the to be ‘shown its place’.
blame to go around and narrative in China seems The contrast at this juncture between an
history won’t be kind to anyone—politi- to be about blaming India for the border India that is getting many things right and
cians, bureaucrats or even the military. trouble while conceding no part of China in a China that is seemingly getting a lot of
But, as we look forward at a time we are the process. things wrong is quite vivid. This makes it
more confident of ourselves, we need to be The Chinese Communist Party is propa- further more imperative for India to keep a
able to speak as a united front. Challenges gating a narrative that the recent downturn close watch on Chinese behaviour and its
are only going to mount in the future as in Sino-Indian ties is a function of the own preparedness in tackling the challen-
India prepares to strengthen its inner United States trying to pull New Delhi into ges emanating from it.
 16 WeDNesDay, 21 December 2022
NeW Delhi
How Lionel Messi
completed football
Not so long ago, it
seemed that Lionel
Messi would have to
re-invent himself to
win the World Cup.
At Qatar, he did it
Deepti Patwardhan
feedback@livemint.com
L
ionel Messi stood, his hands
on hips, face screwed in con-
centration, as he took a
moment before beginning
proceedings for Argentina
in the penalty shootout against France in
Sunday’s World Cup final. This was the
same guy who used to throw up before,
sometimes even during, his national
team’s matches, supposedly due to anxi-
ety. The same player that Argentine fans
once turned their back on.
On Sunday, facing French goalkeeper
Hugo Lloris, Messi was a picture of calm,
masterfully hiding the deep churning sea
of emotions underneath. He swung his left
foot, coolly slotted the ball past Lloris, who
had gone the other way, momentarily
draining the drama and chaos of the past
40 minutes. It steadied Argentina’s nerves
and set the tone for their flawless perform-
ance in the shootout. While Emiliano Mar-
tinez saved the penalty from Kingsley
Coman, and psyched out Aurélien Tchou-
ameni, Paulo Dybala, Leandro Paredes and
Gonzalo Montiel all scored from the spot.
Messi’s Argentina, Argentina’s Messi,
after years of wait and yearning, had won
the World Cup. Playing his fifth World
Cup, the 35-year-old had finally realised
his childhood dream and led Argentina to
the world championship title for the first
time in 36 years. “It’s amazing that it could
end this way,” said Messi. “I said previ-
ously that God was going to grant me this
and I don’t know why but I felt it was going
to be this time.”
Ever since Argentina brushed off their
shocking 1-2 defeat to Saudi Arabia in
their opening match in Qatar and snuck
into the knockouts, Messi has overwhelm-
ingly looked destined for World Cup
glory. But it was not long ago that the little
genius seemed resigned to fate.
NOT MEANT TO BE
His fraught Argentina career seemed to be
over in 2016 after the team lost to Chile in
the Copa America final. It was Argentina’s
third defeat in three years at major tourna-
ments, following the 2014 World Cup final
defeat to Germany and then the 2015 Copa
America final to Chile. To make matters
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BUSINESS OF LIFE
Clockwise from top: Lionel Messi celebrates with the World Cup, Messi scores Argentina’s third goal at the final, Argentina fans
celebrate the World Cup win, and Messi is mobbed by his teammates at the end of the game.
worse, Messi, who was Argentina’s first
kicker in the penalty shootout at the 2016
Copa America final, sent the ball soaring
over the crossbar.
“For me, the national team is over,”
stated Messi after losing the Copa America
final. “I was thinking in the locker room
that this is it. I am no longer going to play
for the national team… this is my fourth
final, it is not for me. It is what I wanted
more than anything, but it wasn’t meant to
be.”
For more than a decade, Messi had tried
to win over the Argentine fans, who
doubted his love and commitment to the
national team. This stemmed from the fact
that Messi had left Argentina for Spain and
Barcelona at the age of 13, partly to hone
his football talent and partly because the
club was ready to finance his expensive
growth hormone treatment. Educated in
one of the finest football schools in the
world, Barcelona’s La Masia, Messi
seemed to have all the flair and finesse of
an Argentina player but none of the flying
rage of their beloved No. 10, Diego Mara-
dona. He was perceived as an outsider in
his homeland.
While Messi seemed to frolic with the
ball at his feet in a Barcelona jersey, he
looked weighed down by expectation
while playing for La Albiceleste. The
anguish only grew as Messi was unable to
deliver a major trophy. Eight years ago,
Messi had guided the team to the 2014
World Cup final. He had a chance to put
his team ahead in the second half, but,
with only goalkeeper Manuel Neuer to
beat, he struck the ball six inches wide of
the post. “Argentina is my country, my
family, my way of expressing myself,” said
Messi, who won the Golden Ball (player of
the tournament) award in 2014. “I would
change all my records to make the people
in my country happy.”
TURNING A CORNER
It was Messi’s snap decision to quit from
the national team in 2016 that brought the
fans around. Chants of, “Don’t go, Messi”
SPORTS
AP
REUTERS
rung around Argentina. That went some
way in healing the relationship and bring-
ing Messi back into the national fold two
months later.
There was, however, no quick redemp-
tion. The 2018 World Cup came and went.
Argentina drew against Iceland, lost to
Croatia, made it to the Round of 16 but lost
to France 4-3. After the underwhelming
performance, Lionel Scaloni, once Messi’s
international teammate, was appointed as
the interim manager.
Over the past four years, Scaloni has
re-built the team brick by brick, trying to
figure out ways of playing that would
WORLD CUP
IN NUMBERS
7 Goals scored by Messi at
the 2022 World Cup. It is
the highest by an Argentine
at a World Cup, eclipsing Mario
Kempes’ tally of six in 1978.
3 Goals scored by Mbappé
in the World Cup final. He’s
only the second player,
after Geoff Hurst in 1966, to
score a hat-trick at a FIFA men’s
World Cup final.
4 Goals scored by Mbappé
in all World Cup finals,
more than any other
player in history.
5 Man of the match trophies
Messi won in Qatar, the
highest by a player at any
World Cup.
172 Goals scored at
the Qatar World
Cup, a new com-
petition record.
allow Messi to thrive. The breakthrough
came last July as they beat arch-rivals Bra-
zil in the final to win the 2021 Copa Amer-
ica, their first major trophy since 1993. A
weight was lifted; Messi said it brought
him “calm.”
The team arrived at the Qatar World
Cup on a 36-match unbeaten streak.
There are many in the current Argentina
squad that have grown up idolising Messi,
dreaming of sharing the field with him. An
introverted Messi, once labelled the ‘mute
one’ at Barcelona because he would rarely
speak, now commandeers a legion that
wants to win for him as much as they want
to win for Argentina. Players like Angel Di
Maria and Emiliano Martinez, lit up
Argentina’s World Cup campaign, but
seemed happy to live in Messi’s shadow.
CUP OF JOY
Following that shock defeat against Saudi
Arabia, Messi reignited Argentina’s World
Cup hopes with a touch of genius against
Mexico. With the score tied at 0-0 after 63
minutes, Messi latched onto a pass from
the right, outside the box, and with his
LIVEMINT.COM
GETTY IMAGES
AP
second touch whipped the ball into the
back of the net. Midfielder Rodrigo De
Paul believed Argentina had not panicked,
“knowing that we have Leo…when he has
to appear, he appears.”
He appeared again in that game to assist
Enzo Fernandez; slithered into action to
create a goal against Australia; shook off
Croatian defender Josko Gvardiol to push
the ball for Julian Alvarez to score;
threaded a pass to Alexis Mac Allister, who
fed Di Maria for Argentina’s second goal
against France. In all, he scored seven
goals, made three assists and created 17
chances (most at this World Cup) in the
seven games in Qatar. Messi, being Messi,
conjured these remarkable moments.
But during the World Cup, Messi, also
slipped out of character against the feisty
Dutch. Taking a leaf out of Juan Román
Riquelme’s book, he cupped his ears in
celebration. He argued with the referee,
confronted Netherlands coach Louis Van
Gaal, who had irked Argentina and Messi
with his pre-game talk, and then rebuked
Wout Weghorst on camera. “What are you
looking at, dummy? Go back there,
dummy. Get away from here,” he told
Weghorst. Uninhibited and unshackled,
the Messi of the World Cup was certainly
not ‘the mute one’.
On Sunday, once again, one last time at
the Lusail Stadium, Argentines invoked
the spirit of Maradona to raise Messi. “I was
born in Argentina, land of Diego and
Lionel,” went Argentina’s unofficial World
Cup anthem. “I want to win the third, I
want to be world champion, And Diego, in
heaven we can see him, With Don Diego
and La Tota, Rooting for Lionel!”
That fervent dream seemed well on
track when Argentina led 2-0 after almost
80 minutes of play. Then Kylian Mbappé,
France’s World Cup hero four years ago,
decided to make a match out of it. He
scored twice in the space of 97 seconds,
first a penalty, second a searing volley.
Even when Messi, with a goal that just
crossed the line, helped Argentina nose
ahead in extra time, Mbappé equalised
with a 118th minute penalty. The French-
man, only 23, made Argentina work to
essentially win the match thrice, and on
this night, Messi’s night, his team was up
to the task.
As Montiel drilled home the winning
penalty, Messi dropped to his knees and
was engulfed by jubilant teammates. A
match for the ages had delivered the per-
fect finish. The greatest footballer of our
time had won the greatest prize in the
sport; the fairytale was complete. Football
was complete.