NEW DELHI, MuMBAI, BENGALuRu, KOLKATA, CHENNAI, AHMEDABAD, HyDERABAD, CHANDIGARH*, PuNE*, LuCKNOw*
87
Wednesday, April 10, 2024
mint primer
Will domestic
petrol prices go
up pre-polls?
BY SUMANT BANERJI
Fresh geopolitical uncertainty has pushed global crude prices above
$90 per barrel. How does it impact India’s oil marketing companies?
Will they be forced to increase prices in the election season? Mint
finds out.
Crude surge
Brent crude breached the $90-per barrel
mark for the first time in six months
Crude oil price ($ per barrel Indian basket)
120
110
100
109.51
90
80
70
May 2022
*as on 8 April 2024
Why have global
1 prices shot up?
Brent crude prices have risen for
two successive weeks and
breached the psychological $90
per barrel-mark for the first time
in 6 months. In tandem with that
the Indian basket of crude price
has also risen more than 10% since
the start of the year (see table). The
current rise in prices has been
attributed to fresh geopolitical
tensions following the attack on
Iran’s embassy in Syria. While
Israel has not taken responsibility,
it has led to speculation of a direct
retaliatory attack by Iran, which is
the third largest Opec producer.
With Israel-Palestine and Russia-
Ukraine wars raging, this could
further cripple global oil supplies.
MINT
4 How are oil marketing
companies doing? 5
Typically, OMCs break even when
global crude oil prices are at $85
per barrel. Anything less and their
profitability grows increasing the
chances of a cut in pump prices.
But any increase makes them
unprofitable and strengthens the
case for a price hike. Thanks to
benign prices for much of FY24,
the three state-owned OMCs—
IOC, BPCL and HPCL—posted a
robust ₹69,000 crore net profit for
Apr-Dec 2023, way higher than
the profit for all of FY23, when
prices were above $90 per barrel
for much of the year.
MINT NEWSLETTERS
TICKER
By VIjAy L. BHAMBwANI
A newsletter that delves into the mar-
kets, providing
insightful and for-
ward-looking analy-
sis from one of
India’s leading capi-
tal market gurus.
‘Ticker’ is recom-
mended reading for a weekly guide to
investing, whether you are an active
investor or a passive one.
Think Ahead. Think Growth.
90.58
Apr 2024*
Source: PPAC
Are fuel prices likely to
2 go up in India?
It is unlikely domestic petrol and
diesel prices will be revised until at
least the end of elections. Prices of
both fuels were decontrolled
between 2010 and 2014. Initially
prices were revised every fortnight
but from June 2017 oil marketing
companies began to revise prices
daily. In the last few years revisions
have been erratic. Prices remained
frozen for a record 23 months
from May 2022 before the Centre
announced a ₹2 cut on 15 March
2024. Rising crude prices almost
negates any scope of a further cut.
Thanks to low prices in 2023-24,
oil companies have been very
profitable and have the cushion to
absorb any temporary spike.
3 Is the EC model code of
conduct a factor?
Though the code restricts the government
from bringing any new policy or fiscal
measure, revision of fuel prices does not
fall under that category. So, oil marketing
companies are technically free to raise or
reduce prices as per their need. In 2019 for
example, prices were marginally revised
on a couple of occasions while elections
were underway in the country.
How does the
government benefit?
Central and state governments
generate revenues from oil by way
of excise and customs duties,
cesses, royalty and VAT. The
Centre also earns dividend from
the OMCs as well as corporate/
income tax from companies. In
2022-23, the Centre earned ₹4.3
trillion while the states got ₹3.2
trillion. Frequent hikes in excise
duties and VAT rates over the past
few years have led to an over-30%
increase in revenue from oil for
the government—from ₹5.75
trillion to almost ₹7.5 trillion
between 2018-19 and 2022-23.
EASYNOMICS
By VIVEK KAuL
Understand how the economy
impacts your every-
day life with ‘Easy-
nomics’. This
weekly newsletter
sits at the intersec-
tion of macroeco-
nomic trends and
popular culture, with Vivek Kaul, the
author of Bad Money, providing his
own sharp social commentary.
VOL. 18 NO.
QUICK EDIT
Adios Ola,
ride well!
Ride-hailing major Ola Cabs is
set to withdraw from its three
overseas markets of the UK,
Australia and New Zealand by
month end. As reported, the
company has started sending
users notifications on the ser-
vice’s impending closure, with
its Australian operations set to
cease from 12 April. Ola’s plan is
to focus not on globalization,
but electrification. In January, it
outlined a strategy involving an
emphasis on premium rides to
shore up revenue even as it
pushes ahead with a plan to
electrify the cabs and two-
wheelers that offer its rides. In
Delhi and Bengaluru, Ola faces
stiff upper-end rivalry from
BluSmart’s electric fleet, and it
can’t afford to get left behind in
customer perception as a leader
of mobility. It may therefore
have made sense to quit its
global ambitions to secure
domestic market share. There’s
also action at the lower end.
Like archrival Uber, Ola has
launched subscription-based
plans for auto-rickshaw drivers,
mirroring the model used by
Namma Yatri and Rapido,
instead of levying booking fees
or commissions. This model is
found to do a better job of con-
necting rides with riders.
Clearly, there’s much for Ola to
learn and do right here in India.
MINT METRIC
by Bibek Debroy
A young girl asked Alexa to bark,
Not an act done as a lark.
Caught helpless, she wasn’t taken aback,
But saved herself from a monkey attack.
Successful use of technology quite stark.
QUOTE OF THE DAY
While the base for EV adoption in
India is still expanding... figures
underscore the accelerating shift
towards electric mobility and
highlight the market’s potential
for sustainable
transportation solutions.
MANISH RAJ SINGHANIA
FADA PRESIDENT
COMPANY OUTSIDER
By SuNDEEP KHANNA
Track the business of companies with
Sundeep Khanna,
who brings with
him over three dec-
ades of reporting on
India Inc. With
crisp insights on the
goings-on in the
corporate world, ‘Company Outsider’
is essential reading for CEOs and all
those who aspire to the C-suite.
 PLAIN FACTS

The deciding factor in

winning an LS election
BY SHUJA ASRAR & TANAY SUKUMAR

T
he Lok Sabha elections are here—a time when politicians file nominations to contest, and must make honest declara-
tions about many aspects of their lives through sworn affidavits to the Election Commission of India. Their bank balan-
ces and other assets, a key part of these affidavits, become a matter of immense public scrutiny. Here’s one reason why.
The gulf between candidates and eventual winners in terms of the wealth they possess has increased sharply over time.
In 2004, a median Lok Sabha candidate boasted of assets worth ₹6.2 lakh, while winners had median assets worth ₹55.2 lakh.
That’s a factor of nearly nine times. But in 2019, the two numbers were ₹27 lakh and ₹4.8 crore—a factor of 18 times.
This suggests that elections are swinging more and more in favour of richer candidates who have the financial clout to
contest and win. The sheer cost of successful electioneering could be why candidates with less wealth are failing to make
a mark. Independent candidates are in general less wealthy, but even excluding them, the gap described above has increased
from 3.8 times in 2004 to 9.7 times in 2019.
This is based on a Mint analysis of data compiled from the MyNeta.info website, which is run by the non-profit, Association
for Democratic Reforms. This website lists down data from the affidavits of most election candidates. The data for the candi-
dates who have already filed their nominations for the 2024 elections, which start next week, are not yet available in an aggre-
gated manner. Medians were considered to avoid outliers, but the trends hold using averages, too.

Being super-rich has become even more AIADMK candidates' wealth increased
crucial to winning a Lok Sabha seat 21 times between 2004 and 2019
Median assets (₹ crore) among Median assets (₹ crore) among candidates of these parties
All candidates Non-independent candidates Increase
Eventual winners Winners vs candidates' wealth ratio (in times) (in times)
2004 2019
AIADMK 21.1
8.9 14.6 13.8 17.9
5 DMK 17.4
BJP 8.9
4 INC 7.7
AITC 7.2
3 BSP 6.8
CPI(M) 5.6
2 Shiv Sena 2.5
0 2 4 6 8 10 12 14
The parties were selected based on their prominence in the elections as well
1 as the final results in both years.
AIADMK: All India Anna Dravida Munnetra Kazhagam, DMK: Dravida Munnetra
Kazhagam, BJP: Bharatiya Janata Party, INC: Indian National Congress,
AITC: All India Trinamool Congress, BSP: Bahujan Samaj Party,
0 CPI(M): Communist Party of India (Marxist)
2004 2009 2014 2019 Source: MyNeta.info, Mint calculations

Race of Super-rich
THE MEDIAN assets of a winner in the Lok Sabha elections grew 8.8 times between 2004 and 2019, while India’s per
capita income grew only 5.5 times. Assets and incomes cannot be benchmarked against each other, but this gap in
ways could indicate that the collective wealth of Lok Sabha members has grown faster than that of India.
In the 2019 elections, the Dravida Munnetra Kazhagam (DMK) fielded the richest candidates among major parties,
with the median wealth amounting to ₹13.4 crore, followed by the All India Anna Dravida Munnetra Kazhagam
(AIADMK) (₹7.4 crore). These parties also saw their medians rise the most since 2004: respectively, 17.4 and 21.1 times.
A median Congress candidate had a wealth of ₹5 crore, and the Bharatiya Janata Party’s (BJP’s) median candidate
had ₹4 crore. Among major parties, only five—the fifth being the All India Trinamool Congress—fielded candidates
with median assets of more than ₹1 crore. This analysis looked at select parties that fielded the highest number of
candidates and also won the most seats (AIADMK, which is left with only one Lok Sabha member currently, was
considered based on its 2019 standings).

Among major states, Andhra Pradesh

had the richest candidates in 2019
Poor States Do Well
Median assets (₹ lakh) among non-independent THE TRENDS are similar to a similar Plain Facts analysis from
candidates, 2019 Lok Sabha polls 2022, which considered all state elections over the preceding 15
J&K years: Winning candidates were more likely to be super-rich in
Himachal Pradesh
115.9 115.9 states, too. The analysis had shown that while Congress
50 candidates tended to be richer consistently, those of the BJP
Rajasthan Uttarakhand
78.9 104.9 were seen catching up rapidly.
70 In the 2019 Lok Sabha polls, Andhra Pradesh had the richest
candidates, with median assets worth ₹1.3 crore, followed by
90
Himachal Pradesh and Jammu and Kashmir (₹1.2 crore each),
110 Uttarakhand (₹1 crore), and Rajasthan (₹79 lakh). Ironically,
Bihar and Uttar Pradesh, which fare poorly on financial metrics,
figured among the top 10 major states in terms of fielding rich
candidates, ahead of Kerala and Tamil Nadu. (This analysis
Andhra Pradesh excludes non-independent candidates and smaller states with
134.3 fewer than 20 such candidates.) As the festival of democracy
begins, the edge that money gives contestants will be difficult to
ignore in 2024, too.
Source: MyNeta.info, Mint calculations
shuja.asrar@livemint.com

m BRAND DASHBOARD

How Indian consumers rate various brands

This monthly dashboard captures how leading brands in new-age sectors are perceived by urban Indian consumers. The
sector in focus this month is fintech. The numbers represent "Future Consideration" metric*, i.e. the share of respon-
dents in a daily online poll who showed interest in using each brand in its respective category.
Quarter-on-quarter change in share (in percentage points)

WALLETS/UPI
60.1 1.3 44.3 0 43.9 13 39 2.6 27.4 0.6

CARD
NETWORKS
22.2 0.9 20.2 0.2 19.2 0.6 8.3 0.2 5.9 0.4

INVESTMENT
PLATFORMS
14.1 0.6 10.6 0.4 8.3 0.5 3.3 0.6 3.1 0.1

Respondents could select multiple options. The data is based on YouGov’s proprietary brand tracking solution, BrandIndex.
*“Future Consideration” is one of the 16 metrics captured by the BrandIndex surveys. The data relies on ~3,500 interviews on average over a
period of three months. The poll covered 180 cities. The survey period was Jan-Mar 2024; the comparison is with Oct-Dec 2023.
PARAS JAIN/MINT

PEANUTS by Charles M. Schulz

 NEw DELHI, MUMBAI, BENGALURU, kOLkATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCkNOW* VOL. 18 NO. 87 Rs. 10.00 . Price with Hindustan Times Rs. 15.50 18 PAGES

Wednesday, April 10, 2024

Vistara’s staff caught in The black market that delivers

livemint.com merger turbulence uP10 Musk’s Starlinks to US foesuP8

SENSEX 74,683.69 58.81 NIFTY 22,642.75 23.55 DOLLAR ₹83.31 ₹0.02 EURO ₹90.21 ₹0.06 OIL $92.03 $0.16 POUND ₹105.65 ₹0.45

Scorching summer Retail investor interest helps

SMEs make most of IPO wave
DON’T MISS
HT

clouds rabi harvest Mayur Bhalerao

mayur.bhalerao@livemint.com
MUMBAI
Price rise likely as dams dry up; wheat, mustard may be spared
Small wonders
In FY24, a record 204 SMEs floated IPOs to raise ₹5,961 crore, up nearly
167% from a year ago, while the mainboard IPO mop-up rose only 20%.
1,200 Amount raised by SME IPOs, monthly (₹ crore)

S
mall enterprises stormed
the stock exchanges in India will see normal monsoon
Puja Das the just-ended fiscal this year, says Skymet forecast
puja.das@livemint.com ACTION TIME year, amplifying the trend of
800
India is expected to witness a normal
NEW DELHI the previous years, and tempt- monsoon this year, private weather
In the past year, the central government has taken several preventive ing investors seeking new forecaster Skymet said on Tuesday after the

A
t a time when the gov-
ernment is trying to
tame food inflation, a
spike in prices of key
winter (Rabi) crops
such as gram, paddy and maize is
expected to play spoilsport. Agri-
culture analysts expect these crops
to be hit by depleting water reser-
voir levels, above-normal tempera-
tures and diseases, especially in
Karnataka, Andhra Pradesh, Telan-
gana, and Tamil Nadu. However,
prices of other rabi crops such as
wheat and mustard are not
expected to rise.
Farmers in the four southern
states have reportedly seen wilting
in Bengal gram (chana) and shrivel-
ling of paddy and cobs in maize.
Paddy farmers are reportedly facing
drying crop in a few districts of
Andhra Pradesh and Telangana
surrounded by the Krishna belt.
Similarly, poor cob formation with
low grain weight has been observed
in maize.
“Gram prices are expected to wit-
ness a rise on-year owing to an
upswing in pulse prices for the year
amid lower production of Kharif
pulses,” said Pushan Sharma,
measures to tackle food inflation. Here’s a look at some of them: investment avenues. 400 Pacific-born El Niño phenomenon caused
During 2023-24, a record deficient rainfall and stoked inflation in the
THE CENTRE SUGAR-EXPORT
BAN ON onion 204 small and medium enter- past year. >P2
starts offloading curbs extended by
wheat under Open BAN ON non- a year; $800 per exports; Duty-free prises (SMEs) floated initial 0
Market Sale basmati rice and tonne floor price imports of yellow Apr Mar
de-oiled rice bran
public offerings (IPOs) to raise 2019 2024 Poll candidates don’t need to
Scheme for onion exports peas; the same for
exports; Bharat Dal tur, urad till Mar ’25 ₹5,961 crore, up nearly 167% Source: Primedatabase.com
reveal every asset they own: SC
at ₹60 per kg from a year ago, while the SARVESH KUMAR SHARMA/MINT
Election candidates are not mandated to
mainboard IPO mop-up rose a March 2022, 14 companies reveal every asset owned by them or their
more sedate 20%. This follows SENSEX HITS raised ₹264.3 crore. In March dependents, but only those that
Feb July Oct Dec
2023 2023 2023 2023
₹965 crore, ₹244.28 crore and 75K MILESTONE 2021, nine companies (₹109.1 significantly influence their public image or
₹436 crore that SMEs raised in crore) and six in March 2020 lifestyle and have a bearing on an elector’s
the three previous fiscal years. The BSE Sensex shot (26.33 crore), according to choice, the Supreme Court said. >P9
Mar Aug Nov 2024 The trend signifies the past the 75,000-point data from Prime Database.
2023 2023 2023 so far milestone on Tuesday,
growing confidence of inves- The BSE SME IPO Index Hindujas’ IndusInd Int’l to hold
tors in the potential of SMEs scoring the last 1,000 returned an impressive 119% in
and their ability to generate points in a mere 24 2023-24, against 76.3% in
60% stake in JV with Invesco MF
BHARAT RICE
40% DUTY on trading sessions. The IndusInd International Holdings Ltd, a
STOCK-HOLDING onion exports; BHARAT ATTA
at ₹29 per kg; strong returns. However, 2022-23. Large established
limit on tur, urad; 20% duty on launched
Wheat stock around 51% of these compa- 30-share index had firms list on the mainboards of Mauritius-based investment firm led by the
declaration first crossed the Hinduja brothers, has agreed to acquire a
Ceiling on govt parboiled rice officially at ₹27.5
made mandatory nies that went public in 2024 NSE and BSE, while smaller
buying of tur, urad, exports per kg 70,000 mark on 14 60% stake in Invesco Asset Management
were trading below issue price firms with greater growth India Ltd to form an asset management
masur removed December. See Page 4
on Tuesday. potential and higher risk list joint venture. >P6
“SME-listed companies on their SME platforms.
director-research, Crisil Market remain at normal levels. have emerged as outliers in the “While the SME segment
Intelligence and Analytics. “How- Chana prices in key mandis of past four to five years, with a board,” Abhilash Pagaria, has seen some exuberance and No more extension for solar
ever, in the near term, prices are Indore in Madhya Pradesh are surge in high net worth indi- head, Nuvama Alternative and outperforming stocks, there project timelines
expected to fall when the arrivals quoted in the range of viduals (HNIs) and retail inves- Quantitative Research said. are also pockets with under- Government is looking at putting an end to
peak in the market, which report- ₹5,900-7,500 a quintal, depending tors seeking higher returns. In March alone, 27 SMEs performing stocks. Investors the practice of giving extensions on
edly has been delayed due to the on the variety, against the minimum There’s growing interest in the raised ₹862 crore, up 35% from interested in this segment timelines for completion of solar power
resowing of the crop in Maharash- support price (MSP) of ₹5,440. All- SME space due to the intro- February, which saw 16 com- need to be very selective. projects, Bhupinder Singh Bhalla, secretary
tra following November rainfall.” India average chana dal prices on duction of new business panies raise ₹638 crore. This is Understanding the business at the Union ministry of new and renewable
Sharma added that in the northern opportunities that aren’t as the highest number of SME energy, said. >P5
states, gram yields are likely to TURN TO PAGE 6 commonly listed on the main IPOs since September 2023. In TURN TO PAGE 6

With leaves, Baku to Batumi, Indians

WFH, firms
vote for polls
try foreign tourist spots ISTOCKPHOTO
Varuni Khosla explored, are turning out to be
Priyamvada C., Jas Bardia & varuni.k@livemint.com strong magnets. Of course, tra-
Devina Sengupta NEW DELHI ditional Europe tours have not
lost their charm either.

B
MUMBAI/BENGALURU aku. Khinaliq. Batumi. For Georgia, India is a top 10
Tbilisi. Gudauri. Heard of country by international visi-

A
staggering 960 million
Indians above 18 years
are eligible to vote in
the seven-phase national elec-
tions starting 19 April; and
India’s corporate citizens are
pulling out all stops to make
sure maximum employees join
this great democratic exercise
that concludes on 1 June.
From IT firms like TCS to
e-commerce giants like Ama-
zon, from consultancies such
as KPMG to manpower big-
gies like Quess Corp, India Inc.
is offering leaves, remote
work, and other flexibility to
help them vote. Some are let-
ting employees travel to pla-
ces where they are enrolled as
voters. SEE PAGE 6
them? No? Well, the first
two cities are in Azerbaijan and
the next three in Georgia, both
part of the erstwhile Soviet
Union, and now independent
countries with exotic fare for
the international tourist.
And Indians are taking note.
Travel portal Thomas Cook,
for instance, has seen demand
for Georgia, Azerbaijan,
Kazakhstan and Uzbekistan
sectors increase 300-500%
versus pre-pandemic levels,
said Rajeev Kale, president
and country head for holidays,
MICE, visa at Thomas Cook
(India) Ltd. Other agencies,
too, report similar eye-pop-
ping numbers.
Many Indians, looking for a
For Georgia, India is a top 10
nation by international visitors.
short trip or a quick ski holiday
for their upcoming summer
break, are choosing to go to
these places instead of endur-
ing a long wait for a Schengen
visa for Europe, say travel plan-
ners. Short, direct flights from
India, inexpensive hotel tariffs
(even the luxury hotels are
cheaper than in India) and the
fact that such places are less
tors, accounting for about
100,000 travellers annually.
This figure has grown 74%
from before the pandemic in
2019, per the country’s official
tourism statistics. Similarly,
India is the fourth most impor-
tant market for Azerbaijan,
accounting for 33,600 travel-
lers a quarter or about 130,000
annually, up 258% from 2019
when comparing January-
March 2024 to the same period
that year, according to the offi-
cial data of the tourism body.
Shivaz Rai, non-executive
director at visa processing
agency DUDigital Global, said
the demand is quite high for
TURN TO PAGE 6

Kids turn lead to gold in hot pencil market

Julie Wernau and took it back.
feedback@livemint.com Some teachers keep a stash
of “floor pencils,” treasures left

T
he most valued com-
modity in the school-
yard marketplace is one
of the most basic.
Every kid wants a pencil—
especially a carefully carved
stub of a pencil called a mini.
Sasha Portnoy , a 9-year-old
from Hamden, Conn., is
among those playing the mar-
ket. “One or two mini-pencils
for a box of Nerds. Or maybe
two or three for an Airhead,”
said Sasha, explaining the pen-
cil-to-candy conversion rate.
She says she spends an hour
a night sharpening pencils
until they are small enough to
trade for candy or slime, the
gelatinous goop some children
knead. She sometimes cuts the
pencils in half, doubling her
investment.
With smartphones com-
mon, pencils are the novelty.
Teachers can’t hold on to
With smartphones common, pencils are the novelty.
them. Parents can’t get rid of
them. Elementary school stu-
dents can’t get enough of
them.
“They’r
e a status
symbol,”
said Nora
Rodriguez , an eighth-grader
in Peachtree City, Ga. She has
grown out of the mini-pencil
fad— Because, why? she said
with an older-kid attitude. Yet
BLOOMBERG
she still has favorites and keeps
them in a pencil pouch with
her eyelash curler, lip gloss,
mirror and brush .
Nora’s
f r i e n d
Olivia— She
is always
losing her pencil, Nora said—
tried to steal a cherished pur-
ple pencil during first-period
Spanish. “What are you
doing?” Nora recalled saying
behind by careless stewards.
They lend them to students.
Nora keeps her own stash of
throwaways for kids caught
short-handed. For annoying
borrowers, Nora said,
pencil requests get a Yeah, no
, from her.
Fallout from the pencil mar-
ket got so bad last year that
Nora’s school banned
mechanical pencils. Pieces of
pencil lead on the floor
marked up the new carpeting.
Only one teacher enforced the
new rule, Nora said, pretty
much erasing the ban.
Nora’s 17-year-old brother
Leo Rodriguez said he used to
steal pencils before he knew
better. “That was my way of
living,” he joked.
These days he’s a buy-and-
hold guy. He bought an $8
TURN TO PAGE 6
02 WeDNesDAy, 10 April 2024
NeW Delhi
Trade talks with
Mercosur put on
the back burner
Shashank Mattoo &
Rhik Kundu
NEW DELHI
T
alks between India and
South American trade
bloc Mercosur have been
put on the back burner with
both sides focused on conclud-
ing their long-pending free-
trade agreements with other
regions, a person with direct
knowledge of the matter said.
The talks were meant to
expand the number of products
enjoying low- or no-tariff bene-
fits from about 450 to
1,500-2,000.
The trade bloc comprises
Argentina, Brazil, Paraguay and
Uruguay, apart from associate
member nations such as Ecua-
dor, Colombia and Peru.
While Mercosur’s current
focus is on concluding its
much-delayed free trade
agreement with the European
Union, India, which is heading
into a general election, aims to
conclude similar trade agree-
ments with the UK and Oman,
while also starting the eighth
round of FTA negotiations with
the EU next month.
“As far as Mercosur is con-
cerned, the priority is to sign
the FTA with the EU. However,
talks between both regions on
the FTA, which was close to
conclusion, have been delayed
due to various factors including
the economic slowdown in
Europe,” the person men-
tioned above told Mint,
requesting anonymity.
Skymet sees normal monsoon this year Highway build hits 2nd-highest
Puja Das & Suneera Tandon
NEW DELHI
peak in FY24 but misses target
I
ndia is expected to witness a
normal monsoon this year,
private weather forecaster
Skymet said on Tuesday after
the Pacific-born El Niño phe-
nomenon caused deficient
rainfall and stoking inflation in
the past year. The forecast pro-
vides relief, especially to the
agriculture sector which has
gone through turmoil.
Rainfall during the four-
month monsoon season (June-
September) is expected to be
102% of the long-period aver-
age (LPA) of 868.6 mm with a
model error of +/-5%, Skymet
said. Cumulative monsoon
rains nationwide between
96-104% of LPA is considered
as ‘normal’.
State-run India Meteoro-
logical Department (IMD) will
release its first forecast for the
2024 southwest monsoon in a
few weeks.
In its earlier foreshadowing
released on 12 January,
Skymet assessed monsoon to
be “normal” and retains the
same.
“El Nino is swiftly flipping
over to La Nina. And monsoon
circulation tends to be
stronger during La Nina years.
Also, the transition from Super
m MINT SHORTS
CBDT chairman sees monthly
avg GST collection rising 7%
New Delhi: Monthly GST collection is expected to grow
at more than 7% on average in the new fiscal on robust
PTI economic growth and more
people paying taxes. Revenue
from GST is expected to clock
in at over ₹1.80 trillion on an
average monthly basis from
FY25, said Sanjay Kumar
Agarwal, chairman, Central
Board of Indirect Taxes and
Customs. BLOOMBERG
Digital Comp Bill consultation
extended to 15 May
New Delhi: The ministry of corporate affairs has
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Trade bloc comprises Brazil,
Argentina, Paraguay, Uruguay.
“Expanding the (South
American) bloc’s existing pref-
erential trade agreement with
India is currently not a priority,
though this could be worked on
in the future,” this person said.
“While Mercosur members are
having individual national dis-
cussions on the topic of expand-
ing the PTA with India, the
bloc’s long-delayed FTA with
the EU has taken precedence.”
Expanding the preferential
trade agreement with Merco-
sur nations is key for India to
increase its trade in the South
American region.
While India’s trade with
Latin America and the Carib-
bean (LAC) region has grown
strongly since 2000, New
Delhi has maintained a rela-
tively narrow trading agree-
ment with Mercosur nations.
Spokespersons of the minis-
tries of external affairs, and com-
merce and industry and the
embassies of Mercosur member-
countries in New Delhi didn’t
respond to emailed queries.
Rainfall during June-September is expected to be 102% of the
long-period average of 868.6 mm with a model error of +/-5%.
El Nino to strong La Nina has (IOD), another factor influenc-
historically tended to produce ing southwest monsoon in
a decent monsoon,” said Jatin India, is also expected to
Singh, managing director of remain positive this year.
Skymet, referring to weather
patterns that
shape the sea- The forecast
sonal rains. comes at a
“However, time when
monsoon season El Nino caused
may start with a
drought,
risk of impair-
ment, attributa- prolonged dry
ble to the rem- spells in Asia
nant effects of El
Nino. The second
half of the season will have an Skymet said.
overwhelming edge over the
primal phase,” he said. ended with 6% below-normal
The Indian Ocean Dipole rainfall. Monsoon is crucial for
ECONOMY & POLICY
Global Biofuels Alliance to
prepare charter for switch
The objective of the alliance is to promote biofuels and lower the dependence on fossil fuels
Rituraj Baruah
rituraj.baruah@livemint.com
NEW DELHI
I
ndia- and US-backed Global Bio-
fuels Alliance (GBA) is set to draw up
a charter to achieve its objective of
promoting biofuels and lowering
the dependence on fossil fuels, two
people aware of the developments said.
Talks are also underway on its gov-
ernance structure including the
creation of a governing body and a sec-
retariat.
“We will now look at preparing the
charter, which will help in finalizing the
governance structure—executive body,
secretariat and general secretary of the
alliance. Talks for the governance struc- The platform is aimed at bringing together the biggest consumers and producers
ture have been ongoing for sometime of biofuels to drive development and deployment of biofuels.
now. But preparing the charter and
finalizing the governance structure will meeting of the temporary executive Arab Emirates.
take time,” said one of the persons men- committee of the alliance soon, may be
tioned above.
Work at the alliance is currently taken G20 meetings in April,” said the person, natural gas Hardeep Singh Puri had deforestation caused by key source
up by its temporary executive
committee. The person men-
tioned above also said that
the temporary executive
committee is likely to
Energy Transition
meet in April to discuss
the way forward for the Working Group
alliance. The meeting is expected to meet
expected to be on the side-
lines of a G20 working group
meeting in Brazil.
One of a series of meetings of G20 representatives from all the member its G20 presidency in 2023, the platform
working groups, the Energy Transition countries of the alliance. The committee is aimed at bringing together the biggest global biofuels market was valued at
Working Group would meet on 15 April. had first met in December on the side- consumers and producers of biofuels to nearly $117 billion and may reach $201.2
“We are looking at having a physical lines of the COP28 in the United drive development and deployment of billion by the end of this decade.
AFP
“A preliminary forecast of
positive IOD this
season will work
in tandem with La
Nina for better
monsoon pros-
pects. Also, the
rainfall distribu-
tion is likely to be
diverse and equi-
table for the sea-
son, as a whole,”
Last year, the monsoon
extended the timeline for consultations on the draft Dig-
ital Competition Bill, as well as the report filed by the
committee on digital competition law, to 15 May. The Bill
and the CDCL report propose a standalone regulation on
tackling big tech firms, and the impact of their market
might in India. If and when it is notified, the law will see
India take a similar approach as the EU. SHOUVIK DAS
DGTR for anti-dumping duty
on hydraulic rock breakers
New Delhi: The commerce ministry arm DGTR has rec-
ommended imposition of anti-dumping duty on imports
of hydraulic rock breakers from China, and Korea for five
years to protect the domestic industry from cheap
inbound shipments. The
BLOOMBERG
Directorate General of Trade
Remedies (DGTR) has rec-
ommended the duty after
conducting an investigation
on the dumped imports of
these machines from these
two countries. PTI
LIVEMINT.COM
biofuels and reduce the reliance on The move is likely to support
crude amid ambitious net zero goals. global sugar prices that have
Panama and Burundi have joined the fallen this month. BLOOMBERG
alliance since the last meeting, said the
second person.
The eight G20 countries which are Govt may
members of the alliance are Argentina,
Brazil, India, Canada, Italy, Japan, South
Africa and the US. The other member
allow more
countries include Bangladesh, Singa-
pore, Mauritius, UAE, Iceland, Kenya,
Guyana, Paraguay, Seychelles, Sri
of sugar use
Lanka, Uganda, Finland, Tanzania and
Philippines. to make
The alliance launched on 9 Septem-
ber on the sidelines of the G20 Leader-
ship Summit was initially conceptual-
ethanol
ized with a view to getting all G20 mem-
bers on board. However, China, Russia Bloomberg
AFP and Saudi Arabia have so far stayed out. feedback@livemint.com
Russia and Saudi Arabia are major
I
crude oil producers. Further, several ndia may allow sugar mills
After the first meeting of the commit- European countries have also refrained to use more of the sweet-
in Brazil on the sidelines of upcoming tee union minister for petroleum and from joining due to concerns over ener to make ethanol, in a
move likely to reduce the odds
but added that the committee tweeted: “Since the launch of plants such as palm and soy. of easing export curbs any
may not take major decisions #GBA by PM @narendra- In an interview to Mint in time soon, according to a per-
on this front. modi at #G20Summit2023 September, union minister son familiar with the matter.
Apr 15
Queries mailed to the in New Delhi, we have
ministry of petroleum and successfully convened bn for
likely to be value of
gas Hardeep Singh Puri $201.2
petroleum and natural The government is consid-
ering a proposal to permit fac-
natural gas remained the first Temporary Exec- said that the alliance will tories to use an additional
unanswered till press utive Committee meet- biofuels market by work on the definition 800,000 tonnes of sugar for
time. ing, seen our membership end of this decade and specification of bio- biofuel this year, as the crop is
This would be second swell to 22 countries & rep- fuels, and also increase likely to be higher than pre-
meeting of the temporary resented #GBA at #CoP28.” international cooperation dicted, said the person, who
executive committee, which has Conceptualized by India during through a virtual marketplace. asked not to be identified as
According to Statista, in 2022, the the talks are confidential. That
would be on top of 1.7 million
tonnes allocated earlier.
A spokesperson represent-
ing both the food and com-
merce ministries didn’t imme-
diately comment.
The second-biggest sugar
producer will refrain from
releasing any export quota in
India as it delivers nearly 70%
of its annual rainfall, making it
the near future, said the per-
son, damping industry’s hopes
of shipping as much as 1 mil-
important for farming. Nearly lion tonnes in the current sea-
Subhash Narayan
half of India’s arable land spending of MoRTH has son ending September. The
doesn’t have access to irriga- subhash.narayan@livemint.com remained over 90% level in move by India is likely to sup-
tion and depends on these NEW DELHI previous five years and in fact port global sugar prices that
rains to grow crops such as above 98% in three of the five have fallen this month.
A
rice, corn, cane, cotton and fter a modest start, the years with the exception of The nation extended its
soybean. government has ended FY20 when it was 91% and export restrictions in October
About 56% of the cultivated the financial year with FY22 when it stayed at 93%. to protect domestic supplies
area is rain-fed, accounting for the second highest level of Officials said that going for- ahead of national elections.
44% of food production, mak- highway construction, but it ward the expectation is that in The Central government has
ing rains essential for India’s still missed the target for the the current fiscal entire (100%) taken several steps to contain
food security. Normal rainfall year by a mile. capex of ₹2.72 trillion provided high food prices. It curbed
leads to robust crop produc- According to official data, in FY25 would be spent to build shipments of wheat and rice,
tion, helping keep a lid on food 12,349 km of highways were highways. They also said that sold grains from state reserves
prices, including vegetables. constructed in FY24, which is FY24 signalled a revival of pri- in the open market and
The forecast comes at a time just lower than the record con- vate sector investment in high- cracked down on hoarding.
when El Nino caused drought struction so far of 13,327 km Govt kept FY24 construction ways with companies pitching The move would help sugar
and prolonged dry spells in reported in the pandemic year target at a record 13,814 km. MINT in with around ₹35,000 crore mills and ethanol distilleries
Asia as the Pacific Ocean 2020-21. The government kept investment, taking the overall that have invested as much as
warmed, driving the govern- the FY24 construction target at This accounted for over capex spent to over ₹3 trillion. ₹15,000 crore in three years to
ment to tackle inflation by tak- a record 13,814 km, which the 4,900 km of the total 13,327 km Along with construction, increase cane-based ethanol
ing a series of preventative ministry of road transport and constructed in record year highway awards also picked capacity.
measures, including the highways (MoRTH) later FY21. But FY24 saw the highest momentum in the last quarter It will also help the factories
launch of Bharat atta, rice and described as “aspirational” after level of broader roads of of the last fiscal taking total make timely payments to
dal, and export curbs. failing to miss the construction over four lanes constructed at awards to 8,581 km. farmers. The country has a
India’s retail inflation mar- target in the previous two 5,193 km. Officials said that the general goal to blend 15% of ethanol in
ginally decreased to 5.09% in financial years. While highway construction elections will not slow down gasoline in 2023-24.
February from 5.1% in January According to officials, the has picked up pace last year rel- construction as there was a big India’s sugar production
— still above the central bank's good part about the data for the ative to previous two years, pipeline of projects that should may total 34 million tonnes in
4% target. The period saw food last fiscal is that it contained MoRTH also used up its entire ensure roadworks will remain 2023-24, compared with a
and beverage prices surge 9,642 km of lane augmentation record capex provided by Bud- closer to FY24 levels in FY25. forecast of 33.05 million in
above 7% for the fourth con- or capacity augmentation pro- get FY24. This is the first time Officials said they were tar- January, on higher-than-ex-
secutive month. The forecast jects and not just strengthening that spending has touched getting 12,000-13,000 km a pected cane supplies in Maha-
also assumes significance as projects (where no new high- 99.93% of the revised capex of year over the next decade after rashtra and Karnataka,
India’s water level in 150 major way is constructed but existing ₹2.64 trillion provided in which overall construction according to the Indian Sugar
reservoirs fell to 35% of capac- roads are repaired and the budget. may slow down a bit. and Bio-energy Manufactur-
ity as of Thursday. strengthened). Officials said that capex ers Association.
‘CBAM may have little impact
Flagging hydropower
raises India’s coal use on local aluminium producers’ REUTERS
CORRECTIONS AND
CLARIFICATIONS
MINT New Delhi: Rating agency Mint welcomes comments,
Icra on Tuesday said that the suggestions or complaints
proposed European Union’s about errors.
carbon tax may have a limited
Readers can alert the
impact on the domestic pri-
newsroom to any errors in the
mary aluminium producers. paper by emailing us, with your
The CBAM (Carbon Border full name and address to
Adjustment Mechanism) or
carbon tax (a kind of import duty) will come into effect
feedback@livemint.com.
from 1 January, 2026. PTI It is our policy to promptly
respond to all complaints.
Readers dissatisfied with the
response or concerned about
New Delhi: India is ramping up coal use after No curbs on melon seed Mint’s journalistic integrity may
recording a sharp decline in hydropower output,
as it braces for rising power demand and potential
imports from 1 May to 30 June write directly to the editor by
sending an email to
blackouts during the hot season ahead of the polls New Delhi: The Centre has said imports of melon seeds asktheeditor@livemint.com
this month. Coal’s share in power output rose to are permitted without any restrictions from 1 May to 30 Mint’s journalistic Code of
77% in the first week of April, about two percent- June on an actual user basis to eligible processors of this Conduct that governs our
age points higher than a year earlier, as per data commodity only, according to a notification. DGFT said
from the Grid Controller of India Ltd. BLOOMBERG that the imports will be permitted only against a valid
newsroom is available at
www.livemint.com
FSSAI manufacturer license for melon seeds. PTI
LIVEMINT.COM DEALS, TECH & STARTUPS WeDNesDAy, 10 April 2024
NeW Delhi 03

m MINT SHORTS Zetwerk charts ₹1k cr Synapses launches

Neysa raises seed capital from $125 mn fund for
Matrix Partners India, others
Bengaluru: Generative AI platform Neysa has raised $20 million
(₹166 crore) in a seed funding round from institutional investors,
including Matrix Partners India, Nexus Venture Partners and
plan to scale local mfg climate, health
NTTVC. The startup will use the funding for research and devel- Priyamvada C
opment (R&D) as well as expanding its infrastructure. Founded priyamvada.c@livemint.com
by Sharad Sanghi and Anindya Das, Neysa offers a suite of genera- NEW DElhI
tive AI platform and services, helping clients discover, plan, Seeks to take on global rivals, cater to Indian as well as exports markets
R
deploy, and manage their generative AI projects cost effectively uchira Shukla, former
and secure their AI landscapes in the cloud and at the edge in a head of the International
consumption-based model. K. AMOGHAVARSHA Gulveen Aulakh Finance Corporation
gulveen.aulakh@livemint.com (IFC), and Karthik Chandrase-
NEW DElhI kar on Tuesday announced the
South Korea to invest $7 billion launch of Synapses, a new $125

M
anufacturing services pro- million venture fund aimed at
in AI to retain edge in chips vider Zetwerk will invest enhancing STEM (science,
ISTOCKPHOTO
around ₹1,000 crore to technology, engineering, and
ramp up its production mathematics) opportunities in
capabilities for laptops, climate-tech and health-tech
servers, smartphones, hearables, televi- space. Synapses founders Ruchira
sions, and telecom equipment. With a Synapses will foster compa- Shukla, Karthik Chandrasekar.
sharp focus on competition, it is aiming to nies that extend beyond digiti-
challenge electronics manufacturing servi- zation-based business models. achieving commercial viability.
ces providers in the Indian and exports It aims to develop STEM-based “Commercialising innovations
markets, primarily targeting the US. solutions with a strong value at this intersection is hard and
“We have planned an outlay of ₹1,000 proposition for global markets, requires deep sector immer-
crore for the near future to look at expan- including technology transfer sion. We are taking on this
sions judicially and into critical areas. A opportunities, the company challenge because solving for
company from India entering this segment said in the statement. this complexity is what drives
is important at a time when globally there’s “We believe that climate and alpha and impact,” he said.
Seoul: South Korean President Yoon Suk Yeol said on a Y2K moment for hardware happening, health are large enough spaces Synapses stands out due to
Tuesday his country will invest 9.4 trillion won ($6.94 bil- and India will be the first pick with the Josh Foulger joined as president of electronics business at Zetwerk in February. where going deep into them is its concentrated focus on the
lion) in artificial intelligence by 2027 as part of efforts to newer policies coming,” Josh Foulger, who important, so we pressing areas of
retain a leading global position in cutting-edge semicon- joined as president of electronics business instance of an Indian company assembling nologies, along with a few others, are large don’t want to play Company says climate and
ductor chips. The announcement, which also includes a at Zetwerk in February, told Mint in an iPhones domestically. EMS players, which are adding capacities, a generalist game. it aims at health tech, dif-
separate 1.4 trillion won fund to foster AI semiconductor interaction. The Tata group company is currently in as India aims to become an export hub for We want to go fostering firms ferentiating it
firms, comes as South Korea tries to keep abreast with The former country head and managing talks to acquire the India operations of mobile phones. deeper in these that extend from other deep
countries like the US, China and Japan that are also giving director of Bharat FIH, the India arm of Tai- another iPhone maker, Pegatron, Reuters Foulger said Zetwerk’s factories in the two areas which tech funds,
beyond
massive policy support to strengthen semiconductor sup- wan’s Foxconn Technology Group, said reported on Monday. US and Mexico could provide the agility are where the Shukla added.
ply chains on their own turf. REUTERS Zetwerk could potentially required by global value most pressing digitization-based In recent times,
make iPhones in India and PREPARING BASE chains that are looking at India challenges of the business models there’s been a
capitalize on the growth in for supply chain alternatives to world are today,” noticeable uptick
Zulu Defence secures $750k in smartphone exports, driven by ZETwERKcould HE said there was ZETwERK makes China, making the US market Shukla told Mint in venture capital
Apple. As of January, India potentially opportunity for 2 mn phones a its biggest go-to for exports, in an interview. interest in the realms of clean
seed funding led by Finvolve make iPhones in
produced iPhones worth over India, Josh Foulger
more players in the month for local
especially after the US elec- Synapses will target early- mobility and health tech, lead-
smartphone EMS brands, which will be
Bengaluru: Zulu Defence Systems has raised $750,000 (₹6.24 ₹1 trillion, a majority of which said segment scaled up tions later this year. stage companies that demon- ing to greater investment in
crore) in a seed funding round led by Finvolve. The round also was for the exports markets. Former President Donald strate a strong product-market these sectors.
saw participation from India Accelerator and other undisclosed “I’m happy for them (Apple) Trump has indicated the like- fit and the ability to engage cus- Lightspeed Ventures, for
investors. Zulu is a defence-focused deeptech startup based out to be in India, very happy that they’re “We have to get some more scale. It’s still liness of reinstating duties on foreign goods tomers who clearly understand instance, told Mint in a recent
of Bangalore. Founded by Nagendran Kandasamy, it operates choosing Indian companies. That gives an an open field,” Foulger said, adding that if he wins the presidential elections. During the addressed problem. interaction that there has been
in the space of advanced air defence aerial systems for rapid opportunity for us in the future.” He was there was opportunity for more players in his first term, in 2019, Trump had threat- Co-founder and managing an increased focus on clean-
deployment, intelligence, surveillance, and reconnaissance, referring to iPhones being manufactured the smartphone EMS segment where most ened to levy tariffs on China-made phones, partner Karthik Chandrasekar tech companies, while B Capi-
precision strike and counter measure capabilities in contested by Tata Electronics Pvt Ltd, which had of the supply was concentrated with a laptops and other products. India’s position told Mint that the fund will also tal has allocated around $500
environments. The startup now aims to expand its footprint glo- acquired iPhone maker Wistron’s India handful of companies. as a friendly nation of the US could help help incubate startups, offering million to its inaugural health-
bally, it said. K. AMOGHAVARSHA operations last year, marking the first Foxconn’s Bharat FIH and Dixon Tech- Indian companies, he said. resources for scaling and care fund.

Sprinto raises $20 mn in Series B to boost R&D, market reach

K Amoghavarsha Blume Ventures, and contri- capital to expand its presence In 2022, it had raised $10 serves as a way of seeding good ment in the compliance man-
k.amoghavarsha@livemint.com butions from its other existing in new markets. million in Series A funding led security behaviours that help agement space in two weeks.
BENgaluRu investors. Established in 2020 by Gir- by Elevation Capital and with maintain security while ensur- Earlier, Riversys Technologies
Following the current fund- ish Redekar and Raghuveer participation from Accel, and ing high operating standards, Pvt Ltd, which runs govern-

S
printo Technology Pvt.
Ltd, that operates com-
pliance automation plat-
form Sprinto has secured $20
million (₹ 166 crore) in Series B
money. The investment, led by
Accel, also saw the participa-
tion of Elevation Capital and
ing round, the startup has so
far raised $31.8 million.
Sprinto will utilise the fresh
funds for research and devel-
opment (R&D), with a focus on
intelligent automation and
artificial intelligence (AI).
The startup will also use the
Kancherla, Sprinto
offers a compliance
automation platform
tailored for software-
as-a-service (SaaS) companies.
It facilitates compliance with
standards, including SOC 2,
ISO27001, GDPR, and HIPAA.
Blume Ventures.
“Many companies
are increasingly
dependent on third
and fourth parties to provide
mission-critical services such
as payroll processing to man-
aged web hosting. Compliance
service levels and risks under
control.
“We are committed to
building the technology that
enables this mission,” said
Redekar, co-founder and chief
executive officer, Sprinto.
This is the second invest-
ance, risk, and compliance
(GRC)-focused SaaS startup
Scrut Automation had raised
nearly $10 million in a strategic
funding round from existing
investors Lightspeed, Mas-
sMutual Ventures and Endiya
Partners.

Traders are alive to the possibility of an Ether rally if the SEC

Waycool seeks debt repayment

allows ETFs that directly hold the token. ISTOCKPHOTO

Bitcoin rival Ether relief amid turnaround efforts

sustains surge on Priyamvada C
priyanka.sharma@livemint.com

US ETF speculation NEW DElhI

W
aycool Foods and
Bloomberg sibility of an Ether rally if the Products Pvt. Ltd is
feedback@livemint.com SEC allows ETFs that directly seeking short-term
hold the token. Investment relief on repayments from its

E
ther grabbed the crypto- titans such as BlackRock Inc. lenders signalling a turn of for-
currency spotlight after and Fidelity Investments have tunes for a company vying to
posting its biggest jump submitted applications to start become India’s first agritech
in more than a month, a surge such funds, but there are unicorn.
pegged to speculation about doubts over whether the regu- This decision follows a $30
the outlook for applications to lator will give the green light. million fundraising from con-
start US exchange-traded While Bitcoin is acknowl- vertible notes in an internal
funds for the token. edged to be a commodity, the round, with the majority of its The firm, vying to become India’s first agritech unicorn, owes
The second-largest digital SEC argues most other tokens existing investors participat- nearly ₹100 crore to lenders.
asset traded at about $3,710 as are effectively unregistered ing, according to two people
of 11:20 a.m. on Tuesday in securities and thus claims that familiar with the matter. interest rate, the person said. to raise more than $40 million
Singapore, maintaining an the digital-asset sector is rife The firm owes nearly ₹100 Alteria Capital and Trifecta in this current round, said:
8.5% advance from US hours. with non-compliance. Explicit crore to lenders, one of the two Capital were not immediately “Several family offices have
Ether’s 62% year-to-date gain identification of Ether as an people said. available for comments. also participated and more are
is closing in on market-leader unregistered security would In 2022, Waycool raised ₹95 “The company is close to expected to join. This is not a
Bitcoin’s 68% add a slew of chal- crore through a combination Ebitda profitability, having priced round but a convertible
increase. A sceptical SEC lenges to rolling of debt and equity from ven- reduced its Ebitda burn by one, based on the next-round
“There has reluctantly out an ETF. ture-debt firm Trifecta Capi- 80% in the past year. Our fresh valuation.”
been some chat- acquiesced to US SEC approval tal, according to an Entrackr business turned profitable in The company had last raised
ter about Ether spot-Bitcoin ETFs of spot-Bitcoin report. it had also secured ₹195 March 2024 and other busi- funds in June 2022 at a valua-
ETF issuers
in January in the portfolios also -200 crore from nesses will turn tion of $700 million.
meeting with the hinged on the Alteria Capital. The decision profitable within It counts Lightbox, Innoven
US Securities and wake of a court correlation Waycool has a few months,” Capital, Lightrock, and Red-
follows a
Exchange Com- reversal last year between CME consistently met $30 million the company said wood Equity Partners among
mission,” said Bitcoin futures repayment obli- fundraising from in response to its investors, besides securing
Edward Chin, a and price move- gations, but has
convertible notes Mint’s queries. venture debt from Trifecta
co-founder of the digitalcas- ments in the digital asset itself, sought extension Ebitda is short for Capital and Alteria Capital.
sets hedge fund Parataxis Cap- which was deemed sufficient of approximately in an internal earnings before In FY22, Waycool posted a
ital. to allow for the detection of a year on repay- round interest, taxes, loss of ₹361 crore, compared to
A skeptical SEC reluctantly fraud and manipulation. ment schedule to depreciation, and a loss of ₹ 149 crore in the pre-
acquiesced to US spot-Bitcoin Bloomberg Intelligence achieve profita- amortization. vious year.
ETFs in January in the wake of ETF analysts James Seyffart bility within a few months, the “Our lenders have been very However, its revenue more
a court reversal last year. The and Eric Balchunas in a late- second person said. supportive of the effort (and) than doubled to ₹931 crore
products have amassed $59 March note assigned 75% odds The recent funding round is have extended our repayment during the same period.
billion in assets since their to the prospect of the agency expected to significantly miti- tenure. With this, the repay- Waycool has been on a cost-
January launch, one of the rejecting Ether applications by gate the company’s liquidity ment can be done with cash cutting spree over the past one
most successful debuts ever May. challenges, he added. accruals after profitability.” year, revisiting its supply-
for a fund category. That They said the SEC may lean Waycool has already repaid The startup confirmed the chain strategy, cutting back on
helped lift Bitcoin to a record on data “showing relatively a majority of the principal loan fundraise. but denied that its its expansion plans and laying
high in mid-March. weak correlations between amount and intends to clear valuation was marked down. off employees, according to
Traders are alive to the pos- spot and futures markets.” the remaining debt at a higher The company, which expects media reports.
04 WeDNesDAy, 10 April 2024
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CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE

74,683.70 -0.08 22,642.75 -0.10 20,790.70 -0.14 62,794.05 -0.32 23,348.90 -0.13 40,746.60 -0.47 45,935.21 -0.15
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74,742.50 75,124.28 22,666.30 22,765.10 20,819.10 20,912.75 62,993.60 63,240.00 23,380.30 23,480.10 40,937.30 41,172.10 46,003.86 46,267.08
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW

75,124.28 74,603.37 22,768.40 22,612.25 20,912.75 20,741.50 63,256.50 62,500.15 23,480.40 23,304.50 41,172.56 40,652.95 46,280.16 45,749.81

m MINT SHORTS
ECB-Fed split ignites talk of
Is Tata Tech-BMW JV good enough?
euro sliding to dollar parity Harsha Jethmalani
Dominating factor Source of discomfort JP Morgan estimates revenues of $5 1.6% drop in the Nifty IT index.
Talk of the euro touching parity with the dollar is return- harsha.j@htlive.com million initially from this JV as it will be The upcoming March quarter
ing as policymakers at the European Central Bank look Auto contributes a major chunk to Tata Tata Technologies is an expensive starting with 100 resources with a tar- (Q4FY24) results are unlikely to throw
bet compared to peers

S
primed to deliver more interest-rate cuts this year than hares of Tata Technologies
their US peers. Lenders including Bank of America Corp. Ltd were in focus last week as
and Germany’s LBBW are wargaming a variety of tail investors cheered the com-
risks and warn of euro weakness ahead if wagers on the pany’s pact with BMW Hold-
differing pace of rate cuts at the ECB and the Federal ing BV, Netherlands. The
Reserve play out. Geoffrey Yu, a senior strategist at Bank joint venture will focus on software
of New York Mellon, says the euro could touch parity development, automated driving, info-
with the dollar this year and doesn’t rule out a cut by the tainment and digital services. The syn-
ECB on Thursday. For now, none of the strategists polled ergies and growth opportunities this
by Bloomberg have a one-for-one forecast as their base- partnership can bring for Tata Tech-
case scenario, which would require a slide of about 8% to nologies are seen as a positive.
levels last seen in the depths of Europe’s energy panic Recall that Tata Technologies saw a
after Russia’s invasion of Ukraine. But few are prepared bumper listing in November aided by
to ignore the possibility of such a decline after traders upbeat market sentiment and the Tata
were caught out by the 2022 slump. BLOOMBERG brand, despite facing risks like client
concentration and a heavy reliance on
the automotive sector. The BMW joint
venture (JV) marks a shift, expected to
reduce dependence on primary clie-
nts—Tata Motors Ltd and Jaguar Land
Rover—and help expansion into global
original equipment manufacturers.
But benefits would flow in gradually.
The deal demonstrates Tata Techn-
ologies’ evolving software engineering
research and development (ER&D)
capabilities, countering the notion of
its predominantly mechanical ER&D
skills, according to JM Financial Insti-
Technologies' key services segment revenue
get of increasing this to 1,000 over time big positive surprises for the IT sector.
Share in operating Share in services segment FY25 price-to-earnings multiple (in times)
revenue (in %) revenue (in %)
that the brokerage estimates could lead Tata Technologies investors need to
Cyient
Services Auto
to eventual annual revenue opportu- monitor the pace of deal wins. In Q3,
Technology solutions Non-auto 25.7 nity of $50 million. However, clarity on the company witnessed robust activity,
accounting (consolidated or share of JV with five large deals won, including one
22 22 14 14 L&T Technology Services in P&L) and margin profile is awaited. with over $50 million in total contract
39.4 Despite a promising out- value (TCV) and another
86 86
78 78
look, translating the JV’s TOUGH with $25 million in TCV.
Tata Elxsi optimism into sustained TURF FY25 growth outlook of the
stock gains is a challenge. key services segment, form-
52.0
Tata Technologies’ stock THE JV will focus on ing nearly 80% of revenues,
KPIT Technologies performance has wavered, strategic
development,
software will be critical. A crucial
with shares having failed to automated driving, upside trigger for the stock
52.8 sustain the IPO-led optim- digital services, etc. is diversifying client base
ism. On its debut—30 Nov- and scaling-up non-auto-
Tata Technologies
ember—the stock soared to HOWEVER, motive side of the business.
translating optimism
55.1 a high of ₹1,400 but has into sustained stock The stock trades at FY25
Q2FY24 Q3FY24 Q2FY24 Q3FY24
since settled at ₹1,104. Sha- gains poses price-to-earnings multiple
Source: Company presentation Source: Bloomberg res had listed at ₹1,200 challenges of 55 times, as per Bloomb-
apiece, a steep premium to erg data. Peers KPIT Tech-
PRANAY BHARDWAJ/MINT
the issue price of ₹500. nologies Ltd and Tata Elxsi
tutional Securities Ltd. ing opportunities, as per JM Financial. A slew of factors have played spoil- Ltd are trading at multiples of 52 times.
Since 2016, the BMW group has The JV will primarily focus on auto sport. The IT sector has been struggl- Although largely in-line with peers,
been curating a network of global tech ER&D solutions with centres in Pune ing with demand concerns, hurting Tata Technologies’ multiple is not
partners, and Tata Technologies’ inc- and Bengaluru, while there will also be revenue visibility. Plus, the recent car- comfortable in the current backdrop.
lusion in that network should offer the some work around IT solutions in the nage in mid-cap and small-cap coun- Also, Tata Consultancy Services Ltd, a
company a marquee referenceable cli- Chennai centre. The transaction is sub- ters could have also hurt investor senti- group company and a sector bellwe-
ent, potentially leveraging it to secure ject to approvals, and no financial ment. So far in 2024, the Tata Technol- ther, trades at a lower valuation multi-
more business and enhance cross-sell- details have been provided yet. ogies stock has fallen 6% against the ple of 28 times.

ECB data showed there was a moderate easing for

mortgages for the first time since late 2021. BLOOMBERG Voltas AC sales are cool, but other challenges could chill growth
Euro-zone firms’ loan demand Ashish Agrawal stock also closed marginally yoy increase in overall consoli- ruary, projected FY24 cash flow
fell ‘substantially,’ ECB says feedback@livemint.com higher on Tuesday. Sizzling dated net sales to ₹8,278 crore from operations at just ₹17 crore
Demand for corporate loans in the euro area saw a “sub- However, this optimism may Voltas stock has beaten the benchmark so far in 2024 for 9MFY24. Still, the company’s despite an Ebitda of ₹500 crore.

I
stantial decline” in the first quarter as the region contin- nvestors in Voltas Ltd have
ues to reel from elevated borrowing costs that probably reason to cheer, as the comp-
won’t be cut until the middle of the year, the European any on Sunday announced a
Central Bank said. The ECB’s quarterly Bank Lending remarkable 35% year-on-year
Survey, published Tuesday, showed that credit stan- (yoy) rise in air conditioner (AC)
dards—banks’ internal guidelines or loan-approval crite- sales for FY24, at 20 lakh units.
ria—were a little tighter for firms across the 20-nation The surge was more pronoun-
bloc. There was a moderate easing for mortgages for the ced in March quarter (Q4FY24),
first time since late 2021. “Higher interest rates, as well with 72% volume growth, provi-
as lower fixed investment for firms and lower consumer sional numbers showed.
confidence for households, exerted dampening pressure Anticipating that the impre-
on loan demand,” the ECB said. “The substantial decline ssive volume growth would tra-
in loan demand from firms contrasted with banks’ prior nslate into increased profits, the
expectations of a stabilization.” A separate poll released market lapped up Voltas shares
by the ECB showed companies reported a modest reduc- on Monday, leading to nearly
tion in the need for loans in the first quarter, while fewer 13% intraday surge, before the
reported a reduction in their availability. BLOOMBERG stock closed with a 6% gain. The
not have fully accounted for the
broader challenges Voltas faces,
particularly in its electro-mech-
anical projects (EMP) division.
In the nine months through
December (9MFY24), EMP bus-
iness saw pre-tax loss of ₹221
crore. This division, responsible
for 30% of Voltas’s topline, takes
on projects, including those in
markets like the Middle East,
where challenges abound.
While boasting a robust order
book that could cover nearly
three years of sales, with a third
of these orders originating from
overseas, geopolitical tensions in
Voltas Nifty 50 profitability is under pressure, Voltas is also undertaking capital
with Ebitda margin dropping to expenditure on projects, includ-
140
134.32 3.4%, a 200 basis point fall year- ing one under the government’s
130 on-year due to rising costs. The production-linked incentive
120
competitive AC market, coupled (PLI) scheme. Any delay in
with high raw material costs, project commissioning or pay-
110 104.19 which account for more than ment from the government etc.
100 75% of sales, limits the ability to can affect its cash position. Vol-
pass on these increases to con- tas is facing a similar situation in
90
29 Dec 2023 9 Apr 2024 sumers, exposing Voltas to com- Volt-bek, a joint venture for
Values rebased to 100 Source: Bloomberg
modity price fluctuations. In its making and selling consumer
Q3 earnings call, it said several products like washing machines,
SATISH KUMAR/MINT
brands were registering losses to refrigerators. In this backdrop,
the region brought uncertai-nty in these regions. gain market share. Voltas’ sha-res have gained 34%
over near-term prospects. So, On a brighter note, Voltas’ Also, Voltas has challenges in so far in 2024. Investors may be
Voltas has opted to be cautious core products business is faring cash flow management. An ignoring the risks amid impress-
and selective about new projects well. This has driven the 26.5% Incred Equities report, on 1 Feb- ive sales of ACs.

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

Gold hits record for ‘Copper enters bull market’ Adani Green in talks to raise
8th session in a row Bloomberg
feedback@livemint.com
The country’s smelters, exposures, because there is
which produce more than half potential for “explosive price
$400 million in offshore loan
the world’s refined copper, are upside” again over the next
Reuters Bloomberg

C
opper has entered its considering output cuts after three years. diately respond to Bloomberg’s
feedback@livemint.com second secular bull processing fees fell near zero. Prices briefly dipped in the feedback@livemint.com requests for comment.
LONDON market this century, “Copper’s second secular London morning, before The fundraising highlights

A
Citi analysts said, as the metal bull market this century is recovering, as LME data dani Green Energy Ltd. that the Adani group continues

G
old prices hit a record
high on Tuesday for an
eighth consecutive
session on geopolitical worries
and support from momentum-
following funds.
Spot gold was up 0.7% to
$2,354.37 per ounce by 1158
GMT after hitting a record
high of $2,365.09.
“Strong underlying
momentum with the buy-on-
dip still the prevailing strategy
among traders,” Ole Hansen,
head of commodity strategy at
Saxo Bank, said.
“Geopolitical risks related to
Russia/Ukraine and the Mid-
dle East are still playing a sup-
porting role.
“The focus is changing from
the negative impact of lower
rate cut expectations towards
higher and sticky inflation,”
Hansen said.
The market is awaiting the
Federal Reserve’s policy meet-
BofA analysts expect gold to
hit $3,000 by 2025. ISTOCKPHOTO
$28.18, the highest since June
2021.
“Silver is trying, for a second
day, to gain a foothold above
$28.
“If successful, gold may
enjoy some additional tail-
wind,” Hansen added.
Bank of America analysts
expect gold to average $2,500
by the fourth quarter, poten-
tially hitting $3,000 by 2025.
Silver would benefit from that
and stronger industrial
demand taking it to more than
traded at near a 15-month
high.
Prices have risen over 10%
this year as disruptions at
major mines threaten refined
metal production at the Chi-
nese plants that account for
more than half the world’s
supply.
The Federal Reserve’s
expected pivot this year to eas-
ier monetary policy is also
brightening the outlook for
the global economy.
Still, China is grappling with
a prolonged property crisis
and sagging consumer confi-
dence.
Sensex at 75K, touches new heights on strong earnings view
Pranati Deva & Ankit Gohel,
being driven by booming showed inventories jump by is in talks to raise about to regain the confidence of
decarbonization- the most since $400 million through investors since being targeted
related demand The Federal September. Cop- an offshore loan as the unit of early last year by US short seller
growth,” the Citi Reserve’s per was up 0.4% billionaire Gautam Adani seeks Hindenburg Research.
analysts wrote in expected pivot to $9,449.00 a funds for an upcoming renewa- The conglomerate last
a note. this year to easier tonne on the ble project, according to people month drew orders worth
“Only higher familiar with the matter. seven times the deal size for its
monetary policy London Metal
prices will solve Exchange as of The foreign currency loan first dollar-denominated pub-
these deficits.” is also brightening 11:04 a.m. in Lon- could range from seven to ten The loan could range from lic bond sale since the crisis.
During cop- the outlook don, after prices years, with the pricing likely seven to ten years. AP Earlier in December, Adani
per’s bull market hit $9,484.50 a linked to the secured overnight Green raised a $1.4 billion loan
of the 2000s, pri- tonne on Mon- financing rate, said the people, Mitsubishi UFJ Financial from a group of banks.
ces rose more than five-fold in day, the highest since January who asked not to be named Group Inc., First Abu Dhabi India is planning to nearly
three years, driven by urbani- 2023. Other base metals were because the discussions are Bank PJSC, Standard Char- triple its clean energy capacity
zation and industrialization in higher, with zinc rising 1.4% as confidential. tered Bank and Sumitomo Mit- by the end of the decade,
China. Chinese output faces risks due The unit of India’s ports-to- sui Financial Group Inc., said mostly through solar and wind
Citi recommends corporate to a collapse in treatment char- power conglomerate is in talks the people. projects, to decarbonize its fos-
consumers hedge their copper ges at smelters. with a group of banks including The company did not imme- sil fuel-driven economy.
Some of the reasons behind tion periods in the past. Histori- pricing in all the positives.
the sharp rally are expectations Lifetime high cally, the index has shown strong Investors need to remain
Upmove due to Fed rate cut buzz, strong global markets

ing minutes and US inflation
data due on Wednesday for
fresh signals on the interest
rate path.
Elevated interest rates usu-
ally constrain the appeal of
holding non-yielding gold, but
the precious metal has been
ignoring these factors so far
this month.
From the technical point of
view, the April rally moved
spot gold prices deep into
overbought territory, as indi-
cated by the relative strength
index.
Spot silver rose 0.8% to
$28.05 per ounce after hitting
$30 per ounce within the next
12 months.
“Demand from central
banks and China’s retail buy-
ers has been strong. If Western
investors join the party on rate
cuts, the yellow metal will
move a leg higher,” BofA ana-
lysts said, adding that gold
could rise further.
Platinum gained 2.0% to
$977.33 and palladium rose
1.5% to $1,058.93.
Palladium prices, according
to BofA, are set to trend below
underperforming platinum in
the longer term as demand is
dominated by auto catalysts.
T
he BSE Sensex shot past
the 75,000-point mile-
stone on Tuesday, scor-
ing the last 1,000 points in a
mere 24 sessions. The index
had first crossed the 70,000
mark on 14 December 2023.
During the day, the Sensex
climbed 381.78 points or 0.51%
to hit a record 75,124.28, before
closing nearly unchanged at
74,683.70. The NSE’s Nifty also
rose 0.45% to a record
22,768.40, before closing
0.10% lower. The Sensex is now
up over 26% from its 52-week
low of 59,412.81 clocked on 21
April last year.
of strong corporate earnings,
robust economic fundamen-
tals, strong global markets, the
recovery of the Chinese econ-
omy and expectations of an
interest rate cut in the US,
according to market experts.
Deepak Jasani, head of retail
research at HDFC Securities
said the Sensex milestone
reflects the broad-based
upmove triggered by local and
foreign fund flows as Indian
macros kept improving.
While Infosys, Tech Mahin-
dra, Tata Consultancy Services,
HCL Technologies, Tata
Motors, Wipro, ICICI Bank and
upward momentum following watchful as markets are in over-
75,000 previous elections, and there is bought territory. The valua-
74,683.7
Sensex anticipation of a similar trend tions are pricing in 24-25x
after the 2024 election. “The future earnings. A sharper-
73,000
outlook suggests the potential than-expected correction can
for further upside in the near be seen in the next fortnight,”
71,000 term, with projected targets ran- said Bhasin.
ging from 78,000 to 84,000, “Sensex has touched a new
while the support level is seen record today. Overall trend of
69,825.6
69,000 around 70,000,” said Parar. the market remains positive
8 Dec 2023 9 Apr 2024
Source: Bloomberg
However, Sanjiv Bhasin, and expecting this rally to con-
director, IIFL Securities, fore- tinue,” Chandan Taparia, head-
PRANAY BHARDWAJ/MINT
sees a ‘sharper-than-expected’ -derivatives & technical
Nestle were the major gainers Kkunal V. Parar, VP of techni- correction in the market in the research, Motilal Oswal said.
of the day, the losers included cal research, Choice Broking, next fortnight and believes Nishant Kumar, Asit Mano-
JSW Steel, Kotak Mahindra said the current rally in the mar- investors should take some har and agencies contributed to
Bank, Reliance Industries and ket has the potential for further money off the table. this story.
Larsen & Toubro. gains, reminiscent of post-elec- “The markets seem to be feedback@livemint.com
LIVEMINT.COM CORPORATE WeDNesDAy, 10 April 2024
NeW Delhi 05

Govt to act against Govt plans to stop extending

cos making inferior
fire-resistant fabric deadlines for solar projects
Dhirendra Kumar
dhirendra.kumar@livemint.com
NEW DElhi
MNRE secretary says extensions will be allowed only in cases where it’s absolutely necessary
T
o prevent incidents such No shot has yet gotten nod to
as the devastating Uphaar prevent RSV in high-risk adults
Cinema fire, Union tex- Rituraj Baruah time to solar power projects under ages 18 and up. REUTERS
tiles ministry is planning to take rituraj.baruah@livemint.com CPSU scheme Phase-II implemented by
“strict” action against compa-
nies failing to follow the Quality
NEW DElhi the Indian Renewable Energy Develop-
ment Agency Ltd (Ireda) until 30 Sep- Pfizer trials

G
Control Order (QCO) that man- overnment is looking at tember 2024.
dates use of fire-resistant
upholstery, two persons aware
putting an end to the prac-
tice of giving extensions on
“Currently there is around 190 GW of
installed non-fossil capacity, about 90
RSV shot in
of the matter said.
Substandard upholstery is The QCO mandates use of
often the first to ignite in fires. fire-resistant upholstery in
timelines for completion
of solar power projects in a
bid to achieve its ambitious target of 500
GW under construction and over 30
GW has been bid out, which brings the
number to over 310 GW. We are going to
adults, to
The Uphaar Cinema fire in New spaces like cinemas.
Delhi, one of the biggest fire
GW non-fossil based power capacity by
2030.
bid out 40-50 GW every year. If the ges-
tation period is about two to three years, seek nod for
tragedies in India, occurred on stery assembly. But, the order In an interview, Bhupinder Singh and the next four-five years play out well
13 June 1997, killing 59 people does not apply to furniture
and injuring 103. used in homes or manufac-
Bhalla, secretary, ministry of new and
renewable energy (MNRE), said that the
we can achieve the 2030 target. How-
ever, many more things need to fall in
wider use
According to the QCO, all tured for export. government has bid out 51 GW of place to achieve the target including
upholstery components must The QCO has led to a reduc- renewable energy capacity in FY24, evacuation infrastructure, successful Bloomberg
comply with the Bureau of tion in imports. According to against the target of 50 GW. Capacity closure of bids, offtake of energy and feedback@livemint.com
Indian Standards (BIS) norms data provided by the textiles addition would accelerate further from product availability,” said Anujesh

P
for protected textiles, which fall ministry, imported uphol- FY26, he said. Dwivedi, Partner, Deloitte India. fizer Inc.’s RSV shot pro-
under the category of technical stered seats with wooden He said that the Centre would be The focus is on fast-tracking comple- duced immune reactions
textiles. The materials used in frames contracted 22.11% in much more stringent going ahead in tion of solar projects as India eyes to set in young adults at higher
upholstery must be fire-resist- 2022-23, to $34.67 million terms of dealing with requests for exten- up a total of 292 GW of solar capacity by risk of severe illness just as well
ant to minimize impact of fires. from $44.51 million in 2021-22. sion of project timelines and would the end of the decade out of the total tar- as in older people, spurring the
“We are sensitizing manufac- However, imported uphol- allow extension only if “absolutely war- geted green capacity of 500 GW. As of company’s plans to apply for
turers of upholstery fabrics and stered seats with metal frames ranted”. Although developers faced February, India had an installed solar wider US approval.
furniture to comply with stan- has increased 30.76% to $29.29 issues such as domestic supply shortage Bhupinder Singh Bhalla, secretary, ministry of new and renewable energy. capacity of 75.57 GW. A single dose of the vaccine,
dards set by the million in FY23 or high module prices earlier, now the During April-February 2023-24, a called Abrysvo, produced a
BIS, given that it is According to the from $22.40 mil- prices have declined and the domestic we will not give too many extensions. GW, which would be adequate as the total of 11.47 GW of renewable energy strong immune response in
directly related to QCO, all lion in FY22. supply chain is also growing. We will become very strict as now mod- current requirement in the country is capacity, including large hydro projects, adults ages 18 to 59 with condi-
the lives of upholstery “The imple- The statement comes at a time the ules are available, prices also are low. seen at 25 GW annually. In the next two was added, against the installation of tions such as asthma, diabetes,
humans and the components mentation of the ministry has reinstated the approved list Now, a lot of domestic production is years, the requirement will go up to 50 12.34 GW in the corresponding period or chronic lung disease, Pfizer
damage to prop-
must comply with QCO may raise of models and manufacturers (ALMM) starting.” GW,” the secretary said. of the previous fiscal. said. Based on the final-stage
erty,” the first per- the cost of uphol- for solar photovoltaic modules with Emphasizing that the domestic Solar projects along with a few Bhalla, however, exuded confidence trial results, the company
son said. “With the BIS norms for stery work by effect from 1 April mandating gov- that the country will achieve the tar- plans to ask the Food and Drug
QCO coming into protected textiles 5–10%; however, ernment-backed projects to source AS PRICES EASE get of 500 GW installed non-fossil Administration to extend the
effect, raw materi- it will result in modules only from the suppliers capacity by 2030. shot’s approval to adults 18 and
als for making fire- substantial sav- featured in the list. THE move follows EXTENSIONS were MNRE had in 2022 THE government “We are 100% confident of older.
retardant upholstery as an ings by reducing the damage “We plan to stop giving exten- the easing of module given earlier to
prices and with developers in grid
granted extension
to projects under
has fixed a bidding
trajectory of 50 GW
achieving 500 GW non-fossil target RSV, or respiratory syncy-
assembly for furniture would caused by fires,” the second sions for completion of solar pro- domestic supply scale projects and CPSU scheme until renewable capacity by 2030. The bidding process has tial virus, is a flu-like illness
not be allowed without manda- person said. jects, except for cases wherein chain also growing under CPSU scheme 30 September 2024 until FY28 gained pace in the last fiscal which that affects elderly adults and
tory BIS certification.” Queries emailed to spokes- extension is absolutely warranted has created the required ecosystem. babies most severely. The
The QCO, in force since persons of the textiles and con- and the situation is out of the control In FY24, we have completed about market for adult vaccines
October 2023, applies to furni- sumer affairs ministries, and of the developer. Extensions were given capacity of solar module capacity is schemes have been allowed extension of 51 GW of bids against the target of 50 alone could reach $11 billion by
ture used in cinema halls, con- BIS remained unanswered till earlier to developers in several projects growing, Bhalla said that the approved timelines to curb the impact of high cus- GW of capacity. The acceleration in the 2032, according to Bloomberg
ference halls, seminar halls, press time. Representatives of and also under CPSU scheme, one of the capacity under ALMM is already about toms duty and lack of modules on the bidding process will have effect after few Intelligence, making it a lucra-
community halls, etc. BIS Association of Furniture Man- reasons being high prices of module and 37 GW and there are applications for 12 capacity installation targets in the past years,” he said. The government has set tive target for drugmakers
norms are applicable to ufacturers & Traders refused to cells,” Bhalla said. GW more. “This will take the annual few years. Among such extensions, a bidding trajectory of 50 GW renewa- such as Pfizer as sales of cov-
imported furniture with uphol- comment on the matter. “There were issues, but going forward manufacturing capacity to nearly 50 MNRE had in 2022 granted extension of ble capacity until FY28. id-19 shots fade. Last year,
Pfizer and GSK Plc were the
first companies to reach the
US market with RSV vaccines,

BBC rejigs its India business operations Bajaj Electricals to firm up new and another made by Moderna
is expected to gain US
approval next month.
Lata Jha
lata.j@htlive.com
offerings over two-three years audio podcasts and TV news
bulletins, and looks to partner
Pfizer’s vaccine is now
approved for adults 60 and up,
as well as for use in pregnant
NEW DElhi news entities beyond the BBC, women to protect newborns
it said. Its complete Indian Suneera Tandon next two to three years our full for up to six months after birth;

F
our former BBC journal- ownership aligns with the suneera.t@htlive.com portfolio would have under- sales were $890 million last
ists from India will offi- country’s 26% FDI cap in the NEW DElhi gone a refresh. There are year. Pfizer chief executive
cially launch an inde- digital media space. enough new products going officer Albert Bourla said in

pendent news organization,
Collective Newsroom Pvt. Ltd,
on Wednesday, as part of the
British public service broad-
caster’s move to restructure its
business operations in the
country.
BBC has transferred its
newsroom publishing licence
in India to Collective News-
room — a first arrangement of
its kind for the broadcaster glo-
bally —that will offer language-
based content in the country in
compliance with the govern-
ment’s updated foreign direct
investment (FDI) rules, the
company said.The restructur-
ing comes a year after the
Enforcement Directorate filed
a case against BBC India for
alleged foreign exchange viola-
tions. The federal probe agency
had also called for documents
and the recording of state-
ments of some company execu-
tives under provisions of the
Foreign Exchange Manage-
ment Act (Fema). The move
had followed the income-tax
department surveying BBC
B
The relationship with the ajaj Electricals Ltd will into the marketplace today,” January that he was commit-
BBC is that of a client, Jha consolidate new product Anuj Poddar, managing ted to stepping up efforts to
added, and all content will have launches and its director and chief executive, take more market share for the
to fit with its editorial guide- revamped portfolio of brands, Bajaj Electricals Ltd, said. vaccine in 2024.
lines. The latter will provide an including Bajaj, Morphy Rich- The company is allocating No shot has yet been
annual budget and the rela- ards, Nirlep and Nex, over the 2-3% of its annual revenue to approved to prevent RSV in
tionship has been secured till next two to three years as part roll out new products, sup- high-risk adults ages 18 and
The restructuring comes a year after the ED filed a case against 2027. India is BBC’s biggest of its long-term plan to over- ported by higher marketing up, though Moderna is also
BBC India for alleged foreign exchange violations. AP global market outside of the haul the consumer products expenses, said Poddar. It is also running a trial in a similar pop-
UK, she pointed out. business. To be sure, a few Anuj Poddar, MD & chief repositioning its Nirlep cook- ulation. Generally, these
office premises in Delhi. about public interest and pur- “We definitely want to pro- years ago the company had executive, Bajaj Electricals Ltd ware brand on its health and young adults don’t get as seri-
Former BBC journalists suit of fact. The big difference is duce content for many others, charted a course to transform nutrition platform. ously ill from the virus as older
Rupa Jha, Mukesh Sharma, that it is completely owned by not just the BBC,” she said. its business during the current power transmission and power “Now we have a multi-brand people and babies do. The
Sanjoy Majumder, and Sara Indians, whereas BBC India “BBC is our first client and decade. In FY23, it completed distribution. strategy, what we call 'house of company is also conducting a
Hassan together hold a 75% was only operated by Indians,” whatever we produce for them the first phase, or what it calls Bajaj Electricals operates in brands'. In that, each brand has study in immunocompro-
stake in Collective Jha, chief execu- will be exclusive to them. Our “Horizon 1”, and set out to com- the home appliances and cook- a very strong consumer propo- mised patients 18 and older
Newsroom, Collective tive officer at Col- business plan is to function as a plate the Horizon 2 phase. ware spaces under the Bajaj, sition. This is the new Bajaj and expects to share results
which will pro- Newsroom will lective News- media company that is availa- As part of this transforma- Morphy Richards and Nirlep Electricals(2.0)—over the next later this year.
duce news con- produce news room, told Mint. ble to (provide content for oth- tion, the company has invested brands. It recently launched two to three years you will see Usage in younger adults
tent for BBC’s content for BBC’s The content ers as well), and is actively look- in renovating its core brands, Nex, a brand of premium fans. us cement all the new launches would ultimately depend on
digital services in will be published ing for opportunities with and entering new categories “While the renovation will and the communication the recommendation of the
seven langua-
digital services in
on multiple plat- other newsrooms and compa- such as grooming products and never be over, at least what around the new brands." Centers for Disease Control
g e s — E n g l i s h , seven languages, forms, including nies. Nothing stops us (from lifestyle kitchen appliances. we’re doing is visible now; the "This process includes more and Prevention’s Advisory
Hindi, Gujarati, including Hindi BBC news web- doing so) in our agreement For instance, in FY23, the early stages are done. The premiumization and moderni- Committee on Immunization
Marathi, Punjabi, sites, media pages with the BBC,” she said, and company relaunched its flag- products will continue to be zation, making our products Practices. If the vaccine were
Tamil, and Tel- on YouTube, added that such a strategy will ship brand Bajaj, which sells launched over the next two to more aspirational and catering approved, the committee
ugu. Facebook, and Instagram, and also be viable business-wise. household appliances, fans and three years. Our product port- to a younger India, so that the would have the flexibility to
“It (the new company) isn’t BBC India’s YouTube channel With around 200 staff mem- lighting. Besides, it is present in folio is still undergoing a company starts occupying a modify recommendations as
that different [from the BBC]. in English, the company said. bers and over 100 stringers, the the engineering, procurement change. Every year, we are deeper, and more meaningful appropriate, said Iona Munjal,
The DNA is the same because Collective Newsroom plans company will be headquar- and construction segments churning out old products and space across different con- executive director of clinical
we grew up here, it’s so much to diversify its offerings with tered in New Delhi. comprising illumination, launching new products. In the sumer segments,” he added. vaccines R&D at Pfizer.

Yamaha’s motorcycle strategy shifts towards ethanol, not EVs

Alisha Sachdev market share of electric scoot- ces driving faster adoption of remain internal combustion- tomers for e-scooters are using increase its share in India’s pre-
alisha.sachdev@livemint.com ers at 5-6%, “we expect EVs to electric scooters, consumer engine. So, our Target 2030 is EVs mostly for a daily mileage mium motorcycles above 150cc
NEW DElhi grow to 20% of the scooter behaviour remains largely while we prepare for EVs, we of 30km, but for motorcycles, capacity from 15% at present to
market in India by 2030”, he unaffected due to usage pat- will certainly increase our people’s daily mileage is 17.2%. The two-wheeler maker

E
ven as India accelerates
towards a greener future
with an ambitious target
for two-wheeler electrification
by 2030, Yamaha Motor India
is steering towards a more con-
servative course.
Anticipating a 20% adoption
rate for electric scooters by the
end of the decade, the local arm
of Japan’s Yamaha Motor Co. is
betting on a holistic approach
to cleaner emission technolo-
gies, led by ethanol-based flex
fuels, said Eishin Chihana,
chairman, Yamaha Motor
India.
Considering the current
said.
While last week, former Niti
Aayog chief and India’s G20
sherpa Amitabh Kant called for
full electrification of the e-2-
wheeler and 3-wheeler seg-
ment by 2030, Chihana advo-
cated for technologies like eth-
anol-blended fuels to achieve
the country’s emission targets.
Yamaha, a major player in
India’s premium motorcycle
and scooter markets, also
emphasized the significant
obstacles hindering quicker
adoption rates. According to
the company, despite the
potential of high gasoline pri-
terns and infrastructure chal-
lenges.
Yamaha plans to introduce
two EV models by 2030, cater-
ing to the growing but limited
demand for electric scooters.
Besides, it seeks to enhance its
premium motorcycle strategy,
as well as distribution network
through Blue Square outlets
over the next six years, Chihana
said in an interview.
The company’s primary
strategy to meet its emissions
targets revolves around flex
fuel (E85) options for motorcy-
cles, acknowledging the global
shift towards sustainable fuels
Eishin Chihana, chairman, Yamaha Motor India.
while avoiding the infrastruc-
tural and technological chal-
lenges of full electrification.
E85, a fuel blend containing
up to 85% ethanol mixed with
gasoline (petrol), powers flexi-
ble fuel vehicles (FFVs), which
are engineered to run on etha-
nol proportions ranging from
0% to 85%.
“While 20% of the market
will become EV, 70-80% will
step-up models 70-100 km, as they is aiming for 20% sales growth
with ICE-engines. DIFFERENT commute between in 2024 over 2023.
We are preparing, APPROACH cities using motor- “While this segment is get-
but we are not in a cycles.” But, if you ting crowded, we are different
hurry. Our focus YAMAHA’S primary increase the battery from other American or Euro-
remains on devel- strategy to meet its
emissions targets
size, it will result in pean players because of the age
oping our premium revolves around flex more body weight group of customers we are tar-
motorcycle dealer- fuel for motorcycles and lead to limita- geting—18-29 years or an even
ship network and tions in the ride narrower, 18-25 years, living in
targeting the ITS first priority is to experience and urban or semi-urban regions.”
establish premium
younger genera- motorcycles cost, he added. “We are focusing on the
tion with our dealerships across Yamaha aims to 125cc scooter and 150cc motor-
urban, sporty the country explore the poten- cycle segment to become the
motorcycles. Our tial of flex fuels and most aspirational brand for
first priority is to electric models as these customers, and will
establish premium motorcy- part of a comprehensive strat- upgrade them to our own port-
cles dealerships across India.” egy to support India’s carbon- folio of bigger motorcycles,” he
“The current crop of cus- neutral objectives, and aims to added.
06 WeDNesDAy, 10 April 2024
NeW Delhi CORPORATE LIVEMINT.COM

ISTOCKPHOTO

Hot market for With holidays, remote work,

pencils helps kids
turn lead into gold India Inc. tries to ease voting
FROM PAGE 1 Wash., said she and colleagues
have tried everything to get
mechanical pencil in seventh students to return borrowed
grade and kept it, even after pencils. Some teachers have IT service cos with a large number of staff across India have announced off days for polling
the eraser wore down to noth- stopped lending them without SeveralSME IPOs saw massive
ing. He carries a separate pen- collateral—usually a shoe, a interest from retail investors.
cil solely for its eraser. sometimes smelly but none- Priyamvada C., Jas Bardia & shut on polling day in Bengaluru, and
Leo acknowledged he might theless valued asset.
be a touch over-invested in the Dixon Ticonderoga No. 2s
Devina Sengupta all employees will be given paid leave
to vote, including those who may Retail
device. “If someone took my are always on Liden’s Amazon mumBAi/BengALuru travel to their respective constituency
pencil,” he said, “I’d find them wish list. Their six-sidedness to cast their votes. investors
A
and hunt them down and start keeps them from rolling, she staggering 960 million Corporate hubs such as Bengaluru,
taking off limbs.” said. They also sharpen better,
Angie Leventis Lourgos, the which means fewer traffic jams
mother of a 10-year-old girl and at the classroom sharpener.
Indians above 18 years are
eligible to vote in the sev-
en-phase national elec-
Gurugram, Pune, Hyderabad and
Mumbai may see employees head to
their respective hometowns to cast
help SMEs
a 12-year-old boy in Niles, Ill., The pencils rarely stick
said her house was a pencil around for long. Liden some-
tions starting 19 April; and
India’s corporate citizens are pulling
their votes. In Mumbai, which goes to
the polls on 20 May, BSE and National make most
junkyard: Stubby pencils. Color times recovers them on the out all stops to make sure maximum Stock Exchange will remain closed.
pencils. Chewed-on pencils. floor after class or stuck lead
SpongeBob SquarePants pen- first in the ceiling.
employees join the great democratic
exercise.
SaaS automotive retail startup
Tekion has declared holidays for Ben-
of IPO wave
cils. Valentine’s Day-, Hallow- After winter break, Liden From IT companies like Tata Con- galuru and Chennai offices on the
een-, Christmas-. Hanukkah- brought in a box of bright pink sultancy Services to e-commerce respective election dates, and is FROM PAGE 1
and Earth Day-theme pencils. 500 minigolf pencils with giants like Amazon, from consultan- encouraging its employees to travel to
Weird bendy rub- bright pink eras- cies such as KPMG to manpower big- their hometowns where they are listed models and valuations of indi-
ber pencils that Every kid ers for students to gies like Quess Corp, India Inc. is as voters for the polling day. vidual companies is crucial.
were kind of wants a pencil borrow during offering holidays, remote work, and HSBC provides three days’ off in a This is because the SME seg-
funny but useless. —especially her class. She other flexibilities for employees to year as a part of its election leave quota ment is suitable only for high-
Plus, scattered a carefully selected them have a say in who governs them. Some and, employees can also choose to risk appetite investors who
pencil shavings because she are letting their employees travel to work half day on such occasions, a understand its dynamics,”
carved stub of
and eraser nubs. hoped they cities where they are enrolled as vot- employee said. Diversified tech firm Kranthi Bathini, director of
Devorah Heit- a pencil called would be easier to ers, allowing them to work remotely Panasonic India will offer employees equity strategy at Wealth Mills
ner , author of a mini spot in school for a few days. Some firms, however, are awaiting state government circulars regarding holidays the option of travelling to vote. Securities Pvt. Ltd said.
“Growing Up in hallways. During HCL Technologies, Bigbasket, and will announce the mandates later. BLOOMBERG Recruitment firms say remote In March, Madhabi Puri
Public: Coming of the two days she Tata Sons, and Panasonic India, work will be an option for their Buch, chairperson of the Secu-
Age in a Digital World,” said left her students with a substi- among others, have started alerting country have announced off days for vote, it has learnt that some team man- employees. To avail of this option, rities and Exchange Board of
some children are drawn to tute teacher, they disap- their employees on their leave, polling. Noida-based HCL Technolo- agers might allow their employees to information about election dates in India, remarked about instan-
analog devices. “There’s a lot peared. “Do you eat them? remote work and travel policies this gies, with 2,24,756 employees, said it travel. each phase and state, and local holi- ces of manipulation in SME
of weird, old stuff that’s com- What are you doing with these election. will offer leave. Similarly, a Tata Con- As of the quarter ended 31 Decem- day for voting must be made availa- IPOs, which sparked a fall in
ing back,” she said. pencils?” she asked her class. “All employees are given special sultancy Services (TCS) executive said ber 2023, India’s largest IT company ble. Further, employees belonging to the shares of many listed
Frankie Secchiaroli , 7, No one was saying. leave to vote as per their office base India’s largest IT firm will offer the day employed 6,03,305 people. TCS did other states can travel and vote while SMEs. Buch said the regulator
prizes his old-school No. 2 pen- Patrick McChesney , an 8th- locations. Colleagues who need to working remotely, said Lohit was keeping a close eye on
cil. It’s the best thing for point- grader in Mendham, N.J., says travel from their official base loca- OpTIONS fOr STAff Bhatia, president of workforce IPOs and trading operations.
ing at stuff, he said. It also is the he is always asking to borrow tion to their voting constituency management at business services Arvinder Singh Nanda, sen-
only pencil allowed to use for one from a friend or teacher: can also avail special leave after A senior executive of NOIDA-based HCL TCS will offer E-COmm giant provider Quess Corp. ior vice-president at Master
art class “shading stump,” “Sometimes I leave them in my informing their performance Tata Sons said they
will give a day off to
Technologies,
with 2,24,756
the day off to
employees working
Amazon said will
provide its staff and
Some firms, however, are await- Capital Services Ltd, said the
(Google it. His mom had to.) hoodie pocket.” Maybe pencils manager,” said consulting and its employees to cast employees, said it in locations where associates paid ing state government circulars Reserve Bank of India’s mone-
He keeps his prized pencil in should be square so they don’t audit firm KPMG India in an email their votes will offer leave voting is to be held holiday for voting regarding holidays and will tary policy committee expects
a box on his desk, he said, and roll away, he said. response to Mint. announce the mandates later. “We around 7% growth for the
never, ever puts it in his back- “I equate them to the lost A senior executive of Tata Sons, are guided by the Shops and Indian economy. “This growth
pack. “My bag is like a worm- sock in the dryer,” his mother, the holding company of Tata group off to employees working in locations not respond to Mint’s queries. Establishments Act and, hence, need is also expected to extend to
hole,” Frankie said. “Any tiny Joan McChesney , said. “They firms, said it will give a day off to its where voting is to be held. E-commerce giant Amazon said will to look at the government orders and the IPO market, with compa-
thing that goes in, will never disappear, disappear, disap- employees to cast their votes. Tata While Mint could not independ- provide its employees and associates then announce the leaves for those nies from various sectors pre-
come out.” pear, and then suddenly Sons’ employees are based in Mumbai. ently ascertain whether TCS employ- paid holiday for voting. Flipkart is days,” said the HR head of a diversified paring for public offerings. The
Erin Liden , a middle-school they’re reappearing.” IT service companies with a large ees will be officially allowed to travel encouraging its employees to exercise business house. favourable investor sentiment
science teacher in Kelso, © 2024 DOW JONES & CO. INC. number of employees across the to their respective constituencies to their franchise. It said its office will be priyamvada.c@livemint.com and strong economic activity
are driving the growth of the
IPO market,” Nanda added.
“The trend of healthy inves-

IndusInd, Invesco sign mutual fund JV Scorching summer clouds rabi tor appetite seen in 2023 is
likely to continue, especially in
SMEs, providing them with
Anirudh Laskar
anirudh.l@htlive.com Deals in the MF industry in last 5 years BFSI powerhouse.”
“A strong domestic partner
harvest as reservoir levels fall favourable opportunities to
raise funds through IPOs.
Recent regulatory reforms and
mumBAi will significantly increase the a stable domestic market are
2019 2020 2021 2022 2023 JV’s ability to expand into more FROM PAGE 1 150 major reservoirs, which ture GVA growth in the supporting the firms in their

T
o capitalize on the rising
equity investment trend,
IndusInd International
Holdings Ltd. (IIHL), a Mauri-
tius-based investment firm led
by the Hinduja brothers, said
on Tuesday it has entered an
asset management joint ven-
ture with US-based fund man-
agement group Invesco Ltd.
It has done this by acquiring
60% in the country’s 17th larg-
est asset management com-
pany, Invesco Asset Manage-
ment India Ltd., which was a
100% subsidiary of Invesco Ltd.
According to a statement by
Invesco Mutual Fund, Invesco
Ltd will retain 40% stake in the
JV; the rest will be held by IIHL,
which is promoter of the coun-
try’s fifth largest private sector
lender IndusInd Bank Ltd.
The deal is subject to regula-
tory approval from Sebi.
In a statement, Invesco MF
said that it owns at least
₹85,393 crore in assets under
management in India. Globally,
Invesco Mutual Fund has over
$1.6 trillion in AUM.
IIHL’s portfolio includes
IndusInd Bank, Sterling Bank
& Trust Ltd.- Bahamas, capital
Indian cities and towns, which stood at 35% as of 4 April, Cen- December quarter of IPO plans. The factors driving
Pramerica Manulife HSBC Jio Financial IndusInd are driving industry growth,” Tuesday were at ₹83.5 a kg, up tral Water Commission data 2023-24.” optimism for SME IPOs in this
Mutual acquires Mutual Services Internation said Saurabh Nanavati, CEO of 16.7% from a year ago, accord- showed. The available water GVA of agriculture and financial year include a condu-
Fund buys 49% in Fund forms JV al Holdings Invesco Asset Management ing to spot traders and the con- level, at 61.8 billion cubic allied sectors contracted 0.8% cive market environment, reg-
DHFL Mahindra acquired with forms India Limited, who will con- sumer affairs ministry. metre (BCM), was 17% lower in the October-December ulatory ease, and robust inves-
Mutual MF L&T Mutual BlackRock JV with tinue to lead the new JV along Paddy and maize prices are than a year ago, and 2% below quarter from 1.6% growth seen tor demand,” he added.
Fund Fund Mutual Fund Invesco Ltd. with the existing management also expected to rise. Already, the average of the past 10 years. in the previous quarter. This Several recent SME IPOs
team. “The Indian mutual fund at ₹44.7 a kg on Tuesday, all- Falling water reservoir level was the first time in 19 quarters saw massive interest from
Invesco mutual fund
Total AUM AUM breakup industry is at an inflexion point India average price of rice in raises concerns not only about that farm GVA saw a decline. retail investors. Koura Fine
of the industry with favourable demographics the retail market was 13.1% the water crisis in central and The growth rate was 5.2% in Diamond Jewelry’s ₹5.12 crore
~₹54 trillion Debt and a rising middle class, which higher than the corresponding southern cities and hydro- the year-ago period. In FY23, offering saw a staggering 1,076
30%
will prefer transparent invest- period last year. power genera- agriculture GVA times subscription retail sub-
Total Invesco
MF AUM is Equity ment products like mutual “As far as cereals are con- tion, but also the Rabi crops are growth stood at scription, while Signoria Crea-
schemes 70% funds and ETFs.” cerned, paddy and maize out- upcoming sum- impacted by 4.7%, while in the tion Ltd (₹8.8 crore) and
₹85,393 cr
Invesco’s mutual fund busi- put are anticipated to be lower mer crop sowing falling water levels first quarter of the Radiowalla Network Ltd (₹13.4
Source: Mint research , Company filings, Amfi
ness may benefit from IIHL’s on account of the decline in cycle in irrigated in India’s 150 current financial crore) received subscriptions
distribution network of at least acreages in Andra Pradesh, areas, which may
major reservoirs, y e a r , i t w a s of 643 times and 349 times,
market assets (Afrinex than from selling fixed-income 11,000 pan-India touch points Karnataka West Bengal and weigh on the recorded at 3.5%. respectively. Pune E-Stock
Exchange Ltd-Mauritius with a schemes. and the Hinduja-led group’s 45 Bihar owing to lower water gross value added which stood at Sharma, too, Broking Ltd (₹32.5 crore) and
cumulative listing of $13.5 bil- The valuation of an AMC also million customer base. availability,” Sharma said. (GVA) growth of 35% as of 4 Apr expects the sow- Shree Karni Fabcom (₹40.37
lion of underlying securities) depends on its profitability, dis- Invesco Mutual Fund started “Prices of these two commodi- agriculture and ing of the summer crore) also witnessed strong
and wealth management servi- tribution strength, brand operations in India in late 2008 ties are anticipated to rise in allied sectors, crop or Kharif to retail interest with over 300
ces (Beryllus Capital-UK, equity of the sponsors, and the with the acquisition of MF the short term because of according to farm economists. be impacted. “Summer crop times subscription each. The
Switzerland & Singapore). performance and popularity of assets from Lotus India Asset lower production and may sta- “The low reservoir level is sowing, which largely com- largest SME IPO, KP Green
IIHL and Invesco have not some of their schemes. Management Co. bilize if Kharif receives bounti- likely to increase the depend- prises cereals like bajra and Engineering, which raised
disclosed the valuation of Earlier, this February, IIHL Invesco operates an enter- ful rainfall, which may ency of summer crops on rain- maize, pulses like moong, and ₹180 crore, was subscribed by
Invesco MF at which the latest acquired Reliance Capital Ltd. prise centre in Hyderabad increase the acreages.” fall. This may delay crop sow- vegetables like cucurbits and 19.66 times by retail investors.
JV deal has been signed up, but and its subsidiaries via a resolu- employing more than 1,700 Queries sent to departments ing in irrigated areas,” said melons, are expected to be “The IPO market trend of
typically, AMCs are valued on tion plan approved by NCLT. staff across a range of global of agriculture, consumer Devendra Pant, chief econo- negatively impacted following 2023 is expected to continue
their asset mix, with equity- On Tuesday, while signing support functions, including affairs, food and public distri- mist at India Ratings. “Despite lower reservoir levels across into 2024. There will be an
heavy ones getting higher valu- the JV with Invesco Mutual information technology, bution remained unanswered an increase in irrigation inten- key states like UP, Bihar, West increase in the size of issues
ation due to their ability to earn Fund, Ashok Hinduja, chair- investment operations, at press time. sity, Indian agriculture has Bengal, Chhattisgarh, Andhra and new-age companies
more commissions from selling man, IIHL, said, “It was our finance, compliance, and Rabi crops are impacted by high dependence on rainfall. Pradesh, Karnataka and Tamil entering the market,” Nanda
equity-linked MF schemes vision to transform IIHL into a human resources. falling water levels in India’s This is evident from agricul- Nadu,” Sharma said. of Master Capital Services said.

Baku to Batumi, Indians are trying foreign tourist spots

FROM PAGE 1
visas. While he did not share
exact figures, he said Uzbekis-
tan saw 200% growth in
Indian visitors in 2023 com-
pared to the previous year.
Azerbaijan saw 1.9 times
increase in Indian tourists dur-
ing the same period. And
Georgia is expecting to see
around 50% growth in 2024.
“Last year, we inked a deal
with the Georgian embassy in
India. We’ve observed a 15%
surge in growth for this quar-
ter—January to March—
which has seen a significant
acceleration as the season
kicks off, with heightened
interest from large groups,
when compared to that of pre-
vious quarter,” he said.
Radhika Khanijo, founder
and travel designer at Delhi-
based Welgrow Travel, said it
was only in 2023 that her com-
pany began to sell these desti-
nations; there was no demand
for them before the pandemic.
“The draw for most of our
HNI travellers is that they have
already been to Singapore,
Bali, Bangkok, etc., and these
locations are ideal for short
celebrations over 3-4 nights
because of the direct air con-
nectivity,” she said. “Some of
them work out to be lower in
cost than travelling to a high-
end hotel in India. Most of
these locations also have lux-
ury hotels chains like the Four
Seasons and Ritz Carlton and
because of online visas or
quick visas, these trips can be
planned quite quickly.”
Take this group of HNIs
from Delhi, which is getting
ready for a short four-night stag
trip to Baku this month. Four-
teen rooms have been booked
in the plush Ritz Carlton hotel
for a cheaper-than-India $175 a
night or approximately
₹15,000. The itinerary is for a
small birthday celebration.
Another small group in
Delhi, which returned from
Baku last month, had no par-
ticular agenda. “We wanted to
just have a quick friends trip to
take a break from work,” said
Nipun Singh, 30, an entrepre-
neur who runs a clothing
startup. “The cost was similar
Many Indians are choosing to go to these places instead of
enduring a long wait for a Schengen visa for Europe.
to if we had taken a trip within
India and stayed at a nice hotel
here. This way we got to see a
new country.”
MINT
Meanwhile, online travel
agency Yatra has witnessed an
increase in queries to these
markets in the range of
20-25% and a year-on-year tava, chief operating officer of (both) the traditional Euro-
increase in bookings of flights, holidays and GCC at pean locations and emerging
10-15%. On the platform, trav- the online travel agency, said destinations,” she said.
ellers typically spend while these destinations are Also, a quarter of all Indian
₹100,000-120,000 for a pack- part of the natural progression travellers on MakeMyTrip are
age to Croatia, about ₹60,000 of travel location choices, they now taking more than three
to Kazakhstan, and approxi- are not alterna- trips annually,
mately ₹40,000 to Chiang tives to the tradi- Direct flights from according to
Mai (in Thailand). Croatia’s tional European India, cheap hotel Shrivastava. This
appeal lies in its coastline and travel, which tariffs and the means many of
medieval towns, made more continues to fact that such them are now
attractive by an easier visa remain as popu- taking more than
places are less
process compared to Schen- lar. This becomes one international
gen countries, a company clear when they explored are trip every year,
spokesperson told Mint. l o o k a t t h e attracting Indians leading to the rise
For MakeMyTrip, another cohorts of travel- in popularity of
online travel agency, the lers booking these destina-
growth is similar. Some of through them. “It is the same tions as accessible alternatives
these destinations have grown category of travellers—cou- to traditional Schengen desti-
more than fourfold over their ples, families, and larger nations such as France, Italy,
pre-covid booking numbers. groups between 20 and 40 Spain and Switzerland,
However, Saujanya Shrivas- years—that are frequenting among others.
LIVEMINT.COM CORPORATE WeDNesDAy, 10 April 2024
NeW Delhi 07

‘AI’s energy needs Google expands in-house chip

not sustainable’
Peter Landers
feedback@livemint.com
Tokyo
efforts in costly AI battle
C
hip-design company
Arm made its name by
devising ways to mini- The tech giant develops new chips to cut reliance on outside vendors as the AI arms race intensifies
mize smartphones’ power con-
sumption and extend battery
life. Now, the company’s head Miles Kruppa pany is very different from becoming them to create a software system
says the same push for energy feedback@livemint.com a great cloud company or a great called Transformers that became the
efficiency is needed in artificial- organizer of the world’s information,” basis for generative AI products such

intelligence applications.
Rene Haas , chief executive
of Arm, spoke ahead of an
announcement Tuesday by the
U.S. and Japan about a $110 mil-
lion program to fund AI
research at universities in the
two countries. U.K.-based Arm
and its parent, Tokyo-based
SoftBank Group , are together
offering $25 million in funding
for the program.
AI models such as OpenAI’s
ChatGPT “are just insatiable in
terms of their thirst” for elec-
tricity , Haas said in an inter-
view. “The more information
they gather, the smarter they
are, but the more information
they gather to get smarter, the
more power it takes.”
Without greater efficiency,
“by the end of the decade, AI
data centers could consume as
much as 20% to 25% of U.S.
power requirements. Today
that’s probably 4% or less,” he
said. “That’s hardly very sustain-
able, to be honest with you.”
The power issue has drawn
growing attention from tech-
nology executives in recent
months and helped drive up
the stock prices of companies
that own and operate electric-
power plants.
In a January report, the
International Energy Agency
said a request to ChatGPT
requires 2.9 watt-hours of elec-
tricity on average—equivalent
to turning on a 60-watt light-
bulb for just under three min-
utes. That is nearly 10 times as
much as the average Google
search. The agency said power
demand by the AI industry is
expected to grow by at least 10
times between 2023 and 2026.
“It’s going to be difficult to
accelerate the breakthroughs
Rene Haas , chief executive of
Arm. X/@RENEHAAS237
that we need if the power
requirements for these large
data centers for people to do
research on keeps going up and
up and up,” Haas said.
He expressed hope that the
U.S.-Japan research partner-
ship would work on solutions
to the power issue. Arm’s fund-
ing is going to a collaboration
between Carnegie Mellon Uni-
versity in Pittsburgh and Keio
University in Japan.
The partnership is a project of
the U.S. ambassador to Japan,
Rahm Emanuel , who last year
organized a $150 million U.S.-Ja-
pan research program in quan-
tum computing backed by IBM
and Google. Elsewhere in the AI
partnership, Amazon.com and
Nvidia are set to spend $25 mil-
lion each to support AI research
at the University of Washington
and Japan’s University of Tsu-
kuba.
Emanuel said it was impor-
tant for the
two allies to
w o r k
together in
the face of competing AI and
quantum-computing research
in China. He said the U.S. and
Japan would harness the efforts
of industry and academia
together, contrasting that with
Chinese leader Xi Jinping’s
moves in recent years to rein in
the country’s tech giants.
“One of the downsides of
what Xi has done is squash
entrepreneurship,” Emanuel
said. “Our model is going to be
more successful.”
©2024 DOW JONES & CO. INC.
G
oogle is making more of
its own chips, rolling out
new hardware that can
handle everything from
YouTube advertising to
big data analysis as the company tries
to combat rising artificial-intelli-
gence costs.
The new chip, called Axion, adds to
Google’s efforts stretching back more
than a decade to develop new com-
puting resources, beginning with
specialized chips used for AI work.
Google has leaned into that strategy
since the late 2022 release of
ChatGPT kicked off an arms race that
has threatened its dominant position
as a gateway to the internet.
The chip efforts promise to reduce
Google’s reliance on outside vendors
and bring it into competition with
longtime partners such as Intel and
Nvidia , analysts said. Google officials
said they didn’t view it as a competition.
“I see this as a basis for growing the
size of the pie,” said Amin Vahdat , the
Google vice president overseeing the
company’s in-house chip operations.
Google’s larger competitors in the
cloud, Amazon.com and Microsoft ,
have also poured money into making
their own chips as the AI boom has
intensified
demand for com-
puting resources.
Google owed
much of its early success to an invest-
ment in the chips necessary to fuel
the company’s web search algorithm.
That often meant piecing together
cheap, commercially available hard-
ware in novel ways.
The boom in AI and its need for
vastly more computing resources has
pushed Google further in the direc-
tion of custom solutions. It has cred-
ited specialized AI chips it built,
known as tensor processing units, or
TPUs, with helping save money on
services that make heavy use of AI.
Google has worked closely with semi-
Google’s Vahdat said. as ChatGPT.
Google has chosen instead to rent Google has had mixed success
custom chips to cloud customers. It opening access to outside customers.
said the Axion chips will become While Google has signed up promi-
accessible to external customers later nent startups including chatbot
this year, and the latest generation of maker Character and image-genera-
its TPUs was now widely available. tion business Midjourney, some
In November, Google said it suc- developers have found it difficult to
cessfully connected more than build software for the chips.
50,000 TPUs to build AI systems, Google said it has worked with
what it called the largest effort of its Nvidia and other tech companies on
kind. Google created Gemini using a software project, OpenXLA, aiming
TPUs and will exclusively use the to make it easier to develop AI sys-
chips for processing user queries. tems across different chip types.
The company’s growing cloud Anthropic, one of the largest users
business has required balancing the of TPUs, in September began moving
competing demands of internal some AI needs to custom chips devel-
Google’s larger competitors in the cloud, Amazon.com and Microsoft, have teams and demand from AI startups oped by Amazon after the cloud giant
also poured money into making their own chips. AP such as Anthropic, a situation made agreed to invest up to $4 billion . Goo-
more difficult by widespread supply gle later committed $2 billion in
conductor company Broadcom since range of tasks including powering constraints. funding to Anthropic and said it had
2016 to produce bespoke hardware. Google’s search engine and AI-related Some teams inside Google have expanded its partnership with the
Broadcom’s custom-chip division work. They can play an important sup- been told they won’t get any addi- startup.
had a surge in business after Google porting role in AI by helping to process tional computing resources this year, AssemblyAI, a startup working on
rapidly increased production of TPUs large amounts of data and handling partly because of growing demand for speech-to-text products, built the lat-
recently, Chief Executive Hock Tan the deployment of the services to bil- AI services, people familiar with the est version of its technology on TPUs
said during a March internal presen- lions of users, Google officials said. matter said. after encountering issues securing
tation. The increase, he said, was Axion is based on circuitry from the Vahdat said Google prioritizes the GPUs early last year, said CEO Dylan
partly in response to Microsoft incor- British chip-design firm Arm, making fastest-growing products and servi- Fox . “From an availability perspec-
porating AI features into its Bing Google the third big tech company ces when deciding which areas tive, we’ve been really happy,” he said.
search engine, going directly after after Amazon and Mic- should get more com- The new Axion processors improve
Google’s core business. rosoft to use that frame- New chip Axion puting resources. performance by up to 30% compared
“They bought a ton,” Tan said, work for a data center adds to Google’s Google’s in-house with the fastest similar Arm-based
according to a recording viewed by The CPU. The shift has sup- efforts stretching chip efforts began with a chips available in the cloud, accord-
Wall Street Journal. “They sure did.” planted an old status back over 10 2013 breakthrough in ing to Google’s internal data. It said
The Broadcom division’s operat- quo where big operators
years to develop voice-recognition tech- customers including Snap were plan-
ing profit of more than $1 billion in a of server farms bought nology. ning to test the new hardware.
single recent quarter came mostly their CPUs almost new computing Jeff Dean , a longtime Google’s investment in Axion
from Google’s business, Tan said. exclusively from Intel resources engineering leader, told would be worth it if the company
Broadcom didn’t respond to a and Advanced Micro the systems infrastruc- achieved only half of its claimed per-
request for comment. Devices . ture division that Google formance improvements, said For-
Google Chief Financial Officer Google has resisted selling chips would need to roughly double the rester principal analyst Mike Gualti-
Ruth Porat told investors in January directly to customers to install in number of chips held in its data cen- eri . It still faces intense competition
to expect notably larger spending on their own data centers. The move ters if the tech became widely used. from the other large cloud companies
technical infrastructure such as AI would push the company more “That was really the first taste of this for new business, he said.
chips this year. Parent company directly into competition with Intel impending issue,” he said. “This is going to be like any other
Alphabet ’s fourth-quarter capital and Nvidia, the biggest winner of the When Google designed the first set of web services that these hyper-
expenditures rose by almost half to AI boom so far with more than 80% of version of the TPU a few years later, scalers offer,” Gualtieri said. “It’s
$11 billion from a year earlier. the market for chips used to develop Dean lobbied executives to purchase going to be sort of tit-for-tat back and
Known as central processing units, and serve the technology. more than the company originally forth.”
or CPUs, Axion chips are suitable for a “Becoming a great hardware com- budgeted. Researchers later used ©2024 DOW JONES & CO. INC.

Godrej Properties sees record sales booking in FY24 Ola to focus on India biz, will
PTI
feedback@livemint.com
shut ops in Australia, NZ, UK
quarterly and annual sales in
the fourth quarter of the last
year-on-year in the January-
March quarter of the last fiscal
two years...We are pleased that
this sales growth was on the
New Delhi fiscal and for the entire to 8.17 million sq. ft. back of both an improving
2023-24, respectively. The company’s sales book- project mix as well as strong PTI future of mobility is electric - these operations in phases in

R
ealty firm Godrej Prop- During the fourth quarter of ings rose 31% year-on-year volume growth of 31%,” he feedback@livemint.com not just in personal mobility, 2018.
erties on Tuesday the last fiscal, Godrej Proper- during the entire last fiscal to said. New Delhi but also for the ride-hailing ANI Technologies has
reported 84% increase ties’ sales bookings more than 20 million square feet. Pandey said the company business and there is immense reported a narrowing of con-

in sales booking to a record
₹22,500 crore in the last finan-
cial year, on higher volumes
amid strong consumer
demand for residential prop-
erties.
Godrej Properties has sur-
passed the sales booking num-
bers of Bengaluru-based Pres-
tige Group, which on Monday
reported pre-sales of ₹ 21,040
crore during the last fiscal.
Macrotech Developers has
reported sales of ₹14,520 crore
in the previous fiscal. DLF is
yet to announce its numbers.
The realty firm achieved its
best-ever quarterly & annual
sales in the last fiscal. MINT
These four listed entities are
in the race to gain market
share.
In a regulatory filing, Godrej
Properties said the company
has achieved its best-ever
doubled to over ₹9,500 crore
year-on-year, and sales book-
ings grew by 84% year-on-year
to more than ₹22,500 crore in
the fiscal year.
“This is the highest-ever
annual sales announced to
date by any publicly listed real
estate developer in India. This
was achieved through the sale
of 14,310 homes with a total
area of 20 million square feet,”
the company said.
Godrej Properties said the
company’s sales bookings in
volume terms grew by 56%
“Sales were driven by super-
lative consumer demand in
some key new project
launches,” Godrej Properties
said.
Godrej Zenith in Delhi-NCR
achieved a booking value of
more than ₹3,000 crore and
Godrej Reserve in Mumbai
Metropolitan Region achieved
a booking value of ₹2,690
crore, the company cited.
Gaurav Pandey, MD & CEO,
Godrej Properties, said, “We
are delighted with the scale-up
we have achieved in the past
has a strong launch pipeline
for the current fiscal, which
will also be bolstered by the
recent entry into the impor-
tant Hyderabad market.
“We have built a deep
understanding across key real
estate markets in India and are
greatly excited by the potential
the next several years offer for
us to deliver sustained high-
quality performance across all
key operating metrics,” Pan-
dey said. Godrej Properties is
one of the leading real estate
developers in India.
R
ide-hailing services pro- opportunity for expansion in solidated net loss to ₹772.25
vider Ola has decided to India. crore in the fiscal
shut down operations in “With this clear Company says its 2023, as per a
the UK, Australia and New focus, we have ride-hailing regulatory filing.
Zealand and will continue to reassessed our business is The company
focus on India business, its priorities and growing, and it posted a consoli-
promoter ANI Technologies have decided to dated loss of
sees immense
said on Tuesday. shut down our ₹1,522.33 crore in
The Softbank-backed com- overseas ride- opportunity for the financial year
pany said that it sees immense hailing business expansion in India (FY) 2022.
opportunity for expansion in in its current The consoli-
India. form in the UK, dated revenue
“Our ride-hailing business is Australia and New Zealand,” from operations increased by
growing rapidly, and we an Ola Mobility spokesperson about 48% to ₹2,481.35 crore
remain profitable and seg- said. in FY23 from ₹1,679.54 crore
ment leaders in India. The The company had launched in the year-ago period.

Global airlines brace for summer squeeze

Reuters As many as 650 Airbus
feedback@livemint.com A320neo jets could be
grounded in the first half of

T
he global airline indus- 2024 for inspections to deal
try is facing a summer with a flaw with RTX Corp’s

squeeze, with travel
demand expected to surpass
pre-pandemic levels while air-
craft deliveries drop sharply
due to production problems at
Boeing and Airbus .
Air carriers are spending
billions on repairs to keep fly-
ing older, less fuel-efficient
jets, and paying a premium to
secure aircraft from lessors.
But some carriers are still
being forced to trim their
schedules to cope with the lack
of available planes. At the same
time, the number of travellers
globally is set to hit historic
levels, with 4.7 billion people
expected to travel in 2024
compared with 4.5 billion in
2019.
“We can expect a strong
performance from airlines
throughout the summer with
some particularly high air-
fare,” said John Grant, senior
analyst at travel data firm
Travel demand may surpass pre-pandemic levels while aircraft
deliveries drop sharply due to production problems.
OAG.
Last December, the Interna-
tional Air Transport Associa-
tion (IATA) had predicted a 9%
annual growth in global airline
capacity this year. That esti-
mate looks optimistic follow-
ing Boeing’s safety crisis. Pas-
senger carriers will receive
19% fewer aircraft this year
than they expected because of
production issues at Boeing
and Airbus, said Martha Neub-
auer, senior associate at Aero-
Dynamic Advisory.
AFP
US carriers will receive 32%
fewer aircraft than planned a
year ago because several air-
lines depend on Boeing’s 737
MAX planes, Neubauer said.
Boeing’s production has been
curbed after a January mid-air
panel blowout.
Boeing is reeling from a
sprawling crisis that erupted
after the 5 January Alaska Air-
lines blowout. Regulators have
put a cap on production of the
737 MAX, but the company is
not hitting even that level.
the Power to
Pratt & Whitney engines, RTX
said last year.
In Europe, low-cost airline
Ryanair has cut some routes. Think Ahead. Think Growth.
In the US, United and South-
west have cut back flying and Explore powerful narratives and expert
adjusted hiring and staffing
plans. analysis with Mint Specials
Analysts expect capacity at
most US carriers in the second
quarter to grow at a slower
pace than a year ago. Airlines
will update their growth plans
and explain how they will off-
set capacity constraints when
they report quarterly results,
starting on Wednesday with
Delta Air Lines.
Due to the shortage of new
planes, the aircraft leasing Scan Now To
Download The App
market is booming. Data from
Cirium Ascend Consultancy
shows that lease rates for new
Airbus A320-200neo and
Boeing 737-8 MAX aircraft
have hit $400,000 per month,
the highest since mid-2008.
08 WeDNesDAy, 10 April 2024
NeW Delhi GLOBAL LIVEMINT.COM

The black market that delivers

Elon Musk’s Starlinks to U.S. foes
The satellite-internet devices are helping Russian fighters in Ukraine and paramilitary forces in Sudan; SpaceX hasn’t shut them off
Thomas Grove ware in countries where Starlink is out and the next delivery will be access other than Starlink since
feedback@livemint.com allowed. bigger.” early February.
In Russia, middlemen buy the As the war drags on, it has been In the video, a prominent Arab

A
salesman at Moscow-
based online retailer
shopozz.ru has supple-
mented his usual busi-
ness of peddling vac-
uum cleaners and dashboard phone
mounts by selling dozens of Star-
link internet terminals that wound
up with Russians on the front lines
in Ukraine.
Although Russia has banned the
use of Starlink, the satellite-inter-
net service developed by Elon
Musk’s SpaceX, middlemen have
proliferated in recent months to
buy the user terminals and ship
them to Russian forces. That has
eroded a battlefield advantage once
enjoyed by Ukrainian forces, which
also rely on the cutting-edge devi-
ces.
The Moscow salesman, who in an
interview identified himself only as
Oleg, said that most of his orders
came from “the new territories”—a
reference to Russian-occupied
parts of Ukraine—or were “for use
by the military.” He said volunteers
delivered the equipment to Russian
soldiers in Ukraine.
On battlefields from Ukraine to
Sudan, Starlink provides immedi-
ate and largely secure access to the
Internet. Besides solving the age-
old problem of effective communi-
cations between
troops and their
commanders,
Starlink pro-
vides a way to control drones and
other advanced technologies that
have become a critical part of mod-
ern warfare.
The proliferation of the easy-to-
activate hardware has thrust Spa-
ceX into the messy geopolitics of
war. The company has the ability to
limit Starlink access by “geofen-
cing,” making the service unavaila-
ble in specific countries and loca-
tions, as well as through the power
to deactivate individual devices.
Russia and China don’t allow the
use of Starlink technology because
it could undermine state control of
information, and due to general
suspicions of U.S. technology. Musk
has said on X that to the best of his
knowledge, no terminals had been
sold directly or indirectly to Russia,
and that the terminals wouldn’t
work inside Russia.
The Wall Street Journal tracked
Starlink sales on numerous Russian
online retail platforms, including
some that link to U.S. sellers on
eBay . It also interviewed Russian
and Sudanese middlemen and
resellers, and followed Russian vol-
unteer groups that deliver SpaceX
hardware to the front line.
The Journal investigation found
that a shadowy supply chain exists
for Starlink hardware that has fed
backroom deals in Africa, Southeast
Asia and the United Arab Emirates,
putting thousands of the white piz-
za-box-sized devices into the hands
of some American adversaries and
accused war criminals. Many of
those end users connect to the sat-
ellites using Starlink’s roam feature
after the dealers register the hard-
hardware, sometimes on eBay, in
the U.S. and elsewhere, including
on the black market in Central Asia,
Dubai or Southeast Asia, then
smuggle it into Russia. Russian vol-
unteers boast openly on social
media about supplying the termi-
nals to troops. They are part of an
informal effort to boost Russia’s use
of Starlink in Ukraine, where Rus-
sian forces are advancing.
The Kremlin didn’t respond to a
request for comment.
Ukrainian officials said they con-
tacted SpaceX about Russian forces
using Starlink terminals in Ukraine
and that they are working together
on a solution. Ukraine’s telecoms
regulator in March published a
decree mandating that only Star-
link terminals registered with
authorities in Kyiv would work in
occupied areas or around the front
line. It isn’t clear when those new
rules will take effect or how they
will be enforced.
U.S. Assistant Secretary of
Defense for Space Policy John
Plumb said Friday that SpaceX is
working together with Ukraine to
try to end the Russians’ use of the
terminals on the front. “We’re
working with Ukraine and we’re
working with Starlink,” he said dur-
ing a briefing.
Neither Spa-
ceX nor Musk
respond to
requests for
comment.
A user agreement posted on Star-
link’s website says customers can’t
resell Starlink access without
authorization, and that violators of
its rules could lose access to the ser-
vice. Consumer accounts generally
must be started by the user in his or
her own name. Customers face lim-
its on selling or transferring termi-
nals they bought.
In Sudan, which has declared the
technology illegal, the Rapid Sup-
port Forces, a powerful paramili-
tary group that grew out of the infa-
mous Janjaweed militia of the early
2000s, uses Starlink for high-speed
internet access. Government forces
have been fighting for a year against
the group, which the U.S. has
accused of war crimes, crimes
against humanity and ethnic
cleansing .
Sudanese military officials and
unauthorized Starlink dealers said
in interviews that Abdelrahim
Hamdan Dagalo, the RSF’s deputy
commander, has overseen the pur-
chase of hundreds of Starlink ter-
minals from dealers in the United
Arab Emirates. In September, the
U.S. Treasury blacklisted Abdelra-
him, citing serious human-rights
violations by the RSF.
The terminals have boosted the
rebels’ command capabilities and
helped them recruit more men for
the war, according to the officials,
including over the past two months,
when much of the country has been
without internet or other telecom-
munications.
Sudanese authorities have con-
tacted SpaceX and requested help
unclear at times exactly where Star- leader in Darfur, Masar Abdelrah-
link can be used, and for what. man Aseel, tells a group of uni-
In September 2023, Musk said he formed RSF fighters—some of
declined a request to activate Star- them toting machine guns, others
link in Crimea, the Ukrainian Black wooden sticks—that he is dispatch-
Sea peninsula Russia annexed in ing an extra 100,000 fighters to
2014, alleging that Kyiv wanted to help the militia win the war. Aseel
use the service in an attack on Rus- says he can send as many as one
sian naval vessels. In a post on X, million fighters to support the RSF.
Musk said doing so would have The Sudanese officials and a
made SpaceX complicit in a major researcher who has been monitor-
act of war and escalated the conflict. ing the use of social media during
Russian Starlink dealers adver- the war said the clip was widely
tise on their sites that Crimea is no shared on X as well as through
longer geofenced, and neither are WhatsApp and Telegram groups
the Russian-occupied regions of associated with the RSF.
eastern and southern Ukraine, Two of the dealers interviewed
where Moscow’s troops are using by the Journal said that they were
the systems in their fight to grab aware that they were supplying
more Ukrainian territory. Starlink devices to the RSF. After
A 27-year-old major in Ukraine’s they ship the kits to the capitals of
92nd brigade who uses the call sign Chad and South Sudan, they are
Angel said in an interview that he taken across the border to Sudan
first saw Russians using Starlink through RSF-controlled smuggling
A SpaceX Falcon 9 rocket carrying 22 Starlink satellites to low-Earth orbit after launching from the Vandenberg earlier this year, because they networks, the two dealers said.
Space Force Base in California on 1 April. SpaceX developed Starlink as a civilian technology. REUTERS hadn’t thought to camouflage the The RSF and its local allies have
white antenna, which measures sold some Starlink kits within
in regulating the use of Starlink, finds that one of its devices is being this year, after it figured out how to about 2 feet high and a foot wide. Sudan, charging as much as $2,500
including by allowing the military used by any sanctioned or unautho- register the devices in other coun- “They’re mostly using the newer each—more than five times the offi-
to turn off service areas where it was rized parties, the company investi- tries, that person said, without elab- models,” he said, noting that the cial retail price, said Khattab
helping the RSF. Starlink never gates and could deactivate termi- orating. Russian dishes are high priority tar- Hamad, a Sudanese Information-
responded to the request, Sudanese nals. Searching for Starlink terminals gets. “It means there are drone technology expert who works as a
officials said. After Russia invaded Ukraine in on Russian search engine Yan- operators somewhere nearby.” researcher with the Collaboration
‘How am I in this war?’ February 2022, Musk activated dex.ru yields numerous dealers like He said he hadn’t noticed any on International ICT Policy for East
SpaceX developed Starlink as a Starlink in the country. Ukraine’s Oleg, who sell the hardware online changes in Russian behavior or and Southern Africa, a digital-
civilian technology, and Musk has supporters, including Poland and to buyers in Moscow and outside strategy since they started using rights group. In some parts of Dar-
sketched out big ambitions for the the U.S. Agency for International the Russian capital. Starlink. fur, the RSF is imposing taxes on
service. There are almost 5,700 Development, bought thousands of One website, strlnk.ru, promised Workaround in Sudan owners of the devices, to the tune of
operational Starlink satellites now Starlink terminals for the nation. “tested performance” in the occu- In Sudan, Starlink hasn’t been $500 a year, he said.
orbiting Earth, and it has 2.7 million The terminals helped the out- pied areas of Crimea, Luhansk, officially authorized for use. But the In many Sudanese cities, the RSF
customers and a new production numbered and outgunned Ukrain- Donetsk and Kherson, with RSF has figured out a workaround and civilians who have gotten their
facility in Texas. Revenue was $1.4 ian soldiers beat back the Russians. monthly fees starting at $100. The that allows it to use the service. hands on Starlink devices have set
billion in 2022 , up from $222 mil- Using the secure internet connec- website provided contacts for a Three Dubai-based dealers told up makeshift internet cafes, charg-
lion the year before. tion provided by Starlink, Ukrain- dealer, including a Russian cell- the Journal that they have shipped ing users between $2 and $3 an
Like other space communica- ian spotters using drones commu- phone number and a Yandex email. hundreds of Starlink devices to hour to connect smartphones or
tions systems, Starlink relies on sat- nicated Russian positions to artil- A representative of the firm Sudan since July. Before sending laptops, according to aid workers
ellites in orbit, infrastructure called lery gunners. declined to speak to a Journal the devices to Chad or South Sudan, and local activists.
ground stations and terminals to Russian deficit reporter. the dealers said, they activate them In January, the head of Sudan’s
give users high-speed internet con- Moscow’s troops often lacked the Many of the dealers in Russia in Dubai and buy an Africa-wide telecommunications regulator,
nections. necessary equipment for commu- advertise the hard- roaming package, at a Gen. Al-Sadiq Jamal Al-Din
The hardware is simple enough nicating with their commanders. ware openly. The web- The proliferation cost of around $65 a Al-Sadiq, wrote a letter to SpaceX’s
that Starlink boasts on its website Open radio transmissions sent over site Oleg works for has of the easy- month. That, they Global Licensing and Activation
that users should be able to get what were essentially walkie-talk- embedded eBay lis- to-activate said, allows users in office in the U.S., complaining
online in minutes once they get a ies were jammed or picked up by tings by people from hardware has Sudan to bypass the about the proliferation of Starlink
kit. The standard kit includes a flat, Ukraine, making Russian soldiers Ohio to New Jersey lack of local Starlink devices in Sudan.
thrust SpaceX
white antenna, a router and cables. easy targets on the battlefield. selling Starlink termi- authorization in the The agency, according to two
Subscribers download an app to Russia tried introducing new nals. into the messy country. Sudanese officials familiar with the
register and control their subscrip- devices of its own, which had only An eBay spokesper- geopolitics of war Starlink has said on letter, asked SpaceX to establish a
tion before linking to the Starlink entered production when the inva- son said the company its official account on joint unit with the Sudanese gov-
system. sion began. But it had trouble roll- “abides by the laws and X that it doesn’t ship ernment that would regulate the
Starlink said in its user agree- ing them out on the scale required, regulations of the countries in terminals to Dubai and hasn’t operations of Starlink in the coun-
ment that the service isn’t designed and there were continuing techni- which it operates and complies authorized any third-party distrib- try, including by allowing the mili-
or intended for use with military cal glitches. That kept the Russians with relevant international laws utors to sell Starlink there. tary to turn off service areas where
weapons. Last year, a top SpaceX from ever having a secure, compati- and sanctions.” EBay didn’t address The dealers said they have it was helping the RSF.
executive said the company took ble communication system for the U.S. listings embedded in the bought a smaller number of devices The two officials said there was
steps to limit Ukraine from using complex operations. website of Oleg’s employer. in Kenya, one of the few African no response from SpaceX, prompt-
Starlink for direct military pur- “As a result, they just started talk- Volunteers often ferry the equip- countries that has authorized Star- ing the regulator to order a crack-
poses. ing to each other less,” said Thomas ment to the front line. link, and Uganda, which is in the down on the importation of Star-
Musk has expressed discomfort Withington, an associate fellow at Valentina Kornienko and her sis- final stages of authorizing their use. link kits. On Jan. 31, the regulator
at times about Starlink’s role in the Royal United Services Institute, ter have gained a social media fol- Even before then, the RSF regu- issued a statement saying that the
Ukraine’s war, telling his biogra- an independent London-based lowing on the messaging app Tele- larly knocked out local cellphone use of Starlink wasn’t permitted
pher, Walter Isaacson, that the ser- security think tank. “What’s driving gram by posting about personally towers, power lines and other civil- and was subject to unspecified pen-
vice was designed for peaceful uses, Starlink use is this need to have delivering supplies to the front. ian communications infrastructure alties.
not drone strikes. “How am I in this secure communications, from the They posted a video in February before major offenses, according to But the military is trying to
war?” Musk told Isaacson. tactical edge of operations to the that they said shows them deliver- experts monitoring the conflict. obtain its own Starlink devices to
Nonetheless, who can use Star- headquarters, and to have a secure ing five Starlink terminals to Rus- Sudanese military officials said a help erode the RSF’s technological
link and for what purposes hasn’t communications system which can sian soldiers fighting in eastern video shared by the RSF’s official advantage.
always been straightforward. The be used to control drones,” he said. Ukraine. They said it was the first of account on X in March is an exam- Mohamed, the Sudanese intelli-
hardware has found its way into Russia has worked for around a 30 systems meant to help Moscow’s ple of how the group is using Star- gence adviser, said authorities are
war-torn Yemen and has been year to employ Starlink on the troops overpower Ukrainian forces. link to show its strength and attract working to find ways to get the
smuggled into Iran, which hasn’t front, according to a person with “It’s something new and very new recruits. The video was taken devices to the military. “We have to
approved the technology. knowledge of the situation. It began much needed, it’s Starlink,” said in El Geneina, the capital of West get a backup plan,” he said.
Starlink has said that if SpaceX using the terminals widely early Kornienko in the video. “We’ll try it Darfur, which hasn’t had internet ©2024 DOW JONES & CO. INC.

Tesla reaches settlement over fatal autopilot crash on eve of trial

Bloomberg
feedback@livemint.com
T
esla Inc. reached a set-
tlement on the eve of its
highest-profile trial yet
over a crash involving Autopi-
lot, the driver-assistance sys-
tem Elon Musk has billed as
crucial to his pursuit of self-
driving cars.
video game app on his phone, mainstream, Tesla’s push into
while also pointing to “limita-
tions” with the Autopilot sys-
artificial intelligence and
autonomous driving has been Impulse to speak out leads to
tem. key to its lofty valuation.
The electric vehicle maker
prevailed in two previous trials
in California after juries found
Tesla has faced increasing
regulatory scrutiny over the
safety of Autopilot and the
self-inflicted wounds: Musk
the accidents, one fatal and software it markets as Full
one not, were due to driver Self-Driving. In December, Bloomberg ance that against having a both groups were protesting
error rather than the com- Tesla rolled out over-the-air feedback@livemint.com chilling effect on free speech a Pride event in the city.
pany’s technology. Each of the software updates for more in general, which would Internet personalities

Terms of the settlement
weren’t disclosed in court fil-
ings made public on Monday
in state court in San Jose, Cali-
fornia.
The case centered on Wal-
ter Huang, a 38-year-old Apple
Inc. engineer who was killed
on the way to work in 2018
when his Model X veered off
the highway and slammed into
a roadside barrier at about 71
miles (114km) per hour. The
National Transportation
Safety Board’s investigation of
the accident found that Huang
was probably distracted with a
trials—and more that are
scheduled in coming months
in California and Florida—
clash with Musk’s mantra that
Teslas are the safest cars ever
made.
“I think this is an important
data point,” said Bryant
Walker Smith, a University of
South Carolina law professor
and automated driving expert.
“It doesn’t guarantee future
outcomes but it does tell the
story of a company that is not
publicly invincible.”
He said it’s not unusual for
cases to be resolved on the eve
E
than 2 million vehicles after lon Musk said he is undermine the entire foun- cited the profile, which iden-
the National Highway Traffic “guilty of many self-in- dation of our democracy,” tified Brody as a University of
Safety Administration said flicted wounds” while Musk said in a sworn deposi- California, Riverside, politi-
Tesla has faced increasing regulatory scrutiny over the safety of Autopilot doesn’t do enough being questioned in a lawsuit tion that was made public on cal science major who
Autopilot and the software it markets as Full Self-Driving. AP to guard against misuse. accusing him of promoting a Monday despite his lawyer’s planned to work for the gov-
Tesla’s website describes conspiracy theory falsely request that it remain confi- ernment, in claiming that the
of trial, but it is surprising that for the Huang family’s lawyers Autopilot as “an advanced identifying a California man dential. street brawl was engineered
Tesla settled this one. didn’t respond to requests for driver assistance system that as a federal agent posing as a Musk was sued in Texas by the authorities to discredit
“At this point everybody comment. enhances safety and conve- neo-Nazi street brawler. state court in October by Ben right wing groups. Brody
already had their script—it’s The trial would have fea- nience behind the wheel.” The But the billionaire also Brody after endorsing a said in his suit that he and his
just kind of doing the math,” tured testimony from several company says that Autopilot said he didn’t think he had social media post that com- family suffered a wave of har-
he said. “I suspect each side current and former Tesla engi- enables its vehicles to steer, “meaningfully harmed” the pared an Instagram profile of assment by “belligerent
looked at their chances and neers. The settlement comes accelerate and brake automat- Jewish 22-year-old who sued Brody to a photo of a White strangers” apparently moti-
Tesla decided that publicly as Musk has vowed to unveil ically, but that the system’s him for defamation. “There’s supremacist who violently vated by Musk’s statements.
settling was preferable to pos- Tesla’s robotaxi on 8 August, features require “active driver some risk that what I say is clashed with the Proud Boys He said he also feared long-
sibly losing in court.” four months from now. As supervision and do not make incorrect, but one has to bal- in Portland, Oregon, while term career consequences.
Tesla and a spokesperson electric vehicles become more the vehicle autonomous.”
LIVEMINT.COM NEWS WRAP WeDNesDAy, 10 April 2024
NeW Delhi 09

NEWS
3
THE NUMBER of countries, namely New
₹1,000 cr
THE REVENUE reported by Birla Pivot,
134
THE NUMBER of women who are
3,750
THE NUMBER of patients who have died
$10 bn
THE PRICE at which Blackstone plans to
IN Zealand, Australia and UK, which cab Aditya Birla Group’s B2B e-commerce contesting in the first phase of the 2024 in South Korea since 2017 after local acquire Apartment Income REIT, owner of
NUMBERS aggregator Ola has exited, as it shut down
its international operations.
platform for construction materials, in
one year since it commenced operations.
Lok Sabha elections, accounting for 8%
of the candidates in phase one.
hospitals refused to provide care due to a
shortage of doctors, as per a report.
upscale apartment buildings, pushing up
stocks of the US apartment landlords.

HOWINDIALIVES.COM

Paytm banking unit WELCOMING THE NEW YEAR EV retail sales grow
CEO Chawla resigns across segments

P E
aytm said on Tuesday that Surinder lectric vehicle (EV) retail sales in India
Chawla had resigned as the CEO and MD increased last fiscal with all the segments,
of its banking unit Paytm Payments Bank including passenger vehicles and two-
“on account of personal reasons”. wheelers, witnessing enhanced registrations,
The company said the resignation would be according to automotive dealers’ body FADA.
effective from 26 June but did not shed light on The overall sales of electric passenger
any potential successor to Chawla. vehicles rose to 90,996 units in 2023-24 as
The exit follows the stepping down of Paytm’s compared to 47,551 units in FY23, registering an
top boss Vijay Shekhar Sharma as non-executive increase of 91%.
chairman of Paytm Payments Bank, as part of a Tata Motors led the segment with
major board overhaul that followed a central registrations of 64,217 units, up 66% over 38,728
bank clampdown on the digital payments firm’s units in the 2022-23 financial year. Similarly,
banking unit. registrations of electric two-wheelers rose by
The Reserve Bank of India had asked Paytm 30% to 947,087 units in 2023-24 fiscal as
Payments Bank to wind down its operations by compared to 728,205 units in FY23. Ola Electric
15 March due to persistent compliance issues led the space with retail sales of 329,237 units,
and supervisory concerns, triggering a followed by TVS Motor Company with
meltdown in Paytm’s stock. registrations of 182,969 units. Electric three-
Paytm’s shares are down nearly 50% since the wheeler retail sales rose 56% to 6,32,636 units
RBI’s order against its banking unit. They last fiscal as against 404,430 units in FY23. PTI
settled 2% lower on Tuesday. REUTERS

Women dressed in traditional attire participate in a rally on ‘Gudi Padwa’, the Maharashtrian New Year, at Girgaon in Mumbai, on Tuesday. PTI

Faced with pilot woes, Vistara has cut 25-30

Poll candidates don’t need to With the added assembly line, the total capacity at
Manesar stands at 900,000 vehicles per annum. PTI
flights daily or 10% of its total capacity.

Airfares to rise
REUTERS

reveal every asset they own: SC Maruti ups capacity

at Manesar facility
amid Vistara woes
M
aruti Suzuki India (MSI) on Tuesday

T
ravellers will have to shell out more for
domestic flights this summer season,
with airfares surging 20-25% amid
Vistara flight cancellations and strong air
travel demand, according to industry experts.
At a time when peak summer travel period
is round the corner, the airline industry is
grappling with challenges in scaling up
said it has expanded the production
Apex court said a candidate’s right to privacy is unaffected by issues unrelated to voters capacity of its Manesar facility by
100,000 units per annum.
The auto major has added a vehicle assembly
Utkarsh Anand defect, much less a defect of a substantial charac- furniture, etc., unless they were of such value as to line to the existing Plant-A of the three
letters@hindustantimes.com ter,” declared a bench of justices Aniruddha Bose constitute a sizeable asset or reflect upon his candi- manufacturing plants functioning at Manesar,
NEw DELHI and Sanjay Kumar. dature in terms of his lifestyle and require to be dis- in Haryana.
The ruling marked a significant stance on the closed. “The new vehicle assembly line has the

capacity to match demand and are even using
larger aircraft on domestic routes.
Faced with pilot woes, Vistara has cut 25-30
flights daily or 10% of its total capacity, a
development that comes when the country’s
airline industry is already operating with
reduced number of aircraft due to the
bankruptcy of Go First and grounding of over
70 planes by IndiGo over engine issues.
An analysis by travel portal ixigo showed
that spot fares on certain routes jumped up to
39% during the 1-7 April period compared to 1-
7 March period.
During the given period, the one way spot
fares for Delhi-Bengaluru flights climbed
39%, while it rose 30% for Delhi-Srinagar
flights.
T
he Supreme Court on Tuesday held that privacy rights of candidates versus the public’s Underscoring the balance between a candidate’s capability to manufacture 100,000 units per
an electoral candidate’s right to privacy right to information, adding to a string of landmark privacy and the voters’ right to know, the court annum,” MSI said in a statement. With the
remains intact for matters irrelevant to judgments from the specified that while additional assembly line, the total
voters or his public role, clarifying that Supreme Court, significant assets manufacturing capability at Manesar stands at
candidates are not mandated to reveal which has played a The ruling marked a significant must be disclosed, 900,000 vehicles per annum, it added.
every asset owned by them or their dependents, pivotal role in steer- stance on the privacy rights of there is no need for “We aim to nearly double our capacity to 4
but only those that significantly influence their ing electoral reforms an exhaustive list of million vehicles per annum over the next 7-8
public image or lifestyle and have a bearing on an to ensure transpar- candidates versus the public’s all personal prop- years and this capacity addition of 100,000
elector’s choice. ency, accountability right to information erty, regardless of vehicles per year is a step towards this goal,”
“We are not inclined to accept the blanket prop- and fairness in the whether they are MSI managing director & CEO Hisashi
osition that the candidate is required to lay his life democratic process. substantial in value Takeuchi said. PTI
out threadbare for examination by the electorate. As the court addressed the argument that voters or suggest a lavish lifestyle. It stressed that a candi-
His right to privacy would still survive as regards have an absolute right to know all details about a date’s right to privacy is unaffected by issues unre-
matters which are of no concern to the voter or are candidate, it maintained it was not necessary that lated to voters or his public position, holding that
irrelevant to his candidature for public office. In
that respect, non-disclosure of each and every asset
a candidate declare every item of moveable prop- not all moveable assets must be disclosed unless
erty that he or his dependent family members own, they have a substantial impact on the candidate’s
Dixon to buy stake
PTI owned by a candidate would not amount to a such as clothing, shoes, crockery, stationery and public persona or lifestyle.
in Ismartu India

L
eading contract manufacturer Dixon
Housing sales rise Technologies (India) will acquire a
‘Chandrayaan-4 mission in process’ majority stake in Ismartu India, a firm
68% in Jan-Mar engaged in electronics and mobile devices
manufacturing, in an all-cash deal.
He was interacting with the The company has entered into a share

H
ousing sales rose 68% in value terms to
nearly ₹1.11 trillion during the January-
March period across major cities on
higher volumes as well as price appreciation,
according to PropTiger.
In its quarterly report ‘Real Insight
Residential—January-March 2024’, real estate
brokerage firm PropTiger.com said that
housing sales in value terms rose to ₹1,10,880
crore in the January-March period of this
calendar year from ₹66,155 crore in the year-
ago period.
Vikas Wadhawan, group CFO of REA India
and business head of PropTiger.com, said,
“Growth in housing sales both in volume and
Indian Space Research Organization (Isro)
chairman S. Somanath.
media after attending the twentieth
anniversary of the Sat Paul Mittal School
in Ludhiana, Punjab.
Dr Somanath said that Indian Space
Research Organisation is committed to
its mission for the moon.
He said that Prime Minister
Narendra Modi had set the country’s
target of landing on the moon in early
2040s and Indian Space Research
Organisation is on a continuous
exploration mission.
The Indian Space Research
AP Organisation chairman S. Somanath
said, besides space research, the
Nicaragua argued that Berlin’s support to Israel
enables acts of genocide in Gaza.
Germany taken to
purchase agreement to acquire 50.10% stake in
the first tranche from Ismartu Singapore,
Transsion Technology Ltd, 5A advisors LLP.
“Tranche I shares will be acquired by the
company for an aggregate initial consideration
amount of ₹238.36 crore, subject to pre-closing
and post-closing adjustments in accordance
with the terms of the share purchase
agreement,” it said.
Ismartu, which operates under brand names
of ‘Itel’, ‘Infinix’ & ‘Tecno’ has three
REUTERS manufacturing facilities in Noida and is among
market leaders in feature phones categories in
India. PTI

UN court over Israel

I
value terms augurs well for the overall
economy as more than 200 ancillary
industries, including cement and steel, are
dependent on the real estate sector.”
In terms of area, housing sales surged 63% to
162 million sq. ft in the first quarter of this
calendar year from 99 million sq. ft in the
ndian Space Research Organisation
chairman S. Somanath on Tuesday
said the Chandrayaan-4 mission is in
the “process of developing”.
He said space research is a continuous
process and the country is on the
trajectory of “great progress”.
organisation is also engaging and
involving students across the country in
various technology development
Dhananjay Singh
G
projects. ermany on Tuesday strongly rejected a case
In August last year, India’s moon
mission Chandrayaan-3 touched down
brought by Nicaragua at the United
Nations’ top court accusing Berlin of new Merck Life MD
on the lunar south pole. PTI facilitating breaches of the Geneva Convention

corresponding period of the previous year. PTI and international humanitarian law by providing
arms and other support to Israel in its deadly
assault on Gaza.
“The minute we look closely, Nicaragua’s
March is 10th consecutive month to be hottest on record accusations fall apart,” Christian Tams, a
member of Germany’s legal team, told the 16-
judge panel at the International Court of Justice.
M
erck India on Tuesday said Dhananjay
Singh has taken over as the Managing
Director (MD) of Merck Life Science in
India, in addition to his current position as
head of science & lab solutions commercial,
India.
He took over effective 1 April 2024 from

F
or the 10th consecutive month, Earth in March set a new monthly record
for global heat—with both air temperatures and the world’s oceans hitting
an all-time high for the month, the European Union climate agency
Copernicus said. March 2024 averaged 14.14 degrees Celsius (57.9 degrees
Fahrenheit), exceeding the previous record from 2016 by a tenth of a degree,
according to Copernicus data. And it was 1.68 degrees Celsius (3 degrees
Fahrenheit) warmer than in the late 1800s, the base used for temperatures
before the burning of fossil fuels began growing rapidly.
Since last June, the globe has broken heat records each month, with marine
heat waves across large areas of the globe’s oceans contributing.
Scientists say the record-breaking heat during this time wasn’t entirely
surprising due to a strong El Nino, a climatic condition that warms the central
Pacific and changes global weather patterns. Climate scientists attribute most
of the record heat to human-caused climate change from carbon dioxide and
methane emissions produced by the burning of coal, oil and natural gas.
On Monday, Nicaragua urged judges to order
a halt to German military aid to Israel, arguing
that Berlin’s support enables acts of genocide
and breaches of international humanitarian law
in Gaza. The head of Germany’s legal team,
Tania von Uslar-Gleichen, said Nicaragua’s
claims “have no basis in fact or law. They are
dependent on an assessment of conduct by
Israel, not a party to these proceedings.”
Preliminary hearings held Monday and
Tuesday are focused solely on Nicaragua’s
request for so-called provisional measures,
including a court order for Berlin to halt military
Scientists attribute most of the record heat to human-caused climate and other aid to Israel and reinstate funding to
AP change from carbon dioxide and methane emissions. MINT the UN aid agency in Gaza. AP
Sreenath N.S., who is retiring after 36 years of
service with Merck in India, the company said
in a statement.
In his role as the MD, Singh will be
responsible for driving the Life Science
strategy in India, ensuring governance and
compliance alongside other leaders from
Merck’s businesses in India, it added.
“As an expert with 26 years with Merck,
Dhananjay has been instrumental in shaping
the Science and Lab Solutions Commercial
business in India and is exemplary in his
commitment to advancing scientific progress
in partnership with our customers,” Merck
India country speaker Pratima Reddy said. PTI
10 WeDNesDAy, 10 April 2024
NeW Delhi LONG STORY LIVEMINT.COM

VISTARA’S STAFF CAUGHT

IN merGer TurbuleNce
As Vistara merges with Air India, some employees aren’t sure about their future in the group

File photo of a Vistara aircraft. The airline, a joint venture between Tata Sons and Singapore Airlines, commenced operations in 2015. PTI

Anu Sharma & Mihir Mishra unhappy pilots negotiated with the man-
anu.sharma@livemint.com agement but an ultimatum came in mid-
NeW Delhi March to agree to the new structure.
“The problem is not so much with senior
Later that year, the Tata group announced
a merger between Air India and Vistara.
Vistara is currently a 51:49 joint venture
of Tata Sons and Singapore Airlines and
being made (to Vistara employees) will be a majority stake in 1953); between employ-
mint
SHORT completely based on merit,” he said. ees who want to delight customers and
STORY While Vistara employees feel that they nat- employees who for decades may not have
urally merit a space in the merged entity cared about market share growth.

A
round 2017, two years after pilots or commanders. It is mainly with jun- commenced operations in 2015. Post the because they launched a full-service airline “Vistara created a stronger brand with
Tata SIA Airlines Ltd, which ior pilots like us. Also, there is no clarity on merger, Singapore Airlines will hold a WhAt and grew the business in a fiercely competi- strong customer loyalty. They don’t want to
operates the airline Vistara, our career progression, or upgrading to fly- 25.1% stake in the merged entity. tive market, Air India’s executives do not play second-fiddle at Air India,” said an
began operations, a board ing long-haul on bigger aircraft,” said a first A transformation team, set up by Air Vistara is merging with Air India. quite agree. “Vistara and its employees have industry executive who has previously
member brought up an unu- officer who did not want to be identified. India, is facilitating the merger. The team Not all employees are happy done a great job of starting an airline from headed airline operations. He didn’t want to
sual matter. In a meeting at the airline’s Senior pilots are more in demand because has three executives each from Vistara and with the roles and salary they scratch and establishing it but the require- be quoted. Air India, the executive added,
headquarters in Gurugram, he pointed out there is a shortage in the industry. They can Air India, besides consultants from the Bos- would receive in the merged ments at Air India are different,” the executive cannot implement the Vistara style of work-
that the airline’s cabin crew members easily do more flying hours unlike first offi- ton Consulting Group, an American man- entity. Some pilots, for instance, quoted above said. He explained that Air India ing without clearing out some factions, and
weren’t comfortable enough in the shoes cers, where currently there is no shortage. agement consulting firm. It is headed by have been protesting. is already an established airline and now, the learning about people who genuinely create
they wear during flights. India produces about 500 pilots a year, Vistara CEO Vinod Kannan, who has also company needs expertise so that it can com- value versus those who manage bosses well.
In the aviation industry, the issue of according to industry estimates. After train- been designated as the chief integration pete with the best airlines in the world. For “The Vistara style came from focusing on
uncomfortable crew shoes is not a Vistara- ing, they all join as junior pilots. officer. Other members from Vistara NoW instance, Air India wants to aggressively the basics, and finding ways to delight cus-
specific problem. All airlines face it but dress “Many of us have concerns about joining include the airline’s heads of flight opera- expand operations internationally. Vistara’s tomers. Today’s Air India is not J.R.D. Tata’s
code requirements prevent most airlines from Air India since we feel that the new system tions and human resources (HR). Repre- While Vistara employees feel employees don’t have much experience in Air India. Vistara came closest to inheriting
looking for alternatives. Vistara, whose female may not be fair to Vistara employees,” the sentatives from Air India include its HR that they naturally merit a space international operations. Second, because it and following the great man’s legacy,” the
cabin crew members wear aubergine-and- pilot quoted above added. head and Nipun Aggarwal, the chief com- in the merged entity because was government owned, Air India has legacy executive further added. Basics, he
gold trouser suits designed by fashion house “The way we are being treated now has mercial and transformation officer. Several they launched a full-service headaches to deal with, and many operational explained, include things like keeping the
Abraham & Thakore, too, couldn’t make led to a lot of anxiety. Many of us are already department-specific sub-teams report to airline and grew the business, Air issues to resolve. As a government entity, cost plane tidy, making sure the seats and that
changes because it would have compromised looking for a job,” an employee who is not the transformation team. India’s executives don’t agree. of operations wasn’t much of a bother for Air seat belt straps are not tainted. Not every-
the design and colour scheme of the uniform, a pilot said. This employee, too, didn’t want Together, they have the difficult task of India but under the Tatas, streamlining one agrees with that view.
the executive recalled. to be identified. Vistara, in a statement finding suitable placements for Vistara expenses—which may include renegotiating “Air India is a behemoth that has seen off
“Normally, such issues are not raised at issued on 6 April, said that 98% of the pilots employees in the new Air India. The trans- Why supplier contracts—is a priority. incompetent government management
the board level. However, any employee have agreed to the new pay structure. So, formation team is also facing the brunt of Vistara, being a startup, may not have exec- and ridden over the difficulties of the
issue was taken up very seriously back then only a minority are still resisting. employee angst. The two airlines are at different utives with experience in handling such com- Indian Airlines merger. Vistara, on the
with an intent to address Vistara currently has stages of growth. For instance, plexity, he said. other hand, is an airline
it,” said a former Vistara over 6,000 employees, SIze mATTerS Vistara’s employees don’t have “Air India’s challenges that never lived up to
Vistara had a share of 6.9% much experience in handling While Vistara generated
executive who didn’t
want to be identified. The
airline did not comment
in February 2021. The share
including more than
1,000 pilots. Nonethe-
less, the question is if this
T o be fair, the Tata Group did try to calm
the nerves. In early 2023, Bhaskar
Bhat, Vistara’s former chairman, held a
international operations, where
Air India wants to expand.
and path to growth are
going to be very different
and all Vistara employees
revenue of ₹11,784 crore in
expectations,” said Vir
Sanghvi, television pre-
senter and columnist
on Mint’s query regard- inched up to 9.9% in February discontent and anxiety town hall for employees. He said that may not fit the bill at the 2022-23, Air India is nearly 3 who writes regularly on
ing this board meeting. 2024. In comparison, IndiGo will impact Air India’s employees need not worry about their levels they are at today,” times bigger—it generated food and travel. Air India
Cut to 2024. There is a operations, going ahead. future in the merged entity since they have as ground services, revenue and corporate he added. and Indian Airlines
sea-change in how has gained more in the Will it add to a host of a proven track record of establishing an air- communications have already quit, point- “We have mentioned ₹31,377 crore during the year, merged in 2007. Until
employee concerns are other integration chal- line that is admired by many. ing to the lack of desired roles or role over- earlier as well that the then, Air India mostly
now being handled, sev- same period. lenges the Tata Group “This town hall addressed most of the laps in the merged entity. Like we men- integration of Air India- regulatory filings show. operated on interna-
eral people Mint spoke to faces? Any integration concerns and employees were hopeful that tioned earlier, pilots started resisting the Vistara is a merger for tional long-haul routes
alleged. Some employees, particularly pilots, has finance, legal and cultural threads that all of us would be absorbed in the merged uniform pay structure since February. growth and presents immense future pros- while Indian Airlines operated on domestic
have been offered a ‘take it or leave it’ deal as need to be connected. entity,” said an employee, who did not want pects for the workforce of the merged air- and international short-haul routes.
Vistara merges with Air India, the airline the “In any integration, whether it is steel, to be identified. Nonetheless, some The vIew from AI line. As we proceed with the process, we are “With Singapore Airlines, one of the
Tata Group took over in January 2022. What aviation, motor, chemicals, there are cul-
we found was significant discontent and anxi- tural issues. When I was in service 15 years
ety about the future among a section of the ago, when we were doing a lot of interna-
employees couldn’t find roles that match
their current designation.
Recently, an executive from Vistara met
W hat does Air India think of employ-
ees joining them from Vistara?
Air India has embarked on a five-year
committed to offering fair and equitable world’s best airlines, and the Tatas behind
opportunities to all employees of both air- it, there was every expectation that it would
lines and ensuring that employees of Vistara be one of Asia’s great airlines. Instead, it has
staff. The issue came to the fore earlier this tional acquisitions, there was financial due the transformation team and requested transformation plan titled ‘Vihaan.AI’. It is find meaningful and relevant roles in the been curiously underwhelming, not even
month after Vistara had to cancel nearly diligence, legal due diligence and we also that a deputy general manager (DGM), one centred around five key pillars—customer integrated entity,” a spokesperson from Vis- as good as Jet Airways was at its peak; and it
30-50 flights per day—pilots started to report prepared a kit for cultural due diligence,” R. of the better performers, be given a similar experience, robust operations, talent tara said in response to queries from Mint. has none of the excuses available to Air
sick, in protest against a new pay policy first Gopalakrishnan, a former director at Tata designation and role in the merged entity. development, industry leadership and “Although the transition may involve India to explain its shortcomings,” he
announced in February this year. Sons and the current non-executive chair- “He was told that a DGM in Vistara can’t be commercial efficiency. Clearly, the airline adjustments, our priority remains the pro- added. Going by market share gains, Vis-
The Tata Group is seeking to implement man of Castrol India, said. compared with a similar ranking officer in needs talent who can execute plans around fessional development and well-being of our tara’s performance does seem under-
a uniform pay structure, which effectively “Cultural issues come out of people, Air India. That the same designation won’t these pillars. A year ago, in March 2023, employees. Our commitment to our staff whelming. According to data from the
reduces the salaries of Vistara pilots by financial issues out of transactions and legal happen,” said an employee in the know Mint quoted Campbell Wilson, the CEO remains unwavering as we move ahead in Directorate General of Civil Aviation, Vis-
bringing them at par with Air India. Under issues out of structures. Structures, people, who didn’t want to be identified either. and MD of Air India, in a report: “We are this transformative phase, offering ongoing tara had a share 6.9% in February 2021. The
the new structure, already followed at Air and transactions are what constitute the The roles aren’t comparable because Air looking at what we do differently moving support and guidance to ensure a seamless share inched up to 9.9% in February 2024.
India, the pilots of Vistara will get a fixed three cables that need to be connected,” he India is a far bigger airline. While Vistara forward. One, we need to attract and retain transition for all,” the spokesperson added. In comparison, IndiGo, the current market
salary for 40 hours a month, instead of 70 added. We will circle back to the culture currently has a fleet of 70 aircraft, Air India talent to support our growth and improve leader of Indian skies, has gained more in
hours they received earlier. In addition, clash at Vistara-Air India a bit later. First, a has double the number at 142, as per air- our capability. We need to adopt a more CulTure ClASheS the same period—from 54.2% in February
pilots will receive payment in lieu of extra quick peek at people leading the integration.
flying hours and rewards based on the years
of service. The new structure would result A Tough TASk
craft tracking website Flightradar24.
While Vistara generated revenue of ₹11,784
crore in 2022-23, Air India is nearly three
performance-oriented culture with clear
objectives, and consequences for under-
performance.” A senior Air India executive,
O ne of the executives quoted above 2021 to 60.1% in February this year.
hinted at two different cultures. The While employee discontent and protests
culture clash is between a new company can result in short-term disruption, things
in a monthly pay reduction between
₹80,000 and ₹1.4 lakh for first officers or A ir India was acquired by the Tata Group
under a government-led strategic dis-
junior pilots, they estimated. Some investment programme in January 2022.
times bigger—it generated ₹31,377 crore
during the year, regulatory filings show.
Some executives from departments such
who did not want to be identified, reiter-
ated this view. “Attempts will be made to
bring everyone on board but the offer
and an old corporation (Air India was will eventually settle down for the merged
founded by J.R.D. Tata as Tata Airlines in entity, experts said.
1932 and the government of India bought mihir.mishra@livemint.com
LIVEMINT.COM
Demat or SOA: Know how to
choose the right account
SOA is free, while demat accounts have multiple options for those interested in active trading
Sashind Ningthoukhongjam
sashindnj@livemint.com
M
utual fund (MF) inves-
tors in the country are
spoilt for choice. There
are 1,500-odd MF
schemes that vie for
investor attention. So, after making
the right choice, what happens to the
MF units that you buy? Read on.
There are two ways to store your MF
units—in a statement of account (SOA)
with an asset management company
(AMC) or a demat account with a
depository participant (DP) such as the
Central Depository Services Ltd
(CDSL) or the National Securities
Depositories Ltd (NSDL). SOA is a tra-
ditional electronic record keeping sys-
tem and demat is the electronic for-
mat for holding MF units.
When you buy a mutual fund, your
money is first sent to the AMC and
simultaneously an order is passed to
the registrar and transfer agencies
(RTAs). There are only 2 RTAs cur-
rently registered with market regula-
tor Sebi and handle record-keeping
and transactions for mutual funds and
equity investments. After the money is
received and the details are validated
by the RTAs, the units are allocated
and stored in the RTA’s system using
your details. This is the SOA format. In
case of a demat, the RTA sends the
holding details to a DP, which mana-
ges the investor’s account.
A demat account is better if you
trade frequently, want to manage a
diversified portfolio, or invest in
exchange traded funds (ETFs). There
is also less flexibility if you want to
change your broker.
Fintech firms like Zerodha and
Upstox store your MF units in the
demat format, whereas others like
Groww, Paytm Money, Kuvera, and
Dhan keep it in the SOA format. To be
sure, a majority of these firms use the
stock broker license to sell mutual
funds. This means that they require
you to open a demat account regard-
less of the units being stored in the
SOA format.
Kuvera operates using the RIA
license and does not require you to
open a demat account.
In SOA, you can redeem the MF
units by entering the exact amount (in
rupees, based on the value of the unit)
that you want to withdraw. In demat,
investors can buy or sell only in terms
of units. This becomes an issue since
the value of the unit changes daily. So,
if the value of 10 units is ₹10,000
today, it could rise to ₹12,000 or fall to
₹8,000 based on whether the markets
go up or down on that day.
The demat format also does not
support systematic transfer plan (STP)
or systematic withdrawal plan (SWP).
STP allows you to shift seamlessly
from one mutual fund to another of
the same AMC. For instance, you can
shift from HDFC liquid plan to HDFC
mid-cap fund without redeeming your
funds. SWP allows you to withdraw
money in defined intervals as opposed
to SIP where you invest a particular
amount every month or quarterly.
Bhuvanesh R, business analyst at
Zerodha’s Coin, India’s largest direct
MF platform, said that although SWP
is not inbuilt in the demat ecosystem,
the company has built its own API, or
application programming interface, to
support this feature. However, the
HOW THE NATIONAL PENSION SCHEME CAN BE UTILIZED FOR EARLY RETIREMENT
POWER
POINT
M R I N AG A RWA L
We welcome your views and comments at
mintmoney@livemint.com
A
n argument that is often heard against the National Pen-
sion Scheme(NPS) is the long lock-in till age of 60 years.
Another concern is the accessibility of the corpus in case
of early retirement.
Subscribers have for long been used to defined benefit scheme
like the employee provident fund which gives a fixed return and
find it difficult to estimate the corpus in NPS. They worry about
how markets could be in the long run and the uncertainty associ-
ated with not getting a fixed return. One of the reasons annuity
plans from insurance companies have so much acceptance is
because they are sold with the promise of a certain amount and
pension based on that.
However, these options may not provide a sufficient retire-
ment corpus, given the limited returns in these plans. Based on
current expenses of ₹75,000-1 lakh, the retirement corpus
MINT MONEY WeDNesDAy, 10 April 2024
NeW Delhi 11
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
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
rates on offer. Here is a list of banks that offer the
highest FD rates for deposits up to ₹1 crore over
various tenures.
Interest rates (%) for fixed deposits up to ₹1 crore
6 months 1 to < 2 2 to < 3 3 to < 5 5 years
to < 1 year years years years and above
DCB Bank 6.25-7.25 7.15-7.85 7.55-8.00 7.40-7.90 7.25-7.65
Axis Bank 5.75-6.000 6.70-7.20 7.10 7.10 7.00
HDFC Bank 4.50-6.00 6.60-7.25 7.00-7.15 7.00-7.20 7.00
IndusInd Bank 5.00-6.50 7.75 7.25-7.75 7.25 7.00-7.25
IDFC First Bank 4.50-5.75 6.50-7.75 7.25-7.75 7.00-7.25 7.00
RBL Bank 4.75-6.05 7.50-8.10 7.50-8.10 7.10-7.50 7.00-7.10
YES Bank 5.00-6.35 7.25-7.75 7.25 7.25 7.00-7.25
ICICI Bank 4.75-6.00 6.70-7.20 7.00-7.20 7.00 6.90-7.00
Best way to hold your mutual funds Canara Bank 6.15-6.25 6.85-7.25 6.85 6.80 6.70
When you invest in MFs, your units are either stored in demat or in the statement Dhanlaxmi Bank 6.50 6.75-7.25 6.50-6.75 6.50-6.60 6.60
of account (SOA) form. Federal Bank 5.00-6.00 6.80-7.50 7.05 7.00 6.60
SOA: The AMC issues the units directly and these are parked with RTAs.
Bank of Baroda 5.60-7.10 6.85-7.15 7.25 6.50-7.25 6.50
Demat: Here, the units are held by a depository participant.
Can I buy ₹10,000 worth of a mutual fund? Can I pledge my MFs to get a margin? Indian Overseas Bank 5.75 6.90-7.30 6.80 6.50 6.50
Yes, you can do that. No, but you can take a loan against it. Punjab National Bank 6.00-7.05 6.75-7.25 6.80-7.00 6.50-7.00 6.50
No, you have to enter your order in units*. Yes, you can pledge and get a margin. State Bank of India 5.75-6.00 6.80-7.10 7.00 6.75 6.50
How can I view all my MFs in one place?
When I retire, can I do a SWP? Union Bank of India 4.90-5.75 6.50-7.25 6.50 6.50 6.50
Visit the RTA website to download a
Sure, you can also do a STP. consolidated statement. Jammu & Kashmir Bank 4.75- 6.00 7.10 7.00 6.50 6.50
SWP and STP are not supported* You can view holdings directly in account. Data taken from respective bank's website as on 4 April 2024; Only main entity of the merged banks are taken. Banks which merged
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
What if I lose access to my account?
How much does it cost? Source: www.Bankbazaar.com
There's no transaction fees. Can use RTA website, AMC, and MFU to transact.
Cannot transact anywhere else.
Transaction and account fees may apply.
Can I transfer my MFs without selling them?
Can I invest in ETFs and shares?
You need to open a demat account.
No, you cannot transfer. You will have to sell.
You can transfer MFs to another demat as a gift.
Are NRIs allowed to take loans
You can invest in ETFs, shares, and bonds.
What about nominations in case I die?
Which popular apps store MFs?
from their siblings in India?
A separate nomination is needed for each AMC. ISTOCKPHOTO
Groww Paytm Kuvera MFU Zerodha Upstox Harshal Bhuta
Single nomination for entire account. Money (Coin)
Final verdict: SOA outperforms demat, the clear winner in 5 out of 9 key areas. I am a non-resident Indian
(NRI) living in Germany. I
*Some brokers allow buying/selling in rupees using their infrastructure
have recently sold an
SOA: Statement of accounts. SWP: Systematic withdrawal plan. STP: Systematic transfer plan. RTA: Registrar and transfer agency.
ETF: Exchange traded funds. AMC: Asset management company. MF: Mutual funds immovable property in
India and reinvested the
PRANAY BHARDWAJ/MINT
sale proceeds (post tax
firm still does not have the STP feature investment advisor (RIA), usually rec- tors can take loan against MF units deducted at source) in
yet. It is currently designing an API ommends the SOA route to most of his even if it’s in the SOA form. another residential prop-
that will allow STP between schemes clients. However, he recalled that in To be sure, margin loans can only be erty as per instructions of
of different AMCs. one instance, one of his clients wanted used to buy securities for the demat my tax consultant to save
As for fees and charges, SOA simply to send money to his daughter and account. tax in India. Though the
scores over demat. While maintaining Kumar recommended the opening of The right platform capital gains will not be
an SOA account is free, the demat for- a demat account. The client could use Choosing the right platform for taxed in India, I will still ASK MINT mode of receipt would come
mat may involve account opening and it to buy debt MFs and transfer these to your investments is important. Fin- have to pay capital gains m N R I TA X AT I O N under the LRS framework
transaction fees and even annual his daughter. The demat route not only tech firms currently allow you to tax in Germany. Since I that will be applicable to your
maintenance charges. But a demat helps transfer MF units seamlessly but choose from a host of MF schemes but invested the sale proceeds sibling.
account comes with its own advanta- also reduces tax liability. That’s you need to decide whether you want in a new property in India certain conditions such as Also, the transfer of funds
ges. You can use it to hold because debt MFs are to hold the units in demat or the SOA already, I find myself short minimum tenure, end use would be subject to TCS (tax
other assets such as There are only taxed as per an individual format. on funds to fulfil my tax negative list, mode of repay- collected at source) payment
bonds, shares and ETFs. 2 RTAs that tax slab rate on redemp- There are other ways to invest as obligations in Germany. I ment, etc. One of the condi- in India for your sibling and
While an SOA allows you handle tion. well. You can also invest directly using am considering seeking a tions also state that the loan such TCS can be claimed by
to download an elec- record-keeping In the above case, an AMC’s website (or app) which temporary loan from my amount cannot be remitted your sibling as a credit
tronic consolidated
and transactions Kumar’s client was in the stores your units in SOA. The only sibling who resides in outside India. towards eventual tax liability.
account statement higher income tax bracket. drawback is that you have to create a India to cover the capital Additionally, a resident The transaction would not
(e-CAS) of all your hold- for MFs, equity If he gifted the debt MF separate account for each AMC. gains tax in Germany. individual is not permitted to be subject to tax in India for
ings in one place, a demat investments units to his daughter, the Another way is to use the service of the However, what will be the lend to any person outside you since gifting between sib-
account allows you to latter could redeem it at a Mutual Fund Utilities (MFU) platform. potential tax implications India in foreign exchange. lings does not attract tax in
track your assets in real lower tax rate. Mutual MFU is a transaction platform run by for my sibling? Therefore, unfortunately you India.
time. funds in SOA cannot be gifted. all MF houses under the aegis of the —Name withheld on request won’t be able to receive loan Harshal Bhuta is partner at
Easy transfer of assets is another Keeping mutual funds in demat also association of mutual funds in India. in any manner from your sib- P.R. Bhuta & Co. Chartered
significant feature of demat comes in handy for short-term traders. MFU allows you to hold units in SoA A resident individual is per- ling who is a resident in India. Accountants.
accounts—A single nomination works Mayank Lavania, senior product man- format. mitted to provide a rupee loan However, you may accept
for the entire gamut of assets held in it. ager at Fisdom Mutual Fund, said that Ravi Saraogi, a Chennai-based RIA, to any of their siblings in their the funds by way of a gift from Do you have a personal
In SOA, you have to enter a nomina- traders can pledge mutual fund units prefers the MF Utilities platform than NRO (non-resident ordinary) your sibling. Your sibling can finance query? Send in your
tion for each AMC. It also becomes and obtain a margin loan against it. fintech apps. He said fintech apps cur- account under the LRS (Lib- gift the funds to you in your queries at
easier to transfer units if you hold This is not possible if the units are held rently don’t earn any profit from sell- eralized Remittance Scheme) NRO account in India or in mintmoney@livemint.com
and get them answered by
them in demat format. in the SOA form. However, Kapil ing MFs and so they lure an user with framework. However, the your foreign bank account
industry experts.
Abhishek Kumar, a registered Nagal of Volt Money said that inves- offerings like futures and options. loan arrangement is subject to whichever suits you. Either
required at age 50, on an inflation adjusted basis, would be ₹6-8 Equity funds have better liquidity and the investor can choose the
crore for a 35-year old. For this, the individual will need to invest risk allocation, but the ability to remain invested is the biggest
₹1.5- 2 lakh per month assuming return on investment of 10% per
annum (p.a,). The amount to be invested if the individual wants
hindrance in building a good retirement corpus.
The question that begets is whether early retirement is even
to play safe and invest at 8% p.a. will be ₹2.5 lakh per month. possible, given the investment of ₹2-2.5 lakh per month. Remem-
Clearly, one needs to go beyond traditional investments to be ber this is only for retirement. Add to this other financial goals
able to reach the target. In order to retire at 50, individuals need and the investment amount rises by another ₹75,000 to ₹1 lakh
to assess their ability to invest such an amount and the options at least. This sort of an outlay is not easy. One can either take more
that can generate a 10% p.a. return. risk or delay retirement. Delaying
Equity mutual funds, NPS (active equity) and annuity schemes The advantage retirement means the investment
from insurance companies are the options which can be consid- that NPS has amount reduces by more than 50%.
ered for an expected (but not guaranteed) 10% p.a. return. Annu- This is much more doable than bank-
ity schemes as explained earlier are an easy choice since investors over equity ing on higher risk investments.
look at them as defined benefit plans. However, this is not so. The mutual funds is Early retirement is possible by
returns in insurance promoted annuity plans are not fixed and lower cost and investing the requisite amount in an
the returns during the accumulation phase(i.e. the period till the pension instrument which can grow well in the
retirement) could be low due to the high costs associated. accumulation phase and takes care of
The NPS, while locked in till age 60, does have a premature ISTOCKPHOTO regular income in the distribution
withdrawal option which allows subscribers to prematurely exit can be withdrawn tax free and 40% goes into an annuity. A new phase like the NPS. Inflation is a silent killer—ensure all invest-
the scheme, subject to their being invested in it for at least five feature in NPS also allows for withdrawal of the lump sum ment choices are evaluated on a post-tax, post-inflation basis.
years. So, persons wanting to retire at 50 can withdraw 20% of the amount periodically under a systematic withdrawal plan (SLW). Time is the greatest asset. Invest early and take the benefit of time
accumulated corpus, tax free, and an annuity needs to be pur- The advantage that NPS has over equity mutual funds is lower to compound your investment in the accumulation phase. In the
chased with the balance 80%. Subscribers also have the option cost and the pension. Retirees find it very difficult to plan for reg- distribution phase, use it to continue generating an income to be
to continue with the NPS by paying the minimum subscription ular income from their corpus, whether they are 50 or 60 years mentally engaged and reduce the pressure on the corpus to deal
amount every year and start the annuity at the age of 60. The old. This is something they do not need to worry about with NPS, with any deviations from the plan.
advantage there is that, at this point of time, 60% of the corpus since it provides periodic returns through pension and SLW. Mrin Agarwal is founder-director, Finsafe India.
12 WeDNesDAy, 10 April 2024
NeW Delhi
PROPERTY
NORTH DELHI
HIG 100 sqyd (Aes) =56 sqmtr 3Side
Drawing +3Bed+ 2Toilet+Lift, H.No.
121-122,pkt-16A,sec-22,Rohini.65L-GF
75L-FF,70lac-SF,95L-TF,const.on plot
with loan 9811134984,9650045100
PITAM PURA (CP-8) 188 Sq Yds, Corner
Ground, First & Second Floor (4-5 yrs
old) Luxurious 3 Beds, D/D, Lift, Stilt
Car Parking each flr, well maintained
Reasonable Price. call: 98911-08842
BEST INVESTMENT Option Sec 34,
35, 36, 37, 38 Availability of Plots
in Rohini. DDA Liaison Freehold of
Plots. 7042292279
ROHINI SALE/ Purchase Plots Alloted
by DDA Sector-1 to 38. Liaison/
Collaboration/ New Allotment
Investment. 9873409999
LUXURY 4 BHK for sale : 2000sq. ft.
4 side open front tower high floor,
renovated with onyx marble, view of
crown plaza, unity mall, Japanese
park. Sunlight all day, Builder flat
selling for 4+. Best deal available
at substantial discount only for
Navratras. Vasundhara apart., Sec-9,
Rohini. 9811255990, 7701823472.
5 BDR flat in Civil Lines 2nd floor 2250
sq ft apprx with personal lift, roof
with 3 rooms 1 toilet, walking
distance from civil lines metro
station. Deepak Gupta 9810121491
FREEHOLD PLOT 1100 sq yds for Sale
in Swaroop Nagar, Samaypur, Delhi,
GT Karnal Highway, Ideal for
hospital, warehousing, sub plotting
residential & commercial, contact
#87006 85501
WEST DELHI
FOR SALE Contact Self User In
Best Location, Well Constructed
Flat In 50 Sqyds In D-Block With
Terrace Right, Situated In Colony,
Arya Samaj Road, Near West
Uttam Nagar Metro Station, Uttam
Nagar, N.D-110059 Contact: R L
Sharma 9811842258, 9868407106
RAJOURI GARDEN Prime Comm. Cum
Res.2 side open 378 yds plot nr. Ring
Rd & Najafgarh Rd Walking dist.
Metro Stn clr title Cont. Owner:
8076161788.
FOR SALE Freehold commercial
property in Mayapuri, Phase-1, main
Road, Near Metro,1st,2nd & 3rd Floor
Area each- 1120 sq.ft, Ample
parking.# 9968049207
PUNJABI BAGH Club Road Ground
Floor Shops For Sale Area 200 Sq.ft
to 1650 Sq.ft Prime Location. 3 Side
Corner Property. Flexible Size
Options.Contact :- 9891062021
SOUTH DELHI
DEFENCE COLONY 325 Newly
Built, Third Floor with Terrace.
Contact: 9717665554
FOR SALE New Basement in 2/29,
Nehru Enclave Plot Size 200 Sq
Yard Prime Location Contact
Mobile 7838310164
VASANT VIHAR bungalow for sale 400
yd Stilt+Bmt+4 storied, well built,
peaceful location, reasonable price
Call:- Sanjay Malik 9810039071
Visit: www.malikestateagents.com
HAUZ KHAS SFS Flat First Floor 2
Bedrooms , Attached Baths, D/D,
Marble Flooring, Park Facing 1100
sq.ft Area Reasonable Price.
Cont - 8920694778, 8700177307
SOUTH EXT-2, 250Yd Shinning B+GF
Sept Prkg & GF @3.6; Def Col 325 Y
Stilts TF & Ter Prk @ 7.5; SDA & GK-
550 TF & Ter stilt@11; GK-500Y B+G
@10& SF@8 new Koti GK 9811522900
RENTED PROPERTY Fresh Lease
Jhandewalan Extension Area 1200
Sqft. Rent 75000 P.M. from March-
24 for Sale, also Ground Flr. 2600
Sqft. for Sale, Cont. # 9811128653.
9910002254
INDEPENDENT BUNGALOW Maharani
Bagh, 1100 sqyards East facing, Wide
Road, Excellent Visibility, Freehold
# 9910002254
FOR SALE Newly built 4 BHK, B-319 CR
Park, Delhi 160 sq. yds, 1st, 2nd &
3rd floor, with Lift, car prkg, &
servant qtr. completion certificate.
Max. Rental assured # 8587095020
VASANT VIHAR ( 800 ) Ground
basement & third floor with
terrace., 9810030231
SOUTH DELHI
DEFENCE COLONY -333 Sq Yds, Brand
New 3rd Floor with Terrace Garden,
Vastu Perfect Luxurious 3 BHK, S.Qtr,
Separate Gate Stilt Parking, Reputed
Builder, Ready to move. 98111-58677
PAMPOSH ENCLAVE Brand New: 198
Sq.Yards Ground Floor, 3 Bedrooms,
Drawing / Dining, Servant Quarter,
Modern Amenities, Genuine Buyers
Contact: 9582155755, 7982519998.
RAJESH
KATHURIA
981020-9711
GEETANJALI ENCLAVE D-6 -340 yds
Corner Park adjoining Basement /
Ground Duplex sept Lift & Driveway
also second floor 4 Beds D/D top of
the Line Const. Rajesh 9810209711
WANTED /AVAILABLE 400, 600,
1000, 2000 Yards Plots & Buildings
in Okhla Phase 1-2-3. Contact:
Ahuja :- 9910472730
ANAND NKTN Booking 400/275/200y
All Floor Avlb; Shanti Nktn 400y all
Floor Avlb; Vasant Vihar 800y B/G
Indp D'way; Booking 1000/800/600/
400/260y All Floor # 9899755500
NEW FRIENDS CLY
500 YDS. (F.F) 4 BHK CORNER
300 & 500 FLOOR BOOKING
FRIENDS COLONY
BASEMENT+GF
4 BHK 4500 SQ.FT
MAHARANI BAGH
750 & 800 FLOOR BOOKING
GULSHAN PROPERTIES
9811046119
SURAJ PURI
9811181629
DEFENCE COLONY 325 Sq. yds. Floors
basement Ground @12, First, second
@8 and Third with terrace @9.5
more options available for sale
Contact: Suraj puri 9811181629
MALVIYA NAGAR 125/200 Yds;Shivalik
200 Yds, Newly Built Designer Floors
3 Beds, D/D, S.Qtr, lift, Stilt Car Park-
ing, Ready/Under Const, Best Loca-
tions, Reasonable Price. 98111-91901
3 HECTARE Land Chattarpur Bhati
Mines on Main Road Best Location
Peacefull Place Best Deal Please
Contact # 7303758899, 7982397837
Broker Excuse.
VASANT KUNJ D-3,DDA-SFS G.Flr more
then 2000 Sft 4 BR, D/D, 4 Baths, All
Teakwood & Tata Iron Pipes, Marble
Floor,2 Car Park adj. Green Avenue &
Farms @ 3.90 Cr. Owner 9868960811
DEFENCE COLONY 325 Sq.Yds
Basement/Ground Floor 3Beds att.
Baths, D/D,Pujaroom,Separate
parking Newly built Asking 13.50cr
. Sharma 9811159645, 9971262433
7838871114
GK-1, DOUBLE Storey Bungalow,
Livable, Area 650 Sqyd, East facing,
Excellent Location, broker excuse,
Call 7838871114
WESTEND DIPLOMATIC Enclave Park
Facing Entire Basement & Ground
Floor, North Facing, Builtup Area
approximately 8500 sq ft, Excellent
Construction by Renowned Architect.
SOUTH EXTENSION-2, 500
Square Yards Independent House,
Also Gulmohar Park - 200 Park
Facing. Contact: 9717665554
SOUTH DELHI
FLOORS
FARM HOUSES
RAVINDER YADAV
9818935156
VASANT VIHAR All New 1000 Yds TF +
Terc / 600 TF / 400 TF @ 12.5 & 300
GF+Bmt/FF Westend 500 TF / 800 &
1200 FF /TF, The Greens 1.25 Acres
Kothi. Ravinder 9818935156
DEFENCE COLONY Brand New 278 Sq.
Yds, GF, Ready To Move, New Height,
Park Facing, Corner & Separate Gate
with Amazing Specifications.Genuine
BuyersCall 9810034770, 9810365930
CHITTARANJAN PARK, Park Facing,
Entire B+G Floor Stilt, 1st floor, 2nd
floor, 3rd floor with terrace 350sq.yd
with stilt parking with lift, complete
building avail.for sale # 9818462494
THIRD +TERRACE Well Maintained
4Beds Builder Flats 300y Sarvodaya
Green Park, GK-II Stilt Parking, Lift,
Servant Qtr Reasonable Price. Grover
Associates. 9810173911,01147094595
GK-I (208)Y 3 BR, SQ, Lift, Stilt Car 3.65
GK Encl-I (200)y 3 BHK Park fcng 3.75
GK Encl-III (217)y 3BHK Park fcng 3.75
CR Prk (160)y 3BHK,Lift, Stilt Car 2.75
GK (200)y 3 BHK old 2.75 -3cr options
VASANT VIHAR 3OO New Ground +
Basement / First Floor 4 Bedroom -
Lift - Parking - CC Third floor
with terrace also available
SDR : 9999785858, 9560672632
7838871114
NEW FRIENDS Colony, Independent
House, Area 480 Sqyd, Prime
Location, Company Transfer, Only
Genuine Buyer, Call 7838871114
G.K.-III (MASJID Moth) 250 Yds, Park
facing Newly Built Floor 4 Beds, D/D,
S.Qtr, Lift, Stilt Parking also 217 Yds,
Booking 3 BR Floors, Best Location,
Wide Road, Top Builder. 98111-91901
WESTEND DIPLOMATIC Enclave Park
Facing Entire Third Floor with
Terrace, 800 sq yds, North Facing
with Exclusive Lift and Swimming
Pool Option. Contact - 9818462494.
9910000257
SUNDAR NAGAR, 867 sqyd, second
floor with lift 2 car parking, well
maintained with S. qtrs., Broker
Excuse # 9910000257
JANGPURA EXTENSION Lawyers Pref.
Area. Ready / Booking Park facing
premium Apptts. Area 300/250/200
sq. yds. Chopra Associates.
9650992839, 9650702839
FOR SALE E-Block, East of Kailash
125yd Fully Renovated Third+Terrace
Right Built-up 3Bedrooms, D/D,
Freehold, East Facing, Reasonable
Price. Call: Owner Ajay - 9810371892
RAJESH
KATHURIA
981020-9711
VASANT VIHAR -400 facing park /wide
Road Basement/Ground duplex Sept
Lift & Driveway also Second & Third
Terrace specious 4 Beds D/D by
Reputed Builder Rajesh 9810209711
BUNGALOW : Anand Nktn 280/ 265/
200yd; 400yd Full Bldg; Vasant Vhr
2000/1200/800/600/400y; Westend
1200/ 500y; Shanti Nktn 1200/600y;
SJ 450y; H.Khas 300; # 9899755500
SOUTH DELHI
Bricks n yards
9971110380
GREATER KAILASH (1000) Yards Ultra
Luxury Floors Available Top Line
Construction Vastu Compliant Park
Facing Wide Road. Contact: Bricks n
yards- 9971110380, 9899784888
FOR SALE CR Park 125 Sq. yds,SF with
Terrace 2 BHK Park Facing 1.65 Cr.
160 yds FF with Lift stilt Car Parking
SQ 2.70 cr & 160 yds SF 3 BHK 2 cr
Contact 9311470405
GK, 400 3rd Flr +Terrace New @ 9.50
GK,300, 3rd New Wide Road @ 6.50
GK, 300/400 B+GF New @ 9 & 10.50
GK, 300 All Floors Park /East facing
Madhav 9717545629, 9810537700
SOUTH DELHI DDA Flat for sale at
South Park App, B-Block Kalkaji.
4 Bed Rooms 3 Toilets corner house
Ground & 1st floor duplex flat
Contact 9082254698
TWO & three Bedroom Flat for Sale at
Badarpur Ext. with Lift & Registry,
0km from Metro Station & Mathura
Highway. Ready to move. Cont : Mr.
Solanki 9871083494, 9810101553
VASANT VIHAR ( 1250 ) Bungalow.,
9810030231
GREEN PARK Sale House 200/300/
500Sq.yds; South Extn-II 500sq.yds,
Park Facing Floor Vasant Vihar,
Anand Lok, Niti Bagh, Geetanjali,
Sarvodaya, Green Park. 9810223443
BOOKING DEFENCE Colony ( 325 Yds)
4 BHK , First Flr Also Lajpat Nagar -2
(175 Syrds) 3 BHK, All floor Available.
Reasonable Price.Contact Rattan Jha
9810381356, 9810265234
RAJESH
KATHURIA
981020-9711
ANAND NIKETAN -300- Best Location
wide Road Basement /Ground with
separate Lift & Driveway also Second
& Third Terrace specious 3 Beds D/D,
stilt, top Builder. Rajesh 9810209711
GREATER KAILASH 550yds Grnd.
Bmnt triplex & 3rd floor penthouse,
Sprt lift, excl prkg, Pamposh 500 yds
Cor. Grnd Bmt triplex GK corner
500/600 yds Ready floors Pahwa
9810888826
ANAND NIKETAN 200 yards Ready
to move park facing Ground Floor
and Basement Third Floor with
terrace garden Akshay Sharma
# 9999785858
9910003307
KOTHIS FOR Sale Anand Lok 855yds
Green View Location on Wide Road
also SDA 285yds Newly Renovated
Bmt to 3rd with lift and stilt.
Call - 9910003307
ANAND NIKETEN -300- Best Location
Wide Road Basement /Ground also
Second & Third Terrace, Specious 3
Bedrooms D/D, dedicated Parking
Rajesh Kathuria 9810209711
BUILT FARM: 1210/1500/1700/2420 Yd
1 Acre in DLF Chattarpur, Sultanpur,
Radhey Mohan, Ansals, Club Drive,
Vasant Kunj & nearby areas of South
Delhi, All Registry Deals. call: Harsh
SAFDERJUNG ENCLAVE A-2 Block
Kamal cinema Road, 500 sq yds, first
floor @6.75, B-5 Block, Basement
Ground, 208 sq yds, 6 year old @5.75
both high cheque. # 9818202308
4.8 ACRES Asola Land @ 9.50 (Nego.)
Dera Mandi 1/2 Acre 5BHK Pool @ 18
Mother Teresa 1200y 5BHK Pool @13
3rd Avenue 1200y 5 BHK, Pool @ 17
Asola 2 Acre 5 BHK/ 2.5 Acre @22-24
WEST END ( 500 ) Third floor with
terrace., 9810030231
SHANTI NIKETAN ( 800 ) first floor.,
9810030231
CENTRAL DELHI
BEAUTIFUL FLOORS /Houses available
in R-Block New Rajinder Nagar. Also
Joint Venture available. Funds
Available. Contact - 9899786871
Whatsapp - 9811778678
NOIDA/GREATER NOIDA
BUY/SELL RESIDENTIAL Plots and
Kothies, Industrial Plots, built-up
Factories at prime locations in
Noida. For best deals contact Aarkay
Properties: 9810101078
FOR SALE plot size 200sqm in Greater
Noida Alpha-1 All houses constructed
in both lanes. Contact 7838720616
for details
AVAILABLE FOR Sale: Prime
location Kisan Quota plots in
Noida Extension & Yamuna
Expressway. Also available
agricultural land near Jewar &
Vrindavan.# 8810376695
PLOT FOR Sale, Sector-44, Noida,
Plot Size-450 meter , Prime
Location, On 24 meter road.
Contact Owner-99999-67463
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
BEAUTIFUL KOTHI 450 Sqmt. Sec-47,
Ready to move-in, Plots Sec-44, 450
/ 350 / 300 sqmt, 40/250/200 sqmt,
26/390 sqmt. More options. Dhawan
Properties: 9810022432, 9811651216
PLOTS HI Plots Yamuna Ex-way
Residential & Industrial Authority
Commercial Land, Corporate Plot
Sec-17, 18, 20, 22D, 29, 32, 33
Call : 9911714666, 9582156604
YEIDA PLOTS Sale/ Buy, Sector 18 &
20, Yamuna Expressway, Size 300,
500, 1000, 2000 sqm, Call WhatsApp
9717452701
SALE POSH Kothis, 450 mtr duplex
Sec- 47, 300 mtr duplex Sec-93B, &
Plots 250 mtr- 300 mtr & 450 mtr,
Sec- 15A, 26, 30, 36, 39, 40, 44, 46,
47, 50, 51 & 99 Call: 9818077228
SECTOR-15A, 450MTR Kothi / Plot for
sale, park, East facing & Sector-44,
300/ 450 mtr Kothi/ Plot on 18,
24mtr Road, North East facing.
Contact: 9810207945
FARIDABAD
BEST TIME TO BUY
PLOTS FLATS SHOPS
Commercial Spaces
AGM REALTORS
98100 31431 93126 00800
GREENFLD LAKEWOOD Charmwood
Plots / Flats 2BR (Cash) 26 to 31 3BR
(Cash) 35 to 46,3BR S/U 82to90,4 BR
115 to 150L (Loan & Lift) Indl. land
Mohla.Best for polln related industry
AVAILABLE 250 sq.yds Park facing
Vastu Compliant, Luxury Floor Ready
Poss. Sec 19 & 3+1 BHK Society Flat
Newly Built 2600sqft Prime Location
Sec-21D # 9811077668, 9810720700
GURUGRAM
9999973766
300/400/ 500 sqyd. Luxury Builder
floors stilt, Parking, Lift, Ready to
Move Dlf- 1,2 SL-1, Suncity@Price On
Call for More Info #9999973766
9910008977
FOR RENT Udyog Vihar, first Floor
22000 sqft 250 W S, Cabins,
Conferences, 2 lifts as per full
govt norms suits IT& MNC Corp
# 9910008977
SEC 38 Gurugram plot for Sale
342 sqyd corner Best Location.
Please call 9811072146.
GURUGRAM
WOULD U like to enjoy Resort living.
wait is over. It's a 2+1 & 3+1in IREO
SkyOn on G.C. Ext. Rd. with 2 Car
Parking @ 2.55 & 3.75 respectively.
R K Ghai # 9810673136
8 MARLA Residential plot For Sales /
Resale in Gurugram Sector 57,
Cheque 3.25Cr, Total 4.6 Cr
Negotiable Times 45 Days,
Owner Mob. 8178699434
ONE HECTARE Land Sohna Ballabgarh
Proper Mumbai Expressway Main
Road Hills View immediate sale
please contact # 7303758899,
7982397837 Broker Excuse.
DLF − SUSHANT LOK
PREMIUM PLOTS for Sale DLF Phase 2
- 400 yds Park Facing Two Side Open
/ 400yd Akashneem Marg, Best
Price. Saudagar Properties Pvt. Ltd.
9718511207
RENTED TO Bank 1200 Sq. Ft., Front
45 Feet, G.F. Rent 2.19 Lakh P.M.,
Lease 9 Years for Sale. Prime
Location in South City-II, Gurugram.
# Owner - 9810327243
GREENWOOD CITY: Ind. House: 500sy/
North/ 12Mtr/ 7Br/ Gated/ PBU @
11.25Cr- DLF City: 300 @ 9.25/ 200 @
6.50/ Bldr. Flr 360 @ 3.75- Shops @
75 Lac Onwards - 9810012400
AVAILABLE 180 sq. Yds. Residential
Plots of 180 sq.Yds. in Sector 65,
Near WorldMark, Gurgaon.Excellant
Location. Contact: 8130799841
DLF PLOTS M-1 500 & 682y, L-3 500
East, J-1 500, ANM-500 Single & Pair,
A-48 682 Corner, A-27 400 @11cr,
G-3 500 24mtr rd, 500 Ashoka &
Paschim Marg for details 9810112870
SALE DLF-1 Prime Location 502 sq. yds
N/E Face Civil Structure completed
Bsmnt+Stilt+UGF, FF, SF, TF+terrace.
POP & Electric wiring done. Genuine
Builders Welcome 7044990032
1022 SQ.YDS Prime Plots available
for Sale at Arjun Marg & Kachnar
Marg. Marvellous Locations. For
more details please contact:
9999070007
AMBIENCE
CAITRIONA
(7 STAR LIVING)
AVAILABLE FOR SALE / LEASE
4BHK + Study 7000 Sq.Ft
5BHK + Study 8000 Sq.Ft
13500 Sq.Ft - Penthouse
PENTHOUSE
15700 Sq.Ft Fully Furnished.
Starting Price 20,000 Sq.Ft
NUMBER1 REALTORS
9654778877
DLF SUPER luxurious ready bas+
stilts+ ground triplex with Separate
lift & top + terrace garden , Wanted
Plots / Floors / Houses. call
Desraj (SDR Prop) 9811072035
RENTED
Icici Bank 95,000
Subway 1,25,000
Decision Tree 2,00,000
Tata 1mg 2,00,000
PharmEasy 2,66,000
Geetanjali Salon 3,24,000
KFC 3,50,000
IDFC Bank 4,00,000
9958681717
DLF − SUSHANT LOK
KOTHI'S K-215 Behind Park @7cr,
Cassia Mg 200 @6.95,J-215 Park/East
@8cr, N-300 Dplx @9.25, H-33 270
5bhk @7.25, N-2 400 5bhk @13.50,
Kusum Marg 300 Dplx. 9810112870
FOR SALE Elevate 2095, 2295 & 2595 sq
ft, DLF Arbour 3956 sq ft,Digi Homes
1508 sq ft, Legend 2370, 2550 & 3100
sqft Park View Sanskruti 1995, 2120
& 2325 sq ft. Ph. 9810010295.
FOR SALE Commercial Plots &
Buildings in Udyog Vihar & Sector-44
Multiple Options & Rented SCO in
Sector 29. Indo Scottish.
9990009777.
EXCLUSIVE MANDATE Premium Plot
for Sale DLF Phase 2- 320 Yds 18 Mtr
Road East facing Near Market,
Metro, NH-8 Highway Best Price.
Saudagar Properties: 9718511207
FOR SALE
SUSANT LOK-1
C2 , 37
New Luxury
Building
416 S.Yard.
Stilt + 4, 4BHK
On Each Floor
Owner:-
9818068888
PRE RENTED
Gurgaon
TENANT RENT
ØSBI 208439
ØModern Bazaar 215600
ØRelocatte 150000
GF, Excellent Location
Reasonable Price.
Owner
8076764079
8368841512
PAIR PLOT 316+ 316 yds DLF 2 North
East 12m Two Side Open M block/
500yd Corner avbl 2 options J block/
500yd Duplex Kothi 5 BHK @ best
Price Saudagar Prop 9868033463
ULTRA LUXURY FLOORS Sushant Lok 1
- 300yd 4BHK, 418yd 4 BHK Lift stilt
Park facing Floors Best Price.
Saudagar Properties Pvt. Ltd.
9718511207
500y Ashoka Crescent North, East
DLF − SUSHANT LOK
EXCLUSIVE MANDATE Kothi for Sale
DLF phase 2- 400yd North Fac 5Bhk
duplex home theatre, swiming pool
with Basement near by NH8,MG Road
best Price, Saudagar 9990556669
PLOTS STILT+4 Floor Naksha Pass
Sec-46 500yd Stilt+4 Flrs, Suncity
500 Park Stilt+4 Flrs, South City-I
1000y Stilt+4 Floors with Guest-
house License for Sale. 9810112870
SUSHANT LOK-1 A-block 418yd near
park 270,300,502yd plots, B-blk
300y East, North, 502yd Plots. 215 to
1022y More deals also avail prime
locations 9958492130
DLF. I / Sushant Lok.I - Park Facing /
Corner/ Wide Road, Luxurious Floors
- 4/ 5 Beds with Terrace Garden /
Basement, Lift, Stilt Car Parking,
Swimming Pool. PLF – 9811078877
ANANTRAJ ESTATE Golf Course Ext Rd
Plots & Builder floors. Fully Gated
100% Pwr Bkup. 250/300/360/500y.
Strats 2 Cr. East,Park Fac Corner.
For Best Price call 9810099171
DLF-2 CONFIRM Plots, 682yd M -1
(2 side Open) 500 yds M/J block East
400 yd Akashneem Marg -North
300 yds M & K block North 215yd
J-M block Circle Rate # 9999404040
PLOTS DLF Phase-IV, 360yd, North
facing, 500yd, Lane- (4400/4500/
4600/4700), Fully gated community,
Near galleria market Sabharwal
Asso. 9811196843
DLF ALAMEDA Plots: 100% Gated &
Pwr Bkup. 3/ 4BHK Builder Floor.
416y Corner Park Fac Plot@ 10 Cr,
550y Plot West Fac@ 190k, 718y Plot
24 Mtr Rd@ 190k. 9811400506
EXCLUSIVE CORNER Plots For Sale
DLF Phase 1- 1100 Yds Green Belt
Facing / 500 Yds Two side Open,
Best Price. Saudagar Properties Pvt.
Ltd. 9718511207
DLF CITY 1, 2, 3, 4 & 5 & Sushant Lok
exclusive Builder Floors on Plots
300, 400, 500 & 1000 Excellent
location & Ready possession.
9811017103
NEW BUILDER Floor, SL 2 Sec 56 Gated
Block 500y FF@ 4.30cr with Pwr
backup, 450y Corner, Park Fac FF
@ 4.30cr, SF @ 4.15cr Fully Loaded
kitchen pwr backup 9810652416
EXCLUSIVE CORNER Triplex Super
Luxury Floor For Sale- DLF phase 1 -
300yd 4 BHK Bmt+ stilt+UGF Triplex
floor near by Arjun Marg,Golf Course
Road, Saudagar Prop. 9718511207
SUSHANT LOK -1, Plots 968y (2 side
open) A block 813y East Facing. A/B
block 500y East facing., 418, A block
300y A block, 270yds 24 Mtr.
(Laburnum Road) # 9999404040
DLF GARDEN City sec-91,92(A-blk
) 511sq.yd East Park facing 12mtr
road also DLF Ph-4 18mtr.rd Built-
up 270 yd 3 side open. Call My
Real Home Pvt. Ltd.- 9810302735
LIVEMINT.COM
DLF − SUSHANT LOK TOLET
SECTOR- 57 Available for Sale, Newly
Built Rare Availability Corner, Park EAST DELHI
Facing Builder Floors 3BHK, Lift, Stilt
Prkg 205yds Prime Location Near
Market. Contact Khurana 9811155032
BOOKING FOR Luxury Triplex and Top
with Roof Floor DLF Phase 2- 500yd
Exclusive Mandate Floorwise
Building for Sale Saudagar
Properties Pvt.Ltd. 9990556669
WANTED APARTMENTS Aralias,
Magnolias, The Belaire, Central
Park 1, Beverly Park, La lagune,
The Elevate 9811017103
EXCLUSIVE PREMIUM Mandate Pair
for Sale DLF Phase 2- 500yd + 500yd
Pair 18mtr Road Best Price Saudagar
Properties Pvt.Ltd. 9718511207
WEST DELHI
PLOTS 1000YD Prime Location DLF-1 AJAY ENCL ND-18, 3 BR 1500 Sqft.
Kachhnar & Arjun Marg, DLF-2
Bldr flr DD Kitchen loby 2nd flr Lift
Gulmohar Mg, SL-1 A & B Blk, Stilt pkg balcony Gated Opp Pacific
Greenwood @23cr & SouthCity-2 Mall & Nr. Subash Ngr Metro Stn Co.
1000 @1.75. For details 9810112870 lease Pref # 9560018111
SOUTH DELHI
SAFDARJUNG ENLCAVE B-4/107, 2nd
Floor, 3 Bedroom Elegant Spacious
Flat for Rs. 75,000/ Rental. # Kumar
011 26108714, 9871392475
COMMERCIAL SPACE, Prime Location,
502 SQ.YDS East facing Kothi for
Ample Parking 80 ft wide Main Road
Sale in DLF-1 on 12 Mtr Wide Road. East of Kailash, Opp. Isckon Temple,
Very well maintained. Peaceful Ground Floor 2500 sq. ft, Basement
Location. For more details
Contact: 9999070007
3300 sq ft + 3500 sq ft, Third Floor
750 sq ft + 1500 sq ft, Lift, power
Backup 150 KVA Owner 9099999965
TULIP MONSELLA main golf course rd
three bedroom apartment sale 12th
floor 1204 A 3216 sq ft SQ two car
parking transfer case deal Tower T 3
Owner Usha Sabharwal 9810423456
CHANDIGARH
PROPERTY FOR Sale 2 kanal excellent
liveable, good location houses in
prime sectors of Chandigarh Tricity.
Call 9815687888
UTTAR PRADESH
FOR SALE
INDUSTRIAL
LAND
19000 Sq yards
on Main G T Road
Near Sikandrabad
industrial area
Excellent Location
PURRI REALTORS
9811015635 NEHRU PLACE, Furnished office
Davika Tower Area 835. sft,
Hemkunth Chamber Area, 600 sft.
for Immediate Rent. Cosmos #
DWARKA 9810001682.
NOIDA PRIME Available Pre-Rented.
Comm 2000SFt Buildg(Plot 75M) Nr.
City Centre Rent 2.25L PM@5% RoI-
5Yr wef.June & Shop 18Mtr Sec 23 :
SAN (PrS)Bright: Mob 9560247539
OTHER
EXC. LOC. 7 BHK, with A/c, 3000 Sq ft.
Hall, Front/Back Lawns, on Main
Delhi-GGN Rd. before Mapple Hotel,
Nr. Rajkori Flyover, Suits MNC s, P.G,
Office, Exporters, Courier, Academy
AdV./CA etc. # 9999633602
FOR IMMEDIATE Rent Defence Colony
C- block, Ground floor & basement
(1500 sqft furnished ) Stilt parking
100% power back up 24 hr security.
Owner #9811073477
WORLD TRADE Centre Near Bhika Ji
Cama place & South Ex.2400 Sq.ft.
Showroom, Central A.C, Power Back
up, Huge Parking. Rent Rs.600 per
PROPERTY WANTED sq.ft 9999995512 (Brokers Welcome)
WANT TO purchase old 1 roomed GOLF LINKS /Sunder Nagar -Zoo facing
residential flat in New Delhi proper Bungalow -G.Flr 3 Beds, Large Living
only within 25 lakh. Pl contact Dining, Garden,1st+2nd Floor 5 Beds,
aritra.anup@gmail.com mentioning Living Dining, +Terrace.Full House or
age of flat etc. Floorwise. call: Lokesh - 9811078877
FOR RENT, D-262 Defence Colony,
3rd Floor, 3-BR with Bath, Drawing /
HOTEL/RESTAURANT/ Dining, Lobby, Powder Room, Lift,
Power Backup, Security 24x7. Cont :
RESORTS Owner 9811019993 / 9811019999
FOR SALE- Profitable Running 56 LAJPAT NAGAR-I, approx 1100sqft
Room, 3-star Hotel with Restaurant
& Cake shop and Banquet Hall in
Office b'fully furnished, no expense
reqd & ample prkg next to Defence
Good Location of Bangalore City. Col, flyover for immed. occupation
Contact # 9321125126 # Owner 9811118088, 7982952177.
More Classifieds
on Page 13
LIVEMINT.COM
TOLET
SOUTH DELHI
VASANT VIHAR ( 800 ) Ground
basement, 3 bedrooms, separate
driveway, Rent - 9 lac, per month.,
9810030231
OFFICE SPACE For Rent In Nehru
Place 802, Madhuban Building,
Area Aprox. 900 Sq Ft Fully
Furnished Office Contact : Sai Sahara
Properties 9810030177, 9810281282
B-6/1, SAFDARJUNG Enclave, Corner
DDA Commercial Complex, Basement
1000 Sq Ft, Fully Furnished with
Toilet & Pantry, Ample Car Parking.
Owner : 99900-01358, 98100-75960
J-65, SAKET, Basement 1700 Sq.Ft.
(Commercial) Fully Furnished with
Cabnis, AC s, Pantry, Washroom,
Parking. Contact # 9818860436.
200YD, KAILASH colony, fully
furnished, 2nd flr with lift, 3BHK,
3side open, park facing, 5AC, ample
parking, contact - 8130028243
CENTRAL DELHI
AVAILABLE ON Rent /s Furnished
Office - Area 215 To 400 Sq.Ft.
Approx. in Connaught Place,
Contact Owner: 9811026327.
COMMERCIAL SPACE for Rent Carpet
Area 1000 sqft., Fully Furnished G.F.,
Rajendra Bhawan, Rajendra Place,
suitable for Shop, Office etc. Contact
Owner Chawla # 9810980660
Have fun
CONNAUGHT PLACE For rent 2000
sq.ft Basement for office use. Also
available for Rent 1000 sq.ft on
Ground Floor in N-Block radial.
Contact: 9811748839
with facts
RENT- FLAT NO 409 (486 Sq.ft)
Furnished Naurang House, K G Marg,
Connaught Place. New Delhi.
Guglani: 9312255553, Bhoginder:
9810659256.
on Sundays
NOIDA/GREATER NOIDA
Catch the latest column of
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A quiz on the week’s development.
hindustantimes htTweets www.hindustantimes.com
1844 SQ.FT. Office Space for Rent at
Bhutani Techno Park, Sector-127,
Noida. Contact . Mobile 9810432228
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FARIDABAD
RENT/ LEASE- About 1100 Sqft. & more
1/2nd flr with lift @Lala Diwan Chand
Memorial Hospital,Sec-37,Faridabad,
Hr. for Medical nursing/ Educ. centre
or any other activities with full or
partly social purpose.Interested may
cont:9999843077, Email with details
: diwanchandfbd37@gmail.com
GURUGRAM
AVAILABLE 11400 Sq.ft. Office Space
No. 615 to 619, Unfurnished + 11 Car
parking. @ 75/- per sq.ft. at BPTP
Park Centre, Sector- 30 Gurgaon.
on NH- 48. Call: 9899400400.
Owner: 8686863552
GURGAON FACTORY/ Office
Warehouse for Lease in IDC Tower
Gurgaon. Prime Location close to
NH8, near IFFCO Chowk in HSIIDC
Sec-16.New construction with Lift,
Fire NOC, Building Completion, Huge
Parking 4 floors each of 3200 sq.ft
Covered area (Total 14000 Sq. Ft)
TO LET Brand New Building, Udyog
Vihar - 4, Plot 1000 Mtr. Built Up
35,000 Sqft.Two Exclusive S. S. Glass
Lifts. Glass Elevation.Huge Car Prkng
Floor. 9810013130, 9873304949
ROYAL RESIDENCES Studio Apartmen-
ts Elegantly furnished for Long/short
period Prime location at: 8-10,Sector
-29, Gurugram. Contact: 9311015720,
9315724661, 9811015720
www.livemint.com
GURUGRAM
NEW CONSTRUCTED Showroom Space
avbl. for lease in Main Market WBD
Sec-52, Gurugram. Built-up area GF-
5000 sft., FF-9000 sft., Basement-
8000 sft. Cont. Owner: 9811274926.
DLF − SUSHANT LOK
SUSHANT LOK 1 - 4 BHK D/D, Brand
New Floor on (360 yds Plot) Avail
able For Rent. MNC employee Prefd.
Contact Owner. Satish 9810044402
Between 9.30 AM TO 3.00 PM. Only
C- 9/4, DLF- 1, independent house ,
high end house for foreigners, MNC
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Mint Newspaper
14 WEDNEsDAy, 10 April 2024
NEW DElhi
OUR VIEW
Can the rupee go global
without convertibility?
An e-rupee may hold an edge in pursuit of an ambitious aim set by India’s PM, but we need
to grapple with how capital controls could be eased to enable the currency’s globalization
L
ast week, Prime Minister Narendra
Modi asked the Reserve Bank of India
(RBI) to prepare a 10-year strategy
to make the Indian rupee a globally
“accessible and acceptable” currency.
Since the Indian economy is expected
to be among the world’s three biggest national
economies in less than a decade, with only
China’s and America’s larger than ours, it is easy
to grasp why such an aim might beckon. It’s
more than a matter of prestige. A globalized
currency confers major advantages. Above all,
overseas demand for it—particularly for trade
and reserves—would cheapen credit within the
country. More rupee bonds being bought will
push their yields down, so we’d effectively have
foreigners lending us funds at lower rates. The
US has long had a clear edge on cost-of-capital,
thanks to its dollar being the globe’s dominant
currency, with even the euro unable to dislodge
it. A global rupee would also be convenient for
Indian economic agents; who wants foreign
exchange risk? For the currency to actually go
global, though, our economy would also have
to globalize: Not only will we need a surge in
demand abroad for what we produce, we would
have to turn the rupee fully convertible.
So far, US-style capital account convertibility
has been a non-starter of an idea. It gave policy-
makers shudders after the Asian currency crisis
of 1997, which saw several open economies
battered by capital flight and short-sellers like
George Soros accused of betting on currencies
crashing. Since then, India has stuck with an old
ban on anyone limitlessly converting rupees
into foreign money, with an annual cap on con-
version and special channels for the settlement
of commercial trades deemed okay. The rupee
is thus partially convertible, with the privilege
IPL cricket is a fine example of free-market capitalism
MADAN SABNAVIS
T
he auctions for Indian Premier League
(IPL) stars drew a collective exclama-
tion when Mitchell Starc was taken by
one of the franchises for ₹24.5 crore, the
highest paid for any cricketer. Was this
shocking? Yes. Was there something amiss?
No. That’s because it is the market that
decided the price of the player. This is what
is chief economist at Bank
happens in any market where forces of
demand and supply meet. Ten team owners
of Baroda and author of
‘Corporate Quirks: The Darker
were part of an open and transparent auc-
tion that involved a price-discovery process.
Side of the Sun’. Welcome to IPL, which epitomizes Adam
Smith’s theory of free-market capitalism.
The set-up is analogous to how the corpo-
rate sector operates. Just like we have share-
holders who repose faith in a company, so it
is with the people who form audiences in
stadiums or watch matches on TV screens
and hand-held devices. They do not own
teams, but their presence is essential for
these tournaments to take place, as this eco-
system exists for them. Sponsors are willing
to sponsor as they have a committed home
VIEWS
ISTOCKPHOTO
We need urgent global talks on
the EU’s carbon import charges
The CBAM could unfairly hit industries in countries like India as it ignores differential obligations
R.V. AnuRAdhA &
AJAy SRiVAStAVA
are, respectively, a partner at Clarus Law
Associates, and founder of Global Trade
Research Initiative.
T
he idea was simple: To meet pro-
gressively higher carbon emis-
sion-reduction targets in line with
its climate-action commitments under
the Paris Agreement and the UN Frame-
work Convention on Climate Change
(UNFCCC), the EU needed to impose
higher obligations on its own industrial
activities in carbon-intensive sectors. As
a result, it had to tackle two challenges.
One, it had to safeguard the competi-
tiveness of its domestic industry amid
cheaper imports from countries where
emission reductions or the carbon price
for emissions are lower because of dif-
of converting large sums restricted to regulated fering reduction obligations; and two, it
entities. Yet, if we expect our currency to hold had to prevent carbon leakage through
the relocation of its own industrial
liquidity appeal around the world, like the US activity to countries with lower carbon
dollar does, capital controls would have to be prices or emission targets.
dropped entirely. Whether this can be done Thus was born the EU’s Carbon Bor-
safely was examined by a panel set up by RBI in der Adjustment Mechanism (CBAM)—to
1997, and some of its advice for a prudent switch equalize the carbon price of imported
products with its carbon price. From 1
to a fully convertible rupee remains relevant. January 2026, EU importers of products
For one, our currency must not keep losing its in five categories—iron and steel, alu-
internal value to inflation. This calls for fiscal minium, cement, fertilizers, electricity
discipline. For another, we need a banking sys- and hydrogen—will need to buy CBAM
tem that’s resilient in the face of shocks and certificates priced at the price difference
of embedded emissions between the EU
backed by transparency and efficiency across and the exporter country.
the financial sector. Plus, our external balances The CBAM’s thrust is on the quantum
need sustainable stability; our trade gap must of emissions in production processes in
not get cleaved apart by events beyond our con- each of the five sectors, as well as how
trol. To these, add clarity on the external value these emissions are priced at home.
Even if the quantum of emissions is the
of the rupee being set by the market, with RBI
resolutely playing a non-distortive role.
The list of asks is daunting. Technology, how-
ever, could yet lend RBI’s e-rupee an edge as a
central bank digital currency (CBDC) for global
use if it is designed not just for minimal cost, but
also utmost privacy. Initial diaspora use for low- www.livemint.com
cost cross-border transfers could conceivably
expand to sundry other purposes, commercial
needs included, should it be kept free of geo-
SENSEX 22,702.34 Æ 358.89
RACING AHEAD
Markets hit a
political sanctions (and Swift-type disruptions). new high, but
will rally last?
As a direct liability of RBI, with no risk of an
Sensex ends at a record
22,702.34 points even
as concerns emerge
intermediary failure, the e-rupee might also
whether the market
gains are sustainable
B Y A MI S HAH &
R AVINDRA S ONAVANE
·························
MUMBAI
find international takers if it assures its users an B enchmark stock indices
closed at new highs on
Wednesday on foreign
fund inflows, prospects of a sta-
ble and business-friendly gov-
ernment emerging from the
general election and an upbeat
forecast of economic growth by
the International Monetary
easy way to program it (say, for routine pay-
Fund (IMF), although some
doubts persist whether the re-
cent market gains are sustaina-
ble.
The BSE S&P Sensex closed
1.61%, or 358.89 points, up at
22,702.34 and the National
Stock Exchange’s CNX Nifty
added 1.51%, or 101.15 points,
ments), a unique feature of CBDC software.
to end at 6,796.20.
Both indices also surpassed
their lifetime highs in intra-day
trading.
The Sensex has thus far
gained 7.4% since 1 January,
backed by $4.5 billion of in-
flows from foreign institutional
investors; much of this, $4.1 bil-
Right now, the e-rupee is only an experiment,
lion, has come in since 1
March.
Stocks have run up on antici-
pation of the Bharatiya Janata
Party (BJP) coming to power af-
ter the elections conclude on 12
May. On Wednesday, buyers
were also responding to IMF’s
belief that the Indian economy
with online bank-to-bank UPI transfers being
would rebound this year, ena-
bled by a stronger world econo-
my, improving export competi-
tiveness and investment-
friendly policies.
IMF predicted on Tuesday
that the Indian economy will
expand by 5.4% in 2014-15 and
accelerate to a pace of 6.4% the
hyped, but it’s also RBI’s best bet for a global
play. Of course, RBI will have to earn itself the
reputation of a worthy issuer. And that would
Mint is also available for R8 with
Hindustan Times in Delhi-NCR only
call for the macro stability outlined in 1997.
THEIR VIEW
audience. Audiences get what they want, time (actual match performance). The media
and as long as they are willing to pay for will pass snide remarks, while supporters
match tickets (which can go up to ₹20,000 take umbrage, but nothing can be done for
a seat), there can be no counter-argument. the season. Again, it is the market at work.
Players are like employees in the capitalist The movement of players from one team to
world. All of us get entertainment on a daily another is more like staff attrition, with bet-
basis as we go home and watch IPL matches ter terms making one migrate. Of course,
after office hours. These players play contin- some players are dropped
uously for almost two months and burn out for alternatives.
easily, just as employees do at work. Their A free-market economy
burn-out is through injury more often than is open to foreign investors
not. But all are paid very well, which is what pitching their products to
motivates them to play. The same happens consumers. That’s how we
in the corporate world, where employees are got McDonald’s, Nike, Adi-
made to work endlessly and compensated
with bonuses and stock options. There is a
das, Pizza Hut and so on.
IPL has the same model.
lot of travel involved for executives across
cities and countries, where they reside in the
This form of capitalist
cricket also gets the best
best hotels. The same holds for cricketers, foreign names. Think of
who need to travel every second day from Williamson, Warner,
one city to another. This is the free market Boult, Starc, Cummins, etc.
place at work, as no one forces anyone to Old brands like Ponting,
play the game. Sangarakara and Rhodes
At times, bidding for a team player can have also been with the IPL—first as players
resemble an initial public offering (IPO). A and now as coaches or commentators.
new entrant to a team (either fresh or from A twist is the introduction of an ‘impact
another side) fits the bill. The franchise pays player,’ much like how multinational corpo-
a huge sum (the share premium over the rations (MNCs) operating in India customize
minimum bidding price) to get the player, products to serve domestic preferences.
but the cricketer could still misfire at listing Hence, like the famous McAloo Tikki
New Delhi, Mumbai, Bangalore, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune*
CONTENT PARTNER
NIFTY 6,796.20 Æ 101.15
following year, from 4.4% in
2013-14.
“It is evident that investors
are buoyant,” said Jayant
Manglik, president of retail dis-
tribution at Religare Securities
Ltd.
Even the bears are smiling.
Shankar Sharma, vice-chair-
man and joint managing direc-
tor of First Global Securities
Pvt. Ltd, a man generally
known to be contrarian, said
India is better placed than oth-
er emerging markets because of
the improvement it has shown
in economic indicators such as
the current account deficit.
The country will continue to
attract foreign funds as long as
the elections do not throw up a
fractured mandate, according
to Sharma.
Yet, some have begun to
sound warnings.
In an 8 April research note,
Kotak Securities Ltd struck a
note of caution, saying inves-
tors are ignoring potential risks
to the economy.
“The reward-risk balance is
quite unfavourable in general,
based on the binary outcome of
national elections alone. Other
risks such as potential weak
monsoons and growth chal-
lenges are simply being ignored
in the general euphoria,” Kotak
Securities analysts wrote in the
note, adding that it saw limited
upside in most large-cap stocks.
Indeed, in recent days, the
likelihood of the El Nino weath-
er phenomenon that could lead
to lower monsoon rainfall has
increased.
The Kotak note also said that
the two major parties—the
Congress and BJP—have been
silent on their stance on ongo-
ing reforms such as fuel subsidy
cuts and the direct benefit
transfer scheme, and added
that the election manifestos of
India’s regional political parties
(some of which will be a part of
the next government) does not
inspire confidence.
In another report, also dated
8 April, Standard Chartered
Bank said that in the past, In-
dia’s equity markets had react-
ed strongly to unexpected elec-
tion outcomes while the cur-
rency market reaction has been
muted.
“Markets are likely to react
TURN TO PAGE 4®
NOTE TO READERS
The Media Marketing Initiative on
Page 18 is the equivalent of a paid­
for advertisement, and no Mint
journalists were involved in
creating it. Readers would do well
to treat it as an advertisement.
Jaw-dropping
bids for players
are driven by
market forces,
just as the mass
enthusiasm for
gaming apps is
AUTO:Toyota recalls 6.4 million
vehicles worldwide >24
ENERGY: RIL says new gas rates to
be effective 1 April >3
AVIATION: Etihad may not have to
make open offer to Jet shareholders >11
MARK TO MARKET: Odds are stacked
against TCS’s ‘FY15 > FY14’ statement >14
DOLLAR `60.14 Æ `0.01
Signing in: The Bharatiya Janata Party’s prime ministerial candidate
Narendra Modi signs his nomination papers to contest the Lok Sabha
election from Vadodara on Wednesday. Modi’s nomination was
preceded by a roadshow, which saw his cavalcade crawl its way through
the streets of Vadodara as supporters cheered. Modi’s major opponents
for the seat are Congress general secretary Madhusudan Mistry and the
Aam Aadmi Party’s Sunil Kulkarni.
MCX decides FAIR DEAL
not to issue Political parties yet to move beyond
preferential symbols on women’s empowerment
shares
B Y S UNIL B .S .
sunil.s@livemint.com
·························
MUMBAI
T
he board of Multi Com-
modity Exchange of India
Ltd (MCX) on Wednesday decid-
ed not to go ahead with a prefer-
ential allotment of shares, a
move that had aroused the ire of
its parent Financial Technolo-
gies (India) Ltd, which is in the
process of cutting its stake in
MCX.
The decision was announced
after a meeting of the directors of
MCX, who said in a statement
that the board had decided
against proceeding with the pref-
erential allotment of shares for
the time being.
The board had met last Thurs-
day and had deferred the consid-
eration of the preferential allot-
ment until Wednesday. Jignesh
Shah-controlled FTIL had op-
posed the plan.
“Such a move is vindictive in
nature to support certain vested
interest and deprive FTIL of its
level-playing field to sell its
shares,” FTIL had said a state-
ment on 31 March. The company
TURN TO PAGE 4®
Thursday, April 10, 2014
EURO `82.95 Æ `0.44
AMIT DAVE/REUTERS
B Y N AMITA B HANDARE
A SHWAQ M ASOODI
&
·························
NEW DELHI
W ho would have imagined
that the roar of the angry
crowds at India Gate in Decem-
ber 2012 would echo all the way
to the general elections 18
months later? Who could have
predicted the ferocity of raw
emotion spilling over Rajpath
right up to the grand vistas that
lead up to Parliament House?
Looking back at that winter,
it’s hard to say exactly what that
raw emotion was all about. Jus-
tice, said the slogans, but un-
derlying it was a young, restless
India’s articulation against mis-
management of the economy
and a lack of avenues for
growth. Hang rapists, said the
placards but there was equal
anger against a non-responsive
government struggling under
the weight of scams. A defen-
sive Congress-led United Pro-
gressive Alliance (UPA) locked
down India Gate, making it out
of bounds for the protesters.
And slowly, as a commission
was set up and promises of
stricter laws made, the protest
petered out.
What didn’t was the dis-
course on gender.
Somewhere a young journal-
Vol.8 No.85 `4.00 in Delhi­NCR/`5.00 outside Delhi­NCR
GOLD `28,615 Æ `126
EC now says it
can’t enforce
its guidelines
on manifestos
B Y A NUJA & U TPAL B HASKAR
·························
NEW DELHI
T he Election Commission of
India (EC) has admitted
that it will not be able to scru-
tinize manifestos and act
against political parties that
have not disclosed the finan-
cial implications and fiscal
burden of their promises—
something it had highlighted
in an earlier order.
The Commission's position
should bring some relief to
parties that are already chafing
under the restrictions imposed
by its so-called model code of
conduct.
“With the polling already
kicking off, it would not be
possible to look into the mani-
festos of all the political parties
and take relevant action on it,”
said a senior EC official who
spoke on condition of ano-
nymity.
Over the past month, all par-
ties have released their mani-
festos with great fanfare, but
none have charted out the fis-
cal roadmap for their big-ticket
promises. While the Congress
promised the right to health,
pension and housing for all,
broadband connectivity to 2.5
TURN TO PAGE 6®
Leaving a mark: While the protests after the Delhi gang­rape petered out
as promises of stricter laws were made, the discourse on gender did not.
ist accused her editor of rape.
Elsewhere, a young intern
spoke about sexual harassment
by a retired judge. Stories once
relegated to measly column
centimetres lost in the
folds of the newspa- 20
per now stayed on 14
front pages for days.
Each charge renewed
GENDER
the debate, stirring
ideas of empowerment, fanning
old resentments, fuelling new
desires.
Days before the first phase of
polling began, a sessions court
in Mumbai pronounced judg-
LIVEMINT.COM
THEIR VIEW
same for making a tonne of steel, CBAM Panel on Climate Change has under-
charges will apply based on the carbon scored inadequate transfers, weak adop-
price gap between the exporting coun- tion of low-emission technologies and
try and the EU. For example, the trading low funding as challenges. Both the
price for a tonne of carbon dioxide UNCTAD and ADB note the adverse
emissions is about $100 in the EU, $34 impact on EU imports from developing
in Australia and $7 in China. So, Austra- nations. The World Bank’s Relative
lian exporters will pay a CBAM charge Carbon Exposure Index has also mapped
of at least $66 per tonne, while the likely the negative impact on developing-
impact on Chinese imports will be $93. country exports.
India has no direct system for pricing One should also not be complacent
carbon and there is no methodology yet about the CBAM’s limited initial cover-
to derive a carbon price from measures age of five sectors. Given its basic objec-
such as energy conservation, manda- tive to level the playing field for EU pro-
tory renewable purchase obligations ducers, its expansion to semi-finished
and fossil fuel taxes. It will, therefore, or finished products will be considered
be left to EU-certified auditors to make in a review planned for 2025. Down-
that assessment based on data provided stream industries in the EU like auto-
by individual plants in India on the cost manufacturing would perhaps require
of carbon in the context of a set of frag-
mented domestic regulations.
National carbon prices reflect a vari-
ety of factors, including the level of eco-
the CBAM’s scope to widen soon to
their own sectors so as to secure their
competitiveness, especially those that
rely on CBAM-covered inputs like steel.
nomic development, per capita income In its final avatar, the CBAM will have
and each country’s nationally deter- implications for the entire production
mined contributions to climate action. cycle of all traded products. Its UK
The International Monetary Fund, for replica is expected to be enforced from
instance, has recommended differential 2027. In the US, both Republican and
carbon pricing for countries at different Democrat senators have introduced
stages of economic development—a different versions of laws that will
2030 price floor of $75 a tonne for impose charges on imports based on
advanced economies, $50 for high- their environmental impact in compari-
income emerging economies such son with US-made alternatives. These
as China, and $25 for lower-income could render differential climate targets
emerging markets such as India. By under the UNFCCC meaningless. Fur-
aiming for “equalization” with the EU, ther, the tariff reductions and market
CBAM charges would run against the access promised in free trade agree-
reality of differential carbon pricing ments that India is negotiating will also
and emission reduction obligations. likely be nullified by border taxes and
The EU’s new mechanism could be carbon charges. Small producers will be
valuable if it were to have an impact on hit far more, not only by the burden of
emission reduction by forcing imports to paying carbon price differentials, but
decarbonize. But that is unlikely. Both also because of sheer compliance costs,
the UN Conference on Trade and Devel- including of data collection, auditing
opment (UNCTAD) and Asian Develop- and certification of emissions.
ment Bank (ADB) have concluded that Substantive talks are needed to craft
the CBAM will not have any significant solutions at the UNFCCC and under
impact on lowering emissions. They also World Trade Organization/ FTA nego-
highlight the importance of the sharing tiations. Not doing so in a timely and
and transfer of decarbonization technol- effectively way will cost industries of
ogies, which is not happening effec- developing countries dearly.
tively. A report of the Intergovernmental These are the authors’ personal views.
24 PAGES
Our carbon emissions
OIL $107.80 Æ $0.13
have to eventually go to zero.
QUICK EDIT
AAP’s
forgiveness
F orgiveness is not a
common idea in Indian
We have to. Otherwise we’re
politics. In fact, the need
for it rarely arises as cor-
ruption, caste and winna-
bility are its dominant
themes.
There is one exception.
In recent times, Aam Aad-
mi Party (AAP) leader
Arvind Kejriwal has en-
dured slaps and assaults
with equanimity. He has
never going to have a stable
forgiven his assailants.
Why are leaders of AAP
being assaulted to a far
greater extent than those of
any other party? Have Indi-
ans discovered a taste for
hitting their leaders? Not
really.
The trouble with AAP, as
this paper has pointed out
frequently, is its raising of
climate and that’s what our
citizens’ expectations, at
least to a degree far greater
than any other party. The
resentment it breeds when
hopes are not fulfilled is
equally high. The autorick-
shaw driver who slapped
Kejriwal on Tuesday was
upset that he wasted his
hard-earned `500 on AAP.
Maybe this is unfair on
goal is for human civilization
AAP. But the party should
now evaluate the conse-
quences of making promis-
es it can’t deliver.
to thrive, a stable climate.
HINDUSTAN TIMES
K ATHA R I N E HAYHOE
ment on the first rape case to be
tried under the new law. Death,
ruled the judge for three repeat
offenders who were finally ar-
rested after a journalist was
raped at Shakti Mills.
NEW It’s too early to see
whether political par-
INDIA ties will sniff out the
opportunity to score
brownie points
against each other. Will the
Congress use this to validate
legislation that it brought un-
der its watch? Will the Bharati-
TURN TO PAGE 9®
burger, an India-centric creation, players get best to ensure that retail investors are not
substituted during the match to enhance the misinformed, there are no such rules once
team’s performance. we cross this boundary. Hence, a former
Just as analysts and economists pontifi- cricketer of the Indian team who also runs a
cate on how one should read markets and school for children seems to see nothing
the economy, there are experts who analyse amiss in doing surrogate ads for a tobacco-
every over that is bowled. This is on a sports based mouth freshener. Such products are
and not business channel, also endorsed by two ‘great’ former Indian
though; that’s the differ- team members, as well as a West Indian bats-
ence. Newspapers have at man. Not to mention two Bollywood stars.
least one full page dedi- As determined by the market, we have
cated to what transpired also seen the rise of gaming apps, where any-
the previous day, with one can create an imaginary team and hope
descriptions and analyses, for financial rewards. The law takes a view
just like we follow articles
on GDP growth or infla-
that this is not gambling, but gaming, as it
involves skill! Hence, we see captains of IPL
tion. The forward-looking
guidance given by experts
franchises appearing on TV screens every
few overs to encourage viewers to partici-
for a match to be played the pate and win big on another pitch, online.
next day is similar to the There are cautionary riders for the attentive,
market forecasts we see on but the impact has been tremendous, as mil-
business pages. lions are hooked on to these games.
Free-market capitalism Hence, IPL best exemplifies capitalism.
also gives birth to advertising, which can be The market decides everything. Those who
extreme at times. As long as the broad rules are not in favour can drop out, as there is no
are followed, like no overt advertising for compulsion. The stakes are high and much
tobacco or liquor, everything is acceptable value is created along the way, as food-deliv-
in the world of double standards. While we ery services, bars, hotels, travel services, gar-
have the Reserve Bank of India and Securi- ments and other businesses boom.
ties and Exchange Board of India trying their These are the author’s personal views.
LIVEMINT.COM VIEWS WEDNEsDAy, 10 April 2024
NEW DElhi 15

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

China will confront the dreaded Tesla must launch cheap EVs
but Musk’s talking of robotaxis
middle-income trap this decade Autonomous cars are still a dream but Tesla’s sales slump is real

Lofty statements and reform mantras mean little for its troubled economy. What matters are the actual policies it pursues

BLOOMBERG

LIAM DENNING
is a Bloomberg Opinion columnist covering
energy.

NOuRIEL ROuBINI
is professor emeritus of economics at New York
University’s Stern School of Business and
author of ‘MegaThreats: Ten Dangerous Trends
That Imperil Our Future, and How to Survive
Them’

T
he great thing about X, the
rebranded Twitter owned by Elon
Musk, is its frictionless capacity for

A
t this year’s China Development
Forum (the highest-level annual
meeting between senior Chinese
policymakers and top CEOs, current
and former policymakers, and
academics like me), the discussion
focused squarely on the risk of China falling into
the dreaded ‘middle-income trap.’ After all, few
emerging economies have successfully joined the
ranks of high-income countries.
Will China be an exception to this pattern?
Following 30-plus years in which China achieved
annual growth rates close to 10%, its economy has
slowed sharply this decade. Even last year, with
a strong rebound from the “zero-covid” era,
officially measured growth was only 5.2%. Worse,
the International Monetary Fund estimates that
China’s growth will fall to 3.4% per year by 2028,
and, given its current policies, many analysts
expect its potential growth rate to be only 3% by
the end of this decade. If that happens, China will
indeed find itself in the middle-income trap.
Moreover, China’s problems are structural,
rather than cyclical. Among other factors, its slow-
down is due to rapid ageing, a burst real-estate
bubble, a massive overhang of private and public
debt (now close to 300% of GDP), and a shift
from market-oriented reforms back towards state
capitalism. Credit-fuelled investment has grown
excessive as state-owned banks lend to state-
owned enterprises (SOEs) and local governments.
Also, Beijing has been bashing China’s tech sector
and other private enterprises, eroding business
confidence and private investment.
In this new period of de-globalization and pro-
tectionism, China appears to have hit the limits
to export-led growth. The West’s geopolitically
motivated technology sanctions are constraining
the growth of its high-tech sectors and reducing
inflows of foreign direct investment (FDI); and the
combination of a high domestic household savings
rate and low consumption rate (owing to weak
social insurance and the low share of household
income) is further hampering growth.
The old Chinese growth model is broken.
Initially, China’s low (and thus internationally
competitive) wages meant it could rely on light
manufacturing and exports, before pursuing
massive investments in infrastructure and real
estate. Now, Chinese authorities are advocating
high-quality growth based on technologically
advanced manufacturing and exports (electric
vehicles, solar panels and other green- and high-
tech products) led by financial incentives to
already-bloated SOEs. But without a matching
increase in domestic demand—especially private
consumption—over-investment in these sectors
could lead to over-capacity and the dumping of
these products in global markets.
China’s excess supply (relative to domestic
demand) is already producing deflationary pres-
sures, heightening the risk of secular stagnation.
When China was smaller and poorer, a sharp
increase in its exports was manageable in global
markets. But now that it is the world’s second-
largest economy, any dumping of its excess pro-
duction will be met by more draconian tariffs and
protectionism targeting Chinese goods.
China therefore needs a new growth model
concentrated on domestic services (rather than
goods) and private consumption. Services as a
share of GDP are too low by global standards, and
though Chinese policymakers continue to talk
about boosting domestic demand, they seem
unwilling to adopt the fiscal and other policies
required to boost private consumption and
reduce precautionary household savings. The
situation demands larger pension benefits,
greater health-care provision, unemployment
insurance, permanent urban residency for rural
migrant workers who currently lack access to
public services, higher real (inflation-adjusted)
wages, and measures to redistribute SOE profits
to households so that they can spend more.
While China obviously needs to boost private-
sector confidence and revive growth with a more
sustainable economic model, it is not clear that
Chinese leaders fully appreciate the challenges
they face. While President Xi Jinping has over-
seen the move back to state capitalism over the
last decade, Premier Li Qiang, a known market-
oriented reformer, appears to have been side-
lined. Li neither held the customary press confer-
ence following the recent National People’s Con-
gress, nor met with the full foreign delegation at
the latest China Development Forum. Instead, Xi
himself hosted a smaller delegation of foreign
business leaders.
The most charitable interpretation of these
signals is that Xi now realizes he needs to engage
the private sector and international multinational
corporations to restore their confidence and boost
FDI, private sector-led growth and private con-
sumption. Since Li is still around, perhaps he is
pushing quietly for “opening-up and reforms,”
while keeping a low profile to show deference to Xi.
But many observers have a more pessimistic
interpretation. They note that after sidelining
market-oriented technocrats such as Li, former
Premier Li Keqiang, former People’s Bank of
China Governor Yi Gang, advisers like Liu He and
Wang Qishan, and a variety of financial regula-
tors, Xi has created new party panels on economic
and financial affairs that supersede government
bodies. He has surrounded himself with advisors
like He Lifeng, the vice-premier for the economy,
and Zheng Shanjie, the new head of the National
Development and Reform Commission, who
are sympathetic to the obsolete dogma of state
capitalism.
Lofty statements and mantras about reforms
and attracting foreign investment mean little.
What matters are the actual policies that
China pursues over the next year, which will
show whether it can circumvent the middle-
income trap and return to the path of more
robust growth. ©2024/PROJECT SYNDICATE
escalation. Let’s back up to several hours
before that post on what was a bizarre Fri-
day even by the standards of Tesla and its
chief executive officer. Late that morning,
a Reuters story, citing several unnamed
sources and internal messages, reported
that Tesla has scrapped plans for a cheaper
electric vehicle (EV) dubbed ‘Model 2.’
Tesla’s stock dropped by more than 5% in
short order. Soon after, Musk replied to a
tweet noting the story, accusing the news
agency of “lying (again).” The stock made
back some lost ground, but still ended the
day down 3.6%. Less than an hour after
that, Musk tweeted again with an
announcement. Tesla’s stock jumped in
after-hours trading.
I cannot speak to the accuracy of the
Reuters piece; Musk’s accusation of lying
came with no specifics. His reaction as a
whole is interesting, though.
Tesla walking away from the low-priced
EV model would be a bombshell; hence
the immediate drop in the stock. Only on
Tesla’s last earnings call, in late January,
Musk had provided a tentative date for
first production in the second half of 2025,
saying of the low-cost project that “this is
really going to be profound, not just in
[the] design of the vehicle itself, but in the
design of the manufacturing system.”
Moreover, gathering evidence of a
slowdown in Tesla’s sales, culminating in
shockingly weak figures for the first quar-
ter released last week, points to the need
for a cheaper model that could expand the
company’s market meaningfully. Any
other company faced with a media report
calling into question one of its biggest
strategic initiatives might be tempted to
issue a detailed rebuttal rather than just a
one-line tweet from the boss, but Tesla is
different.
More intriguing was Musk’s upping the
ante with that later tweet promising a
robotaxi reveal in 125 days. For one thing,
the Reuters story reported that a big rea-
son for ditching the low-cost EV was to
focus resources on developing a Tesla
robotaxi. I like to think that if I wanted to
demonstrate that a story claiming I had
ditched my plans for a cheap EV in order
to build a robotaxi was incorrect, I would
avoid that same day suddenly announcing
the imminent unveiling of a robotaxi.
There is much context to consider. Fri-
day’s drama closed out a bad week for
Tesla. The big miss on sales, below even
the lowest analyst forecast tracked by
Tesla boss Elon Musk hasn’t been clear
about the EV-maker’s game plan REUTERS
Bloomberg, tees up not just a poor set of
first-quarter results but also, potentially,
a year where sales either barely grow or
actually drop—a big problem for a growth
stock. Musk, in his own way, forewarned
of the miss by previously announcing a big
push on upselling buyers to Tesla’s full
self-driving (FSD) system; signalling a
need to support sagging margins, explain
slower sales and, perhaps above all, keep
investors focused on the company’s
touted artificial intelligence chops.
The mooted robotaxi unveiling is in
keeping with this. Musk has been claiming
that a Tesla robotaxi—meaning a vehicle
that can safely drive itself while the user
snoozes or tweets or whatever—is around
the corner since at least 2016, including a
rousing analyst day dedicated to the
theme in 2019.
It is 2024 now and full self-driving,
despite the name, is decidedly not that;
Musk even felt the need to caveat it with a
“supervised” in the recent tweet announc-
ing the big push on sign-ups. However,
the idea that Tesla will crack autonomous
driving is the key to having its stock trade
on a tech-like earnings multiple north of
50 times, rather than closer to a Detroit-
like 5 times. That is especially so when
Tesla is doing distinctly Detroit-like
things, such as offering discounts to clear
a swelling backlog of inventory.
I have no doubt that something will be
unveiled on 8 August. As with Musk’s
riposte to the original story on Friday, his
after-market announcement lacked
details. Perhaps, finally, despite all the
false starts and missed deadlines, Tesla
will reveal a car that can actually drive
itself from Los Angeles to New York and
then park itself—a vision Musk touted
when Barack Obama was still US presi-
dent. Perhaps not. Maybe it will be some-
thing else. Unveiling the physical design
for a robotaxi—pending the actual roll-out
of fully autonomous capabilities and regu-
latory approval, you understand—is also
one potential outcome.
For the Tesla faithful, that could be
enough. For everyone else, it might be
worth remembering that Elon Musk has
been known, at a moment of stress on
Tesla and himself, to tweet the odd gran-
diose, less-than-concrete claim. Robotaxis
secured? ©BLOOMBERG

MY VIEW | EX MAcHINA

Aadhaar-based age tokens can solve a privacy problem

ideally a document that has been issued by
RAHUL MATTHAN the government. Which seems to suggests
that in order to comply with their obliga-
tions under the DPDP Act, online services
will have to ask everyone who uses their ser-
vices to first produce identity documents
children are being exposed to has been
mounting. Many countries have already
begun to enact laws to address this—some of
which, like the UK’s Children Online Harms
Act, have even put in place age-gating obli-
gations similar to those in the DPDP Act. All
sharing any other personal information.
This will allow us to verify the age of internet
users while still preserving privacy.
Aadhaar is a digital system that offers a
unique identity to everyone in India. The
system includes an age field that, even
all the website needs is the token of a parent
who is provably above the prescribed age.
While the solution I have presented uses
Aadhaar, the same functionality can be built
using just about any digital identity system
that offers proof of age.

A
mong the more worrisome provi-
sions of India’s new Digital Personal
Data Protection (DPDP) Act, 2023, is
Section 9 that imposes an obligation on all
data fiduciaries to obtain a parent’s verifiable
consent before they process the personal
data of a child. What this means is that,
before collecting any personal data, busi-
before they can proceed.
This, as you can imagine, will break the
internet as we know it. Today, we think
nothing of flitting from one website to
another by simply clicking on hyperlinks
that allow us to navigate wherever our fancy
takes us. In the age-verification future that
Section 9 describes, each such click will
of which is to say that, as extreme as it though not intended to serve as canonical Token-based solutions address privacy
sounds, Section 9 is not as proof of age, could be used concerns around age-gating. Set up right,
much of an outlier as we for age-verification. All we they can also reduce the friction implicit in
might have thought. Age-gating need is for the Unique any age-gating implementation. If ZKP
There is almost univer- Identification Authority of tokens are designed in a way so that they can
sal agreement on the need under India’s India (UIDAI) to generate a easily be uploaded to one’s internet browser,
to protect children online. token for each Aadhaar- all a data fiduciary would have to do is run
To do that, we must iden-
new privacy law holder that could, when the browser token through the ZKP system

is a partner at Trilegal and the

author of ‘The Third Way:
India’s Revolutionary Approach
to Data Governance’. His X
(formerly Twitter) handle is
@matthan.
nesses will have to ascertain whether the
person to whom it relates is a child or not.
This, if you think about it, is an onerous
obligation that will likely have far greater
consequences than legislators intended. In
order to know whether or not the personal
data they are processing pertains to a child,
data fiduciaries will have to verify the age of
every person they interact with. In an
entirely online world, there is no way to do
this without introducing friction and
exposing more personal information than
is advisable.
The best way to assure oneself of the age
of the person is by validating it using some
form of reliable identity documentation—
shunt us into an age-verification pit-stop
where we will have to confirm our identity
before being allowed to view whatever it is
that website has to offer.
Yet, as bad as this friction is, that is not
what worries me. What I am really con-
cerned about is the fact that in the process of
protecting our children from harm, we
might have given data businesses something
they have sought for a really long time—an
excuse to legally collect information on us
that can, better than anything else, uniquely
target us with their algorithms.
It is probably worth pointing out at this
stage that, around the world, concerns over
the amount of inappropriate information
tify them as children. But
how do we do so in a way
needn’t mean
that protects not only their
personal privacy, but
websites asking
everyone else’s as well? for our personal
One answer might be to
use zero-knowledge proofs documents
(ZKPs), which are crypto-
graphic computational
techniques that mathematically confirm a
given fact without disclosing the personal
information that would otherwise have been
necessary for that purpose. All it will take is
for us to generate a digital token that, when
processed using a ZKP, will confirm that the
person is above the prescribed age without
passed through a suitable
ZKP system, confirm
whether or not the posses-
sor of that token is above
the prescribed age.
It should be possible to
generate this ZKP token on
the UIDAI website in much
the same way as we gener-
ate virtual IDs today. Once in possession of
such a token, all a user needs to do is present
it whenever access is needed to a new web-
site or online service, so that one’s age can be
proven as appropriate without having to
reveal any other identifying information.
Where a child is looking to access a service,
to ascertain whether the user is of an appro-
priate age. This could take place in the back-
ground, so that the data fiduciary not only
gets to verify the user’s age without access-
ing her personal information, it can do so
without affecting the user experience.
While India’s digital identity system gives
it a relative advantage over other countries,
allowing us to implement this sort of a
tokenized solution at scale, ZKP tokens can
be used to address age-verification problems
anywhere in the world. In their search for
solutions to fulfil obligations under India’s
new data protection law, Indian companies
could well find answers to a problem that the
whole world is eager to solve.
16 WeDNesDAy, 10 April 2024
NeW Delhi BUSINESS OF LIFE SPORTS LIVEMINT.COM

REUTERS

Why impact subs have

changed T20 batting
To win T20 matches, a
ALL PHOTOGRAPHS BY PTI

higher strike rate has

become more important
for batsmen. Classical
batters are finding it
harder to help teams win
Ousmane Dembele in action.

Sumit Chakraberty
feedback@livemint.com

irat Kohli has the orange cap for

How PSG can
V being the top run-scorer in IPL
2024 so far. But the metric that
matters much more for team
results is the strike rate. And
Kohli does not figure in the top 15 of that list,
even if you limit it to those who have scored 100
runs or more.
oust Barcelona
from Europe
His strike rate is below 150, which translates
to less than 9 runs an over. If you extrapolate PSG star Dembele is out to inflict
that to the team score, it works out to a total
below 180, which is likely to fall short on most defeat on former club Barcelona
T20 batting surfaces today.
And that’s exactly what Royal Challengers
Bengaluru (RCB) have been experiencing. Two AFP
scores of 182 and 183, in which Kohli made 83

M
not out and 113 not out, were easily chased down ost of the attention in Paris Saint-Germain’s Champions
by opponents. RCB have only one win from five League quarter-final with Barcelona on Wednesday will
matches. So, while Kohli tops the list of run- be on Kylian Mbappe, but Ousmane Dembele is also set
scorers, his team languishes near the bottom of to have a big role to play for the French club against his former
the table, above only Delhi Capitals (DC). side. Mbappe, who is expected to be coming up against Barca in
Kohli is not the only one having to come to a Real Madrid shirt next season, has 39 goals for PSG in this cam-
terms with sky-rocketing strike rates leaving paign. Dembele has only one.
them behind. His batting partner for 18 soporific However, the player described by newspaper Le Parisien last
overs in India’s 2023 World Cup final defeat, playing from the crease. It involves reverse A batsman moulded on classic strokeplay can- week as a “tearaway” offers something different, even if Barce-
K.L. Rahul, is getting trolled for his strike rate of scoops and clearing the front leg to aim for the not change his spots overnight, but Kohli fans lona are all too aware of what the 26-year-old winger can do with
129 (less than 8 an over) in IPL 2024. But he’s not cow corner. Batsmen anticipate a wide ball will be hoping he can catch up with the strike a ball at his feet. The France star returned to his home country last
alone: DC opener David Warner, a pedigreed either by shifting their position laterally or rate front-runners. August after six seasons in Catalonia, with PSG paying a reported
IPL batsman, is struggling to keep up; and Guj- holding back their stroke to give the slower ball It’s not just the muscular power-hitting of 50 million euros ($54.3m) to sign him on a five-year deal. That
arat Titans (GT) skipper Shubman Gill saw his a whack out of the park. Andre Russell and Heinrich Klaasen that has relatively paltry sum in the modern transfer market for a world-
89 not out in a total of 199 prove insufficient As a result of these changes, how much a bats- taken IPL 2024 by storm with their 200+ strike class player corresponded to the amount of his release clause at
against Punjab Kings (PBKS), even though he man scores is of less consequence than how fast rates. The slender-built Abhishek Sharma of cash-strapped Barca.
scored at a brisk strike rate of 185. he scores it. This is not to say there’s only one Sunrisers Hyderabad (SRH) and pinch-hitter Moving to Paris allowed the Normandy native to team up
Strike rates have been shooting up in all for- way to bat, because success also comes from Sunil Narine of KKR also have 200+ strike rates with Luis Enrique, who he said had previously wanted to sign
mats of the game as coaches and captains are playing according to conditions and situations. at more-than-acceptable averages of 40+. They him when Dembele was breaking through at Rennes. “PSG
reaping the fruits of backing their batsmen to But the core principle is to maximise the batting just put a lower price on their wickets with their had been interested in me for a long
take more risks. It’s obviously more pro- resources instead of having any regrets about risk-taking. Ousmane time. The first contact was when I
nounced in the shortest T20 format, but the how much more could have been achieved. Then there are the likes of Shivam Dube and Dembele has was at Dortmund, but at that time my
IPL has taken it sky high with its impact sub Take, for example, Kohli’s unbeaten 113 in Jai- Tristan Stubbs in the middle order who have objective was to play for Barcelona,”
booster rocket. pur on Saturday. His strike rate was 157, well maintained a good average along with strike the speed and Dembele told sports daily L’Equipe
Introduced last year, the impact sub essen- above his season average. But his top order rates between 160 and 200. On batting-friendly guile to hurt his earlier this season.
tially gives teams an counterparts in pitches, a strike rate of 166 (10 runs per over) former club He admitted leaving Barcelona had
extra batsman, who Rajasthan Royals gets a team to 200, and that should be the Barcelona not been an easy decision after he
can be a specialist or The power hitting and high (RR), Jos Buttler expectation going forward in the IPL. flourished under the management of
a hitter. Coaches no strike rates of Andre Russell and and Sanju Samson, Most coaches today would rather have their Xavi Hernandez towards the end of his
longer have to rely had strike rates of batsmen trying for a score above par and failing, time at the Camp Nou. “These were my two best years, with a
on mediocre all- Heinrich Klaasen are more 172 and 164. RR eas- than to remain not out with a below par score. coach who showed confidence in me.”
rounders for bat- important than acquiring centuries ily won. Whether the likes of Kohli and Rahul will step Dembele was in a Barcelona shirt the last time the clubs met,
ting depth. And Admittedly, bat- up to that requirement remains to be seen. in the last 16 in 2021, when Mbappe scored a lethal hat-trick in the
they’re learning to ting conditions Rahul has been more fortunate than Kohli first leg in Catalonia. Their previous encounter was the notorious
make the most of it. So far, IPL 2024 has already eased with a smattering of dew for the chasing because his team-mates at Lucknow Super last-16 tie in 2017, when a Barca side coached by Luis Enrique
notched up three scores of 240+ (over 12 runs an team. But wasn’t that to be expected? RR skip- While Heinrich Klaasen (top) has thrived by Giants (LSG) have been pulling off victories, overturned a 4-0 deficit in the first leg to win 6-1 in the return.
over). The entire 2023 season had one such per Samson even mentioned dew as the reason taking risks, K.L. Rahul has struggled. unlike RCB. But that hasn’t stopped a growing A humiliated PSG exacted revenge in August of that year by
mega score and there were none in 2022. for opting to chase. And yet, in an interview chorus of commentators and fans questioning signing Neymar Junior from Barcelona, paying the 222 million
The classic white ball template of top order between the two innings, Kohli said he had used wickets in scoring 183 suggests that Kohli put his self-preservative approach. euros needed to activate his release clause. Barcelona were blind-
batsmen to accumulate runs in ones and twos his maturity and experience to assess the pitch, too high a price tag on his own wicket. He could Kohli’s only match-winning knock came sided and panicked, throwing huge money at replacements for
after the powerplay, waiting for the right ball to and decided a target of 180-185 would be good. have let himself go all out, knowing there were while chasing a target of 177 against Punjab their Brazilian superstar. They swooped for Dembele, who at the
hit for a four or six, is outmoded in this scenario. Skipper Faf du Plessis’ slow 44 in 33 balls con- enough batsmen to follow. A designated fin- Kings (PBKS). He remains the master-chaser, age of 20 had just enjoyed a superb season in Germany at Borus-
Batsmen are encouraged to take down a bowler tributed to the defeat, as did the failures of isher like Dinesh Karthik did not get a chance at especially when the target is moderate. It’s in sia Dortmund. They agreed to pay 105 million euros plus add-ons
for 20+ runs in an over, instead of the safer old RCB’s other two overseas batsmen, Glenn Max- all to use his innovative death overs hitting. This setting a target that his classic template falls for a player still far from the finished article.
way of taking a single after a big hit at the start. well and Cameron Green. But du Plessis didn’t was a case of not maximising batting resources short. That fee, and the even higher sum committed to signing Phil-
They also keep going hard regardless of the fall bat all 20 overs, and Maxwell and Green had to to aim for 200. Perhaps the IPL should retire the orange cap ippe Coutinho from Liverpool a few months later, heralded the
of wickets at the other end, because to do any hit out from the word go after a 126-run opening It must be said though that Kohli has made a for most runs and bring out a fiery red cap to start of Barcelona’s serious financial problems which culminated
less would almost guarantee a loss for the team. partnership in 14 overs. conscious attempt to take more risks. His wristy recognize the top strikers who are making a big- in Lionel Messi leaving the club in 2021, for PSG. Dembele scored
Risk-taking is the name of the game. This So the real question is whether the well-set six over cow corner elicited a smile from RR leg- ger impact on team results. After all, that was the 40 goals in 185 appearances for Barcelona, a much better strike
requires stepping out to spinners to smash Kohli could have raised his risk-taking level to spinner Yuzvendra Chahal. His strike rate has point of introducing the impact sub: more fours rate than he has managed at PSG, where his only goal in 34 games
them—thus disrupting their length—instead of push RCB past 200. That RCB lost only three nudged up to 146 this season from 140 last year. and sixes. to date came against Monaco in November.

From Manipur to Australia, the story of Panthoi Chanu COURTESY INSTAGRAM

India goalkeeper Panthoi World Cup.” Chanu joins a growing list of people also told her that she won’t be strife for almost a year.
Indian women’s players, like Jyoti Chau- playing football again. It was the first “I think about it while playing since
Chanu has become the han (playing in Croatia) and Manisha Kal- time she had been underestimated, and my family is still in Manipur,” she says. “I
first Indian player yan (playing in Cyprus), showcasing their Chanu strengthened her resolve to come was playing IWL (Indian Women’s
talent abroad. back stronger. League) in Gujarat and the riots broke
to be signed for club Like Indian icon Bala Devi, Chanu also “Apart from the team training, I would out on May 3. After I went back home,
football Down Under hails from Manipur. She was born in the do my individual training as well,” she tells my parents told me to have dinner as
village of Keirak, which has a population Mint. “Every day I reserve at least 30 min- early as possible. We used to pack our
of around 5,000 in a family that had little utes for running, and do my drills, condi- bags and keep it in the car, so that we
Deepti Patwardhan to do with sports. When she was 12, in tioning and training for two hours apart could flee quickly if required. I know it
feedback@livemint.com 2008, Chanu discovered football during from the practice with the team.” won’t happen quickly, but I do hope
a grassroots school sports festival and was In the last couple of years, Chanu has things get better eventually. It is not

I
ndian football may be struggling to get
a foothold in the global game, but indi-
vidual players from the country have
started conquering new frontiers. On Sat-
urday, goalkeeper Panthoi Chanu made
history by becoming the first Indian to
play in an Australian League. Sporting a
bright green goalkeeping kit, Chanu
turned up for her new club Metro United
WFC in the South Australian Women’s
National Premier League.
“Bala di (Ngangom Bala Devi) was
among the first Indian players to play
abroad,” says Chanu, who has taken over
as India’s No. 1 goalkeeper, over a Zoom
call from Adelaide. “She had set an exam-
ple for us. Since then, it was one of my
goals as well, to go and play abroad. It is
quite exciting to now play in a country that
has hosted and done well at the Women’s
instantly hooked.
“I had no clue what football was till the
grassroots festival,” says the 28-year-old.
“My coach put me on left wing. Once
when we were playing, an opponent hit
the ball at the goalkeeper. Our goalkeeper
got very scared and started crying. So, our
coach asked who will play goalkeeper? I
raised my hand.”
At the time, still not familiar with the
intricacies of the game, Chanu had gone in
determined not to let a ball through in
goal on her watch. “That was the begin-
ning of my journey, and I have stayed on
course since then. It has taken a lot of hard
work and struggle, but that’s what makes
it worth it.”
Coming from a remote village meant
she had to take early morning—5:15 am—
bus rides to training when she was
Panthoi Chanu has signed with Metro United.
enrolled in a football academy in Imphal.
A quick learner, Chanu made the Manipur
junior state team and the Indian junior
national camp within a year of taking up
the sport. She started making strides on
the senior circuit a few years later—sign-
ing up for national club Eastern Sporting
United in 2012 and breaking into the
Indian national team in 2014. But with
many talented and more experienced
goalkeepers around, Chanu had to wait for
her turn before she became a permanent
fixture in the team.
She suffered a setback in 2021 when
she fractured a shin bone and had to
undergo surgery. The rehab was long
and frustrating, one that pushed her to
consider her future in the game. Some
emerged as India’s top goalkeeper and was
part of the team that finished runners-up
at the Turkish Women’s Cup, which took
place in February. Her experience in
international football was one of the
clinchers for Metro United, who scouted
her through the Women in Sports football
clinic.
“Panthoi is very quick and mobile, has
good foot skills and is positive and strong
in her ball distribution, she is a good shot
stopper and confident in her one-on-one
decision making,” Paul Morris, the head
coach of Metro United, told Mint.
Having stayed away from home since
the age of 12, when she attended the Mani-
pur state camp, Chanu is used to the life of
a football nomad. But she keeps in touch
with her family regularly, now more than
ever since Manipur has been engulfed in
good for the younger generation to grow
up in this constant state of conflict.”
A sensitive woman with a strong sense
of identity, Chanu hopes peace prevails
in her state so the rest of India, and the
world, can see all it has to offer. For now,
she is busy proving herself in a new
country, new footballing community. It
wasn’t the best of starts for Chanu in the
Australian league as her team went down
1-2 to Football SA NTC in Saturday’s
match. But the Indian hopes to make her
mark by the end of the season in Sep-
tember.
“It is definitely exciting playing in Aus-
tralia,” she says. “This is a very important
assignment for me and to do it well, I know
I have to work hard. This is a stepping
stone for me but my dream is not
restricted to playing in one country.”