NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCKNOW* VOL. 18 NO.

314

Tuesday, December 31, 2024

Think Ahead. Think Growth.

mint primer QUICK EDIT

Climate targets: Adani’s

How do Nifty-50 JV exit
companies fare?
Adani Enterprises Ltd is set to
sell its entire 44% stake in Adani
Wilmar Ltd, its joint venture
with the Singapore-based food
BY NEHAL CHALIAWALA processing company Wilmar
Contributions from the corporate sector are going to be vital if India is International. Estimated to be
to reach net-zero carbon emission target by 2070 as it is committed to worth some $2 billion, the
doing. Here are the climate targets of Nifty-50 companies, as per a equity sale will take place in two
report by Institutional Investor Advisory Services (IiAS): steps, with its proceeds
expected to be invested in the
Green targets group’s “core infrastructure”
Net Zero targets Carbon Neutral targets businesses. Lence Pte, a unit of
2025 Cipla
Wilmar International, will buy
2030 TCS, Dr Reddy's, Hero MotoCorp, SBI 31% of Adani Wilmar’s shares
2032 HDFC Bank, IndusInd Bank held by Adani Commodities, a
2035 RIL, Tech Mahindra unit of Adani Enterprises,
2038 ONGC
which will offload its own 13%
2039 HUL
APSEZ, BPCL, HCL Tech, Infosys*, LTIMindtree,
holding. As a consumer-facing
2040
Tata Consumer, Wipro, L&T, M&M business, Adani Wilmar is best
2045 Tata Motors, Tata Steel known for its Fortune brand of
Power Grid
2047
edible oils that was extended to
2050 Bharti Airtel, Grasim, Nestle, Ultratech, Hindalco, JSW Steel
2070 NTPC, Maruti Suzuki
packaged household staples like
No target 19 companies have failed to set targets so far
rice and flour. With this exit,
though, Adani seems to have
* Infosys achieved carbon neutrality in 2020 Source: IiAS Research, Company filings withdrawn from the food pro-
cessing sector. Management

1 Are Nifty-50 firms

going green?
Out of the Nifty-50 constituents,
2 What’s the difference
between the two?
Net zero means balancing the
theorists often advocate that
business groups should focus
on fields of “core competence”
an alarming 19 companies are yet amount of greenhouse gases and not spread their resources
to publicly state a target year for (GHG) emitted and the amount too thin by over-diversifying.
becoming net-zero emitters or removed from the atmosphere. Shares of Adani Enterprises
carbon neutral. Another 20 Net-zero includes all GHGs like shot up 7.7% on Monday, an
companies have publicly carbon dioxide, methane and indication of investors taking
announced a net-zero target and 11 nitrous oxides. To reach net-zero,
the divestment as a good move.
have committed to a carbon companies must significantly cut
neutral target year. Adani Ports & their GHG emissions and may use Given India’s recent failure to
SEZ, Infosys, Tata Consumer methods like carbon capture or ease rigidities in its farm sector,
Products and Tech Mahindra have afforestation to offset residual packaged food prospects may
stated both net-zero and carbon emissions. Carbon neutrality is also have dimmed lately.
neutral timelines. For the focussed mainly on offsetting
companies having a net-zero carbon dioxide emissions. A
target, the median year is 2040. company may do so through
The median target year for carbon
neutrality is 2032. Of the 19 with
purchasing carbon credits or
through investing in emission
QUOTE OF THE DAY
no target, a few have articulated avoidance technologies without
some strategies, IiAS noted. direct reductions in emissions.
Consumer and business
MINT confidence for the year ahead
remain high and the investment
3 How do the targets of top
companies compare?
Infosys has been carbon neutral since
scenario is brighter as
2020, the first Nifty-50 firm to achieve the
corporations step into 2025
status. It plans to be net-zero by 2040. with robust balance sheets
Among companies setting carbon neutral
targets, the earliest is for Cipla (2025) and
and high profitability.
the last is Maruti Suzuki (2070). For net-
zero, the earliest target is for Tata
Consultancy Services (2030), while NTPC
states it will achieve this by 2070.
SANJAY MALHOTRA
GOVERNOR, RESERVE

4 Do the targets very

across sectors?
IT companies are the best
5 Which companies have
no stated targets?
Surprisingly, banking, financial
BANK OF INDIA

performers, given their lower services and insurance (BFSI)

emission intensity. All six IT firms firms have the highest INSIDE
in the Nifty-50 have disclosed a net representation among those with
-zero target, with the earliest in no publicly stated climate goals. Beware the excitement on cement
2030 and latest by 2040. Most SBI (2030), HDFC Bank (2032) price hike >P4
companies in the hard-to-abate and IndusInd Bank (2032) are the Should you be hiring a consultant to
sectors have also disclosed climate only companies in this space to manage credit card rewards? >P13
targets, with Coal India being the have declared carbon neutral
Will 2024 events set off a headwind
sole exception. Among the two target years. No BFSI firm in Nifty
or tailwind? >P14
auto companies, Tata Motors has a 50 has so far stated a net zero
net-zero target (2045) while M&M target. There are also automakers, Services offer a clear and speedy path
has a carbon neutral target (2040). consumer goods firms and to economic development >P15
Tata Steel has a net zero target healthcare & pharmaceuticals Wellness synced with tech and mind-
(2045) while JSW Steel is looking players in the set of companies body therapy >P16
to go carbon neutral by 2050. without a stated climate target.

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 PLAIN FACTS

Lessons for India from

a US health CEO killing
BY HOWINDIALIVES.COM

T
herecentmurderoftheheadofaprominenthealthinsurerintheUS,allegedlyfuelledbyresentmenttowardtheindustry’s
practices, has cast a spotlight on claims policies that have leftmany policyholders dissatisfied. The actitself has reignited
discussions on contentious health insurance practices—an issue that resonates globally, including in India.
InIndia,healthinsurancesurpassedmotorinsurancein2021-22tobecomethelargestsegmentbypremiumsamongIndian
non-life insurers. From 2013-14 to 2023-24, health premiums collected by non-life insurers grew at an average annual rate of
18.7%, outpacing motor insurance (10.5%) and other segments (14.1%). Consequently, health insurance’s share of total non-life
premiums surged from 25% to 38%. However, this growth has been accompanied by a surge in policyholder complaints.
Issues like claim rejections, partial or delayed payments, and exclusions that were not
clearlyunderstoodfuelleddissatisfaction.Amongthetop10insurersbyhealthpremiums,
mostsettledclaimsononlyfouroutoffivepoliciesonwhichclaimswereraisedin2022-23. Liked this
Mostprivateinsurersalsopaidmuchlessthantheamountsclaimed.Thisgapisparticularly story? Share it
stark among insurers that exclusively operate in health. For instance, Star Health, the sec- by scanning
the QR code.
ond-largesthealthinsurerbypremiums,paidjust55%ofthetotalamountclaimed,leaving
many policyholders frustrated and seeking redress through the insurance ombudsman.

Health has beaten auto as the biggest Health-only insurers are the most
non-life insurance segment frugal in paying claims
Share in total non-life insurance premiums (%) Claims paid as a share of claims received in 2022-23 (%)
Health Motor Others By number of claims By amount
45 Public sector insurers
New India
Oriental
40
37.6 National
United

35 Private sector insurers

Bajaj Allianz
31.7
HDFC ERGO
30
ICICI Lombard
30.7
Standalone health insurers
25 Niva Bupa
Care Health
Star
20
0 20 40 60 80 100
2013 2023
Data for top 10 non-life insurers by health premiums. Insurers arranged in
Source: Insurance Regulatory and Development Authority of respective segment by share of amount paid.
India, General Insurance Council Source: Insurance Brokers Association of India

Complaint Desk Premiums and complaints have

outpaced coverage
IN 2023-24, policyholders filed 31,490 complaints related to Average annual growth between 2019-20 and 2023-24 in
their health insurance policies with the 17 insurance ombudsman individual health policies (%)
centres across India. Most grievances were linked to claims. Coverage
Post-pandemic, there has been a heightened awareness of the Number of lives covered 6.6
need for health insurance. As of March 2024, approximately 23 Number of policies 7.7
million individual health policies were active, providing coverage Premiums
to about 56 million individuals. Between 2019-20 and 2023-24, Gross premium collected 20.1
the number of lives covered via individual plans increased at an Average premium per life covered 12.6
average annual rate of 6.6%. Average premiums increased at Average premium per policy 11.5
twice that rate. And complaints filed by policyholders—primarily Complaints
individuals—also rose significantly, increasing by 31.5%. Complaints filed with ombudsman 31.5
This surge can be attributed to increasing awareness of Complaints data is for all health policies (not just those issued to
individuals), though it is individuals who mostly approach the
ombudsman services, a rise in the number of policies, and the ombudsman for redressal.
inherent tension between insurers’ dual objectives of covering Source: Insurance Regulatory and Development Authority of India,
health contingencies and pursuing profitability. General Insurance Council, Council for Insurance Ombudsmen

On a relative basis, complaints to the

ombudsman are increasing
Ombudsman Rulings
Complaints to Share of ombudsman awards IN 2019-20, the number of health insurance complaints filed
ombudsman per in favour of complainant or with the ombudsman amounted to six per 10,000 policies. In
10,000 health policies mediation (%) 2023-24, this figure doubled to 13.6 complaints per 10,000
2019-20 30
policies. Of these, about 60% related to health policies of three
6.1
standalone health insurers, namely Star Health, Care Health, and
2020-21 34.8 Niva Bupa. These three companies had a combined share of
4.4
about 25% of health premiums.
2021-22 26 Legally, ombudsman awards are directives to insurers, but
8.9
firms tend to abide by them. If they don’t, the next step of redress
2022-23 33.2
for policyholders is courts. In 2023-24, of the complaints
11.8
disposed of by the insurance ombudsman, about 21% were
2023-24 55.7 awards in favour of policyholders. Another 35% were
13.6
interventions of mediation, where the two sides were asked to
Source: Insurance Regulatory and Development Authority of India, reach a settlement. The rest were ruled in favour of the insurer
Council for Insurance Ombudsmen
(14%), withdrawn (7%), or deemed not entertainable (23%).

Individuals Matter The individual segment sees the

lowest claims incurred
IN 2023-24, the three standalone health insurers cited above Incurred claims ratio* (in %)
paid 55-68% of the premiums they collected in claims. This is Individual business Group business
called the incurred claims ratio. A lower value means an insurer Government business
has effectively managed its risk profile, either by attracting a
2019-20
smaller share of claim-filing policyholders or by rejecting a
significant portion of claims. 2020-21
In the past five years (except 2021-22 due to covid), the
industry’s incurred claims has been 88-94% of premiums 2021-22
collected. Within this, policies sold to companies account for 52%
of premiums. Thanks to the ticket sizes, the balance of power in 2022-23
such policies favours the buyer. Individual health policies, which
2023-24
account for 39% of health premiums, are the most profitable for
insurers, with an incurred claims ratio of 75% in 2023-24. 0 20 40 60 80 100 120
*Claims paid by insurers as a share of premiums received by them.
www.howindialives.com is a database and search engine for
Source: Insurance Regulatory and Development Authority of India
public data.
PARAS JAIN/MINT

MINT BEST OF 2024

SUNDEEP KHANNA EXPLAINERS LOUNGE
India Inc. is a Wetakepride The year
fascinating in delivering began with a
mix of stories news that fiction spe-
—some sour, truly matters, cial, followed
some sweet, presentedina by one on art.
all captivat- clear and As the year
ing. From accessible progressed,
tycoons born format. Our we tracked,
to privilege to self-made entrepre- writers work tirelessly to break down among many things, the new gender
neurs, each has played a role in shap- complex stories into easy-to-under- divide, the lives of baby influencers,
ing India’s business landscape. Col- stand insights, ensuring you stay Bollywood’s tilt as India moved into
umnist Sundeep Khanna aheadandinformed.Your election season and what
captures these struggles, guide to understanding chefs eat when they’re off
successes and missteps of the year’s most important theclock. Ifyou’ve missed
corporate India. events and issues. any, it’s time to catch up.
 NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCKNOW* VOL. 18 NO. 314 Rs. 10.00 . Price with Hindustan Times Rs. 15.50 18 PAGES

Tuesday, December 31, 2024

15 awesome stories you SpiceJet’s

p J grounded planes
g
livemint.com shouldn’t miss uP12 to fly again uP5

SENSEX 78,248.13 450.94 NIFTY 23,644.90 168.50 DOLLAR ₹85.54 ₹0.00 EURO ₹89.26 ₹0.14 OIL $74.39 $0.08 POUND ₹107.58 ₹0.57

Stress in unsecured loans DON’T MISS

BLOOMBERG

may spill over, warns RBI

Individuals defaulting on small loans risk getting larger secured loans tagged NPAs
Shayan Ghosh
shayan.g@livemint.com TREAD WITH CARE norms, when a borrower defaults
on a loan, the lender would classify
MUMBAI all other loans it has given to the

N
Asset quality in retail loans remained largely stable, except for a same individual as bad. However, Adani will invest the amount in energy, utilities and others. REUTERS Centre asks states to ease land
early a year after marginal rise in credit cards, RBI’s financial stability report said this would not apply in case the availability for wind projects
clamping down on
the exuberance in
unsecured loans,
TOP VIEW
RESILIENT global economy,
first default and the other loans are
with different lenders.
“As a proactive measure, len-
Adani to raise over The government has asked states to ease
land availability for renewable energy
projects with a focus on wind power, two

$2 billion in exit
Indian financial system.
India’s central bank Near-term risks have receded. ders could start doing a bureau people in the know of the developments
has expressed concern about the check of their retail loans on a said, citing industry concerns over the pace
stress in such loans spilling over to GLOBAL RISKS quarterly basis and raise provi- of progress. >P2

from Adani Wilmar

larger and secured loans. Reason: STRETCHED asset valuations, high sions on loans where the borrower
many borrowers of small, collater- public debt, lengthy geopolitical has defaulted elsewhere,” the ana-
conflicts, emerging tech Industry seeks budget boost
al-free loans also have housing and lyst said, requesting anonymity.
vehicle loans. STRENGTHS The analyst added that this for healthcare, education
“Nearly half of the borrowers MACROECONOMIC would give a truer picture of asset Nehal Chaliawala “AEL will use the proceeds Industry leaders urged measures to boost
availing credit card and personal fundamentals, healthy balance quality,evenasthecostofengaging nehal.chaliawala@livemint.com from the sale to turbocharge investment, education and healthcare in a
loans have another live retail loan sheets of banks, NBFCs inthisexercisewouldbeexpensive, MUMBAI its investments in the core pre-budget consultation with finance
outstanding, which are often high- and is unlikely to be done in the infrastructure platforms in minister Nirmala Sitharaman on Monday. Key

A
ticket loans (housing and/or vehi- KEY SEGMENTS absence of a regulatory push. dani Enterprises Ltd energy and utility, transport proposals included expanding presumptive
cle loan),” the Reserve Bank of BANKS NBFCs Insurance The RBI said on Monday that (AEL) is exiting its and logistics and other adja- taxation to MSMEs and emerging sectors. >P2
ADEQUATE capital HEALTHY with sizable CONSOLIDATED
India (RBI) said in its half-yearly the GNPA ratio of unsecured loans 26-year joint venture cencies in primary industry.
buffers even under capital buffers, robust solvency ratio remains
financial stability report (FSR) adverse stress scenarios margins, rising asset quality. above threshold was marginally higher at 1.7% as on with Singapore’s Wilmar AEL will continue to invest in
released on Monday. 30 September. The comparable group, raising over $2 billion infrastructure sectors which Jimmy Carter, longest-living US
A default in any loan category figure was 1.5% on 31 March. that it will invest in core busi- will further strengthen AEL’s ex-president, dies at 100
typically prompts a lender to treat mortgages (home loans), which outstanding have availed other However, it said that the sharp nesses such as energy and position as India’s largest
Jimmy Carter, the former Georgia farmer who
other loans to the same borrower comprise 48% of all retail loans, retail loans,” it said. rise in write-offs of such loans, utilities. listed incubator of platforms as US president brokered a historic and lasting
as non-performing. So, defaults in have the lowest bad loan ratio of SMA refers to special mention especially among private sector The Adani Group flagship playing the key macro themes peace accord between Israel and Egypt in a
unsecured loans could turn larger 1%. Bad loan ratio is gross non-per- account, a classification based on banks, could be “partly masking on Monday said it will sell its underpinning India’s growth single term marred by soaring inflation, an oil
and secured loans bad. forming assets (GNPAs) as a share delays in repayment. SMA-0 loans worsening asset quality in this seg- entire 43.94% stake in Adani story,” Adani Enterprises said shortage and Iran’s holding of American
To be sure, unsecured loans of total loans outstanding. are where the repayment overdue ment and dilution in underwriting Wilmar Ltd—31.06% stake to in a statement. hostages, has died. He was 100. >P10
such as credit card receivables and “First default is mostly observed is between one and 30 days; SMA-1 standards”. its partner Wilmar Interna- Adani Wilmar had a market
education loans have higher bad in unsecured advances; among the between 31 and 60 days; and tional, and the balance to the capitalization of ₹42,824
loan ratios of 2.2% and 2.7%, borrowers at risk of default SMA-2 between 61 and 90 days. TURN TO PAGE 8 public. The latter transaction crore ($5 billion) at market
respectively, than other retail (advances in SMA category), risk of After 90 days of being overdue, an will also raise public share- close on Monday, valuing THE YEAR-END DATA SPECIAL:
loans, according to RBI. delinquency is trending high asset turns into an NPA. holding in Adani Wilmar to Adani’s stake in the fast-mov- In charts: How 2024 stacked up
Better growth prospects >P8
On the other hand, vehicle loans among borrowers who in addition According to an analyst tracking 25%, the mandatory mini- and what’s in store on Pages 6 & 7
Tiny budget for new tech >P8
have a bad loan ratio of 1.4%. And to a personal loan or credit card financial services, under current mum. TURN TO PAGE 8

m Foreign direct investment Sebi brakes slow retail

race on options street
A special pre-Budget series by howindialives.com: Part 1

THE WEAKNESS BEHIND INDIA’S $28 BILLION FDI INFLOWS

Foreign Direct Investment (FDI) inflows into India—investments by foreign entities in Indian
businesses—offer significant economic benefits, such as boosting competitiveness and supporting Ram Sahgal
sectors often overlooked by local firms, like semiconductors. In 2023, India attracted $28.1 billion in FDI, Taking effect three-month rolling market
but its global share was just 2.1%, ranking 16th, despite being the fifth-largest economy. In comparison, ram.sahgal@livemint.com share in equity options (index
December premium turnover
the US and China captured 23% and 12%, respectively (Chart 1). Moreover, India's FDI in absolute terms MUMBAI
is ₹9.16 trillion*
and stocks) as of November,
was lower than the annual average of 2006-2011 and has not kept pace with its economic growth or with BSE accounting for the

T
capital formation (Chart 2). To position itself as a viable alternative to China for global manufacturing, he Securities and 13.67 rest. “It shows that there has
India must streamline policies and improve ease of doing business to attract more robust FDI inflows. Exchange Board of been an impact of the Sebi
11.37
India’s (Sebi) recent 10.31
03 curbs, along with a correction
India vs other leading countries in FDI inflows India’s FDI relative to economy size and 9.16
investments measures to cool the retail in the markets,” said Sudhir
FDI inflows in 2023 (in $ billion)
Swiggy carried out its fifth buyback, worth $65 million, in July, F as % of gross
FDI F as % of gross
FDI frenzy in derivatives trading Joshi, a consultant at the 104-
ahead of its November initial public offering. MINT United States 311 fixed capital
fi domestic are already bearing fruit, even year-old Khambatta Securi-
formation (GFCF) product (GDP)
163 as more curbs aimed at pre- ties.

Startup staff hit

China
5
Singapore 160 venting investor losses kick in “As more measures take
next month. effect from January, expect
Hong Kong 1113
Retail and proprietary trad- more rationalization in turn-

Esop goldmines
Brazil 6
66 4 ers accounted for nearly Sep Oct Nov Dec** over,” said Joshi, who set up
*Single -sided turnover
Canada 50 three-quarters of the drop in **up to 30 December Source: NSE the oil trading desk at Bharat
France 42 premium turnover in index Petroleum Corp. Ltd.

as IPOs bloom
SARVESH KUMAR SHARMA/MINT
British Virgin Islands 40
3 options trading on the Alarmed by losses of ₹1.8
National Stock Exchange, sig- to ₹10.31 trillion in November, trillion incurred by individu-
Germany 37
nalling the impact of the individual and proprietary als trading mainly weekly
Mexico 36 2 Sebi’s tightened curbs on traders accounted for ₹2.52 options between FY22 and
Priyamvada C. fourth and largest round in Spain 36 derivatives trading. trillion, or 75%, of the decline, FY24, Sebi implemented six
Priyamvada.c@livemint.com March. UAE 31 Analysts anticipate a fur- shows recently released measures on 1 October to curb
BENGALURU While Esop buybacks help 1.5 ther decline in turnover as the National Stock Exchange retail enthusiasm for deriva-
Australia 30 1
companies reward and retain increased contract size man- data. Institutional investors, tives (futures and options).

E
Sweden 29 0.6
mployees of unlisted employees,theyalsoallowsen- dated by Sebi as part of its domestic and foreign, and Of these, an increase in
startups made a tidy sum iormanagementtobookprofits Poland 29 0.2 0.5 curbs will become effective in corporates accounted for the extreme loss margin on expiry
0
from their ownership of at a later stage, especially dur- India 28 2000-01 2023-24 early January. rest of the decline. day at the contract level and
employeestockoptions(Esops) ing public listings. Of the ₹3.36 trillion or This is significant given rationalization of weekly
www.howindialives.com is a database and Source: United Nations Conference on Trade and Development,
in 2024, with 26 such compa- Sivaraman added that pre- search engine for public data Reserve Bank of India nearly 25% month-on-month that the National Stock
nies buying back Esops in pre- IPO investment activity has fall in index options turnover Exchange held an 87.8% TURN TO PAGE 8
listing and secondary transac- also increased, especially in SATISH KUMAR/MINT

tions. Data analyzed by equity startups that plan to list in the

management platform Qapita next two to three years.
showed the number was 19 in
2023, but was higher at 37
startupseachin2021and2022.
“Mostcompaniesallowtheir
employees to sell a portion of
their Esops as part of such pre-
Syria looks to pick up the pieces of its shattered economy
“We have seen increased IPO rounds,” he said, adding
activity surrounding Esop that he expected the trend to Omar Abdel-Baqui try’s oil sector. They will need a free-market economy, revi- ForAnkara,whichhastiesto
liquidity in 2024 vs 2023,” continue in 2025 with more feedback@livemint.com help from foreign businesses talize the oil industry and forge HTS,aroleinSyria’srebuilding
Qapita’s senior vice president startups going public. DAMASCUS, SYRIA andstates,andsomeofthemil- internationalpartnerships.But would boost its own construc-
Vikram Sivaraman told Mint in To be sure, late-stage fund- lions of Syrians who fled the none of that will be easy, with tion industry and counter

M
an email. “We believe this has ing, too, saw a revival in 2024, ore than a decade of country during the civil war. the country still fractured, for- Kurdish forces that control
beenspurredbythestellarper- with$5.4billionraisedfrom85 civil war left Syria’s “We need the know-how for eignpowersvyingforinfluence swaths of territory along the
formance of the IPO market roundscomparedto$5.1billion economyinshambles. doing business, we need the and the West wary of a group Turkish border.
with 12 startups successfully from 75 rounds a year ago, Thecountrylostbillionsofdol- technology, we need plenty of runningthecountrythatbegan “Turkey has emerged as the
listing during the year.” according to data fromTracxn. lars in oil exports. Inflation things,” said Mohammad Hal- as an offshoot of al Qaeda. net winner and main power in
For instance, food-delivery Much of this recovery hap- forced Syrians to carry massive lak, owner of a generations-old HTS publicly cut ties with al Syria, though there is likely to
giantSwiggycarriedoutitsfifth pened on the back of pre-IPO wads of food-trad- Qaedayearsagoandhassought be intense pushback against
buyback, worth $65 million, in rounds that were a mix of pri- cash to pay ing com- tocastitselfasamoremoderate this by Saudi Arabia and
July,aheadofitsNovemberini- mary and secondary transac- for basic pany and Islamist group. But the U.S., U.A.E.,” said Omar Dahi, pro-
tial public offering (IPO). tions. necessities, vice presi- European Union and United fessor of economics at Hamp-
OtherIPO-boundstartupsto The total value of these buy- and nearly one-third of the dentoftheDamascusChamber The country’s new rulers, the Islamist group Hayat Tahrir al- Nations still designate it as a shireCollegeinMassachusetts.
launch similar offerings were back programmes stood at countrywasestimatedtosuffer of Commerce. “We especially Sham, say they want to build a free-market economy. AFP terrorist organization. They “Turkish industry and infra-
home services provider Urban $252 million in 2024, com- from extreme poverty. need sanctions to be raised in have kept restrictive sanctions structure are best placed to
Company (encashed Esops pared to $825 million a year Now, as Syria’s new leaders order to make the banking sys- found sense of optimism about cus are teeming with Turkish in place, giving them leverage take advantage of reconstruc-
worth$63millioninJuly),soft- ago. seek to rebuild, they are con- temworkproperlyandtomove the country’s future. Prices are businessmen looking to cut whiletheywatchtoseehowthe tion.”
ware as a service (SaaS) firm However, the 2023 number fronting a raft of challenges, forward.” dropping, and people are con- deals with Syrians. new government manages the The former rebels trying to
Whatfix ($58 million in Octo- includesadjustedvalueofclose including convincing Western On the streets of Damascus, ducting transactions in foreign The country’s new rulers, country’s diverse populations manage these challenges for a
ber), and e-commerce startup powers to lift sanctions and the downfall of the Assad currencies for the first time in theIslamistgroupHayatTahrir and handles issues such as
Meeshoworth$25millioninits TURN TO PAGE 8 regaining control of the coun- regime has brought a new- years. Hotel lobbies in Damas- al-Sham,saytheywanttobuild women’s rights. TURN TO PAGE 10
02 TUESDAY, 31 DECEMBER 2024
NEW DELHI ECONOMY & POLICY LIVEMINT.COM

Centre asks states to ensure Reliance seeks

premium for oil
land to install wind projects from KG block
PTI
feedback@livemint.com
NEW DELHI
States, in turn, are looking to consolidate unutilized government land for wind power projects
R
eliance Industries Ltd is
seeking a premium of at
Joe Biden, President, US. AFP
Rituraj Baruah Citing a McKinsey report, the indus- least $3.5 per barrel over
rituraj.baruah@livemint.com try body said that about 16.5 million an international benchmark
Biden NEW DELHI hectares of unused land is available and for crude oil it produces for

T
that green power projects require only eastern offshore KG-D6 block,

announces
he central government has half-a-million hectares of land to meet according to the tender the
asked states to ease land the capacity addition target. firm put out on Monday.
availability for renewable “In the wind energy sector, RoW Reliance and its partner BP

$2.5 billion energy projects with a focus

on wind power, two people
in aware of the developments said, cit-
(right of way) issues are the biggest rea-
son for delay in projects. Industry
needs help of local administration to
of the UK sought bids from
domestic refiners for sale of
17,600 barrels (2,800 kiloli-
military aid ing industry concerns over the pace of
progress.
protect the sites,” it said.
Wind power sector grew and
tres) of crude oil every month
from April 2025 to February Reliance Industries is seeking

for Ukraine
States are now looking at consolidat- matured before the solar power ecosys- 2026. a premium of at least $3.5 per
ing unutilized government land for tem gained momentum in India, but The crude oil has been barrel.
wind power projects as the ministry of the growth was subdued as most of the priced at daily average price of
new and renewable energy pushes for resourceful areas which are adequately Nigerian Bonny Light grade of at Gadimoga in East Godavari
AFP completion of 500GW of non-fossil windy were taken up. crude oil plus $1.5 per barrel district of Andhra Pradesh.
feedback@livemint.com power capacity by 2030. Also, financial constraints due to quality premium. Bidders Reliance holds 66.67%
WASHINGTON The people quoted above said the India has a wind power capacity of 47.95GW and plans to more than double this to reverse auctions and very low tariffs have to quote a premium over interest in the predominantly
government is looking into several 100GW by 2030. and lack of investor interest in this this price, the tender docu- gas-rich KG-DWN-98/3 block

U
BLOOMBERG
S President Joe Biden issues flagged by industry, including space resulted in a downturn during ment said. (KG-D6) in the Bay of Bengal.
on Monday unveiled a land availability, to ensure faster imple- ble this to 100GW by 2030. According standing committee on energy. 2019-2022. However, the situation has Bonny Light last traded for BP Exploration (Alpha) Ltd
$2.5 billion military aid mentation of projects. to the ministry, the estimated wind During the April-September period improved in the past couple of years. $73.5 per barrel. On top of this, holds the remaining 33.33%.
package for Ukraine, as Wash- “At several forums including RE power potential is more than ten times of the ongoing fiscal (FY25) a total of Meanwhile, amid scarcity of land, $1.5 per barrel is added as a The two produce about 30
ington races to provide assist- Invest 2024 and the ‘Chintan Shivir’ that—at 1,163.85GW if turbines are 1.47GW was added and in the third wind-solar hybrid power plants are also composite premium “reflect- million standard cubic metres
ance before Donald Trump last month the issue of land placed at a height of 150 metres quarter (October-December) gaining momentum. “Renewa- ing quality differential”, it said, per day of gas from the block. A
takes office in a matter of availability has been talked above sea level. another 1.42 GW is projected ble energy parks in line with adding that interested buyers small quantity of crude oil is
weeks. Trump’s November about. The Centre has The states with the most to be added, showed data solar parks, which are are required to a “biddable also produced, for which they
election victory—he has
repeatedly criticized aid to
asked states to make
efforts and provide land 1,163.85 wind power potential are from the Wind Independ-
GW Rajasthan, Gujarat, ent Power Producers
India’s wind power
GW
The wind power
being conceived by the
government would also 3.25 premium, up to one decimal
place and greater than $2 per
have now sought bids.
Bids are due on 24 January
Ukraine—cast doubt on the to wind power develop- Maharashtra, Andhra Association (WIPPA). help in resolving the barrel”. 2025, the document said.
future of American aid, creat- ers as land is a state sub- potential at height Pradesh and Karnataka. WIPPA in a represen- capacity added in issue of land availability,” The sale period can be “The crude oil sold and
ing a limited window for bil- ject. Post recent recom- above 150m The emphasis on land tation to the government the previous fiscal said the second person extended by three months to delivered shall only be con-
lions of dollars in already mendations, a few states availability and accelerat- in October suggested that mentioned above. Renewa- one year on the same terms sumed/processed/refined in
authorizedassistancetobedis- are now looking at consoli- ing project implementation government-owned barren ble energy parks would offer and conditions, including the buyer’s owned and oper-
bursed before his swearing in dating government land and comes amid a slow progress in land be auctioned to private land, transmission and other pricing formula. ated facility/(ies)/refinery/(ies)
next month. offering for green projects,” said one of this space. In the last financial year, developers for renewable energy pro- required facilities for setting up both Oil, which is turned into located within India,” it added.
Monday’saidincludesa$1.25 the two persons. only 3.25GW of wind power capacity jects and national, state and district- solar and wind energy plants. fuels like petrol and diesel All taxes and duties, includ-
billion military “drawdown India has a wind power capacity of was installed out of a targeted 5.39GW, level war-rooms created for monitor- For an extended version of this story, when processed at refineries, ing excise duty, VAT, GST, will
package,” which allows the 47.95GW and plans to more than dou- according to a recent report of the ing renewable energy projects. go to livemint.com. will be delivered by the sellers be paid by the buyer.
Pentagontotakeweaponsfrom
US stocks and send them
quickly to the battlefield.
An additional $1.22 billion
will be funded via the Ukraine
Security Assistance Initiative,
Health, education seek budget boost Arai likely to divide PM E-drive
under which military equip-
ment is procured from the
defense industry or partners.
Rhik Kundu
rhik.kundu@livemint.com
tors,” said CII’s president San-
jiv Puri, who attended the
upgrade funds among 4 agencies
“Today, I am proud to NEW DELHI talks.
announcenearly$2.5billionin He added that CII's sugges- Manas Pimpalkhare & E-drive scheme is the govern-

I
securityassistanceforUkraine, ndustry leaders urged tions to the government to Rituraj Baruah ment'sflagshipschemeforsub-
as the Ukrainian people con- measures to boost invest- boost consumption included sidizing electric vehicles.
tinuetodefendtheirindepend- ment, education and reducing excise duty on fuel to NEW DELHI Underthisscheme,consum-
ence and freedom from Rus- healthcare in a pre-budget bring down overall inflation ers can purchase electric two-

T
sian aggression,” Biden said in consultation with finance and boost disposable incomes, heAutomotiveResearch wheelers, three-wheelers,
a statement. minister Nirmala Sitharaman reducing marginal tax rates for Association of India ambulances, buses, and trucks
The drawdowns from the on Monday. personal income upto ₹20 (Arai) is likely to spear- at a subsidized price, and origi-
defence department shelves Key proposals included lakh per annum to trigger the head the distribution of ₹780 nal equipment manufacturers
will involve drones, ammuni- expanding presumptive taxa- virtuous cycle of consump- croreearmarkedforupgrading (OEMs) can claim the subsi-
tion for High Mobility Artillery tion to MSMEs and emerging tion, higher growth and higher thenation’sautomotivetesting dizedamountfromthegovern-
Rocket Systems, optically sectors like data centres and tax revenue, and increasing infrastructure as part of the ment.
guided missiles, anti-tank cloud computing, aimed at the minimum wage rate under government’s ₹10,900-crore A crucial part of the scheme
weapons systems, and spare spurring job creation, inte- MGNREGS from ₹267 a day in electric vehicle (EV) subsidy alsofocusesontheupgradation
parts, according to a separate grating India into global value Finance minister Nirmala sitharaman chairs the pre-budget FY24 to ₹375 a day as sug- scheme, two persons aware of of the four auto testing agen-
statement from the US State chains, and measures to boost consultative meeting with stakeholders on Monday. PTI gested by the Expert Commit- the matter said. Arai will distribute ₹780 crore cies. Of the ₹780 crore allo-
Department. domestic consumption, fos- tee on Fixing National Mini- Being the oldest and largest meant for upgrades. BLOOMBRG cated to testing agencies, ₹300
Biden said his administra- tering a win-win for taxpayers value chains, continued focus with large-scale employment mum Wage. amongtheseagencies,Araiwill crorewillbedisbursedinFY25,
tion has now allocated all the and the government. on capex and fiscal consolida- potential like ready-made gar- The consultation with formulate a plan to allocate the The plan assumes impor- and the remainder in FY26, as
Ukraine aid money appropri- The discussions, held ahead tion, augmenting central gov- ments, footwear, furniture, industry bodies featured CII’s fund among the four testing tanceasitwoulddeterminethe per the scheme.
ated by Congress in the spring of the Union budget to be pre- ernment revenue by divest- tourism, real estate and con- Sanjiv Puri, Assocham's Sanjay agenciesenlistedunderthePM upgradationofalltestingagen- The allocated funds for test-
of this year. sented on 1 February 2025, ment and launching the struction etc. For example, Nayar, FICCI's Vijay Sankar, E-drive scheme —Arai itself, cies, which have the powers to ing agencies have not yet been
The president said he has come at a crucial time for National Moneti- infrastructure Neeraj Akhoury, president, International Centre for Auto- grant authorization to compa- disbursed, said the first person
ordered his administration to India’s economy, which is zation Pipeline status to tourism, Cement Manufacturer's Asso- motive Technology (ICAT), nies to claim subsidies and mentioned above.
keep sending Ukraine as much grappling with slowing growth (NMP) 2.0 for the PLI 2.0 for RMG ciation (CMA), Bhavna Doshi, Global Automotive Research incentives under various gov- Theseagenciesareresponsi-
military aid as possible, includ- and geopolitical challenges to period 2026 to (Ready-Made IMG Chamber of Commerce, Centre (GARC), and National ernment schemes. ble for granting the necessary
ing older US equipment, and trade. The discussions were 2030, rolling out garments), expe- Satish Reddy, Chairman of Dr Automotive Test Track The decision to allow Arai to certificates to OEMs to claim
rushing it to the battlefield as attended by representatives measures to boost dited FTAs with Reddy's Labrotaries Ltd, Cha- (NATRAX). formulate a plan is currently subsidies. Onesuch keycertifi-
Ukraine loses territory to the from health, education and consumption, countries like the nakya Chaudhary of Tata “Arai is likely to make a plan under discussion, and has not cate is the localization authori-
Russian troops that invaded in manufacturing sectors. rationalising subsidies, and EU and the UK, besides lower Steel, Raj Kumar Gupta of for the division of PM E-drive beenfullyfinalizedyet,another zation under the government's
February 2022. Industry body CII suggested addressing extreme climate duties on imports of raw mate- CIFI, Shradha Suri Marwah of scheme’s allocation, being the government official told Mint phased manufacturing pro-
The Treasury Department the government address seven events. rials like cotton and next-gen ACMA, and Bajrang Bagra, oldest and biggest testing ontheconditionofanonymity. gramme (PMP).
meanwhile announced on priorities through policy “Building on the remarka- reforms, particularly labour secretary general, Vishva agency among those empow- An email query sent to Arai manas.pimpalkhare@hindu-
Monday the disbursement of measures, which include ble success in manufacturing reforms will go a long way in Hindu Parishad. ered under the scheme,” said did not elicit a response. stantimes.com
$3.4 billion in direct budgetary employment generation, inte- in certain sectors, similar tar- unlocking the potential of For an extended version of the first person mentioned Operated by the ministry of For an extended version of
support for Ukraine. gration of India into global geted interventions for sectors such labour-intensive sec- this story, go to livemint.com. above, requesting anonymity. heavy industries, the PM this story, go to livemint.com.

m MINT SHORTS Customs (CBIC) has directed all air transport service
providers operating flights to or from India to share
details of foreign travellers with the Indian customs
Defence exports at record
₹21,000 crore: Def minister
BPCL buys Middle East grades
to replace Russian shortfall
REUTERS
CORRECTIONS AND
CLARIFICATIONS
authorities from 1 April 2025. Non-compliance can PTI New Delhi:Bharat Petro- Mint welcomes comments,
Wheat sowing area up 2.15%, attract penalties. Details, including mobile number and leum Corp. is buying Middle suggestions or complaints
payment mode, must be shared 24 hours before an inter- Eastern crude to make up for
oilseeds’ acreage declines national flight departs. PTI the fall in supply of cheaper
about errors.

Readers can alert the

New Delhi:Wheat sowing area rose 2.15% to 32 million Russian oil, its head of finance
newsroom to any errors in the
hectares in the ongoing rabi (winter) season, while oil- Vetsa Ramakrishna Gupta
HT seeds acreage fell 5.14% to 9.6 Tea industry sees production has said. “There may be a
paper by emailing us, with your
full name and address to
million hectares, agriculture shortage of two to three car-
ministry data released on
fall, exports increase in 2024 goes per month,” he said, adding that its recent pur-
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Monday showed. Pulses acre- Mhow: The tea industry may see a fall in total produc- chases included Omani oil. PTI It is our policy to promptly
respond to all complaints.
age remained flat at 13.6 mil- tion by over 100 million kg this year owing to erratic Readers dissatisfied with the
lion hectares as on 30 weather and early annual closure of gardens, stakehold- response or concerned about
December , while gram cov- ers said on Monday. India produced 1,112 million kg of tea Mhow: Defence minister Rajnath Singh said on Countervailing duty probe on Mint’s journalistic integrity may
ered 9.4 million hectares and in January-October 2024 Monday that India’s defence exports have crossed
lentil 1.7 million hectares. PTI
MINT

compared with 1,178 million a record ₹21,000 crore from ₹2,000 crore a dec-
Vietnamese chemical started write directly to the editor by
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kg in the year-ago period. ade ago. Addressing officers at the Army War Col- New Delhi: India has initiated a countervailing duty asktheeditor@livemint.com
Exports were expected to lege (AWC) in the Mhow Cantonment, Singh said probe into increased imports of a chemical—Calcium
Airlines must share int’l flyers’ touch 240-250 million kg in a target has been set to achieve defence exports of Carbonate Filler Masterbatch—used in the plastic indus-
Mint’s journalistic Code of
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LIVEMINT.COM DEALS, TECH & STARTUPS TUESDAY, 31 DECEMBER 2024
NEW DELHI 03

m MINT SHORTS
Hospitality startup Guestara
Donald Trump’s return sparks
scoops pre-seed funding
Bengaluru: Guestara, a guest management startup has raised
$500,000(₹ 4.2 crore) in pre-seed funding roundfrom a group of
led by hospitality industry veteran Sanjay Ghare. The company
hope for 2025 deals revival
aims to use the funds to accelerate product development and
expanditsreach,targetingadiverserangeofhotelpartners—from
boutiqueindependentstomultinationalchains ROSHAN ABRAHAM
Dealmakers say less regulation, lower interest rates and rising stock markets could fuel activity
Refex Renewables arm acquires Ben Dummett & Ben Glickman Still, Jay Novak, global co-head of In mid-December, the Federal vesh Qureshi, a corporate finance
51% stake in Vyzag Bio-Energy feedback@livemint.com corporate finance at the investment Reserve reduced interest rates for the partner at the law firm Hogan Lovells.

W
AFP
bank Houlihan Lokey, said it remains third time in 2024, while signaling “Those dynamics have shifted.”
all Street is opti- to be seen exactly where the new another two cuts in the year ahead. If Still, dealmakers are still trying to
mistic that a buoy- Trump’s administration’s antitrust the Fed moves fall short of investor parse Trump’s likely moves. He has
ant stock market, policy will land. expectations, it could trigger stock- pledged to impose 25% tariffs on
declining interest “Sentiment is certainly more posi- market volatility . That risks weighing products coming into the U.S. from
rates and Donald tive. People don’t really know the on M&A by making it harder for buy- Mexico and Canada. He has also
Trump ’s lighter-regulation agenda answer, but they’re more positive ers and sellers to agree on price. threatened to impose an additional
will prompt a dealmaking rebound in about the direction,” he said. The S&P 500 index has gained 10% levy on products from China.
2025. But jitters remain thanks to the The year featured a handful of roughly 25% so far in 2024. But Trump’s pick for Treasury sec-
president-elect’s unpredictability. blockbuster tie-ups, including Capi- The $13 billion deal between the retary, Scott Bessent, has suggested
Deal volume has been muted for tal One ’s $35 billion agreement to advertising giants Omnicom Group that tariffs are a negotiating tool .
the past few years following record buy Discover Financial Services and and Interpublic Group headlined a Before he was selected, Bessent told
volumes coming out of the pandemic. Mars’s roughly $30 billion deal for flurry of announcements since the investors that the “tariff gun will
NewDelhi:RefexRenewables&InfrastructureonMonday While total global deal volume is up the maker of Cheez-It, Kellanova . But election, which some interpreted as a always be loaded and on the table but
said its arm Refex Sustainability Solutions Ltd (RSSL) has roughly 12% in the pace of sizable sign that activity is already heating rarely discharged.”
completedacquisitionof51%stakeinVyzagBio-EnergyFuel. 2024 through deals, especially in up. Omnicom took advantage of the If steep tariffs do come to fruition,
Vyzag Bio-Energy Fuel (Vyzag Bio) has become a subsidiary Dec. 26 compared typically busy sec- elevated level of its share price to they could encourage foreign compa-
of RSSL and step-down subsidiary of Refex Renewables & with the same tors such as tech- Both Andrew Ferguson and Trump’s fund its deal with only stock. niestoacquirebusinessesintheU.S.as
Infrastructurefrom30December2024,accordingtoaregu- period in 2023, the number of trans- nology and healthcare, has been administration are seen keeping the Dialogue with companies globally awayofcircumventingthelevies.They
latory filing. PTI actions is lower and volume remains noticeably slower. pressure on large tech firms. REUTERS on possible big deals is up meaning- could just as well force American
well below the 2021 high, according BothFergusonandTrump’sadmin- fully, suggesting potential growth of importerstopassontheaddedcoststo
to Dealogic data. istrationareexpectedtokeepthepres- ity, back to the table. Lower rates 10% to 15% in activity in 2025, said consumers,makingitharderfortheFed
Automation startup Flo Mobility Dealmakers were encouraged sure on large technology companies. make it more affordable to finance Mark Sorrell, co-head of global M&A tolowerrates,somebankerscaution.
when Trump in December picked That could include such giants as deals with debt while rising stock pri- at Goldman Sachs. The levies could also dent compa-
raises seed funding Andrew Ferguson, the Republican AppleandMetaPlatforms,whichhave ces embolden corporate chiefs to use Meanwhile, pressure has contin- nies’ bottom lines by raising costs,
Bengaluru: Construction robotics company Flo Mobility has Federal Trade Commission member, shied away from deals while under their shares as currency to fund deals. ued to rise on private-equity firms to making deals less attractive and sty-
raisedanundisclosedamountinaseedfundingroundledbyJITO to succeed FTC Chair Lina Khan. Fer- increased regulatory scrutiny. “Financing markets are way open sell long-held assets and reinvest mieing demand. Despite the uncer-
Incubation and Innovation Foundation, an angel network plat- guson and Republicans are expected Declining interest rates and frothy such that you can do jumbo deals newly raised funds to generate tainty, bankers report a mounting
form.Thelatestfundingroundcomesmorethanthreeyearsafter to dismantle Khan’s guidelines that markets should help bring corporate again,” said Dominic Lester, Jeffer- returns for impatient investors. backlog of deals that could happen
the startup raised $400,000 in pre-seed round from Blume ven- gave the agency new legal powers to CEOs and private-equity firms, which ies’s head of investment banking for “If private equity could afford to under the right conditions.
tures, Devx ventures and IISc. ROSHAN ABRAHAM try to block deals. drive a large portion of merger activ- Europe, the Middle East and Africa. wait to sell assets, they did,” said Mah- ©2024 DOW JONES & CO. INC.

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Ashwin Sheth plans

Cement price pain not over yet Bengaluru debut,
Harsha Jethmalani
harsha.j@htlive.com
Hit and miss year average price of ₹365 per bag, cement spread—a leading indicator
said the Yes Securities report. of unitary Ebitda—is at ₹2,447/ sets sights on IPO

F
Cement prices rose sequentially in Expectations are that the pain on tonne, up just ₹66/tonne sequen-
or the cement sector, two Q3FY25, but are lower year-on-year. prices may have bottomed out. But tially as average fuel cost/tonne has Khushi Malhotra
All India average cement price (in /bag)
themesplayedoutin2024– due to elevated competition large declined 5% sequentially, while khushi.malhotra@livemint.com
rising consolidation and 400 pricehikesmaynotbelikelyhereon. cement trade prices have remained MUMBAI
weakening prices. As demand improves over next largely flattish, said the report.

R
At the forefront of inor- 380 few months, the chase to meet full Increaseduseofgreenenergyand ealestatedeveloperAsh-
ganic expansions were Aditya Birla 369 yearvolumetargetsinQ4 improved logistics effi- win Sheth Group is pre-
Group UltraTech Cement Ltd and 361 may curtail a meaningful HOLD YOUR ciency is expected to aid paring to launch more
360
AdaniGroup’sAmbujaCementsLtd, pricing recovery. Mar- CHEER margins of cement firms than 10 housing projects in
who acquired smaller companies to kets like south India, amid poor realizations. 2025 and mark its debut in
aggressively boost market share and 340 where over-capacity has CAPACITY The government Bengaluru, as it aims to tap the
meet capacity expansion targets. kept utilization levels additions, muted
infra spending, etc.,
spending on infrastruc- public market to finance its
Elevated competition, and muted muted,mayseerelatively weighed on cement ture is expected to expansion plans.
320
spendingoninfrastructureandallied slower revival in prices. demand and prices. bounce back in the sec- The Mumbai-based group’s
projectsbythegovernmentweighed Moreover,asteeproll- ond-half of FY25. Plus, revenue share from the pro- Ashwin N. Sheth, CMD,
on demand and prices during the 300 back in cement prices OVER the next few Q4 is seasonally strong jects, including joint ventures, Ashwin Sheth Group.
Q1FY24 Q3FY25* months, the chase to
year. In effect, the industry’s key may be detrimental for meet full year targets for the sector as con- is expected to be as much as
earnings parameters suffered. The average Q3FY25 cement spread *Data for Q3FY25 as
of 18 December
Source: Company,
Yes Securities
earningsoutlook,leading in Q4 may curtail a structionactivity booms. ₹30,000 crore once the pro- ₹3,400 crore among others.
Over the past four quarters, the is at ₹2,447/tonne. MINT to further downgrades. recovery in pricing. So, demand in H2 is jects are developed and sold. InSewri,itwilllaunchamas-
sector’sprofitabilitymeasureEbitda/ Sluggish prices have seen rising 8-9%, trans- While most of these will be in sive 3 million sq. ft project with
tonne declined from ₹1,200 to ₹700 trade segment—cement is sold by weak demand kept sharp price eclipsed the benefits of lating into industry vol- Mumbai, the firm is entering the group’s potential revenue
despite cost tailwinds, according to companies to dealers—rose to ₹366 improvement at bay. easing input costs. According to a umegrowthofabout6-7%.ButFY25 fast-growingBengaluruforthe share estimated at ₹12,000-
an IIFL Securities report. a bag from November exit price of So, the current price increase may Nomura Global Markets Research might end with volume growth of first time with two projects, ₹14,000 crore. The firm also
While consolidation in the sector ₹358 a bag. A bag weighs 50 kg. notbeenoughtocompensateforthe report on 15 December, average 5-6%,lowerthanaround9%inFY24. Bhavik Bhandari, chief sales hasprojectslinedupatNepean
islikelytocontinue,somegoodnews Central India led the hike with an earlierloss.All-Indiaaveragecement imported petroleum coke prices for The stock performance of large-cap and marketing officer, Ashwin Sea Road and Malabar Hill.
on pricing is emerging. A dealers’ increase of ₹11 per bag, followed by price in the December quarter Q3FY25-to-date dropped 8% cement firms was a mixed bag in Sheth Group, told Mint. In Bengaluru, a 0.50 million
channel check by Yes Securities Ltd the south, north, east and western (Q3FY25) rose by ₹7 per bag to ₹361 sequentially,whileimportedthermal 2024 on company-specific factors. To fund these develop- sq.ftprojectisexpectedtogen-
showed that as of 18 December, all- regions. October and November perbagvis-à-vistheexitpriceof₹354 coal prices saw a 1% sequential fall. While valuations are not too expen- ments, the group plans to erate ₹600–₹800 crore in rev-
India average cement price in the were challenging for the sector as in Q2, but remains below the five- However, the average Q3FY25 sive, they aren’t attractive either. launchaninitialpublicoffering enue, while a farmhouse will
(IPO) in the next 12-18 months. have a revenue potential of
“Our aim is to expand our ₹800-₹1,000 crore.
footprint across cities and The group has five ongoing

Capex plans, robust demand may keep KEI charged up take a leadership
position pan-In-
dia in the pre-
To fund its
expansion,
projectsincentral
Mumbai, two in
the western part
mium to luxury Ashwin Sheth ofthecityandone
Pallavi Pengonda tional revenue of ₹5,000 tilecopperprices,Ebitdamar- upside.Whilerobustdemand real estate mar- in south Mum-
Wired well Group plans to
crore by FY28. gin contracted about 70 basis inthesectoraugurswell,sharp ket,” said Ashwin
launch an IPO in bai’s Marine
pallavi.pengonda@livemint.com
KEI Industries’ revenue growth for FY25 is expected to be
The company has been pointsy-o-yto9.7%in Q2FY25. volatility in copper prices and N. Sheth, chair- Drive. Three of

K
EI Industries Ltd is pre- expanding its cable and wire
similar to that of FY24.
Still,themanagementretained adelayincapexarekeythreats. man and manag- the next 12-18 these are likely to
paring to carry out its capacitiesacrossfacilities.“Its Revenue (in crore) Year-on-year change (in %) (right-hand scale)
its Ebitda margin guidance of “Revivalinextra-high-volt- ing director, Ash- months be completed this
enhanced capital cable capacity increased 10,000 45 about10.5-11%forFY25. agecableandexports(Q2reve- win Sheth fiscal. Previously
expenditure(capex)guidance. about 36% and wires capacity 8,000 30 The long-term outlook is nuedown51%andup7%y-o-y, Group. “We will called Sheth
The cable and wire company 27% in H1FY25 compared to robust thanks to public and respectively)arekeymonitor- achieve this by leveraging stra- Group, the four-decade-old
6,000 15
recently completed a fun- FY24-end capacity,” said a private capex on overall infra- ablesinH2FY25,”saidareport tegic partnerships and aggres- firm unveiled a new logo and
draise of ₹2,000 crore via a MotilalOswalFinancialServi- 4,000 0 structure development. KEI’s by Systematix Institutional sive growth with an upcoming vision in a rebranding in July.
qualified institutional place- cesreportdated27December. 2,000 -15
retail business appears prom- Equities dated 24 December. IPO to fund our expansion “We have evolved in every
ment (QIP) at ₹3,800 a share. KEI commissioned brown- ising, contributing about 54% Adjusting to enhanced plans and clear whatever little singleaspectofdoingbusiness,
Thesefundsareexpectedto field facilities at Chinchpada 0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 E
-30 ofsalesinH1,aidedbyastrong equity share capital (around debtthatmightstillbepending whether it is to do with organi-
helpitsbalancesheetandsup- and Pathredi in H1, which it E: estimated Source: Company, Motilal Oswal Financial Services
distribution network. 6% dilution) and the revised by the time of our IPO, in the zation structure, scale of
port its greenfield expansion believeswillfacilitaterevenue Amid this, KEI’s shares are capex plans, Systematix next 12 to 18 months.” growth that we’re looking for,
at Sanand in Gujarat, where it growth of 16-17% for FY25. Its SATISH KUMAR/MINT
up 33% so far in 2024. The expects a 18% and 20% com- The group’s upcoming entering into new segments,
plans a ₹1,800-1,900 crore of revenue grew 17% year-on- its cumulative operating cash FY25 and FY26, respectively, stock trades at 46 times esti- pound annual growth rate launches include a 1 million entering into new cities, and
capex (in phases) to increase year (y-o-y) in FY24. flow over FY25-27 and esti- with free cashflow of ₹170 matedFY26earnings,showed (CAGR)inrevenueandEbitda sq.ft residential project in Kan- lookingtogetlisted,”Bhandari
its cable capacity. That is MotilalOswalexpectsKEI’s mates free cash outflow of crore in FY27. Bloomberg data, which leaves over FY24-27E (FY19-24: 14% divali East with a revenue said. “As we speak, the audit
expected to generate addi- cumulative capex to outpace ₹630 crore and ₹21.6 crore in Meanwhile,becauseofvola- littleroomforsharpnear-term and 14% CAGR). potential of ₹1,400-1,600 is going on so that we are
crore, 1 million sq.ft project in ready for the listing in the next
Borivali West at ₹3,000 crore 12 to 18 months.”
Mark to Market writers do not hold positions in the companies discussed here unless otherwise informed and 1.1 million sq.ft develop- For an extended version of
ment in Goregaon worth this story, go to livemint.com

Wall Street expects gold to glitter Tumble in F&O volumes raises questions
again in year ahead after solid 2024 on where the money might have headed
Ryan Dezember intended to increase their gold Dipti Sharma 2024. They net purchased
Has the tide turned?
feedback@livemint.com reserves in the subsequent 12 dipti.sharma@livemint.com ₹105,253.33 crore in October,
NSE F&O turnover has fallen,
months, according to the MUMBAI ₹44,483.86croreinNovember,

F
but Nifty Smallcap 250 cash
ew investments did bet- World Gold Council, the most and₹16,546.41croreupto23in

W
market turnover is rising.
ter in 2024 than gold, since it started the survey in ith trading volumes 5-day average NSE total F&O turnover
December.Theinvestorprofile
which is wrapping up its 2018. in F&O (futures and (in ₹ trillion) varies significantly between
best year since 2010 and one of Little industrial demand options) shrinking 450 F&Oandcashmarkets,pointed
its largest annual gains on Another thing gold has dramatically, a pressing ques- 403 outKranthiBathini,directorof
400
record. Wall Street’s gold bugs going for it is there are few tion emerges: Where did these equity strategy at WealthMills
think prices will climb even uses beyond as a store of volumes go? Some experts 350 Securities.
higher in 2025. wealth. There is jewelry, of speculate the volumes might 300 WhileF&Otradingprimarily
Prices for the precious metal course. But jewelry isn’t just haveshiftedtosmall-capstocks 250
caters to those seeking quick
are up 27% in 2024 to about demand. It becomes an in the cash market. gains,thecashmarket,particu-
200
$2,617.20 a troy ounce. That is important source of supply Toprotectinvestorsandrein 186 larly in the small-cap segment,
better than the S&P 500’s 25% when gold prices rise and peo- in speculative trading, India’s FIIs turned net buyers in 150 focuses on value and some-
Jan 2024 Dec 2024
gain and not far behind the 31% Investors tend to flock to gold in times of heightened conflict, ple have more incentive to sell marketsregulatortookdecisive December, while DIIs were net times momentum investing to
Source: Bloomberg, YES Securities
increase of the technology- and there is plenty of that headed into 2025. BLOOMBERG grandma’s old jewelry to measures targeting the deriva- buyers throughout 2024. MINT achievehigherreturns,hesaid.
stock-laden Nasdaq Compos- scrappers. tivessegment(F&O),including SATISH KUMAR/MINT
The tools and strategies
ite Index. tors become disenchanted Central-bank buying “Gold doesn’t have the reducing weekly option prod- While some market partici- tic institutional investors (DIIs) employed in derivative stocks
Gold futures hit a record with declining yields. “This is Central banks around the industrial baggage of other ucts that dominated trading pants said this could be a valid tend to focus on small-cap and differ entirely from those used
ahead of the U.S. presidential the most bullish part of the world, especially in countries commodities that could really volumes.Thishasledtoasharp hypothesis, others cautioned mid-cap companies due to in small-cap cash stocks, he
election but have declined cycle for gold,” said Greg that have strained relation- get pulled down under this decline in the total F&O turn- against drawing a clear link their greater understanding of added, comparing the differ-
since then. That was expected, Shearer, head of base- and pre- ships with the West, have been sort of trade-disruption hit,” over since November. betweentradingvolumesinthe domestic businesses. ence to that between George
though, as investors who had cious-metals strategy at gobbling up gold. China, in JPMorgan’s Shearer said. The ripple effects are visible derivatives and small-cap mar- With FIIs selling in recent Soros and Warren Buffett.
been nervous about the elec- JPMorgan. particular, is a powerful source That means a slowdown in inthecashmarketaswell.After kets. In the past three months, months, F&O volumes dipped, Buffett is renowned for his
tion’s outcome moved money Geopolitical uncertainty of demand, with official gold economic activity, such as peaking in July, the daily aver- the Nifty 50 has declined by leading to a fall in some heavy- value investing, focusing on
from the haven and back into Investors large and small reserves more than tripling what would be expected in a age turnover has been falling, 8.5% while the Nifty Smallcap weight stocks and gains in firms with rock-solid funda-
riskier assets. tend to flock to gold in times of since 2008, according to trade war with China , doesn’t particularly in large-cap and 250 has dropped select mid-cap mentals. Soros, in contrast, is
Analysts at JPMorgan, heightened conflict. Goldman Sachs. really hit gold demand the way mid-cap segments. just 5%. The Nifty In the past three and small-caps. knownforhisspeculativestrat-
Goldman Sachs and Citigroup And there is plenty of that Western sanctions on Rus- it would other precious metals Adding to this narrative, a Midcap 100 shed months, the FIIs, however, egies, capitalizing on short-
share a price target of $3,000. headed into 2025, from wars sia after it started its full-scale with industrial uses, such as YES Securities report dated 17 6% in this period. Nifty 50 has fallen became net buy- term market fluctuations and
Here are some of their reasons: in Ukraine invasion of silver and platinum. December highlighted a sharp According to 8.5% while the ers in December highly leveraged trades.
Lower interest rates and the Ukraine in Momentum decline in the five-day average ChandanTaparia, after two consec- Vinit Sambre, head of equi-
Nifty Smallcap
The extent to which the Middle East 2 0 2 2 Gold rallies tend to be long- NSE total F&O turnover, from head of deriva- utive months of ties at DSP Mutual Fund, said
Federal Reserve cuts interest to Presi- prompted lasting. In five of the past six ₹413 trillion in January to ₹186 tives wealth man- 250 has dropped selling in October small-andmid-cap stocks have
rates remains to be deter- dent-elect Donald Trump ’s some central banks to move years that gold futures have trillion in December. agement at Moti- just 5% and November, become somewhat expensive
mined, but investors expect vows to escalate trade disputes away from dollar-based assets. risen by at least 20%, prices A trend emerging from this lal Oswal Finan- National Securi- andcouldunderperforminthe
further reductions in 2025. with China and other coun- Instead, they are keeping more rose again the following year. data is a likely shift of trading cial Services Ltd, ties Depository short term given the current
The lower rates get, the lower tries. The prospect that infla- of their reserves at hand and in And in those five years, the volumesfromindexderivatives the decline in F&O volumes Ltd data showed. In October, uncertainty in the market. But
the opportunity cost of owning tion will flare up again also has an asset, gold, that is beyond average increase was more to the small-cap cash market, does not imply that these vol- FIIs clocked ₹91,933.64 crore when it comes to the long
gold, which pays no interest or investors on the edge. the reach of foreigners . than 15%, according to Citi said Hitesh Jain, lead analyst at umes have shifted to the small- in net sales, followed by sub- game,hebelievesbothmid-cap
dividends. Investors in China have The Russia sanctions, Gold- analysts. YES Securities. “We feel inves- cap cash market. “There is no dued selling spree of ₹18,258 and small-cap stocks are
Analysts expect some por- been especially enthusiastic man analysts said, “marked a The only year in which gold tors are increasingly focusing correlation; it is merely a phe- crore in November. However, primed to build wealth. The
tion of the $6.7 trillion held in about buying gold lately, given clear turning point, leading followed a 20% or better gain on small-cap opportunities, nomenon,” he said. by 23 December, FIIs turned Nifty Smallcap 250, with a cur-
money-market funds to find the country’s slumping econ- many emerging-market cen- with a down year was in 2021, given the broader price resil- Hesaidwhileforeigninstitu- net buyers, with purchases rent price-to-equity ratio of
its way into exchange-traded omy and stocks , as well as tral banks to rethink what is when prices fell 3.6% after ienceinthesestockscompared tional investors (FIIs) typically totalling ₹20,906.33 crore. 30.89 times, sits slightly above
funds that hold gold, such as Trump’s threats to levy tariffs risk-free.” In a 2024 poll of gaining about 25% in 2020. to large- and mid-cap counter- hold positions in index deriva- Meanwhile, DIIs were con- its five-year average of 29.11.
SPDR Gold Shares, as inves- on its exports to the U.S. central bankers, 29% said they © 2024 DOW JONES & CO, INC parts in the last three months.” tiveandheavyweights,domes- sistent net buyers throughout Yet, there is room for growth.
LIVEMINT.COM CORPORATE TUESDAY, 31 DECEMBER 2024
NEW DELHI 05

Samhi gives old offices SpiceJet’s grounded planes to fly again

Daanish Anand

a luxury makeover
will rebuild consumer confi-
daanish.anand@livemint.com dence with the brand.”
NEW DELHI Earlier this year, the cash-
strapped airline raised ₹3,000

B
udget carrier SpiceJet crore through a qualified insti-
Ltd. aims to operational- tutional placement to opera-
ize 30 Boeing 737 MAX tionalize its grounded planes,
aircraft, grounded for reasons and expand into new markets.
ranging from payment default Singh also emphasized that
The hospitality firm is taking old offices on lease, turning them into hotels to lessors and component the purpose of the secured
shortages, in the next 12-15 funding is to strengthen the
months as it seeks to expand its airline and investors need to
Varuni Khosla services. have patience on interim divi-
varuni.k@livemint.com Speaking at the company's dend. Singh hopes that the
NEW DELHI annual general meeting on shareholders will be rewarded

G
Monday, chairman and man- The airline currently has 147 daily flights and connects 38 domestic with a higher share price in the
oing against the trend of aging director Ajay Singh also and 3 international destinations. REUTERS future as the airline rebuilds
building from scratch, which hinted at resuming talks with itself.
takes long, Samhi Hotels Ltd aircraft manufacturer Boeing 2026-end, from the current 28 lenged by both SpiceJet and The airline currently has 147
in November took an empty for pending deliveries. The operational aircraft. India's Akasa and more newcomers. daily flights and connects 38
office building on a long-term airline had placed an order for aviation market is dominated The addition of fresh capacity domestic and 3 international
lease in the Hitech City area of Hyderabad 200 B737 MAX aircraft with by IndiGo, the country's larg- and accelerated deliveries by destinations. At present, the
to convert it into a 170-175-room hotel the American firm in 2017. est airline, and the Tata Boeing would mean a signifi- airline has 30 Boeing, 24
under the W Hotel brand, to be managed Singh said, “We will restart Group-owned Air India. cant uptick in SpiceJet's flying Q400 aircraft and 6 wet leased
by Marriott International. our talks with Boeing, we Experts see SpiceJet’s portfolio. It could also lower aircraft in its fleet, with only 28
The property will metamorphose into a received 13 aircraft, we will announcement on its airfares and add more fre- aircraft being operational. The
luxury hotel and will be launched by FY27. talk with the company to grounded planes and restart- quencies on demand-hungry airline earlier this month
Ashish Jakhanwala, chairman, managing restart deliveries, hopefully we ing delivery talks with Boeing sectors." entered into an agreement
director and CEO of the Gurugram-based can do this in the upcoming as a welcome step for the mar- Lazar feels that SpiceJet with US-based maintenance,
hospitality company, claimed that this will months.” ket. Sanjay Lazar, CEO of Avia- needs a stronger operations repair, and overhaul company
be the first-ever initiative of converting an India needs to have more laz Consultants, said, “The team to regain its position. He StandardAero Inc. to restore
office building into a hotel in the country. airlines to prevent the market announcement...is a bold added, “While ramping capac- grounded Boeing 737-8 MAX
“No company has done office building from becoming a duopoly, move in the strangled Indian ity, if SpiceJet can improve fleet. Three aircraft are
conversion to hotel before in India. This Singh said. The airline aims to aviation market. The current passenger services and tighten expected to join the fleet by
shows that we don’t always need to rely on Ashish Jakhanwala, chairman, managing director and CEO of Samhi Hotels Ltd. have a fleet of 100 aircraft by duopoly needs to be chal- on-time performance, they April 2025.
converting existing hotels into newer ones.
It also creates incremental growth oppor- and leisure hotels are expected to perform cities, while opportunities exist, faster hotel
tunities for us. We think we’ll be able to exceptionally well in India, while core busi- supply growth compared to the demand for
secure two or three more such office con- ness hotels in major cities are also likely to rooms may become challenging,” he said.
versions to hotels on long leases, where thrive due to a growing demand for rooms
very little capital needs to be put upfront. It that will outstrip the incoming supply.
Samhi went public a little over a year ago
in September 2023 and raised ₹1,370 crore.
Indian firms raise record debt in 2024
is a much more efficient way to invest in Other segments, however, could see less It primarily used the proceeds to retire a
and own a hotel. This has been done before predictable trends. “The combination of large part of its debt of about ₹2,400 crore, Reuters need to diversify, and bank rising investor demand follow- likely to cut by at least 50 bps in
in the US, and it has also been done exten- large cities and business hotels is seen as a including shareholder debt. Stock of the feedback@livemint.com lending seeing some modera- ing Indian government bonds’ the first half of 2025, which
sively in China,” he told Mint. strong growth story. Rising disposable company closed 1.2% higher at ₹199.75 on MUMBAI tion with slower deposit inclusion in multiple global would further push yields
The company has 35 hotels the BSE on Monday. growth,” said Vinay Pai, head of bond indexes - freeing up more down. Lower lending from
STRENGTHENING PORTFOLIO
I
that it owns and leases, includ- Last year, Samhi acquired 9 ndian companies’ fundrais- fixed income at investment opportunities for domestic banks will see companies mak-
ing three under development, hotels from Kuwait’s Asiya ing through corporate bonds banking firm investors,” said ing a beeline to borrow funds
in 13 cities in India. Eight of its SAMHI went public IT primarily used the LAST year, Samhi Capital Investments Company hit a record high in 2024, Equirus. Indian firms Suresh Darak, from corporate bond market in
hotels are in the upper-up- aago little over a year
in September
proceeds to retire
a large part of its
acquired 9 hotels
from Kuwait’s Asiya
that also had about ₹300 crore aided by declining yields and With nominal raised ₹10.67 founder of Bond- 2025. Banks are cutting credit
scale or five-star category, 2023 and raised debt of about Capital Investments of debt. The company used stronger appetite for long-term growth of the trillion through bazaar, an online growth to assuage the central
running under brands like ₹1,370 crore ₹2,400 crore Company ₹1,000 crore to retire its debt notes, and investors expect Indian economy the sale of bonds trading platform. bank’s concerns over the wid-
Westin, Sheraton, and Hyatt which now stands at around issuances to remain robust in expected to Yields on cor- ening credit-deposit gap, said
till 27 December,
Regency, while a majority of ₹1,900 crore. 2025. remain between porate bonds fell an executive director with a
the portfolio is in the upscale segment, incomes in India are expected to drive these The company has also identified various Indian firms raised ₹10.67 10%-12%, credit a 9% jump between 25 and state-run bank, requesting
under the Fairfield by Marriott and Four trends. Weekday occupancies for city busi- opportunities to increase inventory in its trillion ($124.81 billion) through should also grow over 2023 50 basis points anonymity.
Points by Sheraton brands. The remaining ness hotels in our portfolio, for instance, is existing portfolio like adding rooms in the sale of bonds till 27 Decem- at more than 12% this year, tracking Bank of Baroda in October
are in the mid-scale segment, running pri- already in the range of 75%, and as Indians Sheraton Hyderabad, Hyatt Regency Pune, ber, a 9% jump over 2023, data and the demand government bond reduced its credit and deposit
marily as Holiday Inn Express hotels. spend more on experiences such as con- and Holiday Inn Express in Whitefield, from information provider could be split between banks yields. growth guidance for fiscal year
Jakhanwala said that over the next five certs and events in other cities and with the Bengaluru. Prime Database showed. and bond markets, he said. The Reserve Bank of India 2025, while State Bank of India
years, the hospitality industry is expected rise in urban tourism, weekend occupancies For an extended version of this story, go to “Fundraising has seen a “The rise in issuance is likely (RBI) is expected to start lower- lowered its deposit growth
to witness significant development. Luxury are also expected to improve. In tier-2 and 3 livemint.com boost with corporates seeing a to be absorbed easily, driven by ing rates from February and is forecast last month.

Crafting Bharat: Deep-tech edition—with Fermbox

Bio, at the forefront of precision fermentation
I
ndia’s bioeconomy has wit- replicate in other regions,
nessedphenomenalgrowth, including Africa, India and
surging from US$10 billion Eastern Europe. I believe the
in 2014 to over US$130 billion future lies in openness and
in 2024. With a vision to accel- partnerships. Fermbox is my
erate technological develop- attempt to build a biotech
ment and commercialisation, company that embodies these
the government’s initiatives— values.
such as creating biomanufac-
turing hubs and biofound- What drives your happi-
ries—are setting the stage for ness and keeps you
a thriving biotech ecosystem. motivated?
This decade of innovation has Happiness, for me, is deeply
also fuelled the rise of biotech rooted in family. They’re cen-
startups in India, expanding tral to everything I do. For me,
from just 50 startups in 2014 Subramani Ramachandrappa, co-founder, Fermbox Bio, in conversation with Nithish Kumar, happiness isn’t tied to material
toover9,000startupsin2024, investment analyst at Speciale Invest success or possessions.
makingIndiaakeycontributor Problems will come and go,
to the global bioeconomy. precision fermentation takes money. I realised that starting f o c u s e d o n i n d u s t r i a l businesses will have their ups
To highlight these innova- this age-old method to a whole a business would give me the enzymes, but this realisation and downs, but my family
tions,NewsReachhaslaunched new level. It’s about control financial growth I needed opened up a new opportunity. keeps me grounded and moti-
a special edition called and specificity. much faster than staying in a We s t a r te d d e ve l o p i n g vated to keep going.
Crafting Bharat: Deep-tech, When you brew beer, for salaried job. enzymes free of animal deriv-
poweredbyInnovationVenture example, you let the microbes Biocon was an incredible atives to make vaccines safer. The Dream
Studio in associa- work in an uncon- place to work, and Kiran It wasn’t an easy pivot, but it
I dream of seeing Fermbox
tion with Speciale trolled manner. But Mazumdar-Shaw was highly was a necessary one. Today, disrupt and reshape global-
Invest, BYT Avenue, with precision fer- supportive of my transition. I I’m proud to say that several scale bio-manufacturing and
and Faad Capital, mentation, we fine- started Richcore with minimal billion doses of insulin have precision fermentation-
derived products. I want us
that brings you tune everything. capital, using a negative work- been made safer using the to develop cutting-edge
inspiring stories of We modify the ing capital model. Essentially, products we developed at biofourdary here in India
visionaries shaping microbes—bacte- I would purchase products Richcore. and deliver commercially
India’s biotech ria, yeast, or fungi— from Biocon on credit, sell viable products worldwide
by producing them at
landscape. and carefully con- them to my customers, collect WhydidyoustartFermbox
In this episode, Fermbox trol their environ- payments within 90 days, and a f t e r R i c h c o r e ’ s
massive collaboratively-built
precision fermentation
join Nithish Kumar, Bio ment so that they then pay Bio con. This acquisition? plants in multiple countries,
investment analyst produce exactly approach gave me the breath- After Richcore’s acquisition leveraging local resources
and collaborations to scale
a t S p ec i a l e In v e s t a n d what we need. As I like to say, ing room to get started. by Laurus Labs, I could have efficiently.
Subramani Ramachandrappa, ‘In precision fermentation, stayed on in a stable corporate
co-founder of Fermbox Bio, as youdon’twantcompetingspe- How did Richcore transi- role, but I felt there was more
they dive into the complexities cies inside the fermenter. It’s tion to producing animal- to be done. With Fermbox, my Stay tuned to Crafting
of the biotech sector. about ensuring only one type free biopharma solutions? goal was to disrupt global fer- Bharat: Deep-tech edition,
of microbe produces exactly The shift wasn’t just a business mentation by focusing on col- where we spotlight India’s
Canyouexplainwhatpreci- what you need.’ This makes decision—it was deeply per- laboration and scalability. For visionary founders who are
transforming bold ideas
sion fermentation means purification much easier and sonal. I was vaccinating my instance, we’re building a into realities and redefining
and how you use it at allows us to achieve incredible daughter when I noticed the million-litre fermentation the future of technology.
Fermbox? results. vaccine package mentioned facility in Thailand in partner-
Fermentation is a process animal-derived components. ship with BBGI. By co-locating
that has been part of human What motivated you to That really struck me. I near sugar mills and distill- To watch the
episodes of
civilisation for centuries. leaveBioconandstartyour thought, ‘How can we use eries, we can use locally avail-
Crafting
We’ve all seen it in action, entrepreneurial journey animal-derived enzymes in able resources like sugars and Bharat, scan
whether it’s brewing beer, fer- with Richcore? something we’re injecting into water, reduce costs and scale the QR code
menting whiskey, or even The motivation was sim- humans?’ faster. This collaborative
making yogurt at home. But ple—I needed to make more At the time, Richcore was model is something I want to CreatedbyMintBrandStudio
06 TUESDAY, 31 DECEMBER 2024
NEW DELHI THE YEAR-END DATA SPECIAL TUESDAY, 31 DECEMBER 2024
NEW DELHI
LIVEMINT.COM
07

WHERE WE ARE ENDING 2024 WHAT THE FUTURE COULD HAVE IN STORE
India is nowhere close to its original RBI underestimated price pressures While India will soon become the third
ambitious $5 trillion GDP aim by 2025 again in 2024 largest economy...
India's GDP at current prices, in $ trillion Year-on-year retail inflation in India (in %) GDP at current prices, in $ trillion (Ranks 3 to 7)
Actual/projected trajectory* $5 trillion trajectory 7 RBI projection* Actual India Germany Japan UK France
5
7
FY20-FY26: 6 6
10.1%
CAGR needed 5

4 5 4
3
FY14-FY20:
7.3% 4 2
CAGR achieved 1 Inflation could remain above 5% in 2025
3 3 0 unless the price pressures change course
FY20-FY26: 2010 2029
7.1% Year-on-year retail inflation (in %)
CAGR achieved/projected 2 Inflation
...productivity and living standards are ...if price pressures are average of past 3 years
2
1
likely to remain abysmally low ...if price pressures are minimum of the past 3 years
7
Per capita GDP at current prices ($), based on PPP
RBI's upper tolerance level
Pre-covid Post-covid 0 India Germany Japan UK France
2019-20 2021-22 2022-23 2023-24 2024-25# 90,000
1
2013-14 2019-20 2025-26 *Given in April of each financial year. #2024-25 data is for April to November. 80,000
6
*Actual data until 2023-24 and forecasts by IMF thereafter. No projections were given in April of 2020-21 for the year due to the pandemic. 70,000
Source: International Monetary Fund, Mint calculations Source: Reserve Bank of India, statistics ministry 60,000
50,000
On worst pollution days, official data may Global warming exceeded the 1.5°C mark 40,000
5
underestimate the severity of the 'airpocalypse' in nine of 11 months in 2024 30,000
RBI's medium-term target
20,000
Hourly PM2.5 sub-index at Anand Vihar, Delhi Increase in global average surface air temperature 10,000
Based on actual data* Based on official methodology** relative to 1850-1900 average (°C) 0
2010 2029 4
800
762.37 1.5°C global warming threshold Oct Jan Apr Jul Nov
700 (19 Nov) 1.6 aimed by 2015 Paris deal Data for 2024-2029 are based on forecasts by IMF. India's GDP data 2024 2025 2025
is for the year starting in April of the marked year.
600 1.4
Price pressures refer to sequential pace of change in the consumer price index.
Source: International Monetary Fund Source: Statistics ministry, CMIE, Mint calculations
500 1.2
400
1.0
300
0.8
200 India can take inspiration from China’s Developing countries will have to shell
0.6
100 successful fight against pollution out trillions of dollars to mitigate
0.4
0
1 Oct 24 Dec 0.2
Annual average PM2.5 concentration (micrograms per cubic metre) climate crisis
The sub-index is derived from PM2.5 concentration. *This is the 24-hour average of the in China Required investments for adaptation and mitigation
actual sub-index based on hourly readings. **The Central Pollution Control Board caps 0.0
Jan 1980 Nov 2024 60 in developing countries (in $ trillion)
the sub-index at 500 and then uses the capped indices to calculate the 24-hour average.
Source: Central Pollution Control Board, Mint calculations Source: ERA5, Copernicus Climate Change Service China declares war
on pollution 1.51
50
1.34
2024 proved to be a tough year for After years of criticism, govt is releasing
1.19
incumbents in several national elections surveys, and with shorter lags TARUN KUMAR SAHU/MINT 40 1.07
0.96

India dreamss big as a

Details of election results in select countries Details of key government surveys
Survey Period Time gap before release 30
US (Changed) India (Weakened)
Donald Trump made a Bharatiya Janata Party forced PLFS 2021-22 8 months
dramatic comeback into a coalition after 10 years 20
PLFS 2022-23 4 months
UK (Changed) France (Weakened)
PLFS 2023-24 3 months 10
Verdict swung to President Emmanuel Macron
Labour, ending 14-year faces a hung parliament and CES 2022-23 8 months 2025 2029
Conservative Party rule ensuing crisis 0 UNCTAD calculations based on scenarios under the United Nations
ASUSE 2021-22 2 years
2000 2014 2021

challenging y
year ends
Global Policy Model.
Botswana (Changed) Japan (Weakened) ASUSE 2022-23 1 year Source: Energy Policy Institute, University of Chicago Source: United Nations Conference on Trade and Development
Botswana Democratic Liberal Democratic Party lost
Party lost power first its parliamentary majority for ASI 2021-22 1 year 8 months
time in nearly 60 years the first time in 15 years ASI 2022-23 1 year 3 months
South Africa (Weakened) PLFS: Periodic Labour Force Survey; CES: Consumer Expenditure Trump's track record on imposing tariffs 2025 will await progress on Census as over
African National Congress failed to win a majority in Survey; ASUSE: Annual Survey of Unincorporated Sector Enterprises; may make India nervous in coming years 150 million go uncounted
a first since end of apartheid era ASI: Annual Survey of Industries
Effectively applied simple average tariff (in %) India's population, in billion
Source: Pew Research Center, Mint research Source: Statistics ministry, Mint research
1.4
8
1.2
Domestic investors stepped up to fill the void left by FPIs 7 China Mospi's
5.22 1.0 mid-year
5 Net inflows by institutional investors into Indian equities (₹ trillion) 6
DIIs FPIs In charts: India grappled with a slowdown, climate crisis, rising prices, political shifts, global uncertainties and more. The 5 0.8
estimates

4
nation needs a well-defined road map to overcome these challlenges in its quest to become a developed economy 4
3
0.6 Census
3 2.76 0.4
2
Trump’s
2
Pragya Srivastava and Germany behind to become the tions to offer at the eleventh hour so far. 70 that went to polls) voted the incum- standing the shifts in the economy, got from losses in futures and options (F&O) first term
0.2
1 India
1.28 pragya.s@livemint.com world’sthird-largesteconomy.Butthattag Butispollutionreallyunbeatable?No.A bents out. The changes in the political delayed due to the pandemic. trading signal potential future interven- 0
0
1 NEW DELHI is hardly a sufficient measure of success: decade ago, China’s major cities were also landscape, especially in the US, could lead In the past couple of years, the govern- tions in this direction. 1971 1981 1991 2001 2011 2021

I
2010 2022
percapitaGDP,amoreaccuratereflection engulfedinsmog.But,eversincethecoun- to another round of protectionism. ment made some progress by releasing In the world of sports, India’s improved Source: World Integrated Trade Solution
Source: Registrar General and Census Commissioner, statistics ministry, CMIE

0 0.02 ndia is always beaming with the of how that prosperity distills down to its try declared a “war on pollution” in 2014, India may have to navigate its growth reports with smaller time lags. However, performance at the Olympics has given it
extraordinary potential of a massive people, will be remarkably lower than the its air quality has improved rapidly. From path amid higher tariffs as opposed to the 2024 still ended without any progress on the confidence to send the formal letter of
-0.56 young population, rapidly growing nations it will cross. prohibitingcoal-firedplantstoarestricted golden time when the country grew rap- the Census. Several policies are still being intent to host the event in 2036. Hosting India has a lot to catch up on, especially in
-1
middle class, and geographical rich- Several big and small hurdles are still in number of cars on roads, China showed idly in a liberalized and globalized world. framed based on the last Census, which the Olympics has been draining for even terms of Olympics performance
-1.21
ness. Yet, while commenting on the India’s way. efficient implementation of policies can AssuchIndiacannotcontinuetounder- was done more than a decade ago in 2011. many developed nations.
-2 Medals won by host nations (and their ranks), summer games
2012 2024 country, pundits are forced to ring in the Airpocalypse now yield results. estimate its pressing issues, price rise Since then, India’s population would have However, China is a great example of
praises with a string of “buts”. India is a Each winter, northern India India’sdevelopmenttrajectory being one of the burning ones. The grown at least by 150 million, how hosting the Olympics could Gold Silver Bronze
DIIs: Domestic institutional investors. FPIs: Foreign portfolio investors. Data for 2024 is as of 30 December. Source: Bloomberg, National Securities Depository Ltd
uniquemixofhopeanddespair,and2024 experiences insufferable air will also be threatened by cli- Reserve Bank of India underestimated whichwillremainuncounted provideemergingeconomies Barcelona, Spain
again offered ample evidence of both. pollution. And India mate change and it will inflation for the fifth year in 2024-25 for a few more years. with a platform to show- 22
Olympics are a costly affair for hosts, with expenses sharply exceeding original budget The hope is India’s rise on
1992 (6th)
The hope is intact: the slowdown in the underestimates the have to set aside huge despite having acknowledged the risks case their potential and Atlanta, US
101
Cost overruns of the Olympics, summer games (in %) Nominal Real (inflation-adjusted)
economywillbeshort-lived,consumption severity on the worst intact: the budgets to tackle its from food price volatility, climate change People’s power GDP league tables boost their soft power. 1996 (1st)
andinvestmentswillreturn,andimprove- days. The Central Pol- impact.In2024,global and global price movements. In the latter half of India has 12 years to Sydney, Australia
Barcelona 1992
ments in statistical systems will lead to lutionControlBoard’s slowdown will temperatures sur- Ifthepricetrendsofthepastthreeyears 2024, as foreign port- will continue. But prepare, if its bid is 2000 (4th)
58
Athens, Greece
Atlanta 1996 finer policy making. But when the macro air quality index (AQI) be short-lived, passed the dangerous continue, inflation is unlikely to revert to folio investors (FPIs) per capita GDP successful. But host 2004 (15th)
16
lens zooms in, despair isn’t far behind. Air is capped at 500 even mark of 1.5°C over the the medium-term aim of 4% in 2025. withdrewfromIndian nations have secured Sensex @100,000: A tight race
Sydney 2000 pollution in many cities remains danger- if it goes beyond that. consumption and pre-industrial levels in While rising prices are breaking the back markets, domestic will be lower than ranks 1st to 15th since between hope and fear
Beijing, China
2008 (1st) 100
ouslyhigh,accesstocleanwaterislimited, The official AQI on a investments several months. of the poor through costlier cereals and investorsprovidedsup- the nations India 1992. By that measure, How optimistic are you about Sensex reaching London, UK
65
Athens 2004 and quality health care and education day is a 24-hour average, Developed countries vegetables,thewell-to-doandaffluentsec- port,mitigatingasharper India at the 48th rank is a 2012 (3rd)
remain elusive—all this while stubborn withthe500capappliedon will return pledgedonlyapaltrysumto tions of society are also struggling to keep market decline. That will cross long way from grabbing
100,000 points by March 2025?
Rio, Brazil
Beijing 2008 19
price rises and taxing job hunts still frus- each hour’s index, not on the mitigate the climate crisis. upwiththerisingcostofhealth,education reflects both growing interest eyeballs. 13.3
Highly 2016 (13th)
trate many. final average, thus bringing down India registered a strong protest, and housing. If the situation does not andanevolvinginvestmentculture India may have concluded Highly 20 optimistic Tokyo, Japan
London 2012 pessimistic 6.7 2020 (3rd)
58
Sevenyearsago,thedreamwastomake theday’saverage. Since there areusually a butcloserhome,onecouldargue,political improve soon, India will pay the price by within India. another year grappling with a slowdown, Moderately
India a $5-trillion economy by 2025. As fewhourswithasub-500AQI,the24-hour will is lacking in tackling pollution. sacrificing growth and inducing frustra- Looking ahead to 2025, the outlook is theunresolvedclimatecrisis,risingprices, Moderately (in %) optimistic Paris, France
Rio 2016 13.3 2024 (5th) 64
2024 ends, India is behind, but the pan- average can then practically never touch tion among common people. mixed, with debate intensifying over political shifts, and global uncertainties. pessimistic
26.7 Somewhat India's best tally by number of medals (Tokyo 2020)
Tokyo 2020 demic hasn’t deterred us from hoping to 500. Without the cap, Delhi’s AQI would Political landscape To address the problem, the country whether the Sensex will reach 100,000 Yet, the nation’s aspirations remain ambi- Somewhat 20 optimistic
become a developed economy by 2047. be 700-plus on 19 November, when it was The year was tough for incumbent gov- needs to first acknowledge it. A statistical pointssoon.Whilerisingdomesticinvest- tious.In2025,itneedsawell-definedroad pessimistic India (48th) 7
Paris 2024 India’s rise on the league tables of gross reported in the 490s. ernments around the world: the BJP, gap emerged when the government mentofferssomeinsulationagainstexter- maptoachievekeygoals—cleanair,better 0 20 40 60 80 100 120
0 100 200 300 400 500 600 700 domestic product (GDP) is bound to con- The lack of political will to address air expected to sweep the elections for the decided to bury the Consumption nal volatility, further investor protection targeting of welfare schemes, price con- 15 market analysts and experts answered this question.

Source: The Oxford Olympics Study 2024 tinue: it leapfrogged France in 2018 and pollution is unmissable: state and central third time with a bigger mandate, failed to ExpenditureSurveyof2017-18,andassev- remains essential. The market regulator’s trols,jobcreation,andsocialinclusion—in Source: Mint survey (Oct 2024) Source: International Olympic Committee
the UK in 2021, and will soon leave Japan governmentshavehadonlyband-aidsolu- secure a majority. Over 50 nations (of the eral other such surveys, crucial for under- recent measures to safeguard investors itsquesttobecomeadevelopedeconomy.
MANJUL PAUL AND NITI KIRAN CONTRIBUTED TO THE DATA AND CHARTS. DESIGN: PARAS JAIN

From wealthmakers to newsmakers, and Gen Beta will be the first to be born in A mixed year in sports Words in vogue ₹100-crore club erodes 17 Jan 2025
demographic transitions to box office 19 Feb 2025
a mostly ageing world
24/26 46 ₹27 crore This year as well, dictionaries from around the world The reception of movies at the box office remained tepid, with only 10 crossing the coveted ₹100-crore mark, A.R. Rahman ICC Champions OTT show*
duds, here’s the year-ender in charts, Share of world population, by generation groups (in %) Number of T20I India's third-lowest total in Tests,
The record amount selected their words of the year, offering a unique compared to 17 last year. Barring Pushpa 2 and Stree 2, very few movies created a buzz. Concert Trophy The Family Man (S3)
Lucknow Super
compiled by Shuja Asrar. Generation Alpha (born in 2013-2024) 18.3 matches won by India recorded in a home match against Giants will pay
glimpse into the prevailing mood and themes of Top 5 Indian films, by box office collection Sports Paatal Lok (S2)
in 2024, leading to the New Zealand in October. The series 2024. While Oxford chose 'brain rot' to reflect the (in ₹ crore)
Generation Z (1997-2012) 25.2
Rishabh Pant to play
pervasive digital fatigue, Cambridge presented a 770 21 Jan 2025 8 Mar 2025 *Release date not available
Where Indian billionaires stand best win/loss ratio for ended in India's first Test series in the 2025 Indian
Coldplay Shawn Mendes
any team in a year. whitewash (3-0) at home since 2000. more optimistic view, selecting 'manifest'. Across
Rank (change since 2023) Latest net worth (in $ billion)
Millennials (1981-1996) 24.4 Premier
i League.
internet culture, words such as 'gyatt' and 'quiet 627 Concert The 2025 calendar: top picks Concert
Generation X (1965-1980) 16.9 10 Apr 2025
1 () Mukesh Ambani 91.3 Baby Boomers (1946-1964) 12.6
Manu Bhaker 11 quitting' defined the online discourse.
Jolly LLB 3
First Indian The time India had to waitt
Silent generation (1924-1945) 2.6 (in years) for an ICC trophy, Film release
2 () Gautam Adani 76.6 woman to win
until the 2024 T20 World
The Greatest Generation (1901-1924) 0.007 Population as of 2023 two medals in a 24 Jan 2025
single Olympic Cup win.
3 () Shiv Nadar 42.7 294 278 268
Star Trek: 11 Jun 2025
Projections of world population, by age group (in billion) Games. She
won two Double gold Movies released and box office collections, annually
Section 31 ICC World Test
4 () Shapoor Mistry 39.1 10
bronze medals in 10m and 10m Both men and women chess Film release Championship Final
No. of films BO collections (₹ crore)
65+ mixed team pistol events. teams won gold medals at Sports
5 () Savitri Jindal 32.5 8 the 45th Chess Olympiad, 2018 218 4,422
creating a record for the 26 Jan 2025
46-65 245
2 2 July 2025
6 (1) Azim Premji 31.5 6 18 country.
Pushpa 2 – Stree 2 Kalki Bhool Singham
2019 5,616 Lahore, 1947
Jurassic World Rebirth
The age of The Rule 2898 AD Bhulaiyaa 3 Again Film release
2020 75 861 Film release
7 (1) Dilip Shanghvi 29.1 30-45 India's
Drop in net 4 D. Gukesh, the Number of movies by box office collection
worth in 2024 youngest-ever
2021 49 1,013 19 Dec 2025
8 () Sunil Mittal 24.1 16-29 2023 2024
Mukesh $5.1 bn 2 world chess
<₹100 ₹100-199 ₹200-299 ₹500+ 2022 164 3,968 Avatar: Fire
Ambani champion 23 May 2025 and Ash
9 (3) Lakshmi Mittal 19.9 0-15 crore crore crore crore
2023 226
2 5,733 Mission Impossible: 5 Sep 2025 25 Dec 2025 Film release
Gautam 0 209 10 3 4
$7.7 bn Baaghi 4 Alpha
10 () Kumar Birla 19.2 Adani 1950 2000 2024 2050 2100 6 219 4 4 2 2024 229
2 4,534
The Final Reckoning
Film release Film release
Data till 2023 are estimates and data 2024 onwards are projections. India's disappointing medals Film release Some dates may be tentative
Data is as of 30 Dec 2024 Source: Bloomberg Billionaires Index Source: World Population Prospects 2024, United Nations Population Division tally at Paris Olympics. Data as of 30 December 2024 Source: Bollywoodhungama.com GRAPHIC BY PARAS JAIN/MINT
08 TUESDAY, 31 DECEMBER 2024
NEW DELHI CORPORATE LIVEMINT.COM

‘Rising confidence to ‘Less than 10% of IT budget in new tech’

Gopika Gopakumar

fuel Indian economy’

potential risks to financial sta-
gopika.g@htlive.com bility.
MUMBAI “In response to (a) specific
question on threats posed by

B
anks in India allocated AI/ML, respondents identified
less than 10% of their third-party vendor risk, cyber-
information technology security vulnerabilities and
budgets to emerging technolo- reputational damage as key
gies this year, the Reserve Bank risks,” RBI said in its report.
RBI’s FSR pegs real GDP growth for the current fiscal year at 6.6% of India (RBI) has found. This, “Quantum computing is per-
despite emerging technologies ceived to be another emerging
such as artificial intelligence technology in the hierarchy of
Gopika Gopakumar (AI) and cloud computing play- risks due to its ability to poten-
gopika.g@htlive.com ing an increasingly significant tially break encryption algo-
MUMBAI role in financial services. rithms,” RBI added.

P
RBI, as part of its November Banks are using cloud computing to reduce the cost of financial While banks have shown rel-
rospects for the Indian economy survey for its latest Financial services by enabling easier access to their infrastructure. AFP atively better preparedness in
are expected to improve in 2025 Stability Report (FSR), looked maintaining backups of critical
thanks to high consumer and into the level of adoption of during the current financial primarily for customer service, data, the survey showed that
business confidence, Reserve emerging technologies by year,” it added. sales and marketing, risk man- larger banks have been proact-
Bank of India (RBI) governor banks and any associated risks The survey also showed that agement, and customer-verifi- ive in adopting mitigation
Sanjay Malhotra said in his foreword to to the domestic financial sec- 80% of the banks had fully or cation, or know-your-customer measures due to the availability
the Financial Stability Report, which tor. partially outsourced such activ- (KYC), processes. of adequate resources and
pegged the real GDP growth for the cur- “Cloud computing and artifi- ities owing to a dearth of IT Mint reported on 26 Decem- expertise.
rent fiscal year at 6.6%. cial intelligence/machine expertise among their staff and ber that India’s leading lender Regular compliance audits
In the bi-annual report released on learning (AI/ML) were the two for cost-efficiency reasons, opt- State Bank of India was scout- and training of IT or security
Monday, Malhotra said that despite global most widely adopted emerging ing to focus their resources ing for an intellectual property personnel are two important
uncertainties, the Indian economy is technologies among banks,” more on their core competen- rights firm to secure patents for areas that require improve-
expected to pick up in the second half of RBI said in its Financial Stabil- cies. innovations in AI and ML by its ment, RBI said, adding that
the current fiscal. “Notwithstanding the ity Report released on Monday. That said, banks have been analytics department. forensic preparedness and
uncertainties shrouding the global macro- “In terms of spending, 61% of using cloud computing to RBI’s report highlighted business continuity plans also
financial ethos as it unfolds, prospects for the respondent banks have reduce the cost of financial ser- opportunities for using AI and need improvement to
the Indian economy are expected to allocated less than 10% of their vices by enabling easier access other emerging technologies in strengthen resilience against
improve after the slowdown in the pace of IT budget on such initiatives to their infrastructure, and AI banking, but also illuminated technology-related incidents.
economic activity in the first half of RBI governor Sanjay Malhotra said RBI is focused on maintaining stability of financial
2024-25,” said Malhotra, who took over as institutions, and more broadly, systemic stability, to support a higher growth path. PTI
the central bank's 26th governor earlier
this month. reveal that capital levels of banks and non- evolving uncertain outlook.
“Consumer and business confidence for banks remain well above the regulatory India recorded a slowdown in GDP
the year ahead remain high and the minimum even under adverse stress sce- growth to a seven-quarter low of 5.4% in
RBI warns of unsecured loan stress spillover
investment scenario is brighter as corpo- narios. the September quarter, the third consecu-
rations step into 2025 with robust balance While declining inflation continues to tive quarter of declining growth. Real FROM PAGE 1 amid are termed super-prime loans. pointed out that even as the
sheets and high profitability,” he added. brighten global prospects, Malhotra cau- GDP growth in the first half moderated to while those a notch below are As per RBI’s report, during asset quality of loans
In its December policy, RBI’s monetary tioned that the medium-term outlook for 6% from 8.2% recorded in the correspond- On multiple loans availed by called prime. The lower the the first six months of improved—bad loan ratio
policy committee (MPC) revised its GDP the global economy remains challenging ing period a year ago. the same retail borrower, RBI credit score, the higher the 2024-25, the share of stressed falling from 4.5% in March
growth estimate for the cur- After the sharp slowdown said that 11% of the borrowers probability of default. microfinance assets increased, 2023 to 2.4% in September
rent fiscal to 6.6% from its ear- GROWTH TRACK in growth in the first half of originating a personal loan According to with loans where 2024—incipient stress or
lier expectation of 7%. the year, the Indian economy under ₹50,000 had an over- RBI, asset quality RBI said 11% of repayments are SMA-1 and SMA-2 loans have
Malhotra said RBI remains IN Dec policy, RBI’s INDIA recorded a AFTER the sharp is exhibiting resilience and due personal loan, and more in retail loans the borrowers overdue between risen sequentially in Sep-
focused on maintaining sta- MPC revised its GDP
growth estimate
slowdown in GDP growth slowdown in
growth to a 7-quarter first half of the year,
stability, and is expected to than 60% of them had availed remained largely originating 31 and 180 days tember.
bility of financial institutions, for current fiscal low of 5.4% in the Indian economy is recover in the third and more than three loans so far in stable, except for a personal loan rising from 2.15% The SMA-1 and SMA-2
and more broadly, systemic to 6.6% from 7% September quarter showing resilience fourth quarters, the FSR 2024-25. a marginal uptick in March to 4.3% loans of large borrowers have
under ₹50,000
stability, to support a higher noted. “Lenders are, nevertheless, in credit card in September. risen 101% and 67%, respec-
growth path. “In this uncertain global exercising prudence as the receivables had an overdue Moreover, tively, between June and Sep-
“We continue to secure and anchor with downside risks from geopolitical macroeconomic and financial environ- shares of below-prime cus- across bank personal loan stress remained tember.
public trust and confidence to support conflicts, sporadic financial market tur- ment, the Indian economy is exhibiting tomers across lenders and groups, which high among bor- “Furthermore, the SMA-2
India’s aspirational goals. We remain moil, extreme climate events and rising resilience and stability. Real gross domes- product types have been mar- also saw the high- rowers who had ratio for large borrowers
committed to developing a modern finan- indebtedness. He also highlighted that tic product (GDP) is projected to grow at ginally lower when compared est credit growth among all taken loans from multiple len- increased significantly for
cial system that is customer-centric, tech- stretched asset valuations, fragilities in the 6.6% in 2024-25 aided by revival in rural to a year ago,” it said. retail loan segments and “may ders and those with higher public sector banks in Septem-
nologically leveraged and financially less regulated non-bank financial inter- consumption, pickup in government con- Lenders categorize borrow- require careful monitoring”. outstanding loans. ber from a year ago, warrant-
inclusive,” he added. mediaries, and threats from new and sumption and investment and strong ser- ers based on their credit scores Signs of stress have also For large borrowers such ing close monitoring,” the
Malhotra assured that stress test results emerging technologies also add to the vices exports,” said the report. and those at the top of the pyr- started to appear in small as companies, the regulator report said.

Adani to raise over $2 bn in Wilmar JV exit Retail investors

FROM PAGE 1
step off options intervention. Consumer
goods business is not that
ing consumer goods company way,” said Deven Choksey,
at ₹18,817 crore ($2.2 billion). managing director of FROM PAGE 1
The maker of Fortune oils, DRChoksey FinServ Pvt. Ltd.
soya chunks and pulses closed Adani Wilmar’s size was too index options from multiple
FY24 with revenue of nearly small to provide a meaningful expiries per week to just one
₹50,000 crore. diversification from Adani’s per exchange began last
Adani Wilmar shares lost infrastructure sector, said month.
0.17% to close at ₹329.5 on the Rajesh Palviya, senior vice- Effective the first week of
BSE on Monday, compared to president, research (head, January, the third measure of
Esops grant company shares to employees based on the length of a 0.57% fall in the Sensex. technical & derivatives) Axis increasing Nifty and Sensex
their employment as a part of their compensation package. MINT Adani Enterprises gained Securities Ltd. contract sizes to ₹15-20 lakh
7.65% to close at ₹2,593.45. Adani Wilmar’s ₹43,000- from ₹5-10 lakh will get

Startup staff hit The announcement was made

after market hours.
Presently, public share-
crore market capitalization is
much lower than other listed
Adani companies, most of
underway.
“This will probably impact
turnover even more as the
NSE held an 87.8% three-month
rolling market share in equity

Esop goldmines in holders hold only 12.13% of

Adani Wilmar, which was
listed in February 2022. In
Adani’s exit from the FMCG company has long been speculated,
especially since Hindenburg Research’s allegations. MINT
which are worth above ₹1 tril-
lion.
“Even after exiting Adani
cost of trading goes up for
option sellers,” explained
Rajesh Palviya, head of deriv-
options as of November. REUTERS

markets,” he said.

2024 as IPOs rise

India, companies must meet from the FMCG The stake sale will G r o u p has Wilmar, the Adani Group will atives trading at Axis Securi- The benchmark Nifty
minimum public sharehold- company has also buffer the denied all allega- have consumer-facing busi- ties. plunged 11.5% from a record
ing requirements within long been specu- Adani Group’s tions. nesses like airports, Adani In addition to the market high of 26,277.35 on 27 Sep-
three years of listing if their lated, especially liquidity position “Today, Adani Digital and electricity distri- correction since September, tember to a low of 23,263.15
FROM PAGE 1 positive signals to the market. post-listing market capitaliza- after short-seller Wilmar is the bution,” Choksey said. Palviya attributed “a large on 21 November following
and its ability to
Shriram Subramanian, tion is below ₹1 trillion. Hindenburg only misfit in the The stake sale will also part” of the 25% decline in tepid corporate earnings in
to $700 million of liquidity founder and managing director Adani Wilmar will be Research’s alle- service upcoming Adani Group’s buffer the Adani Group’s index options turnover in the September quarter and a
from Flipkart and PhonePe’s of proxy advisory firm InGov- changing its name, the com- gations in Janu- debt obligations portfolio. Typi- liquidity position and its abil- November to Sebi’s curbs on rise in US bond yields, which
2022 split. ern Research Services, also pany said. Pranav Adani and ary 2023 resulted cally, the busi- ity to service upcoming debt margin and single weekly sparked off almost $14 billion
Excluding this outlier, the expects this upswing to con- Malay Mahadevia, Adani in a rout in its nesses that the obligations. contract. in foreign portfolio investor
value of liquidity programmes tinue into 2025. He explained Group’s nominee directors on shares, sparking concerns Adani Group focuses on have Adani Group’s net debt to “I’d estimate 75% of the 25% outflows during October-No-
in 2023 was only $125 million, that those employees who are the board of Adani Wilmar, over the group’s liquidity a large upfront investment Ebitda across portfolio com- decline to have come because vember, according to the
reflecting the continued weak- seeking liquidity now rather resigned on Monday. position in the case of a mar- and then generate significant panies currently stands at of the regulatory curbs and National Securities Deposi-
ness in the primary markets than wait for an IPO are likely to The Adani Group’s exit gin call by lenders. The Adani cash flows without day-to-day about 2.4x. the rest to the downturn in tory Ltd.
due to a prolonged funding benefit from such buyback pro-
winter. Esops grant company grammes.
shares to employees based on “The bullish IPO market also
the length of their employment means that unlisted companies
as a part of their compensation are happy to buy back shares so
package. Shares vest over a they can offer the same shares
Onitsuka Tiger eyes India manufacturing for faster growth
period, usually around four at a higher price to public mar-
years. ket investors,” he said. Suneera Tandon after covid ended. More foot- market in India was estimated supply chain efficiency but also
These incen- Several startup suneera.t@htlive.com wear brands are drawing a sig- to be worth approximately $17 add significant value.
tives are given to Several founders and NEW DELH nificant share of their business billion in 2023, driven by Onitsuka Tiger was founded
employees for startup founders e m p l o y e e s from the category. increased disposable income in 1949 by Kihachiro Onitsuka

J
taking the risk of and employees booked signifi- apanese premium footwear Onitsuka Tiger, which set up and style-conscious consum- in Kobe, Japan. Onitsuka Tiger
joining the com- booked cant gains from brand Onitsuka Tiger, part shop in India in 2010, currently ers, per estimates by broking shoes were the official footwear
pany in its early the IPOs of new- of Asics Corporation, could operates 11 stores in the country firm Angel One. for the Japanese delegation at
significant gains
stages and to align age companies in consider manufacturing where it sells premium foot- “The country’s the 1968 Mexico
every employee’s from IPOs of new- 2024, including locally in India to accelerate wear and apparel. e-commerce sec- Onitsuka Tiger City Olympics.
motivation with age cos in 2024 those of Ola Elec- growth, a senior official of the “We achieved double-digit tor is set for con- shoes were the The brand is
the company’s tric, FirstCry, company told Mint. growth last year, which can be tinued rapid official footwear worn by celebri-
growth. Ixigo, Go Digit, “Establishing a manufactur- attributed not to the expansion growth, with for the Japanese ties like Hailey
“Most employees prefer to Awfis, Swiggy and Unicom- ing base in India is a strategic of new stores, but to the strong online shopping—
delegation at the Bieber, Uma
exercise and hold their Esops merce. This comes as the num- move that can significantly performance of our existing particularly for Thurman and
once they have belief and visi- ber of mainboard IPOs surged accelerate Onitsuka Tiger’s stores. This growth has been Onitsuka Tiger vice-president Ryoji Shoda said India’s market premium and lux- 1968 Mexico City Bella Hadid.
bility of a public listing to bene- 3x to a record high in 2024, growth in the region,” Ryoji driven by increased sales from potential for premium footwear and apparel is growing rapidly. HT ury products— Olympics The brand
fit from capital gains post list- with investors buying shares Shoda, the company’s vice- our current locations rather b e c o m i n g competes with
ing,” Sivaraman explained. worth ₹1.34 trillion in 76 com- president, said in a virtual than new store openings,” products to the Indian market increasing demand for pre- increasingly pop- other global
While Esops enable a startup panies, giving several venture interview. “India’s market Shoda said. next year,” he added. It will add mium goods. ular. This trend offers Onitsuka brands like Puma and Adidas.
to preserve liquidity, they also capital and private equity firms potential for premium foot- Additionally, Indian custom- two more stores in 2025. India’s footwear market is Tiger an opportunity to expand Globally, Onitsuka Tiger
serve as a tool to reward profitable exits. wear and apparel is growing ers visiting Japan are purchas- India is a “crucial” market for projected to grow at a CAGR of its reach beyond physical retail clocked 60.3 billion yen (about
employees for their loyalty and This figure surpassed ₹1.19 rapidly, and setting up local ing the brand overseas and Onitsuka Tiger, said Shoda. He 4.8% during 2023-2028, with stores and tap into a broader $382 million) in net sales in
retain talent. Moreover, these trillion raised through IPOs in manufacturing will add value.” continuing to buy in India, he attributed this to a large con- volume crossing 2.2 billion consumer base,” Shoda said. 2023, up 15.3% year-on-year,
buybacks help startups consoli- 2021, according to data from Demand for athleisure foot- said. “Building on this, we plan sumer base, growing affluence, pairs by 2028, per industry esti- He added that local manu- per annual report of parent
date their capital base and send Prime Database. wear and apparel has shot up to introduce more attractive fashion-conscious youth, and mates. Overall, the footwear facturing will not only enhance Asics Corporation.
LIVEMINT.COM
TUESDAY, 31 DECEMBER 2024
NEW DELHI 09
Advertisement

DR MANMOHAN SINGH
REFORMS WITH A HUMAN FACE

Dr Manmohan Singh 26 September 1932 – 26 December 2024

T he Prime Minister walked towards me, his

characteristic measured steps exuding grace and
purpose. It was 2010 and I had been invited to a
book release at Panchvati, the hall attached to 7 RCR
(now Lok Kalyan Marg). The occasion was intimate,
reflecting the man being honoured — Dr Manmohan
Singh, whose humility and intellectual rigour were
evident in every aspect of his persona. Having worked
extensively on financial inclusion and inclusive
growth, I hoped to exchange a few words about his
shared passions. But just as he approached, a senior
economist and his wife inserted themselves deftly, almost artistically, blocking his path
as they walked backwards while pleading their case for a position. Dr Singh, ever polite,
smiled and listened patiently, but his time ran out and he was ushered away before we
could meet. SAMEER KOCHHAR SURESH PR ABHU ASHISH CHAUHAN VIJAY L KELKAR
M VENKAIAH NAIDU ARUN JAITLEY

That moment stayed with me, not for the disappointment it brought but for how
it underscored the humility of a man who never allowed the trappings of power to “Many thanks for your letter of 2nd July 2016 enclosing a copy of your book entitled The Untold Story of Indian Reforms 1991-2016.
overshadow his essential decency. I resolved then that the next time I found myself at Your book is an outstanding contribution towards understanding the process of economic reforms. I commend your initiative in this regard.”
Panchvati, it would be as Prime Minister’s guest for releasing my festschrift in honour of Dr Manmohan Singh, Member of Parliament, Rajya Sabha, 26th July 2016
Mr P Chidambaram. On 31 July 2013, that aspiration came true. Dr Singh released the
festschrift and hosted the evening, with Gursharan Kaur Ji graciously ensuring every
guest was well looked after. The Prime Minister’s warmth was evident as he engaged
“ At that time, reforms were not very much known or popular,
but India faced a critical situation, particularly on the balance
“ Dr
Macro policy makers have to bear in mind Prime Minister
Manmohan Singh’s dictum, set out many years ago, that
my younger son, Sayan, then 12, in a conversation that made the otherwise introverted of payment side. So, all of us had to provide ample support there can be no better anti-poverty programme than the
child feel at ease. Witnessing this, I understood why so many found in Dr Singh a figure of to Manmohan Singh in pushing the reforms. control of inflation.
profound approachability despite the gravity of his office. Dr C Rangarajan Late Mr S S Tarapore
Chairman, EAC to PM Dr Manmohan Singh Former Deputy Governor, RBI and Distinguished Fellow, SKOCH Development Foundation
The last time I met Dr Singh was during the release of a book authored by Dr Isher
Judge Ahluwalia. He was seated among the audience, listening attentively, embodying
the humbleness that defined him. At the end of the proceedings, he was surrounded whose time has come.” For Dr Singh, that idea was the transformation of India into a social equity. Similarly, Mr Ahluwalia, in discussions on trade policy, noted Dr Singh’s
by a throng of admirers. Yet, he noticed me standing at the back. Without hesitation, global economic powerhouse, underpinned by social equity. boldness in liberalising the economy, emphasising that reforms are not just technical
he walked towards me, his demeanour as warm as ever. We shook hands, exchanging a This philosophy was evident in his respect for his colleagues and their contributions. solutions; they require political courage and vision. These reflections underscore his
few words. This time, no one blocked the moment. Life had come full circle and it was a At a SKOCH conference marking Dr Rangarajan’s 90th birthday, despite being visibly reputation as a leader who valued intellectual rigor and ethical governance.
poignant reminder of his grace and accessibility. unwell, Dr Singh delivered an eloquent speech, highlighting his friend’s pivotal role in Dr Singh’s tenure also drew admiration for his insistence on institutional integrity.
Dr Manmohan Singh’s humility was matched by his consultative approach to shaping the India’s economic policies. “Dr Rangarajan was part of the team that shared Recently, Mr Chidambaram said, I worked closely with him for many years. I have not met
governance. He surrounded himself with an “A-team” of distinguished economists the dream of an equitable, just and inclusive India,” he said. “He sowed the seeds of a person more humble and self-effacing than Dr Singh. He wore his scholarship lightly
and policymakers, including Dr C Rangarajan, Mr Montek Singh Ahluwalia and Mr financial inclusion by integrating self-help groups into the banking system, a reform that and never claimed credit for any of his historic achievements, he added. Mr Ahluwalia
Chidambaram. Far from being a gatekeeper’s domain, the Prime Minister’s Office was empowered millions of women.” He added, “Growth and inclusion are two sides of the further elaborated, Dr Singh’s willingness to relinquish discretionary powers for systemic
accessible to those with constructive ideas. As Mr Ahluwalia once noted, Dr Singh’s same coin and Dr Rangarajan acknowledged it well, weaving these together to produce a transparency was a hallmark of his governance style.
willingness to take calculated risks—whether in pushing the 1991 reforms or fostering cohesive pattern of development.” Letters from Dr Singh were another testament to his thoughtfulness. In July 2016,
inclusive growth through initiatives like the Direct Benefit Transfer (DBT)—set him apart. Dr Singh’s accessibility and fairness were legendary. Sam Pitroda, a close associate, I received a letter from him acknowledging my book, The Untold Story of Indian
Dr Singh famously remarked, “The twin pillars for the success of DBT are the Aadhaar once recounted how even he was subjected to routine security checks when visiting the Reforms. “Your book is an outstanding contribution towards understanding the process
platform and financial inclusion. If either of these pillars is weak, it would endanger the Prime Minister’s residence, a reflection of Dr Singh’s belief in equality before the law. This of economic reforms,” he wrote. Such gestures were emblematic of a leader who valued
initiative’s success.” His words reflected a deep commitment to ensuring that economic sense of justice extended to his handling of policies and governance. In an era where ideas and the people behind them.
growth reached every Indian, particularly those at the margins. “policy paralysis” was often invoked, Dr Singh’s calm and consultative style ensured As I reflect on my encounters with him, I am reminded of the profound grace with
Perhaps the most defining feature of Dr Singh’s tenure as Prime Minister was his that the machinery of government continued to function effectively. His ability to build which he navigated the complexities of governance. Dr Manmohan Singh was and
unyielding focus on inclusive growth. “Growth with a human face” was more than a consensus across party lines was instrumental in sustaining India’s economic reforms. remains, a statesman par excellence—a man who walked the path of progress with
phrase; it was a guiding principle. As Finance Minister in 1991, he steered India through Late Mr S S Tarapore, reflecting on Dr Singh’s philosophy, had quoted him saying, wisdom and a human touch.
an unprecedented economic crisis with policies that opened up the economy while “There can be no better anti-poverty programme than the control of inflation.”This Sameer Kochhar
safeguarding the poor. He often quoted Victor Hugo: “No power on earth can stop an idea succinctly encapsulated his belief that macroeconomic stability was inseparable from Chairman, SKOCH Group | Reforms Historian

info@skoch.org www.skoch.org @skochsameer

10 TUESDAY, 31 DECEMBER 2024
NEW DELHI GLOBAL LIVEMINT.COM

Jimmy Carter, Nobel peace laureate and

longest-living US president, dies at 100
In four-plus decades as an ex-president, Carter waged a worldwide campaign against war, disease and the suppression of human rights
Bloomberg tus to voters who had endured the revela- treaty between Israel and an Arab country.
feedback@livemint.com tions of Watergate and Nixon’s resigna- The treaty committed Israel to remove its

J
tion. troops and civilian settlements from the
immy Carter, the former Georgia Carter emphasized his religious Sinai Peninsula and led to billions of dol-
peanut farmer who as US president upbringing—he was a Southern Baptist lars in US aid to Israel and Egypt.
brokered a historic and lasting who often described himself as a “born The Camp David breakthrough didn’t
peace accord between Israel and again” Christian—and promised the lead to a broader Mideast peace, however,
Egypt in a single term marred by American people that he would never lie and Carter through the years didn’t hide
soaring inflation, an oil shortage and to them. He won the New Hampshire pri- his disappointment. In Palestine: Peace,
Iran’s holding of American hostages, has mary, proving his viability in the North, Not Apartheid, he focused on Israel’s
died. He was 100. and defeated Alabama governor George occupation of Arab land as the root cause
Carter died on Sunday at his home in Wallace in Florida to establish himself as of continued hostilities.
Plains, Georgia, surrounded by his family, the strongest candidate in the South, on In a 2010 book based on his White
the Carter Centre said on Sunday in a the way to clinching the democratic nomi- House diaries, Carter said the US had
statement. Public observances are nation. “defaulted in carrying out one unchal-
planned in Atlanta and Washington, fol- With Minnesota democrat Walter lenged and unique responsibility: mediat-
lowed by a private interment in Plains. Mondale as his running mate, Carter nar- ing a peace agreement between Israel and
The longest-living former US president rowly beat Ford, with 50.1% of the vote, its neighbours.”
ever, Carter had opted in early 2023 to and was sworn into office in January 1977 In response to the Soviet Union’s inva-
spend his remaining time at his home in as the 39th US president. Starting what sion of Afghanistan in December 1979,
Plains receiving hospice care. He was has become a tradition for new presidents, Carter imposed a trade embargo and orga-
there alongside Rosalynn, his wife of 77 he stepped out of his limousine during the nized the boycott of the 1980 Summer
years, when she died in November 2023 at inauguration parade and walked down Olympic Games in Moscow. Rosalynn
age 96. And he lived long enough to fulfill Washington’s Pennsylvania Avenue to the Carter said she tried and failed to persuade
a final wish—to cast a ballot for Kamala White House. her husband to wait until after the Iowa
Harris in the 2024 presidential election. Carter’s family included colourful char- presidential caucuses of 1980 to impose
A Democrat who rose from running his acters such as his sister Ruth, a faith the embargo, which hurt US farmers.
family’s peanut-farming and seed-supply healer, and brother Billy, a gas-station “I am much more political than Jimmy
businesses to serving as Georgia governor, operator whose enjoyment of drinking led and was more concerned about popularity
Carter won the White House in 1976 over As US president, Carter brokered a historic and lasting peace accord between Israel and Egypt in a single term marred by soaring to the creation of the short-lived Billy Beer and winning re-election,” Rosalynn wrote
incumbent Gerald Ford by promising to inflation, an oil shortage and Iran’s holding of American hostages. REUTERS brand during his brother’s presidency. in her 1984 memoir, “but I have to say that
bring honesty to an office tainted two The president’s mother also grabbed he had the courage to tackle the important
years earlier by the resignation of Richard pivotal time in US history. He “did every- words into a blunt instrument that helped best-selling 2007 book, Palestine: Peace media attention. A nurse who tended to issues, no matter how controversial—or
Nixon in the culmination of the Watergate thing in his power to improve the lives of them depose a president,” historian Kevin Not Apartheid, which compared Israel to Black and White families in the segre- politically damaging—they might be.”
scandal. all Americans,” Trump said on his Truth Mattson wrote. the White governments of South Africa gated South, she joined the Peace Corps at The biggest external crisis of his presi-
Ascetic, humble and deeply religious, Social platform. “For that, we all owe him Carter’s words, he noted, “received that systematically oppressed Black citi- age 68 and always had a ready quip for the dency was precipitated by the Islamic
Carter was sceptical of the pomp sur- a debt of gratitude.” immediate applause and yet wound up zens. press. Revolution in Iran that overthrew the
rounding the presidency and came to The signature achievement of the ensuring his defeat” to Reagan in the 1980 Carter’s longevity defied the odds. He “When I look at my children,” she once shah and installed a theocratic govern-
Washington with fewer allies and fixed Carter presidency, the Camp David election. revealed in 2015 that he had melanoma, a cracked, “I say, ‘Lillian, you should have ment headed by formerly exiled cleric
positions than most who hold the job. Accords between Israel and Egypt, led to Just weeks after delivering the speech, type of cancer, and that it had spread to his stayed a virgin.’” Ayatollah Ruhollah Khomeini.
His allegiance to an inner moral com- peaceful co-existence between the Middle Carter tapped Paul Volcker, president of brain. He received treatment, recovered As president, Carter signed legislation On 4 November 1979, radical students
pass, his vow to support societies that East neighbours even as it fell short of the Federal Reserve Bank of New York, to and on 22 March 2019, became the long- creating the cabinet-level department of overran the US Embassy in Tehran and
“share with us an abiding respect for indi- resolving the conflict between Israel and take over as chair of the Federal Reserve, est-living chief executive in US history. In education. He appointed women, Black took more than 60 Americans hostage.
vidual human rights” and his tendency to the Palestinians. replacing G William Miller, who became 2021, Jimmy and Rosalynn Carter cele- people and Hispanic people to federal Fifty two of them were held for the last
speak his mind collided at times with That and other foreign policy break- treasury secretary. Volcker made it clear brated their 75th wedding anniversary. posts in large numbers. He stunned the 444 days of Carter’s term.
political realities during his four years in throughs, including the establishment of to Carter that he would deal head-on with His Christian faith, he said, made him defence contracting industry by killing In April 1980, Carter gave the go-ahead
office, from 1977 to 1981, and served as a formal ties with China and a treaty grant- inflation by pursuing tighter monetary “absolutely and completely at ease with the Air Force’s expensive B-1 bomber for a military assault on the embassy to
preview of what was to come in a service- ing Panama ownership of the US-built policies than Miller. Volcker’s policies— death.” project, a step later reversed by Reagan. rescue the hostages. Of the eight helicop-
filled post-presidency that lasted decades. Panama Canal, were overshadowed by the which sent interest rates as high as 20%— James Earl Carter Jr was born on 1 Octo- He signed the law that created the federal ters from the USS Nimitz that headed to a
Carter “assembled a new front line on plight of American hostages held in Iran came at a high price, the fallout contribut- ber 1924, in Plains, Georgia, the first of Superfund program to clean up hazard- desert staging area, from which the raid
nearly every issue, with no inherited party during the last 444 days of his presidency. ing to Reagan’s landslide victory over four children born to Earl Carter, a farmer, ous-waste sites. on Tehran was to commence, three had
game plan or ideological playbook to fall They were finally released the day Carter Carter in the 1980 election. and the former Lillian Gordy, a nurse. He Carter won praise after his presidency problems. The mission was aborted, and
back on,” Jonathan Alter wrote in a 2020 turned over the Oval Office to Republican Though some of Volcker’s policies grew up in the nearby hamlet of Archery, for the steps he had taken toward deregu- during preparations for retreat, a helicop-
biography that painted him Ronald Reagan. “were politically costly, they were the where the family owned a peanut farm lation, particularly of the air- ter flew into a C-130 transport
as often right in his instincts Carter won the On the domestic front, the right thing to do,” Carter commented and a general store. He travelled two miles line industry, where the Carter had opted plane and exploded. Eight
but flawed in executing gov- 1976 election by Carter presidency was dog- upon Volcker’s death in 2019. each day to Plains to attend an all-White removal of government con- in early 2023 to American servicemen died.
ernment responses. The promising to ged by economic woes. Infla- Carter made some of his biggest school. trol of fares and routes pro- spend his Stymied by crisis on the
book was among several in bring honesty to tion reached 13.3% at the end imprints on the world in the years after he Electricity and indoor plumbing didn’t moted competition. remaining time at domestic and foreign fronts,
recent years that offered a of 1979 compared with 5.2% left the White House. He “reinvented the reach the Carter farm until 1935. One of his longest battles Carter lost his bid for re elec-
an office tainted when he took office in Janu- post-presidency,” observed Julian Zelizer, Carter attended the US Naval Academy
his home in Plains,
revised and sunnier view of with Congress involved his tion in a landslide, with Rea-
Carter’s crisis-plagued ten- two years earlier ary 1977. The Federal a professor of history at Princeton Univer- in Annapolis, Maryland, from 1943 to his proposal to scrap 18 dam and Georgia, receiving gan winning 44 states. The
ure. by Watergate Reserve’s actions to stem sity and a Carter biographer. graduation in 1946. He began dating a girl irrigation projects, most of hospice care hostages were released on 20
Though Carter “left the price increases pushed In four-plus decades as an ex-president from Plains, Rosalynn Smith, when home them in the West and South. January 1981, the day Reagan
White House a widely home-mortgage rates to —the longest such tenure in American on breaks. They married in July 1946 and His “hit list” pleased many was sworn into office.
unpopular president,” his achievements almost 15%, and Carter had to take emer- history—Carter waged a worldwide cam- would have four children—sons Jack, environmentalists while angering West- “Over the years, in various classrooms
“shine brighter over time, few more than gency action to stem a slide in the dollar. paign against war, disease and the sup- Chip and Jeff, and daughter Amy. erners, including some fellow democrats. and public forums, I have often been
his unique determination to put human There were energy shortages, and oil pri- pression of human rights through the While serving in the Navy for seven Congress restored funding for most of the asked if there was one substantive action
rights at the forefront of his foreign policy ces more than doubled. Atlanta-based Carter Centre, which he years, Carter worked on the development projects. or decision I made as president that I
from the start of his presidency,” his chief A speech to the nation on 15 July 1979 founded with his wife. The centre made of the nuclear submarine program and From his presidency’s earliest days, would have changed,” Carter wrote in
domestic policy adviser, Stuart Eizenstat, became emblematic of Carter’s presi- particular strides against Guinea worm rose to the rank of lieutenant. When his Carter sought to highlight and utilize White House Diary. “Somewhat face-
wrote in a 2018 biography of his former dency. disease, a parasite spread through con- father died in 1953, Carter resigned his energy shortages to raise support for his tiously, I have answered, ‘I would have
boss. With fuel prices skyrocketing and lines taminated water that can render victims commission to return to his family’s pea- domestic agenda. The cabinet-level sent one more helicopter to ensure the
In a statement on Sunday, President Joe at gas stations lengthening, Carter told non-functional for months. Worldwide nut-farming business. department of energy was created in his success of the hostage rescue effort in
Biden eulogized Carter as “an extraordi- Americans that solving the energy mess cases dropped to just 14 in 2023 from an In 1962, he was elected to the Georgia administration’s first year, and he had April 1980.’ But I truly believe that if I had
nary leader, statesman and humanitarian” “can also help us to conquer the crisis of estimated 3.5 million in 1986, according to Senate and in 1970 was elected governor, solar panels installed on the roof of the done so, I would have been re-elected.”
who touched the lives of people around the spirit in our country.” He said many the centre. having lost his first bid in 1966. His work to White House. In a televised address to the The Carters returned to Plains after
the world with “his compassion and moral Americans “now tend to worship self-in- Carter was awarded the 2002 Nobel end racial discrimination in the state nation two weeks into his term, Carter leaving the White House, and Carter
clarity.” Biden said he’ll be ordering a state dulgence and consumption.” Peace Prize for “decades of untiring effort made him a symbol of the “New South.” called for a new emphasis on conserva- taught scripture at the Maranatha Baptist
funeral for Carter in Washington, and he Though Carter never uttered the word, to find peaceful solutions to international At the start of his campaign for the pres- tion, mirroring the White House’s own Church as recently as 2020.
designated 9 January as a national day of the address became known as the “mal- conflicts, to advance democracy and idency, Carter was not widely known out- push for frugality. In his post-presidency, Carter helped
mourning. aise” speech and contributed to a sense human rights, and to promote economic side of Georgia and was viewed by analysts At Camp David, the presidential retreat arrange peace talks between North and
President-elect Donald Trump, who that Carter was powerless to change the and social development.” as a long shot for the Democratic nomina- in Maryland, Carter guided Egyptian pres- South Korea and a cease-fire in Bosnia.
often brought up Carter’s presidency dur- nation’s course. His post-presidential causes were not tion. He began travelling the country ident Anwar Sadat and Israeli prime min- Through the Carter Centre, he helped
ing this year’s election campaign to needle “Our memory of the speech comes from without backlash. Fourteen advisers to the before many other candidates had started ister Menachem Begin to the 1978 accord monitor elections around the world to
Biden, said Carter faced challenges at a those who reworked it, who twisted its Carter Centre resigned in protest of his their campaigns, pitching his outsider sta- that led the next year to the first peace help ensure that they were fair.

Syria looks to pick up the pieces of its shattered economy

FROM PAGE 1 major challenge. Syria was rather than being nearly com- takeselfieswithpreviouslyrare Mustafa, owner of a tobacco ernment in Damascus in mid-
once a net oil exporter—earn- pletely reliant on fuel imports U.S. bills. shopinDamascus,pointingata December. She didn’t com-
countryofmorethan20million ing $3 billion to $5 billion a as we are now,” said Tareq Hallak, the Damascus busi- glassshelfstockedwithforeign ment on lifting sanctions but
people are understaffed and year,nearlyhalfitsexportreve- Asfour, who oversees fuel stor- nessleader,saidpreviouslyany cigarettes. “It is still strange to saidtheU.S.haslatitudetopro-
shortonexperience,havinggov- nue—via sales mainly to age and transport for the state- foreign-currency exchanges, me that this doesn’t get me in vide some early assistance to
erned only a single province Europe. That came apart after owned company that manages when dealing with interna- trouble.” the country’s recovery.
before finding themselves in 2011, when the Assad regime fuel distribution, now under tional businesses or individu- Businesses and consumers The EU has sought assuran-
charge. began a bloody campaign to HTS control. als, had to be conducted saytheyarecautiouslyoptimis- ces from HTS before it lifts
New government officials stay in power following pro- “There is also much work to through state-controlled enti- tic about the economic future. sanctions but has also said it
from HTS are sharing offices tests against its rule. Sanctions dotorepairthedamagedoneto ties, which charged fees of Reema Sbiehe, a pharmacist in would boost humanitarian aid
with some low and midlevel cut into sales, and the regime our long-neglected oil and gas around 10%. Damascus, said customers are efforts.
staffers from the Assad era, as lost control of many oil fields infrastructure,” Asfour said in “It really drove up costs. happy to be able to access for- Dahi, the economics profes-
they learn how to handle large- during the civil war. an interview, as armed men in Even people abroad who were eign medicine brands at sor, said the maintenance of
scalebureaucracy. Iran, a close partner of the fatigues shuffled in and out of sending money to try to help cheaper prices since the Assad sanctions could keep the cen-
Before the civil war, which Assadregime,helpedfillthegap his office. their families in Syria had to regime fell. tral government weak and
began in 2011, Syria was a fast- but halted oil shipments after HTSleaderAhmadal-Sharaa pay this,” hesaid. “Nowthatwe “There was a reputation that dependent on countries with
growing, lower-middle-in- the rebels took over. Along the said talks with Kurdish-led HTS leader Ahmad al-Sharaa said talks with Kurdish-led groups can freely transact in dollars, Syrian drugs were not as effec- the ability to finance projects.
comecountrywithvirtuallyno border crossing between Syria groupscontrollingtheoilfields controlling the oil fields are under way. REUTERS we are in a better position.” tive or high quality,” she said. “We’re likely to see the
extreme poverty, according to andLebanon,dozensofpeople are under way. Syria’s interim There are signs of improve- “The foreign drugs we would emergence of dual or multiple
the World Bank. couldbeseensmugglingincan- oil minister didn’t respond to machines to count the thick ment salaries and prop up the ment. Several owners of Syrian sell were under the table and ‘public sectors,’” he said,
Poverty has since crippled isters of gasoline. requests for comment. stacksofcashconsumersuseto currency but also to help fund businesses of various sizes said more expensive. Now, they are describing a scenario in which
much of the country. Roughly Meanwhile, HTS doesn’t The civil war and years of payforanythingfromamealto reconstruction,” said Randa in interviews that prices have more accessible.” states that finance large pro-
75% of the population is esti- controlSyria’snortheast,home international isolation also clothing. Slim,aseniorfellowattheMid- gone down since the fall of the The U.S. is weighing various jectsbypassthecentralgovern-
mated to be living on less than to the bulk of the country’s oil broughtpunishinginflation.In Foreigncurrency,whichwas dle East Institute, a think tank Assadregime,dueinparttothe forms of temporary sanctions ment for some decision-mak-
$3.65 per person a day, accord- reserves, which is held by the the years before the war, restricted bytheAssad regime, in Washington. eliminationoftheregime’sfees relief to provide needed aid, a ing within Syria.
ingtotheWorldBank,and33% Kurdish-ledSyrianDemocratic roughly 50 Syrian pounds is finally circulating but it is in Foreign currencies are now and bribes. personfamiliarwiththematter “Syria’s peace right now is
onlessthan$2.15,whichiscon- Forces. could buy $1. shortsupply.“Thecentralbank preferred by some businesses. Stores that once hid smug- said. extremely fragile, particularly
sidered extreme poverty. “If we gain control of the In late December, it cost needs reserves—its foreign Freelancecurrencyexchangers gledforeigngoodsnowdisplay Barbara Leaf, U.S. assistant given the dire economic
Fuel shortages, which have country’s oil fields, we can gain 13,000 Syrian pounds. Many reserves are very low right roam the streets and get them prominently. secretary of statefor Near East- needs,” said Dahi.
led to frequent blackouts, are a alevelofenergyindependence, businesses use electronic now—not only to pay govern- stopped by people asking to “Take your pick,” said Saleh ern Affairs, met the new gov- © 2024 DOW JONES & CO. INC.
LIVEMINT.COM NEWS WRAP TUESDAY, 31 DECEMBER 2024
NEW DELHI 11

NEWS
1.1%
INDIA’S PROJECTED current account
₹3,760 cr
THE TERM loan that Rosa Power Supply
233,000
THE NUMBER of people who died in the
150
THE NUMBER of trains cancelled by the
1.7mt
THE QUANTITY of corn exported from
IN deficit as a percentage of GDP for FY25, Co., a subsidiary of Anil Ambani-owned new and ongoing wars in 2024, half of Indian Railways due to the ongoing the US in the week to 19 December, above
NUMBERS driven by a widening trade deficit and
outflow of FPI, according to ICICI Bank.
Reliance Power, is set to avail from Power
Finance Corporation.
them in Ukraine, Palestine, and Myanmar,
according to ACLED, a non-profit.
protests by Punjab farmers demanding a
legal guarantee for MSP for crops.
market expectations, supporting six-
month-high prices.

HOWINDIALIVES.COM

New verification THE NEW YEAR BECKONS Ikea’s FY24 loss

facility for NEFT widens to ₹1,299 cr

T I
he Reserve Bank of India (RBI) has asked kea India, a leading furniture and home
the National Payments Corporation of furnishing retailer, reported widening of
India to develop a facility to allow losses to ₹1,299.4 crore in FY24, according to
customers using online fund transfer systems, an RoC filing by the company.
RTGS and NEFT, to verify the name of the Its revenue from operations was at ₹1,809.8
bank account to which money is being crore, up 4.5% in the financial year that ended
transferred before initiating the transaction for on 31 March 2024, according to financial data
avoiding mistakes and preventing frauds. accessed through business intelligence
All banks that are direct members or sub- platform Tofler.
members of Real Time Gross Settlement Total income of Ikea India Pvt. Ltd was also
(RTGS) System and National Electronic Funds up 5.12% to ₹1,852.7 crore in FY24.
Transfer (NEFT) System are advised to offer Ikea India reported a loss of ₹1,133 crore and
this facility no later than 1 April, the central its revenue from operations was at ₹1,731.6
bank said in a circular on Monday. crore a year earlier. The increase in loss is
Currently, the Unified Payments Interface largely due to investments towards expansion
and Immediate Payments Service systems towards omnichannel growth, according to the
enable a remitter to verify the name of the company.
beneficiary before initiating a transfer. “Our losses largely reflect the investment we
RBI has advised the National Payments are making towards our omnichannel growth,”
Corporation of India to develop the facility and said an Ikea spokesperson. PTI
onboard all banks. PTI

Vehicles stuck in a traffic jam as tourists arrive for new year celebrations, at Manali in Kullu district of Himachal Pradesh Monday. Some areas in the
state, including Sissu in Lahaul and Spiti district, recorded fresh snowfall. Cold wave conditions intensified in Gulmarg and Pahalgam in Kashmir
where mercury plunged several degrees below the freezing point. Most parts of north-western India were in the grip of a cold wave with upper
reaches experiencing fresh snowfall as temperatures fell below zero at several places in the Himalayan region. The cold wintry conditions are likely
to continue for another week with a possibility of fresh snow and rain in the region, according to the India Meteorological Department. PTI

Two aeroplane BII to invest ₹650 cr in final

tranche in M&M’s EV arm The rupee fell due to a decline in the offshore

crashes lead to
Chinese yuan and broad-based dollar bids. AFP
The six companies filed their draft IPO papers

A Rupee slips to
with Sebi from 10 to 23 September. REUTERS utomaker Mahindra & Mahindra Ltd (M&M) on Monday
said British International Investment Plc (BII) will make a
Ather, 5 others get record closing low
deadliest year in
final tranche investment of ₹650 crore, as against earlier
planned investment of ₹725 crore, in its electric vehicles (EV) arm.
Sebi’s nod for IPO In May, the company had intimated that it and BII have

T
mutually agreed to extend the timeframe for the final tranche of he rupee slipped to its weakest closing

skies since 2018

BII’s planned investment of ₹725 crore in Mahindra Electric level on record on Monday, pressured by

S
ecurities and Exchange Board of India Automobile Ltd (MEAL) and would jointly assess whether a decline in the offshore Chinese yuan
(Sebi) has cleared proposals of six additional investment is required by 31 December, M&M said. PTI and broad-based dollar bids amid a prevailing
companies, including Leela Palace parent bearish bias on the local currency.
firm Schloss Bangalore, Ather Energy and The rupee ended at 85.5350 against the US
Oswal Pumps, to launch their public issues. dollar, down marginally from its close of
The six companies filed their draft IPO
papers with Sebi from 10 to 23 September and
Super Plastronics targets 85.5325 in the previous session.
While the local unit touched a peak of 85.44
obtained the regulator’s observations on 23-27 Passenger fatalities jump to 318 this year 1 million TV sales in 2025 during the session, it surrendered its gains in
December, an update with the markets the latter half of the day in the face of broad-
regulator showed on Monday. The companies based dollar bids from banks and as its regional

S
are Ivalue Infosolutions Ltd, Ather Energy, Bloomberg two of the 181 people on board died uper Plastronics Pvt Ltd, a TV and home appliances peers declined, traders said.
Oswal Pumps, Quality Power Electrical feedback@livemint.com as the wrecked jet exploded into a manufacturing company with licenses of several global On the day, Asian currencies were mostly
Equipments, Fabtech Technologies and ball of fire. brands for the Indian market, targets to cross the mark of one lower while the dollar index gained 0.1% to

C
Schloss Bangalore Ltd. ommercial aviation has suf- After another Jeju plane experi- million units of TV sales in 2025, helped by capacity 108.1.
In Sebi’s parlance, obtaining observations fered its deadliest year since enced a landing-gear issue, Korean enhancement, expansion of portfolio and increasing presence in The dollar-rupee pair is “is expected to
means its go-ahead to float public issues. 2018 after the Jeju Air Co. authorities on Monday ordered offline channels, said director Avneet Singh Marwah. remain in a range of 85.30-85.60 with dips to
The ₹5,000-crore proposed IPO of Schloss disaster in South Korea and last maintenance record checks of 101 The Noida-based company plans to add licensing rights for two be bought,” Anil Bhansali, head of treasury at
Bangalore Ltd, which operates Leela Palaces week’s downing of an Azerbaijan other 737-800s in operation among more global brands in the Indian market. PTI Finrex Treasury Advisors, said. REUTERS
Hotels & Resorts, is a combination of a fresh Airlines plane. local airlines. Boeing shares fell in
issue of equity shares worth ₹3,000 crore and Onboard passenger plane fatali- early US trading. Jeju Air’s first fatal
an offer for sale of stocks valued at ₹2,000 ties this year jumped to 318 with the crash also marked the worst civil air
crore by promoter Project Ballet Bangalore two recent crashes, data compiled accident ever in South Korea.
Holdings (DIFC) Pvt. Ltd. by Cirium shows. That’s by far the The wider inspections came as
This could be the country’s largest IPO in the highest death toll since more than investigators started to analyse the
hospitality sector. PTI 500 people died in 2018, a year cockpit voice recorder and the dam-
marked by the first of two Boeing aged flight data device, which hold
Co. 737 Max crashes. crucial clues into the movements of
This year started and ended with the jet and the actions and state of
Senores Pharma tragedies in Japan and South Korea the pilots.
during attempted landings, among In January, a huge Japan Airlines
has a strong debut the most dangerous phases of flight. Co. jet collided with a coastguard
Fatal aviation plane at Tokyo’s
accidents Haneda Airport.

T
he shares of Senores Pharmaceuticals Ltd remain very Year started and ended Everyone aboard
on Monday listed with a premium of over rare, and one with tragedies in Japan the commercial
53% against the issue price of ₹391. major incident jetliner survived,
The stock made its debut at ₹593.70, rallying can suddenly and South Korea during but five people
51.8% from the issue price on the BSE. turn a statisti- attempted landings on the smaller
Later, it jumped 55.8% to ₹609. cally safe year aircraft were
At the National Stock Exchange (NSE), into one of the killed. The year
Senores Pharmaceuticals listed at ₹600, which worst. was also marred by a fatal case of
was a premium of 53.5%. “The recent spike falls into the severe turbulence in May on a Sing-
The company’s market valuation stood at margins of unpredictability,” said apore Airlines Ltd jet flying over
₹2,657.29 crore. Darren Straker, a former head of air Myanmar.
The ₹582-crore public issue of Senores accident investigation units in the In July, Nepal’s Saurya Airlines
Pharmaceuticals Ltd received 93.69 times United Arab Emirates and Hong crashed after taking off from Kath-
subscription on the final day of bidding on Kong. He suggested airline crews mandu, killing 18. And in August
Tuesday amid strong investors’ participation. could be better trained to respond to dramatic footage of a plane operated
The initial share sale had a price range of so-called outlier events. by Brazilian airline VoePass cap-
₹372-391 per share. Investigators have yet to deter- tured the turboprop freefalling from
Senores Pharmaceuticals’ initial public mine why a Jeju Air Boeing 737- the sky after encountering icy
offering had a combination of fresh issuance of 800—a predecessor to the Max— weather conditions. That accident
shares worth ₹500 crore and an Offer-for-Sale careered down the runway at Muan killed 62.
of up to 2.1 million shares valued ₹82.11 crore, International Airport early Sunday Global conflicts may also have
by promoters and other selling shareholders, at with no landing gear deployed and contributed to this year’s aviation
the upper-end of the price band. PTI smashed into a concrete wall. All but fatalities.

Rajat Verma to take over as DBS Bank India CEO

S
ingapore-based DBS Bank has appointed Rajat Verma as
the chief executive officer of DBS Bank India with effect
from 1 March, the bank said in a release.
HAVE FUN
WITH FACTS ON SUNDAYS
Verma, currently the head of Institutional Banking Group
(IBG) at DBS Bank India, will succeed Surojit Shome who will Catch the latest column of

A
retire on 28 February. In this new role, Verma will also be a
part of DBS’ group management committee.
Verma has a 27-year track record across consumer and
corporate banking including transactional banking, financial
institutions, sustainable finance, micro and SME banking, as A quiz on the week’s development.
well as branch banking. hindustantimes htTweets www.hindustantimes.com

He joined DBS in June 2023, and has since significantly

grown the business across all client segments through
deepening existing corporate relationships, accelerating the
acquisition of new customers, release said. ANSHIKA KAYASTHA Rajat Verma will succeed Surojit Shome as CEO. REUTERS
12 TUESDAY, 31 DECEMBER 2024
NEW DELHI LONG STORY LIVEMINT.COM

15 AWESOME STORIES
YOU SHOULDN’T MISS
In 2024, we published over 200 Long Stories. Here’s our recommended year-end list

Mint illustrations (from left): Simplilearn’s founder Krishna Kumar; the holding image for the Long Story on General Atlantic; and Deepinder Goyal, chief executive officer of Zomato. RAJESH KUMAR/TARUN KUMAR SAHU/MINT

Goutam Das writers, Ranjani Raghavan and Sneha QUANT MUTUAL FUND: THE is worth millions. But the makhana is a gramme between late 2021 and mid- growth has been a shot in the arm for Net-
goutam.das@htlive.com Shah, picked up a buzz in the market UNTOLD STORY BEHIND product of intense manual labour, 2023. It guaranteed job placements after flix, which had for long been floundering
NEW DELHI about how contagious Byju’s had SANDEEP TANDON’S RISE demanding precision, endurance, and learners completed certain online in the country like a rudderless ship, hav-

T
E
become for its backers—many venture his story shines a light on Sandeep skill. A hundred thousand mallah families courses. Over the course of many ing drawn flak for its niche, upmarket and
arlier this year, Varun Sood, firms had to write down their invest- Tandon’s path to entrepreneurial from the Madhubani and Darbhanga dis- months, the company enrolled 900 often confused strategy. Yet, its original
Mint’s writer in Bengaluru, ments. The reportage on General success—he turned Quant MF into an tricts in Bihar are the only ones engaged in learners. Samiksha Goel, our startup content hasn’t been able to match the
reviewed over 3,000 filings from Atlantic, which invested nearly $400 asset management company that matters. this work, even though the crop is culti- writer, investigated what happened next. quality of its rivals’ shows. Lata Jha spoke
the last 17 years to piece together million in the edtech firm, took a few But his path to get there was full of twists vated widely across Asia. Alisha Sachdev A now familiar story from the edtech to industry insiders such as film producers
a narrative on Quant Mutual months. Where did the PE firm go and turns. Beyond a handful of people in travelled to Purnia in Bihar to bring you landscape unravelled—one of aggressive to piece together this story.
Fund. Alisha Sachdev, who covers auto, wrong? An inside story packed with the mutual fund industry, few know of this this delightful story. business projections and mis- selling. In
took a fancy to makhanas. She landed up data and great perspective. winding trail, for it has lain obscured one audio recording that Mint accessed, HOW PIROJSHA GODREJ
at a dimly lit hut in north Bihar’s Purnia within the dense foliage of corporate fil- FRYING PAN, WETLAND, GAS a sales executive from the company is CHANGED INDIA’S REAL ESTATE
district at 3 AM, just to understand how THE CURIOUS CASE OF UAE- ings. Varun Sood stitched up a compelling CHAMBER: IS IT TIME FOR YOU TO heard convincing a learner: “If you go BUSINESS
makhana seeds are popped. And Sayantan
Bera, our ace agri reporter, braved north
BASED FUNDS IN INDIA’S SMALL-
CAP BUBBLE
narrative of this trail as well as Tandon’s
working style. Is he a lone wolf?
LEAVE DELHI?

D elhi,India’scapitalcity,isunbearably
with the job guarantee programme,
there is no risk involved. In case you B efore the covid-19 pandemic, India’s
real estate business was in a slump.
India’s heat wave in June to arrive at a
farm in Amroha, Uttar Pradesh, to report
on India’s mango exports. Just a few
E arlier in 2024, Madhabi Puri Buch,
chairperson of the Securities and
Exchange Board of India, warned about
MANGO: KING IN INDIA, NO
KINGDOM ABROAD
hotinthefirsthalfofanyyear.Thesec-
ondhalfcanusherinexcessrainsandfloods.
Afterthefryingpanandtheflood,comesthe
don’t get a job, you are eligible for 100%
refund.”
Many developers defaulted and quit the
market. Larger developers, meanwhile,
gained share. Godrej Properties, whose
examples that underline what it takes to
produce a great Long Story.
Last year, I heard someone comparing
a potential bubble forming in small-cap
stocks. She pinned this on the role of
some investors and the decisions some
M angoes evoke a range of emotions—
fromprideinone’sregionalcultivars
(the scientific term for variety) to envy and
gas chamber. By the end of October, north
India’sinfamouswintersmogsetsin,turn-
ingtheairunbreathable.Inshort,peoplein
NOT JUST A COLD PLAY: HOW
ZOMATO CAN MAKE DISTRICT A
BLOCKBUSTER
shares jumped multiple times in the last
five years, was among them. In 2023-24,
the developer clocked ₹22,527 crore in
Long Stories to a gourmet meal, eaten at a
finediningrestaurant.Thedishesheretake
time to cook, with attractive plating and a
companies took. Varun Sood, Mint’s ace
investigative reporter, took the hint
and, with the help of two lawyers,
heartburn. During India’s annual mango
season,plumpyellowBanaganapallesfrom
AndhraPradeshsquareoffwithfirmgreen
Delhi only get about 60 days of good
weather.Thisistestingthelimitsofhuman
endurance, writes Sayantan Bera. He also
I n 2024, we published three long stories
on Zomato, including one on
The reason? Among the cohort
n Blinkit.
sales bookings, an 84% jump from the pre-
vious year
year. In the process, it became the
largest listed developer in terms
taste that stays with you for a long time. It’s scanned hundreds of registration docu- Malgovas from Tamil Nadu. Nonetheless, servesawarning:Whathashappenedsofar of consumer internet compa- of sales. Madhurima Nandy, our
hard to disagree with the assessment. ments of five firms headquartered in India cuts a sorry figure when it comes to may only be a trailer of what is to come. nies that hit the bourses around real-estate writer, narrates the
We report, write and publish over 200 the Dubai Multi Commodities Centre, exports. Less than 0.5% of its annual pro- 2021, Zomato clearly stands inside story of the company’s
such stories every year, blending research, the UAE’s free trade zone. The analysis duction of 20-22 million tonnes is DEEP IN DEBT, HIMACHAL out. “The company stayed rise—and how a young Pirojsha
domain expertise, facts and data with unearthed obscure offshore funds that exported. Sayantan Bera, our agri and cli- PRADESH IS A CASE STUDY IN maniacally focused on the changedthecompany’sfortunes.
great narrative. This is a curation of 15 may have played a role in running up mate writer, travelled to Amroha in Uttar HOW NOT TO RUN A STATE evolving customer preferences
such stories, a collection that cuts across the share price of certain companies. Pradesh, renowned for Dasheri and On 25 January 1971, Indira Gandhi, India’s by making timely strategic Liked this story? IN PUBS AND HOMES,
trade and investment to films and beer. And several of these funds had links Langda cultivars, to find out the reasons former Prime Minister, announced Hima- choices in terms of new offer- Share it by BIRA’S CRAFT BEERS
They are, in short, unmissable. with a certain Dubai-based ‘hawala behind this underperformance. chal Pradesh as the nation’s 18th state ings, capabilities, and markets. scanning the WERE THE TOAST OF ONE
operator’. from Shimla’s The Ridge. Granting state- And above all, keeping a hawk- QR code. AND ALL. THEN THIS
WHY SENIOR MANAGERS WALK HOW INDIA TURNED INTO A hood, however, wasn’t sound econom- eye on the execution withoutt HAPPENED…
ON EGGSHELLS AROUND GEN Z
AT THE WORKPLACE
URBAN SLOWDOWN: WHAT
HAPPENED TO THE GREAT
TRADING NATION

I n 2023-24, 9.25 million unique individ-

ics—the mountain state has gone downhill
since the 1990s. The state’s financial posi-
being distracted,” wrote T.N. Hari in a
Long Story headlined Profits delivered:
ira revolutionized India’s craft beer
scene. Today, the company experi- B
W ould you miss an official meeting
because you had to walk your dog?
Well, this happens. Managers across the
INDIAN MIDDLE CLASS?

I n the second quarter of FY25, key

urban-focused consumption compa-
uals and proprietorship firms traded in
the index derivatives segment of the NSE.
And cumulatively, they incurred a trading
tion today is such that it is struggling to
manage its day-to-day operations. Salaries
have been delayed; most contractual pay-
What Zomato’s sizzling results teach inves- ments just too much. Under the Bira 91
tors, VCs. The company has metamor- brand, it sells beer, cider ale and seltzers.
phosed from food delivery to quick com- It once sold hot sauce. Apart from Bira
board, across sectors, and across the world nies reported weak performance. loss of ₹51,689 crore. Approximately 85 ments have been held up; its expenses far merce and is now taking baby steps in an Taproom, its bar business also includes
have been grappling with how GenZers Demand had slowed due to persistent out of 100 lost money. Trading in stocks outstrip revenue. N. Madhavan, our macro events business, District. Can this busi- The Beer Cafe. Did it stretch itself too
think.Withtheirbasicneedstakencareof, high food inflation, coupled with ele- isn’t safe either—on average, 71 out of 100 and policy writer, travelled to Shimla to ness, dominated by BookMyShow, give thin? The company is tight on funds.
this generation of workers is perceived to vated interest rates and shifting con- intraday traders in stocks lose money. But understand how populism has seeped Zomato’s investors outsized returns? When Varuni Khosla and Sumant Banerji
haveasenseofentitlementwhenitcomesto sumer behaviour. But for investors, many investors feel their luck will soon deep inside people’s psyche. Unpopular Soumya Gupta tried to answer in this reported on the story mid-year, com-
adhering to policies, processes and stan- there were pockets of opportunity to change. Why is that? Master storyteller decisions such as raising taxes, cutting compelling narrative. plaints from vendors were doing the
dards.DevinaSengupta’sexcellentnarrative make money, reported Abhishek Muk- Vivek Kaul answers through the lens of a expenses or even seeking private invest- rounds—Bira’s payments were increas-
onnew-ageattitudestowardsworkwillkeep herjee. His analysis carried a caveat: fictional couple, Mairaa and Vivaan. ment can invariably result in the govern- NETFLIX NEEDS ANOTHER MID- ingly getting erratic. The shortage of
you engaged till the very end of the story. “Ferreting out an investing opportunity ment being voted out of power. STREAM CHANGE IN INDIA. funds was taking a toll on the availability of
in the midst of a cost-of-living crisis fac- MADE IN BIHAR: HOW HERE’S WHY its beers, distributors told the writers. Its
STRUCK BY BYJU’S, GENERAL
ATLANTIC’S INDIA SHIP IS IN
ing millions might not be the most
redeeming feature of modern capital-
SUPERFOOD MAKHANA WORKS
ITS MAGIC
HARD LESSON: THE DARK
REALITY OF SIMPLILEARN’S JOB M any people in India have taken to premium wheat beer, particularly, was in
Netflix shows over the last couple of short supply in the national capital region.
DISTRESS. WILL IT SURVIVE?

A round December 2023, our ven-

ture capital and startup sector
ism, but as most middle-class Indians
know too well, morality is currently not
an inflation-beating asset.”
T he supermarkets are now stocked
with makhanas, the gluten-free, pro-
tein-rich and low-fat snack. The business
GUARANTEE PLAN

E dtech firm Simplilearn, backed by

Blackstone, ran a job guarantee pro-
years, and that has helped the streaming This engrossing narrative explored what
platform add subscribers in India’s clut- founder Ankur Jain was thinking.
tered over-the-top (OTT) market. The Happy reading!

A PEEK INTO 2024

10 MONDAY, 25 NOVEMBER
2024 12 WEDNESDAY, 26 JUNE
2024 10 FRIDAY, 19 APRIL 2024

LONG STORY
NEW DELHI

LONG STORY LONG STORY LONG STORY

NEW DELHI

LONG STORY
LIVEMINT.COM

LONG STORY
LIVEMINT.COM NEW DELHI

LONG STORY
LIVEMINT.COM LIVEMINT.COM

10 THURSDAY, 11 JULY 2024 2024

12 THURSDAY, 23 MAY 2024
NEW DELHI
LIVEMINT.COM
NEW DELHI
LIVEMINT.COM 10 THURSDAY, 29 AUGUST
NEW DELHI
LIVEMINT.COM 10 FRIDAY, 12 JULY 2024
NEW DELHI

WHAT HAPPENED TO THE N’S MANGO: KING IN IND MAKHANA: MADE IN

ARE
WHY GEN Z WORKERS ERS INSIDE SANDEEP TANDO NO KINGDOM ABROAIA, HOW INDIA TURNED BIH DEXIT: IS IT TIME FOR
A HANDFUL FOR MANAG
GREAT INDIAN MIDDLE CLA
SS? BUMPY RIDE TO THE TOP D INTO A TRADING NATION FOR THE WORLD AR, YOU TO LEAVE DELHI?
attitudes towards work One theme ran through place on a roller-coaster India is the largest producer The gluten-free and protein-rich
the just concluded Q2 earnings to that destination has taken but they feel their luck will
soon change superfood is worth millions, in the National Capital Region
struggling to cope with new-age a success, but the journey
of the king of fruits. So, why
is it still a low-level exporter? Many traders are losing money but large FMCGs are lukewarm the limits of human endurance
at many firms have been season—urban India is showing He’s turned Quant MF into about its prospects A hostile climate is testing
Middle and senior managers signs of distress Sayantan Bera piece I
Abhishek Mukherjee as well. In fact, the livemint.com execu-
mint
A SHORT HISTORY a senior
sayantan.bera@livemint.co
abhishek.mukherjee@live m mint referred to earlier quoted
SHORT mint.com
giving mint AMROHA/NEW DELHI
SHORT saying that bro-
versation, seeking his intervention, he is a 2013: Downward spiral tive at a stock brokerage

N
NEW DELHI
STORY SHORT of their commis-

J
thebrainsbehindQuantCapitalandthathe credence to the popular belief that 2007-2012:  23 EXECUTIVES exit
by STORY kerages shared 30-40%
STORY 2007-2012: The beginnings
Varun Sood at Quant. The subsidiaries to adeem Siddiqui caressing
Devina Sengupta ust across the road from the hadproddedPatrawala todothepaperwork as he was one-man army/micro-manager  QUANT CAPITAL set
up in
Quant Capital had 8
December 2012 after failing a Vivek Kaul sions with finfluencers.”
the stock bro- Sayantan Bera
ruins of above put it, get shares in the company mango is a sight to behold. “So, to summarise this,
devina.sengupta@livemint
.com WHAT the massive Tughlaqabad
South Delhi lies a beautifully in
Fort
varun.sood@livemint.com and incorporate the company
servinghisnoticeperiod atKotakSecurities.
As the executive cited
wolf. He does not have WHAT
December 2007 subsidiaries
 IN JUNE 2013, Patrawala
is He places a Chausa, a
feedback@livemint.com
WHAT kerages incentivised finfluencers,
who in sayantan.bera@livemint.co
m

and “Sandeep is a lone late

BENGALURU
 RELIANCE CAPITAL
enters Quant Broking Pvt. Ltd MUMBAI to trade more, NEW DELHI

I
The two friends were ambitious all, if he sets his flowering variety, on turn nudged their followers were being

G
served sandstone-and-marpre- ousted from Quant Capital

I
MUMBAI
Managers across the board, Quant many friends. But above as strategic investor in
2010
Quant Securities Pvt. Ltd
his In 2023-24, 9.25 million unique

O
ble n less than half a decade, rented an office on the he always gets it. As a journey palm to measure et up Mairaa,” said Vivaan, without telling them that
they Indian
n a Tuesday afternoon
in sectors, and the world have tomb. The mausoleum, Tandon, hungry. They IV eyes on something, Tandon’s entrepreneurial Ltd  TANDON STARTS building is growing. He climbs a tree how well it on individuals and proprietorship t is peak summer and a North heat,
built in the Mutual Fund, led by Sandeep India’s sixth floor of the Maker Chamber always wants to be the started with Quant Capital
Quant Capital shareholding Quant Investment Services of gently waking up his wife paid to do so.” town is baking in the sweltering
New York last month,
a been walking on eggshells early 1300s, belongs to Ghiyasuddin of the micro-manager, he structure, Dec 2012 (in %) his Quant business Langra variety searching the popular firms traded in the index
has blazed up the rankings at Nariman Point, Mumbai, decision-maker in everything.” Private Ltd, a firm founded
in Quant Com Broking for a rainy Mumbai morning. “Exactly.” which is worsened by high
humidity,
40-year-old senior execu- around younger executives Tughlaq, founder of the Tughlaq the 18th spot. building pests on unripe mangoes. spots and derivatives segment of
the NSE.
mutual fund industry to “Let me sleep yaar,” she
eep
Sandeep
Dynasty real estate—Mukesh friends and December 2007 by his friend
Adil body can
Tandon told Mint he has
Capital
tive was waiting for her in their 20s with less than
a of the Delhi Sultanate. (AUM), primest of prime Industries has an preferring to
don
Tand
12.74 QOPPA Trading Reliance-owned Quant rimmed glasses Siddiqui The black-
Cumulatively, they incurred
a “Interesting.” beyond the level the human
Its assets under management Reliance that the description of him Patrawala, a former Edelweiss Quant Capital Advisors Pvt.
Ltd had the following subsidiaries: is wearing add to replied. tolerate. Desperate for relief, night
the resi-
28-year-old colleague to decade of work experience. Ghiyasuddin’s life was
a revved-up at a mere ₹166 crore in Ambani’s fifth floor. Jhunj- the seriousness of his probing coffee.” trading loss of ₹51,689 crore.
version of the classic rags-to-riches which stood
to ₹84,000 office on
the was incorrect. “Rakesh Financial Services executive. 13.26
Quant Capital Finance & Quant Broking Pvt. Ltd primate looking at his prized eyes. Like a “Oh, get up and smell the GUESS WHO? dents head for a nearby
lake that
to discuss the and selling work alone this. And it
“I n fact, there is more to
(in %) to register
join her on a video call He started off as a menial tale. December 2019, had exploded according After starting out buying was a very dear friend,”
he said.
Quant Securities Pvt. Ltd possessions. Mairaa took a few seconds and submerge themselves
in the water to
launch of a website for their
employer— servant at a crore by the end of May
2024, clients, Quant Cap- hunwala we sought clarity on the events at 74 Investment Pvt. Ltd Siddiquiclimbsdownfromthe60-year- coffee and gets murkier. There is also
a transac-
be a bad idea as
the smell of freshly brewed said, tak- WHY cool down. That proves to
one of the largest product
firms in the AND merchant’s house, spent
time in Delhi looking for
a considerable Tandon shares for institutional
to disclosures by the company. success, ital quickly branched into five other
areas: When
Quant Capital, Tandon
said it was more AND Reliaance
Quant Commodities Quant Investment Services
Ltd
old tree and instructs the
worker shadow- then woke up: “That’s nice,”
she tion fee, which the stock
brokerage pays body tem-
the water is warm, well aboveall the resi-
waiting for has played an outsized role
in that ing him to cover more fruits glued to your in turn charges
trading, wealth management, on the present, espe- the stock exchange and
Adil
world. She had already been working a job, before ing a sip. “And why are you
Capital
Cap
with protec- to trade perature. By morning, nearly
Many young people joined its
their managing to find employment hat in 14 of the proprietary commodities and non-bank- important to focus house was outdoing l
Patrawala tive paper bags to shield Individuals are attracted Mairaa.
25 minutes—they were
both
and in the donning the fund manager retail equity, cially since his fund Quant Capital ended FY13
with 2018: Escorts deal them from birds phone at 7am?” the individual trader,” said dents are dead, their lifeless
bodies float-
It would jobs during the pandemic any royal army, where he by a 2014-2017: A new quant and flies. He is a third-generation because of ‘preference
from home and she was worried. through the ranks and
steadily rose 27 funds it offers. has been ing finance. institu- the industry.
He said he was perplexed ₹103 crore in revenue and Quant takes shape  IN JANUARY 2018, Tandon grower “Iwasreadingthisvery interestingpiece falsification’. Everyone around
“Okay.”
the broker- ing on the surface.
the employee to lockdowns, which mitigated or While the pace of its growth MF and Tandon and his team oversaw bygones were being ₹13.4 crore profit. However,
Sandeep Tandon-owned resigns as CEO of Reliance from Amroha in Uttar
on livemint.com,” said Vivaan,
an engineer “So, the transaction fee that portrayed
have been unusual for eventually Pradesh, a few
Established
peers became powerful enough the why questions on Capital-backed Quant Capital hour’sridefromthenationalcapital,Delhi. them talks of the money
they propor- This apocalyptic incident
bonding in offices with dizzying, the glow around
Quant
customers while Adil managedtime raised now when the fund was doing well. the partners fell out, and
Company company. age pays the exchange is inversely one and is
abscondfromoffice,buthomewasadiffer- to dislodge the June 2013
work- squabbling heirs of the last month. On tional working with a software made, leading them to believe it is able to gen- above isn’t real. It is a fictional(climate fic-
within a few seniors because of the Tandon began to fade late It was a heady purpose of discuss- the company, now owned
by Quant Capital Securities  IN FEBRUARY 2018, So far, 2024 has been
“What does it say?” asked
Mairaa, tional to the turnover that
ent turf. “I logged out, and sultan. August 2013 good for Sid- cli-fi
from-home imperative. Of course, this fairytale publication Money- remaining businesses.“Our vision was to “I don’t know what the episode is. Quant Capital Holdings
Pvt. Ltd
Tandon-owned Quant Capital diqui. “Last year, I lost close on that their luck will soon
change. Given this, the the opening scene in the
him apologis-
minutes got a message from his dogs for life 23 June, digital-only small team. ing this more than 15-year-old Quant,” Reliance Capital, began
sinking. September 2013 to ₹50 lakh an economist by training
and erate for the exchange. for the Future, by
accompanied by immense was also citing people for the
Pvt. Ltd
Quant Employee Welfare
Foundation Finance & Investments due to a freak hailstorm. out by traders, tion) novel The Ministry
control published a story, 2.0—a much bigger finan- is how we built a break to complete her
PhD. higher the trading carried The book,
ing for the delay. He had taken casual bigotry and other brutality, that officials build Edelweiss focusing on technology,” What is important buys Escorts’ mutual fund This
hoping to recover the losses,” year I am the lower the author Kim Stanley Robinson. how ‘The
privy to the development, to the AMC. buys these firms from “It’s a sort of a mea culpa the higher the turnover and
a walk and lost track of time.”
The senior recounted how
the shock of SO characteristic of medieval
assorted virtues
from market regulator
firm
Securities and cial servicesone of the early employees of said Tandon, referring
NOW
Quant Capital Holdings
Capital:
business
Fund is
ting on a charpai, under the he said, sit-
shade of giant NOW fee that the broker needs to published in 2020, narrates the world
set him apart from most
kings, but what (Sebi) had recounted Reliance-backed Quant Purchase Year  ESCORTS MUTUAL mango trees spread across of a 32-year old.” transaction Great Indian Heatwave’ pushed a way out
“take dogs for a Exchange Board of India
Fund
renamed as Quant Mutual the 25-acre “Mea culpa? Engi- pay the exchange.” find
skipping the meeting to of his peers was
management Quant Capital. heyday of the first wave of CO-FOUNDER’S
EJECTION a big to stop dragging its feet and
Company
which ebbed to
careers
Those at the start of their and
his administrative stance.
searched offices of the asset in Ltd 2014 orchard. The oppressive Finfluencers have played
Quant Capital’s parent is
T
demanding Quant Commodities Pvt.
he employees who were June
is in the
walk” gave way to anger, Having risen from the common and Hydera- That was the Indiab- 2014  RELIANCE CAPITAL ing in on 50 degrees Celsius,heat, clos- neer sahab is speak- role in attracting young
traders. “Okay.”
incentivised of the climate crisis.
company (AMC) in Mumbai entrepreneurship. First, Pvt. Ltd
acceptance. Los- have a different experience in the company’s equity bankruptcy proceedings. Quant Capital Advisors middle of bankruptcy proceedings; is a little ing Latin early in the “Now, stock brokerages But truth is stranger than
fiction. The
exasperation and finally Ghiyasuddin was acutely people, financial in a share Investment Pvt. Ltd 2017 more bearable here. Going ahead, they will be the idea of how
not an option perception of the workplace bad.Thereportsaidthecaserelatestosus- ulls Financial Services went public found a sympathetic ally
in Patrawala. Late last year, the Hinduja
Group Quant Capital Finance & Quant still a subsidiary finfluencers to promote takes place after
ing the young executive was aware hide incident described above
problems. But more importantly, of their picionsof‘frontrunning’,anillegalpractice. Nirmal Jain, a young graduate According to some of the executives cited
2017 disclosure Production in eastern morning.” regulated and can no longer of the stock mar-
compared to earlier generations fund is akin to 2004. Next, agreed to buy Reliance
Capital QOPPA Trading Source: Mint research, Company parts of Uttar “Well,” said Viv- easy it is to make money have crossed
sincehewasgoodathiswork.Andexplain- he sym- the fact that stock brokerages 2025 when air temperatures
Fund
to pathized with them. His up 10% stake in Escorts Mutual Pradesh has been lower so through their
are sacrosanct, and are less committed Frontrunning at a mutual Indian Institute of Management- above, Patrawala tried to convince Tan- and its subsidiaries for about  IN 2016, Tandon picks this year due to aan, ignoring his ket. The finfluencers did 38 degrees Celsius. This
summer, how-
ing to him that deadlines policymaking companies, from the got his company, IIFL
SATISH KUMAR/MINT
adverse weather while growing are paying them. media posts.
a dog walk, organizational goals. sought to strike a fine balance insider trading in listed need to honour their ₹10,000 crore. areas in wife’s jibe. “This videos, reels and other social the stock been consid-
ever, 38 degrees would have north and
even if that meant delaying state’s interests and the
between the trader or dealer Ahmedabad,listed in 2005. Jain’s batch- don about the southern and eastern India As
work-life bal- wherein a fund manager, Ltd group. “Adil took it upon have
by low yields due to untimely been hit guy says that over This drove up the turnover. ered balmy by millions across
could lead to questions over
masses’ welfare. orders and uses Finance Shah, promises to the implicated in EY’s report pointed out in a
all dogs, For instance, he not only is aware of large buy or sell gains. The mate from
the class of 1989, Rashesh us,” one of them executives any wrong. We are not reveal- rains and the last eight to brokerage ICICI Direct experienced
eastern India, as they often 10 degrees
ance and even a revolt. Besides, reduced the tax burden
substantially
that information for personal can go up took his firm, Edelweiss Financial
Servi- himself to fight for all of prolonged heat stress. futures and
recent note: “India’s monthly turnover
are, deserve a workinghoursofthelawfirmshewaslook- imposed by the next, however, committed nine years he temperatures that were at
least
noble creatures that they previous sultan but also fund is affected as the
price
public in November 2007. told Mint. What happened ing the identities of the
employees. For Indian consumers, the in financial options [financial derivatives] in March capital Delhi
ing to join with seniors before
her intern- remitted taxes order, which, in ces, over the mango sea- has lost ₹60 lakh by trading higher. The National
goodwalk,ifnotagoodrun.Thetrickis during years of drought, before it executes a buy was different left Patrawala reeling. Mint reached out to Patrawala son spans four months—from but reached a record…$1.1 trillion in March nearing 50
not clash shipstarted.“Manyinmybatchfindoutthe while simultane- Quant Capital, however, of the board July—with supplies peaking April to derivatives.” coffee might be instant recorded day temperatures
to simply ensure that it does ously undertaking infrastructural turn, affects investors by
impacting the
fromtherestofthepack.Itsuseoftechnol-
According to the minutes
2013, Tan- phone but
he declined to speak. with “Oh. As time goes by, more
such stories know this 2024.” It was around $27
billion warm
with work. workinghoursandcheckifthepoliciesare projects from Edelweiss, IIFL meeting held on 23 February the Quant The five former employees
Mint spoke mercury and ebbing with rising it’s good.” degrees Celsius and experienced
millennial balance…if there like digging more irrigation net asset value of a scheme. that it ogy set it apart were the progressing will come out,” said Mairaa. “You are the connoisseur
here V, want- 2019. This led to two things.” nights through May and
June. Public hos-
The senior executive, a conducive to a work-life canals and
Subsequently, Quant confirmed and Indiabulls’ broking business. don brought a notice before of Patraw- to maintain that Tandon’s actions monsoon. This year has been
“What?” asked Vivaan.
is time for us to meet our
friends and pur- building forts in the countryside
Sebi although Finance, had best varieties are in short pricey—the “Really?” coffee sourced from this planta- pitals set up heat treatment
wards, where
(fromthegenerationbornbetween1981- to shore
had received queries from ,thecompanyused Capital board for the removalall manner “retaliatory” and “vindictive”, as they consultation ing to buy Mairaa. “First, as I have already
explained, it were dunked
walking on egg- Mint. up security. Stayingtruetoitsname the end of 2012.
supply, which “Yes. In fact, as a recent and that plantation,” said patients reporting high fever
1996), is not the only one sue our hobbies,” she told it did not clarify the nature
of the probe. buyandsellstocks. ala, allegedly for committing all quit the company by
meansretailpricesareupwardsof₹100per Securities and tion always helped drive up commissions
earned by health
in their When reminded that for
many a good He also issued an astonishingly
what it is computeralgorithmsto He main- paper released by the it comes to coffee, I have in tubs filled with ice. Government
shells around younger executives mod- In July 2010, Tandon of malafide acts. Tandon rejects this narrative. kg. One could still get prized (Sebi) pointed “When in turn, finflu-
is spent in the ernist macroeconomic The regulator has not disclosed According his southern or Exchange Board of India with instant gratification.” the stock brokerages, and facilities reported 58 heatwave-related
20swithlessthanadecadeofworkexperi- part of their initial career edict.
taxation and the exorbitant Excessive investigating. In an roped in Reliance Capital It didn’t end at Patrawala.
don was tains that the
24 executives, including western varieties on ten-minute-delivery unique indi- been good encers earned more money.
Second, it of June). Delhi
Z or not be some- Tandon and co-founder Patraw- out, in 2023-24, 9.25 million “Okay, now tell me.” deaths (till the third week
ence (the latter belong to Generation office, Nazia said that would kings can be detrimental
demands of
interview with Mint on Tandon insists that all his as a strategic investor. to three executives, friend groceryapps—butthose aams
costanarm. firms traded in in the last few also helped brokerages pay
a lower trans- sat on an
1997 and thing she or her classmates
would be keen to progress, Ghi- unhappy with the group
of 23
ala, were looking to build
a par- At the orchard next to Siddiqui’s, viduals and proprietorship “The easy answer is that given water minister Atishi Marlena
iGen, and were born between across and some may yasuddin told his revenue 25 June, Tandon main- Reliance Capital picked a con- the index derivatives
segment of the rise of cheap smartphones, action fee to the stock exchanges, pro- more water
board, on. “Money is important later acquisitions of RCap who had demanded shares. off allel business. He also
denies tractor oversees workers (NSE) and years, the indefinite fast, demanding neighbour-
2012). Managers across the have been Perhaps there is no group
officers.
tained that it was busi- up a 74% stake in the neatly arranging National Stock Exchange in internet prices, and that the transaction fee
is inversely
from the Yamuna River
from
of us already
make that choice. But most we want to In the April-June quarter that he was not willing to
share Dasheris in boxes that will of along with the fall
sectors, and across the world this message would
among which
ness as usual. firms were transparent and company for about ₹200 the be
to India’s financial capital, dispatched cumulatively incurred
a trading loss
many apps with easy-to-use portional to turnover
contributed,”
grappling with the same
challenge. know the kind of legal practicewill put into resonate more
“Look around you. Do crore. Patrawala’s stake 2012, Reliance Capital hired a equity with the employees. are a kind the launch of in stocks and
ing Haryana.
wave in the
strongly at the moment than
After the ouster of Tandon’s
Mumbai. But ₹51,689 crore. Index derivatives interfaces, has made trading explained Mairaa. Incredibly, after the heat the other
To be sure, generational
differences get into and the hours that
we India’s mid- you see any disruption? were undertaken because came down to 13.26%, consultancy EY to conduct the fruits have been harvested
two weeks easy.” to
instance, in the
dle class.
forensic audit of the alleged friend and co-founder,
more ahead of maturity and so of financial derivative.” financial derivatives extremely “I had “Okay.”
not pass on capital, the pendulum swung June, fol-
have always existed. For the workplace,” she declared. We are all carrying on whileTandon’sshrank to are less sweet Workers “That’s a lot of money.” Vivaan. “The stock brokerages did of 28 PTI
to the Silent “It is an understanding
within my age RCap wanted to focus on 12.74% after the dilution. wrongdoings.EYconcludedthat people continued to
leave. and fragrant. pack pre-mature Dasheri unique “That makes sense,” said transaction fee extreme. On the morning
West, those who belonged CORPORATE CUES our usual work,” he said. Liked this story? depar- mangoes, which are less “Yes. And of these 9.25 millionapproxi- tried opening a trading and a demat the benefit of this lower lowing a spell of heavy rainfall,
parts of the
groupthattwoyearsis whatyougiveafirm Patrawala and the 23 employees Among these exits, the This annoys Siddiqui. “What sweet and fragrant, at to those trading
I
Generation(bornbetween1928-1945)were Sebi’s Quant kettle getting a bank license. By 2013, Quant Capi- will the an orchard in Amroha,
investors, 7.83 million investors, back and the charged by the exchanges A weather sta- rain on 28 June.
is not much to f there was one theme
had stolen data, siphoned
funds Share it by
ture of Quant Capital’s
com- consumer in Mumbai think Uttar Pradesh. account around ten years is referred city went under the water. Sarai Kale Khan area in
New Delhi after heavy
peoplewhofoughtinorgrewupduringthe because beyond that there through the just concluded running may be on the boil, but tal had become a 300- irregu- scanning the of our Dash- mately 85 out of 100, lost
money.”
process was so complicated.
Plus, the through them. This difference tionintheheartofDelhireported3.6times waterlogged road near
offer.Ifyouworkinlargerconsumerfirms ₹103 financial pany secretary and compliance eri?” Quality is paramount brokerages People wade through a better
SecondWorldWar.Theywerecalledtradi- ings season, it was that Q2 earn- this story has nothing to team. It ended 2012-13 with and committed
issued QR code. for
and exporter, whose producethe grower which makes for lower freight costs. “Ouch.” of these accounts were to as the rebate and stock the entire month’s rain in
just a few hours. European cities, which are
then less on Quant person larities. All of them were officer, Vivek Thakur, in
Febru-
are taken into user interfaces of an intensive compact
SAYANTAN BERA/MINT
that have role-change opportunities, a ₹13.4 well.”
tionalistsorconformistsandwerefollowed showing signs of distress.
urban India is do with it. Indeed, it focuses covered in crore in revenue and recorded y unusual move, competes Since most Indian mangoes a quarter by the “And once trading costs made money from this as A canopy of Terminal 1 of
the Delhi airport mint area situated at the heart Bhushan, designed and
have a great public transport
said Gauri.
one must ask for that or leave,” hours to Mutual Fund, which Mint
has show-cause notices in February ary 2014, stood out. In an
with the famed Alphonso have short per numbers US, the UK and Canada, as money trading quite horrible.” “So, everyone other than
the trader (Clockwise from left) A Ten more land-use ecosystem, Chandra “Do not build a skyscraper
the
bytheirpolaropposites,theBabyBoomers India’s biggest fast-moving instead looks at crore
profit. company. if the variety from shelflives—betweentw account, 90 out of 100 lost “But there is more to it,” replied
Mairaa. farmer with 75-day old
collapsed, killing a cab driver.Overnight, of the problem before
the
founder-chief system.
and 1964). The She is willing to commute
long
depth over the years, and run ended 2013, after they had left the Thakur penned a letter questioningwould
coastal Maharashtra and odaystotwoweeks from the Agricultural and mint
seems to have made money here.” are popped at a temperature prickly water lily plants.
clued into the magnitude
SHORT
environmental expert and piece of land.
(those born between 1946 employer, a mid- goods (FMCG) firm Hindustanconsumer set up a decade However, that spectacular a down-
Minthasreachedoutto EYforcomment led by Tandon,
Kesar
arat, both within and outside from Guj- afterharvest—theairrouteisthepreferred Processed Food Products Export Devel- SHORT UNMAKING OF THE MANGO financial derivatives.” “Oh.” of 250 degrees Celsius Makhanas are obtained
from the seeds of this died in other parts of the
city.
To be sure, a few people today is the slight dissociation STORY moment you spot a vacant
young rebels of work but insists that her Unilever, Quant Capital, a company company plunged into thus far. management,
ical texts are peppered with derivatives is “Yes. Kind of.”
to obtain the makhana; plant; Bhola Sahni’s family from managing have begun Delhi NCR executive of iForest, told
Mint. new tier-2 and tier-3 cities
Boomers were the brash considered a proxy for the Tandon faced and the but has not received a responseup at the tamper with official documents.
of
Siddiqui isn’t worried only India. mode of transport. This opment Authority (Apeda). STORY the fruit; one of the five
references to “So, trading in financial
disaster for
a local shop in West Bengal
stocks jars of flavoured at the fodi, where seeds the city’s priorities shifted changing ecology of Delhi reality when it comes to recognising in the 150km And create the load
turned the sizemanufacturingfirm,offerhertraining domestic con- A file photo before the AMC, and where pushes freight Fresh mango production are popped into makhanas; the thirst of Thakkar, a resi- from The overexploited lands the NCR), which can take
the 1960s and 70s who sumption story, reported ward spiral soon after. EY’s findings were taken in my posses- consumers in Mumbai about what costs up. “There is no financial has stagnated arrows of Kama- clearly a recipe for financial THE SALE
makhana. after being the heat wave and quenching moving away. Himanshu wave. The India Meteorological densely popu- (beyond
will think as he freight For instance, the average air ingmangoeswithoutgo viability in export-
roasted in a series of pans
down with llsets.“Idonotwant a 3.86% year-on- of a modern retail store
“I further state that I have over the years deva, the Hindu god of love there are sewers and a water sec- a heat WHAT radius around Delhi span
“I
in Gurugram. Inflation other challenges. Vivaan. at different temperatures,
Western world upside coursesinthelatestski year (y-o-y) dip in the September-quarter has led to caution when but the two
“The
23 February board meeting. sub- sion some copies of the original work per- also caters to many in the for Siddiqui is around ₹70 vernmentsupport. and desire, is most.” concluded n any economic transaction THE END to stop Alisha Sachdev the seeds itsparchedresidents to unblocking dent of north-west Delhi (IMD) has a strict definition Ghaziabad, off the capital.”
WHAT
“N
made of mango flowers. ow, what’s being done
theircounter-culture—flowerpower, tobeunemployedforlackofupdatedskills.
it comes to discretionary They may share first names, Arab world. He this summer. per kg Ain-i-Akbari, the “True. But that doesn’t
automatically
multiple parts. In this case,
the exist-
and draining the flood waters. less than four Department lated satellite towns (including and inten-
Independent Auditors have This, too, is from smaller Setting up post-harvest facilities for a sea- In the
Output (in million tonnes)
where there profit at ₹2,612 crore, while spending, particularly Quant Capital, EXODUS formed by me in the capacity
of company is a leading exporter of 16th century treatise alisha.sachdev@livemint.c each season. There, they PRADEEP GAUR/MINT
tor expert, now spends constitutes a heat wave. For its 21 mn residents, India’s
M
in the FMCG sector. is safer.”
free love, drug use and
hippie com- We also want to work in firms underlying companies are not related. any of Quant Capital’s the
India’s most populous state, fruit from international airports such as Lucknow sonalfruitavailablefor justthreemonthsin
2019-20 by the imply that trading in stocks traders are one this?” om pop the seeds of crisis around air, of what Faridabad, Noida and Gurgaon) spread NOT ENOUGH
volume growth stood at mitted their Reports to Reliance secretary/compliance officer/authorised 20.3 emperor Akbar, has a detailed Mughal ing and the prospective the stock bro- the prickly water lily into director of fast-moving months in the city. “The if the maximum daytime
tempera- hostile
capital has turned into a
theforerunner,startedasabrokeragebefore consumer farming multiple
employees—23, to be
T
will never be is little hierarchy,” she said. 3%, flying com- and Jaipur India produces half of the brokerages and “First, from 2 October,
PURNIA, KATIHAR makhana. (FMCG) conglomerate Dharampal goods is interconnected plains, o be sure, Delhi has taken
analyst estimates of 4-5%, lower than

A
munes. There probably Audit a year does account of the stock SEASONS FROM HELL if it is at least 4.5 sive ground-water-based
Capital Limited and I believe would be tamp- “Oh.”
not 2020-21
Urban India accounts for mercial varieties such as to destinations in the Middle make whereas The foxnut is a product of
commodities
moving into derivatives and is a subsidi- specific—had joined the com-
business
Dhaval Meghpara, director sense,” said
different mango varieties. study in July, part, able to pocket mint been an water and temperature ture crosses 40 degrees, of the Haryana decades to
MINT
kerages will no longer be environment for most part
20.4
around two- what the Shri signatory which Dasheri, Langra East. world’s mangoes but it is “In fact, Sebi released a who facilitate the process Satya- that value every year. across western Uttar Pradesh, steps over the past two
T
intense
anothergenerationquiteliketheBoom- flagging growth in urban
weighed by thirds of
the FMCG sector’s overall car manufacturer makes Reports have implicated my resignation from and Chausa to markets The payout on freight is a 2021-22
of indi- stock exchanges to charge the ual labour, demanding precision, man- pal (DS) Group, which he first half of 2024 has but we keep discussing them the normal tempera- are several
rebellious. But FASHION FAUX PAS markets. sales, vehicle (taxes and per trading,among otherthings.
It
pany from other financial and ered/doctored after in the Middle- the price higher than gadh-based of the Juna- minor player in global trade. 20 8 But despite this obsession,
which said that around one-third then there are the rebate and will have t 3 am, in a dimly lit hut along endur- offers flavoured SHORT Price fluctuations for the vation have been successful, residents of ecologically, when they appear. We look degrees higher than year. Delhi’s seasons are
moving
and Punjab. Besides, there
most of
improve its air quality—though of the
ers when it comes to being “Urban growth has tr and thus, any slowdown cess could be around mint Adil Patrawala, director cretary/compliance East. But his ambitions and at the farm gate—it costs Vanraj Mills in Gujarat “You pening on the gro d t little is hap- of trading, are another. And the same ance, and skill A hundred makhanas in ₹20 packets STORY makhana pop with the ordeal for the 21 million as and conditions are met on
fR lianceCapital whichisinthefinal d sell stocks do so on an d t ading through them that are mai l N ti nal Capital in silos, an ture and if these distressing heat to floods d t i l hubs in the neighbourhood,
W
d those who came AxisBank, in this seg l di Kotak Secu- d thepostofcompanyse hi mo t Its finest c ll ” a desert d th im t th d technolog d f ll ing the orders
l hil ith madeprogress d dd t d h b di d d li i i f
LIVEMINT.COM MINT MONEY TUESDAY, 31 DECEMBER 2024
NEW DELHI 13

Should you be hiring a consultant POWER

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shipra.singh@livemint.com
NEW DELHI
Meet the credit card consultants only for high-net-worth individuals
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hat’s the role of a highlights For instance, Varshnei charges 1%

I
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 Get advice on the
They assess your credit cards, capped at ₹1 lakh annu- tinued economic uncertainty in another one. And, continued
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finances, under- your spending habits
ally. Awtaney said he doesn’t have a geopolitical tensions in yet another. To cut rates or not, the
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 Optimize rewards
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Gurugram Salem Bengaluru
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Founder and editor, Founder, CardExpert Co-founder, ₹50 lakh as the fees
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ners, Tejas Ghongadi and Jitu Hem- cardholders don’t violate threshold, not only can holds enough value, cards just because it is available. mutual funds and dematerialized (demat) accounts soared, and
lani, in early 2023. rewards First, people who use credit cards traditional fixed return investments lagged in 2024. Mutual
bank’s terms to maximise one recover the fee but as credit cards can offer
Like Varshnei, credit card enthusi- rewards as it can have also earn 20 times its returns ranging from 3%  Schemes to earn for cashback may not need advice at funds, as a percentage of bank deposits, are nearly 30%. Risk-tak-
asts who have developed expertise in severe consequences. value" to 30% on spends. higher returns all, as the reward system on these ing appetite and equity market confidence are rising. The aver-
rewards, air miles and hotel loyalty cards is quite straightforward. age Indian is more aspirational, more aware, and thanks to digital
points have turned into full-time con- Even high-spenders who are mediums, has more access.
sultants to help people maximize the Why expert advice matters enthusiastic to carry out their own The Fight Club may be as old as 1999,
value of credit card spends.
Mr. A’s Profile:
Spending category Expenses Return on spending* Total savings^ research to pick a card and hunt good Forecasting but Edward Norton’s conversation
Ajay Awtaney, founder and editor Utiltities, fuel, grocery ₹15 lakh 3-5% ₹75,000 redemptions by staying up-to-date Nifty returns with Brad Pitt about the impact of
of LiveFromALounge.com, one of the Salaried CEO with should take the DIY approach. materialism has aged well. Do you
early movers in the credit cards space, annual spends of Shopping ₹10 lakh 10-30% ₹3 lakh
“What we do is not rocket science. and box-office remember: “The things you own end up
regularly conducts masterclasses on
₹50 lakh Education fee, ₹5 lakh 3-30% ₹1.5 lakh If someone dedicates four to five results is futile, owning you?” Once a symbol of conve-
Works with a credit healthcare expenses
credit cards that last six to seven card consultant
hours every day reading on credit enjoy the show nience and financial freedom, easy
hours. “These are for people who
Cards suggested:
Travel and forex ₹15 lakh 30% ₹4.5 lakh cards, they can have the same infor- as it unfolds access has taken credit cards to a tip-
know nothing about the world of Insurance and statutory mation that we have. But, most peo- ping point, with both outstandings and
 HDFC Infinia/Diners ₹5 lakh 3-6% ₹30,000
credit cards and loyalty programmes. payments ple don’t have that kind of time, and defaults rising. Young Indians, pushed
Club Black
These classes address how the cards ₹10.05 lakh that’s where we can help. This is the by a culture to live, eat and dress like their role models on social
 Axis Atlas
are linked to the different pro-  Amex Premium Source: The Points
reason we target HNIs and UHNIs,” media, risk being stuck in a credit card trap that has got everyone,
*The range reflects the return based on where the rewards are redeemed
grammes and used efficiently for Travel ^Assuming the consultant maximizes the value Code, Mint research said Varshnei. including the Reserve Bank of India, rightly watching.
travel,” he said. Mr A is a hypothetical case and returns shown are indicative. Reward rate can vary on a case-to-case basis For those looking at economical Speaking of lures, nothing lures like an exotic fund. In The
Different types of advice options, there are two mobile appli- Devil Wears Prada, the iconic Miranda Priestly (Meryl Streep)
Credit card advisory is mainly cations called SaveSage and Cherry reminds a young intern, “You sold your soul to the devil when you
available in two forms: one-time con- Pick that can be used to track rewards put on your first pair of Jimmy Choos.” This year, investors were
sultations for specific queries and take up the matter with the bank or lyse the spends and credit cards credit cards. and maximize them in an automated searching for the Pradas and Jimmy Choos and Guccis in the bor-
annual enrollment for holistic advi- the banking ombudsman. already being used, if any. Based on From creating a portfolio of cards way. However, both these apps are in ing dal-chawal world of funds. Exotic themes such as defence
sory. In the first model, customers Awtaney said he got the most this, we list cards they can get for best suited to spending patterns to their nascent stage and have limited and electric vehicles became mainstream, with sectoral funds as
can expect a one- to two-hour-long requests for one-time sessions in maximum rewards. Also, we break planning efficient point redemption, features. a category growing larger than a core giant like flexicap.
video consultation or a detailed email 2023 when the Axis Magnus card was down how they can maximise the dif- the advisor is fully in charge of SaveSage, launched two months “Sona kabhi purana nahi hota.” Indeed. Ram told Leela this
interaction that costs ₹2,000-8,000, transitioning into its current form. ferent cards on day-to-day spends,” extracting the best value for the cus- ago, lets users track their spends, see in Goliyon ki Ras Leela: Ram Leela in the context of love, and an
depending on the range of topics cov- “People wanted to know what they Varshnei explained. tomers enrolled. In between, the card all the features of the cards they own old 90s favourite song, “Sona kitna sona hai” made a popular
ered. Siddharth Raman, founder of should do with the accumulated While the customer is given a list of portfolio is reviewed regularly, timely and gives redemption options on the comeback in this year’s heist film Crew. Investors returned to
CardExpert, offers a beginner consul- points, whether they should continue cards, they have to apply themselves. intervention is given when a bank rewards accumulated. While these gold, which, at 21% returns, beat the Nifty and S&P500. Interest-
tation service for ₹2,999. using it or not, and which card would The KYC norms don’t allow a third devalues a card, and regular updates three features are available for free, ingly, while an old favourite got investor love, the once futuristic
“Some cardholders have specific replace Magnus, etc. party to apply on the pri- on ongoing offers are provided. advanced features like recommenda- store of value, cryptocurrency, had a hard year with regulatory
queries as per their spending pat- The ad-hoc sessions are Like wealth mary applicant’s behalf. “When someone enrols for a year, tions on which cards to get and where uncertainty and challenges with multiple crypto exchanges.
terns. For example, someone has high useful for people keen advisory, not However, they can reach I work with them in perpetuity to to transfer rewards for maximum One of the best tweets I read this year said: “I met a wise fund
foreign currency spending or high on getting timely infor- everyone needs out to Varshnei and his guide them on which cards they value are available under paid packa- manager who said: Just stay invested, markets are going up every
insurance spending. Or say, someone mation on the cards they paid consulting team if they face a glitch. should focus on a day-to-day basis ges. The app also offers one-on-one day. At the same event, I met another wise fund manager who said:
is about to purchase a car using credit already use,” he said. “A lot of times, we also and keep course correcting on an consultation to credit card experts. Just sit in cash, markets are too expensive.” The conundrum has
“A lot of times, I’m
for credit cards connect our clients to ongoing basis. A big part of the job is
cards. They want quick information “We offer two main annual packa- been real. For all the enthusiasm, there have been warnings, exit
on the cards that can maximize simply approached by just because it our network of relation- also to ensure that they don’t break ges–the first costs ₹999, which calls on mid- and small-caps, cash calls in funds. And yet, stocks
rewards on these specific expenses,” cardholders with 10 or is available ship managers who can bank’s terms in a bid to maximize unlocks additional features and two at 50 PE became 100 PE six months later. Balancing sanity while
he said. “People can email me up to more cards wanting escalate the application rewards as it can have severe conse- consultations, and the second comes delivering returns in an environment of flush liquidity has made
three queries, and I send back one advice on how they can process,” he said. quences,” said Awtaney. for ₹4,999 fee, which gives full access fund management harder and harder. As the lines inRangeela go:
detailed response and one follow-up declutter.” Awtaney charges ₹5,000 One-time redemption services cost This model is meant for those look- to the app and also unlimited consul- “Kya karein, kya na karen, yeh kaisi mushkil hai”.
email if needed.” for an hour-long teleconsultation. ₹6,999 on The Points Code. Both ing for travel-focused rewards on tation,” said Ashish Lath, founder and My advice for 2025: Don’t forecast. Be bi-focal: Know the
Other specific cases on which peo- However, advise on how to build a Awtaney and Raman provide their spends. The card consultants chief executive of SaveSage. potential of long-term returns in this decade in India, and accept
ple can get advice include detailed credit card portfolio from scratch and redemption services as part of their are often well-travelled themselves the reality of the short-term drama. Portfolios should remain like
enquiries on select cards, information how to redeem the accumulated annual package. and are able to give the right advice a good thali—multi-asset in nature, with good simple products
on ongoing key offers and credit card reward points cost higher. For End-to-end services for HNIs based on their own experiences. Liked this that are liquid, in quantities that your risk appetite can digest.
portfolio rejigging, among other instance, The Points Code provides a Under the holistic advisory model, Varshnei said they assist their cus- story? Please Forecasting both Nifty returns and box-office outcomes in the
things. Such expert advice can espe- one-time consultation on building a credit cardholders are enrolled annu- tomers in planning and booking share it by short term is futile, so enjoy the show as it unfolds. Happy New
cially come in handy when a card- credit card portfolio and introduction ally, and the expert consultant mana- annual vacations or business trips scanning the Year and happy investing.
holder gets in a conflict with the bank to hotel and airline programmes to ges the card portfolio entirely. This is using rewards. QR code. Radhika Gupta is managing director and chief executive at Edel-
and wants to know the right way to beginners for a ₹7,999 fee. “We ana- akin to wealth management but for Currently, these kinds of end-to- weiss Asset Management Ltd

Check how your NPS Should NRIs deduct TDS on property sale?
investments are faring Harshal Bhuta
ISTOCK

the asset for their benefit or

another’s. If an individual is
here are very few retirement products that help you accumulate a retirement nest I bought a house at a price the legal and beneficial owner,
egg and one such product is the National Pension System (NPS). It is a market-linked, higher than stamp value. they should mark legal owner-
defined-contribution product that needs you to invest regularly in the funds of your The builder said as an NRI, ship in the relevant column.
choice. The returns are based on the performance of the fund that you choose. There are I don’t need to deduct and Since your wife is a joint
eleven pension fund managers to choose from and one of the ways to do that is by pay TDS. Is this correct? holder, she qualifies as a legal
tracking the returns. Here is a breakdown of the performance of different funds—equity —Name withheld on request owner and must disclose the
fund, government bond fund and corporate bond fund—of the private sector NPS. This foreign account in her ITR.
NPS table show returns for pension fund managers who have completed at least 1 year Under India’s income tax But, since you’ve reported the
laws, any individual buying an values under Schedule FA –
Returns (in %) Tier-1 account immovable property (exclud- Table A1, she may enter ‘zero’
ing agricultural land) from a amounts to avoid duplication.
1 year 3 years 5 years Equity fund Government bond fund Corporate debt fund resident seller must deduct Under Common Reporting
TDS at 1% of the total consider- Standard (CRS), joint holders
Aditya Birla Sun Life Pension 16.92 15.67 16.05 10.34 7.14 7.57 9.51 6.55 7.62 ation if the purchase price or ASK MINT on the income? are treated as account holders
Axis Pension Fund 18.05 NA NA 10.20 NA NA 9.27 NA NA stamp duty value is ₹50 lakh or m N R I TA X AT I O N —Name withheld on request for giving information with the
HDFC Pension 17.70 15.77 16.71 10.55 6.91 7.57 9.79 6.71 7.81 more. The TDS is calculated account balance attributed to
Fund Manager

ICICI Pru. Pension Fund 19.83 17.30 17.44 10.35 6.87 7.41 9.48 6.51 7.37 on the higher of two values, All individuals categorized each holder. If there is discrep-
Kotak Mahindra Pension 17.85 17.03 17.14 10.01 6.85 7.42 9.25 6.33 7.04 not just the amount exceeding obtain a TAN (Tax Deduction as resident and ordinarily resi- ancy between CRS reporting
LIC Pension Fund 15.68 15.82 16.35 10.58 7.00 7.57 9.03 6.19 7.42 ₹50 lakh. This applies equally and Collection Account Num- dent (ROR) in India must dis- and Schedule FA disclosure,
Max Life Pension Fund 17.79 NA NA 10.21 NA NA 9.19 NA NA to both resident and non-resi- ber) for depositing the TDS in close all foreign assets under you may need to explain the
SBI Pension Funds 15.05 15.02 15.61 10.48 6.91 7.43 9.51 6.44 7.43 dent buyers. such transactions. Schedule FA and report for- mismatch if an inquiry arises.
Tata Pension Management 18.22 NA NA 10.24 NA NA 9.75 NA NA Therefore, as an NRI, you eign income under Schedule Harshal Bhuta is Partner at
UTI Retirement Solutions 23.18 18.03 17.60 10.53 7.05 7.34 9.33 6.31 7.44 are required to deduct TDS if We returned to India in FSI. They may claim foreign P. R. Bhuta & Co. CAs
the transaction meets the cri- 2022 after living abroad tax credit, if applicable, by
Nifty 200 Total Return CCIL All Sovereign Bond-TRI CCIL Bond Broad-TRI teria. The deducted TDS must for 15 years. Since my wife completing Schedule TR. Do you have a personal
be remitted to the government is a second holder on my The disclosure requirement finance query? Send in your
Returns as on 20 December 2024; 18.25 16.47 17.29 10.87 7.05 7.08 8.74 6.40 8.23 by filing Form 26QB within 30 foreign account, does she in Schedule FA applies to both queries at
1-year returns are absolute returns mintmoney@livemint.com
days from end of the month in need to disclose these the beneficial and legal owner.
Benchmark index and get them answered by
which the tax was deducted. assets in her tax return, A beneficial owner is someone
SATISH KUMAR/MINT Source: Npstrust.org.in industry experts.
Buyers are not required to even though I’ve paid tax who provided funds for buying
14 TUESDAY, 31 DECEMBER 2024
NEW DELHI VIEWS LIVEMINT.COM

OUR VIEW THEIR VIEW

The recent deposit shortfall is a

ISTOCKPHOTO

wake-up call for banks in India

They should treat depositors as business partners if they are to garner enough deposits for lending

cost of funds are more easily passed on ital markets and the digitization of the
to retail borrowers without impacting financial system are helping savers.
the lender’s margin than they are to So, what can a bank do differently?:
commercial borrowers. Banks that are First, it must improve the way it typi-
unable to price commercial loans well cally measures the performance of busi-
see a fall in net interest income. Thus, ness units (BU) and make it reflect eco-
the cries from lenders with high expo- nomic reality. To explain, BUs are
sure to commercial and large corporate notionally charged for the funds they
borrowers. To debunk this narrative of use by a mechanism called fund transfer
DEEP MUKHERJEE deposit growth hurting credit growth, pricing (FTP). BU performance is meas-
is a quantitative risk management we only need to look at the 2004-2007 ured by taking its interest and fee
professional and a visiting faculty member period. During this phase, credit growth income and removing FTP, credit cost
at lIM Calcutta was typically 8 to 10 percentage points and operating expenses. The joker in
above deposit growth. the pack is FTP. If it is driven by the

Will 2024 events set off

Banking cannot rely on assumptions of actual cost of funds, which in turn is
sustained financial repression: Quite a impacted by economically unjustifiable

S
ince 1998, there have been at least few economies globally follow financial cost of deposits, it ceases to represent
six occasions when deposit growth repression. Financial repression, the actual opportunity cost of the funds

a headwind or tailwind?
trailed credit growth. So, the among other things, also implies that given to the BU. Arguably, lending-ori-
recent brouhaha over a deposit crunch savers get returns often below the infla- ented BUs get to show a higher margin,
was surprising, considering it was the tion rate (i.e., their real interest rate is have less motivation to price loans bet-
sixth, extending from April 2022 to negative). This is expected to boost eco- ter and still get rewarded. But deposit-
October 2024. As surprising is the rela- nomic activity by providing cheap raising BUs often get just the operating
tive comfort due to better alignment credit to corporates and government. cost of raising deposits plus some minor
between credit and deposit growth. In Even market-driven economies such as incentive for deposit mobilization. Only
Old theories of social and economic cycles were back in discussion as politics and economics the previous five instances, the deposit- of the US resorted to financial repres- a few banks estimate the FTP by taking
credit growth alignment was a result of sion after World War II, and more the opportunity cost of the funds, which
impacted each other over the past year. Expect the implications to begin unfolding in 2025 both a rise in deposit growth and a fall in recently during covid, to boost the is much higher than the incurred cost.
credit growth. The current alignment is economy. Interest rates on savings Unless most banks follow a comparable

A
due to a fall in credit growth and no accounts were deregulated long back. approach, internal pressures from dom-
improvement in deposit growth. This is However, the inertia of financial repres- inant lending BUs will prevent banks
nother year recedes for a new one intensification of wars and brutality, a regime worrisome. It may be a harbinger of sion may still be continuing. Until from shifting to a more reasonably
to begin, laden with our collec- change in Syria and the deepening of old fault- more structural changes in the saving recently, Indian savers did not have priced deposits. Of course, the actual
behaviour of households. If the banking many options and had to make do with cost of funds and the actual interest
tive hopes and expectations. The lines in West Asia. Notably, with populations system aspires to go back to the 14-16% negative real interest rates on most of income impact overall profitability. But
end of any time cycle is a good across borders having voiced their frustration deposit growth rate before 2016, it may their bank savings. But things are a more economically-balanced incen-
moment for honest reviews and with the political status quo and elected auto- have to treat depositors differently. changing. Former Reserve Bank of tive structure for deposit-heavy BUs
barebone analysis. The past 12 cratic leaders in multiple jurisdictions, the A deposit crunch per se does not impact India (RBI) governor Shaktikanta Das vis-à-vis the lending ones will address
months have been quite momentous, etching tone and tenor of global governance might be credit growth: The popular narrative expressed several times his worries deposit mobilization issues.
that a deposit crunch prevents credit about deficiencies in banks’ deposit Second, analytics-driven decision-
new lines in the sand and conjuring images that poised for a shake-up. growth is inaccurate and not based on mobilization, given how depositors are making is largely missing on the liability
inspire both awe and dread. Students of the It might be prudent to put economics at the any fundamental understanding of increasingly turning to capital markets side. Analytics can play a role in the
social sciences—particularly history—will find centre of all this flux—for influencing politics banking economics. Current and saving and other financial intermediaries. optimal pricing of deposits and prevent
many similarities with events from almost a and, in turn, being shaped by transformed polit- accounts are the cheapest source of Between 2013 and 2023, household the attrition of loyal depositors. Deposi-
century ago, renewing faith in philosopher ical forces. The dominant economic model of funding for banks. Even retail fixed financial assets increased from 41% of tors can earn 0.5-1.0% higher return by
deposits work out cheaper than capital gross domestic product (GDP) to 46%. parking savings in debt mutual funds
George Santayana’s famous line that those who the 1990s and oughties, which resulted in the market-based borrowing by banks. Further, the annual asset allocation of focused on bank debt. If this trend
do not remember the past are condemned to 2008-09 financial crisis, is strangely still Thus, a deposit crunch increases the deposits and currency has dropped strengthens, banks will see their cost of
repeat it. Unsurprisingly, there is also renewed echoed in economic policies across the world. cost of funds for banks. The hue-and- from 67% of financial assets to 45% funds structurally move up. It makes
interest in social-cycle theories of sociology Excessive financialization of the economy has cry is, therefore, over the unavailability (Source: Banking for a Viksit Bharat, more sense for banks to treat depositors
which posit that history and societal phases get led to stagnant real wages for factory jobs and of cheap funds and worries about BCG Report). This may be a structural as partners in business and offer a eco-
squeezed margins. To explain, higher shift in savers’ behaviour. Maturing cap- nomically rewarding deal.
repeated in cycles. Such theories have counter- other critical professions, alongside outsized
parts even in economics, which are also getting salaries and bonuses for finance-sector profes-
a fresh relook with the help of analytical tools. sionals. Another manifestation of lopsided
This rekindled interest seems motivated by development has been the heady performance
the shape of events in 2024, as well as related of equity markets and property prices in many
developments in preceding years. parts of the world. Asset prices have stood out
In domestic politics, the two big events of the starkly for being detached from ground reali- www.livemint.com New Delhi, Mumbai, Bengaluru, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune* Wednesday, December 31, 2014 Vol.8 No.312 `4.00 in Delhi-NCR/`5.00 outside Delhi-NCR 24 PAGES
32 PAGES

past 12 months were the Lok Sabha elections ties. Owners of shares have seen their wealth
The Mint
YEAR IN REVIEW:
Newsmakers Quiz >12-13
POLITICS: Amit Shah acquitted
of triple murder charges >3

and assembly polls in Maharashtra, Haryana, swell while wage-earners with few assets to
POLICY: Government to halt excise
tax break for auto makers >3
GLOBAL: Bodies, debris of missing
twitter.com/ facebook.com/ plus.google.com/ pinterest.com/
livemint mint.live +livemint livemint/ jet pulled from sea off Indonesia >24

Jharkhand, Odisha, Jammu and Kashmir, count on got left behind. Uneven outcomes
SENSEX 27,403.54 æ 7.81 NIFTY 8,248.25 Æ 1.95 DOLLAR `63.38 æ `0.40 EURO `77.03 æ `0.58 GOLD `26,660 æ `225 OIL $57.74 æ $0.14

HIGH RETURNS J&K Bank decides QUICK EDIT

Markets set to sacrifice profit A farewell

Andhra Pradesh, Arunachal Pradesh and Sik- have found expression in ballot boxes and it is
to maintain
dividend record to Dhoni
for best show
Economic growth
B Y R E M YA N A I R
remya.n@livemint.com
M ahendra Singh Dhoni
has retired from Test
cricket when his batting
Played: 90 ···························· was losing its touch, his

in five years
kim. While India’s general election results saw yet to be seen how elected ‘strongmen’ respond
Innings: 144 NEW DELHI tactics as captain were
Runs: 4,876
Average: 38.09 J ammu and Kashmir Bank Ltd
has chosen to set aside funds
to cover loans that were
mystifying and his name
was dragged into various
controversies. It is easy to
Hundreds: 6
restructured in the aftermath of forget that he has served
Fifties: 33 the devastating September Indian cricket well.

doesn’t mean anything

floods in the state to preserve its Dhoni took over when
The BSE Sensex is up emerge from a reversal in crude unbroken record of paying divi- Indian cricket was on a
29.44% with one oil prices and higher interest dends to shareholders, rejecting cusp. He eased a new

the ruling Bharatiya Janata Party (BJP) lose its to economic imbalances, though some of them
rates in the US, which could lead a conditional central bank offer generation of cricketers
trading session left, in to fund outflows from emerging to waive provisioning require- into the national team, as
its best performance markets, they said. ments. stars of the earlier
since 2009 With one trading session left,
the BSE’s 30-share Sensex is up
The Reserve Bank of India
(RBI) had offered a special dis-
generation hung up their
boots one by one. Besides
29.44% in 2014 at 27,403.54 pensation to relax provisioning Dhoni and Ishant Sharma,
BY A MI S HAH,
R AV I N D R A S O N AVA N E &
points—its best performance
since 2009, when it had risen END OF AN INNINGS rules after loans worth some
`450 crore were restructured fol-
the most experienced
player in the team that

if it leaves people out.

A S H W I N R A M A R AT H I N A M 81%. The National Stock Mahendra Singh Dhoni, India’s most successful Test captain, announced lowing the worst floods Kashmir played in Melbourne was

majority in Parliament, forcing its dependence in Europe and elsewhere have relied on acceler-
···························· Exchange’s 50-share Nifty has faced in 50 years, provided the Virat Kohli, with a mere 32
his retirement from Test cricket on Tuesday. Dhoni’s last Test victory as

I
MUMBAI
gained 30.84% for the year to captain came at Lord’s earlier this year, the 27th of his career as captain. lender did not declare a divi- Test caps.
ndian shares are set to end date at 8,248.25 points. He led India to the top of the world rankings in Test cricket in November dend in 2014-15. India under Dhoni was
2014 with their best gain in India is the second-best per- 2009, a position it held on to till August 2011. Here is a snapshot of his Had Jammu and Kashmir the top Test team for 18
five years while bonds have forming major equities market Test career in numbers. See Page 20 Bank heeded the central bank’s months from December
rallied the most in six, backed by this year, behind China, which suggestion, it would have been 2009, though it is now a
a decisive victory for the Naren- has gained 49.6%. A few smaller the first time in its history that it lowly sixth. Few realize that
dra Modi-led National Demo- markets such as Tanzania and AS CAPTAIN HOME AWAY AS WICKETKEEPER would have not paid a dividend Dhoni has a better win
(2008-2013) (2009-2014)
cratic Alliance (NDA) in this Argentina have also outper- Played: 60 (166 innings) to its shareholders. The Jammu record in Tests than even

on a coalition to retain power, it secured large ated resource transfers to placate people and
year’s general election and signs formed India. Played: 30 Played: 30 Dismissals: 294 and Kashmir government is its Sourav Ganguly, arguably
Won: 27
of improving economic funda- “I think the big positive for the Won: 21 Won: 6 Catches: 256 majority shareholder with a the greatest Indian captain.
Lost: 18
mentals. market was obviously the elec- Lost: 3 Lost: 15 53.17% stake, according to data Sachin Tendulkar first
A belief that India’s economy tion,” Neelkanth Mishra, manag- Drew: 15 Stumpings: 38 available with BSE on 30 Sep- retired from T20 cricket,
Drew: 6 Drew: 9
is on the mend brought in a ing director and India equity tember. then one-dayers and finally
record $42 billion in foreign strategist at Credit Suisse, said in Test cricket. We wonder
portfolio inflows into equities an interview on 10 December. Source: ESPNCricinfo/Statsguru TURN TO PAGE 4® whether Dhoni will do it in
and bonds combined and also PHOTO: HINDUSTAN TIMES; GRAPHIC: MOHSIN SHAIKH/MINT
The NDA won 336 seats in the reverse sequence.
revived participation by domes- 543-member Lower House of the

victories in Odisha, Maharashtra and Haryana. keep the peace. Ongoing wars, climate change
tic institutional and retail inves- Parliament in elections held in
tors. April-May, following which Modi ACID ATTACKS
INSIDE

JACK KEM P
Market strategists say that took charge as Prime Minister of
2014 could be the start of a mul-
ti-year bull run for Indian equi-
ties, although they acknowledge
a majority government, dispel-
ling any threat of post-poll politi-
cal instability.
When SC on your side is not enough 14 things we didn’t
that a step-up in the momentum In the months since, the gov- see coming in 2014
of economic reforms, a pick-up ernment has deregulated the B Y M ONALISA
mint SERIES-I `25,000 by someone the doctor
in economic growth and decline price of diesel and raised the monalisa@livemint.com thought of as her “best friend”—
2 014 was a year of

The final tallies can be interpreted as the elect- and health scares have injected an inflationary
in interest rates will be key to the price of domestically produced ···························· another doctor, male, who had a surprises—good and
NEW DELHI
sustainability of the rally. gas. In recent days, the govern- has been withheld, is now being crush on her, had proposed to bad, the past 12 months
The biggest risks in 2015 could ment has pushed through ordi-
nances to make changes in the F or the 30-year-old woman
doctor, it started like any
treated at the All India Institute
of Medical Sciences (AIIMS) for
her in the past and whom she
had rebuffed.
were full of both.
These unexpected events
NOTE TO READERS land acquisition bill, increase
the foreign investment limit in
another work day.
On a cold December morning,
50% burn injuries to the right
side of her face; she could lose
The doctor, identified as
Ashok Yadav, had hatched the
have left an incredible
impact on the economy,
The Media Marketing Initiative on the insurance sector and allow she was riding to work at the sight in her right eye, doctors plot after coming to know that markets and people.
Page 11 is the equivalent of a paid- for auctions of coal blocks. Employees’ State Insurance Hos- said. she had been considering mar- As we stand on the cusp
According to Mishra, while pital on her scooter when she Because the attack was cap- riage proposals from other men, of a New Year, Mint and

orate signalling some discontent with the BJP’s bias into the global economy while rendering
for advertisement, and no Mint
journalists were involved in measures put in place by the was intercepted by two young tured on two closed-circuit tele- the police said. He went about it researcher
creating it. Readers would do well government will take time to men on a motorbike in west vision cameras installed on the with clinical precision, even per- howindialives.com
to treat it as an advertisement. have an effect on the real econ- Delhi’s Rajouri Garden neigh- street, it was just a matter of time forming a rehearsal, using a document 14 such events
omy, a stable political environ- bourhood. One of them before the police caught up with syringe filled with water, with the that few could have
ment has helped reduce the tail snatched her handbag, the other her assailants. hired juveniles. predicted at the beginning
Mint is also available for R8 with splashed acid on her face. The two were juveniles who, it of the year. >See Pages 6-9
Hindustan Times in Delhi-NCR only TURN TO PAGE 2® The woman, whose identity turned out, had been hired for TURN TO PAGE 2®

performance at the centre, but needing its gov- growth uncertain. Decelerating globalization
ernance at the state level. Globally, 2024 saw has added further uncertainty. The trillion-dol-
the unchallenged rise of right-wing parties and lar question is whether all these forces will add
politicians in various national elections, the up to act as a headwind or tailwind in 2025.

THEIR VIEW

AI cannot replace human instinct in decision-making

ARVIND GUPTA & AAKASH GUGLANI awareness” in AI systems as they exist today.
Human drivers can draw upon a vast res-
the company’s workforce and set the stage
for a remarkable turnaround.
ing the 2024 FIDE World Championship
underscores the role of human intuition in
not expect it to substitute human judge-
ment in the near term. Striking the right
ervoir of common-sense knowledge accu- Sports provides an interesting counter- critical decision-making. Much like Mahen- balance will require deep inter-disciplinary
mulated through experience over years and point and testing ground for AI decision- dra Singh Dhoni’s decision to promote him- collaboration and a commitment to rigor-
adaptively apply it to novel driving situa- making. A restricted domain, clear objective self in the 2011 Cricket World Cup final, ous empirical validation.
tions. We instinctively understand things function and wealth of detailed data make Gukesh’s performance demonstrated the By bringing together experts from fields

T
he advent of artificial intelligence (AI) like the likely behaviour of pedestrians, the sports more amenable to AI application. ability of human instinct to excel under like AI, psychology, neuroscience and
has presented both unprecedented physics of traction on a wet road and the We’re already seeing high-pressure scenarios. domain-specific areas, we can push the
opportunities and complex challenges urgency implied by the flashing lights of an AI-powered decision sup- By recognizing and boundaries of what AI can do, while also
in the rapidly evolving landscape of deci- ambulance. In contrast, autonomous driving port being used for things It can act on exploiting subtle weak- staying grounded in the realities of its cur-
sion-making. As AI advances, it is poised to systems are essentially trying to learn all of like performance analysis, nesses in Ding’s play, rent limitations. This collaborative
revolutionize fields ranging from autono- this from scratch based on statistical pat- roster construction and data but lacks Gukesh exhibited extraor- approach will be key to developing AI sys-
mous vehicles to corporate strategy and
sports. However, amid the excitement sur-
terns in their training data. They have no
innate model of how the world works.
talent scouting. Over time,
it’s possible that AI systems
the situational dinary situational aware-
ness, blending technical
tems that can effectively augment human
decision-making while preserving the vital

are, respectively, an adjunct

rounding AI’s potential, it is crucial to recog-
nize its current limitations and the enduring
However, the importance of human
instinct and unconventional thinking
could become skilled
enough to serve as head
awareness that precision with psychologi-
cal insight. Such decisions,
role of human judgement and instinct.
Ultimately, the future of decision-making
professor of data and digital
economy and head, Digital
importance of human instinct and situa-
tional awareness.
extends far beyond the realm of autonomous
vehicles. This is perhaps best exemplified by
coaches and general man-
agers. However, top
guides humans informed by experience
and situational awareness,
will likely involve a symbiotic relationship
between humans and machines, each play-
India Foundation and policy One of the most visible arenas where the the stories of two visionary leaders: Steve coaches and captains don’t to make good highlight the enduring ing to their unique strengths to navigate an
manager, Digital India challenges of AI decision-making have come Jobs and Howard Schultz. Both these indi- just feed historical data importance of qualities that increasingly complex and fast-paced world.
Foundation. to the fore is the arena of self-driving cars. viduals made bold decisions that defied con- into an algorithm. They decisions AI cannot yet replicate, As we stand on the cusp of this new era, it is
Despite billions of dollars of investment and ventional wisdom and transformed their synthesize myriad subtle such as adaptability and up to us to shape the trajectory of AI devel-
years of development, even the most respective industries. Jobs decided to slash factors in real-time and emotional intelligence. opment in a way that enhances rather than
advanced autonomous vehicles today are Apple’s product line and focus on simplicity make judgement calls informed by deep The path forward likely involves pursu- replaces the remarkable capacities of the
prone to mistakes that human drivers would and design, a move that laid the groundwork experience. As technologist Jensen Huang ing multiple complementary approaches in human mind.
instinctively avoid. As leading AI researcher for the company’s future success with revo- puts it, “You can’t coach resilience and char- parallel. We should push the boundaries of By doing so, we can harness the power of
Missy Cummings points out, these issues lutionary products like the iPhone and iPad. acter. And that, in the end, is the most what AI can do in critical decision-making AI to make better decisions, while making
stem from two primary factors: inadequate Schultz decided to close all Starbucks stores important thing.” and look for ways to harness its analytical the best use of human creativity, adaptability
sensors and recognition technology, and a for a few hours to re-train baristas, a costly Indian chess prodigy D. Gukesh’s victory power. At the same time, we must remain and instinct, which have been the hallmarks
more fundamental lack of true “situational move but one that ultimately re-energized over world chess champion Ding Liren dur- clear-eyed about its current limitations and of our progress throughout history.
LIVEMINT.COM VIEWS TUESDAY, 31 DECEMBER 2024
NEW DELHI 15

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

Services offer a clear and speedy America Inc in 2025: Here are
five significant forces to track
path to economic development Change will range from rollbacks of diversity to CEOs’ Trump ties

We must reject the false choice between supporting services and promoting manufacturing. Policymakers need to do both

MINT

BETH KOWITT
is a Bloomberg Opinion columnist covering
corporate America.

INDERMIT GILL &

AADITYA MATTOO
are, respectively, chief economist and senior
vice president for development economics,
and chief economist of the East Asia and Pacific
region at the World Bank.

T
he C-suites and boardrooms of Amer-
ica Inc should be on high alert enter-
ing 2025. They are facing geopolitical

F
turmoil, the uncertainty of a second Trump Intel and Boeing could both be major
or developing countries around the administration, an increasingly polarized business stories in 2025. BLOOMBERG
world, especially the poorest, the country and a public that’s lost its faith in big
economic terrain has seldom been so business. Existential questions loom over At its core, the vitriol is a symptom of the
slippery. Low-income countries have the role of the country’s biggest companies ongoing erosion of trust in big business.
already suffered a lost decade, with during such a tumultuous moment—and Will the breakdown continue in 2025? Or
virtually zero per capita income growth who is best to lead them through it. will companies and executives work to
since 2010. Many middle-income countries are These intersecting questions will drive restore it, rather than just doubling-down
coming to terms with a demographic shift that the business world’s biggest stories next on their own security?
puts them at risk of growing old before they year. Here’s what I’ll be watching: The C-Suite in the Age of Urgency: This
grow rich. And many high-income countries risk CEOs versus Trump: CEOs were willing was a tough year to be a CEO, with an
stagnation because of sky-high debt and anaemic to act as a moral counterweight during the unprecedented number forced out of the
productivity growth. first Trump presidency, speaking out job, according to Bloomberg News. It all
Such conditions are not conducive to interna- against actions that went against their pur- comes down to a word much-beloved
tional comity, at least not of the kind that fuelled so ported values, such as the travel ban from word by Wall Street: urgency. Sharehold-
much progress after the fall of the Berlin Wall in Muslim-majority countries and the Janu- ers are increasingly impatient and corpo-
1989. Developing economies will need to get better ary 6 riots. rate boards are giving their CEOs less time
at fending for themselves, and while some are Expect things to look different during to get things done—or if needed, to turn
already preparing to do so, they are operating with Trump 2.0. Most CEOs stayed silent during the business around. And new CEOs are
an antiquated policy framework. the campaign season, while some courted mostly expected to hit the ground run-
In the third decade of the 21st century, does it Trump behind the scenes and rushed to ning, which is making the once-standard
really make sense for developing countries to place publicly congratulate him after his victory. 90-day listening tour a thing of the past.
an all-or-nothing bet on manufacturing? Now the likes of Meta Platforms and Ama- Despite the turnover, a consensus has
New research from the World Bank shows zon.com are taking things a step further by yet to develop on the best model for CEO
clearly that it does not. Developing countries donating to Trump’s inaugural fund. succession for this era. This year we saw big
would do far better to put services in the lead role, But I suspect the back-slapping and ego- companies go with insiders (CVS Health
with manufacturing and agriculture serving as the stroking won’t last four years. The ques- Corp), outsiders (Starbucks Corp., Boeing)
supporting cast. tions will be: Where does Big Business and boomerang executives (Nike ).
Services include a wide range of activities— draw its red lines, and how will it respond The job of a CEO won’t get any easier or
finance, health, tourism and logistics—and the when Trump inevitably crosses them. less complex in 2025, so boards will con-
benefits they generate spill over to other sectors. The great DEI rollback: America Inc has tinue to grapple with how much time to
Yet, relative to manufacturing, they continue to continued to walk back its diversity, equity give leaders to execute their strategies—
get a bad rap. Supposedly, they are notoriously ces to competition has fuelled higher labour pro- double the rate for workers in other sectors. And and inclusion efforts, pushed by right-wing and who is best to replace them when they
slow to innovate, hard to trade and difficult to free ductivity even in manufacturing and agriculture, the same trend is unlocking greater economic activist Robby Starbuck, whose latest and pull the plug.
from regulatory restrictions. Yet, services now where firms can check prices, deliver goods and opportunities for women, because the ratio of biggest victory is Walmart. And with the Disney, Starbucks and who else?: These
account for more than two-thirds of global GDP receive payments much more efficiently. female to male workers tends to be higher in the incoming Trump administration set to tar- two companies were a bellwether for some
and half of global trade (once you factor in services Across all major economies in East Asia and the services sector than in manufacturing, and the pro- get and punish companies it considers of the most zeitgeisty corporate narratives
that are used in manufacturing and agriculture). Pacific, services now contribute more than manu- portion of women in the workforce grows as the “woke,” expect to see more companies in 2024: CEO succession and compensa-
Among those seizing the opportunities offered facturing to overall labour-productivity growth, an level of economic development increases. publicly throw their DEI promises on the tion, labour organizing, corporate govern-
by trade in services, the most striking examples essential condition for higher wages. In Vietnam, These are all essential ingredients for long-term bonfire. There is some evidence that ance, return to office and the DEI and
come from the home of the ‘Asian miracle.’ While for example, labour productivity climbed by 2.9% growth. But because the trajectory of services is so employers are still investing in DEI—just ‘woke’ backlash. Their next chapters will
the textbook manufacturing-led model of eco- after the government eased restrictions on foreign closely tied to the spread of digital technologies, quietly and without using the now-taboo unfold in 2025: Can Walt Disney Company
nomic growth once worked wonders in East Asia, entry and ownership in several services sectors developing economies have not benefited equally. acronym. But the failure to publicly stand find a capable replacement for longtime
these countries’ circumstances and needs have between 2008 and 2016—reform commitments The countries with the fastest growth in services up for the importance of diversity will have CEO Bob Iger in one of the business world’s
changed. Their populations are ageing quickly, the that were part of Vietnam’s accession to the World tend to be upper-middle-income economies— real consequences. We already have seen most closely watched succession dramas?
global economy is becoming more fragmented, Trade Organization. especially in East Asia. In such economies, services a slowdown in progress for women in busi- Will new Starbucks chief Brian Niccol turn
and they are adapting. Moreover, manufacturing firms that use these have gone from a 40% share of GDP in 1970 to ness, for example. It’s now expected to take around the coffee giant and prove he’s
Over the past decade, our research shows, liberalized services registered a 3.1% annual about 50% today. In low-income countries, how- five years longer than previously estimated worth his enormous pay package?
the share of services grew from 44% of economic increase in labour productivity, and the biggest ever, services as a share of GDP are still about 40%, for women to reach parity in the C-suite, And even as these sagas play out, some
activity in China to 53%, and from 44% to 48% in beneficiaries were small and medium-sized private pretty much the same as in 1970. while fewer boardroom roles are being other company (or companies) will likely
other economies across East Asia. These sectors enterprises. Yet, even in the poorest countries, services rep- filled by women and African-American emerge as the big, juicy corporate story for
now account for nearly 50% of employment in the The rise of services in East Asia has yielded other resent a promising path to future prosperity. They directors. There’s likely to be more back- the coming year.
region, up from 42% a decade ago. important benefits. It is powering foreign direct can help all countries move from low- to middle- to sliding for underrepresented groups in the If I had to bet, I’d put my money on Intel
This shift reflects the rapid rise of digital tech- investment, with the growth rate of foreign direct high-income status. year ahead. and its shaky future, Boeing and its contin-
nologies—nearly three-quarters of people in East investment (FDI) in services exceeding that of But first, we must reject the false choice between A crisis of trust: After the killing of Unit- uing crisis, and any number of healthcare
Asia and the Pacific now have access to the inter- manufacturing by a factor of five. It is also driving supporting services and supporting manufactur- edHealthcare CEO Brian Thompson in businesses that are facing increased public
net, a sevenfold increase from 2000—as well as demand for higher-skilled workers. Close to 40% ing. Policymakers should do both, while maximiz- early December, C-suites around the coun- and political scrutiny.
modest trade liberalization for services. The result of formal workers in digital services in East Asia ing the potential of the services sector to deliver try were caught off guard by anger directed But I’d be interested to hear what you
is an Asian economic renaissance. Opening servi- today have a university degree or higher. That’s growth and jobs. ©2024/PROJECT SYNDICATE at the company rather than the killer. think—any guesses? ©BLOOMBERG

THEIR VIEW

Apt spending must win our state-level fiscal tug-of-war

ADITYA SINHA ster productivity, but also generate long-
term fiscal dividends by expanding the tax
education and healthcare systems flourish.
But how are states performing on this
such as healthcare and agriculture has
tapered off post-pandemic, while allocations
devolution—such as Bihar, 73% of whose
resources are from the Centre—often avoid
base. The multiplier effect of capital expend- metric? RBI has recently published a State for housing and social security have risen. expenditure reforms or raising their own
iture is well-documented; every rupee spent Finances Report, looking at fiscal reforms by Capex rose to 2.8% of GDP in 2023-24, revenues. Bihar retains prohibition, which
can stimulate demand across sectors, create states. According to the report, in 2023-24, driven by higher tax devolution and inter- loses it tax revenue and reflects a reluctance
jobs and attract private investment. A 2013 states kept their gross fiscal deficit (GFD) at est-free loans from the Centre. States like to optimize fiscal resources.

S
tate governments often walk a tight- study by Sukanya Bose and N.R. Bhanumur- 2.91% of GDP, within the 3% limit set by Gujarat have demonstrated fiscal prudence Competitive populism at the state level
rope between social demands and fis- thy shows that capex has the highest impact India’s fiscal responsibility by maintaining a balanced poses a threat to the sustainability of India’s
cal sustainability—a predicament on economic growth, with a fiscal multiplier law. In 2023-24 (revised approach between revenue fiscal framework. State governments, driven
Alberto Alesina captured by warning of “too of 2.45, compared to 0.98 for transfer pay- estimates), the states with States must and capital expenditures. by the pressures of electoral politics, seem in
large and too small” governments. Over-ex- ments and 0.99 for other expenditures. Sim- the highest GFDs (exclud- The revenue expendi- a race to outdo one another in offering free-
pansion can result in inefficient expenditure ilarly, a 2024 Reserve Bank of India analysis ing northeastern states) spend more on ture to capital outlay bies and subsidies. This dynamic creates a
without necessarily catalysing growth, while
under-investment risks leaving public infra-
highlights that while revenue expenditure
multipliers are short-lived and average 1.43,
were Bihar (8.9%), Chhat-
tisgarh (7.3%), Himachal
capital projects (RECO) ratio has improved,
falling from 6.3 in 2021-22
structural disincentive for fiscal prudence.
The federal structure of governance

is a public policy professional.

structure and welfare services inadequate.
At the heart of this tension lies the distinc-
capex has a significantly higher impact with
a peak multiplier of 3.84 over three years.
Pradesh (6.1%), Andhra
Pradesh (4.4%), Rajasthan
that can secure to 5.2 in 2024-25. Gujarat
stands out with a RECO
introduces a classic collective action
dilemma, where states, operating under the
tion between revenue and capital expendi-
ture, a divide central to the ongoing freebies
Ultimately, neither an overbearing ‘Levia-
than’ nor a shrunken ‘Lilliput’ model serves
(4.3%) and Punjab (4.1%).
Capital outlays have
future growth ratio of around 3.5, a
healthy balance favouring
principles of fiscal federalism, externalize
the consequences of their budgetary indisci-
debate. Revenue outlays—spending on sala- India’s growth aspirations. As Thomas Sow- improved, rising to 2.6% of than on freebies growth-oriented capital pline onto the Centre, a phenomenon that
ries, subsidies and day-to-day administra- ell wryly reminds us, “The first lesson of eco- GDP from 2.2% in investments. However, dis- can be likened to Mancur Olson’s theory of
tion—can meet immediate needs and pro- nomics is scarcity... The first lesson of poli- 2022-23. For 2024-25, and subsidies parities persist, with states “diffuse costs and concentrated benefits.”
vide short-term political dividends. How- tics is to disregard the first lesson of eco- states aim to maintain fis- like Punjab exceeding a States often claim inadequate fiscal devolu-
ever, excessive reliance on such outlays risks nomics.” Political promises and economic cal discipline with a bud- RECO ratio of 17, reflecting tion from the Union government (techni-
inflating deficits without creating lasting realities often collide, but this collision can geted GFD of 3.2% of GDP, while further disproportionate revenue spending. Maha- cally, it is the Union finance commission) to
value. Freebies may offer momentary relief be creatively harnessed if states direct reve- enhancing expenditure quality. rashtra and Tamil Nadu have improved. rationalize unsustainable spending patterns,
but often come at the expense of growth-en- nue savings toward impactful capital pro- States have significantly altered their Yet, regional disparities in expenditure deflecting accountability for reforms that
hancing capital investments. jects rather than freebies. The goal is not to expenditure patterns, with revenue expend- patterns persist. States like Bihar and Jhark- would curtail politically expedient but eco-
This is why the case for prioritizing capital slash essential welfare but to align short- iture as a percentage of GDP declining to hand continue to allocate a disproportionate nomically inefficient expenditures. This,
expenditure is compelling. Capital outlays term obligations with long-term develop- 13.5% in 2023-24, nearing pre-pandemic share of their budgets to revenue expendi- despite the avenues that exist for expendi-
fund the creation of assets that not only bol- mental strategies—helping infrastructure, levels. Developmental spending in areas ture. States that are heavily reliant on central ture reforms.
16 TUESDAY, 31 DECEMBER 2024
NEW DELHI BUSINESS OF LIFE WELLNESS LIVEMINT.COM

Wellness synced with tech From somatic therapy

to the rise of wellness
realty, 2024 saw the

and mind-body therapy

world seeking deeper,
sustainable solutions
for optimal well-being
PHOTOGRAPHS BY ISTOCKPHOTO
Tanisha Saxena, Shrenik Avlani

W
lounge@livemint.com

omen’s health took

the front seat, digi-
tal tools democra-
tized therapy and
the body came into
focus as the seat to heal trauma in 2024.
This year’s trends also reflected a collec-
tive yearning for deeper, smarter, and
more sustainable solutions. While bio-
hacking and longevity increased our curi-
osity, this was also the year when an alter-
native modality for self-care like ‘manifes-
tation’ went so mainstream, Cambridge
Dictionary declared it word of the year.
Everyone’s looking for solutions for opti-
mal wellbeing and Mint’s round up of well-
ness and fitness trends for the year shares
a glimpse into how the world went about
accomplishing it. swept through the world and has now that’s still in nascence, this could well
announced its arrival in India. In the world evolve in 2025 and beyond.
HEAL THE BODY of training and fitness, animal flow-in-
In 2024, somatic therapy went main- spired body weight exercises that com- HOMES DESIGNED FOR WELLNESS
stream. Rooted in the idea that trauma and bine two or more exercises grew in popu- ‘Home is where wellness is’ got a new
emotional experiences are stored within larity thanks to content creators such as meaning this year with the emergence of
the body, these therapies offer an alterna- Leandro Fornito (aka Leo.Moves) gaining wellness real estate, globally. The concept
tive to traditional talk therapy. “Individu- a huge global following. Some examples of underlines the belief that your living envi-
als who have experienced severe trauma, these combination exercises include ronment is just as important as self-care in
children with intellectual disabilities, or push-up to side plank knee touch, moun- ensuring your health and well-being. At a
elderly people nearing the end of their tain climbers to side kicks, and leg raises to time where it’s almost difficult to escape
lives may struggle to engage with evi- push-ups. These exercises not only air or noise pollution, designing a wellness
dence-based therapies like CBT (Cogni- improve strength but also mobility and home seems like a workable solution.
tive Behavioral Therapy). Somatic and art- coordination. Some popular weight train- Designed to enhance the resident’s physi-
based therapies, become crucial in these ing combination moves are devil presses, cal and mental well-being, a wellness
situations,” says Dr Sneha Rooh, a Delhi- man-makers, clean and press, as well as home comes with features like enhanced
based palliative care physician and Olympic lifts such as clean and jerk, and ventilation and water filtration systems,
somatic therapist. Wellness retreats in the snatch. abundant natural lighting, gardens and
India are increasingly embracing somatic dedicated spaces for exercise or medita-
therapy, blending physical movement JABS FOR WEIGHT LOSS tion. Early this year, a report by Global
with emotional healing. Centers like Oce- If 2023 introduced the world to ‘Ozempic’ Wellness Institute (GWI), a US-based non-
anic Yoga in Goa and Swar Yog Peeth in wellness brand Bold Care, for instance, and ‘Wegovy’, 2024 saw the continuing profit research and educational institu-
Rishikesh now offer immersive retreats launched a new brand, Bloom, that aims to reign of these semaglutide-based injecta- tion, claimed that the burgeoning “well-
focused on trauma release through body- address key areas in women’s wellness: ble weight loss drugs. This new genera- ness real estate sector” is poised for
centered practices. “Trauma and memo- sexual health, menopause, pregnancy, tion of drugs are known to be effective and remarkable growth, with earnings projec-
ries are stored not just in our minds but personal hygiene & nutrition. “In recent have been a game-changer in treating the ted to grow globally from $438 billion in
deep within our cells, making somatic years, we’ve seen a shift in how we under- twin health crises of obesity and diabetes. 2023 to $913 billion by 2028. India was
therapy essential for true healing. This stand women’s wellness. It was once a In fact, they are so effective at helping ranked as the 10th biggest market for it
form of therapy works with the body topic discussed only when issues reached people drop weight that there is a thriving and that explains why the real industry
(‘Soma’ in Greek) to release trapped emo- a crisis point, but today, we are increas- black market, even in India where these here is waking up to its potential.
tions such as anger and sadness,” says Dr ingly aware of its importance. 2024 has drugs haven’t been approved yet. Early
Ramon Llamba from Golden age Isvara, a been a bold year in this regard,” says Rajat research has shown that these drugs also THE POWER OF MUSHROOMS
holistic wellness center in Delhi. Jadhav, co-founder of the brand. have other benefits such as improving Edible fungi have been a part of Indian
heart health and longevity. Celebrities are diets for a while now, but this was the year
WOMEN WENT ‘CYCLE SYNCING’ WIRED FOR WELLNESS openly using it and influencers are even that saw health-conscious consumers
Women’s health, an area that had been The concept of digital wellness expanded sharing micro-dosing strategies. All this in getting familiar with functional or medic-
overlooked and underfunded for long, beyond merely limiting screen time to spite of the undesirable side effects they inal mushrooms such as reishi, lion’s
gained traction this year. For Dr. Amodita encompass a more holistic approach to can cause such as constipation, nausea, mane, chaga and cordyceps. These
Ahuja, senior consultant in Gynecology at how we engage with technology. Leading stomach pain and dizziness. medicinal mushrooms are known for
PSRI Hospital, Delhi, a notable trend that this charge were initiatives like Narayana their adaptogenic and antioxidant-rich
stood out in women’s wellness this year One Health’s One Health Score, which BIOHACKING MET AYURVEDA properties that help reduce stress and
was ‘cycle syncing’. The term refers to the used AI to deliver personalized health Biohacking took an unexpected turn this inflammation, regulate blood sugar levels
practice of aligning your health and lifes- insights, and SehatUP’s pioneering inte- year with wellness companies like Vie- and enhance brain function. This
tyle with the natural rhythm of your men- grated digital health clinic that offers tai- global support communities, digital well- reduce anxiety, ADHD, and improve emo- roots Wellness Solutions in Bengaluru increased awareness of the potency of
strual cycle. “With the abundance of peri- lored care plans for weight management ness platforms and tools are making tional resilience. offering programmes that fuse biohacking edible fungi saw wellness brands launch-
od-tracking apps now, integrating this and sexual wellness. Meanwhile, Bharat- health more accessible and personalized techniques with principles of Ayurveda, ing mushroom-infused coffees and teas,
practice has never been easier. By adopt- Box and GOQii’s innovative wellness than ever before,” says Saurabh Bothra, YES TO COMBINED EXERCISES India’s ancient system of holistic health. dried powders, capsules and oils. Explain-
ing cycle syncing, women are gaining val- metaverse blurred the lines between CEO of Habuild. In 2024, gaming and Whether it was exercise or endurance An example of this synergy would be pair- ing their growing popularity , Richa Jaggi,
uable insights into their menstrual cycles, technology and self-care, creating mental health sport, 2024 — ing wearable devices that track sleep co-founder of wellness startup Awshad, in
allowing them to reduce PMS, improve immersive spaces for fitness and mental merged more both on social cycles along with Ayurvedic detox plans. an earlier story for Mint had said, “An
mood, and manage stress in more proact- health practices. seamlessly with This year, women around the media and real Another example would be having nutri- increasing demand for natural, plant-
ive ways,” Ahuja notes. The 2024 Employee Wellness Industry game-based world learnt to ‘sync’ their daily life — was all tional supplements that conform to the based health products and treatments,
Trends Report by Wellable, an employee apps and plat-
This year also saw a surge in awareness
around perimenopause and open discus- wellness technology company, indicated forms like routines, diet and workouts to about combin-
ing exercises
body’s constitution or dosha as defined by
Ayurveda. At Ayurveda Week, held in
and a growing shift from chemical-based
synthetic medicines is pushing (medici-
sions and growing acceptance of hormone that a majority of organizations planned to Betwixt, Super- their menstrual cycles and move- October 2024 in the Capital by the nal) mushrooms’ popularity as alternative
replacement therapy (HRT). Egg freezing increase investments in mental health Better, Inner- ments. Endur- National Ayurvedic Medical Association solutions to manage stress and
has gained traction as an important repro- solutions (91%), stress management tools world, Zen- ance events (NAMA), the session titled “Ayurveda: The strengthen the body’s immunity.”
ductive option for young women. All this (66%), and telemedicine (63%), reflecting gence, and EndeavorRx advancing their such as the Hyrox race, which involves Original Biohacking,” further emphasized (with inputs from Mahalakshmi Prab-
focus on women’s wellness or ‘femtech’ a growing reliance on digital platforms to offerings. These apps integrate AI, gamifi- running a kilometre and then doing one how Ayurvedic practices align with con- hakaran)
also translated into Indian wellness support employee wellness. “From habit cation, and VR to deliver immersive, evi- exercise and then repeating it with temporary biohacking techniques to pro- For more stories on health and wellness,
brands expanding into the sector. Men’s trackers to virtual consultations and dence-based mental health support to another exercise every kilometre for 8km, mote health and well-being. A concept visit livemint.com/mint-lounge.

In 2025, take smaller, consistent steps to a fitter you ISTOCKPHOTO

Instead of framing a wish lists. And so, just like financial, career tediously slow pace. So, do not be put off if end up looking better, feeling fitter, hap-
and personal goals, you need to have a you do not notice much change in the first pier and stress-free.
vague and ambitious health and wellness goal. Here’s what’s few weeks. In the early days, the only thing
fitness resolution, set a important: Do not set yourself vague you are guaranteed is pain. The two BETTER ETIQUETTE
goals. Be specific. For instance, if you have secrets to any transformation towards bet- Walking or exercising in a park or a gym
super-specific goal with a taken up running, first set yourself a clear ter health and fitness? Consistency and can often be a frustrating experience for
timeline and track it daily goal of ‘completing a 5km without a
break’. Set a timeline for achieving this
patience. Despite lack of visible progress
and the pain, stick with the process and be
the majority of us. This is because of a
general lack of exercise etiquette. If you
goal, which in this case, could be three patient. It takes anything between a few are walking or running in a park, stick to
Shrenik Avlani months. Then have a plan on how you weeks to a few months to start seeing visi- the left side, leaving the middle path for
lounge@livemint.com would do this. Track your progress. Once ble changes. It will reward you in more faster walkers/runners. If you are with
you achieve that, set yourself a new goal of ways as you will also benefit from better friends, be mindful as not to occupy half

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ew year, new me. That’s the image completing 5km non-stop within a certain cardiovascular and metabolic health, the walking path. In the gym, a lot of users
most of us have in our heads while time. Or, if you have started working out, lower stress levels, improved mobility and do not put their weights back or wipe
making earnest resolutions for set yourself a goal of doing one set of 10 confidence and mental health too. down the bench and equipment after use.
2025. However, there are multiple studies push-ups or 5 pull-ups unbroken in three Be mindful of these practices. Finally, if
that show most people give up on their months. In case you want to improve your FOCUS ON HEALTH , NOT LOOKS you need music for your walks/runs and
new year resolutions, especially those eating and drinking habits, then instead of Most of us end up chasing health and fit- workouts in the park, invest in a pair of
related to fitness and wellness. In fact, a going cold turkey, set yourself a weekly ness goals for all the wrong reasons. headphones. It’s a public space, not every-
2020 research by the popular American limit for foods that stand between you and While weight, size and looks continue to one will like your taste in music.
digital health platform Strava found that better health or the number of drinks you be the predominant reason why people
most people quit on their wellness and fit- consume. There are plenty of apps that exercise, they are not necessarily param- BE KIND TO YOURSELF
ness resolutions as early as the third week record your eating and drinking, use them eters or indicators of either one’s health In India, our lives are constantly under
of January. So, this year instead of making to keep track. Be practical, know your lim- yourself a simple target of exercising at much too soon. Another study by the Hos- or fitness. Six-pack abs might look good pressure, right from school days. You
lofty resolutions and seeing them fail, set its and based on your progress, push your- least 100 days in the year, which is two pital for Special Surgery in New York, but there is no way anyone can manage to don’t need to exert that sort of unhealthy
yourself some practical, measurable goals self by setting yourself tougher targets. days per week for the entire year. Or if you found that runners who increased their live their entire life sporting those. Truer pressure and competition when it comes
when it comes to your diet and exercise. have successfully completed a 5km mileage too quickly were more likely to indicators of good health and fitness are to your health and fitness. If you miss
Also, make some small changes in your START SMALL recently, aim to finish 10km and improve get injured than those who gradually mobility, flexibility, ability to move freely training a few times or miss your target
behaviour and lifestyle that you are more Do not aim for the stars because that way your time in both distances before scaled up. Going for broke is likely to without pain, muscle mass, healthy blood time in a race, or your progress is slower
likely to stick to in the long run for a fitter, you will just set yourself up for failure and attempting a marathon or full marathon. break you and leave you nursing an injury. pressure and blood sugar levels, good than expected, don’t beat yourself up over
happier you. disappointment. Start small and set your- A study by the National Centre for Sport cardiovascular health and low stress it. Be kind to yourself. As long as you don’t
self manageable goals that do not require and Exercise Medicine, UK found that 70 BE CONSISTENT AND PATIENT among others. Use your exercise and make self-compassion an excuse to skip
HAVE SPECIFIC GOALS you to make drastic changes to your lifes- per cent of injuries among runners are Physiological changes, without surgical nutrition to improve these health mark- exercise altogether, you will get there. It’s
We live in a world driven by targets and tyle. So, if you haven’t ever exercised, set from overuse, which includes doing too intervention or drug use, come about at a ers. In doing so, you will inadvertently just a matter of time.