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APMFINVEST LIMITED
Regd.Office:SP-147,RIICOIndustrial AreaBhiwadi,Rajasthan-301019,India,
Tel:(011)26441015-18,
CIN:L65990RJ2016PLC054921,Website:www.apmfinvest.com,
Email: [email protected]
PUBLIC NOTICE
ThisnoticeisbeingissuedbyAPMFinvest Limited(the'Company')pursuant toparagraph
69oftheMasterDirection-Non-BankingFinancial Company-SystemicallyImportantNon-
Deposit takingCompany andDeposit takingCompany(ReserveBank) Directions, 2016
bearingreferenceno.MasterDirectionDNBR.PD.008/03.10.119/2016-17,issuedbytheReserve
BankofIndia("RBI")andamendedandupdatedasofFebruary17,2020('RBIDirections').
BackgroundaboutTransactions
1. TheCompanyisanon-deposittakingsystematicallyimportantNon-BankingFinancial
Company("NBFC-ND-SI"),registeredwiththeRBIintermsofthecertificateofregistration
datedFebruary16,2017bearingreferencenumberB-10.00247,andhavingregistered
officeatSP-147,RIICOIndustrial AreaBhiwadi,Rajasthan-301019,India.
2. Thepresentpromotersof"APMFinvestLimited"are Mr.RajendraKumarRajgarhia,
Mr.AjayRajgarhia,MrsPrabhaRajgarhia,MrSanjayRajgarhia,ShriGopalRajgarhia,
MsAnishaMittal, Ms. BhavnaRajgarhia, Mr. Kabir Rajgarhia, M/sFaridabadPaper
Mills Private Limited, M/s Rajgarhia Leasing and Financial Services (P) Ltd.
M/sEssveeFiiscalLLP,RajendraKumarRajgarhia-TrusteeofAnyaRajgarhiaFoundation
andRajendraKumarRajgarhia-TrusteeofKabirRajgarhiaFoundation (collectively
referredtoas'PromoterGroup')andcollectivelyholding1,46,41,486equityshares
of Rs. 2/- each, representing67.75%of paidupcapital of "APMFinvest Limited".
3. ThePresentPromotershaveenteredintoaSharePurchaseAgreement(SPA)on27th
November, 2021withM/sHindonMercantileLimitedandMr. Kapil Garg(Hereinafter
collectivelyreferredtoas"Acquirers")toacquireinaggregate1,46,41,486equityshares
of Rs. 2/- each, representing67.75%of paidupcapital of "APMFinvest Limited".
4. Pursuanttotheaforesaidacquisition,theAcquirershavemadeanopenoffervidePublic
Announcementdated27th November,2021,totheshareholdersoftheTargetCompany
inaccordancewithapplicableprovisionsof SecuritiesandExchangeBoardof India
(Substantial Acquisitionof SharesandTakeovers)Regulations2011,andsubsequent
amendmentsthereto(Regulations) toacquireupto56,18,954fullypaidupequityof
Rs.2/-eachrepresenting26%ofthepaidupequityandvotingsharecapital,ataprice
of47.50/-pershare(OfferPrice)payableincash.
5. Byvirtueofaboveacquisition,theshareholdingofAcquirersshallbe2,02,60,440equity
sharesrepresenting93.75%paidupcapital of"APMFinvestLimited"aftercompletion
of theOpenOfferformalitiesinaccordancewiththeSEBI (SAST)Regulations, 2011
assumingfull acceptanceof sharestobetenderedundertheopenoffer.
6. Upon consummation of the Proposed Transaction, the Acquirers shall acquire
managementandcontrol oftheCompanyandshall alsobeclassifiedasa'Promoters'
of theCompanyinaccordancewiththeapplicablelaw.TheProposedTransactionwill
enable the Company to leverage the Acquirer's expertise in the financial services
domain globally to facilitate the raising of external finance, introduce operational
improvements and continue to scale the business. The Proposed Transaction will
further support thecontinuedgrowthofretail businessandtheAcquirer'sownership
bringswithitglobalreputationandglobalbestpracticesintermsofcorporategovernance.
Anyclarificationsand/orobjectionsinthisregardmaybesenttothecompanywithin30(thirty)
daysfromthedateofthisnotice,addressedtoMr.SanjayRajgarhia,Director,attheregistered
officeaddressof theCompanyoremail [email protected].
Acopyof thisnoticeisalsoavailableontheCompany'swebsiteat www.apmfinvest.com.
For APMFinvest Limited
Sd/-
Place: NewDelhi SanjayRajgarhia
Date:29.01.2022 Director
Pune
OPINION, P8 NATION, P6 BACK PAGE, P16
ASHOK GULATI EDITORIAL GOPALAKRISHNAN-SPEAK G.O.A.T
Lower agri/food subsidy After all the support ‘India’s research Nadal wins Australian
provided, it would
spends & increase be a pity if the bad spending needs to Open for record 21st
agri R&D funding bank fails to deliver go up substantially’ Grand Slam title
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VOL. NO XII 307, 16 PAGES, `6.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E READ TO LEAD
IN THE NEWS Q3 REPORT CARD ● NEW MANDATE BUDGET FY23

Store details
Eyes on GDP
forecast by High costs dent profit of ISD calls, Centre to tread middle
Economic Survey
FINANCE MINISTER Nirmala
Sitharaman will table the
margins of India Inc
messages for
2 years: Govt
path on fiscal front
Economic Survey for 2021-22
in the Lok Sabha on Monday PRESS TRUST OF INDIA No spending spree, Fiscal deficit soars after Covid…
(% of GDP)
soon after the President's New Delhi, January 30 9.5
Address to Parliament, Revenues robust but Net sales
(% chg y-o-y)
Total expenditure
(% chg y-o-y)
OPM
(bps, chg y-o-y)
but capex likely
reports PTI. One of the most- recovery uneven; 51.1 THE GOVERNMENT HAS to be pushed 6.8
841.2
36.6
850.6
watched numbers in the pre- 32.6 35.5 mandated storage of interna-
Budget Economic Survey,
high product prices 33.1 32.1 tionalcalls,satellitephonecalls, 3.4
4.6
-199.7
28.2
authored by a team led by keep demand muted 17.4 conference calls and messages BANIKINKAR PATTANAYAK
CEA, is the projection of GDP 6.2 made over normal networks as New Delhi, January 30
for the next fiscal.
in some categories well as on the internet for a
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY19 FY20 FY21 FY22 (BE)
period of at least two years, THE UNION GOVERNMENT
Ahead of IPO, LIC FE BUREAU
FY21
PBT
FY22 FY21
Tax
FY22 FY21 FY22
RM to sales
accordingtocircularsissuedby will likely adopt a middle path Source: Budget document
New Delhi, January 30 the telecom department. by resisting calls for either a …so do debt levels
chairman’s tenure (% chg y-o-y) (% chg y-o-y) (bps, chg y-o-y)
Themovefollowsanamend- massive fiscal consolidation or
374.3 166.7 (% of GDP) Centre General govt 89.6
extended by 1 yr THEELEVATEDCOSTofinputs
punctured the margins of most 116
614 466.7 ment made in the unified
licence(UL) in Decemberbythe
a decentexpansion inthe Bud-
get for FY23. It may aim for a
242.7 319.2 70.4 74.1
THE GOVERNMENT has inIndiaIncinthethreemonths Department of Telecom (DoT) fiscal deficit of 5.8-6.3% of 68.9 69.7
extended the tenure of the to December 2021. Operating 55.9 which extended storage of call gross domestic product (GDP) 55.3
34.8
chairman of IPO-bound LIC profit margins for a sample of 41.9 26.2 -0.8 data records as well as internet for FY23, against 6.8% for the 45.5 44.3 44.2 46.1
by one more year with a 432 companies (excluding Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
logs to two years from earlier current fiscal, informed
view to facilitating smooth banksandfinancials)contracted FY21 FY22 FY21 FY22 FY21 FY22 provisionofoneyear.ULholders sources reckon.
listing of the insurance 200basispointsyear-on-yearas Sample of 432 companies Source: Capitaline are telecom companies like While any hasty return to
behemoth, sources told PTI. raw material costs jumped 466 (excluding banks & financials) BhartiAirtel,Reliance Jio,Voda- fiscal austerity can potentially
Besides, it has also extended basispointsy-o-y.However,with fone Idea and BSNL for provid- jeopardise the fragile eco-
2016 2017 2018 2019 2020
the tenure of one of the MDs, aggregate revenues rising ingallkindsoftelecomservices, nomic growth story that Source: IMF
Raj Kumar, for one year. smartly — 32% y-o-y for the exceptsatellitephoneservices. clearly needs more support
sample—operatingprofitswere “Thelicenseeshallmaintain amid fresh risks from the new
DHFL: NCLATsets up 20% y-o-y and net profits allcommercialrecords,calldata Covid strain, an expansionary yield curve and further inflate present the Budget on Febru-
increasedagood24%y-o-y.RIL record,exchange detail record, Budget will potentially add to the stock of public debt.This is ary 1,the sources believe.
aside NCLTorder andTCSaccountforjustundera shadebelowestimates. gories. Several managements IP detail record with regard to the already-elevated inflation- the biggest dilemma for the
onWadhawan offer thirdoftherevenuesofthesam-
ple;excludingthetwo,revenues
Top-linegrowthwasimpres-
sive as companies were able to
point out the recovery in rural
geographies, post the second
the communications excha-
nged on the network. Such
ary pressure, upset the bond government, as it braces to Continued on Page 4
THE NATIONAL Company have increased by only 27% pushthroughpricehikesevenif wave, has been rather muted. records shall be archived for at
Law Appellate Tribunal while profits have gone up by the growth in volumes was The data on two-wheelers sug- least two years for scrutiny by FY22 disinvestment receipts seen at `1-1.3 lakh cr
(NCLAT) has set aside an earl- 21%y-o-y. modest.Companieswithstrong gest high ownership costs may thelicensorforsecurityreasons
ier order of the NCLT Mumbai The recovery is somewhat brands were gainers. For have keptbuyers away. and may be destroyed there- THE GOVERNMENT could anta Sahu in New Delhi. `1.75 lakh crore for the next
bench, which had directed uneven; even as the IT services instance, despite an Volumes for motorcycles after unless directed otherwise mobilise about `1-1.3 lakh While LIC IPOwould help the financial year as some of the
the DHFL administrator to companiescontinuedtoturnin unfavourable base, Pidilite fell 20% at Bajaj Auto, partly directedbythelicensor,”thecir- crore in FY22 disinvestment government narrow the big-ticket strategic sales such
put the second settlement splendid results, business was posted a strong 24% y-o-y due to the shortage of chips culardatedJanuary27forvoice receipts,which largelyhinges shortfall from the budgeted asthatofBPCLandIDBIBank,
proposal by erstwhile dullatBhelwhereorderinflows increaseinrevenuesinQ3FY22. but also because there were mail,audiotexandunifiedmes- on the proposed mega IPO of disinvestmenttargetof`1.75 originallyplannedforthisfis-
promoter Kapil Wadhawan were weak due to delays in ten- However, high product fewer buyers. sagingservicelicencesaid. Life Insurance Corporation lakh crore for FY22, it could cal, are expected to conclude
before its lenders for dering.AtLarsen&Toubro,order prices appear to be keeping (LIC) in March, reports Pras- again set a target of about nextfiscal. ■ Page 4
consideration, reports PTI. inflows during Q3FY22 were a demand muted in some cate- Continued on Page 4 Continued on Page 4
Pune
Economy
EXPERTVIEW
With the imperative to support jobs and create new
employment as the country recovers from the
pandemic, CII suggests that the Budget add a job-
creation component to the (PLI) incentive.
-- Chandrajit Banerjee, director general, CII
Over 2.34L ● DISINVESTMENT Corruption hollows country

like‘termite’,must rid nation
new Covid
cases, 893
FY22 receipts seen at `1-1.3 lakh cr, of it as soon as possible: PM
fatalities in
last 24 hours
FY23 target at `1.75 lakh cr likely PRESS TRUST OF INDIA
New Delhi, January 30
PRIME MINISTER NARENDRA

see India free of corruption
by 2047, Modi said,"You have
talked about corruption-free
India. Corruption hollows the
was slated for FY22,will likely prices. Shipping Corporation Modi on Sunday said country like a termite.
WITH 2,34,281 PEOPLE Without the Disinvestment receipts be completed in FY23 as no of India privatisation may corruption hollows the country "Why wait for 2047 to get
testing positive for the decision has yet been taken on fetch around `4,000 crore. ‘like a termite’ and all have to rid of it? This is a work all the
coronavirus infection in a LIC IPO, the (` crore)
calling for financial bids. In With the Supreme Court work together to rid the nation people of the country,
FY17 46,247
day, India's total tally of cases government’s November2020,multiple bid- recently allowing the sale of of it as soon as possible. today's youth, have to do
increased to over 4.10 crore, ders includingVedanta,Apollo the government’s residual In his Mann Ki Baat radio together, it has to be done as
according to the Union health disinvestment FY18 1,00,057 Global Management and 29.54% stake in Hindustan broadcast, Modi also said soon as possible. And,
ministry data updated on receipts would be FY19 84,972 ThinkGas(ISquaredCapital)— Zinc worth about `39,000 India is fighting the new therefore, it becomes very
Sunday. showed interest in the govern- crore, it could be another big- wave of Covid-19 with ‘great important that we give
The death toll climbed to around `30,000 FY20 50,299
` ment's 52.98% stake in BPCL. ticket disinvestment in FY23. success’ and asserted that the priority to our duties. Where
4,94,091 with 893 fatalities crore in FY22 However, US private equity In the Budget for FY22,the people's trust on indigenous there is a sense of duty,
reported during the 24-hour FY21 32,845 firm I Squared Capital is governmenthadannouncedto vaccines was ‘our strength’. where the duty is
period, the data updated at 8 reported to have dropped out take up privatisation of two He said more than one paramount, corruption
am showed. PRASANTA SAHU FY22* 1,00,000 1,30,000 of the race to buythe state-run public sector banks and one crore children have sent him cannot exist," he said.
The active cases decreased New Delhi, January 30 oil firm, due to the complex general insurance company. ‘their Mann Ki Baat’ via Referring to another
by 1,19,396 to reach deal structure and lack of But, these transactions are postcards which have come postcard from a child who
18,84,937 -- 4.59% of the THE GOVERNMENT COULD financial backers forthe trans- likely to feature in the disin- from many parts of the wanted India to have its own
total infections -- while the mobilise about `1-1.3 lakh receipts would be around size of the issue isyet not clear, action. vestment programme for the country and even from research base on the moon
country's recovery rate stands crore in FY22 disinvestment `30,000 crore in FY22. as market sentiments could The market value of the next financial year. abroad. These postcards give and start the work of settling
at 93.89%, the ministry said. receipts, which largely hinges LIC IPO is being fast- decide it.The government has Centre’s entire stake in BPCLis According to sources, Niti a glimpse of the broad and human population on Mars,
The daily positivity rate on the proposed mega IPO of tracked in consultation with collected `27,330 crore or worth about `44,000 crore at Aayog has already recom- comprehensive outlook of Modi said nothing is
was recorded at 14.50%, Life Insurance Corporation in the Securities and Exchange 16% of the FY22 disinvest- the current prices.The govern- mended the sell-off of Indian the new generation for the impossible for a country that
while the weekly positivity March. Board of India (Sebi) and the ment target. ment would likely want a pre- Overseas Bank (96.38%worth country's future, Modi said. has youths like the boy who
rate was 16.40%, according While LIC IPO would help draft red herring prospectus The government could mium over the market valua- about`38,000croreatcurrent
to the health ministry. the government narrow the (DRHP) being filed with the mop a few thousand crore tionforitsstakeinBPCL.Itmay market prices) and Central
The number of people shortfall from the budgeted regulator in the first week of rupees from the privatisation fetch `50,000-60,000 crore. Bank of India (93.08%
who have recuperated from disinvestment target of `1.75 February would be as flawless of helicopter service provider The other big-ticket `17,575 crore) to the core
the disease surged to lakh crore for FY22, it could as possible, department of Pawan Hans (unlisted) and rollovers to the next financial group of secretaries on disin-
3,87,13,494, while the case again set a target of about investment and public asset divestment of some portion of yearinclude the government’s vestment,headed by the Cabi-
fatality rate was recorded at `1.75 lakh crore for the next management secretaryTuhin SUUTI (Specified Undertaking proposed 45.48% stake in net secretary. Additionally, a
1.20%, it said. After the financial year as some of the Kanta Pandey told FE last ofTheUnitTrustofIndia)stake IDBI Bank worth about publicsectorgeneralinsurance
Sunday update, the total big-ticket strategic sales such week, reiterating the govern- in Axis Bank or ITC by March `24,500 crore at the current companywilllikelybetakenup
number of infections stands as that of fuel retailer-cum- ment's resolve to complete 2022. SUUTI’s 7.92% stake in market prices.Bymaking suit- for privatisation.
at 4,10,92,522, it said. refiner BPCL and IDBI Bank, the country's largest IPO in ITC is worth about `21,000 able changes to railways land There will be a few smaller
Meanwhile, the cumulative originally planned for this March. crore and 1.55% stake in Axis licensing policy, the govern- othertransactions aswell even
number of anti-Covid vaccine financial year, are expected to The government could Bank is worth about `3,700 ment could offload a 30.8% though the bulk of the pro-
doses administered in the conclude next financial year. mopup around `1lakhcrore if crore at the current market stake in the Container Corpo- ceedsfromdisinvestmentnext
country so far has crossed Without the LIC IPO, the it dilutes a 10% stake in the prices. ration worth about `12,000 financialyearwould flowfrom
165.70 crore. -- PTI government’s disinvestment public-sector insurer, but the BPCL privatisation, which crore at the current market strategic sales/privatisation.
PM Narendra Modi pays homage at the Gandhi Smriti, on
the occasion of Martyrs Day, in New Delhi on Sunday
Govt extends tenure of IPO-bound LIC’s DHFL: NCLAT sets aside NCLT order that
PTI
He talked about a postcard had written to him.
chairman & one of the MDs by one year directed to consider Wadhwan’s 2nd offer from a girl in Assam who
expressed her wish to see
In his radio broadcast, the
prime minister also talked
India in the 100th year of about the merging of the'Amar
PRESS TRUST OF INDIA Once listed, LIC is likely to years, the sources said. PRESS TRUST OF INDIA the NCLAT said ‘there was no independence as the cleanest Jawan Jyoti'near India Gate and
New Delhi, January 30 The government is New Delhi, January 30 scope for negotiations between country in the world, the flame at the nearby
become the country's looking to list LIC during the the parties once the CoC has completely free of terrorism, National War Memorial.
THE GOVERNMENT HAS biggest company by current financial year in line THE NATIONAL COMPANY approved the resolution plan’. among the 100% literate "There were tears in the
extended the tenure of market capitalisation with with the Budget Law Appellate Tribunal "The said exercise was countries,with zero accidents eyes of many countrymen
chairman of IPO-bound Life an estimated valuation of announcement. In her (NCLAT) has set aside an beyond the jurisdiction of the and capable of ensuring food and martyrs' families on this
Insurance Corporation (LIC) `8-10 lakh crore Budget Speech, finance earlier order of the Mumbai adjudicating authority security with sustainable emotional occasion," Modi
by one more year with a view minister Nirmala Sitharaman bench of the NCLT, which had (NCLT), hence unsustainable technology. said.
to facilitate smooth listing of had said the initial public directed the administrator of and liable to be set aside," said "What our daughters At the 'National War
the insurance behemoth, offering (IPO) of LIC will be the debt-ridden DHFL to put a three-member NCLAT think, the dreams they see for Memorial', the names of all
sources said. chairman. Last year in June, floated in 2021-22 as part of the second settlement bench in its judgement the country, do come true," the bravehearts of the
Besides, the government he was given a nine-month the ambitious `1.75-lakh proposal by erstwhile Creditors (CoC) of DHFL had passed on January 27, 2022. the prime minister said. country who have been
has also extended the tenure extension in a view of LIC's crore disinvestment target. promoter Kapil Wadhwan already by an overwhelming The NCLAT direction came When everyone will martyred since
of one of the managing proposed initial public The government owns a before its lenders for majority approved the over a batch of petitions filed together make an effort and Independence have been
directors, Raj Kumar, for one offering towards the end of 100% stake in LIC. Once consideration. Piramal Capital & Housing by Union Bank of India on the young generation will inscribed, he pointed out.
year. With the extension, M R the current financial year. listed, it is likely to become The appellate tribunal Finance's resolution plan and behalf of the CoC, DHFL's work towards this goal, ‘you "Some former soldiers of
Kumar will continue as The government had the country's biggest observed that NCLT has the administrator had applied Administrator and Piramal will definitely make India the the army have written to me
chairman of LIC till March extended the term of M R company by market passed directions to consider before it for its approval. Capital & Housing Finance - way you want her to be’, he saying that the 'Amar Jawan
2023, the sources said. Kumar from June 30, 2021, capitalisation with an the second proposal from Citing a recent judgement successful resolution said addressing the girl. Jyoti' lit at the memorial is a
This is the second till March 13, 2022, the date estimated valuation of `8-10 Wadhwan, despite the fact passed by the Supreme Court applicant challenging NCLT Speaking about a girl from symbol of the immortality of
extension for the LIC when he completes three lakh crore. that the Committee of in the case of Ebix Singapore, order. Uttar Pradesh who wished to the martyrs," he said.
Capital formation
State-run entities' capex up 30% in Apr-Dec
FE BUREAU
Israel, India mark 30 years of diplomatic ties LETTERS TO
THE EDITOR
Large CPSEs and departmental arms invested 30% more in HARINDER MISHRA establishment of diplomatic Modi, for his leadership and ter Modi, in his special video munity has stayed in India in a
the first nine months of the current financial year, as Jerusalem, January 30 relations. deep commitment to this message, said there cannot be harmoniousenvironmentwith- NYT exposes
compared to year-ago period, by spending `3.8 lakh crore. "There is something I strong and robust friendship. a better time to set new goals out any discrimination and has
These entities achieved 63% of FY22 capex target of `5.95 ISRAEL AND INDIA have a wanted to tell to all of the peo- “Our countries may be dif- fortaking forward India-Israel grown. It has made an impor- Pegasus scandal
lakh crore in April-December. ‘gehri dosti’ (deep friendship), ple of India. Israel and India ferentinsizebutwesharemuch relations and asserted that the tant contribution in our devel- Now that the New York
Israeli Prime Minister Naftali have a gehri dosti, deep friend- in common - our rich history, importance ofthe relationship opmentaljourney,"Modi said. Times has exposed the
Top state-run investors in Apr-Dec Bennett has said and thanked ship.Todaywe honour30years theinherentwarmthofourpeo- has increased amid significant On Friday, external affairs truth that the BJP
(` crore) FY21 FY22 Capex by CPSEs his Indian counterpart Naren- of diplomatic relations ples,andourcuttingedgeinno- changes in the world. minister S Jaishankar and government purchased the
and departmental dra Modi forhis‘deep commit- betweenIsraelandIndia.Thirty vation and technology", the Modi said people of India Israel's foreign minister Yair Pegasus spyware from
1,13,000
arms in Apr-Dec ment’to the‘strong and robust years of a wonderful partner- Israeli prime minister said and Israel have always shared a Lapid penned op-eds in an Israel in a barter to support
75,000
1,02,000
friendship’. ship, a deep cultural connec- amidst a series of activities special relationship. Israeli and an Indian newspa- and vote in Israel’s favour at
95,000
(` lakh crore)
Describing the opportuni- tion, and military and eco- underwaytomarktheoccasion. "This dayholds importance per emphasising that ‘friend- the UN's Economic and
FY21 2.9 ties of collaboration between nomic cooperation,"he said. The video was tagged to a in our relationship as full shipandtrust’arenotonlypos- Social Council to deny
3.77 the two countries as ‘endless’, Though India had recog- tweet which said, "Today, we diplomatic ties were estab- itive traits,but also‘real assets’ observer status to a
FY22
Bennett,inaspecialvideomes- nised Israel on September 17, celebrate 30 years of diplo- lished between the two coun- with which the two countries Palestinian human rights
21,000
18,560
15,000
15,000
17,000
17,000
sage released on Saturday 1950, full-fledged diplomatic matic relations between Israel tries 30 years ago.A new chap- have worked together to organisation, it becomes
evening, stressed that ‘the ties relations between the coun- & India. We celebrate a strong ter between the two countries ‘deepen their roots’ for the last paramount that the expert
between Israel and India are trieswere established on Janu- partnership, An incredibly had begun. It was a new chap- three decades, expressing committee appointed by
strong and together they will ary 29,1992. deep friendship, & optimism ter but history between us is hopes that their achievements the Supreme Court to
NHAI Railways NTPC IOC ONGC only grow stronger’,as the two "I would like to thank my for the future!". age-old. together will continue to bear enquire into the Pegasus
nations celebrated 30 years of dear friend, Prime Minister In New Delhi,Prime Minis- "For centuries,the Jew com- fruit. — PTI scandal gives credence to
this report before finalising
their report on their
investigations. One
From the Front Page expects the committee
does a fair and impartial
Q3 report card: cement manufacturer UltraT-
ech increased by 12% y-o-y as
bers both on the top line and
bottom line as they cash in on
month, albeit on
unfavourablebase.TheCentre’s
an government intends to set
right its medium-term fiscal
to `37.2 lakh crore, up almost
7% from the last fiscal, driven
years: Govt investigation and bring out
the entire truth
High costs dent it was able to sell more pre- rising demand and execution debt rose to 55% of GDP in glide path by achieving robust particularly by inflated food The amendment applies to surrounding this scandal.
mium products. The net aver- remainstopclass.Therecovery 2020from46%intheprevious economic expansion,it can ill- and fertiliser subsidy, accord- companies like Tata Commu- — Shalini Gerald, Chennai
profit margins age selling price at Maruti has seen retailers get back on year,whilegeneralgovernment afford to slam the brakes on ing to an Icra estimate. nications,Cisco'sWebex,AT&T
SBI order put on
went up by 15% y-o-y. track.Bhel turned Ebitda posi- debtswelledto90%from74%, growth-inducing measures Even before the Covid out- Global Network, etc,who have
of India Inc High costs ate into mar- tive during the quarter. Shop- showedtheInternationalMon- and allow debt sustainability break, the government had to subscribed to these licences. hold after row
At Ceat, volumes were down gins; at Bhel gross margins pers Stop, for instance, turned etary Fund data, as authorities to exacerbate. So, while it is raise budgetary expenditure The DoT made amend-
4.5% y-o-y while at Maruti were down 100 bps y-o-y, hit debt-free in Q3FY22,posting a stepped up spending to soften unlikely to go on a spending byasmuch as16.5% onyearin ments in ILD licence on Janu- This refers to ‘SBI puts
Suzuki they were down 13.2% byhighercommoditypriceson stand-alonerevenuegrowthof the Covid blow. spree in FY23,itwillwell target FY20 to `26.9 lakh crore to ary 25 which besides extend- notice on pregnant women
y-o-y. Volumes at UltraTech nearly 50% of fixed price- 34%y-o-y,albeitonalowbase. On top of this,if the central its expenditure, according to prop up falteringgrowth.Then ing an additional one year for recruitment on hold’. What
declined 6% y-o-y during the based order backlog. Marico’s bankisforcedtohiketheinter- theeconomists.Capitalexpen- the pandemic struck,forcing it maintaining call detail records is sad is that SBI, largest PSU
quarter,primarilyhurtbyheavy consolidatedgrossmarginsfell Centre to tread est rate earlynext fiscal to curb diture, therefore, will likely be to step up expenditure by a includes provision for storing bank in the country, has
and unseasonal rains in some 320 bps. JSW Steel’s Ebitda inflation and address fears of scaledupsubstantiallyinFY23 sharp 30.5% to `35.1 lakh details of international com- come up with an order
places,bans on construction in margin contracted nearly 500 middle path on potentialflightofcapitalinthe (some expect it to be as much crore to protect lives and liveli- munications made using against hiring pregnant
some areas and a shortage of bps y-o-y, though net sales wake of tightening measures as `6.5 lakh crore against the hood,despite an acute revenue internet protocol. women in the first place.
labour.Volumes at Hindustan wereup50%y-o-y.BajajAuto’s fiscal front by the US Federal Reserve, an FY22 budget estimate of `5.5 shortfall. Given the high base, A similar amendment has Only after being criticised in
Unilevergrewjust 2%y-o-y. Ebitda margin, for instance, Though real GDP is estimated expansionary fiscal policy will lakh crore).Revenue spending, analysts expect the rise in been issued for licence issued the social media did it put it
Nonetheless, price hikes contracted 420 basis points y- to grow 9.2% in FY22 from a run counter to the monetary however, could be tightened FY23 budgetary expenditure to BSNL for providing satellite on hold. And this has come
helped the FMCG major post a o-y,drivingdowntheEbitdaby yearbefore,itisexpectedtorise policy, in a replay of the UPA’s and such expenditure where toremainunder10%uponthe phone calls and data services up in an organisation which
reasonably strong top-line 21% y-o-y. At Havell’s gross only 1.3% from the pre-Covid policyintervention (often crit- the outlay doesn’t match with revised estimate forthis fiscal. aswellasforVSATlicencehold- was headed by a woman
growth of 10% y-o-y. Asian margins crashed 583 bps, dri- (FY20) level. Meanwhile, retail icised by senior functionaries the outcome could be axed. erswho provide satellite based not so long ago.
Paints has been able to hike ving down Ebitda margins by inflation scaled a six-month of this government) in the While the government has Store details of services on January 24 man- — Bal Govind, Noida
prices by about 22% in the nearly 400 bps, despite rev- peak of 5.59% in December aftermath of the global finan- targeted a marginal expendi- dating them to maintain call
nine months to December to enues rising by 15.4% y-o-y. and wholesale price inflation cial crisis that ultimately bri- ture cut in FY22, it could end ISD calls, dataandinternetcommunica- ●Write to us at
combat a 25% rise in input Software companies con- eased only slightly from a 30- dled growth momentum. up exceeding the Budget esti- tions records for at least two
costs. Blended realisations at tinue to turn in strong num- year high to 13.56% last Nevertheless,giventhatthe mate by about `2.4 lakh crore messages for 2 years.
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WWW.FINANCIALEXPRESS.COM MONDAY, JANUARY 31, 2022
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6 NATION FINANCIAL EXPRESS
● BUDGET SESSION India steel output grows 18% to 118 mt

Opposition to raise farmers’ in 2021: World Steel Association report
PRESS TRUST OF INDIA 2020. The United States’ out-
issues, Pegasus matter New Delhi, January 30
INDIA’S CRUDE STEEL pro-

duction rose by nearly 18% to
India, which is the second
largest steel-producing
nation, had manufactured
100.3 mt steel in 2020
put was at 86 mt compared to
72.7 mt a year ago.
While Russia produced 76
mtsteel,SouthKoreaproduced
sion on the Motion of Thanks 118 million tonne (mt) in 70.6 mt, Turkey 40.4 mt, Ger-
Given the ongoing on the President’s Address. 2021,whileworldleaderChina many 40.1 mt, Brazil 36 mt
third wave of the The first part of the Budget recorded a 3% decline to 1 “Total world crude steel and Iran produced 28.5 mt
Sessionwill be held from Janu- 032.8 mt, according to World production was 1,950.5 mt in steel in 2021.
pandemic, Lok ary 31 to February 11, after Steel Association (Worldsteel). 2021, a 3.7% increase com- Out of 1,950.5 mt, the top
Sabha and Rajya which it will go into recess to India, which is the second pared to 1 880.4 mt in 2020,” ten steel producing countries
examine the budgetaryalloca- largeststeel-producingnation, the global industry body said. jointly produced 1,624.8 mt,
Sabha will return to tions for different depart- had manufactured 100.3 mt According to the report, in the rest came in from other
have separate ments. steel in 2020 and China had the same year,Worldsteel said 2021,Japan produced 96.3 mt steel producing member
The session would resume produced1064.7mtofsteelin in its report. steel as against 83.2 mt in nations.
sittings in shifts on March 14 and conclude on
April 8.
PRESS TRUST OF INDIA
The Budget Session is tak-
ing place amid a heated elec-
tion campaign in five states —
November coal imports decline 22.5%
THE STAGE IS set for a stormy
Budget Session of Parliament
that begins on Monday, with
Uttar Pradesh, Uttarakhand,
Punjab, Goa and Manipur —
which go to polls in seven
to 15.78 million tonne , says report
the opposition set to target the phases from February 10 to PRESS TRUST OF INDIA and also publishes research pared to 91.44 mt imported
Modi government on issues March 7. New Delhi, January 30 reports on coal and steel verti- during April-November of the
such as the Pegasus snooping The main opposition Con- cals. On a month-on-month last fiscal. Coking coal import
row,farm distress and Chinese The Budget Session is taking place amid a heated gress has declared that it will THE COUNTRY’S COAL basis,coalimportsinNovember was recorded at 35.40 mt,
“incursions”ineasternLadakh. election campaign in five states — Uttar Pradesh, reach out to like-minded par- imports declined by 22.5% to 2021 increased marginally by higherthan28.18mtimported
The session will begin with ties to raise issues such as farm 15.78 million tonne (mt) in 0.21% as against 15.75 mt during the April-November
President Ram Nath Kovind’s
Uttarakhand, Punjab, Goa and Manipur — which go to distress, Chinese “incursions”, November 2021, compared to imported in October 2021, it periodof the last fiscal.
address to the Lok Sabha and polls in seven phases from February 10 to March 7 demand for relief package for 20.35 mt in the same month of said. Of the total imports,non- Commenting on the coal
the Rajya Sabha assembled Covid-19victims,thesaleofAir lastyear. coking coal import was at 8.93 Coking coal imports were importtrend,VinayaVarma,MD
together in the Central Hall India and the Pegasus snoop- “India’s coal and coke mtagainst13.77mtinNovem- at 4.90 mt, up against & CEO, mjunction,said,“As per
and chambers of both the wave of the pandemic,the Lok of Thanks on the President’s ing row during the session. importsduringNovember2021 ber last year. Coking coal 4.28 mt imported in expectation, India’s import
Houses,inviewoftheCovid-19 Sabha and the Rajya Sabhawill Address from Wednesday and Parliamentary affairs min- through the major and non- imports were at 4.90 mt, up demandwassubduedasthefes-
November 2020
situation. returntohaveseparatesittings PrimeMinisterNarendraModi ister Pralhad Joshi and Rajya major ports are estimated to against 4.28 mt imported in tiveseasonwasoveranddomes-
Finance minister Nirmala in shifts,with members seated is expected to reply to the Sabha Chairman M Venkaiah have decreased by 22.5% over November2020. tic supplies improved. Hence,
Sitharaman will present the across both chambers of Par- debate on February 7. Naidu are set to chair separate November 2020,” mjunction During the April-November there was not much impact of
Economic Survey 2021-22 on liament to ensure distancing Lok Sabha secretariat offi- meetings with floor leaders of servicessaid. periodofthecurrentfiscal,total ingApril-November2020. thesofteningofseaborneprices
Mondayand the Union Budget norms. cials said four days, beginning political parties on Monday to mjunction — a jointventure coal and coke import stood at During the April-November on volumes imported. This
on Tuesday. The Lok Sabha will take up February 2, have been provi- ensure smooth functioning of betweenTataSteelandSAIL—is 138.87mt,about1.25%higher periodofFY22,non-cokingcoal trend is likelyto continue in the
Given the ongoing third the discussion on the Motion sionallyallotted forthe discus- the House during the session. a B2B e-commerce company than 137.16 mt imported dur- import was at 88.47 mt, com- comingmonth aswell.”
NCLT approves APSEZ’s composite Saregama India plans to invest up

to `750 crore in music business
Commerce ministry proposes
scheme to acquire Sarguja Rail Corridor repeal of decades-old tea,
PRESS TRUST OF INDIA APSEZ said the company thataspertheNationalRailPlan SAREGAMAINDIA,Apartof businesses are well capi-
ADANI PORTS & Special Eco-

will now consolidate all
rail assets under a single
business entity
2020, the Indian Railways will
invest more than `3 lakh crore
over the next 10 years to con-
RP-Sanjiv Goenka Group, is
planning to invest up to
`750croreinitsmusicbusi-
talised and theywill be able
to manage to run on their
own...Ourprojection of 25-
coffee, spices, rubber Acts
nomic Zone (APSEZ) on Sunday structnewraillines. ness to achieve a 25-30% 30% revenue growth that
said the company’s composite Therefore, this acquisition revenue growth in the next we are giving is a combina- PRESS TRUST OF INDIA The public/stakeholders Considering the emerging
scheme to acquire Sarguja Rail creates a significant business few years through organic tion of both organic, new New Delhi, January 30 quality, food safety require-
Corridor (SRCPL) has been projectswithouthavingtocom- value for APSEZ as a transport and inorganic routes, an content purchases, and
can send their comments ments in spices sector and the
approved by the National Com- pete with similar businesses in utility,Adani added. official said. It is also foray- some inorganic purchases,” THE COMMERCE MINISTRY on the four draft Bills by modern applications of spices
pany Law Tribunal (NCLT) and the Adani portfolio, a position The statement said the ing into a new business seg- the official said.On music has proposed repeal of February 9 in nutraceuticals, natural
will be effective from the thatisinfullalignmentwiththe acquisition being a related- ment of artiste partner pro- licencing and the film busi- decades-old laws pertaining to colours, it is essential to orient
appointeddateofApril1,2021. equity interest of minority party transaction, APSEZ gramme to launch their ness, the company is also tea, coffee, spices and rubber, the research support to spice
APSEZ in a statement said shareholders,” it said. adopted a fully transparent music videos and audios on looking at 25-30% growth and introduce newlegislations Bills, posted on the website of industry to address these
the company will now consoli- Thestatementsaidthatonce approach with minority share- its platforms with an next year,he said. with a view to promoting the the commerce ministry. aspects,the draft bill said.
dateallrailassetsunderasingle consolidated, SRCPL will add holders and creditors for arrangementofsharingrev- Saregamaannouncedits growthofthesesectorsandcre- Itsaidthattheprincipalrea- “Further,some of the never
business entity, Adani Tracks `450 crore, or 5% of APSEZ’s approval.APSEZ, holding a rail enue,he told analysts. partner programme for all atingaconduciveenvironment son for proposing the repeal of used/redundant provisions in
Management ServicesPvt Ltd. total Ebitda (earnings before portfolio of 620 km, had “The fund (of up to `750 singers and musicians for businesses. Tea Act is that there is a para- theActneedtoberemovedand
“This consolidation allows interest, tax, depreciation and mootedaproposaltoacquire70 crore) is only for the music wanting to do covers,recre- The ministry has sought digm shiftin therecentdecade offences are to be decriminal-
APSEZ,whichistargeting2,000 amortisation). kmofSargujaRailfromanother business.Thisisnotgoingto ations and remakes of its views of the stakeholders on with respect to the way tea is ized for facilitating ease of
km of track length by 2025, to Commenting on the devel- Adani group company. be used for our films or our catalogue across all lan- thedraftsoftheSpices(Promo- grown, marketed and con- doingbusinessinspicessector,”
participate in Indian Railways opment,APSEZ CEO & whole- APSEZ is part of the globally Carvaan business. Other guages. — PTI tion and Development) Bill, sumed and this necessitates it added.
PPP(public-privatepartnership) time director Karan Adani said diversifiedAdani group. 2022; Rubber (Promotion and amendmentoftheexistingAct. Explaining the rationale
Development) Bill, 2022; Cof- “The legal regime has to be behind the proposal to repeal
fee (Promotion and Develop- enabled to address several the Rubber Act, the draft bill
Looking at new markets to push apparel exports, says AEPC chairman ment) Bill, 2022; and Tea (Pro-
motionandDevelopment)Bill,
areas of modern functions of
the tea board namely, support
said that in recent years, there
have beenwidespread changes
2022.The public/stakeholders for production, quality in the industrial and economic
APPAREL EXPORTERS’ BODY pricesare hitting the industry. “Wearelookingatnewmar- sustainablegrowth,”hetoldPTI. the biggest challenge being can send their comments on improvement, promotion of scenario especiallywith regard
AEPC on Sunday said it is look- Apparel Export Promotion kets. Huge export potential is He added that the Produc- faced at present by the sector is these four draft Bills by Febru- teaandskilldevelopmentoftea to development in rubber and
ingatnewmarketssuchasLatin CouncilApparel Export Promo- thereforus.Weareexpectingto tion Linked Incentive (PLI) risingpricesofrawmaterials. ary9 thisyear. growers. Many of these activi- allied sectors.
America,Australia and Israel to tion Council (AEPC) chairman touchabout$16.5billionworth schemes for man-made fibres “For example, cotton yarn In four separate office ties were originally not “Therefore, it has become
push the country’s exports, NarendraGoenkasaidthecoun- of exports in 2021-22 and $19 and technical textiles will help prices have gone up by about memoranda, the Department included in the mandate of the imperative to remove archaic
which are expected to record cilisalsoengagingactivelywith billion in 2022-23. We are on attract investments and will 70-80% in the last one year. of Commerce has said it is tea board, but now need to be provisions, create an environ-
healthy growth during the cur- Indian missions abroad to the cusp of good growth in push domestic manufacturing Global commodity prices are proposingrepealoftheTeaAct, incorporatedintoitsfunctions ment conducive for easy con-
rentfiscalandin2022-23,even exploreexportopportunitiesfor apparel. We are also trying to and in turn exports from the increasing. 1953; Spices Board Act, 1986; and powers,”it added. duct of business,reorient func-
though rising raw material the sector. create a brand India image for country. “But,our country is also the Rubber Act 1947; and Coffee According to the draft tionsofthe(Rubber)Boardwith
Free-trade agreements, biggestproducerofcottonyarn. Act 1942. Spices (Promotion and Devel- equal focus on upstream and
whenimplemented,withcoun- So, the advantage should have “It is proposed that” these opment) Bill, 2022, there is a downstreamsectorsandtocon-
triesliketheUKandtheUAEwill been with us,” Goenka, who is Acts are “repealed and a new needtoenabletheSpicesBoard tribute towards making world
furtherhelpinboostingexports, also MD of Texport Industries, legislation is enacted to reflect to provide focused attention class rubber industry,” the draft
he said. one of India’s largest apparel the present realities and objec- across the entire supply chain Rubber (Promotion and Devel-
However,the chairman said manufacturers,said. PTI tives,” according to the draft of spices. opment) Bill,2022,said.
● INTERVIEW: KRIS GOPALAKRISHNAN, co-founder, Infosys, and chairman & co-founder, Axilor Ventures
‘Govt,private sector investments in research must be increased’
Kris Gopalakrishnan, co- and the private sector invest- tion.Iwouldliketoseethisget- huge impact?
founder of Infosys, and chair- ments must go up from 0.1% ting activated. As for the pri- Take R&D in pharma.We need
man & co-founderofAxilorVen- to1.5%.Evenifnotinoneyear, vate sector, we should incen- to make sure that all the drugs
tures,believes it is crucial India thisisthedirectionIndianeeds tivise investment into R&D — discovered are also affordable
increases spending on research to take and get there in the both internal R&D within an for the entire population. For
substantially.Hefeelsitneedsto next two to three years. organisation and also areas example,today,there is a ther-
be raised from 0.7% of GDP to where collaboration happens apy for cancer which is based
3%.Excerpts fromaninterview What are the areas in which with academic institutions. on programming your
to FE Online. the investments in research Previously, we used to give immune system, or what is
need to increase in the gov- 150% credit for the money called immunotherapy.A dose
There is a lot of anticipation ernment and private sector? invested into a recognised costs approximately
from the Budget on job cre- Typically, basic research, with R&D institution. This should research in a global context, $600,000,which even the rich
ation and on measures to its longer gestation period, is be reinstated and we should in with supply chain inter-link- peoplein the US cannotafford.
accelerate growth... best supported bygovernment fact encourage companies to ages and the element of chal- Now,howcan anybodyin India
While these are valid expecta- and by philanthropy, but invest more, by giving them lenge from China in the cur- afford this? So, if India works
tions,we do need to remember applied research tends to find double the amount theyinvest rent context? on such inventions, then I
that the pandemic has support in the private sector, as credit for the research Wehaverealised howtheglobe strongly believe that the costs
increased the confidence in which needs to make a return investments. is an interconnected supply can come down. Look at vac-
India’sabilitytowithstand any on its investments in a time- chain.Thereisnowneedtocre- cines, the costs initially were
shock or face any crisis.This is frame of 3 to 5 years.Today, Could you please help draw a ate self–sufficiency, risk miti- $30 to $ 40 and in India this
because while we are still a therearesomanytechnologies linkbetweenjobcreationand gationanddomesticcapacities was brought down to approxi-
developing country, we could emerging,rangingfrom space, investments in research and towithstand anyfuture breaks mately`150,orjust $ 2.This is
administer1.5billionvaccines. genomics, synthetic biology, innovation?Orwillitallresult in supply chains. I am confi- again a good example of what
We were able to design, apart from computing itself, in a fewurban orelite jobs? dent we can do it and do it in a India can do if it does the R&D
develop and manufacturevac- which is itself evolving into I want to give the example cost-effective manner. Today, and manufacturing and this is
cines in India and also make it Internet of Things and com- from the banking sector. The when there is a shortage of whatisneeded.Whatisequally
affordable.We have also devel- puting everywhere, and then automation in the Indian computer chips, the govern- important is that this is not
oped indigenous technology there are the areas of virtual banking, while it raised con- ment has a very large pro- just helping India but also
for ventilators,PPEs and other reality, artificial intelligence cerns over job losses in the gramme for semiconductor helping the 7 billion people
products where we had no and machine learning.Several 1970s and 1980s, eventually manufacturing and allocated around the world. This is
domestic production andwere areas that will require many in ended up in transforming the `70,000croreforit.Weneedto because when the research is
import dependent. We have India to create theirown intel- banking sector, expanding its take advantage of that and done in a developed country it
the capability to design new lectual property. footprint and resulting in even make sure we create a domes- is typically targeted at the top
products,servicesandtocreate The government has come more job creation. This is true tic semiconductor hardware 10% of the population, but if
new businesses and also new out with mission mode pro- of any sector that is growing, manufacturing industry and theresearchisdoneinIndiafor
jobs. Currently, India invests grammesinspace,inquantum andchangingforallthatwillbe cutdownimports,andalsocre- instance, then 100% of the
about 0.7% of GDP on computing and other areas needed is that peoplewill need ate jobs in this and other population globally could
research,Iwouldliketoseethis where we need to make sure to be training to tap the new strategic areas. stand to gain, because it sud-
go to about 3% of the GDP.The that enoughmoneyis invested opportunities. denly becomes affordable.
government spends about in these technologies.The gov- What are some of the areas That is the role that India can
0.6% of the GDP and I would ernment has also announced Can you also help explain the where you see the invest- playand help notjust India but
like to see this go up to 1.5%, theNationalResearchFounda- imperative for investment in ments in research making also the rest of the world.
Pune
FINANCIAL EXPRESS 7
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INDO-ISRAELI RELATIONS
Opinion MONDAY, JANUARY 31, 2022

❝
Prime minister Narendra Modi
I am confident that India-Israel friendship will
continue to set new records of mutual cooperation in
the decades to come
❝
● FROM PLATE TO PLOUGH
Bad bank IF THE GOVERNMENTWANTS MORE BANG FOR ITS BUCK, IT MUST DOUBLE, OR EVEN TREBLE,
takes off THE AMOUNT SPENT ON AGRI-R&D AND AGRI-EXTENSION
After all the support provided, it would be a pity

if the bad bank fails to deliver Budgeting for
R meaningful agri-growth
BI HAS FINALLY given the ‘bad bank’ the green signal. The
essence of the altered arrangement is a principal-agent rela-
tionship between the NationalAsset Reconstruction Company
(NARCL)andtheIndiaDebtResolutionCompany(IDRCL)under
which an entity legally appoints another entity to act on its behalf. The
NARCLwill acquire and aggregate the NPAaccounts from bankswhile the
B
IDRCL will take care of the debt resolution process; final approvals and UDGETFY23 ISlikely to talk more quantities of rice to get the same
much about macro-eco- amount of dollars, a perfect case for
ownership for the resolution shall lie with NARCL as the principal. The nomic recovery, be it V- imposing an optimal export tax on
state-ownedlendersholdamajoritystakeinNARCLwhiletheprivate-sec- shape or K-shape. The ASHOK rice.Also, this amount of rice,which is
tor lenders own a majority stake in the IDRCL.
The earlier structure—an ARC working in tandem with an asset man-
finance minister may
announce some measures to boost the
GULATI being produced through heavy subsi-
dies on power for irrigation and
agement company (AMC)—was announced in the Union Budget for MSME sector, greater investments in Infosys chair professor of agriculture, extremely low urea prices, means that
2021-22, but the regulator had expressed its reservations. That had its infrastructure, and so on. ICRIER we are exporting at least 40-50 billion
However,common people are more cubic metres of water!
origins in a framework called Sashaktwhich envisaged setting up anAMC concerned with surging inflationary We surely need better policies on
alongwith multiple alternative investment funds (AIFs) to handle assets pressures, inflicting an ‘inflation tax’ dominating—easily crossing `4 lakh also an overhaul to collaborate with grain management and fertiliser sub-
from different sectors.Apparently, the IBA changed tack in favour of an on their savings. Containing the fiscal crore, and even inching towards `5 the private sector and FPOs to make its sidy. NITI has come up with a Multi-
ARC-based system because a pureAMC structurewas thought to be a less- deficit has always been a challenge. lakh crore in total. This subsidy research outcomes marketable, bene- dimensional Poverty Index (MPI),
than-ideal mechanism to aggregate loan exposures to a single asset held And it would be more so this yearwhen amount,as a percentage of net tax rev- fiting the farming community. putting Indian poverty at 25% in the
by different banks. economic recovery is still fragile. But enue of the Union government (after On the food subsidy front—the sub- year 2015-16 based on NFHS data.The
what one hopes is that the FM will keep deducting the share of states), may sidy is ballooning—we know it is the 2019-20 data set would give an even
However,ARCs, being a category of non-banking financial companies
the budget accounts transparent. turn out to be around 30%.This share result of very high economic cost of lower poverty ratio. Poverty, based on
(NBFCs),are regulated by the RBI,whileAMCs come under the purview of Transparency in budgetary of subsidies,which are basically doles, rice and wheat to FCI, low issue prices the international definition of $1.9
the Securities and Exchange Board of India (SEBI).So RBIapproved anARC accounts is critical for the very credi- are multiple times the government’s at which it has to supply grains for per capita per day (PPP), is even lower
licence for the NARCL,but was unhappywith the dual structure.The bad bility of the budget.In this context,the expenditure on agri-R&D through its public distribution system (PDS), and (around 11%) for 2017-18, as per the
bankwas always a bad idea because of the moral hazard it creates.But now FM deserves compliments for her last Indian Council of Agricultural the large population (67%) to be cov- World Bank.
that the back-and-forth has ended,banks must get a move on and be bet- year’s Union budget when revised Research (ICAR),which hovers around ered under National Food Security Act The Economic Survey had earlier
terprepared to manage the moving parts involved in running it than they numbers of food and fer- `8,000 crore. (NFSA). made a case of reducing
tiliser subsidy were put Interestingly, our The economic cost of the coverage of benefi-
were while setting it up. Stressed assets worth some `2 lakh crore are up way above the bud- research at ICRIER wheat and rice is almost ciaries under NFSAfrom
ICAR not only needs Investment in
awaiting resolution and losing value with each passing day; assets worth geted numbers, clearing shows that investment 40% higher than the 67% to 30%, which
`50,000 crore are expected to be transferred to NARCL in the current fis- a big infusion of agri-R&D brings
almost all arrears of Food in agri-R&D brings 5- MSP of these grains. makes ample sense for
cal.These assets are to be acquired on a 15:85 Cash:SR structure. Corporation of India funds but also an 10X higher returns in Take, for example, rice, 5-10X higher returns targeting the poor and
Even though the Centre has heavilycapitalised PSU banks overthe last (FCI) and the fertiliser overhaul to terms of agri-GDP or whose economic cost in terms of agri-GDP/ bringing efficiency in
threeyears,which helped the latterprovide forloan losses,it again gener- industry. collaborate with the even poverty alleviation hovers around `40/kg, poverty alleviation PDS.
Think of revising the than the same amount but has to be given at compared to a I would submit that
ously provided `30,600 crore as a guarantee for the SRs; this will be used food subsidy budget esti-
private sector and spent through, say, fer- `3/kg through PDS and beneficiaries be also
to cover the shortfall between the face value of the SR and the actual mate of `1.15 lakh crore FPOs to make its tiliser subsidies (or even almost free under PM similar spending given an option to
amount realised. The guarantees impart liquidity to the SRs which are to `4.22 lakh crore, and research outcomes power subsidies by Garib Kalyan Anna on, for instance, receive the money in
tradeable.Given the assets have been fully provided for,banks reallyhave fertiliser subsidy esti- marketable states). Yojana. fertiliser subsidies cash in their accounts,
littletolose.Indeed,itshouldhavebeenpossibleforbankstoselltheaggre- mate of `71,309 crore to The upshot of this is Given our weak gov- which could be equal to
gated assets—in the NARCL—to anyARC as that might have fetched them about `1.34 lakh crore. that if the Union govern- ernance of PDS, ground MSP plus, say, 20%, in
That was a bold move ment wants the biggest reports suggest there is lieu of physical grains.
a betterprice.However,as experts point out,ARCs maybe reluctant to take
towards transparency, in the fiscal bang for its buck, the right approach is not only massive leakage of rice in the This would reduce leakages, and
on large legacy assets. How well and how soon the stressed assets are deficit too. to double, or even treble, the amount open market, but it also goes to ramp also save on high economic costs of
resolved will determine the efficiency of this mechanism. Even this year, the revised esti- spent on agri-R&D and agri-extension, up our rice exports, which may touch these grains. If the coverage of benefi-
Given that most of assets are quite old, and buyers will not be easy to mates of food and fertiliser subsidy are especially in the emerging areas of 20 million tonnes this year, the high- ciaries under NFSA cannot be reduced,
come by, there is the risk of the bad bank becoming a warehouse for likely to be significantly higher than high-value agriculture (horticulture, est ever in history.It would have been a at least those who are non-poor, they
stressed loans.Analysts point out that if the initial cash receipts are more the budgeted estimates of `2.43 lakh medicinal plants,livestock,fishery,etc) matter of pride if these exports were can be charged at half the price of eco-
or less equivalent to the amount invested by banks, it would amount to crore and `79,530 crore, respectively, not just to raise their productivity but on its competitive strength. But the nomic cost.
and one hopes that the FM will keep also build efficientvalue-chains to sup- reality is that the export unit value is Similar moves are needed on the
simply shifting the problem from one place to another. them transparent and clear all the bills ply these to lucrative markets, so that much below the MSP of rice.And when fertiliser subsidy front. Else, the bud-
Time is of essence and bankers will likely work hard to get the assets in revised estimates. farmers’ incomes can be significantly India exports, say, 20 million tonnes get documents remain a mere
resolved because the backstop arrangement isvalid forfiveyears only; the Looking at the budget from the augmented. (mt) of rice in a global market that hov- accounting exercise,without ensuring
guarantee can be invoked eitherif the asset is resolved orliquidated.After food and agriculture angle, I see the That’s where the role of the private ers around 45-46 mt, it brings down efficiency and inclusiveness in gov-
all this support,itwould be a pityif this much-delayed grand scheme fails subsidies on food, fertilisers, and pay- sector becomes important.ICAR needs the global prices of rice. ernment expenditures. That’s not
to deliver. ments under PM-Kisan Samman Nidhi not only a big infusion of funds but This means that India has to export exciting.
Plan ahead for an ageing population A tale of two garlands

India’s failure to make Sagarmala significant for its own economy has caused it to fall behind China
With the fertility rate falling below replacement,
PRABHU PINGALI
challenges of higher dependency, burgeoning
& SHUBH SWAIN healthcare and social security needs will emerge. NIRVIKAR intent might have already put India into
a better position to take advantage of
furtherbehind in its race to catch up.
What is the weak link that explains
Pingali is founding director, Tata Cornell Institute, Cornell University,
and Swain is research associate, Tata Cornell Institute
India must mount the necessary policy-response SINGH pandemic-induced global production
network disruptions, along with
India’s relative failure in its own garland
of the sea versus China’s string of pearls?
Professor of economics, University of increased concerns about relying too Certainly,India’sgovernmenthastended
California, Santa Cruz much on China in those networks. to lack leadership capable of strategic
THE TIME HAS come for India to turn a Womenlivelongeronaverage.Accord- the globalmarket-value ofyouththrough Meanwhile,Chinahasdonemuchbet- intent on the economic front. Its own
new leaf on population policy.The coun- ing to a UN projection, by 2050, women an enriched education system and ade- ter with its own garland, the String of state-ownedenterprisesalsoseemtolack
try’s fertility rate has fallen below will constitute 56% of India’s population quately-funded skill-growing schemes, Pearls strategy, which was given that management capable of the kind of big
replacement level. With a lower number of 80-year-olds, leading to more of them and ensuring healthy life through tar- IN THE EARLYYEARS of the newmillen- namein2004,aboutthetimethatSagar- pushonmajorprojectsseenfromChina’s
of births,the size of theyoung population living as widows in the later stages of life. geted behaviour-change, should be the nium, it seemed that India had finally malawasfirstmooted.TheStringofPearls giants,though this mayalso reflect a lack
will decrease, and the number of older Older widowed women are at greater policy focus. made a transition into a high-growth hasabroadgeographicreachanditsinter- of strategic coordination at the govern-
adults will be increase, impacting India’s risk of both chronic and acute health dis- Improving older-adult-friendlytrans- economy.Alongwithmacroeconomicsta- national character and military aspects mentallevel.Butperhapstherealculpritis
health,fiscal and gender policies. orders and are less likely to engage in portation systems,specialised health ser- bility and a world class presence in soft- makeitdifferentfromSagarmala.Butthe lack of adequate financing. Certainly,
Nearly 60% of current deaths in the health-seeking behaviour. vices available at the primary care level, ware, savings and investment rates had projects that have been implemented China’s state-owned firms have been
countryare attributed to non-communi- The average education and empower- creating a cadre of health outreachwork- increased to the point where sustained have been large,focused and strategic.In known to be inefficient.But China’s gov-
cable diseases. With the increased num- ment status among women is not very ers trained in first-line care of geriatrics, double-digitgrowthseemedtobeattain- theIndianOcean,theGwadarPortinPak- ernment has been better at raising tax
ber of older adults, that share will swell, encouraging. After a few decades, there including older adult nutrition-security able.But the vagaries of the global econ- istanisalreadyamajordevelopment,and resources, and at supporting economic
demanding a significant policy shift will be many older women who are vul- in the food-system discourse, etc, will be omy, especially the financial crisis of the state-owned China Overseas Port development to the point where it has
towards controlling diabetes, cardiovas- nerable to social insecurity. helpful.The negative cultural view of old 2008-09, created imbalances HoldingCompanynowcon- generated surpluses that can support
cular diseases,and cancer. India needs to move simultaneously age must end. in India’s own economic trols its operations.The buying US Treasury bonds as well as 99-
Despite India’s success on hunger, its towards two goals: investing in today’s Promoting‘active’ageing and keeping management,includingthe Sri Lankan port of Ham- yearleasesin Sri Lanka.
older adults are at risk of food and nutri- young, which will build a healthy and olderadults economicallyproductive can problems with bad loans The Sagarmala bantotaisnowalsounder Meanwhile, India’s government has
tion insecurity. The Longitudinal Aging empowered population, and creating be a way to meet the challenge. thatcontinuetobeadragon programme involved Chinesecontrol,afterthe struggledtoraisetaxrevenue,focusingon
Study in India found 6% of 45 years and more secure platforms for older adults. The current approach to healthcare, investment and growth. government could not harassing a few firms to the point that it
olderhave insufficient food.This propor- India’s youth is neither wealthy nor food security and overall well-being, in Meanwhile, struggles over paying large sums to handle the debt owed to lost international arbitration cases and
tion will growwith the changing popula- healthy.Inthepasttwodecades,theyouth addition to gender, must include a new ideologyandpoliticalpower consulting firms to Chinese firms. Again, a has damaged an industryvital for future
tion structure. unemployment rate has increased from dimension: old age. The country must have diverted attention conceptualise its state-owned Chinese growth, namely, telecoms.The tax base
Increasing medical cost, difficult-to- 17.7% to 22.8%, and obesity is increas- think ahead, to enable a healthier and from long-term economic company is running remains narrow, and there is a chicken-
afford health insurance and transporta- ingamongpeopleaged15-34.Improving wealthier older India. strategy and implementa-
giant set of diffuse things, with a 99-year and-egg problem with respect to tax rev-
tion constraints have restricted older tion. The pandemic schemes, but leasein thiscase. enue, since the economy has not been
adults’accesstohealthcare.Thechallenge occurred when the econ- nothing comparable Sagarmala is sup- growingatratesthatwouldprovidebuoy-
is going to get harder. Further, as family- India’s population structure 2021 India’s population structure 2051 omywasalreadystruggling. to that effort for posed to take advantage ancy to tax collection. Despite these
size shrinks due to declining births,infor- Female Male Female Male One example of lack of of India’s 7,500 km of issues,itisstrikingthatpolicymakershave
mal safety-nets comprisingrelatives may 6 4 2 0 2 4 6 4 3 2 1 0 1 2 3 4 5 progress is the Sagarmala
devising a strategic coastline, but China is not been able to come up with mecha-
not be a viable option in future. (garland of the sea) Pro- financing plan alreadyconsolidatingits nisms to channel funds into infrastruc-
80+ 80+
The dependency ratio—the number 75-79 75-79
gramme,which was origi- presence in Sri Lanka ture projects that would give growth a
of people 65 years and up depending on 70-74 70-74 nally proposed by the NDA with the new Colombo boost.To some extent, this weakness in
people aged 15-64—moved from 5.4 in 65-69 65-69 governmentin2003,when Port City,which will also infrastructure financing and contract
1960 to 9.8 in 2020 and is projected to 60-64 60-64 India seemed to be starting on a high- host an offshore international financial design has persisted since the infamous
reach more than 20.3 in 2050. A recent 55-59 55-59 growthpath.Butittookadozenyearsand centre.Asinothercases,inordertosecure Enron power plant deal in 1992.Instead
government report scores income secu- 50-54 50-54 a return of the NDA after a decade out of investment,aChinesecompanyhasbeen of improvement on this front,India had
rity and financial well-being among 45-49 45-49 powerfortheprogrammetobeapproved. givena99-yearlease.WhileChina’smili- the debacle of IL&FS.The Sagarmala pro-
older adults 44.7 and 33 out of 100, 40-44 40-44 It was launched in 2016,but implemen- tary presence in the seas off its eastern gramme involved paying large sums to
respectively. 35-39 35-39 tation has continued to be slow. I have coast has been explicit, here it seems consultingfirmstoconceptualiseitsgiant
With the growing dependencyratio,it 30-34 30-34 arguedthattheprogrammeistoodiffuse, unnecessary.The desperate countries of set of diffuse schemes,but nothing com-
will be become difficult to improve this 25-29 25-29 in terms of sectoral coverage and out- SouthAsia,none of whom views India as parabletothateffortfordevisingastrate-
20-24 20-24
situation. In time, demand for work comes,andevenmoresointermsofloca- much of a friend or partner, have wel- gic financing plan. Strategic focus in
15-19 15-19
within the older adult population will tions. Sagarmala includes hundreds of comedChina’smoneyandexpertise.This design and implementation, along with
10-14 10-14
grow and may result in delayed retire- 5-9 5-9
projectsspreadover14locations,and,like isnottosayIndiashouldhavebeencom- well-structured financial plans, are vital
ment,leadingto“jobsqueeze”,whereboth 0-4 0-4 manyIndiangovernmentplans,seemsto petingwithChinainSriLanka,butitsfail- forIndia’sinfrastructureneeds,including
the youth and older adults will compete have a little bit of everything. A more uretomakeSagarmalaasignificantpres- cities, telecoms, transport and more, as
Source: World Population Prospects,2019)
for a limited number of jobs. focused approach and greater strategic enceforitsowneconomyhasleftitfalling well as garlands.
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Pune
BUDGETING FOR EDUCATION
Education
Niranjan Hiranandani, Provost, HSNC University
❝
We expect the finance minister to make as many facilities
accessible via the Union Budget for students, teachers,
institutions and every associated stakeholder, who have
been deprived of due to the pandemic.
❝
● COMMUNITY OF PRACTICE
● POST-LOCKDOWN resume classes after a long deferment, the
followingimperativesmustbeconsidered.
● UNION BUDGET
The way ahead Teacher and technology: No class-
Rethink GST
for teachers’ Children room can rise above high-quality teacher.
New models of teacher preparedness and
development will be helpful. Only a great
teacher can transform lives. on rentals
development
belong to the
Whole-child education: As students
return,theywillcarrythebaggage ofexpe-
riences.Manyvital life-changing learning
experiences are missing in most of them.
schools pay
Scars of trauma, losses, isolation, uncer- Loans to schools can be part
classroom tainties,learning gaps will require a com-

mitment to look at the whole child. Also,
preparing students to adapt to the future
needs of work and related skills and com-
petencies should not get out of focus.
of priority sector lending
Adaptation and restructuring: The

The road to India’s prosperity passes through pandemic’smost profoundlessonisadap-
reformed classrooms tive leadership and responsive structures
and policies. Flexibility is the name of
maximising access. The NCERT’s revised
ASHOK PANDEY & AMIT KUMAR India has had pandemic-dri- academic calendarduring the firstwave of
ven school closures forabout the pandemic came in for a global com-
RADHIKA GHOLKAR AT THE 73RD Republic Day parade, the two years. The report adds mendation. Schools must draw a cue and
education ministry’s tableau showcased that while many efforts have reimagine what structural changes in
THE NEED FOR teacher development is NEP 2020, reiterating its commitment to been made towards online scheduling, pedagogy, remediation,
well acknowledged across education sys- prioritise education. High-quality educa- education, penetration and assessments,sports and cultural activities JAI DECOSTA
tems. High quality education depends on tionforallandlifelonglearningis nomore effectiveness remain woe- will accelerate resilience building.
how skilled teachers are. There has been a domestic agenda anywhere in theworld. fully inadequate. Lack of ILLUSTRATION: ROHNIT PHORE
‘Vedas to Metaverse’, the 73rd Repub- THE BUDGET SEASON is upon us and
significant investment in teacher devel- Educationisthesheetanchortobridgethe device, bandwidth, emo- lic Day parade’s tableau’s title, signals experts across sectors are sharing their
opment interventions through cascade inequalities in society and usher in eco- tionalconnectionwithpeersandteachers, Classrooms meant to shape lives are bridging of the past with the present and wishlistwiththeFMforherconsideration.
training, coaching, mentoring or direct nomicprosperity.Globalexperiences have increasedchildexploitation,missingmid- empty,reminding us of Susan K Hansen’s creating a sustainable future.It must also Being a pillar of a country’s GDP,the edu-
training of teachers. While these formats proved that the road to prosperity passes daymeals (the onlysource of nutrition for imagery of a classroom: signal a recognition of the challenges we cation sector needs more attention as it
have seen some impact, more needs to be through reformed classrooms. many) andlackof language andnumeracy Thus the nurturing begins encounter as we navigate environmental impacts the development of the country.
done to achieve substantial transforma- The pandemic has normalised our col- proficiency will have a cumulative loss of Within the confines of this chrysalis vagaries, mental and health issues, rising In the last Budget, the government
tion in teachers’ knowledge, skills and lective understanding of the crisis in future skills and earnings. Called“classroom.” inequalities,and therapidlychanging face decided to switch a fraction of the funds
practice.Teacherdevelopment needs to be learning.Schoolclosureshaveexacerbated Thankfully, the new variant Omicron Changing voices can be heard of work. Only a responsive ecosystem will from education to strengthen the health-
seen as a continuing process rather than inequalities in educational opportunities. has spared the intensity and the speed of As“I can’t”becomes bring back the glory of classrooms, as care infrastructure,whichwas the need of
ad hoc,infrequent and‘short burst’train- The virus’s fast mutating variants seem spread as was widely feared. Vaccines for “I’ll try”becomes“I did it!” Hansen scripted in her‘Metamorphosis’. the hour. This year, we hope the govern-
ing programmes. There is also a need to unstoppable even in thewake of rollout of childrenareontheshelf.Governmentsare We need to reflect on what has worked mentwill considerincreased allocation to
shift to teacher-led ‘learning’ as against vaccines. A recent Boston Consulting better prepared to deal with emergencies, during the pandemic and what has not? Pandey is director,Ahlcon Group of Schools, education to compensate for last year.
externally provided‘development’. Groupreport,‘IndiaNeedsToLearn-ACase and people are more confident, leaving What did children miss, and what can we and Kumaris director,Shabda (risk & con- During the pandemic, many stand-
for Keeping Schools Open’, concludes that minimal rationale to keep schools closed. retrieve?Thesearenoteasyquestions.Aswe sultancy) and co-founder,kManthan alone schools had to close doors,resulting
Communities of Practice (CoP) in job losses for staff and education dis-
CoP are ‘social learning systems’; a continuityforchildrenfrompoorfamilies.
group of people with common interests, Evenmanygovernment-aidedschoolshad
Science & tech

questions or a passion connected to each to discontinue operations due to unavail-
other.Theconcepthasgainedmomentum ability of proper devices, network issues
in educationasitis and teachers’ inability to teach online.As
Teacher being seen at as a for private schools, many state govern-
development context-specific, ments issued directivesof fee reduction or
needs to an needs-based and exemption, which negatively impacted
ongoing process sustainable con- their finances (even as most had to invest
rather than tinuing profes- heavily to improve their e-learning infra-
sional develop- structure,providing training forteachers,
events and ‘short ment (CPD) option and paying salaries to staff). I would urge
Home-brewed gas to the rescue

burst’ training for teachers. To thegovernment to considerthe following:
programmes teach effectively, Waive off GST on school rentals: In
teachers must countries such as the UAE,the UK and the
respond to class- US, schools are exempt from GST or
room challenges in an ongoing mannerby allowed to claim a refund of the GST paid.
connecting their practice,experience and But in India,given high cost of land,most
knowledge; CoPs can help enable this.
Proponents argue using billion-year-old microbes to make fuel could loosen Europe's dependence on Russian gas school trusts have a long-term lease with
The CoPmodelwas first piloted at scale athirdpartyandpayleaserentalsforapre-
in Maharashtra for teachers of English JONATHAN TIRONE decided period in case they don’t own the
through the Tejas project. About 51,500 land. This rent is taxed under GST and
teachers participated in monthly face-to- SCIENTISTSAND INVESTORSareturn- school trusts have to payGSTto landown-
face meetings called Teacher Activity ing to a billion-year-old home brew to ers. But unlike other industries, schools
Group (TAG) meetingswith theirpeers led help meet Europe’s future natural gas cannotclaimcreditforthesameasthefees
by a trained coordinator from within the needs and provide a way to store and they collect from students are exempt
group.Teacherswere also part of an online deploy excess energy from solar and from GST. Schools are left with no choice
CoPonWhatsAppwhere theyshared their wind generation. but increase the fee, which, in turn, is an
reflections, concerns and challenges In the same way brewers use live additional burden on the parents.
related to teaching English with each yeast to turn sugarand starch into beer, Loans at lower interest rates: Loans
other.An evaluation of the impact of TAG European energycompanies are relying to schools should be considered priority
meetings on quality of English lessons onsingle-celledcreaturescalledarchaea sector lending. During Covid-19, schools
revealed considerable change in teaching to ferment carbon dioxide and hydro- hadto cutdown fees,allowEMI payments,
and learning of English.Teachers’partici- gen into methane—the main compo- and in a few cases exempt fees to support
pation in TAG meetings boosted enthusi- nent of natural gas. The idea is to stop parents who had lost jobs.But they had to
asm forCPD among teachers,encouraged planet-warming emissions from escap- pay salaries to teachers and non-teaching
teachers to innovate in classrooms, ing into the atmosphere by capturing staff. To maintain education continuity,
increased their confidence to speak Eng- CO2 emitted when factories burn fossil they had to invest in tech infrastructure.
lish,and expanded opportunities learners fuels and using that to make more fuel. This exhausted funds of manyschools and
have for using English in the classroom. The microorganisms that catalyse theycould not generate surplus as schools
CoPs were useful during the Covid-19 the process live in some of the most fall underthe‘not forprofit’category.Due
pandemic when teachers experienced inhospitableplacesonEarth—including to this, banks and financial institutes are
unprecedented challenges and levels of deeplyburied gas reservoirs,where they not willing to lend to schools as they are
stress.Teachers found theywere equipped can be fed a steady diet of industrial unable to see a clear path to repayment.
to quickly move TAG meetings online. emissions and green hydrogen to Hence, school trusts must be allowed to
Informal feedback from teachers corrob- replenishfuelreservesandstoreenergy. take loans at a concessional interest rate.
orates that CoPs in the form of TAG meet- Fromthere,themethanecanbeinjected RTE reimbursement: It’s a state sub-
ings facilitated the much-needed support directlyinto existing gas infrastructure Munich, raised 36 million euros ($41 Identified by US scientists four December for spot access to imported ject, but due to lack of funds in state trea-
and connection during the pandemic. and sent to factories, or stored under- million), completing its fifth funding decades ago as a unique domain fuel. sury,school bodies have towait forindefi-
groundwhereiteffectivelyactsasageo- round this month from investors “This is the market bias we have to nite times forRTE reimbursements.Given
Enabling CoPs chemical battery. including Baker Hughes Co. and Engie of life, archaea populate oxygen- confront,”saidKrajete,whosenamesake the Covid situation, I would request the
Benefits of the CoP model are not lim- “Archaea are 4 billion years old and SA. Electrochaea has already built deprived, high pressure company, Krajete GmbH, makes gear centralgovernmentearmarkspecialfunds
ited to teachers and learners but extend to constitute the oldest metabolism we demonstration plants in Denmark, environments miles underwater used to transform industrial emissions to support states for RTE repayments so
wider government education systems. A have on Earth,”saidAlexanderKrajete,a Hungary and Switzerland and is work- and underground into CO2 feed for archaea.“For the big that schools can avoid funds crunch.
more reflective and self-directed teacher chemist who holds patents related to ing on sites where hundreds of energy majors it has been more prof-
means the teacher is better able to com- the fermentation process.“Theyare the megawatthoursofgreengascanbepro- itable to make alliances in places like The author is founder & CEO,
municate developmental needs and seek survivorsofnature,”hesaid,whileslosh- duced by mid-decade,Hafenbradl said. ported by one of the strongest critics of Russia orNorwayin orderto dig the fuel K12 Techno Services Pvt Ltd
appropriate support.This also means gov- ing a jar of amber broth colonized by One of the most ambitious archaea the EU's inclusion of gas and nuclear out. Something that is pre-fermented
ernment education systems potentially archaea in his lab in Vienna. projects is located nearAustria’s border power in its taxonomy.The projects are will usually be cheaper.”
have a lesser burden to lead, organise and
manage teachers’ professional develop-
Identified by US scientists four
decades ago as a unique domain of life,
with Germany, where Europe’s fourth-
biggest storage operator, RAG Austria
critical for the "seasonal storage of
renewableenergy,"saidAustria'sclimate
New factors could soon change the
calculations that make imported fossil Kiran Bedi’s new
ment. Traditional CPD interventions archaea populate oxygen-deprived, AG,has been running experimentswith andenergyministerLeonoraGewessler. fuel cheaper than European home-
require government machinery to not
only identify and arrange for academic
high pressure environments miles
underwater and underground. Their
the archaea in its gas reservoirs. The
company, whose top shareholders
"Solar energy is converted into green
hydrogen and stored in natural gas
brewed gas, including he continued
rapid expansion of renewables across
book released
expertise but also manage the operational green energyapplication is coming into include utilities EVNAG and Uniper SE, deposits." Europe.
aspects. A CoP model, built around moti- focus as record prices for gas batter is planning to tap renewable energy The value of storage is already being For example, the new German gov-
vated learners, is likely to reduce opera- European consumers.Geopolitical ten- generated in Ukraine to produce the recognised by the market, according to ernment’s green economy plan will
tional and logistical inputs, while ensur- sionswith Russia,Europe’s biggest sup- hydrogen needed for the process. It’s a Alastair Syme, managing director of require adding an average of more than
ing improved outcomes. plier of the fuel, are accelerating the vision that will take decades to imple- energyresearchatCitigroupInc.inLon- 3 gigawatts of solar and wind annually
But government systems still have a search for more sustainable long-term ment butwill lead to a cleanerand more don. While last year’s wild energy price this decade—investments that need
crucial role to play. The administrative energy solutions. self-sufficientEuropeanenergysystem, swingsinEuropewerelargelyattributed storage to balancethe electricitygridon
aspects of managing CoPs are as impor- “Ratherthanusingthefossilgasthat according to RAG Chief Executive Offi- to geopolitical tension with Russia, the dayswhenthesunisshiningorthewind
tant as the academic aspects.Forexample, comes over from Mr. Putin and others, cer Markus Mitteregger. mismatch between renewable genera- is blowing. Rather than shutting down
for CoPs to work within the government we want to replace that and make it “Wehavealotofnearbyheavyindus- tionandstoragecapacityremainsacon- renewablegeneration,orreroutingelec- FE BUREAU
system, teachers need necessary permis- renewable,”saidDorisHafenbradl,man- trythat needs gas forheat and that pro- stant threat to price stability. tricityoverthe border,excess powercan
sions to attend, administrative support is aging director of Electrochaea GmbH,a duces carbon dioxide on the otherend,” “If you look at the last 12 months, be used to generate hydrogen the BASED ON the ground-realities of nearly
required to identify safe spaces for meet- German company looking to scale up he said.“We can create a closed gas cycle you’ve had electricity prices that have microorganisms need to produce fuel. fiveyears of service as 24th Lt Governorof
ings and school principals need to enable the technology.“It’s a lowcarbon-inten- thatalsocapturesandstoresemissions.” swung from 20 euros a megawatt hour There will also be rising demand for Puducherry,Kiran Bedi has penned down
an environment of experimentation and sity gas that we can make relatively This month’s decision by the Euro- to 170,”Symesaid.“That spread is effec- cleaner sources of electricity as heavy her journey of governance in the book
innovation for teachers to develop their quickly to replace the fossil version.” pean Commission to grant certain gas tively the cost of storage. Finding long industries face higher costs for energy ‘Fearless Governance’. It was launched by
practice in their classrooms. The evalua- The technologystill requires billions projects, which follow sustainable duration storage mechanisms, things and carbon pollution. Krajete said Indra Nooyi (formerchairperson & CEO of
tion of effectiveness ofTAG meetings also of euros of additional investment to guidelines, a green label should also that have a high level of energycontent, home-brewed gas has the added bene- PepsiCo) and Prof Debashis Chatterjee
revealed that lack of such administrative becomecommerciallycompetitive.And catalyse more archaea-induced storage is going to be one of the plays forhydro- fit of helping those polluters recycle (director,IIM Kozhikode).
supportfromlocaleducationalauthorities while the process creates a renewable investment.Thelabelhasbeencriticised gen.” their emissions for the betterment of “Fearless Governance is a blueprint for
limits the effectiveness of CoPs. methane cycle—byrecycling hydrogen, by a key expert group for supporting an Still,the cost of producing hydrogen Europe’s energy security. good and effective governance,” Nooyi
Considering the benefits for teachers carbonandoxygenmoleculesinaclosed emissions-producing fuel. But Mit- using only green energy is the biggest “All those energy intensive indus- said. “The legend of Kiran Bedi will live
andwidereducation systems alike and the loop—the potential for renegade emis- teregger argues that the classification hurdle. Krajete, the chemist, estimated tries are trying to move into [greener] through the pages of this book long after
ever-evolving needs of learners, the CoP sions exists.Users of the fuel who fail to will help energy companies transition has cost about 800 euros ($900) to fer- electricity,” he said.“But in order to to she calls it a day!”Prof Chatterjee added.
model promises to reimage the teacher account for and capture their pollution to lower-emission technologies using ment a megawatt of gas in recent years. bridgethelong-termstoragegap,they’ll Published byDiamond Books,itwill be
development process. would still be contributing to global their existing infrastructure. That's about four times more than the have to move toward chemistry." translatedinmajorIndianlanguages.Roy-
warming. peak 183-euros a megawatt hour that alties of the book are dedicated to causes
The author is senior academic man- Electrochaea, located just outside The use case of archaea is also sup- German companies forked over in —Bloomberg in Puducherryand Navjyoti IndiaFounda-
ager,English,British Council India tion and India Vision Foundation.
Pune
eFE
LOOKING AHEAD
Michael Dell, CEO, Dell Technologies
❝
I am an optimist and a realist. Two years after we
first heard of Covid-19, I am here to say we should
❝
embrace a future of possibility and progress.
● TECH’S BUDGET WISH-LIST ● HEALING TOUCH
Need of the hour: Mid- to long-term reforms Creating new

value streams
infrastructure from the government, the on dividend from DPIIT recognised start-
With new ways of working
and new challenges in the
techindustryexpectsactionableplansfrom
theBudget.“India’scommitmenttoachieve
ups to 20% for resident shareholders and
allowing other resident shareholders eligi-
in life sciences
netzeroemissionsby2070isambitiousand bleforlowertaxratetopaytaxatalowerrate
Indian tech sector, the prudent.Along with solar,we need policy than 20% as maybe applicableto them.
Union Budget should paradigms to promote wind power, hydro Fintech/e-commerce sectors of the new
power,nuclear power,green grid corridors, economywhichbenefitedwiththedemand
support sustained growth to ultimatelytransition to round-the-clock surge after Covid-19 induced lockdowns
of the economy taking into hybrid power. Funding remains another want government measures to be aligned
critical need where government interven- with the growth momentum.“Some initia-
account the immediate, tion would enable fast and smoother actu- tives that can support this momentum
medium, and long-term alisationofrenewableenergyprojectsinthe include allowing credit on UPI,mandating Subhro Mallik
country. I am hopeful that the upcoming transparentpublishingofreliabilityratesof
issues of the industry Budget will directly address these specific various bank UPI and card processing sys-
challenges,” says Mahesh Palashikar,presi- tems, permitting tokenisation in offline DESPITE BEING INVOLVED in cutting-
dent,GE SouthAsia. payments, liberalising the tax regime for edge research, life sciences and medical
SRINATH SRINIVASAN Electric vehicles (EVs) are next in line in smallmerchantsbyacutinGSTforadopting device companies have been slow to
energy goals. “To keep up the consumer digitalpaymentsandexpandingthedigital embrace digital transformation.Although
With the tectonic shift that took place in demandandtodrivefasteradoptionofEVs, infrastructure of the country to include the caution is understandable given the
2020 due to the Covid-19 pandemic, the we are hopeful that the FAME II subsidy transactionsintheabsenceofreal-timecon- risks involved in theirbusiness,becoming
upcomingUnionBudgetisexpectedtopro- wouldcontinuewellbeyond2023.Whilethe Anand Ramamoorthy, managing Mahesh Palashikar, president, nectivity,”saysRajeevAgrawal,CEO,Innoviti digital-first is now critical due to several
vide more clarity on work from home and startupsformthemajorityoftheEVecosys- director, Micron Technology (India) GE South Asia Payment Solutions. factors, despite the heavily regulated
gigemployeepolicies,taxation,energyinno- tem in India and have led the EVrevolution The government’s recent blockchain nature of these sectors.
vation,manufacturing and semiconductor from the front,a majorityof them are ineli- inthedigitaleconomy,Nasscomexpectsthe ment in building, infrastructure,worksta- strategy report and observations on digital Topchallengesinpharma:The tradi-
fab schemes,blockchain and much more. gibleforthePLIscheme,”saysTarunMehta, government to provide more clarity in tion, interiors, furniture related cost while currencies have raised expectations. The tional business model of manufacturing
“GalvanisingR&Dthroughkeyoutcome co-founder& CEO,AtherEnergy.“There is a defining remote work, employee and tax increasing the threshold of total emolu- industry wants long-term concrete mea- drugs and medical devices and then sell-
focused collaborations, doubling down on need to be inclusive in this approach. EV policies.InamemorandumsharedbytheIT ments for additional employees from sures in the same space from the Budget. ing these to healthcare providers via dis-
manufacturingincentives,rethinkingcom- manufacturers have highlighted concerns industry forum, it has requested clarity on `25,000 to `50,000 per month to qualify “Crypto technology and blockchain are tributors is no longer feasible.
ponent import duties and encouraging the around GST inverted structure and have policiesrelatedtotheplaceofprovidingthe fordeductionunderSection 80JJAA. long-term phenomena that are not going Rising healthcare costs: Govern-
startupecosystemwillhelppositionuswell requested reducing taxes on input costs. service,which may fall under Special Eco- Ontheemployeeandinvestortaxfronts, away. The Budget should include more ments around the world are grappling
for the future,”says Anand Ramamoorthy, Also, incentivising setting up EV charging nomicZones(SEZ)evenwhenaworkerofthe Nasscom has recommended ESOPtax to be resources to make our cities into more effi- with growing healthcare costs and des-
MD,Micron Technology (India).“The 2022 stations in existing residential areas,hous- SEZ Unit has carried out thework remotely. levied onlyat the time of sale of shares only cient smart cities.We can create models in perately seeking to slash expenditure.
Budget has the unique opportunity to be a ing complexes and commercial establish- Further,it has recommended expansion of and resident investors to be taxed on long infinite ways,from more robust policing to Such trends are driving down the prices of
global launchpad forthe Indian electronics ments will go a long way in setting up the SEZReservetoincludeexpensesincurredon term capital gain on sale of shares of DPIIT e-voting,to more efficient ways to provide medical devices as governments demand
and semiconductorsector.” infrastructure,” headds. leasing of computers/ laptops,using cloud recognisedstartupsat10%,atparwithnon- public services leveraging blockchain,” says to see thevalue of these products reflected
With a positive outlook on energy and When it comes to new ways of working infrastructure,buyingsoftwareandinvest- residentinvestorswhilecappingthetaxrate PratikGauri,co-founder& CEO,5ire. in improved patient outcomes. However,
direct correlation of outcomes to devices
is sometimes difficult to establish.
Tech Burden of chronic diseases: A large
Gadgets
part of chronic disease management is
performed outside the clinic and consists
Bytes of lifestyle choices made by patients.

Poor treatment adherence: Given
that the potential to improve profitability
is directly linked to positive patient out-
comes,pharmaceutical companies strug-
gle with managing patient behaviour.
Pharmaceutical companies must find
ways to integrate serviceswith theirprod-
● SONOS ARC ucts to create greater value. Some ways of
doing this are by strengthening existing
Great sound meets elegant design

B2B relationships and cultivating direct
connections with patients.
Sonos Arc is distinctly SPECIFICATIONS

small in its physical form ■ Dimensions: 87 x 1141.7 x 115.7
but vastly superior in mm (H x W x D)
performance. It will ■ Processor: Quad Core 1.4 GHz
A-53
Nachiket Deshpande, COO and amaze you with its clear, ■ Memory: 1GB SDRAM, 4GB NV
Executive Board Member, LTI richly-detailed 3D sound ■ Power supply: Auto-switching
LTI partners IIT Madras for TV viewing or 100-240 V, 50-60 Hz AC universal
listening to music input
to innovate in 5G space ■ Ethernet port: One 10/100 Mbps
TECH CONSULTINGAND digital solutions The Potential of the Internet of
Ethernet port Things (IoT)
firm Larsen&Toubro Infotech (LTI) is SUDHIR CHOWDHARY
partneringwith IITMadras for ■ Connectivity: Connects to your New technologies such as IoT hold
collaborative research in the field of 5G. IF YOU TALK to seasoned audiophiles on home Wi-Fi network with any greatpotentialtoimprovepatientengage-
Throughthis collaboration,LTI and IIT thequalitiesofagoodsoundsystem,their 802.11b/g, 2.4 GHz broadcast- ment, increase adherence to treatment
Madras will promote research towards commonrefrainisthatbiggeralwaysdoes capable router plans, and promote positive lifestyle
development of low-cost,low-frequency notmeanbetter.Manyconsumersassume changes.Connecteddevicesincludeexter-
5G network setupforbetterconnectivity the larger a stereo is,the more impressive ■ Weight: 6.25kg nal medical devices (such as insulin
in rural India.The keyobjective of this itwillsound.That’snottrue.Sizerarelyco- ■ Estimated street price: `99,999 pumps) as well as implantable medical
effort is to create a 5G basestationand relateswith the quality.Also,the source of devices (such as pacemakers). Consumer
single-box solutionto enable rural the audio plays a part in how it will sound wearables such as smartwatches and
connectivity.LTIwillworkcloselywithIIT overyournewmusic system. DolbyAtmosisanobject-basedformatfor and does not support Bluetooth. Its LED Technical-speak,Arc’s upward-firing smartphones also fall underthis category.
Madras to design these low-costbase Forthepastfortnight,thisreviewerhas surround soundthat designates different indicatesthespeakerandmicrophonesta- driverscreateamulti-dimensionalsound- Each of these devices generate data,which
stations and network forrural beendiligentlycheckingouttheSonosArc, sounds to specific places in the room tusandadjustsbasedontheambientlight stage that then moves around you, ren- can be aggregated and analysed using AI
connectivity. Nachiket Deshpande,chief a brilliant-sounding and easy-to-use ratherthanchannels,creatingamorereal- of the room to be visible but not distract- dering every whisper and explosion with and machine learning to detect keytrends
operating officerandExecutive Board soundbarthatcomeswithaheftypricetag istic experience by dynamically incorpo- ing.Capacitive touch controls letsyou tap dramatic clarity, detail, and depth.There and predict future events. The outcomes
Member,LTI,said,“5G promisesto of `99,999 and is intended forTV shows, rating height, surround and front chan- toplay,pause,adjustthevolume,andmute are11Class-Ddigitalamplifiersperfectly areearlydetectionofadverseevents,lower
facilitate the next level ofinnovationto movies,music,gaming,and more.Agreat nels. Herein, Arc supports increased the microphones. Swipe right to skip tuned toArc’s acoustic architecture,eight emergency admissions, and reduced
build a smartersociety,but it is important piece of technology where extraordinary bandwidth forthe higherqualityaudio of aheadorleft to revisit a track. ellipticalwoofersensurefaithfulplayback length of hospital stays.
to ensure that thesebenefits reachevery soundmeetselegantdesign—that’sArcfor DolbyAtmos.Italsoincludesupwards-fir- Movingfurther,youcanconnectArcto of mid-range and vocal frequencies in IoT can thus help the life sciences
partof ourcountry.LTI’s partnershipwith you,madeavailablebyLuxuryPersonified ingspeakerdriversthatactasheightchan- your TV’s ARC/eARC port using the additiontorichbass,threepreciselyangled industry create new value streams in the
IITMadras reflects ourcommitment to that is the official distributor for Sonos in nels, reflecting sound off your ceiling for included HDMI cable oryour own.If your silk-dome tweeters create crisp high fre- following ways:
leverage this technologyto connectpeople India.Arc features 11 high-performance additionaldimension.Arc’sadvancedpro- TV does not have HDMI,Arc comes with quencies and crystal-clear dialogue.Arc’s Support remote monitoring for
from remote parts of India in a betterway.” drivers for crisp highs, dynamic mid- cessingcreatesfivephased-arraychannels the Sonos Optical Audio Adapter.At my Trueplay software dynamically tunes the timely healthcare: Patient-generated
This projectis part of LTI’s 1stepCSR ranges,andsurprisingbass.Itsslimprofile that deliver sound to your ears from all end,I connectedArcwith mySonyTVand speaker to the unique acoustics of the data can be transmitted to doctors for
programme and reflects itscommitment can be discreetly mounted or placed on directions at the exact right moment. Its customisedthesystemtoplaysomemusic room.There are adjustable EQ settings in remote monitoring, enabling them to
towards promotingresearch and furniture. Its audio sounds great at a enhanced Trueplay tuning technology from Spotify,YouTube Music,etc.I played the app, including bass, treble, and loud- make more effective treatment plans.
innovation (SDG 9 – Industry,Innovation, mediumlevel,itisniceandcrispandmore optimises the sound for the unique John Denver,English and Hindi romance ness.Its Night Sound feature reduces the Help patients take ownership of
and Infrastructure). detailed,andalsoloudenoughtobeheard acousticsoftheroom,evencalibratingthe hits from 90s and was overjoyed by the intensityof loud soundeffects. theirhealth:Patientsfeelreassuredwhen
across the entire house as experienced by heightchannelsforpreciselocalisation. audio output.You get to enjoyclear,richly Key takeaways: Sonos Arc is a fan- a doctor observes their health status
TCSislaunchpartnerfor thereviewerwhohasevaluatednumerous The setup is simple and straight for- detailed sound that fills the room at any tastic piece of audio equipment, dis- regardless of their location. Digital tech-
sound systems from various brands in ward,it takes a few minutes and the con- volume.Plus,itproducesthesoundofeach tinctly small in its physical form but nologiesempowerpatientsbygivingthem
MicrosoftCloudforRetail recent years and was simply bowled over trol is simple with the Sonos app that you instrument used in the song perfectly. vastly superior in performance, out- greater control over their health.
TATACONSULTANCYSERVICES (TCS)is bythe overall performance of SonosArc. need to download on your mobile device. Thereis 3DsoundforTVviewing(youget smarting even much larger music sys- Enable life sciences companies to
nowapartnerforthe newly-launched You can experience TVshows,movies, Arc requires TV that supports Atmos and crystal-clear dialogue) or listening to tems bya huge margin.Trulyimpressive adopt new business models: Analysts
Microsoft Cloud forRetail,expanding its andgameswiththepreciseandimmersive Atmos-encoded content. The soundbar music—basically it brings all your enter- in terms of appearance and technology, predict that by 2030, leading medical
collaborationwith the hyperscaler.TCSwill soundofDolbyAtmos.Fortheuninitiated, streams audio over your Wi-Fi network tainmentto lifewithits realistic sound. and hence highly recommended. device companies may become distin-
combine its deep industryknowledge,and guished as players that actively create
experiencefromworkingwith leading value by forging closer connections with
retailersworldwideand its multi-horizon ● NOKIA LITE EARBUDS devicesandweaimtocatertothisdemand patients. While incorporating these digi-
cloud transformation framework,to help withourbroadrangeofaudioaccessories.” tal technologies will require pharmaceu-
retail clients accelerate theirgrowth and
transformation journeys using Microsoft
CloudforRetail.MicrosoftCloud forRetail
is a secure industry-specific cloud that
Small size with big sound TheNokiaLiteEarbudsBH-205arethe
first affordable premium earbuds in its
categorythatdeliversstudio-tunedsound
qualitypowered by6 mm audio drivers.It
tical and medical device companies to go
beyond their traditional manufacturing
roles, the new business model will enable
corporations to forge closer connections
brings togethervariousMicrosoft while enjoying your freedom to work provides 36 hours of playtime enabled by with their end-users and better under-
technologies,linked bya common data Nokia Lite Earbuds have a around your house. Sensing a market the two 40 mAh batteries in each bud stand the patient experience.
model to connect experiences acrossthe good sound and stand out opportunity, HMD Global has strength- (withsixhoursononecharge)andanaddi- Positive Outcomes with IoT
end-to-end shopperjourneywith ened its audio accessories range with the tional30hourswiththe400mAhbattery The economic impact of IoT in the
integrated and intelligent capabilities. for their size, ease of use new Nokia Lite Earbuds, available in the in the charging case. The Bluetooth 5.0 healthsectoris expected toreach$1.6tril-
“Retailers that make betteruse of and sleek design classicCharcoalcolouratarecommended allows the earbuds to connectwith awide lionby2025.Pharmaceuticaland medical
customerdata and insightsare ableto best buypriceof `2,799. range of devices.These earbuds also sup- devices companies must integrate digital
respond fasterto changing consumer Sanmeet Singh Kochhar, vice-presi- port Smart Voice Assistants—Siri and solutions and products leveraging IoT to
needsand adapt to the rapidlyevolving SUDHIR CHOWDHARY dent,HMDGlobalsays,“Wehavereceived GoogleAssistant. create patient-centric, value-based, and
market,” said ShankarNarayanan,business tremendous response to the audio acces- In real-time usage, the Lite Earbuds outcome-drivenbusinessmodels.Shifting
grouphead,Retail Cluster,TCS.“This WORKINGFROMHOMEduetotheongo- sories that we had launched in India last offer pretty good sound quality with fine from blunt instruments to holistic and
expanded collaborationwill helpourretail ing Covid-19 pandemic presents us with yearandwearestartingtheNewYearwith performance, an ergonomic design and connected therapy will position it as an
clients accelerate theirtransformation some new challenges.With noisy neigh- twonewproducts(NokiaWiredBudsisthe neatnoiseisolation.Itssize,easeofuseand enabler of healthy living that caters to
agendawith Microsoft Cloud forRetail boursandchaoticdomesticfrontstoend- other new product) to further bolster our sleekdesignisahugedrawforconsumers. unique patient needs.
and allowthem to achieve greater less online video meetings,wireless ear- offerings in this segment.The key trends content consumption will increase
responsiveness,adaptabilityand buds make it easy to zip between tasks of remote working, e-learning and OTT demand and adoption of personal audio ■ Estimated street price: `2,799 The writer is SVP and Global Head
purpose-led growth.” Life Sciences,Infosys
Pune
Investor
Maruti Suzuki’s 26x FY23E PE is not cheap, but
EXPERTVIEW valuations should sustain amid strong volume and
earnings outlook
—Jefferies
● MARUTI SUZUKI RATING: BUY ● ASIAN PAINTS

RATING: BUY
Results show better times lie ahead for company Growth beat
Ebitda margin improved EPS should treble over FY22-24 better margins ahead.We factor in MSIL’s
Ebitdamarginexpandingto12%inFY23-
consensus
after 4 quarters of decline;
Maruti: EPS (`/sh)
500 24,in line with long-term average.
SUV launches key: MSIL’s retail mar- estimates
409
FY22e EPS down 4%; TP up 400 ket share has slipped from 49% in FY21 to
336
to `10,500 from `9,250; 43% in 9MFY22 on weaker SUV presence Margins are expected to rise;
261
and chip shortages. While MSIL shares
248
243
300
‘Buy’ rating maintained limited details on product pipeline, the
FY22/23/24e EPS revised by
190
(3)/4/4%; TP up to `3,875
151
company said that its portfolio should
140
200
138
125
MSIL'S Q3 EBITDA fell 30%y-o-ybut rose strengthen in the comingyear,and it has a
92
86
79
79
100
57
82% q-o-q (5% above JEFe). Ebitda mar- strong focus on mid-priced SUVs where it
gin improved250bpsq-o-qafterfourcon- has a weaker presence. We have assumed ASIAN PAINTS (APNT) sawstrong growth
0
secutive quarters of decline.We see better one SUVlaunch each in 2022 and 2023 in despitehighbase,pricehikesinQ3FY22.It
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
22E
23E
24E
times for MSIL ahead given strong . our estimates. delivered volume/value growth of
demand recovery,easing chip constraints, Source: Company data, Jefferies estimates MSIL’s strong CNG focus is a tailwind +18%/+26% y-o-y (2-year CAGRs of
input costpressures behind,andaproduct amid increasing CNG availability and ris- +25%),whichwas above ourforecasts and
cyclelikelyaroundthecorner.MSIL’scom- ing petrol prices. New lower-priced SUV Bloomberg consensus estimates. The
mentary was positive on all the above We expect MSIL’s volumes to rise launches by competitors, such as Tata strong growth was on a high-base (pent-
parameters. Our FY23-24 EPS is 19-30% 39% over FY22-24, which along with Punch, and Tata’s entry into CNG pose up demand) quarter, and on the back of
above consensus. We retain Buy with strong margin expansion, should risks though. unprecedented price increases taken dur-
`10,500 PT (earlier `9,250). drive more than doubling of Ebitda Time to Buy: We cut FY22 EPS by a ing the quarter.As the price hikes take full
Sequential improvement in Q3: and trebling of EPS over the slight 4% on lower financial income, but effect in Q4FY22, management does not
MSIL’s Q3 volumes were down 13% y-o-y we broadly maintain our FY23-24 esti- expect anymeaningful impact onvolume
but rose 13% q-o-q as chip shortage next two years mates. We expect volumes to rise 39% growth, given the price-inelastic charac-
started to ease. Gross margin improved over FY22-24, which along with strong teristic of the industry.
50bps q-o-q as price hikes and lower dis- margin expansion, should drive more Growthwasdrivenbyhigherdemandin
counts more than offset the incremental ota’s distribution network, and MSIL than doubling of Ebitda and trebling of Metros, Tier-1 and 2 markets, in pre-
input cost pressures.This,along with bet- believes the improvement is sustainable. EPS overthe next two years.Its 26x FY23e mium/luxury products and in projects.
ter operating leverage,drove 250bps q-o- Margins bottomed out: After a sharp PE is not cheap,butvaluations should sus- Managementhighlightedsharegainsfrom
q expansion in Ebitda margin to 6.7% — year-long rally,steel prices haveweakened tain amid strong volume and earnings organised and unorganised players.Indus-
the first sequential improvement after Improving volume outlook: Indian mate.Industry channel stocks were down amidgrowthandpropertysectorconcerns outlook. We rate Buy with a `10,500 PT trial non-auto demand was also robust
four consecutive quarters of decline. PV demand is recovering well amid the to just 8-10 days in Dec.vs normal level of inChina;preciousmetalsarealsodown18- based on 28x Sep-23e PE. On 3-5 year (+33%y-o-y),whiletheautosegment(+5%
Ebitda fell 30%y-o-ybut rose 82% q-o-q; COVID waves, and we expect industry to 30-40 days. Chip constraints are easing 44% from May 2021 peak.We believe the view,MSIL’s electrification strategywould y-o-y) was impacted by chip shortages at
Ebitda/vehiclewasup61%q-o-q to`36K. grow 12%/24%/14% in FY22/FY23/ and MSILexpects Q4 to be betterthan Q3. peakofcommoditycostpressuresforautos be key for its franchise. OEMcustomers.Demandslowedinthesec-
Net profitwas 2.1x q-o-q (down 48%y-o- FY24. MSIL has 264K order book, about Its 9MFY22exportsare ~2.2xof9MFY20, is behind,while continued price hikes and ondhalfofDecemberandearlyJanuarydue
y) and was in line with JEFe. 1.5 month of volumes on our FY23 esti- led by expansion in Africa utilising Toy- operating leverage benefit should drive JEFFERIES to the third pandemic wave; APNT expects
demand deferment to Feb-Marof Q4FY22
(in linewith past trends).
Personal Finance
● BUDGET WISH-LIST
● SHARDA CROPCHEM
RATING: BUY Individual taxpayers have three big asks
A robust set of Rationalisation of capital
purchase the appropriate quantity of
coverage, Pankaj Arora MD & CEO,
Raheja QBE General Insurance,says Sec-
gains tax, hike in tax
numbers in exemption on health
tion 80D income tax exemptions should
be raised, ideally doubled, in light of
third quarter insurance premium and

deduction on housing loan
higher medical expenses post-Covid.
“Again,eliminating GSTon health insur-
ancepremiumscanmakeitmoreafford-
Margins to improve sequentially
Gross margins remained under pressure
y-o-y in Q3 (-830bp y-o-y to 36.8%) while
are among the priorities able and increase penetration,especially improving sequentially (+210bp q-o-q).
FY22/23/24e EPS raised by in rural India." Despite sharp price increases effected in
56/49/33%; TP up to `615; for individual taxpayers Similarly,P C Kandpal,MD & CEO,SBI November/December (15%/5% m-o-m),
GeneralInsurance,saysincreasingthetax we note a significant share of sales hap-
‘Buy’ rating maintained SAIKAT NEOGI exemption under Section 80C especially penedatoldpricesinQ3;hencethebenefit
on health insurance premium can help of price hikes was not fully realised.While
SHARDACROPCHEM (SCC)beatouresti- THE UNION BUDGET2022–23willhave boosthealth insurance penetration. input-costinflationcanremainelevatedin
mates, delivering a robust set of Q3FY22 to do a balancing act of supporting eco- the short-term,as the hikes take full effect
numbers.Revenue surged by78.2%y-o-y, nomic recovery and maintaining fiscal Increase in interest deduction on in Q4, we expect GPM pressure to abate,
driven by strong volumetric growth of prudence.With rise in direct tax collec- housing loan leading to q-o-q margin improvement.
51%. SCC saw healthy demand scenarios tions,taxpayershopeforincreasesinbasic As the real estate sector is one of the
across NAFTA and European markets and exemption limit and standard deduction. largestemployers,itexpectstheBudgetto Ourview
lower inventory in the system. However, Individuals expect a hike in exemption enhance the limit for interest deduction Weexpectstrongsalesgrowthtocontinue,
ILLUSTRATION: SHYAM KUMAR PRASAD
Q3FY22 gross margin shrank by 60bps y- limit for health insurance and higher tax on housing loans, extend the Pradhan aided by share gains in new/ niche cate-
o-y to 33.9%, impacted marginally by incentives for investing in the National taxationofcapitalgainsfrominvestments around the need for health insurance Mantri Awas Yojana subsidy which is due gories with specialised higher margin
higher freight costs and a change in prod- Pension Scheme. Taxpayers would also inmutualfundsandunit-linkedinsurance whichcanhelpmitigatethefinancialbur- to end in March and removal of GST for a products,asAPNT:(i)aggressivelyexpands
uct mix. Going ahead,we believe Q4FY22 expect rationalisation of taxes for capital plans (Ulips). Capital gains on Ulips are den of treatments, hospitalisation, and certain period on purchase of units by its reach to new
willmaintainastrongnote.WebelieveSCC gains and tax-free annuityincome. completely tax free on aggregate annual even post-Covid medical expenses. economically weaker sections and low- markets; and (ii) As the price hikes
will benefit from better crop prices as well premium up to `2.5 lakh ayear. However,healthinsurancepenetrationin incomegroup customers. takes price incr- take full effect in
as pricing hikes taken during Q3FY22. Rationalisation of taxes Kaustubh Belapurkar, director, man- India is abysmally low and needs to be Under Section 24, taxpayers get a eases to mitigate Q4FY22,
Hence,wereviseourestimatesupwardsby for capital gains ager, Research, Morningstar India, says more affordable for the people and lucra- deductionofupto`2lakhforinterestpaid sharp input-cost management
56%/49%/33% for FY22/23/24e EPS. At present,bonds held for 12 months only funds that invest at least 65% into tive fortaxpayers. on housing loan for self occupied house inflation. We does not expect
MaintainBuywithrevisedTPof`615(14x are subject to long-term capital gains equitiesaregrantedequitytaxation.“Fund Currently,tax payers (below 60 years) and no limitfornon-selfoccupied house. expect margin
FY23e EPS). (LTCG) tax while debt mutual funds need offundsthatinvestintounderlyingequity get exemption under Section 80D for Moreover, last year the government pressure to abate any meaningful
Strongvolumetricgainsandhealthy tobeheldfor36monthsforLTCGtax.Uni- funds, meeting a similar criteria should healthinsurancepremiumof`25,000for extended the additional tax deduction of onthebackofprice impact on volume
top-line growth: SCC delivered healthy formity in LTCG holding period for listed also be granted a similarstatus,” he says. self,spouseandchildren.Iftheparentsare `1.5lakhonhousingloansforpurchaseof increases (sup- growth, given the
51% volumetric growth, supported by debtsecuritiesanddebtmutualfundswill senior citizens, there is an additional affordable homes by one more year. ported by inelastic price-inelastic
~26% realisation gains.The company has helpplaninvestmentsefficientlyandalso Hike in exemption for deductionof `50,000. Experts suggest an increase in tax deduc- volume growth), characteristic of
been able to deliver high double-digit plugrevenueleakageforthegovernment. health insurance Toencouragemorepeopletopurchase tiononinterestpaidforhousingloanswill giving way to the industry
growth across the geographies it operates The Budget should also bring in parity in The pandemic has raised awareness health insurance and to ensure that they boost sentimentsand helpindividuals. robust margin
in:Europe–123.5%y-o-y,NAFTA–82.3% expansion. We
and LATAM by27.1%.Going forward,SCC lowerFY22FEPS by3% to factorin the Q3
plans to deliver 20% volumetric growth,
aidedbyamixofnewlyregisteredproducts
as well as improvement in demand for its
existing set of products. As of December
Budgeting for tightening of tax rules on EPF margin miss and raise FY23F/24F EPS by
4%/4% to factor in strong volume /value
growth and margin improvement.
2021,SCChas2,645registrationsinplace, Subsequently,aruleprovidingmecha- tion of `50,000 shall form a part of the Maintain Buy and raise TP to `3,875;
while nearly1,099 registrations are at dif- Look out for clarifications nism for computation of taxable interest taxable contribution account. Accord- APNT trades at 67x Mar-23F EPS
ferent stages of approval.
SCC incurred capex of `2.3 bn during
on taxability of big-ticket wasnotifiedbytheCentralBoardofDirect
(CBDT)onAugust31,2021.Theruleman-
? ingly, the interest calculated on the tax-
able contribution of `50,000 (calculated
We forecast FY22-24F EPS CAGR of
c.33%. We roll forward our valuation to
9MFY22. Mgmt expects top-line growth provident fund contribu- dates maintenance of separate accounts ` on equated basis for contributions made Mar-24F EPS (from Dec-23F) and value
for Q4FY22 to remain in the 20% range,
while Ebitda margins are likely to remain
tions in coming Budget for taxable and non-taxable contribution
within PF accounts from Financial Year
` uniformlythroughout theyear)would be
`2,300 approximately. This interest
APNT at a P/E of 65x (unchanged), at a
c.5% premium to its past three-yearaver-
in 20-24% range. (FY) 21-22 and provides that the interest earned on the taxable contribution agemultiple,asweexpectcontinuedshare
Outlook: Buoyantdemand scenario ● TAX TALK accrued on taxable contribution shall not accountwillbetaxableinthehandsofthe gainsandstrongvolumegrowth.Wearrive
– SCC has delivered robust operational qualifyforexemption. employee as income from other sources. at a TP of `3,875 (vs `3,550 previously).
performance over 9MFY22 with impres- AMARPAL S CHADHA & The Rule also made clear that with- PF Theinterestaccruedinthetaxablecontri- We maintain our Buy rating. Key risk:
sive 64.1% y-o-y top-line growth. Factor- SHANMUGA PRASAD drawal of exemption is prospective from bution account in the subsequent years slowervolume growth.
ing in lower inventory in the system, as April1,2021,sinceitgrandfathersthebal- (including on the interest accrued in the
well as higher crop prices, we expect CONTRIBUTIONTOEMPLOYEESPROV- ance in PF account as on March 31,2021 last FY) will be continued to be taxed as NOMURA
Q4FY22toremainbumper.MaintainBuy. IDENTFund(EPF)isoneofthemainretire- by making it part of the non-taxable con- income in his hands.
ment savings options.Multiple tax bene- tribution account. Accordingly, the While clarity is awaited on the timing Two-year volume CAGR trends
EDELWEISS fits associated with the PF contribution employees will be subject to tax on the oftaxability,withholdingobligations,etc., 2-years volume CAGR (%)
and withdrawals makes it even more interestearnedontheemployeecontribu- thisamendmenthascurtailedthebenefit 23.5
25.3
FINANCIALS 22
` million attractive. tions made in FY 21-22 in excess of the oftax-freeinterestenjoyedbycertainsec- 21.2
Year to Mar FY21A FY22E FY23E FY24E In order to restrict these exemptions thresholdlimitandtheinterestaccruedon tions of taxpayers.It is important both for
Revenue 23,956 35,930 39,523 43,475 forhighsalaryearners,changeshavebeen the same, as reduced by the withdrawals the employers and employees to keep an 12.5 13
ILLUSTRATION: SHYAM KUMAR PRASAD
EBITDA 4,168 6,683 7,312 8,043 brought both to the employer and from the account, if any. Such interest eye on further clarifications and duly dis- 6.9
Adjusted profit 2,292 3,783 3,964 4,136 employee contribution over the last two would be taxable as ‘income from other contributes`3lakhashisemployeeshare close this income and pay appropriate
Diluted EPS (`) 25.4 41.9 43.9 45.8 years. Budget 2021 brought in amend- sources’in the handsof the individual. inPFduringFY21-22,whiletheemployer taxes to avoid adverse consequences.It is
EPS growth (%) 39.2 65.0 4.8 4.4 mentstocapthetax-freeinterestreceived contribution also remains the same.We also important for the impacted employ-
RoAE (%) 15.2 21.2 18.6 16.6 from employee contributions in excess of How to calculate the tax have assumed that the rate of interest on ees to reevaluate their retiral plans given
P/E (x) 17.2 10.4 10.0 9.5 `2.5 lakh made to qualifying provident Whileweareatit,let’stakealookatthe the PF contributions for the FY 21-22 is the increase in tax cost.
EV/EBITDA (x) 6.8 4.1 3.4 2.8 fund after April 1, 2021. There is an methodology of computation of interest retainedat 8.5%p.a. -15
Dividend yield (%) 0.9 0.9 0.9 0.9
enhanced limit of `5 lakh where there is on the taxable contribution,as prescribed Given that he has contributed to PFin Chadha is tax partnerand India Mobility Mar Jun Sep Dec Mar Jun Sep Dec
Source: Company and Edelweiss estimates
no employercontributioninvolved. under the rules. Suppose an individual excess of `2.5 lakh, the excess contribu- Leader,EYand Prasad is tax director,EY 2020 2021
Source: Company data, Nomura research
Pune
BrandWagon
● NUMEROLOGY
68% of Gen Z shoppers ordered products directly from brands in the past six months
44% shoppers willing to pay a premium for grocery products that have
sustainable packaging
72% expect to have significant interactions with physical stores as pandemic subsides
MONDAY, JANUARY 31, 2022 — Capgemini report
● E-COMMERCE Building scale

Most young D2C brands are solving for
● PUBLISHING
Playing freshness of concept and time to market,

and are doing a commendable job here.In
order to sustain this momentum and
remain agile as they scale, they need to
Audiobooks in
the slow lane
in the big
solve for people, systems and processes.
Shankar Prasad Finding peoplewith the right mix of expe-
rience, energy, commitment to the cause Indian publishing houses
and aligned value systems is easier said
DIRECT-TO-CONSUMER (D2C) BRANDS than done.And retaining them,building a are yet to build capabilities
in general,and D2C beauty brands in par-
ticular, have garnered a lot of attention
during the pandemic.Aided by low entry
barriers,relative ease of consumer target-
leagues team thatworks effectivelyand efficiently
— that’s an even more difficult task.
Similarly, systems and processes have
to be builtwhile solving forthree conflict-
to produce audiobooks
VENKATA SUSMITA BISWAS

ting through online channels and a bur- ing outcomes: speed,scalabilityand flexi-
geoning beauty market with high con- How D2C brands can bility.Thatis,thingsneedtoworkfast;they THE ONGOING PANDEMIC hasgivenafil-
sumer interest, dozens of new beauty transition from being shouldn’t need frequent changing as the liptothehabitoflisteningtocontent.Asper
brands enter the market each quarter, business scales, and yet, they shouldn’t areportbyRedseerConsulting,bytheendof
almost all of them following an online- challengers to leaders come in thewayof fast-paced innovation. 2021,India was estimated to have 95 mil-
only (or online-first) approach to product And to build and run all of these,you need lion monthly active users (MAUs) in the
marketing. The big question is, can these the right people! One of the biggest preoc- overallaudiocategory.Thisisa34%increase
dynamic brands become the market lead- cupations of the entrepreneur once the from 71 millionactive users in 2020.
ers of tomorrow? From being a challenger product-market fit and customeracquisi- According to a 2020 Nielsen India
tobecominga leaderwillrequirebrandsto tion problems are (for the time being) report on books, around 63% consumers
build on multiple capabilities. cracked,is to be able to set up this troika of stillreadphysicalbooksthough,while31%
people, systems and processes, and keep read ebooks,and the remaining 6% opt for
The right mix refining on it. the nascent market of audiobooks.Audible
Marketing gets the customer; the product A heady combination of consumer and Storytel are the dominant players in
keeps her.Anyamount of smart and shiny interest, access to capital and the sheer this market,with the formerpromoting its
marketing (made easier through creator entrepreneurialenergyunleashedoverthe audiobooksthroughAlexabymakingmore
apps) will not substitute for the moment theNo.1criticalsuccessfactorfornew-age valuetobecreated.Therealvalue,orIPcre- Emerginginnovationssuchaslivecom- last few years is fuelling the birthing and than100Audibletitlesfreeto listen.Story-
of truth when the consumer applies the brands looking to become market leaders. ation in D2C has to happen through the merce, true customisation and same-day early growth of D2C beauty brands, with telhasintroducedaRs399peryearplanfor
product on her face,lips,hair or body,and It takes a motley combination of agility, right use of data, architecting a smooth deliveries are newer (and more financially some brands already beginning to play in regional language audiobooks alone.
forthecomplimentsshegetsfromfriends, patience,long-term commitment and the end-to-end experience and setting up the sustainable) ways to delight customers, the premier league matches. In order to
family or colleagues,which is a key factor right innovation approach to get the mar- means to consistently deliver customer instead of discounts and offers being the find their place at the top of the league Playing by the ear
indrivingoveralldelightwiththeproduct. keting mix right,again and again. delight, combined with the right product only reasons for them to shop online.The tables, D2C brands will have to solve for Yogesh Dashrath,countrymanager,Story-
In order to be able to do this,the first step Setting up a Shopify website with a and brand experience. Equally, given the extent to which D2C is able to emerge as a scale, without giving up on the energy, tel India says that in the fouryears that the
is to understand the consumer’s stated payment gateway, linking to a fulfilment diverse market that is India, recognising competitivechanneltotraditionalorother focusandagilitythatgotthemthereinthe company has been operating in India, he
and unstated needs. aggregator and setting up performance the diversity within one’s consumer base e-commercechannelsvariesfromcategory first place.The next fewyears are going to has witnessed the audiobooks market
Being able to consistently deliver on marketing — these checklist items forset- and engagingwith them in the right man- to category; but in the case of beauty and be very interesting! mature,notonly“intermsofthenumberof
interesting promises, while keeping up ting up a D2C platform are now com- ner at the right times should be a priority personal care specifically, there’s tremen- trials taking place, but also the amount of
with rapidly evolving tastes and trends,is moditised, and there’s no incremental for any D2C brand. dousvalue waiting to be captured. The author is founder & CEO,Plum time people spend on listening to books”.
Dashrathestimatesthatanaveragelistener
In The
News
Senior elevations
Motobahn
at GroupM ● POWER GLOBAL
GROUPM,HAS
A new EV company is taking shape

APPOINTED
Parthasarathy on the app consumes about 15 hours of
Mandayam as the content everymonth.
chief strategyofficer Shailesh Sawlani,VP and country GM,
– GroupM SouthAsia, Audible India, observes that listening pat-
andAmin Lakhani Power Global aims to ternshaveshiftedduringthelasttwoyears.
has been elevated to provide electro-mobility “Earlierwewouldseepeaksinusertrafficto
the role of chief the app in the morning and evening,possi-
executive officer– solutions to three- bly whenpeoplewerecommuting,butnow
Mindshare South wheeler companies to thathasspreadoutduringtheday,”hesays.
Asia,whichwas Spirituality,wellbeing,andself-develop-
earlierheld by begin with, move onto mentareamongthemostsought-aftergen-
Mandayam.In his two-wheelers, and then res of audiobooks on these platforms.Both
previous role,Lakhani these platforms are also doubling down on
was chief operating venture beyond the short-form content to engage users.Story-
officer,Mindshare mobility space telhasreleasedthreeMarathiaudiodramas
SouthAsia. anddevelopedfive-minuteromancestories
❝
We are focusing on low- and podcasts.“The low-entrybarrierin cre-
UdayShankar,James VIKRAM CHAUDHARY
hanging fruits first, with a ating non-scripted host-based podcasts
Murdoch to pick stake in means there are many such podcasts out
ACCORDING TO A 2018 Bloomberg battery solution for L3 there. Consequently, podcasting is bigger
Viacom18 report, India at that time had about 15
❝ than audiobooks at the moment,” admits
LUPA INDIA,THE investment company lakh battery-powered, three-wheeled
electric rickshaws), and Dashrath.
set up by Uday Shankar and James rickshaws—a fleet,the report noted,big- then we will move to L5 Audible, too, Publishers in the
Murdoch, is reportedly very close to gerthan thetotal numberof electric pas- ventured into West typically own
picking up a 39% stake in Viacom 18. senger cars sold in China since 2011. — PORTER HARRIS, CO-FOUNDER podcasts hosted studios to create
Shankar has a 51% stake in Lupa India, Most of these e-rickshaws had com- OF POWER GLOBAL by celebrities. It
ILLUSTRATION: ROHNIT PHORE
audio content.
while James Murdoch holds 49%. ponents imported largely from China hosts 150 exclu- Indian publishers
Reliance Industries along with Lupa and assembled in India; that assembly RomeoPower(aCalifornia-basedstorage return your drained battery at a central Once Power Global’s EV and station- sive podcasts
India is expected to invest over Rs usually took place in local workshops battery manufacturing company). In location and pick up a fully-charged bat- ary storage battery modules ultimately and Audible are not there yet.
12,000 crore in the sports and without complying with safety or envi- 2019, he set up Power Global (with tery, and this way you don’t have to wait reach their end-of-life, Redivivus will Originals, in According to
entertainment business. ronmental standards. Pankaj Dubey, former Polaris and hours for charging. It has been success- cost-effectively reclaim up to 92% of addition to over estimates, the cost
Since then,manyOEMs have entered Yamaha country head Pankaj Dubey). fully tried in Taiwan and some other materials,while recirculating and repro- 40,000 other of producing a
Max Life Insurance this space, turning it more organised;
Low-hanging fruits
markets,and Harris said there is no rea- cessing chemical reagents for direct podcasts. “New basic audiobook is
manufacturing standards that must be son it shouldn’t work in India. reuse in the recycling process. Audible Origi- about `1 lakh in
partners with HiveMinds met by OEMs have also evolved. “We are focusing on low-hanging “We are optimising solutions so that “Recycling batteries has started to nals that are free
India
HIVEMINDS, One thing that has remained fruits first,with a batterysolution for L3 there is no performance degradation make good business sense—these can to listen include
THE DIGITAL unchanged,however,isrelianceonChina (e-rickshaws classified as those having whenyouswapthebattery,”hesaid.“This provideyouwith a high nickel stock,and shows featuring
specialist of for parts/components. Power Global— maximum speed of less than 25 km/h is a good solution for light vehicles and so many other trace elements,” Harris celebrities like Sanya Malhotra, Varun
Madison which says it delivers affordable electri- and motor power less than 2 kW; those two-wheelers,inwhich theweight of the said. Used vehicle batteries, before recy- Sharma,Kubbra Sait,etc,”says Sawlani.
World,will fication solutions for mobility, station- in the semi-organised market primarily battery isn’t too much and it can be eas- cling,canalsobeutilisedforapplications Both Audible and Storytel follow a paid
manage Max Life Insurance’s paid ary storage and consumer product use lead-acid batteries),and thenwewill ily taken out by a layperson from a vehi- beyond mobility, like for refrigeration subscription model. Users can earn one
marketing portfolio.HiveMinds will be sectors—aims to change that. move to L5 (speed exceeding 25 km/h),” cle, unlike in electric cars (in which the until they reach fully end-of-life. credittobuyabookeverymonthonAudible
responsible for carrying out digital Harris said.“Later,we will also enter the battery module is fixed to the body).” As faras long-term goal is concerned, at `200 per month. Storytel’s unlimited
marketing activities across all publishers
Reliance on China electric two-wheeler space.” Later this year,Power Global will also Harris said the company is looking at plancosts`299permonth.Platformshope
and platforms for the insurance Porter Harris, the co-founder of announce its first line of retrofit kits to “100% supply chain, 100% manufac- thatmakingapartoftheirlibraryfreetolis-
company,including Google,Facebook, Power Global, told FE that even some
Swappable battery convert diesel- and petrol-fuelled auto- turing and 100% engineering within tenwilldrawaudiencesthatdo notwantto
Taboola,and Outbrain,amongst others. largerOEMs are importing batterysolu- Last year, Power Global partnered rickshaws into electric vehicles. India, and the 100% recycling plan is subscribe. Dashrath reveals that 60% of
tionsfromChinaandusingtheseintheir with Rap Eco Motors to supply its eZee also within India.” Storytel’s paying subscribers reside in
Battery recycling
Change in creative leader- vehicles.“There could be reliability and swappable lithium-ion battery for the With initial production in Pasadena, metro cities.
safety issues with these, such as battery latter’s mass-market electric three- In addition to powering electricvehi- California,andasecondfactoryinnorth-
ship at Ogilvy South fires and battery end-of-life issues,” he wheeler product line RANIE (passenger cles, Power Global also aims to get into ern India, Harris said that Power Global Not a page turner?
KIRAN ANTHONYAND Mahesh Gharat, said.“Wewill have a diverse supplychain auto-rickshaw, delivery van and cargo battery recycling.It recently announced will eventuallyscale production to serve EvenascelebratedpersonalitieslikeBarack
both CCOs at Ogilvy India (South),are (for the battery solutions we offer to vehicle).Following the product launchin MoUswith stationarystorage integrator markets across India, Sri Lanka, Obama, Priyanka Chopra and Stephen Fry
moving on.Punit Kapoor has been OEMs), with vendors from countries April 2022, the companies will partner PositivEnergy and battery recycling Bangladesh, Egypt, Pakistan, Thailand opt for simultaneous releases of their
appointed as the new CCO,overseeing across the world.” to manufacture 50,000 electric auto- processor Redivivus that support Power and other locations in Southeast Asia, audiobooks along with the paperback/
the creative leadership of Ogilvy Harris, a former SpaceX and Faraday rickshaws over the next five years. Global’s roadmap to reinvent the lifecy- before expanding into markets across ebook versions, and narrate their own
Bengaluru and South markets.He moves Future engineer,had earlier co-founded Swappable battery means that you cle of lithium-ion batteries. Africa and South America. books, Indian publishing houses and
from Lowe Bengaluru. authors areyet to take the plunge.
ThomasAbraham,MD,Hachette India,
Tate Sky rebrands
DTH AND PAY
TV platform
Renault reveals electric Alpine SUV in bid for sporty revival explains that an audiobook is not a natural
part of a book deal in India.“Creating an
audiobook requires extra investments
Tata Sky has a Finance minister Bruno Le Maire and future of the Dieppe site set up in 1969. behind studio recording, hiring talent to
new name It will start producing the Alpine’s Formula One race driver Este- RenaultandrivalStellantisNV,which narrate it, and packaging,” he says. As a
and identity Alpine GT X-Over in 2025 ban Ocon attended the unveiling. makes Peugeot and Citroen vehicles, result, publishers currently license out the
— Tata Play — in line with its growing The SUV is part of a trio of planned have come under intense pressure from rights to creating an audiobook to plat-
business interests beyond DTH services. Alpinemodels—withtheothertwobeing the government to maintain production formsthathavetherelevantinfrastructure.
The new identity has been created by WILLIAM HOROBIN & TARA PATEL a compact vehicle and a new version of in France. “Stellantis and Renault are Publishers in the US and European
venturethree,London,and the campaign theA110 sports car—that Renaultwants keeping their word,” Le Maire said dur- countries tend to own studios to create
has been designed by Ogilvy India. RENAULTSAPLANS to make a newelec- to introduce by 2026. ing thevisit,calling on manufacturers to audio content. Indian publishers are not
tric sport utilityvehicle underits storied RebootingAlpine,whichoverthepast investinexisting factories andopen new there yet.According to industry estimates,
Vector Brand Solutions Alpine sports-car brand as chief execu- decades clinched numerous racing titles ones to bolster employment. the cost of producing a basic audiobook is
tive officer Luca de Meo seeks to spruce including a 1978 win at Le Mans,is part Alpine sales rose 74% last year to about Rs 1 lakh in India.
wins a new account up the carmaker’s line-up. of de Meo’s plan to turn around the car- PHOTO: RENAULTGROUP.COM
2,659 cars, compared with Renault’s Dheeraj Sinha, CEO and chief strategy
SCRIPBOX,THE ONLINE wealth Thecarmakerwillstartproducingthe maker,add allure to its brand and accel- A110 remain just a fraction of Renault’s total shipments of 2.7 million vehicles. officer,SouthAsia — Leo Burnett,says pod-
management service,has awarded its Alpine GT X-Over in 2025, it said Friday erate a transformation to electrification. output,the expectation is that the more castsarecurrentlymorepopularthanaudio-
brand and communication mandate to at its Dieppe plant in northern France. While sales of the remodelled Alpine mainstream SUV will help secure the Bloomberg booksaspeopleareabletolearnsomething
Vector Brand Solutions. newwithina 30-60-minute listen.
Pune
Infrastructure
Railways EXIM container volumes registered a CAGR
EXPERTVIEW of 9.5% over Dec 2019-Dec 2021. Sequentially, rail
EXIM volumes grew 11.4% in Dec 2021. Domestic
container volumes registered a CAGR of 26.5% over
Dec 2019-Dec 2021

—Nomura
● ETHANOL BLENDING PROGRAMME DATA MONITOR
Meeting target will be tough going Major port volumes up sequentially in Dec
Major ports’ volumes rose 6% m-m to ~63mnt in Dec 2021, implying a
1.6% CAGR over Dec 2019-Dec 2021. Container volumes (+13.7% m-m)
material compatible with E10 and fuel- and POL (+6% m-m) were the key contributors to the sequential increase.
While India’s made steady efficient compliant with E5. However, Coal volumes fell ~12% m-m. Container volumes came in strong at 1,019k
according to SIAM,retro-fitment on exist-
progress in raising ethanol ingvehiclestomakethemcompatiblewith
TEUs, up +12.8% m-m, implying 10.7% CAGR over Dec 2019-Dec 2021. In
tonnage terms, container volumes logged a stronger 11.4% CAGR over
share in auto fuels, supply higher blends is a challenging task. Devel-
Dec 2019-Dec 2021 (+13.7% m-m).
issues and vehicular oping parts with upgraded material for
large volumes of vintage variants with
technology may come in numerous variations in design and then Major ports’ volumes recovered Container volumes rose
way of 20% blending goal making customers upgrade their vehicles sharply sequentially 12.8% m-o-m in December 2021
for 2025 being achieved is seen to be“an unrealistic scenario”. Major port volumes Growth, %, y-o-y Major ports container volumes (TEU)
Also,20% blendingwould require sup- (mnt) (RHS) and growth (% y-o-y)
ply of around 1,000 crore litres of ethanol 90 20
1,400
Monthly major ports % Growth
60
ANUPAM CHATTERJEE peryear.AccordingtoanalystsatICRA,such 80 15 container traffic (TEUs) (RHS)
70 10 1,200 40
quantities of ethanol would necessitate 5
60 1,000
ALTHOUGH THE COUNTRY has made 16% CAGR in the capacity of molasses- 0 20
50 800
steady progress in raising the share of based distilleries and a steep 30% CAGRin 40
-5 0
ethanolinauto-fuels,havingincreaseditto the capacityof grain-based distilleries. -10 600
30 -15 -20
8.1% in Ethanol Supply Year (ESY) 2020- To boost the programme, the govern- 20 -20
400
21 (December-November) from 5% a year ment has reintroduced an administered 200 -40
10 -25
earlier, several issues will need to be ing, which would require supply of 459 country — as feedstock supply is primarily pricemechanismforethanolprocurement, 0 -30 0 -60
addressed if the target of 20% blending by crore litres.According to a recent report by concentrated in sugar-producing states at allowingethanolproductionfrommultiple Dec 2015 Dec 2021 Dec 2015 Dec 2021
2025 is to be achieved,experts have said. BrickworkRatings,distilleriesinIndiasup- present—havebeencitedbyexpertsasfac- feedstock like heavy molasses, sugarcane Domestic rail container volume growth
Prime Minister Narendra Modi had in plied 302.30 crore litres of ethanol across torslimitingtheextentofethanolblending. juice, sugar, sugar syrup, damaged food- momentum remained robust in Dec 2021
June,2021 advanced the target for achiev- the countryduring ESY2020-21. Theincompatibilityofvehiculartechnology grains, maize and surplus rice stocks with 60 Growth, %, y-o-y
ing 20% ethanol blending to 2025 from A recent report of the International withblending is also a challenge. the Food Corporation of India. Sugar mills 50
2030 earlier. India imported 185 MT of Energy Agency (IEA) highlighted that the As per the Niti Aayog’s report on anddistilleriesarealsofreetosetupethanol 40
30
petroleum at a cost of $55 billion in FY21. countryhad tripled ethanol demand to an ‘RoadmapforEthanolBlending’datedJune plantsafterobtainingstatutoryclearances, 20
Sincemostpetroleumproductsareusedin estimated three billion litres between 2021,use of E20 leads to an estimated loss with the government notifying an interest 10
transport, a successful E20 (20% ethanol 2017 and 2021. It added,“India will find of6-7%inthefuelefficiencyoffour-wheel- subvention scheme to assist companies. 0
-10
blendedpetrol)programmecanpotentially it challenging to implement its 20% ers originally designed for regular petrol. The procurement price of ethanol for -20
save the country $4 billion per annum. blending mandate in just five years, but The Society of Indian Automobile Manu- ESY2O2O-21was `62.65/litre forsugar- -30
Around16-18MTofpetrolsalesisexpected even reaching 11% blendingwould make facturers (SIAM) had informed the think cane juice, `51.55/litre for damaged -40
to be displaced by ethanol blending, ana- it the world’s third-largest ethanol mar- tank that with modifications in engines foodgrains,`56.87/litre forrice available -50
Dec 2012 Dec 2021
lysts at Crisil have said. ket behind the United States and Brazil.” (hardwareandtuning),thelossinefficiency with FCI, `51.55/litre for maize and for Sources: IPA, Ministry of Railways, Nomura research
For ESY 2021-22, the Union govern- Lack of adequate quality feedstock and due to ethanol blending can be reduced. heavy molasses it is in the range of
menthassetatargetof10%ethanolblend- sporadic availability of ethanol across the Vehicles made in India since 2008 are `45.69-57.61/litre.
Quick Quick
View Startups View
● SAMUNNATI and get actionable insights out of it.“We
have also launched FPO Gateway to digi-
Making fragmented markets

tallyoptimiseagri-commerceoperations.
Thecreationofthisplatformentailsarev-
olution in the agri-space since it aims to
eliminatethemiddlemenandhaveaplat-
work for the small farmers form wherein smallholder farmers could
selldirectlytotheinstitutionalbuyers.FPO
Gatewaystrivestofosteranationalframe-
work for farming agreements and to
empowerfarmerstotransactwitharange
Technology has been a of buyers—exporters,wholesalers, agri-
vital driver of growth and business firms.This initiative is in align-
mentwithSamunnati’svisiontomakethe
value-enablement for markets work for the smallholder farm-
445 infra projects farmer collectives in ers,” saysAnil Kumar. Tata group takes over
It has developed SamIPL, an online
show cost overrun of Samunnati’s journey platform that provides instant pre- ownership of national
over `4.4 lakh crore approved loans to small farmers with no
collateral.Atotalof`10crorehasbeendis-
carrier Air India
AS MANYAS 445 infrastructure BANASREE PURKAYASTHA bursed to over 200 FPOs within a span of THE TATA GROUP on Thursday took over
projects,each entailing investment of 125 days. Then there’s AgriElevate, an the ownership of national carrierAir
`150 crore or more,have been hit by cost IN 2020 IN the midst of the Covid pan- onlinelistingplatformwhichdigitallycon- India.“The strategic disinvestment
overruns totalling more than `4.4 lakh demic and the lockdowns that followed, nects FPOs and agri-enterprises to fulfill transaction of Air India successfully
crore,according to a report released Vizhudugal Farmers Producer Company all theiragri-service needs. concluded todaywith transfer of 100%
by the Ministry of Statistics and (FPC), in Thoothukudi district of Tamil “To utilise our data-smart assets we shares of Air India to M/s Talace Pvt Ltd
Programme Implementation.Of 1,673 Nadu,with over 1500 farmers in its fold, have been deploying satellite smart tech- along with management control,”
such projects,445 projects reported cost was desperatelyseeking to sell its agricul- nology at farm monitoring level to lever- DIPAM SecretaryTuhin Kanta Pandey
overruns and 557 projects were delayed. tural produce—coriander, chilli, pulses, age advances in remote sensing,machine said in a tweet.A new board,led by the
“Total original cost of implementation maize,onionsandoilseeds.Thatwaswhen Anil Kumar SG, CEO and founder of Samunnati, with farmers learning, blockchain technology and big strategic partner,takes charge of Air
of the 1,673 projects was agri-techenterpriseSamunnatisteppedin data analytics. About 15% of our gross India,he added.In October last year,the
`22,23,791.78 crore and their to help them. “We were pushed into assessment of soft information, social commerce and agri-finance solutions to transactionvalue(GTV)hasbeendeployed Tata group was announced the winning
anticipated completion cost is likely to poverty during the Covid times. feedback, local networks and peers, and farmer collectives. During the Covid-19 into climate-smart compliant assets.The bidder forAir India with a bid amount of
be `26,64,649.18 crore,which reflects Samunnatienabledustoidentifythesuit- ‘trade’ capital being transaction history pandemic, it has dispensed `3,300 crore firmisexpandingautomatedweathersta- `18,000 crore.It agreed to pay
overall cost overruns of `4,40,857.40 cr able buyers in such difficult times,” says among the stakeholders through the for credit accessibility and market link- tions for FPOs to collect data that can be `2,700 crore in cash and take over
(19.82% of original cost),”the ministry's Kamaraj D ofVizhudugalFPC. length and value of the actual business ages.Says Vadivel N,CEO,Ramanathapu- used to structure insurance products for `15,300 crore of the airline's debt.The
latest report for December 2021 said. ItwasSamunnati’sopenagri-network potential and volumes,”says Anil Kumar ram FPC:“We have close to 2000 farmer themembersofthesecollectives,”headds. Tatas beat the `15,100-crore offer by a
The expenditure incurred on these across100-plusvaluechainslinkingmore SG,founder,Samunnati.“With the vision members. Our FPO had a turnover of `1 Samunnatihaspoweredover$1billion consortium led by SpiceJet promoter
projects till December 2021 is than 3300 agri-enterprises,whetherpro- toimpactoneineveryfourfarminghouse- crore,with income of `6 lakh during the of GTVin the last sixyears.GTVof `2,650 Ajay Singh and the reserve price of
`13,08,766.65 crore,which is 49.12% ducerorganisations,farmercooperatives, holds by 2027, we have created a meta Covid times.Samunnati procured turdal, crorewasunlockedinFY’21despiteCovid `12,906 crore set by the government for
of their anticipated cost.However,the aggregators,traders on the supply side or platformintheagri-spacewhich connects paddy,greengram,etc.,from300farmers.” and it aims to generate a GTV of `5,000 the sale of its 100% stake in the loss-
number of delayed projects decreases to demand generators such as processing the fragmented smallholder farmer with Technology has been a vital driver of crore in FY'22 . “Our monthly run rate making carrier.
420 if delay is calculated on the basis of units,wholesalers, exporters or modern the fragmentedagricultural sector.” growth andvalue-enablement forfarmer stands at `450 crore,we are doubling our
the latest schedule of completion,it said. retailers,which enabled this.“Samunnati Farmers’collectives (FPCs/FPOs) have collectives in Samunnati’s journey. The financesyear-on-year,” addsAnilKumar. Capex outlay in FY23 pegged
leverages both social and trade capital beentheprimefocusforSamunnati,with startuphasbeenworkingwithfarmerpro- IthasrecentlytiedupwiththeFedera-
BPCLto invest `10,000 crore alongside customised solutions to drive morethan1500FPOsinitsnetwork.Since ducerorganisations(FPOs)across22states tionofIndianFPOsandAggregators(FIFA) at `10.5 lakh crore
optimal returns and scale foreveryplayer itsinceptionin2014,ithasdeployedover (30% of its business comes from Tamil andwillassistitinsettingupNAFEDElec- CAPITALEXPENDITURE BY the Centre,
in 6 new city gas licences intheagrivaluechain.‘Social’capitalbeing `10,000 crore towards providing agri- Nadu)toenablefarmersdigitisetheirdata tronic Kisan Mandis. PSEs owned byit and entities like NHAI
BHARAT PETROLEUM CORPORATION and the Indian Railwayswill likelybe
Ltd (BPCL) said on Tuesday it will invest pegged at around `10.5 lakh crore in the
`10,000 crore over the next five years in ● FUND RAISE the bottom of the startup pyramid.The next financialyear,up about 9% oversuch
setting up city gas distribution versatilityofoursmartplatformmakesit expenditure estimated (BE) in the current
networks in the cities for which it
secured licences in the latest bidding
round. BPCL won licences to retail CNG
Helping startups start up smart a relevant solution not only addressing
the pain points faced by early-stage
entrepreneurs but also investors,
financialyear,according to information
gathered byFE from different sources.
Most of this extra central public capex,
for automobiles and piped natural gas institutions and all stakeholders who however,will likelybe routedvia the
for cooking purposes in six geographical of not only addressing the pain points want to be engaged with the startup Budget.The Centrevia the Budget may
areas or GAs bid out in the latest 11th YNOS leverages advanced facedbyearly-stageentrepreneursbutalso economyin the country.” invest 18% more in FY23 than in FY22 at
bidding round of PNGRB. BPCL,which data science techniques investors,institutionsandallstakeholders YNOS leverages technology,advanced around `6.53 lakh crore to retain its
owns oil refineries in Mumbai, Kochi in whowant to get engagedwiththestartup data science techniques and marker ana- budgetarycapex at 2.5% of GDP,as in
Kerala and Bina in Madhya Pradesh, had and marker analytics to communityin the country. lytics to provide customised insights and FY22 (assuming 12.5% nominal GDP
city gas licences for 38 GAs prior to the provide key customised YNOS’svisiontoensurestartups “start recommendations to startup founders, growth fornextyearoverthe advance
latest bid round. upsmart”,hasattractedinvestorstoinvest venture investors, innovators, and other estimate forthe currentyear).
insights to startup in a seed funding of about `2.5 crore. stakeholders of the startup ecosystem.
NTPC invites bids to set up founders, venture investors YNOS received seed funding from sea- These unique offerings have already on- Green hydrogen policy to be
soned business leaders including,Arun boarded83,460-plusstartups,5,600-plus
3GW energy storage facility and other stakeholders of Jain, Lakshmi Narayanan, Sarath Naru, Angels and 1,500-plus VCs and networks unveiled in next 10 days
STATE-RUN POWER giant NTPC's arm the startup ecosystem Prashanth Prakash, Madan Padaki, M as part of theirexhaustive intelligence. THE GREEN HYDROGEN policywill be
NTPC Renewable EnergyLtd (NREL) has SrinivasaRao,ShaliniChhabra,Rishikesha Early-stage entrepreneurs are often unveiled in the next 10 days,featuring
invited bids forselection of developers for T Krishnan, Samit Jain, Praveen Joseph, facedwithmultipleroadblocks,including incentives like free transmission for
inter-state transmission system (ISTS)- FE BUREAU ZAR Business Partners,Rickson Rodricks, limitedknowledgeofthemarket,compe- 25 years,to boost production of this
connected energystorage facilityof 3,000 AjitThyagarajan,Siddharth RamAthreya, titionlandscapeandfindinginvestorswho clean source of energy,Power and New &
MWcapacityat anylocation in India. YNOS VENTURE ENGINE, an IITMadras andNareshRanwah.Fundingreceivedwill match the synergy and vision of their Renewable Energy Minister R K Singh
NTPC Renewable Energyintends to avail Incubation Cell incubated startup, is a beusedtofurtherscaletechnologyinvest- Thillai Rajan A, professor at IIT brand.YNOS intervenes to help entrepre- said on Thursday.“We will come out with
the energystorage facilityto meet its business intelligence and analytics plat- ments and strengthen ongoing business Madras and co-founder, YNOS neursacceleratethislearningcurve.Italso the green hydrogen policy in the next 10
round-the-clock renewable energy form provider targeting systemic chal- development activities. Venture Engine providestoolsforventurevaluation,expert days.We will give free transmission for
requirementwith awind/solargeneration lenges at the bottom of the startup pyra- ThillaiRajanA,professoratIITMadras subject matter consultations and a com- 25 years.So you can generate power for
profile underservice model through ISTS- mid. As a smart platform, powered by and co-founder YNOS Venture Engine through our unmatched intelligence on prehensive IP engine providing solutions making hydrogen in Rajasthan or
connected energystorage solutionswith powerful data science techniques, it is said,“Our mission is to create a funda- thestartupecosystem.Mostimportantly, right from identifying to licensing intel- transport it to Guwahati or to Baruni
capacityof 3000 MWhwith 500 MW positioned as a solution providerin terms mental impact on early-stage ventures we target the big systemic challenges at lectual property. refinery (to make hydrogen),”said Singh
(min) capacity,as perthe bid document. while addressing a virtual conference.
Pune
14 FINANCIAL EXPRESS
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FINANCIAL EXPRESS 15
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16 BACK PAGE FINANCIAL EXPRESS
● SECURITY COMMITMENTS Nadal claims Slam China Jan factory activity

Russia to challenge record with win growth slows, demand dips
against Medvedev
AP
NATO on its pledge IAN RANSOM

Melbourne, January 30
REUTERS
Beijing, January 30
GROWTH IN CHINA’S fac-

tory activity slowed in Janu-
REUTERS ary as a resurgence of Covid-
Moscow, January 30 RAFAEL NADAL EDGED Daniil 19 cases and tough
MedvedevinaclassicAustralian lockdowns hit production
RUSSIA WILL ASK NATO to Open final on Sunday, roaring and demand, but the slight
clarify whether it intends to back from two sets down to expansion offered some signs
implement key security com- claim a record 21st Grand Slam of resilience as the world’s
mitments,thecountry’sforeign title only months after fearing second-largest economy
minister Sergey Lavrov said on hisgloriouscareermightbeover enters a likely bumpy new
Sunday, after Moscow said the due to injury. year.
alliance’s response to its With Novak Djokovic forced The official manufactur-
demandsdidnotgofarenough. out by deportation and Roger ing Purchasing Manager’s
RussiahasforcedtheUS-led Federer recovering from knee infivesetsatthe2019USOpen. Index (PMI) registered 50.1 in
defence alliance and the 57- surgery,theSpanishgreatisnow In a five-hour 24-minute January,remaining above the
memberOrganizationforSecu- one major title clear of his ‘Big epic steeped in drama, Nadal 50-point mark that separates years Communist Party con- pared with many other coun-
rity and Cooperation in Europe Three’rivals after surviving the wastwopointsfromthetitlebut growth from contraction,but gress this year, with policy- tries, a surge of infections
tonegotiateoverregionalsecu- 2-66-7(5)6-46-47-5thrillerat was broken as he served for the slowing from 50.3 in Decem- makers looking to ward off a since late December in the
rity by massing around Rod LaverArena. match at 5-4. ber, data from the National sharper slowdown that could manufacturing hub of Xian
100,000 troops near Ukraine Local residents train close to Kyiv, Ukraine, on Sunday AP “Itwasoneofthemostemo- He held firm to break Bureau of Statistics (NBS) undermine job creation. forced many auto and chip
whiledenyingitplanstoinvade. tional matches in my tennis Medvedevagainandservedout showed on Sunday. But such easing carries makers to shut operations.
Russian President Vladimir their security at the expense of rityontheentireEuropeancon- career,” Nadal said at the post- the match to love,rushing in to Analysts had expected the risks, as other central banks Production has gradually
Putin said on Fridaythe US and the security of others,” Lavrov tinent,withfull,equalregardto match presentation. “It’s just deliverabackhandvolley.Drop- PMI to fall to 50. like the US Federal Reserve returned to normal as the city
NATO had not addressed said on state television. Russia’s legitimate interests”, amazing now being gone one ping his racket,Nadal shook his The official results con- are preparing to raise interest emerged from a lockdown.
Moscow’s main security “If they do not intend to do Lavrovsaid. month-and-a-half ago I didn’t headandgrinned,thenkickeda trasted with those in a private rates, which could spur Samsung Electronics last
demands in their standoff over so, then they should explain RussiahasdemandedNATO know if I will be able to be back tennisballawayandpumpedhis survey of mostly small man- potentially destabilising cap- month temporarily adjusted
Ukraine but that itwas readyto why.This will be a key question pull back troops and weapons onthetourplayingtennisagain fistsin delight. ufacturers in coastal regions, ital outflows from emerging operations at its Xian manu-
keep talking. in determining our future pro- fromeasternEuropeandbarits …And todayI’m here in front of It was a triumph that defied which showed activity fell at markets like China. facturing facilities for NAND
“Today,through the foreign posals,which we will report to neighbour Ukraine, a former youhavingthistrophywithme.” timeandlogic,withthe35-year- a fastest rate in 23 months. The International Mone- flash memorychips,but it said
ministry,wearesendinganoffi- the Russian PresidentVladimir Soviet state, from ever joining. Riding a wave of raucous oldfightingbackfromatwo-set China’s economy started tary Fund on Wednesday cut on Wednesday that produc-
cial request to ourcolleaguesin Putin,”Lavrovsaid. WashingtonanditsNATOallies support from the crowd, a vin- deficit for the first time in 15 strong last year,reviving from its China 2022 growth fore- tion has returned to normal.
theAlliance and the OSCE,urg- Russia will seek from the rejectthatpositionbutsaythey tage Nadal pulled off his great- years,thelasttimebeingagainst a sharp pandemic-induced cast to 4.8% from 5.6% pre- Output in Tianjin, which
ing them to explain how they West not just promises, but arereadytodiscussothertopics est escape to deny Medvedev Mikhail Youzhny in the fourth slump, but it started losing viously, reflecting the prop- battled an outbreak of the
intend to implement (their) legallybindingsecurityguaran- suchasarmscontrolandconfi- again,lessthanthreeyearsafter round ofWimbledonin2007. momentum in the summer, erty woes and the hit to highly transmissible Omi-
commitmentnottostrengthen tees,“that would ensure secu- dence-building measures. leavingtheRussianheartbroken — REUTERS weighed down by debt prob- consumption from strict cron variant, was also
lems in the property market Covid-19 curbs. affected.
and strict anti-virus mea- “Industrial activity slowed At the same time, the gov-
IPOs run out of steam as sell-off rattles markets sures that hit consumer con-
fidence and spending.
Rising raw material costs
due to weak domestic
demand,” said Zhang Zhiwei,
chief economist at Pinpoint
ernment is trying to limit
industrial air pollution levels
ahead of the Beijing Winter
JULIA FIORETTI, SWETHA drum up enough investor neuve, global chief investment and soft demand have also Asset Management.“The ser- Olympics, starting on Friday.
GOPINATH AND PEI LI demand, and a day later Ger- officer for equities at Allianz eroded corporate profit mar- vice sector is also affected China has told steel mills in
January 30 man drugmaker Cheplapharm Global Investors. gins. Profits at industrial adversely by the outbreaks in northern regions to cut pro-
Arzneimittel put its listing on In Hong Kong,Asia’s busiest firms rose at their slowest many cities.” duction until mid-March.
INITIAL PUBLIC OFFERINGS hold. UK law firm Mishcon de listing venue, proceeds are pace in December for more “The weak PMI indicates A survey on China’s
(IPOs)havegottenofftoarough Reya has delayed what would down by more than 40% this than a year and a half. the policy easing measures sprawling services sector also
start of theyear. have been the world’s biggest year as China’s sweeping regu- With the real estate slump from the government have showed growth slowing in
Globally,$26.7billionworth law firm IPO for a second time, latory crackdown forces com- expected to drag on through not yet been passed to the real January,as virus containment
of IPOs have priced, marking a Bloomberg News reported. panies to put IPO plans on ice. at least the first half of this economy…We expect the gov- measures hit consumer sen-
60% drop from the same Fallinginvestordemandand Fund managers “have year and the emergence of ernment will step up policy timent.
periodayearearlier.Now,pulled rocky markets have caused the started seeing outflows,which more infectious Covid-19 supports in coming months, China’s official composite
deals are piling up under pres- value of scrapped IPOs to meansthey’remorefocusedon variants,China’s central bank particularly through more PMI,which combined manu-
sure from roiling markets. almost doubleworldwide from repositioning their portfolio has started cutting interest fiscal spending.” facturing and services, stood
Theprospectofinterestrate ayearago,hitting$6.2billionso ratherthanbuyingnewissues,” rates and pumping more cash A sub-index in the official at 50.1 in January compared
hikes combined with slowing headofEuropeanequitycapital moil has made at least nine far.Anotherrecentcasualtywas said Fabian De Smet, Beren- into the financial system to PMI for production stood at with 52.2 in December.
economicgrowthandgeopolit- markets at BNP Paribas.“Many firms call off IPOs, including South Korea’s Hyundai Engi- berg’sglobalheadofequitysyn- lower borrowing costs. Fur- 50.9, down from 51.4 in China’s economy grew 4.0%
ical tensions have set global investors are grappling with cloud-based human resources neering,whichpulledits$1bil- dicate. “IPOs have quickly ther modest easing steps are December, while new orders in the fourth quarter from a
equities on course for their their portfolios turning nega- platform Justworks and Four lion listing on Friday after fail- moved from the top to the bot- expected in coming weeks. fell to 49.3 from 49.7. year earlier, its weakest
worst month since the pan- tive and the rotation into value Springs Capital Trust.And the ing to draw demand at the tom of theirprioritylist.” Stabilitywill trump every- While China’s new Covid- expansion in one-and-a-half
demicstarted.Frothiertechnol- is depressing appetite for the blank-check frenzy that valuation itwanted. — BLOOMBERG thing ahead of a once-in-five- 19 cases have been low com- years.
ogy and growth shares,includ- growth stocks that dominated reached a fever pitch in early “While the sell-off removes
ing recent IPOs, have been the IPO market lastyear.” 2021 has reversed course,with someofthefrothfromthemar-
particularly vulnerable to the The Cboe Volatility Index, a $4billionworthofspecial-pur- ket, and will likely create many
selloff as investors flock to gauge of expected market pose acquisition company list- opportunities in growth stocks
cheaperstocks. swings also known as the VIX, ings scrapped this month. for the long term, it would be a
“It’s a really tough environ- has surged 60% this month, a In Europe, WeTransfer bravedecisionforacorporateto
ment for new listings right red flag fornewshare sales. pulled its Amsterdam offering push for an IPO in the current
now,” said Andreas Bernstorff, InNewYork,themarkettur- on Thursday after it failed to climate,” said Virginie Maison-
Trump may pardon

Capitol rioters if he
returns to Oval Office
REUTERS
SEEMA HAKHU KACHRU
Houston, January 30
FORMER US PRESIDENTDon-
ald Trump has said that if he PUBLIC NOTICE
returns to the White House (For the kind attention of the Shareholders/Creditors/Depositors of APM Finvest
after the 2024 election he will Limited(Hereinafterreferredtoas"Company").
ensure the participants of the This notice is being issued jointly by Hindon Mercantile Limited, a company originally
January 6 Capitol Riots are incorporatedasapubliclimitedcompanyunderthenameasM/sHindonMercantileLimited
treated fairly, and may even under theprovisionsof theCompaniesAct, 1956, videoriginal certificateof incorporation
dated14th August,1985havingitsregisteredofficeat201,2nd Floor,BestSkyTower,PlotNo.
consider the prospect of a par-
F-5, Netaji Subash Place New Delhi-110034, having corporate identification number:
don fordeserving cases. potential return. U34300DL1985PLC021785andKapilGarg,S/oShriShivRatanGarg,agedabout42years,
Speaking at the mega ‘Save TheJanuary6,2021,Capitol is residing at D-44 Lord Krishna Road, Adarsh Nagar, North West Delhi, Delhi 110033
America’rally in Conroe,Texas, riotwasthemostseriousattack (Hereinaftercollectivelyreferredtoas"Acquirers")pursuanttoparagraph69oftheMaster
on Saturday, Trump said: “So on the seat of the US govern- Direction- Non-BankingFinancial Company- SystemicallyImportant Non-Deposit taking
many people have been asking ment, since the war of 1812. CompanyandDeposittakingCompany(ReserveBank)Directions,2016bearingreference
meaboutit:(yes)ifIrunandwin Rioters assaulted policemen, no.MasterDirectionDNBR.PD.008/03.10.119/2016-17,issuedbytheReserveBankofIndia
(2024Presidentialelection),we destroyed public property and ("RBI")andamendedandupdatedasofFebruary17,2020('RBIDirections').
willtreatthosepeoplefromJan- sent lawmakers scurrying for BackgroundaboutTransactions
uary6 fairly.” cover as an attempt was made 1. TheCompanyisanon-deposittakingsystematicallyimportantNon-BankingFinancial
Company("NBFC-ND-SI"),registeredwiththeRBIintermsofthecertificateofregistration
“We will treat them fairly. to stop the smooth transfer of
datedFebruary16,2017bearingreferencenumberB-10.00247,andhavingregistered
And if it requires pardons we powerto Democrat Joe Biden. officeat SP-147, RIICOIndustrial AreaBhiwadi,Rajasthan-301019,India.
willgivethempardons.Because More than 700 people have 2. Thepresentpromotersof"APMFinvestLimited"are RajendraKumarRajgarhia,Mr.
they are being treated so beenarrestedandchargedwith AjayRajgarhia,MrsPrabhaRajgarhia,MrSanjayRajgarhia,Shri Gopal Rajgarhia,Ms
unfairly,” the 75-year-old for- federal crimes, opening the AnishaMittal, Ms. BhavnaRajgarhia, Mr. KabirRajgarhia, M/sFaridabadPaperMills
mer president said to thunder- biggest investigation in the PrivateLimited, M/sRajgarhiaLeasingandFinancial Services(P) Ltd. M/sEssvee
ousapplausefromthousandsof American justice system’s his- Fiiscal LLP, RajendraKumar Rajgarhia-Trusteeof AnyaRajgarhiaFoundationand
Republican supporters. tory. The charges vary from RajendraKumarRajgarhia-TrusteeofKabirRajgahiaFoundation (collectivelyreferred
Trump has not announced intentionally injuring police to as 'Promoter Group') and collectively holding 14641486 equity shares of
Rs. 2/- each, representing67.75%of paidupcapital of "APMFinvest Limited".
whether he will be running officers to conspiracyand sedi-
again in 2024,but has teased a tious conspiracy. — PTI 3. TheAcquirershaveenteredintoaSharePurchaseAgreement(SPA)on27th November,
2021withpresentpromotersgroupofM/sAPMFinvestLimitedtoacquireinaggregate
1,46,41,486equitysharesofRs.2/-each,representing67.75%ofpaidupcapitalalong
withcompletemanagement andcontrol of "APMFinvest Limited".
Jazeera Air approves 4. Pursuanttotheaforesaidacquisition,theAcquirershavemadeanopenoffervidePublic

Announcementdated27th November,2021,totheshareholdersoftheTargetCompany
inaccordancewithapplicableprovisionsof SecuritiesandExchangeBoardof India
$3.4-bn Airbus order (Substantial Acquisitionof SharesandTakeovers)Regulations2011, andsubsequent

amendmentsthereto(Regulations) toacquireupto56,18,954fullypaidupequityof
Rs.2/-eachrepresenting26%ofthepaidupequityandvotingsharecapital,ataprice
BLOOMBERG $32.2 million deal, said deliv-
of 47.50/-pershare(OfferPrice)payableincash.
January 30 eries of the Airbus aircraft will
be determined at a later stage. 5. Byvirtueofaboveacquisition,theshareholdingofAcquirersshallbe2,02,60,440equity
sharesrepresenting93.75%paidupcapital of"APMFinvestLimited"aftercompletion
JAZEERA AIRWAYS’ BOARD The carrier already of theOpenOfferformalitiesinaccordancewiththeSEBI (SAST)Regulations, 2011
hasapprovedadealtopurchase operates an all-Airbus fleet of assumingfull acceptanceof sharestobetenderedundertheopenoffer.
of28narrow-bodyplanesfrom original-generation A320s 6. Upon consummation of the Proposed Transaction, the Acquirers shall acquire
Airbus as the Kuwaiti carrier’s and eightA320neos. managementandcontrol oftheCompanyandshall alsobeclassifiedasa'Promoters'
expands its network to include The airline, which laid off of theCompanyinaccordancewiththeapplicablelaw.TheProposedTransactionwill
long-haul routes. about 500 employees in 2020, enable the Company to leverage the Acquirer's expertise in the financial services
The value of the agreement is in recovery mode after the domain globally to facilitate the raising of external finance, introduce operational
is $3.4 billion and comprises coronavirus pandemic improvements and continue to scale the business. The Proposed Transaction will
further support thecontinuedgrowthof retail businessandtheAcquirer'sownership
20 A320neos and eight groundedflights,rehiringstaff
bringswithitglobalreputationandglobalbestpracticesintermsofcorporategovernance.
A321neos,accordingtoastate- who want to rejoin. Jazeera’s
Anyclarificationsand/orobjectionsinthisregardmaybesenttothecompanywithin30(thirty)
ment. The companies had third-quarter earnings wiped daysfromthedateofthisnotice,addressedtoMr.KapilGarg,Directorattheaddress(s)ofthe
signed the pact at the Dubai out first-half losses,while cash Acquirersoremail at [email protected]/ [email protected].
Airshow in November. reservesareatanall-timehigh. For HindonMercantileLimited
Jazeera, whose board also The shares have jumped Sd/- Sd/-
approved an agreement to buy 15% this year, extending its Place: NewDelhi (KapilGarg) (KapilGarg)
two CFM spare engines in a 2021 gains of 80%. Date:29.01.2022 Director
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VOL. NO XII 307, 16 PAGES, `6.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E READ TO LEAD

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IN THE NEWS Q3 REPORT CARD ● NEW MANDATE BUDGET FY23

Over 2.34L ● DISINVESTMENT Corruption hollows country

PRIME MINISTER NARENDRA

He talked about a postcard had written to him.

6 NATION FINANCIAL EXPRESS

● BUDGET SESSION India steel output grows 18% to 118 mt

issues, Pegasus matter New Delhi, January 30

INDIA’S CRUDE STEEL pro-

NCLT approves APSEZ’s composite Saregama India plans to invest up

ADANI PORTS & Special Eco-

Opinion MONDAY, JANUARY 31, 2022

After all the support provided, it would be a pity

Plan ahead for an ageing population A tale of two garlands

classroom tainties,learning gaps will require a com-

Adaptation and restructuring: The

Science & tech

Home-brewed gas to the rescue

● TECH’S BUDGET WISH-LIST ● HEALING TOUCH

Need of the hour: Mid- to long-term reforms Creating new

Tech Burden of chronic diseases: A large

Bytes of lifestyle choices made by patients.

Great sound meets elegant design

Sonos Arc is distinctly SPECIFICATIONS

MONDAY, JANUARY 31, 2022

● MARUTI SUZUKI RATING: BUY ● ASIAN PAINTS

third quarter insurance premium and

● E-COMMERCE Building scale

Playing freshness of concept and time to market,

VENKATA SUSMITA BISWAS

A new EV company is taking shape

MONDAY, JANUARY 31, 2022

● ETHANOL BLENDING PROGRAMME DATA MONITOR

Making fragmented markets

16 BACK PAGE FINANCIAL EXPRESS

● SECURITY COMMITMENTS Nadal claims Slam China Jan factory activity

NATO on its pledge IAN RANSOM

GROWTH IN CHINA’S fac-

Trump may pardon

Jazeera Air approves 4. Pursuanttotheaforesaidacquisition,theAcquirershavemadeanopenoffervidePublic

$3.4-bn Airbus order (Substantial Acquisitionof SharesandTakeovers)Regulations2011, andsubsequent

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