FROM THE EDITOR

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Chairman & Editor-in-Chief: Aroon Purie

Revving Up
Vice Chairperson: Kalli Purie
Group Chief Executive Officer: Dinesh Bhatia
Executive Director: Rahul Kanwal
Chief Revenue Officer: Alok Nair

Mahindra
Editor: Sourav Majumdar
Group Creative Editor: Nilanjan Das
Group Photo Editor: Bandeep Singh

Managing Editor, Business Today TV: Siddharth Zarabi

Managing Editor: Anand Adhikari
Executive Editor: Krishna Gopalan

A
n outside-in perspective very often yields good results as far Senior Editor, Businesstoday.in: Mukesh Adhikary
CORRESPONDENTS
as strategic changes in an organisation are concerned. In Economy Editor: Surabhi
the case of the `1.75-lakh crore auto-to-software Mahindra Senior Editors: Neetu Chandra Sharma, Nidhi Singal
Editor (Money Today): Teena Jain Kaushal
Group, this came in the form of Group MD & CEO Anish Senior Associate Editor: Ashish Rukhaiyar
Associate Editor (Money Today): Navneet Dubey
Shah, 53. Shah, who had stints in GE Capital and Bain & Company, took Senior Assistant Editor: Binu Paul
Assistant Editors: Arnab Dutta, Manish Pant
charge at Mahindra in 2021 after joining the group in 2014. One of the Special Correspondents: Prerna Lidhoo, Vidya S.
Senior Correspondent: Bhavya Kaushal
key areas where Shah has been able to make an impact is in the auto
PRESENTER AND SENIOR EDITOR, BUSINESS TODAY TV:
business, a critical part of the group and one that contributes close to Aabha Bakaya
`60,000 crore to its top line. Over the past couple of years, Mahindra RESEARCH
Assistant Editor: Rahul Oberoi
has seen its auto business get infused with a good dose of new energy, Principal Research Analyst: Prince Tyagi
COPY DESK
powered by a slew of new launches, a focus on electric vehicles and Senior Associate Editor: Abhik Sen
Senior Assistant Editors: Shishir Kumar Behera, Vikram Gopal
even a brand new logo. Senior Sub Editor: Pranay Prakash
Shah and his colleague Rajesh Jejurikar, ED & CEO of Mahindra’s auto PHOTOGRAPHY
Principal Photographer: Rajwant Singh Rawat
and farm sector businesses, are clear that they will do fewer things but do Photographer: Hardik Chhabra
Senior Photo Researcher: Vishal Ghavri
them well. “We focussed on our core, that is authentic SUVs, with the aim ART
Deputy Creative Editor: Anirban Ghosh
of being the No. 1 SUV player,” Shah tells Prerna Lidhoo, who put together Deputy Art Director: Rahul Sharma
the cover story and the Auto Special package in this issue. This sharp focus Associate Art Director: Raj Verma
Chief Designer: Prabal Biswas
seems to be working for Mahindra. Its market share in SUVs, which was EVENTS
Senior Manager: Sourabh Dutta
at 13.6 per cent in FY21, has grown to 19.1 per cent in just two years. This PRODUCTION

share, Shah declares, should only go up from here on. Besides, there’s the Chief of Production: Harish Aggarwal
Senior Production Coordinator: Narendra Singh
Born Electric range of SUVs where Mahindra aims to be the leader “by far”. Production Coordinator: Ayekpam David Meitei
LIBRARY
But competition is hardly sitting idle, with Maruti Suzuki, Tata Motors, Assistant Librarian: Satbir Singh
Executive Secretary: Smriti Tandon
Hyundai, Kia and Toyota planning their moves as the UV battle heats BUSINESS TEAM (MAGAZINE)
up like never before, with utility vehicles now overtaking passenger car National Head: Siddhartha Chatterjee
Assistant General Manager: Girish C
sales in the Indian market. Besides, the recent GST Council decision on a BUSINESS TEAM (BT TV)
compensation cess on all multi-utility vehicles is another blow Mahindra Senior General Managers: Masuma Parekh, Nisha Sharma
AD OPS
will have to navigate. Deputy General Manager: Avinash Karkera
Mahindra apart, the auto package also has several other stories: Chetan Marketing: Vivek Malhotra, Group Chief Marketing Officer
Newsstand Sales: Deepak Bhatt, Senior General Manager
Bhutani examines the impact of the paring of the FAME II subsidy scheme (National Sales); Vipin Bagga, General Manager (Operations); Rajeev
Gandhi, Deputy General Manager (North),
on EV sales, while Arnab Dutta finds out how Chinese automakers MG Yogesh Godhanlal Gautam, Deputy Regional Sales Manager (West),
S. Paramasivam, Deputy Regional Sales Manager (South)
Motor and BYD are tackling the government’s close watch on investments
from China. We also get you the details of the battle playing out in the
Vol. 32, No. 16, for the fortnight July 24, 2023
premium motorcycles segment, as Royal Enfield is challenged by the likes to August 6, 2023. Released on July 24, 2023.
Editorial Office: India Today Mediaplex, FC 8, Sector 16/A, Film City, Noida-201301;
of Bajaj Auto (which has tied up with Triumph) and Hero MotoCorp, the Tel: 0120-4807100; Fax: 0120-4807150 Advertising Office (Gurgaon): A1-A2, Enkay Centre, Ground
Floor, V.N. Commercial Complex, Udyog Vihar, Phase 5, Gurgaon-122001;
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does a deep dive into the slew of problems plaguing the Insolvency and Towers, 2nd Floor, 12, Richmond Road, Bangalore-560025; Tel: 080-22212448,
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Bankruptcy Code, once hailed as the big reform sweeping through the Tel: 033-22825398, 033-22827726, 033-22821922; Fax: 033-22827254; Hyderabad: 6-3-885/7/B,
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 PHOTOGRAPHIK

CONTENTS
10
Crude Calculus
The recent softening
August 6, 2023 Volume 32 Number 16 of global crude oil
prices is expected
to narrow India’s
trade deficit
AUTO SPECIAL
12 POINT

In Top Gear

54 India’s auto sector

is on a roll. In FY23,
falling input prices
and strong demand
ANISH SHAH, MD & CEO,
bolstered auto-
MAHINDRA GROUP (LEFT); AND
makers’ profitability
RAJESH JEJURIKAR,
ED & CEO-AUTO & FARM SECTOR,
MAHINDRA & MAHINDRA LTD

6|

14 THE BUZZ

Bulls on
the Loose
India’s stock markets
will remain buoyant
in H2 2023 as several
macroeconomic
factors underpin
MAHINDRA GROUP their strength

THE GREAT REBOOT

THE `1.75 LAKH CRORE CONGLOMERATE IS WITNESSING A
REJUVENATION OF ITS AUTO BUSINESS POWERED BY A SLEW
OF NEW LAUNCHES AND A SHARP FOCUS ON AUTHENTIC SUVs
PHOTO BY BANDEEP SINGH

+Q&A WITH ANISH SHAH 62

Everybody Wants to Take on Royal Enfield 66; 22 THE BUZZ
Govt Lens on Chinese Automakers 72; The EV Subsidy Hit 78; Game, Set and
Q&A: Tarun Mehta, Co-founder & CEO, Ather Energy 82; Match
Top Tech for Mass Market Cars 86
The online gaming
industry is reeling
from the GST Council’s
COVER BY BANDEEP SINGH decision to impose a
tax rate of 28 per cent

Business Today 6 August 2023

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 116
THE INTERVIEW 34 IN DEPTH 40 THE GOOD LIFE:
TRENDS
‘The pessimists have been Out of Order
proven wrong’ The Insolvency and Bankruptcy Code Driven by Tradition
Ruchir Sharma talks about the global isn’t working, despite dozens of amen-
dments and good intent. An inside look Vintage cars are not only
outlook from India’s perspective, and romantic and elegant but
what’s working or not working for it at its flaws, and how to make it work
also sound investments
giving high returns

120
PHARMA 88 START-UPS 100 TECH TODAY
The Next Frontier The Big Fall Airborne
After patient nurturing over two The valuations of several big Prototype flying cars
decades, Reliance Life Sciences is Indian start-ups have dropped are either being tested
investing in a new plant and looking by almost 50 per cent after the or certified. A few
to enter new segments funding boom of 2021 are also accepting
bookings now

124
BEST ADVICE

‘Bring others
on board’
Sanjay Khanna of
American Express
Banking Corp. talks
about the traits a good
EDTECH 106 INVESTING 110 leader needs

Withering Heights The Portfolio Effect

BYJU’S is confronting the crisis of its An increasing number of wealthy
lifetime, with auditor Deloitte and many Indians are looking at PMS to manage
board members jumping ship. Drastic their wealth and generate returns
measures are the need of the hour higher than the market or MFs

An Feature
From time to time, you will see pages titled “Focus”, “An Impact Feature”, or “Advertorial” in Business Today.
For the latest updates
These are no different from an advertisement and the magazine’s editorial staff is not involved in their and analysis, log on to
creation in any way. businesstoday.in

Business Today 6 August 2023