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monday • 22 september 2025

34 pages in 2 sections
new delhi
~15.00
volume xxxii number 135
• published simultaneously from:
• ahmedabad • bengaluru • bhopal • bhubaneswar
• chandigarh • chennai • hyderabad • jaipur • kochi
• kolkata • lucknow • mumbai • new delhi • pune

how markets performed last week - www.business-standard.com

% chg over Dec 31, ’24
Sep 19 One-week Local currency in US $
Sensex 82,626 0.9 5.7 2.8
Nifty 25,327 0.8 7.1 4.1
Dow Jones 46,315 1.0 8.9 8.9 Offshoring to get GST ‘savings festival’ ‘Looking to build
Nasdaq
Hang Seng
22,631
26,545
2.2
0.6
17.2
32.3
17.2
32.2
lift, IT cos may take begins today, says national stock of
Nikkei 45,046 0.6 12.9 20.0 hit from H1-B diktat PM Modi critical minerals’
FTSE 9,217 -0.7 12.8 21.4
DAX 23,639 -0.2 18.7 34.7
Source: Bloomberg
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

THE WORLD’S LARGEST FINTECH FEST

Shri Narendra Modi

Hon'ble Prime Minister

Smt. Nirmala Shri Ashwini Shri Devendra Sanjay Malhotra Tuhin Kanta Kalyanaraman Saurabh Garg M Nagaraju François Villeroy Burkhard Balz
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monday • 22 september 2025
34 pages in 2 sections
new delhi
~15.00
volume xxxii number 135
• published simultaneously from:
• ahmedabad • bengaluru • bhopal • bhubaneswar
• chandigarh • chennai • hyderabad • jaipur • kochi
• kolkata • lucknow • mumbai • new delhi • pune

how markets performed last week - www.business-standard.com

% chg over Dec 31, ’24
Sep 19 One-week Local currency in US $
Sensex 82,626 0.9 5.7 2.8 politics 8 > companies 3 > economy & public affairs 6 >
Nifty 25,327 0.8 7.1 4.1
Dow Jones 46,315 1.0 8.9 8.9 MGNREGA dispute Adani group pushing Government planning
Nasdaq
Hang Seng
22,631
26,545
2.2
0.6
17.2
32.3
17.2
32.2
in Bengal: SC to hear for accountability to curb irrational
Nikkei 45,046 0.6 12.9 20.0 Centre’s plea today against Hindenburg bidding by companies
FTSE 9,217 -0.7 12.8 21.4
DAX 23,639 -0.2 18.7 34.7
Source: Bloomberg bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
4 NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
monday • 22 september 2025
34 pages in 2 sections
new delhi
~15.00
volume xxxii number 135
• published simultaneously from:
• ahmedabad • bengaluru • bhopal • bhubaneswar
• chandigarh • chennai • hyderabad • jaipur • kochi
• kolkata • lucknow • mumbai • new delhi • pune

how markets performed last week - www.business-standard.com

% chg over Dec 31, ’24
Sep 19 One-week Local currency in US $
Sensex 82,626 0.9 5.7 2.8 economy & public affairs 4 > economy & public affairs 5 > world 10 >
Nifty 25,327 0.8 7.1 4.1
Dow Jones 46,315 1.0 8.9 8.9 GST cut: Kiranas Amazon, Flipkart Taliban rejects Trump’s
Nasdaq
Hang Seng
22,631
26,545
2.2
0.6
17.2
32.3
17.2
32.2
play the MRP deploy war rooms for demand to return
Nikkei 45,046 0.6 12.9 20.0 waiting game ~1.2 trn festival battle Bagram airbase to US
FTSE 9,217 -0.7 12.8 21.4
DAX 23,639 -0.2 18.7 34.7
Source: Bloomberg
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
6 NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
monday • 22 september 2025
34 pages in 2 sections
new delhi
~15.00
volume xxxii number 135
• published simultaneously from:
• ahmedabad • bengaluru • bhopal • bhubaneswar
• chandigarh • chennai • hyderabad • jaipur • kochi
• kolkata • lucknow • mumbai • new delhi • pune

how markets performed last week - www.business-standard.com

% chg over Dec 31, ’24
Sep 19 One-week Local currency in US $
Sensex 82,626 0.9 5.7 2.8 economy & public affairs 6 > economy & public affairs 6 > take two 13 >
Nifty 25,327 0.8 7.1 4.1
Dow Jones 46,315 1.0 8.9 8.9 Goyal’s Washington RBI considers allowing Auto majors train staff
Nasdaq
Hang Seng
22,631
26,545
2.2
0.6
17.2
32.3
17.2
32.2
visit for trade talks an lenders to lock borrowers’ to steer online leads
Nikkei 45,046 0.6 12.9 20.0 important step: US phone after default to showrooms
FTSE 9,217 -0.7 12.8 21.4
DAX 23,639 -0.2 18.7 34.7
Source: Bloomberg
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

TRUMP’S H-1B FEE DIKTAT

GST ‘savings festival’ begins today: PM
vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv

vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
Read today’s
Business Standard online.
Regular readers can
check eligibility for
one-year complimentary
digital access to
Offshoring likely Urges citizens, state govts to embrace, promote ‘swadeshi’
archis mohan making 99 per cent of products of PAGE 4

to get lift, IT firms

The New York Times
New Delhi, 21 September daily need more affordable, and n Insurers expect
exhorted citizens to embrace “swa- more upgrades,
Amid choppy trade ties with the deshi”, that is buy and sell goods new policy buys
US, Prime Minister Narendra manufactured in India. The prime n New regime,
SPECIALS
may take a hit
Modi on Sunday said that the minister reiterated his govern- old problems for
next day’s dawn would bring ment’s commitment to ‘Aatmanirb-
ON MONDAY with it a “savings festival”, har Bharat’. Turn to Page 4 >
car dealers

BANKER’S TRUST 13 > avik das & shivani shinde

(next-gen gst reforms will accelerate india’s growth story, simplify
PAGE 2 business operations, make investments more attractive) Narendra Modi, PM
CCIL: Bringing markets Bengaluru/Mumbai, 21 September

to the masses IT stocks brace for

The past 48 hours have tested the
What NSE and BSE are to the equity nerves of India’s $282 billion
impact, but there’s a B

photos: priyanka parashar

market, CCIL is far more than that for information technology (IT) services silver lining: Analysts
the govt bond, foreign exchange industry, after Washington stunned Stocks of information technol-
& derivative markets, writes the market with a $100,000 one-time ogy (IT) firms are likely to see a
tamal bandyopadhyay fee on new H-1B visa applications. knee-jerk reaction on Monday DEFENCE GEOPOLITICS
While a closer look at US immigra- after US President Donald
STATSGURU
Paradox of women’s
13 > tion data suggests that the number of
H-1B applications filed has already
Trump imposed a higher
$100,000 fee for new H-1B ‘Looking to build national
fallen by nearly 80 per cent over the visas as a one-time payment.
empowerment in
South Asia
past decade, underscoring how the
visa’s importance to Indian IT has
stock of critical minerals’
■ Race against time: Travel bookings
been steadily
EDIT: waning long
to US spike after visa fee hike P2 > Reforms, indigenisation key
A SHOCK before the latest
shock, industry
■ Indiantechies, students scramble themes at Blueprint conclave
TO IT 11 > for answers P2 >
experts and ana- bs reporters
lysts point out New Delhi, 21 September
that this will still impact the sector, currently via GCCs) and IT com-
especially at a time when growth has panies’ adoption of new growth The Ministry of Defence could adopt a ‘’carrot and stick’’
been slow due to global uncertainty. models,” said a note from Emkay. approach with production agencies — both public and private
The immediate consequences According to Xpheno - a special- — to ensure quality control in the indigenisation effort,
could hit onsite revenues, put press- ist hiring firm — between 2015 and Defence Secretary Rajesh Kumar Singh told Business Standard
ure on margins, and delay deal clo- year-to-date (YTD) 2025, total H-1B at a conclave, hosted by the newspaper to launch its monthly (the government is (india has the best
sures. “We had assumed 5 per cent applications amounted to 414,000, magazine Blueprint, in New Delhi on Saturday. During a fire- in discussions to camera in the moon’s
growth in net IT services exports for with 382,000 approvals and 32,000 side conversation with AK Bhattacharya, Singh also said that restructure drdo orbit. we’re also the
FY26E, with a 7 per cent CAGR (com- rejections. This data covers a cohort the Department of Defence Production was considering build- for faster delivery only nation to have
pound annual growth rate) for the of 18 IT services firms: Six Indian ing a national stock of critical minerals and metals as a short- of technology soft-landed near the
next five years. This could reduce to listed Tier-1 majors, 10 midcap term measure to meet urgent requirements. Turn to Page 6 > platforms) moon’s south pole)
sub-4 per cent depending on sus- Indian players, and two US-head-
■ Special coverage on P7 > Rajesh Kumar Singh, Defence Secretary V Narayanan, Isro chairman
tained H-1B visa-led risks and GCC quartered companies with signifi-
evolution ($65 billion+ gross exports cant India operations. Turn to Page 6 >

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Ripple effects after $100,000 H-1B fee

Washington’s sudden plan to hike fee on new H-1B visas has sent tremors across sectors — sparking travel disruption, raising fears
of reverse migration, forcing global capability centres to up their game, and exposing IT stocks to fresh volatility

IT stocks brace for visa Question over fee sees techies,

hit, but see silver lining students scrambling for answers
puneet wadhwa shine jacob, shivani shinde
New Delhi, 21 September & ajinkya kawale Power players
Mumbai/Chennai, 21 September Top 10 employer beneficiaries of H1-B visas
Stocks of information technology (IT)
companies are likely to see a knee-jerk A weekend of panic and disbelief Amazon 10,044
reaction on Monday after US Presi- swept through thousands of Indian TCS 5,505
dent Donald Trump imposed a higher technology professionals on H-1B Microsoft 5,189
$100,000 fee for new H-1B visas as a visas after the United States Meta Platforms 5,123
one-time payment. abruptly announced a steep new
“IT stocks are likely to see a knee- visa fee through a Presidential Apple 4,202
jerk reaction on Monday with individ- proclamation late on Friday. Google 4,181
ual stocks slipping between 3 and 5 For Arun Kumar (name Cognizant 2,493
per cent depending on the depend- changed), a techie from south JPMorgan Chase 2,440
ence on the H-1B visa. I expect IT Tamil Nadu, the past 30 hours have Source:
stocks to trade lower for some time. been a whirlwind of stress and Wal-Mart Associates 2,390
USCIS (as on
They are unlikely to make money for frantic search for a flight ticket to Deloitte Consulting 2,353 June 30, 2025)
investors. The tide can turn in case the US.
there is a rethink on the H-1B visas Kumar works in Michigan for a awaiting renewals will not be India for the job yet due to the edu- front domestic skill gaps. “There
and the trade negotiations between global giant for almost 15 years on impacted, but I will stay put,” says cation loan. However, any per- are two things that will happen:
India and the US reach a viable sol- Under pressure Closing price of key IT firms’ shares after visa hike an H-1B visa. He had returned to the senior executive at an Indian sonal visits or visits to families, et one is that the US will have to seri-
ution,” said G Chokkalingam, founder Price (~) Change (%) Tamil Nadu for a two-week visit IT services firm. cetera, are now suspended since ously look at its own skill gaps. The
and head of research at Equinomics and was scheduled to fly back on Late on Saturday, the White entry back in the US will be under universities in the US are full of
Oracle Financial Services Software 9,018 -29.5
Research. October 3. Then came what he calls House clarified that the fee applies question,” he adds. immigrant students. And two,
Thus far in calendar year 2025 HCLTech 1,467.4 -23.5 the “Donald Trump shocker”. “I only to new H-1B filings. Existing For many Indian students, the agree to pay such a high fee for
(CY25), most IT stocks have underper- Tata Consultancy Services 3,169.2 -22.6 had just about 30 hours left in visa holders or those renewing will US dream is fraying. The mother of talent which is in India,” says a
formed. The Nifty IT index has Infosys 1,540.2 -18.1 hand. A journey from my home- not be affected. But for many, relief a student says: “No point going to senior executive from an MNC
slipped around 16 per cent as com- town to Chennai itself takes at least remains distant. the US. I think every parent should tech firm.
pared to a rise of around 7.1 per cent in Nifty IT 36,578.25 -15.6 eight hours. Immediately, I Companies such as Microsoft, rethink their decisions to send
the Nifty 50 during this period, ACE Nifty 50 25,327.05 7.1 checked for tickets for a direct Amazon, and several Indian IT their children to the US.” Trump faces legal hurdles
Equity data shows. flight, but prices had shot up to firms have instructed employees Social media, meanwhile, is Immigration lawyers say the
Closing price on NSE as of September 19, 2025; change in calendar year 2025;
Oracle Financial Services Soft- index figures are absolute values Source: Ace Equity nearly $2,000 against my original on H-1B visas to return to the US by buzzing with a different narrative: executive order is ripe for legal
ware, HCL Technologies, TCS and booking of $600. And with the September 22 — or stay if already that India might finally reclaim its challenge. Cyrus Mehta, founder
Infosys have been the biggest losers in panic, tickets quickly became there — even after the White talent. “Fewer international stu- and managing partner of Cyrus D
CY25 at the bourses, slipping up to cation from the US comes as a silver 20 per cent of employees are currently unavailable,” he recalls. House’s clarification. dents, offshored jobs, rising costs Mehta and Partners PLLC, sug-
29.4 per cent, data shows. Only Mpha- lining, which gives companies time to based on-site, they said. Of this, 20–30 Even working for an American for Big Tech, and a slower innova- gests on LinkedIn that litigation,
sis, with a rise of 5.1 per cent in CY25, work on alternatives. For instance, per cent are on H-1B visas, they wrote, multinational offered little com- Students caught in tion edge. Canada and Europe are coupled with opposition from cor-
has bucked the trend. they can base employees in Canada or implying that H-1B holders represent fort. It took eight hours for the crossfire smiling,” according to a founder’s porate America and universities,
Clarification from the US author- Mexico as well. Buy for the long-term just 3–5 per cent of the active work- Kumar’s company to provide pre- For students, the timing couldn’t LinkedIn post. has already forced the administra-
ities that H-1B petitions filed before the if these stocks see a sharp fall of force for a typical vendor. liminary guidance, as it too be worse. Rajat Deshpande (name Dewang Nerralla, serial entre- tion to temper its stance.
effective proclamation date of Septem- around 20 per cent in the next few Meanwhile, applications for H-1B struggled to decode the new rules. changed) came to the US on a ~50 preneur and CEO of HiWiPay, on According to Sukanya Raman,
ber 21 will not be affected, and those weeks; else avoid if the fall is around 3 visas, too, have witnessed a decline He explored every alternative -- lakh education loan. Only last year LinkedIn writes: “For India, this is country head India and GCC prac-
who are currently outside the US but – 5 per cent,” Baliga said. from the highs of 2017 (at 42,671 appli- flying to Mexico or Canada and did he secure a job, but the new both a challenge and an opportun- tice team, Davies and Associates
hold the H-1B visa also do not need to Another silver lining, analysts cations) to 20,870 applications in entering the US by land -- but rules have thrown his plans into ity. A challenge, because many of LLC, “the tech giants are likely to
pay the fee for reentering the country said, is the falling dependence on the 2024, the Motilal Oswal note suggests. nothing worked. By the next day, uncertainty. “This is double our brightest minds still aspire to challenge this and immigration
comes as a relief for companies, H-1B visa in the last few years. Over Chokkalingam still believes that he had resigned himself. “They trouble for all the new graduates, work abroad. But also an opportun- attorneys are expected to file a law-
according to Ambareesh Baliga, an the last decade, Indian IT vendors, there is room for trade negotiation could have given some clarity and especially since the employment ity — to build globally competitive suit maybe by the 20th of Septem-
independent market analyst. wrote Abhishek Pathak, Keval Bhagat between India and the US, which will time for us to respond. Instead, it market for techies in the US is ecosystems right here at home.” ber 2025. The legal argument would
This, he believes, will give them and Tushar Dhonde of Motilal Oswal help resolve this matter amicably and created sheer panic,” he says. already weak. There are also con- He adds: “This shift could spur be that the president does not have
time to rethink their strategy on how in a recent note, have reduced their can trigger a rally in IT stocks. Till His last refuge was disconnect- cerns that employers will not prefer much-needed investment in our authority to impose massive new
and where to place their workforce. reliance on the H-1B visa. then, he suggests investors avoid IT ing from the news and turning to new Indian graduates given how private universities, bridging the visa fees without the Congress.”
“IT stocks will slip, but I don’t With localisation drives in the US stocks as they will remain underper- prayer. “But the concern isn’t over. volatile visa rules have become,” he gap between academic learning Rajiv Khanna, managing attor-
expect the fall to be too steep. Clarifi- and higher local hiring, only around formers at the bourses. More than anything, it’s mental tells Business Standard. and industry-grade skills. It could ney at Immigration.com, expects a
pressure and panic that this entire Deshpande hopes to get clarity also accelerate the growth of off- legal battle soon. “You cannot
episode has created,” he adds. from his manager on Monday. shore development centres and destroy a statute just by your proc-
In New Jersey, Mahesh Kumar “Also, since new graduates end up increase global work allocation to lamation and he has destroyed the
(name changed) cancelled a family earning an average of about Indian firms — even with hurdles H-1B statute by levying a fine that

A wakeup call for GCCs cruise planned for September 21

with his visiting parents. “I
decided not to go. They are saying
$70,000, they (employers) will
clearly not be able to afford the
new visa once they apply for it.
like the proposed 25 per cent HIRE
Act tax.”
Industry leaders warn that
is so high,” explains Khanna.
vvvvvvvvvvvvvvvvvvvvvvvv
With inputs from Avik Das

to add more value

those already on H-1B visas or There are no plans to come back to companies will now have to con- in Bengaluru

avik das innovative minds will now be based Shalini Pillay, partner and India Indian oicials
Bengaluru, 21 September where the cost-effectiveness and leader for GCCs at KPMG India, said From H-1B to L-2: A look at US visa rules
The United States’ decision to
talent pool converge, right here in
India,” Avinash Vashistha, chairman
the current situation is a wake-up call
for such centres to do more value- The Indian IT services industry has come under the spotlight as the US government cracks down
reach out to US
charge $100,000 for all new H-1B
visa applications is a setback for the
and chief executive oicer of Tholons,
wrote on Linkedin.
added work and position themselves
as indispensable parts of the global
on H1-B visas. While the industry has benefitted the most due to the use of H1-B visas, it also uses
other visa categories to send talent to the US.
counterparts
IT services industry, which will have India has about 1,760 GCCs, organisation. “Not all GCCs have Indian oicials in New Delhi and those
to further reduce its dependence on according to data from Nasscom, reached the desired maturity level,” H-1B: This non-immigrant one of its affiliated foreign in its missions in the US over the week-
that channel. which is expected to cross 2,000 by she said. classification applies to offices to one of its offices in end reached out to their counterparts
However, it will provide impetus the end of next year. Many of those A report by the Boston Consult- people who wish to perform the US. This visa for a man- in the Donald Trump administration,
for the already booming global capa- centres, seen as extensions of the ing Group (BCG) mentioned that services in a specialty occu- ager or executive has a maxi- and also to the US-based top benefici-
bility centres (GCCs) in India as US headquarters, work on some cutting- just 8 per cent of Indian GCCs fall in pation, services of excep- mum validity of 7 years plus ary companies of the H-1B programme
companies use their capability edge technology in several sectors, the category of top performers. tional merit and ability recapture time. to seek clarifications from the White
centres to execute a critical part of including retail, automotive, health- Around 66 per cent are classified as relating to a department of House over the new rules governing
their technology-based work, accord- care, and banking, with greater con- average performers and 20 per cent defence (DOD), cooperative L-1B: The L-1B non-immi- the visa programme. New Delhi also
ing to experts. trol on product R&D, analytics, and as above average. research and development grant classification enables a asked its missions and posts to extend
Many have labelled the move as design than before. Many global An Emkay note on the impact of project, or services as a US employer to transfer a all possible help to Indian nationals
America’s loss and India’s gain, as executives also sit out of these H-1B visa fee hike said the shock and fashion model of distin- professional employee with who are travelling back to the US.
they feel that this will lead to a reverse centres with people reporting to increasing uncertainty could acceler- guished merit or ability. specialised knowledge relat- Domestically, there was immense
brain drain, with more people them globally. ate GCC trajectory and lift GCC ing to the organisation’s concern, especially in the southern sta-
n This is the most common interests from one of its affili-
coming back from the US and taking However, many GCCs have not exports as a share of India’s total ser- visa used by Indian IT service tes. While Andhra Pradesh government,
up jobs in the thousands of GCCs dot- attained that level of maturity in spite vices exports over time. H-4: This visa allows a H-1B ated foreign offices to one of led by the TDP, a constituent of the
companies to send their
ting Bengaluru, Hyderabad, Pune of operating in India for many years, Lalit Ahuja, co-founder and CEO visa holder to bring his or her its offices in the US. This visa ruling NDA at the Centre, conveyed its
engineers to the US to work
and Gurugram. and are still seen as delivery centres of ANSR, said while the drastic move dependents into the US. has a maximum validity of 5 concerns, the Telangana Chief Minister
for their clients. The tenure is
“Companies like Amazon, Micro- rather than value creating hubs. This is a big blow to the IT industry, the years plus recapture time. A Revanth Reddy took to social media to
for three years, and may be L-1A: The L-1A non-immi-
soft, and Google, who are major H-1B can pose a big challenge in the GCCs were in some way neutralising extended by another three grant classification enables a L-2: Bring in dependents of express his views. He said the suffering
beneficiaries, will double down on coming days, as the mood of the US the impact of immigration chal- years in maximum. The mini- US employer to transfer an L-1 visa workers. of Telugu IT professionals would be
their GCCs and R&D hubs in India. President Donald Trump’s circle lenges over the last few years as more mum salary is about $60,000. executive or manager from avik das
‘unimaginable’ and urged Prime Min-
The “war for talent” in the US is about turns hostile to both H-1B visas in spe- high-end technology work was ister Narendra Modi to address the issue
to get a lot more strategic, as the most cific, and outsourcing in general. being delegated. on a ‘war-footing’. bs reporter

Race against time: Travel bookings to US spike after Trump’s diktat

akshara srivastava Similarly, at Cleartrip, bookings to country, to return before the Septem- the recent H-1B-related announcements
& deepak patel the US over the weekend were unusually
Testing times ber 21 deadline. by the US government. The executive
New Delhi, 21 September high. “We are closely monitoring the H- n Tech firms had urged employees However, the US government later added that although there was a brief
1B development and understanding its abroad to return before the clarified that the new rule will apply only surge in traic on the airline’s website
Online travel aggregators witnessed a short and long-term implications. From September 21 deadline to new applicants from the next lottery for US flights after Trump’s first
spike in bookings to the US as people bookings point of view, we are seeing a cycle, and not to existing H-1B holders. It announcement on the new fees, the
n US clarified the fee hike applies
rushed to make reservations, following substantial increase in demand for also stated that the $100,000 visa fee activity quickly subsided.
only to new H-1B applicants, not
President Donald Trump’s order to raise bookings to the US,” said Manjari Sing- hike would be a one-time payment According to aviation analytics firm
existing holders
the H-1B visa fee and tech companies, hal, chief growth and business oicer at imposed only on new applicants. Cirium, three airlines — Air India,
based in America, issuing directives to the platform. n Flight demand surged briefly, then Meanwhile, online searches for travel United Airlines, and American Airlines
their employees to return to the country “President Trump’s announcement dropped after the clarification to the US came down on Sunday. This, — currently operate direct services on
before the deadline kicks in. has created a sense of unease among nAir India, United Airlines, and executives said, could be on account of the route, with Air India running 50
NASDAQ-listed travel booking app people and they will want to stay put in American Airlines operate direct the visa-related clarification issued by flights a week and United and Ameri-
MakeMyTrip witnessed a notable the US. While we haven’t seen an impact services on the India-US route the US administration or bookings can 14 each.
increase in last-minute bookings to the on long-term bookings yet, the sense of already made. However, the majority of passengers
US since Saturday morning. anxiety will impact travel from the US to However, an executive of an airline travelling between India and the US still
“This increase in bookings for same- India in the coming peak season,” said a Friday signed an executive order requi- soft, Amazon, Meta, and JP Morgan that operates direct flights between opt for one-stop connections through
day or next-day travel is atypical for a senior executive at a travel platform, ring companies to pay $100,000 issued advisories to employees to India and the US, told Business Standard hubs such as Dubai, Doha, Abu Dhabi, or
long-haul segment,” said a MakeMyTrip who did not wish to be identified. annually for each H-1B visa worker. avoid foreign travel. The tech firms that there has been no sudden increase London, and direct flights cater to a
spokesperson. US President Donald Trump on Following this, companies like Micro- also asked workers, who are not in the in cancellations or bookings following smaller share of the overall traic.

NEW DELHI - Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at Jagran Prakashan Ltd. D-210-211, Sector-63 Noida-201301 and D.B Corp Ltd. 10, JLN Marg, Malviya Nagar, Jaipur - 302015 published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
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B NEW DELHI | MONDAY, 22 SEPTEMBER 2025
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COMPANIES 3

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Fresh summons issued to

Malaysian telecom giant Maxis
A special court in New Delhi has finance minister P Chidamba-
issued fresh summons to Malay- ram for the takeover of Aircel in
sian telecom giant Maxis and its 2006, oicials said. It requested
former director Augustus Ralph the issuance of summons to the
Marshall on a Central Bureau of Malaysian company Astro All
Investigation (CBI) request in Asia Network in connection
connection with Foreign Invest- with the case, they said. The CBI
ment Promotion Board clear- has sought three months to
ance granted to its subsidiary serve the summons in Malay-
during the tenure of former sia, they added. pti

DIPK-NB-2006/25 Dated 20/09/2025

NOTICE
Lower GST, Lower MRPs –
For Everyone We Serve
Pursuant to the 56th meeting of the GST Council held on
3 September 2025, the GST rates as applicable on certain Philips
product categories have been reduced. In line with this, Philips
has revised the Maximum Retail Prices (MRPs) on such product
categories to ensure that the benet is fully passed on to the
customers, eﬀective 22 September 2025. For the detailed list of
SKUs along with old and revised MRPs, visit
https://www.philips.co.in/gst-pricerevision or scan the QR code

Our systems have been updated in line with the above and our
channel partners/distributors/resellers have been informed to
ensure immediate implementation of the revised MRPs.
We encourage all customers to check the revised MRPs and avail
themselves of the benet of the reduced GST.
Philips India Limited
Registered Office: Rajarhat 4A, 5th
Floor, Ecospace Business Park, Premises
AA II, Newtown, Chakpachuria, Kolkata,
West Bengal – 700 156, India
Website: www.philips.co.in
4 ECONOMY & PUBLIC AFFAIRS
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NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B

Breaking new ground

Starting today, the GST framework is set for its biggest overhaul since 2017. The latest set of reforms,
including rate rationalisation, is set to give a leg-up to the government’s self-reliance pitch

Mom-and-pop stores play the MRP Insurers expect

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waiting game as new rates kick in more upgrades,
bs reporters
Kolkata/New Delhi/Mumbai/Bengaluru,
21 September
E-commerce in switch mode
Major Indian e-commerce companies have
completed technical preparations for the
new policy buys
country’s simplified two-tier GST structure subrata panda
Mom-and-pop stores (kiranas) across ahead of the shopping season. Mumbai, 21 September
Mumbai and Kolkata will continue to sell The companies have updated their plat-
stocks lying in stores at the maximum retail forms and trained thousands of their sellers Life and health insurers are preparing to
price (MRP) as retailers wait for the new on the new tax codes, which take effect on implement the new goods and services
product prices to reach their stores with September 22, just as the industry enters its tax (GST) rates starting Monday. Accord-
reduced prices, following the government’s most lucrative period. ing to industry insiders, companies plan
cut in goods and services tax (GST) on “We are witnessing a strong revival in to pass on the full reduction in GST to cus-
many items and the removal of the 12 per consumer sentiment, backed by policy tomers without changing product prices
cent and 28 per cent slabs. reforms that simplify compliance and for now.
In Mumbai suburbs, a standalone enhance transparency. The GST changes While some insurers are ready with
supermarket store continues to sell stocks are already putting more disposable their entire product lineup updated to
at the current MRP and has no intention to income in the hands of Indian households, reflect the new GST rates, others may
sell at the reduced prices for items that have stoking optimism for consumption-led initially roll out only their best-selling
seen a drop in GST, as the items were billed Shopkeepers say they are running on low inventory to clear existing goods, growth. As we step into the biggest festival products until the rest are aligned with the
at the old price. however, fresh stock is unlikely to arrive before Durga Puja week of the year, the mood is one of confi- revised tax structure.
“I will first clear the old stocks lying with dence and celebrations,” said Rajneesh Insurers also expect a slight uptick in
me, and then once the stock with the new about the revised rates. Let’s see what soaps to shampoos and namkeen to ketchup Kumar, chief corporate affairs oicer at demand beginning Monday, as many
Warming up
MRP comes in, I will sell it at the reduced happens on Monday,” said Kamal Kishore to jams, and even loose items — on massive Flipkart group, which hosted its flagship customers had delayed purchases in n Companies are updating their
MRP,” a storekeeper said. Gupta of Fula Stores. discounts ranging from 7-70 per cent,” said a Big Billion Days sale on Sunday night. anticipation of the new GST rates. systems, with core products ready
Another supermarket, a stone’s throw It is very unlikely that companies will store manager at one of its outposts. “We welcome the government’s move to “We will be ready with our key prod- for the GST change
away, said the same thing. “Dairy items will deliver goods now when Durga Puja is just Shampoos from brands ranging from reduce GST across a host of categories start- ucts, though some may take a bit more n Loss of input tax credit (ITC) may
move quickly, and the new stocks will reach days away, said Narayan Chandra Malakar Dove to Sunsilk by Hindustan Unilever ing September 22. This will make the time. We are not revising product prices pressure insurers' profitability and
stores within the next 10 days, but items like of Krishna Stores. “Normally it doesn’t (HUL), and Pantene to Head & Shoulders by upcoming festival season more exciting,” and will be passing on the full GST margins
shampoos will take longer to replenish,” the happen. We are expecting new stocks to Procter & Gamble, are being sold on buy said a spokesperson for Amazon. reduction to policyholders. System
n The Centre clarified that ITC will
store owner added. come in only on October 3.” one, get one offers. The new framework reduces the current updates are underway, but we’re ensur-
not be available on services for the
Neighbourhood stores around South- In Delhi-National Capital Region (NCR), Perishable items are also selling below multiple-slab system to just two rates — 5 and ing that the core products, which
exempted policies
ern Avenue in South Kolkata are largely bil- while retailers await new stock at new MRP old MRPs. Meanwhile, all variants of Haldi- 18 per cent. Industry executives said that due account for the bulk of our sales, are
ling customers at pre-revision GST rates, prices as announced by fast-moving con- ram namkeen were retailing at a 10 per cent to revised GST-rate differentials, shoppers ready from Day One,” said the chief
which will continue until old stocks run sumer goods firms, many are offering discount. Some other retailers will start might save at least 10 per cent, amounting to executive oicer (CEO) of a large pri- “We are actively promoting this
out. Shopkeepers say they are running on massive discounts and schemes to cus- offering older products at reduced prices approximately $1 billion over the period. The vate-sector life insurer. update across all customer touchpoints,
low inventory to clear existing goods. But tomers in a bid to liquidate old stock as soon aligned with the rate cuts. savings apply particularly to electronics and Earlier this month, the GST Council clearly communicating that GST is no
the hitch is that new stock is unlikely to as possible and drive up sales. “Before the new stock starts reaching us consumer durables. announced a complete exemption from longer part of the premium. Customers
arrive before Durga Puja. Rajmandir Hypermarket is retailing later in the week, we will be passing on the vvvvvvvvvvvvvvvvvvvvvvvvvvvvv GST on all individual life insurance pol- now only need to pay the net premium
“So far, there has been no communica- goods across categories at wholesale rates benefits on existing supply by selling them Inputs from Peerzada Abrar, icies — including term, unit-linked, and amount. To maximise awareness, we
tion from companies on selling products at in a ‘Navratri offer’. at the new, post-GST MRPs ,” said a retailer Ishita Ayan Dutt, Akshara Srivastava, and endowment policies — as well as their have already begun campaigns on social
the revised rates. Customers are enquiring “We have put almost all products — from in Noida. Sharleen D’Souza reinsurance. The move aims to make media. Very soon, this update will also be
insurance more affordable and widen reflected on our website, where all prod-
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb coverage across the country. Similarly, uct information is prominently dis-
all individual health insurance policies played,” Bajaj Allianz General Insurance,
— including family floater and senior one of the largest non-life insurers, said
Festival cheer for consumers but many suppliers face IDR citizen plans — and their reinsurance
have also been exempted to boost
penetration.
in a statement.
“The updated premium structure has
been clearly communicated to ensure
may be unsustainable in the retail packs etc. were also staring at a huge accumulation help the government manage At the time of the announcement, consistency and transparency across all
long run in some sectors. issued. Finance Minister Nir- of unutilized ITC. A controver- the perceptions of considerable insurers were unsure whether the full channels. Our systems are fully equipped
In his Independence Day mala Sitharaman and her team sial clarification from the benefits to the consumers. benefit could be passed on to policy- to handle this change from Day One,
speech, our Prime Minister have done a commendable job government that has rattled Meanwhile, the importers holders. The withdrawal of input tax ensuring a seamless transition for
announced a Diwali gift by way in implementing the GST dealers says that refunds due to have delayed filing bills of entry credit (ITC) is expected to raise oper- partners and customers alike,” the firm
of significant reductions in the changes before the beginning of IDR will not be available where in the last few days to take ational costs, putting pressure on mar- added. It also said it expects strong cus-
GST rates and simplification of the Navratri festival, i.e. four input and output are the same. advantage of lower Integrated gins. To protect profitability, insurers tomer response, as many policyholders
processes. Within days, the weeks before Diwali and within The prospect of losing accumu- GST (IGST) on imports of some may need to reprice products — a process considering higher health insurance
finance ministry (FM) convened five weeks of the Prime Min- lated ITC of compensation items from today. Exporters of that could take time, according to indus- cover may now go ahead with that deci-
a meeting of the Group of Min- ister’s announcement. cess also worries many items now attracting lower tax try executives. sion, given the improved affordability.
EXIM MATTER isters (GoM) to deliberate and The ruling dispensation has, dealers of automobiles. rates have frontloaded their “Everything will be ready on time. We “We also expect not just new purchases in
finalise the details. Earlier this however, raised expectations of The government has put zero-rated supplies on payment have had nearly two weeks to implement health insurance but a significant
tnc rajagopalan
month, the GST Council unani- significantly lower prices for enormous pressure on trade to of IGST under refund claim. the changes, so we expect a smooth roll- number of customers upgrading their
mously recommended the the consumers that the busi- pass on the GST rate cut benefits From today, they will mostly out. Starting September 22, all rates will existing coverage. This includes choosing
The political leaders and the changes as proposed by the nesses facing ‘inverted duty to the consumers, despite know- export without IGST payment. be GST-free. We are passing on the full higher sum insured options and adding
bureaucrats at the Central and GoM. The same evening, the FM rates’ (IDR) structure cannot ing that due to IDR the final Overall, the government and GST cut to policyholders — at least for super top-up covers, which will further
State governments deserve all released a comprehensive press deliver. Refunds due to IDR do prices will come down but not to the consumers will have a great now. We’ll assess the situation further strengthen their financial protection,”
praise for ushering in drastic note and 73 answers to fre- not include unutilized input the same extent as the rate cuts festival season even as all the and decide on next steps accordingly,” the firm said.
cuts in the rates of Goods and quently asked questions (FAQs). tax credits (ITC) of GST paid on and may even go up in some rare players in the supply chain of said the CEO of another private-sector Insurance CEOs had sought some
Services Tax (GST) mainly on Last week, the notifications input services and capital cases. Businesses might bring many items that now attract life insurer. leeway from the finance ministry on
several items of mass con- were issued giving effect to the goods. Refunds due to zero down the prices as a part of their lower GST grin and bear the “Some customers had delayed their input tax credits for individual health
sumption and some process GST Council recommendations rated supplies without GST usual festival discounts to avoid pain of IDR. Let us wait and see purchase decisions in the interim, so and life insurance. They argued that
changes. However, they have along with a second set of FAQs. payment do not include unutil- any adverse reactions but will what happens. Later, they may Monday will give us a clearer picture of denial of ITC on commissions paid to
also raised the expectations of In the meantime, useful circu- ized ITC of GST paid on capital find such price cuts unsustain- raise the prices. any pent-up demand. That said, I don’t agents — which attract 18 per cent GST —
significant price cuts that may lars regarding post-sale dis- goods. So, the producers paying able within a few months. In the vvvvvvvvvvvvvvvvvvvvvvvv expect a flood of new business immedi- makes it diicult to deliver the expected
happen in the short run but counts, relabeling prices on higher GST on their inputs are short run, they may prefer to Email: [email protected] ately,” he added. reduction in premiums.

heard and redressed the con- bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

> FROM PAGE 1 cerns of all stakeholders,
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GST ‘savings festival’

especially the states, and
acknowledged the contribution
of the states, which led to turning
the dream of ‘one nation, one tax’
New regime, old problems for car dealers
begins today: PM into reality.
Under the new structure,
Modi said, only 5 per cent and 18
Sit on unsold inventory for which the route to claim compensation cess balance still unclear
sohini das & anjali singh the OEM has paid the cess on those,” he said, adding
In his 19-minute address to the development”. He said reform is per cent tax slabs will remain, Mumbai, 21 September Mounting ₹4,000 cr that there were several cars billed but not delivered.
nation, Modi implored the state
governments to promote local
a continuous process, and as
times change and national needs
making food items, medicines,
soap, toothbrushes, toothpaste, As the new rates of goods and services tax (GST)
pressure worth of compensation
Luxury carmakers are trying to cushion the
financial setback to dealers as the amount of cess on
manufacturing and ‘swadeshi’,
stressing that only ‘Centre-
evolve, next-generation reforms
become equally essential.
health, and life insurance among
the many goods and services that
become effective on Monday, car dealers are sitting
on estimated inventories of 500,000 units, for 8.6-24% cess was initially paid on
600,000 vehicles in the
these high-value cars is running into a few lakhs of
rupees per car. Dealers said OEMs like German
states’ synergy would help fulfil With the US imposing stiff will either be tax-free or attract which claiming the balance of the compensation Range of price beginning of Sep luxury brand Audi were offsetting the compensation
the dream of a self-reliant India. tariffs on Indian goods, the PM only a 5 per cent tax. He said cess is unclear. At the beginning of September, reductions on cess to dealers, and also holding billing them for
Modi said the country’s had first announced the GST rate travelling will become cheaper as dealers had an unsold stock of around 600,000 and popular models more cars before the new rate kicks in.
micro, small and medium enter- cuts in his Independence Day the GST rate on hotel rooms has around ~4,000 crore of compensation cess paid on like Alto, S-Presso, ₹500-800 cr Balbir Singh Dhillon, head of the firm, told Busi-
prises (MSMEs) will be the driver speech, spoken of his govern- been slashed, as would fulfilling these vehicles. and Celerio of cess may be recovered, ness Standard: “We are working with our dealers to
to make India self-reliant, a pre- ment’s commitment to other dreams, such as building a According to dealer sources, this has come down leaving a significant ensure a smooth transition. We understand there
requisite for attaining the objec- Atmanirbhar Bharat, and appea- house, purchasing a television or to 500,000. While the cess balance has not been balance unrecovered are short-term considerations around cess balances
tive of a ‘developed and a led to people to buy ‘swadeshi’. refrigerator, or buying a scooter, accounted for, according to rough calculations the and inventories and we are engaging with all our
prosperous India’. He said Modi said that before July a bike, or a car. vehicles sold would roughly account for ~500 crore- stakeholders. With the new GST structure, Audi
reduced goods and services tax 2017, citizens and traders were Modi said shopkeepers are 800 crore worth of that. This still leaves a significant cars have become more accessible — our popular
(GST) rates and simplified proce- entangled in a complex web of keen to pass on the benefits of amount of the cess balance to be recovered. range has seen price reduction ranging from ~2.6
dures will benefit MSMEs, boost taxes — Octroi, Entry Tax, Sales GST reductions to customers During the final weekend, several dealers in the lakh to ~8.06 lakh.
their sales and reduce their tax Tax, Excise, VAT, and Service with signboards displaying price country tried to generate last-minute invoices on Mass-market OEMs like Maruti Suzuki India are
burden, but the quality of their Tax — amounting to dozens of comparisons, before and after vehicles for retail, said dealer sources. making cars more affordable and attractive. On
products must meet the highest levies across the nation. the reforms, being prominently “The worry is for high-value cars, for which the Thursday, it announced price cuts of up to ~1.30 lakh
global standards. The PM recalled that a for- displayed. The PM said just as cess is higher. Dealers had resorted to discounting across its models effective September 22, passing on
The PM said any products eign newspaper had at the time the mantra of ‘swadeshi’ during September in order to clear some inventories. full GST benefits along with additional reductions.
that people need, and which can published a report that empowered India’s freedom Not much has moved. There will be footfall in dealer- Partho Banerjee, senior executive oicer, market-
be manufactured within the bemoaned the rigmarole that struggle, it would now energise ships during the weekend as Pitru-Paksh ends as well ing and sales, said the price cuts were significant par-
country, must be produced business people suffer in India. It India towards prosperity. Modi now,” said a dealer who handles multiple brands of explaining their features and answering queries on ticularly in the entry-level segment.
domestically. described, Modi said, the chal- bemoaned that many foreign cars in eastern India. discounts and prices. “In the Alto K10, the reduction is in the range of
Modi said the “double bon- lenges faced by a company that items have unknowingly Sai Giridhar, vice-president, Federation of Auto- According to an MG Motor dealer, a surge in 10.6-20 per cent; in the S-Presso, 12.6-24 per cent; for
anza” of slashing of income tax found it extremely onerous to become part of daily life, and mobile Dealers Associations (Fada), said he expected bookings and deliveries is expected from Monday. the Celerio, 8.6-17 per cent; and for Wagon R, 8.7-14
and GST rates would lead to sav- send goods from Bengaluru to citizens often do not even realise sales and footfall to pick up significantly from “We are having discussions with original equip- per cent. This is a double bonanza for the festival
ings of ~2.5 trillion for the people, Hyderabad--distance of just 570 whether the comb in their Monday. “Several vehicles are in transit now. Dealers ment manufacturers (OEMs) on how best to navigate season,” he said.
which is an evidence of his gov- kilometres-- and instead pre- pocket is foreign or locally made. have tried to sell as many vehicles as they could. We this challenge. We are also trying to have a word with He added the company had passed on GST bene-
ernment’s commitment to the ferred to ship the goods from The PM appealed to the hope a resolution would be worked out for the cess the Centre through Fada. However, most OEMs say fits not just on cars but also on service parts, with the
mantra “nagarik devobhava” Bengaluru to Europe and then people to “liberate” themselves balance.” that they are awaiting clarity on the matter before aim of reducing the cost of ownership for customers.
(citizen is god). back to Hyderabad. The general from such dependence, and that Visits to two Mumbai dealers of Hyundai Motor some kind of financial assistance for dealers can be On the compensation cess paid by dealers on
Modi said these “next gener- public, the customers, including they should buy products made India and JSW MG Motors on Saturday showed there worked out,” said a Bengaluru-based dealer. stocked vehicles, which cannot be claimed from
ation GST reforms” will “acceler- the poor, bore the brunt of the with the hard work and sweat of was business as usual. The staff said while footfall and He added OEMs had a significant exposure to the customers following GST rationalisation, Banerjee
ate India’s growth story, simplify increased cost of transporting the country’s youth. He called enquiries had picked up after the GST announce- cess for cars that had not been billed but had been said, “Different bodies are taking up the matter with
business operations, make goods within India, Modi upon every household to ment, those had not translated into bookings. moved out of factories to yards. the government. I think some solution will be
investments more attractive, and pointed out. become a symbol of ‘swadeshi’ The Hyundai dealership was bustling. A family “Some OEMs bill dealers and some bill their own worked out.”
ensure that every state becomes The PM spoke of the exten- and every shop to stock goods was receiving its car while sales staffers were busy sales companies, which bill dealers. In this con- Maruti Suzuki sees pentup demand but Banerjee
an equal partner in the race for sive consultation process, which made in India. walking customers through different models, fusion, several cars are not yet billed to dealers but said that one should not read much into sales.
B NEW DELHI | MONDAY, 22 SEPTEMBER 2025
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ECONOMY & PUBLIC AFFAIRS 5

Ecom majors’ war EPFO to ease part payments in select cases

festival sales begin

The Employees’ Provident Fund accounts, causing “financial dis- mants,” the letter reads. entered in the register of part-payment
Organisation (EPFO) has asked its tress” to claimants. The accounting and it should be reviewed every month,
regional and zonal oices to process “In this regard, the provi- manual lists five reasons and as and when the amount is available
part payments in some cases, includ- sions of para 10.11 of the for making part pay- for making further payments, action
ing non-remittance of employer con- manual of accounting proce- ments, including cases should be taken by the oice to effect
peerzada abrar tribution for certain periods, during dure (MAP) Part-IIA categori- of defaulting establish- further payment without insisting for a
Bengaluru, 21 September the final provident fund (PF) settle- cally allows processing of such ments, non-receipt of fresh claim from the claimants,” the
ment, and not reject the whole claim. claims for part payment of the Form 3A, instances where letter reads.
At the stroke of midnight, live In a letter issued by the Central available accumulations in the past accumulations are not This advisory comes days after
dashboards lit up simulta- Provident Fund Commissioner (CPFC) account of the member. Accordingly, all realised in full, transfer of PF EPFO undertook reforms, like access of
neously across Amazon India’s on Friday to all its regional and zonal oices are hereby advised not to reject accumulations have not been received all key services and PF account details
World Trade Centre head- oices, the EPFO noted that there has such claims, but to ensure processing from the previous establishment and using a single login on the portal.
quarters and Flipkart’s Outer
Ring Road oice in Bengaluru. bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
In sprawling “war rooms” at
both firms, executives moni-

States’ expenditures rose TN bags projects worth

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NEW DELHI | MONDAY, 22 SEPTEMBEER 2025 B

‘Important step’: US as Goyal Govt planning to

RBI considers allowing lenders to lock

unrealistically high premiums
lot of problems. For example, in affect the ﬁnancial viability of
areas like National Highways
B Sairam’s name Authority of India (NHAI)
the block

recommended
for next CIL chairman
borrowers’ phone after default contracts, some companies bid 30
per cent below (the base cost),”
Kapoor said.
trading networks, participated
aggressively in auctions. Their
manojit saha conscious of the fact that such prac- focus of financiers can shift from lateral, increases credit cost for the The government has options objective is often to block access to
Government headhunter Public Enterprises Mumbai, 21 September tices raise concern and the use of affordability to enforceability. Lax bank — higher recovery costs and when it comes to addressing the mineral resources for competitors
Selection Board (PESB) has recommended B these methods comes with signifi- underwriting can result in a rise in higher losses due higher defaults. issue, he said. “For example, we or to hold mineral assets as specu-
Sairam, the current Chairman and Managing With a surge in demand for small- cantnon-financialrisktoborrowers. bad loans. At the same time, there According to sources, the regu- can have a system of increasing lative positions rather than to
Director (CMD) of Northern Coalfields (NCL), ticket loans from customers who In this case, the borrowers’ per- are compelling arguments in favour lator is considering safeguards. bank guarantees at every stage of develop them eiciently,” said
as the next Chairman of coal behemoth Coal are new to credit, the Reserve Bank sonal data becomes de facto collat- of allowing device locking, though First, phone locking should be bidding, or we can ask for an Satnam Singh, senior practice
India Limited (CIL). The recommendation of of India is considering allowing eral. If their smartphones are with adequate safeguards. accompanied by a clear and upfront premium to be paid leader & director, Crisil Intelli-
Sairam came after 10 other applicants, includ- lenders to use “device-locking tech- locked, they could lose personal It is argued if such collateral is informed consent and notice beyond a limit. A lot of ideas are gence.
ing CMD of Mineral Exploration And Consul- nology” (DLT), by which they can data because they are not only prohibited then it should be appli- should be given after a default. there but this may create prob- Since there are no stringent
tancy Ltd and CMD of Central Coalfields — lock the borrowers’ smartphone in denied the use of the cable for all other collateral Lenders should ensure that there is lems for the good bidder,” Kapoor timelines between the issue of the
another CIL arm — were interviewed for the the case of a default. phone but the data stored — for example, loans no breach of data privacy and no said. Letter of Intent (LoI) and the
key post. pti For such customers, who are in the device like contacts, against gold jewellery and data should be accessed or Clarifying that the govern- mining lease execution, these
mostly from the low-income cat- work-related apps, housing loans. Should extracted from the device by the ment does not want companies to players can hold blocks without
egory, traditional collateral or credit children’s education lenders be not allowed to lender other than what is required bid for projects at a loss, he said, incurring immediate costs, which
Govt maps over checks are not available. At the material, among others. take possession of a house to facilitate device locking in a “We just want the projects to be further encourages speculative
12K HSN codes same time, credit demand from
such categories is rising, particu-
For gig workers or
small businesses, not
in the case of a default
since having a roof is basic
graded manner.
There are a few positives if such
commissioned on time and with
good quality,” he said while
bidding, he added.
For instance, of the 556 min-
to 31 ministries larly smartphone financing.
Allowing banks and non-bank-
being able to use the phone would
mean loss of access to navigation
and essential for a household? It is
also argued that a borrowers’ inter-
a practice is allowed, it is argued.
First, it lowers the entry barrier to
speaking at an event here.
Under the current mineral
eral blocks successfully auctioned
to date, premiums for around 151
The government has prepared a guidebook ing financial companies to lock tools, customer information, etc net connection is deactivated in the formal credit for small ticket, high- blocks auction framework, blocks exceeded 100 per cent. The
mapping 12,167 Harmonised System of mobile phones can enable them to which could affect their earnings case of non-payment of bills or if utility items by reducing the bidders compete by offering a per- highest was recorded at 45,295 per
Nomenclature (HSN) codes to 31 ministries manage risk and get repayment and hence ability to repay the loan. recharge is due. lender’s recovery risk. It also avoids centage of revenue share, called cent for the Bhilapar manganese
and departments to promote a data-driven without costly repossession. Moreover, there is no grievance- Lenders are expected to do a public, visible enforcement actions premium, to the state, which has and dolomite block in Madhya
approach for streamlining regulatory pro- Remote locking acts as a digital col- redress mechanism for borrowers if proper appraisal and have an incen- and the social stigma attached to led to extraordinarily high bids. Pradesh in its second auction,
cesses and enhancing ease of doing business, lateral substitute, and is also the phone is erroneously locked. tive to do so and assess borrowers’ them, an aspect that matters for “In many cases, entities with after initially being awarded at a
according to a statement on Sunday. In trade expected to instill financial disci- There are concerns over risk repayment capacity. Taking collat- low-income borrowers whose limited operational capacity or 22,790 per cent premium.
parlance, every product is categorised under pline among borrowers. assessment by lenders. If lenders eral does not guarantee the full loan livelihoods depend on their reputa- without downstream integration, vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
an HSN Code. pti At the same time, the regulator is are allowed to lock phones, the is repaid. A bad loan, even with col- tion in tight local markets. such as steel plants, smelters, or More on business-standard .com

> FROM PAGE 1

WEEKEND UPDATES
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Offshoring to rise even as ‘Looking to build national Trump slaps $100,000 fee
on H-1B visa applicants
H-1B plan may hurt IT cos stock of critical minerals’ In a move that could adversely impact Indian profes-
sionals on visas in the US, President Donald Trump on
While Singh enthralled the audience with branching out.” Friday signed a proclamation that will raise the fee for
A closer look at the numbers insights into the reform roadmap for the From defence to space sciences, reform H1-B visas to a staggering $100,000 annually, the latest
shows that total applications The visa story (Data for H-1B visas) defence sector after unveiling Blueprint — a and indigenisation formed a common in the administration's efforts to crack down on immi-
over this decade have fallen by Year Total Approval unique magazine focussed on defence and thread. Narayanan’s wide-ranging conversa- gration. pti
almost 80 per cent. In 2015, Applications Approval Denial (%) geopolitics, Indian Space Research Organisa- tion with Satarupa Bhattacharjya started off
35,287 applications were filed, tion (ISRO) Chairman V Narayanan with the strategic importance of satellites for
compared with 7,055 in 2025
2015 35,287 34,126 1,161 96.70
explained the country’s space vision in a communication, disaster management and Mohanlal named Dadasaheb
2016 47,641 45,379 2,262 95.30
(YTD), according to Xpheno.
Post this fee, one thing is 2017 54,176 51,308 2,868 94.70
delightful valedictory conversation.
The private sector had its say too. Rajinder
surveillance. Responding to a question
during the closing session, he said ISRO
Phalke award winner
clear: Companies such as TCS, 2018 34,141 27,531 6,610 80.60 Singh Bhatia, chairman of Kalyani Strategic played an important role during India’s four- Malayalam Superstar Mohanlal was
Infosys, Wipro, and others will 2019 35,649 27,255 8,394 76.50 Systems, the defence subsidiary of Bharat day conflict with Pakistan in May. He did not conferred with the Dadasaheb Phalke
need to further reduce their Forge, answered questions on whether elaborate. Award on Saturday. He expressed
dependence on H-1B visas, 2020 52,107 44,592 7,515 85.60 reforms have benefited the industry. “Our responsibility is to ensure the safety gratitude on social media. “To my
though they have consistently 2021 42,288 40,776 1,512 96.40 “True indigenisation would essentially and security of every citizen of India,” family, audience, colleagues, friends,
done so over the last decade. 2022 34,514 33,782 732 97.90 mean that design and IPR (intellectual prop- Narayanan said. and well-wishers, your love, faith, and
Paying $100,000 for a single 2023 35,351 34,489 862 97.60 erty rights) rest within the country,” Singh The ISRO chief, who took charge in Janu- encouragement have been my great-
employee is costly enough, said about self-reliance in defence that the ary, recounted major milestones in India’s est strength and have shaped who I am today,” Mohanlal
considering that the previous 2024 36,453 35,871 582 98.40 government is pushing the sector to achieve. space programmes such as the Chandrayaan said. pti
cost ranged from $2,000–5,000. 2025 (YTD) 7055 6852 203 97.10 Last year, 88 per cent of capital procure- (lunar) and Mangalyaan (Mars) missions,
Companies will therefore send Total 414,662 381,961 32,701 92.00 ment contracts went to Indian entities, sur- and touched on plans to build a 52-tonne
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staff onshore only for mission- passing targets set earlier, he said, adding space station (fully indigenous) by 2035, as
critical projects where it is abso- Note: This data represents a cohort of 18 IT services firms, Source: Xpheno that reforms under the Defence Acquisition well as a moon landing (human spaceflight) NBS SUDOKU #4691N
lutely unavoidable. Procedure 2020 will simplify approvals and by 2040. “Even though lots of people have
“The Indian IT companies 3-5 per cent of the active work- firms such as LTTS, Persistent, bolster structured support for startups as studied the moon, India is the first country
know that irrespective of force. Coforge, KPIT, Hexaware, and well. along with the US to find water molecules on
whether the $100,000 fee is And yet, the challenges Mphasis. LTTS, Mphasis, and “We have to see the public and private sec- the moon,” he said.
legally tenable or not, any posed by the absence of even Hexaware received 352, 663, tors as a hybrid dual-use pipeline when it Amid clapping and cheer from an
remaining doubts about the this small percentage will be and 471 visas respectively this comes to contributing to India’s defence engrossed audience, Narayanan said: “Today
policy direction the US admin- felt. “In the near term, the fee year. requirements.” when I look back, I have to really thank the
istration is taking are gone. In would cause major disruption This is because they lack the As the conversation revolved around indi- countries which denied technology to us.”
that way, the smart firms to US delivery models. Firms scale, brand, and local hiring genisation a bit more, Singh made the carrot He explained: ‘’Because of that, we, Indians,
should and will welcome the will pause projects that relied pipelines of their larger peers. and stick remark to underline the need for have developed three cryogenic propulsion
removal of uncertainty and on visa rotations, reprice deals, Many depend heavily on rotat- quality control. systems.” The audience clapped louder.
double down on investment and shift delivery offshore or to ing H-1Bs for client intimacy “While we weed out poor manufacturing Besides reform and indigenisation, the
plans for building local capabil- GCCs, Canada and Mexico. In and delivery flexibility. To practices, we also need to incentivise those startup theme also connected the three lively
ities in the US to remain rel- the long term, it accelerates a maintain US operations, they whose manufacturing quality meets our conversations at the conclave.
evant first, with the question of structural pivot away from will increasingly rely on sub- requirements by allowing them self-certifi- Bhatia, also president, Society of Indian
competitiveness coming later,” labor-based pyramids toward contracting with local partners, cation. Both carrot and stick need to be Defence Manufacturers, said during the
said Gaurav Parab, principal automation, outcome-based expand remote delivery from applied...” middle session that a dramatic scale up of
research analyst at NelsonHall, services, and platformised offshore, and selectively absorb Shortage of rare earth, a subject that has India’s startup ecosystem would be good.
an industry research firm. delivery. Even if the fee is the new fee where client come up time and again in the recent past “Let’s aim for 100,000 startups across
Some of the larger pro- blocked in court or by Con- budgets allow. The margin because of global supply chain disruptions, defence, aerospace and technology,” Bhatia
viders, including TCS and Info- gress, boards and clients will impact could be severe, poten- figured in the discussion with the defence said in a discussion with Bhaswar Kumar,
sys, have been investing in US move faster to redesign how tially 200–400 basis points for secretary as well. adding that the country’s engineering talent
facilities since the first Donald work gets done,” said Phil firms most exposed to H-1B Singh urged building an overall “resource should be further tapped. “Building defence
Trump administration, Fersht, founder and CEO of HfS rotations, whereas large pro- security”, including rare earth reserves…. capability in a nation is a marathon, not a
making hiring and investment Research. viders can spread the shock Potential reforms in the Defence Research sprint.”
SOLUTION TO #4689
pledges such as developing cor- Analysts Business Standard across a broader portfolio. and Development Organisation (DRDO) also Highlighting the need for faster acquisi-
porate universities like Infosys’ spoke to agree that such “If an IT company were to featured prominently in the fireside chat. tion to keep pace with technology, he said if Very easy:
facility in Indiana. They are unprecedented restrictive pol- apply for 5,000 H-1Bs in FY27, Speaking on innovation, he said that in a product could be developed between two ★
likely to expand these pro- icies will only push US com- the annual fee alone would India, if something is given for free, it is and five years, its acquisition cycle should Solution
grammes further. panies to offshore more work or amount to $500 million. Given “rarely valued”, adding that the DRDO not be longer. Else, outdated equipment tomorrow
Motilal Oswal noted that retain it in-house, allocating it the magnitude of this fee, it is charge nominal royalties for technologies would be bought by the end users – the
around 20 per cent of to their capability centres, likely that Indian IT companies licensed to domestic manufacturers and armed forces.
employees at the top five IT ser- which are mostly located in will avoid new H-1B filings alto- offer broader access to laboratories and test- The audience couldn’t have asked for HOW TO PLAY
vices firms are currently based India because of cost and talent gether, opting instead to ing facilities. more as the discussion with Bhatia wrapped Fill in the grid so that
on-site. Of these, 20–30 per cent availability. expand offshore delivery or “The monopsony situation will not up on a lighter Bollywood note against the every row, every
are on H-1B visas, meaning However, the problems may increase local hiring,” Motilal change. What you can do is create some lib- backdrop of defence, space and geopolitics column and every 3x3
such visa holders represent just be more acute for mid-tier Oswal wrote. eral windows and runways for startups narrative. box contains
the digits 1 to 9
B NEW DELHI | MONDAY, 22 SEPTEMBER 2025 BLUEPRINT DISCOURSE 7
B

DEFENCE GEOPOLITICS
boosting self-reliance drive playing its part in national security

‘DRDO revamp on cards ‘India today has best

for faster tech delivery’ camera in moon’s orbit’
PHOTOS: PRIYANKA PARASHAR

& &
Defence Secretary Indian Space Research
Rajesh Kumar Singh Organisation (Isro)
spoke about India’s defence Chairman V Narayanan
reforms, indigenous technology, startup spoke with Satarupa Bhattacharjya
support, and critical mineral strategy at of Business Standard at the Blueprint
the launch of the Blueprint magazine in Discourse in New Delhi on Saturday
New Delhi. Edited excerpts from his about setting up India’s space station in
interaction with A K Bhattacharya the future, a human spaceflight, and
of Business Standard: planned moon landing, as well as the
strategic importance of satellites.
Edited excerpts:
How far has India progressed
in achieving self-reliance in You took charge of the Isro in
defence production? January. How is India contributing
n India’s defence sector has made to global space research?
significant strides in indigenisation, but n Chandrayaan-3’s success was a
the journey is ongoing. Across key landmark in our space journey. It has
domains such as artillery, armoured given confidence to every one of us,
systems, long-range missiles, and not only at the Isro but also across the
multi-barrel rocket launchers, domestic nation. Every Indian felt proud at
production has reached advanced levels. that moment. It has given us the
True indigenisation would essentially courage to take up more challenging
mean that the entire design and missions, and that is the most
intellectual property rights rest within important outcome.
the country. However, in certain India has the best camera in the
high-technology areas, the country still moon’s orbit today. We are also the only
relies on technology transfers. The country to have soft-landed near the
government’s approach is to encourage south pole of the moon. Isro Chairman V Narayanan said India was planning to have an indigenous
domestic manufacturing while leverag- Defence Secretary Rajesh Kumar Singh said the Defence Acquisition Procedure We have found eight minerals on space station by 2035
ing foreign technology where necessary. 2020 would be revised by the end of the year the moon’s surface. Our probe has
taken the temperature profile
How is the government balancing (among other things). Our rover has about 71 years. India is in the right build a space station). The second
domestic production and threshold of hard power? and upgrade prototypes. The goal is to found some places on the moon direction. This is the time to go for experiment will be the BAS (Bharatiya
strategic imports? n We should have overwhelming create a level playing field, encourage that have seismic activity (similar to that programme. Antariksh Station) interface. The space
n The policy framework encourages asymmetry vis-à-vis our western adver- domestic innovation, and enable ven- earthquakes). station will be in place by 2035.
collaboration between Indian sary, deterrent capacity vis-à-vis our dors to move up the value chain to Another exciting area is the
companies and foreign technology northern adversary, and dominance in become original equipment manufac- India has planned a moon landing by Gaganyaan mission, the first human Will it be in the vicinity of the
partners. While domestic the entire region. This requires a combi- turers. The i-DEX Aditi grant currently 2040. That would be 71 years since the spaceflight that India is planning? International Space Station or the
manufacturing is emphasised, nation of industrial and tech- funds prototypes up to first moon landing. What is expected Why is it taking so long? Chinese space station? Because it
strategic imports are allowed in areas nological superiority backed (we are ~25 crore, which will soon to be found in the future mission? n The safety of the humans is key to will have to be some 400 km above the
where India lacks the necessary technical by suicient numbers of considering a increase to ~50 crore. n We are in the preliminary stage of this mission, so we cannot take risks. Earth, right?
capabilities. This ensures that critical weapons and platforms. In national stock of studying this. Our honourable Prime We have to ‘human-rate’ the launch n All space-faring nations have an
capability gaps are addressed without addition, we need to ensure critical minerals How is India addressing Minister Narendra Modi has given me vehicle. That has to be demonstrated understanding and collaborative
compromising self-reliance objectives. that our island territories and metals, which critical mineral and a direction and guidelines to work on through a large number of test pro- effort. In space, it is not in our interest
The government is also considering have robust defence capabil- will serve as a rare-earth requirements this mission — we are to land our grammes. We have to develop the to hit something else. The distance,
royalty charges for Defence Research ities to command key areas of short-term for defence technologies? Indian brothers or sisters on the moon, module (in which humans will travel whether 400 km or 420 km, has not
& Development Organisation the Indian Ocean, including measure to meet n The government has using our own rocket and bring them under controlled pressure, tempera- been decided yet. But it (BAS) will be
(DRDO) technologies licensed to the Malacca Strait, so that urgent needs) initiated the NCMM 2025, back safely, of course, after carrying out ture, humidity and such placed in the appropriate
domestic manufacturers. India remains the predomi- with the first round of a lot of experiments. This is the other factors). All that has location in space. At the
nant force in the region. auctions completed and the objective of the mission. to be in an automated
(along with the end of the day, the global
Although many have studied the mode. We are indigen-
defence team, our
How are public defence companies
performing after corporatisation? Have procurement reforms improved
second underway. The Department of
Defence Production is considering moon, India is the first country, along ously developing it.
responsibility is to community
be happy.
should

n India has 16 central defence public- the system? building a national stock of critical with the US, to find water molecules on About 75-80 per cent of
ensure the safety
sector undertakings (PSUs), including n The Defence Acquisition Procedure minerals and metals. This would serve the moon. This was a great discovery the development is com-
and security of What about the Venus
seven corporatised units. Reforms, such 2020 will be revised by the end of the as a short-term measure to meet urgent (Chandrayaan-1). This programme (the plete. The rocket will
every citizen of orbiter mission?
as removing restrictive no-objection cer- year. The Defence Procurement Manual requirements. In the long run, India has future mission) involves technology travel at a velocity of at
bharat. towards n We are working on a
tificate requirements, aim to increase 2025 has been revised to streamline reasonable reserves of critical minerals, development. Indians will bring a lot of least 28,400 km per
that, satellites can Venus orbiter. It is a very
competitiveness and eiciency. While defence procurement. Timelines for and we should aim to utilise them more value-addition to the understanding of second, so we need all do a lot of things... interesting planet. We are
PSUs retain advantages such as access to trials and contract approvals have been effectively for strategic purposes. the moon. safety checks in place. even during also working on another
land, technology, and prior contracts, shortened, and accountability has been Recently, the Ministry of Environment But you must understand one We have already operation sindoor, Mars mission.
they compete with private companies. emphasised. The defence procurement classified critical mineral mines as thing: When the US did the first moon demonstrated the crew- we could play our
Most ordnance and defence PSUs are manual, which covers consumables strategic, enabling faster landing in 1969, the Isro was just escape system, and we part well) Can you explain the links
profitable, benefiting from both worth around ~1 trillion for revenue pro- environmental clearances. formed. We then had a tiny rocket. We will have one more test between India’s space
domestic and export orders. curements, now allows forces to buy were 70 years behind the advanced shortly. We will have three uncrewed programme and national security?
directly from the government market- How is the licensing system for defence country. When we got our Indepen- missions (before sending humans). n Along with the defence team, our
What is the government’s place portal for dual-use and civilian- being reformed? dence in 1949, the vast majority of The first is planned for this December. responsibility is also to ensure the
vision for DRDO? type equipment. These reforms aim to n Complete deregulation is not feasible Indians lived below the poverty line. It will be undertaken by a humanoid. safety and security of every citizen of
n It is central to India’s defence research reduce delays and create a more respon- for lethal equipment and explosives. Hardly 12 per cent of Indians were Bharat. And, towards that, satellites
ecosystem. The DRDO has done great sive, industry-friendly environment. However, licensing processes have been literate then. Today, that number is Please share an update of India’s plan can do a lot of things. They can locate
work, but delivery schedules need simplified to reduce delays. Security 79-80 per cent. The average lifespan of to set up a space station by 2035. things — good things and bad things.
improvement. The government is in dis- How is the defence startup clearances by state and central agencies an Indian was just 32 years at the time n Yes, we plan to have an indigenous You can observe a lot of things
cussions to restructure DRDO for faster ecosystem evolving? are now committed to being completed of our Independence. Our prioritises space station by 2035. The configur- from space. Another thing is com-
delivery of technology platforms and to n Defence is the only central sector with within three months. Import and export were different. Even when the Isro ation is complete. It is a 52-tonne mass munication, in real time, especially
provide private sector access to labs and a structured startup support scheme. licences are being streamlined through a started, the priority was not space and will be assembled in space with in war-like situations when
testing infrastructure. The goal is a hybrid Startups also receive initial orders to vali- single-window system. Licence validity missions but how to help improve the five modules (at the beginning). communications are very essential —
pipeline where public and private sectors date and scale their products. The gov- has been extended from three years to 18 lives of the common people. In January, we did one docking assured, secured communication.
jointly meet capability requirements. ernment plans to extend assured orders years, providing long-term certainty for We have come a long way. Today, it experiment. India is the fourth country As you know, even during
for five years for indigenously developed domestic manufacturers to invest and is the right time to plan for our land- that has successfully demonstrated Operation Sindoor, we could play
How does India define its credible solutions, providing a runway to improve scale operations. ing on the moon. We need not talk this technology until today (needed to our part well.

calling for continuity of reforms

‘Long procurement cycle risks acquiring outdated systems’

&
Rajinder Singh Bhatia, chairman of Kalyani Strategic Systems, the India’s defence sector? currently equipped to deliver at scale?
defence subsidiary of Bharat Forge, and president of the Society of n Technology is inherently n Five years ago, many defence systems
Indian Defence Manufacturers, talked about the importance of creating a unpredictable, evolving rapidly and were beyond the reach of private indus-
robust environment for defence startups at the launch of the Blueprint magazine in touching every facet of life. Earlier, try. Today, companies are leading manu-
New Delhi. Edited excerpts from his interaction with Bhaswar Kumar of innovations flowed from military to facturers in several categories. Scaling
Business Standard: civilian sectors; today, civilian advance-production is not a problem, but it dep-
ments increasingly inform military ends on certainty in orders and well-
Have reforms in India’s defence sector over 200,000 aircraft in five years capabilities. India has skilled workforce defined timelines.
truly benefited the private industry? during World War II, with streamlined and global capability centres for major The delays due to conditional
n A decade ago, the bureaucracy was procedures. The potential of the indus- original equipment manufacturers. contracts, waiting for trials and approval
not as receptive to private sector partici- try is far greater than its current output. affect the manufacturing. India has the
pation as today. We could not conduct The government has pro- capital to invest in defence
trials in India. We sent the prototypes As an industry leader, do you believe moted defence startups. production. With clear time-
abroad for testing. The reforms under shortening timelines is enough or is an What more is needed? (a decade ago, the lines and commitments, the
Manohar Parrikar’s tenure allowed enforcement mechanism needed? n Startups face the “valley bureaucracy was private industry can deliver
domestic testing and, by 2019, the n The Defence Procurement Procedure of death,” where 80 per cent not as receptive to surge capacity effectively.
Defence Acquisition Council approved (2020) has given a timeframe of 36 fail due to lack of funding private-sector
150 guns. The production for the Indian months for procurement. The process and support to move from participation as Does the new Defence
Army began in 2025. These reforms takes five or six years and sometimes prototype to production today. we could Procurement Manual
have helped a lot, but the challenges even seven or eight years, with tenders phase. Before 2018-19, India not conduct signal a turning point?
remain in procurement procedures sometimes being cancelled after waiting had fewer than 10 defence trials in india) n The DPM has been
and timely approvals. long periods. Even globally, the US takes startups. Today, over 3,000 approved but not yet
around 11 years for complex systems. are registered, of which released. Early indications
How would you assess India’s current Some countries like South Korea and Rajinder Singh Bhatia, chairman of Kalyani Strategic Systems, and president of 1,100 have already secured orders. India from the defence secretary are encourag-
position and future potential in Israel have demonstrated that faster the Society of Indian Defence Manufacturers, said reforms had helped a lot, has around 157,000 registered startups, ing, but primarily address the routine
defence production? acquisition is possible. With rapidly but challenges remained in procurement procedures and timely approvals 33,000 are tech-focused and only 9,000 revenue requirements. The real need is
n India has made significant progress. evolving technology, a seven-year operate in defence. Of these, successful for a leaner and faster Defence Acquisi-
We (the company) grew from single- procurement cycle risks acquiring out- ones can be counted on fingers. Com- tion Procedure, reducing the current
digit production to four-digit numbers dated systems. For critical and fast- Bharat Forge and Tata group, perform bimodal) that can strike from a range pared to a country like Israel, our per 600-page framework to around 100
in 12 years. The technical and manufac- changing platforms, we must aim for at the artillery testing? that exceeds the enemy’s counter-bar- capita numbers are far lower. We should pages, allowing industry to assimilate
turing base is stronger than ever; procurement cycles of 18-24 months. n The ATAGS demonstrated a remark- rage range. This extended reach aim for 100,000 startups across defence, policies more effectively and respond
acquisition reforms, faster processes, able range of 48 km, while conventional enhances battlefield flexibility and gives aerospace, and technology. swiftly. While some progress has been
and eicient spending are essential. How did the advanced towed artillery 155 mm-52 calibre guns have a range of India a clear edge in artillery operations. made, reforms must continue to
India can match historic global produc- gun system (ATAGS), developed by 40-41 km. The ATAGS has a larger If India faces a surge in defence streamline processes and enable private
tion rates, such as the US producing the DRDO in collaboration with chamber and improved charges (zone-7 How is technological evolution shaping requirements, is the private sector sector participation at scale.
8 POLITICS & PUBLIC AFFAIRS
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NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
(there can be no bigger indictment of (allegations of ‘vote chori’ false (the very thing gandhi said on september
the cec than this. the police is asking for narrative, just like past charge that we 18 was said, with evidence, by kejriwal on
information (on ‘vote chori’ claims), and would scrap reservations for sc, st december 29, 2024 — nine months ago, two
he is not providing it) and obc communities) months before the delhi elections)
Rahul Gandhi, Leader of Opposition, Lok Sabha Amit Shah, Union Home Minister Saurabh Bharadwaj, AAP Delhi president
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Tiruppur weaves a LAC, China on mind, PM visits

MGNREGA dispute:
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Supreme Court to take

Bihar, 2025: No stops to the sops
Homework done, both NDA and INDIA are racing to woo marginalised groups with Assembly polls fast
up Centre’s plea today approaching. Harsh Kumar and Archis Mohan take a look at the promises, and more
Centre has challenged an HC order As Bihar waits for the Election Com-
mission to announce the schedule for
received a total of 162,174 applications
for admission of children from Dalit
Kumar-led regime has initiated steps
to set up women’s banks in districts
to restart MGNREGA works in West the upcoming Assembly polls, rival communities into schools, of which where there are 3,0000 or more Jeevika
political alliances in the state have 95.4 per cent were processed. Didis. These will provide women with
Bengal. Sanjeeb Mukherjee reports drawn precise lessons from the 2020 Additionally, government oicials low-interest loans, entrepreneurship
verdict — the closest ever fought in the said there is a high rate of processing of guidance, and training. On September
The Supreme Court will today Party (BJP) had both claimed state — and minutely studied the 2022 applications for Anganwadi centres 2, PM Narendra Modi launched the
hear a petition filed by the victory after the June order. Bihar caste survey findings. (91.62 per cent of all applications Bihar Rajya Jeevika Nidhi Saakh
Centre challenging a Calcutta Chief Minister Mamata Baner- This homework has led to the received); Ayushman health cards Sahkari Sangh Limited, and in June,
High Court order that directed jee welcomed the ruling, ruling National Democratic Alliance (85.54 per cent); rural employment Kumar’s government had also slashed
the resumption of stalled saying the Centre should (NDA) and the opposition mega-bloc guarantee job cards (81.45 per cent); interest rates on Jeevika loans above ~3
works under the Mahatma restart all social welfare pro- Indian National Developmental Jeevika self-help groups (79.04 per lakh to 7 per cent from 10 per cent.
Gandhi National Rural grammes stalled in the state for Inclusive Alliance (INDIA) reaching cent); and Jan Dhan-related services in Political observers see Kumar’s
Employment Guarantee Act the past three years. out to the smaller castes in the state, the Dalit settlements. moves as a desperate attempt to shore
(MGNREGA) in West Bengal. “Let them (the Centre) especially those belonging to the The NDA government has also up his waning popularity. D M Diwa-
In June this year, the high restart the programme first. Extremely Backward Class (EBC) and stepped up its outreach to women — a kar, former director of A N Sinha Insti-
court had instructed that all But this is not their money, it’s the Scheduled Caste (SC) groups. core support base for the JD(U) chief tute of Social Studies, Patna, said:
MGNREGA works in the state public money. It’s our right to While the former, composed of 112 since at least 2010. Last month, Kumar “Notice that the NDA has not projected
be resumed from August 1, get it,” Banerjee told a press castes, forms 36.01 per cent of Bihar’s Women have been a core support base for Bihar CM and JD(U) chief announced the Mukhyamantri Mahila him as the CM face of the alliance yet.
while also giving the Centre a conference at the time. 130 million population, the latter, Nitish Kumar since at least 2010 photo: x/nitish kumar Rozgar Yojana, under which one By directly targeting women with cash
free hand to take any measures The BJP had also welcomed which has 22 castes, comprises 19.65 woman from every family will get incentives, he is trying to consolidate
necessary to curb corruption in the order, saying that control of per cent. The 2022 survey listed 203 Ram’s heyday, but has since gravitated ~10,000 as the first instalment to start his core voter base and give a message
its implementation. the scheme would now rest notified castes of which 196 are in the towards the socialists and later, the a small business of her choice. The to the alliance.” Diwakar said the
The plea is listed for hearing with the Centre. It argued that reserved category (Other Backward Nitish Kumar-led Janata Dal (United). How Bihar’s women scheme, managed by the rural devel- people of Bihar are smart and can see
before a division Bench led by
Justice Vikram Nath.
there would be no retrospec-
tive payments and that only
Class, or OBC, EBC, SC, and Scheduled
Tribe, or ST).
Meanwhile, the Communist Party of
India (Marxist-Leninist), led by Dipan-
emerged as a opment department, is set to begin dis-
bursement in September through
through these gimmicks.
However, Kumar is not the only one
The High Court’s order fol- genuine beneficiaries, not The voting behaviour of these kar Bhattacharya, has plans to field distinct voting bloc direct bank transfers. counting on women-centric
lowed a public interest litiga- “ghost workers”, would be castes is going to be crucial in deter- ‘scheme workers’ — those who take n 2015 Assembly polls: This new scheme has generated announcements. Former deputy CM
tion that argued the poor were included in the scheme. mining the outcome of several seats. In government schemes to marginalised Turnout surged to 60.48%, quite a buzz. Anachala Devi (name Yadav has pledged that if elected, an
being denied their lawful The Union government 2020, victory and defeat in 20 per cent communities. while men lagged behind at changed), a 52-year-old Jeevika worker RJD-led government will transfer
entitlement under the Act, had been withholding of Bihar’s 243 seats was decided by a The NDA government has watched 53.31% from north Bihar’s Muzaffarpur, told ~2,500 every month into women’s
which guarantees 100 days of MGNREGA funds for West margin of less than 2.5 per cent. Over- the Opposition’s moves closely. Over Business Standard: “We have been bank accounts under the Mai-Bahin
n 2020 Assembly polls: Voter
employment a year to rural Bengal since March 2022, all, a mere 12,768 votes of the total 41.43 the past few months, it has taken steps asked to fill out forms for our members Samman Yojana, and will also launch
turnout rose to 59.7% per
households. The Bench, com- invoking Section 27 of the Act, million polled separated winners and to consolidate its support among the to receive ~10,000 being offered by the the Beti (Benefit Education Training
cent, from 42.5% in 2005
prising Chief Justice T S Sivag- which allows suspension of losers in the three-phase elections. EBCs, SCs and women, and also government. This has become the hot Income) Samman Yojana to support
nanam and Justice Chaitali funding in cases of rule viol- According to Congress strategists, reached out to the youth. At 32.5 per n 2024 LS polls: Women topic of discussion in the village and in girls’ education. The Congress, too, has
Chatterjee Das, delivered the ations by states. The provision the party, led by Rahul Gandhi, has cent, Bihar has the highest percentage surpassed men not just in almost every self-help group (SHG).” unveiled a similar scheme called the
order in June. was first invoked in December resisted the Rashtriya Janata Dal’s of ‘Gen Z’ population. turnout percentage but According to Jeevika’s annual Mai Behan Man Yojana.
Civil society activists have 2021, with allegations of large- (RJD’s) projection of Tejashwi Yadav as On Sunday, Kumar announced a also in absolute numbers, report for 2023-24 (FY24), Bihar has 1.05 Meanwhile, Kumar’s fresh sops
said the Centre, rather than scale corruption and breaches the INDIA bloc’s chief ministerial can- one-time allowance of ~25,000 for pur- with 21.8 mn women million SHGs, 70,812 village organisa- continue. Just last month, he declared
complying with the directive, of guidelines. In a parliamen- didate — a signal to smaller castes chasing tablets for the 10,000-plus exercising their franchise tions and 1,669 cluster-level feder- 125 units of free electricity per house-
has decided to challenge it in tary reply in July 2022, the rural among the EBCs and SCs that their ‘vikas mitras’ — they work in villages to compared to 21.4 mn men ations — a massive network the hold starting August 1, a move that
the apex court. The Calcutta development ministry had aspirations would be honoured in seat ensure benefits of government scheme is expected to tap into. Jeevika, could benefit 16.7 million consumers.
HC had observed that neither acknowledged the same. At the allocations, and the alliance will not be schemes are reaching SCs and STs. The Bihar’s flagship programme for SHGs, The government has also decided to
the Centre nor the state had time, unpaid liabilities for ‘Muslim-Yadav’ or ‘MY’ dominated. government will also increase their On April 14, Dr B R Ambedkar’s has more than 14 million women, or enhance the remuneration of muk-
acted against those involved in wages under MGNREGA were Under state unit in-charge Krishna transportation and stationary allow- birth anniversary, Kumar launched the ‘Jeevika Didis’ associated with it. hiyas and sarpanchs, and increase the
alleged corruption, which estimated at ~2,605 crore. Allavuru, the Congress is also reaching ances. It further announced plans to Bhimrao Ambedkar Comprehensive Under the ‘Drone Didi Yojana’, the gov- monthly pension for the elderly, dis-
delayed the scheme’s imple- According to some reports, out to the Ramdasia-Charmakar caste, purchase smartphones for 30,000 Service Campaign, under which ernment provides 80 per cent subsidy abled persons, and widows to ~1,100
mentation in West Bengal. the state claims the Union gov- which is in the SC list and accounts for ‘shiksha sevaks’ and ‘talimi markaz’, special camps were organised in nearly (up to ~8 lakh) for purchasing drones, from ~400.
In West Bengal, the ruling ernment now owes it ~7,500 5.2 per cent of Bihar’s population. It who work among children of Mahada- 60,000 Dalit settlements for last-mile while the remaining ~2 lakh is By all accounts, the battle for Bihar
Trinamool Congress and the crore, including ~2,744 crore in had supported the Congress during lit, minority and EBC communities to coverage of welfare schemes. Between arranged through Jeevika groups. is shaping up to be a no-stop contest
Opposition Bharatiya Janata unpaid labour wages. former deputy prime minister Jagjivan ensure school attendance. April 14 and June 25, the government The wooing doesn’t stop here. The for sops.
B NEW DELHI | MONDAY, 22 SEPTEMBER 2025 9
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10 WORLD
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NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
IN BRIEF
Trump’s $100,000 visa fee spurs confusion and chaos

threat to retake Bagram

cancelled on Sunday, more than double the
number a day earlier: 25 departures and 13
arrivals cancelled. ap/pti

China jails Covid-19 agencies

whistle-blower journo 21 September

for four more years The Taliban government on Sunday

rejected US President Donald
A Chinese journalist jailed for four years Trump’s bid to retake Bagram Air
after documenting the early phases of the Base, four years after America’s
Covid-19 outbreak from the pandemic’s epi- chaotic withdrawal from Afghanis-
centre was sentenced on Friday to four more tan left the sprawling military facil-
years in prison, Reporters Without Borders ity in the Taliban hands.
said. Zhang Zhan, 42, was sentenced on a It is unclear what conversations
charge of “picking quarrels and provoking the US has had with Afghan oicials
trouble” in China, the same charge that led about returning to the country. But
to her December 2020 imprisonment after Trump hinted that the Taliban, who
she posted ﬁrst-hand accounts from the cen- has struggled with an economic
tral city of Wuhan on the early spread of crisis, international legitimacy, Palestinians kids gather inside a house after it was hit in an Israeli strike in
coronavirus, the international press free- internal rifts and rival militant Gaza City. Israeli forces blew up more residential buildings in Gaza City,
dom group, known by its French initials RSF, groups since their return to power in killing at least 31 Palestinians and prompting many others to flee, Gazan
said on Saturday. China’s Foreign Ministry 2021, could be open to allowing the health authorities said photo: reuters
could not be immediately reached on US military back.
Sunday for comment. Reuters could not The chief Taliban spokesman, Palestine state wins UK, toward a two-state solution.
determine whether the citizen-journalist Zabihullah Mujahid, rejected Canada, Aus recognition Prime Minister Keir Starmer
had legal representation. reuters Trump’s assertions and urged the announced the UK was joining in the
US to adopt a policy of “realism and Canada, the UK and Australia have for- effort in a video statement.
rationality.” Afghanistan had an mally recognised a Palestinian state, Starmer, Carney and Australian
Pakistan PM to join economy-oriented foreign policy aligning themselves with European Prime Minister Anthony Albanese are
Trump meeting and sought constructive relations
with all states on the basis of mutual
Taliban took control of Bagram airbase after they swept to power in 2021. The
place has been a key base for Nato force for two decades file photo : reuters
allies and pushing ahead with a policy
that has drawn criticism from US Presi-
following through on pledges made
previously to join allies including
with Muslim leaders and shared interests, Mujahid
posted on X.
dent Donald Trump.
The Canadian and Australia gov-
France in recognising Palestine.
French mayors plan to ﬂy Palestinian

Why US wants control

Prime Minister Shehbaz Sharif would meet It had been consistently com- ernments announced the move in sep- ﬂags in deﬁance of government orders,
US President Donald Trump along with a municated to the US in all bilateral arate statements on Sunday, calling it as France prepares to formally recog-
select group of Muslim leaders on the side- negotiations that Afghanistan’s a “co-ordinated international effort” nise a Palestinian state. ap/pti

of Bagram airbase
lines of the UN General Assembly annual independence and territorial integ-
session, it was announced on Sunday. The rity were of the utmost importance,
prime minister will undertake a visit to the US he said. “It should be recalled that,
from September 22-26 with a delegation to under the Doha Agreement, the
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attend the 80th Session of the UNGA in New

York. He will be accompanied by Foreign Min-
United States pledged that it will not
use or threaten force against the ter-
rishabh sharma
21 September, New Delhi
border. The Pentagon estimates Beijing’s
arsenal already exceeds 600 operational
China’s ByteDance will get
ister Ishaq Dar, other ministers and senior ritorial integrity or political inde- warheads and may pass 1,000 by 2030.
oicials. “The Prime Minister will also partici-
pate in a meeting of select Islamic leaders with
pendence of Afghanistan, nor
interfere in its internal affairs,'” he
US President Donald Trump has reignited
debate over the Bagram air base, Afghan-
China’s foreign ministry has rejected
Trump’s remarks, warning that “stirring 1 of 7 board seat for US ops
US President Trump to exchange views on said. The US needed to remain istan’s most strategic military facility. up tension” would not be welcomed.
issues pertaining to regional and interna- faithful to its commitments, he Speaking alongside UK Prime Minister Bagram was also pivotal for US strikes reuters
tional peace and security,” Foreign Oice (FO) added. Mujahid did not reply to Keir Starmer during a state visit, Trump against Isis-K, Al-Qaeda and the Pakistani Washington, 21 September US House group meets
said in a statement here. pti questions from The Associated Press said the US is “trying to get it back”, which Taliban. In 2025, UN oicials in 2025
about conversations with the was abandoned during the withdrawal of warned ISIS-K remains “one of the most A US-China agreement on TikTok’s US Premier Li in China visit
Trump administration regarding the US troops from Afghanistan in 2021. dangerous branches”, active in Afghanis- operations includes China’s ByteDance A group of senior US House repre-
Mauritius central bank Bagram and why Trump believed “We gave it to them for nothing. We tan, Iran and Russia. choosing one of seven board members for sentatives arrived in China on
chief to resign amid the US could retake it.
In August last year, the Taliban
want that base back?” NBC News quoted
Trump as saying.
Al Qaeda has since added nine train-
ing camps in Afghanistan, while the
the new entity, with Americans holding
the six other seats, a senior White House
Sunday for talks with President
Xi Jinping’s government — the first
calls to step down celebrated the third anniversary of
their takeover at Bagram with a Why Bagram matters to the US
Tehreek-e-Taliban Pakistan staged over
600 attacks from Afghan soil in the
oicial said on Saturday.
President Donald Trump is trying to
such oicial visit in six years — as
the world’s largest economies edge
Mauritius central bank Governor Rama grand military display of aban- Located 60 kilometres north of Kabul, second half of 2024, according to a report keep the short video app with 170 million closer to a trade deal.
Krishna Sithanen said he will resign on the doned US hardware, catching the Bagram was the largest US installation by the UN Security Council. Trump US users from being banned after Con- The US group, led by Democrat
prime minister’s request, after months of eye of the White House. Trump has in Afghanistan and a hub for counterin- argues regaining Bagram is essential to gress passed a law in 2024 that ordered it and former House Armed Services
internal wrangling over how the institution repeatedly criticised his prede- surgency operations. restore an American foothold. shut down by January 2025 if its US assets Committee chairman Adam Smith,
was being managed. Prime Minister Navin- cessor, Joe Biden, for his “gross At its peak in 2012, more than 100,000 were not sold by owner ByteDance. kicked off the visit by meeting with
chandra Ramgoolam said he had asked incompetence” during the withdra- American troops passed through. Its What do analysts say Trump has delayed enforcement of Premier Li Qiang at the Great Hall
Sithanen to step down, stating that the gov- wal of US forces after the country's 11,800-foot runway can handle bombers Experts caution that retaking Bagram is the law through mid-December amid of the People in Beijing. “I would
ernor’s position “has become untenable.” longest war. US President Donald and heavy cargo planes, which Trump unlikely. Bill Roggio of the Foundation efforts to extract TikTok’s US assets from say the trip this time is an ice-
Ramgoolam said he will appoint a new cen- Trump on Saturday threatened called “one of the most powerful bases in for Defense of Democracies warned the the global platform, line up American breaking trip that will further the
tral bank chief and deputy governor in the Afghanistan if it does not give back the world”. Taliban and China would resist any US investors and ensure the new ownership ties between the two countries,”
coming days.Sithanen’s departure follows control of the Bagram air base to the return, according to Long War Journal. qualifies as a full divestiture needed Premier Li said. “China would like
that of Gerard Sanspeur, who resigned as United States, and declined to rule Why the US wants it back Reoccupation would need large troop under the 2024 law. This week’s progress to have mutual respect, and win-
second deputy governor in August after out sending in troops to retake it. Trump’s sharpest argument lies in geog- deployments, break the Doha Agree- toward a deal marked a rare breakthrough win cooperation with the US.”
being accused breach of trust and corruption “If Afghanistan doesn’t give raphy. “It’s an hour away from where China ment, and strain relations with Pakistan, in months-long talks between the world’s Smith welcomed Li’s remarks.
— allegations he denies. “If immediate Bagram Airbase back to those that makes its nuclear weapons,” he said. A Russia and Iran. However, Trump has two biggest economies that have sought “I think we can both acknowledge
action isn’t taken, there will be an impact not built it, the United States of report by the Orion Policy Institute notes declined to give a direct answer about to defuse a wide-ranging trade war that that both countries have work to
only on the functioning of the most impor- America, BAD THINGS ARE that Bagram is less than 1,500 miles from sending troops to retake the base. “We has unnerved global markets. Trump said do to strengthen that relationship,”
tant institution,” Ramgoolam said at a press GOING TO HAPPEN,” Trump said China’s Hami missile field in Xinjiang and won’t talk about that,” he told reporters that he and Xi Jinping had made progress he said. bloomberg
conference on Saturday. bs reporter in a Truth Social post. under 500 miles from the Afghan-Xinjiang on Saturday, reported Al Jazeera. on a TikTok agreement in a phone call.

Oil sanctions have made Russia’s shadow fleet swell Trump renews pressure
on Europe to stop
buying Russian oil
jeanna smialek impose sanctions — but we’ve actually year, Europe had banned Russian sea- plausible deniability for oil buyers. As US President Donald Trump renewed his
Brussels, 21 September the shadow fleet accounts caused a bigger problem,” said Ian Ralby, borne oil imports, which meant that the those ships have become essential to call for European countries to “stop
for 17% of all in-service oil an expert in maritime security and country suddenly needed India and Russia’s oil economy, they have also cre- buying oil” from Russia, a demand he’s
Restrictions have made it costlier for tankers sailing the ocean founder of the research firm I R Consil- China to buy its oil. With its vessels tied ated the risk of an oil spill or other disaster. linked to further US pressure on Presi-
Russia to ship oil by sea. But they have today, according to s&p ium. “The sanctions don’t put them out up on longer journeys to those farther “Lack of insurance combined with dent Vladimir Putin to halt the war in
also expanded the illicit shipping econ- global market intelligence of business. They put them out of legit- ports, Russia needed more of them. the really old vessels — this just increases Ukraine. “The Europeans are buying oil
omy, with lasting consequences. From imate business.” Russia also wanted to avoid a price cap. the risk of environmental catastrophe,” from Russia — not supposed to happen,
early in Russia’s war with Ukraine, the Now, it is becoming increasingly clear The shadow fleet accounts for about The G7, the European Union, and said Natalia Gozak, oice director of right?” Trump said in a dinner speech at
West hit Russia with economic penalties that the vast expansion of this shadow 17 per cent of all in-service oil tankers Australia had restricted firms from pro- Greenpeace Ukraine. Clandestine ships Mount Vernon, Virginia on Saturday. On
aimed at strangling its profits from oil fleet comes with serious and potentially sailing the ocean today, according to S&P viding insurance and other services in have been suspected of committing Thursday, after meeting with UK Prime
sales. As Europe announces its 19th long-lasting effects. The rickety ships Global Market Intelligence, a research cases where Russian crude was sold underwater sabotage — hitting pipelines Minister Keir Starmer, the US president
round of sanctions, an uncomfortable pose dire risks to the environment, and firm. There were 940 ships in the fleet as above $60 a barrel, a cap the EU and UK or cables — and making it look acciden- said he’s willing to heighten economic
reality has sunk in. the trend has created a huge illicit ship- of earlier this year, up 45 per cent from a have since dropped even lower. So ships tal. The shadow fleet comes with an even pressure on Moscow “but not when the
Russia quickly found a workaround ping economy that some experts worry year ago, based on the firm’s estimates. ailiated with Russia began to use more obvious drawback. It has “limited people that I’m fighting for are buying oil
to profit from oil in spite of a price cap could outlast the war. That could pave While there were some boats with sketchy insurance or none at all. They the cap’s eicacy,” America’s Govern- from Russia.” The EU has already passed
and import restrictions. By building up a the way for nations to continue skirting dubious ownership and shipping prac- started to fly third-country flags and to ment Accountability Oice said, keeping a ban that will prohibit importing petro-
huge fleet of dilapidated ships with hazy the existing order, with nations includ- tices in operation before Russia’s full- send false location information to cover money flowing into Moscow’s coffers leum products refined from Russia crude
ownership that covertly shuttle its fuel to ing Russia and Iran as shippers, and scale invasion of Ukraine in February up where they had loaded their cargo. and helping it to fund the war in Ukraine. starting next year, and the bloc is discuss-
far-flung markets, it has managed to China and India as customers. “A lot of 2022, they became far more common By making it harder to tell if oil had ................. ing banning imports of Russian liquefied
evade the sanctions and make money. people want to do the easy part — after the start of the conflict.By late that come from Russia, they created an air of ©2025 The New York Times News Service natural gas from 2027. bloomberg

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stay informed through the day @ www.business-standard.com OPINION 11
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volume xxxii number 135

Indian exceptionalism is over

new delhi | monday, 22 september 2025

A shock to IT
Indian firms should take the H-1B hit and move on President Donald Trump seems to have dismantled the nations. From a pedestal, the ground is further away.
United States (US) President Donald Trump, in his second term, has shown that he consensus that India deserved special treatment from the US The fact is that there has been, over the past two dec-
ades, a bipartisan consensus in Washington that India
is willing to take major decisions without any public deliberation or notice. This is illustration: ajaya mohanty should be treated with special care. Just taking away
certainly the case with his announcement that a $100,000 fee would attach to H-1B the various measures that gave voice to that consen-
visas henceforth — a declaration that led to a certain amount of panic among those sus means that there are many more things a US
who are on that visa. There were even reports that passengers on flights out of the administration could do against Indian interests than
US asked to be deplaned on hearing of the news. The White House has since clari- to Brazil or Turkey.
fied that the fee will be imposed only on new applicants. But there is certainly little While the thaw between India and the US began
under President Bill Clinton, the special treatment
or no trust that it will stick to this plan. Those on existing H-1B visas will certainly
doctrine is most associated with George W Bush. The
continue to feel a degree of apprehension when they travel. The lack of clarity on point behind the nuclear deal between Mr Bush and
how this decision will be applied and who it will apply to is part of the point, perhaps then Prime Minister Manmohan Singh was to estab-
— Mr Trump’s administration has come to glory in the notion that it does not have lish a precedent for Indian exceptionalism. Post-
to explain itself to anyone, least of all to foreigners. deal, India could and would expect to be treated
The decision also shows that Mr Trump is becoming more radical with his time differently from all other nations. And this assump-
in oice, not less. In his first term as President, his attorney general attempted to tion is now embodied in how we approach the US. It
restrict and reform H-1Bs, but could not follow through on the plan. The subject of is why, for example, India remains the only country
to assume the Trump administration would accept
these visas came up again, shortly before Mr Trump’s second inauguration, in a
a trade offer that does not involve zero tariffs on US
debate between prominent members of the Big Tech and “America First” wings of manufactures. The EU ended tariffs on industrial
his coalition. On that occasion, the president-elect seemed to come down on the goods imports from the US; Vietnam dropped all tar-
side then represented by Elon Musk. But since then, Mr Musk has left the Presi- iffs, as did Malaysia, Japan, Indonesia, Thailand, and
dent’s orbit and corporate America has demonstrated its willingness to subordinate several Latin American countries. India, secure in its
itself to the White House. The business side of his coalition appears to have deci- Is United States (US) President Donald Trump’s crack- indicates that it does not intend to buy any more major exceptionalism, did not feel the need to make a simi-
sively lost to the America-Firsters, and the President himself has shifted his empha- down on H-1Bs only the latest step in a sustained cam- American weapons platforms in the immediate future. lar promise. Seen with that context, is it entirely sur-
sis since December. paign that targets India, in particular? After all, more Many Republicans want to go further than Mr prising that Mr Trump assigned us a much higher
than two-thirds of H-1Bs are handed out to Indians, Trump already has. There is the looming threat of tar- tariff rate than others?
While Indian oicials have attempted to put on a brave face on this decision,
and it is Indian companies that are among this visa’s iffs or other charges on Indian services exports. White This confidence in exceptional treatment was
noting that India’s own tech and startup sector can absorb a great deal of additional biggest beneficiaries. House Trade Advisor Peter Navarro has suggested apparently felt by Indian companies as well. Out-
talent, there is no doubt that there will be serious implications for many of India’s Perhaps. From one point of view, Mr Trump’s that outsourcing should receive similar policy treat- sourcers operating in the US assumed they were so
flagship information-technology-enabled services (ITeS) corporations. The fact is actions, taken together, might indeed look like he is ment to goods imports. There is some support on the vital that they ignored growing anger in the US over
that about 70 per cent of H-1B visas went to Indians, and some reports say that singling us out. Indian goods exports have the highest Hill for another Republican proposal that would accusations that they were discriminating in favour
almost half the slots in the H-1B lottery were taken by outsourcing or staing com- cumulative tariff rate so far, at 50 per cent. Earlier this impose a 25 per cent tax on “any money paid by a US of Indian employees. Cognizant is appealing a deci-
panies. They will naturally feel a disproportionate shock. The people these com- year, a remittance tax was imposed, the burden of company or taxpayer to a foreign person whose work sion that it engaged in a pattern of intentional dis-
panies employed on the H-1B were also paid below the average wage for their role, which might disproportionately be borne by those of benefits consumers in the United States”. Any of these crimination against non-Indian employees; various
Indian origin in the US. The US’ relations passing would only increase the sense employment-law cases against Wipro, Tata Consul-
as opposed to other H-1B lottery winners, for example those employed by Alphabet
with Pakistan appear to be on the upswing, that India is, for some reason, a particu- tancy Services, and others are all moving through the
or Meta. There was clearly an outdated business model at work here which this new without any objective reason why this lar bother for Mr Trump or his party. court system, and there are open investigations
policy, however clumsily or maliciously, has disrupted. should be so. Multiple members of Mr There is another, less solipsistic way against the latter by the US Equal Employment
Indian ITeS firms must now go back to the drawing board. The political climate Trump’s Cabinet have gone out of their way of looking at things. The fact is that Opportunity Commission. US oicials have long
in the US has changed regarding their business model. It will similarly change in to needle India. many countries around the world, if complained that the dominance of the staing or out-
other locations, including Europe. Wage arbitrage is no longer a tenable basis for And while the H-1B decision might have they examine Trump administration sourcing companies over the H-1B lottery is artificial,
an entire business plan. Nor, for that matter, is it as effective as earlier. In the north hogged the headlines in the past few days, policies that affect them, believe that and distorts its original purpose.
two other developments occurred in paral- their nation is being specifically tar- It can feel like both India and Indian IT are being
of England, for example, average wages for a worker in ITeS are only two or three
lel. Republican senators introduced a Bill geted. Mr Trump is about to host Presi- targeted by an administration that hates them in par-
times what they are in Bengaluru. The growth of agentic AI and other innovations targeting imports of Indian shrimp in par- dent Recep Tayyip Erdogan of Turkey ticular. But it might also be simply that the current US
are in any case reducing the level of low- and middle-level assistance required by ticular for 40 per cent tariffs. And the US POLICY RULES
— but many of the latter’s supporters administration simply dislikes all “foreigners” — and
clients. Indian ITeS firms should account for such changes in the business environ- administration decided to suspend an mihir s sharma believe, like many Indians, that the India received so much exceptional treatment that
ment and find a different way forward that creates new value for their stakeholders. India-specific waiver to the Iran Freedom White House is singling out Turkish removing a significant fraction of these can appear
This may not be easy in the immediate near term, but Indian businesses will need and Counter-Proliferation Act, which was interests. They too can stitch together a like a targeted campaign.
to adapt quickly. being used to ensure that Chabahar port could be built narrative: Turkey has been excluded from the F-35 Or perhaps Mr Trump has indeed taken against
without the threat of sanctions. This waiver was orig- project, for example, and has been denied the Caatsa India specifically. We will know for certain in the
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb inally granted in 2018, during Mr Trump’s first term, exemption that India received. Similar patterns are coming months. But, even if he has not, one thing is
and is an indication of how the vibes have changed being discerned by Brazilians, who also have been tar- certain: The decades in which India and Indians

Saudi-Pak dynamics
since then. geted with 50 per cent tariffs, and even Koreans, could assume they would receive special treatment
It’s worth noting, however, that there is consider- whose engineers were recently deported from the US from America have passed. Indian exceptionalism is
ably more that the US could do. For example, the full in handcuffs. over — at least in the US. We should perhaps look
India must consider collateral impact provisions of the Countering America’s Adversaries Can India legitimately claim that its treatment is elsewhere for such privileges — to Europe, for
Through Sanctions Act, or Caatsa , might be applied to different from what these others have been receiving? example, which this week launched a new India-spe-
The mutual defence pact between Saudi Arabia and Pakistan essentially formalises India for its purchase of the Russian-made S-400 sur- Perhaps. But the real difference maybe lies elsewhere, cific policy that looks a lot like what the consensus in
a well-known, longstanding military cooperation between the two nations. The face-to-air missile system — particularly if New Delhi in that India has further to fall than most other the US used to be.
nuclear dimension of the pact, as articulated by the Pakistani defence minister, who
said his country’s nuclear programme would be “made available to Saudi Arabia” bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
under the new pact, has also been an integral element in this collaboration. In his
2012 book, Eating Grass, Pakistani military insider Brigadier General Feroz Hassan
Khan reveals that Saudi Arabia provided “generous financial support to Pakistan
that enabled the nuclear programme to continue, especially when the country was
under sanctions”. This tacit understanding of nuclear cooperation became clearer
after US military intelligence revealed Riyadh’s acquisition of intercontinental bal-
Trump visa salvo a boon in disguise?
listic-missile technology from China following Saudi misgivings at the Biden On September 19, United States (US) President Donald able than others: Software exports and remittances up. Finally, litigation is likely; it is possible that US
Trump dropped yet another bombshell. He ordered from abroad, mainly the US, are lifesavers for the per- courts may strike down or amend the measure.
administration’s attempts to revive the Joint Comprehensive Plan of Action with
that all new petitions for H-1B visas filed on behalf of ennially weak Indian rupee. Without these two, econ- Paradoxically enough, if the restriction lasts, it
Iran. It is the timing of this public announcement that is significant, however. Con- workers outside the US would now carry a $100,000 fee. omic growth will be hit noticeably. Mr Trump has may actually benefit India. Multinational firms are
cluded soon after Israel’s bombing of US ally Qatar, the Saudi-Pakistan agreement The measure, which will last a year unless renewed, is gently twisted India’s arm with the new H-1B fee. He already investing in global capability centres (GCCs)
implies a new dynamic in West Asian politics vis-a-vis the US. aimed at deterring firms from sponsoring foreign can do more harm, including the imposition of a in India to tap talent without the hassle of immigra-
Israel’s bombing of Qatar has signalled that the Trump White House has given workers, particularly in entry-level roles. The immedi- remittance tax. tion. Currently, India hosts roughly 1,700 GCCs,
Binyamin Netanyahu a carte blanche in the region. Not surprisingly, this develop- ate impact will be felt disproportionately by Indians, The White House argues that the H-1B programme employing 1.9 million people and generating $64.6
ment has raised an acute sense of vulnerability about the security guarantees who form roughly three-quarters of all H-1B recipients. is being abused. The order accuses American com- billion in export revenue last year. By 2030, some
between Washington and the Gulf monarchies. Deep defence ties make it diicult Under the H-1B system, firms petition the govern- panies (without naming any) of laying off citizens estimates suggest that India could host over 2,400
ment for the right to hire foreign workers in specialty while hiring foreigners at lower wages with specific GCCs, employing close to three million people. Mr
for Saudi Arabia to extricate itself from relations with the US — not least because
occupations, often in technology or engineering. Out- details. Microsoft, Intel, Amazon, and Salesforce are Trump’s fee may accelerate this trend. Firms that
Riyadh buys the bulk of its conventional weaponry from the US. Israel’s bombing has sourcing giants such as Infosys, Tata Consultancy Ser- the possible culprits, which have approved thousands previously sent employees to the US may find it
heightened Saudi threat perceptions, which were already elevated by the presence vices (TCS), Wipro, and HCL, which have long relied of H-1Bs while cutting tens of thousands of domestic cheaper and simpler to expand offshore centres
of Iran-backed Houthis on its southern border. By formalising an informal defence on sending junior engineers to the US, jobs. American firms plead for access to instead, keeping talent at home while retaining
pact, Riyadh has sent an unambiguous signal that it is seeking more robust deterrence are likely to be hit the hardest. By foreign talent even as they dismiss local access to global projects.
against potential nuclear threats in its neighbourhood. The fact that the Gulf nations contrast, firms may still pay up for workers, creating the perception of a pro- The impact on India could go beyond numbers.
hailed Islamabad’s nuclear weapons test as the “Islamic Bomb” in 1998 offered early specialists in fields such as artificial gramme skewed in favour of cost savings With more skilled engineers, data scientists, and
indications of the perception of Pakistan’s role in West Asian military security. intelligence (AI), chip design, biotech- over skill. product managers remaining in the country, the
nology, and cybersecurity, where local talent pool will deepen. Companies are likely to
Though the pact is not directed at India, the possibility of collateral impact
domestic talent is scarce and salaries Will it last? Hope it does spread operations beyond Tier-I cities to places like
cannot be ruled out. There is unlikely to be a material change in cordial relations high enough to justify the cost. The market will suffer a knee-jerk reaction Coimbatore, Kochi, Ahmedabad, Jaipur, and Bhuba-
between India and Saudi Arabia. India is Saudi Arabia’s second-largest trade Students in the US on F-1 visas may on Monday and tech stocks will possibly neswar, tapping underutilised talent. Indian centres
partner and Saudi Arabia is India’s fifth-largest. Beyond the geoeconomics of crude be spared if they convert to H-1Bs with- drift lower, but will this restriction last? may increasingly take on higher-value tasks —
oil, where Russia has taken prime position, the Saudi wealth fund has significant out leaving — a strong incentive to And if it does, will it turn out to be positive research & development (R&D), design, and product
investment in India and the two countries conducted joint land and naval military remain in the country and push for per- for India after all? management — rather than just coding or data
exercises for the first time last year. It is noteworthy that it is Pakistan rather than manent residency. Dependants too may IRRATIONAL
First, there will be a pushback from entry. India’s role as a global talent hub will consoli-
Saudi Arabia that has highlighted the reciprocal arrangement under which an find themselves constrained if the prin- CHOICE
within the US. With one stroke, Silicon date even further. In effect, Mr Trump may think he
cipal worker is affected. In short, the Valley has lost its pipeline of talent. In 2023, is hobbling India. In reality, he is nudging it towards
attack on either Pakistan or Saudi Arabia would be considered an attack on both debashis basu
new fee reshapes mobility for a substan- around 65 per cent of H-1B visas were for a more robust, self-reliant and globally integrated
nations and both would respond. However, one implication of the formalisation of tial slice of India’s professional diaspora. “computer-related” roles — software model. The H-1B fee is both a thorn and a stimulus:
the Saudi-Pak agreement is that other West Asian nations will also be seeking new All these months, Mr Trump’s trade negotiations engineers, systems analysts, etc. Top sponsors of H- Costly for American firms reliant on imported
partnerships in response to altered threat perceptions. As such, given India’s have focused on merchandise exports, making 1Bs are Amazon, Google, Microsoft, Meta, and Apple, labour, inconvenient for Indian workers dreaming of
friendly relations with Israel, India is unlikely to figure high in the strategic calculus export-oriented countries like China, Japan, South along with large Indian firms operating in the US, like Silicon Valley, but a potential boon for India’s
of West Asian nations. Another implication of the agreement is that Islamabad Korea, Taiwan, and Vietnam particularly vulnerable. TCS. Startups, hospitals, research labs, and financial domestic economy. The unintended consequences
could well feel encouraged to escalate political provocations. Though the deal may To escape disaster, they quickly struck deals with Mr service firms too rely heavily on H-1B workers. The of Mr Trump’s protectionism may turn out to be
Trump, some promising impossibly large investment surcharge will raise costs, discourage new hires, and more generous than its intent.
not be new to the Indian foreign policy establishment, it has undoubtedly intro- vvvvvvvvvvvvvvvvvvvvvvvvV
and jobs. India refused to either give in or make false slow the taking on board talent for projects that
duced a new dynamic into India’s “Look West” policy, which calls for a new and promises to mollify Mr Trump, probably because it require skills that are scarce. High-tech innovation The writer is editor of www.moneylife.in and a
nuanced response. thought it had less to lose. But India is more vulner- may also slow down, if the pipeline from abroad dries trustee of the Moneylife Foundation; @Moneylifers

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Kamala Harris reflects on the 2024 election would’ve been inclined to step
from my car and use a word I
believe best pronounced
of the sharpest lines about
Biden come not from her, but
from other people.107 Days
correctly. It begins with an m insinuates that her loss in
Biden’s sudden switch, including his Electoral College — an evening that Harris Trump campaign ad — “Kamala is for and ends with ah.” November had much to do
determination to rush out an says was so awful for her and her husband, they/them. President Trump is for you” — But it’s her fraught with him. But whenever she
announcement. “Give me a bit more Douglas Emhoff, that they “never she defends the decision to “quickly relationship with Biden that was given the chance to
time,” she thought to herself. She was discussed it with each other until I sat pivot” in her response ads to economic forms the undercurrent of the separate and distinguish
wearing sweats and had just served down to write this book.” She had just issues like price gouging and small- book: “My feelings for him were herself from him on the
her grandnieces pancakes. But in come out of “the shortest campaign in business tax relief. grounded in warmth and campaign trail, Harris says,
another sense she felt ready: “I knew I modern presidential history.” For the most part, she favours the loyalty, but they had become her sense of loyalty and
was the candidate in the strongest Political figures aren’t known for blunt-force declaration, the rat-a-tat complicated, over time, with 107 DAYS honour prevented her from
JENNIFER SZALAI position to win.” baring their hearts and souls in their recitation of facts. “I do not regret my hurt and disappointment.” She by Kamala Harris doing so: “I’ve never believed
Was she? It’s a question that looms books, especially if they are keen to keep decision to follow my protective enumerates how she felt Published by you need to elevate yourself by
When Joe Biden phoned Kamala Harris over 107 Days, Harris’s memoir about her their options open. When news broke that instincts,” she writes about her ad sidelined and taken for Simon & Schuster pushing someone else down.”
to tell her that he was dropping out of the second presidential campaign. The early Harris had worked with the Pulitzer Prize- strategy, as if delivering a statement. “I do granted, given thankless jobs 304 pages ~899 A different kind of
2024 presidential race, he said he was pages have her making the rounds right winning novelist Geraldine Brooks, there regret not giving even more attention to like trying to fix bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb politician might have been
just minutes away from announcing his after Biden went public, asking was speculation that this might be a how we might mitigate Trump’s attacks.” undocumented immigration able to thread the needle.
decision to the world. It was a Sunday Democratic insiders whether she could different kind of memoir. But even Still, glimmers of a more private self while Biden and his team failed to stand Harris describes the moment on the night
afternoon in late July — not yet a full count on their support. As someone who Brooks’s estimable talents can’t make up come through. Recalling a run-in with JD up for her when she was attacked. of the election when her team understood
month since a wan, feeble Biden had prides herself on doing “the work,” she for an obvious reluctance on Harris’s part Vance, whom she calls “a shape-shifter” Yet during those 107 days she found that the returns were not going to go her
delivered a listless debate performance reprints the notes she made from those to let down her guard, even now. and “a shifty guy,” she allows herself a it diicult to specify what she would do way: “All I could do was repeat, over and
against a red-faced, fulminating Donald calls, including the few demurrals. Nancy The book’s structure accommodates moment of profane comedy. In differently from him. In the book, she over, ‘My God, my God, what will happen
Trump. For more than three weeks, Pelosi thought there should be “some kind this aversion to reflection. The diaristic Wisconsin, Vance violated security rules recalls — not once, but twice — that her to our country?’”
Biden had been bucking demands to of primary, not an anointment.” organisation permits her to give a play-by- by walking toward Air Force Two, later campaign adviser David Plouffe pulled vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
drop out, and Harris assumed he was 107 Days takes us through the next 106 play of those gruelling 107 days, moving telling reporters, “I just wanted to check her aside and told her, “People hate The reviewer is the nonfiction book
going to persevere. days until the night of November 5, when through events as they happened, issuing out my future plane.” Had she known Joe Biden.” critic for The Times.
Harris was initially bewildered by Trump won both the popular vote and the her rebuttals. Regarding the famous what Vance was up to, she says, “I It’s inadvertently revealing that some ©2025 The New York Times News Service
12 MONEY MANAGER NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

ill
us
GUEST COLUMN tr
at
io n:
rohan lakhaiyar & deepankar sanwalka aja
ya
m oh
an
ty

No regulatory
backing but
stablecoin use
Fintechs
rising in India
Money is fundamental to the functioning of an
economy and trust is fundamental for it to
set for
change
work. National economies are powered by cen-
tral bank-issued banknotes and commercial
banks’ deposits in local currencies. Their failure
has painful consequences. In 2018, Venezuela
suffered hyperinflation of 100,000 per cent,
rendering the Bolívar nearly worthless. Vene-
zuelans turned to the United States (US) dollar
and cryptocurrencies for payments. Histori- Their business
cally, people have used alternative currencies
when the sovereign currency has lost its value models and funding may
and trust. However, change is in the air.
The anonymous founders of Bitcoin, the be affected as norms for debt
world’s largest cryptocurrency by market capi-
talisation, intended to substitute the centralised
collection practices are updated,
model of money with decentralised crypto- reports Raghu Mohan
graphy. However, the volatility of crypto assets
makes them ineffective as a medium of
exchange and a stable store of value — roles that
money is expected to play. Consequently, The Fintech Association for Consumer Empower- for audit purposes; and REs though mentioned that based on
crypto assets have transitioned into a separate ment’s (FACE’s) rollout of debt collection norms shall ensure there is no auto- data received from a representative
investment class. breathes life into Mint Road’s self-regulatory organ- matic increase in credit limit sample of banks and NBFCs (representing
To address volatility, private entities isation (SRO) framework. The norms’ impact will be unless an explicit request is received, 75 per cent and 10 per cent of total assets of
launched stablecoins around 2015. Tether and felt in governance, agent conduct, borrower disclo- evaluated and kept on record from the bor- banks and NBFCs, respectively, as on March 31,
USD Coin are the two largest stablecoins in the sure, data protection, and safeguards for digital and rower for such increase. That basic credit 2020), it is observed that lending through the digital (we draw attention
cryptocurrency market. They are pegged to the field recoveries. They will also shape the work of hygiene is reiterated is indicative that we mode compared to the physical mode was still at a to the symbiotic
US dollar with promised 1:1 convertibility. This shadow banks, lending service providers (LSPs), and have some way to go on this front. nascent stage in case of banks (~1.12 trillion via digital connection between
makes them a reliable tool for cryptocurrency collection-tech firms. Stricter collection protocols What of the retail credit market? According to mode and ~53.08 trillion via physical mode); for debt collection and
traders to store value without the volatility of mean you can’t push credit as in the past (its return leg RBI’s Financial Stability Report June 2025, per capita NBFCs, a higher proportion of lending was happening access to credit)
other digital assets like Bitcoin or Ethereum. has to be taken into account); business models may debt grew to ~4.8 lakh in FY25 from ~3.9 lakh in FY23, through digital route (~0.23 trillion via digital mode SUGANDH SAXENA
Tether is operated by Tether Limited, while USD have to be tweaked even as fintech funding heads led by higher-rated borrowers. Non-housing retail and ~1.93 trillion via physical mode). The plot has CEO, FACE
Coin is managed by a consortium called Centre, southwards. loans formed 54.9 per cent of total household debt in changed completely since.
which includes Circle and Coinbase. So, how are we to read FACE’s moves and the fall- FY25 (and 25.7 per cent of disposable income as of Industry sources surmise that given the intercon-
outs in store? FY24). Even as unsecured retail lending has moder- nectedness — funding and partnerships — between
“We draw attention and recognition to the sym- ated — it forms 25.0 per cent of retail loans and 8.3 per REs, it could well mean that other SROs will use
biotic connection between debt collection and access cent of gross advances — its asset quality has FACE’s norms as a template when it comes to digital
to credit,” says Sugandh Saxena, chief executive relatively weakened compared to the overall retail lending. SROs in the pipeline being the Finance
oicer (CEO) of FACE. As she sees it, “a robust collec- portfolio — gross non-performing asset ratio at 1.8 per Industry Development Council (for NBFCs), Business
tion process helps lenders to serve segments with cent vis-à-vis 1.2 per cent in March 2025, especially in Correspondent Federation of India, the National
unstable income and reduce delinquencies; it posi- private banks. Urban Cooperative Finance and Development Cor-
tively improves their access to and cost of loans and Let’s step back and look at FACE’s figures again: In poration. Plus, the existing two in microfinance: Sa-
credit discipline.” FY25, fintechs gave 109 million loans Dhan and Microfinance Institutions Network. The
FACE’s data shows that in FY25, fin- amounting to ~1,06,548 crore. The SRO Fixed Income, Money Market and Derivatives Associ-
techs gave 109 million loans amount- the new has qualified it: The fintech-NBFC ation of India is also an SRO but it has nothing to do
ing to ~1,06,548 crore with an average self-regulatory (non-banking financial companies) set with lending. Banks have no SRO.
ticket size of ~9,786. Fintechs primarily norms by face aim does not include NBFCs offering digi- (fintechs that fail to
engage in unsecured lending to cus- to make debt tal loans (along with non-digital loans) Benchmark set recalibrate
tomers, often on the fringes. These seg- collection more directly through their apps and indi- “The new norms by FACE will act as a benchmark for onboarding and
the future of digital currency in ments are prone to shocks and responsible and rectly in partnerships with fintech- the wider financial services industry. The entire chain collection strategies
india is a contest between delinquencies. In this context, robust, disciplined. they NBFCs and LSPs. In addition to NBFCs, — from onboarding to debt recovery — will be will find it difficult
unregulated private stablecoins and respectful and responsible debt collec- could act as a banks also provide digital loans. “We impacted,” says Ranvir Singh, founder-CEO, Kissht. to raise capital)
rbi’s central bank digital currency, tion becomes more critical. This also benchmark for the estimate that such NBFCs and banks “What we are seeing is a replay of what happened in
flows from the guidance given in the will have a significant digital lending the legacy banks and NBFCs’ space where regulatory NEHA SINGH
both vying for public trust entire financial Cofounder, Tracxn
‘Report of the working group on digital services industry business. However, there’s no way to arbitrage was cut. The same is happening between
lending, including lending through in the country distinguish loans as digital in the credit fintech and the other RBI REs,” says Ankur Bansal, co-
By some estimates, there are 314 million online platforms and Mobile Apps’ (18 bureau data to carve out their digital founder, BlackSoil Capital. What he adds is critical:
stablecoin holders in India — the most in the November 2021). It said, “To ensure lending separately. “The ability to read the regulatory turf and tweak busi-
world. The number indicates that stablecoins fair treatment of borrowers, the regulated entity (REs) In that sense, the report is short on presenting the ness models will have a bearing on fund-raising.”
offer significant benefits over conventional digi- and their agents shall not resort to intimidation or totality and plurality of digital lending, as the overall With the focus on debt collection, the way fintechs
tal payments in niche categories. Being pegged harassment of any kind, either verbal or physical, size of digital credit is much larger,” said the FACE give out loans and make recoveries will become
to the dollar, stablecoins are universally against any person in their debt collection efforts, report. It follows that credit given via the digital route tighter; and they will have to revisit their business
accepted and make a compelling use-case for including acts intended to humiliate publicly or is much larger than the ~1,06,548 crore in FY25 if all models. Will this impact fund-raising plans? Accord-
cross-border remittances. Stablecoin remit- intrude the privacy of the debtors' family members, RBI REs’ exposures are taken on board. There’s also no ing to Tracxn — which tracks such data — fintechs
tances are instantaneous and much cheaper referees and friends, making threatening and anony- industry-sizing study on it. raised $889 million in H1 2025, a 26 per cent fall from
compared to the traditional remittance route mous calls or making false and misleading represen- The RBI working group’s report on digital lending $1.2 billion in H2 2024 (and a 5 per cent drop from $936
offered by Indian banks. tation.” million in H1 2024).
After the US passed the GENIUS Act (2025) to As Neha Singh, cofounder of Tracxn, sees it, from a
provide a legal and regulatory framework for A question of credit
Funding for fintechs funding perspective, investors are increasingly priori- (face’s norms will
stablecoins, it helped build trust in private cur- Will this hurt credit growth of fintechs? “I don’t see it H-o-H trends tising regulation-aligned and sustainable models. Fin- act as a benchmark
rencies. However, significant risks remain for (FACE norms) slowing down credit. If anything, it will Funding ($ bn) Rounds techs that recalibrate unit economics, moderate for the financial
users in India. A private currency may become be strengthened,” says Ritesh Srivastava, founder- growth, and strengthen compliance are better placed services industry. the
worthless if its issuer fails or it loses its peg to the CEO of FREED (the country’s first retail debt relief to attract capital; others may face challenges in the entire chain will
fiat currency. TerraUSD is a case in point. It was company) counterintuitively. He points to cuts in the 343 near term. She points to “a recent example is Neuro- be impacted)
part of the Terra blockchain ecosystem created Goods and Services Tax and the government’s push to fin, which raised $.6 million to scale GenAI-powered RANVIR SINGH
by Terraform Labs and pegged to the US dollar increase consumption. Srivastava feels the norms will 195 compliance automation, highlighting how investors Founder-CEO, Kissht
249 178
through an algorithmic mechanism tied to build discipline and dignity in collections. “It will give are selectively backing startups that embed com-
another token called LUNA. In 2022, TerraUSD lenders more confidence and bring new-to-credit cus- 131 pliance into their core offerings.” In essence, funding
185 109
began trading below the 1:1 peg and eventually tomers into the formal system. This is about sustain- is expected to flow towards fintechs that balance inno-
imploded, with investors losing $60 billion. able growth, expanding credit responsibly, not vation with compliance and show resilience in adapt-
As India hasn’t taken steps to regulate usage, moderating it.” It can be debatable. 5.50 4.20 1.60 1.50 0.77 0.94 1.20 0.89 ing to regulatory norms. “Those that fail to recalibrate
stablecoins operate outside a legal framework Take Mint Road’s Digital Lending Directions (May H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 their onboarding and collection strategies will find it
and without any meaningful customer protec- 8, 2025). They said REs must check creditworthiness Note: Includes only equity funding. Source: Tracxn's INDIA
increasingly diicult to raise capital, especially in an
tion. The Reserve Bank of India (RBI) has taken before extending any loan, including age, occupation FINTECH - H1 2025 report. Information on H1 2022 funding already cautious funding environment.”
steps to issue its digital currency. In 2022, RBI and income details. The same is to be kept on record round not provided in report It may be back to the drawing board for many.
published a concept note on Central Bank Digi-
tal Currency (CBDC) and is running pilots
before making it accessible to the public at Loans sanctioned Value of loans Origination by risk tier
large. CBDC is equivalent to a banknote and
legal tender backed by sovereign guarantee but
In mn In ~ cr Share of new-to-credit (NTC) decreases (3 month
its form factor is digital. Fintech NBFCs Other NBFCs Banks Total Fintech NBFCs Other NBFCs Banks Total ended period) n NTC (it’s a replay of
The hyper growth in digital payments in n Above prime n Prime n Below prime (%) what happened in the
FY19 4 4 7 15 FY19 11,839 45,274 2,34,656 2,91,769 legacy bank and nbfc
recent times is fuelled by bank deposits. CBDC,
issued by the RBI, on the other hand shall be the FY20 22 9 9 40 FY20 25,129 57,568 2,97,682 3,80,379 March ’23 21 17 34 28 space where
most trusted form of digital currency available FY21 11 8 9 28 FY21 12,245 44,830 3,08,740 3,65,814 regulatory arbitrage
to Indians. According to the concept note, it will FY22 39 13 15 67
was cut)
FY22 42,302 80,346 4,36,251 5,58,898 March ’24 19 19 35 27
also safeguard public interest from the prolifer- ANKUR BANSAL
FY23 67 22 17 106 FY23 70,427 1,48,062 5,56,489 7,74,978 Cofounder, BlackSoil Capital
ation of cryptocurrencies by providing a com-
pelling choice for Indians to use programmable FY24 89 28 18 135 FY24 96,033 2,03,669 6,06,943 9,06,645 March ’25 16 21 35 28
digital currency. While RBI has made it clear FY25 109 25 12 146 FY25 1,06,548 2,21,554 5,51,928 8,80,030
0 20 40 60 80 100
CBDC is not meant to bypass transactions pro-
cessed by commercial banks or disrupt the Source: FACE report on fintech personal loans, Apr 18-Mar 25 Source: FACE report on fintech personal loans, Apr 18-Mar 25 Source: TransUnion Cibil report, June 2025
country’s vibrant digital payment ecosystem, it
remains to be seen what specific use cases it will
be a solution for. Credit enquiry volumes by Average ticket size of loans Credit market indicator
For stablecoins to gain trust and currency
(pun intended) among users, they will have to consumer age In ~ A measure of retail lending trends
build a strong foundation of trust. That will be a (3 month ended period) n <25 n 26-35 Fintech NBFCs Other NBFCs Banks Total* 110
tall task without the Indian government legit- n 36-45 n 45-55 n 55+ (% of enquiries)
FY19 26,787 1,08,608 3,38,489 1,87,988
imising them and creating a legal framework for 105
their use. Irrespective of how things play out for March ’23 18 41 24 12 6 FY20 11,589 60,579 3,40,258 95,251 102
stablecoins in terms of the government accept- FY21 11,026 53,642 3,36,775 127,772 103 100
94 (i don't see any
ing their use, it is evident that without customer March ’24 17 41 25 12 5 FY22 10,877 58,736 2,90,552 82,696 97 95 slowing down of
trust they will just be code and not currency. credit. if anything, it
vvvvvvvvvvvvvvvvvvvvvvvv FY23 10,481 67,636 3,19,881 72,780
March ’25 17 39 25 13 6 FY24 10,776 71,814 3,44,218 67,105
90 will be
The writers are Partner (financial services, Mar ’22 Mar ’23 Mar ’24 Mar ’25 strengthened)
risk advisory), and Senior Partner, FY25 9,786 88,242 4,49,547 60,168 *Value is provisional and subject to revision as additional data
0 20 40 60 80 100 RITESH SRIVASTAVA
Grant Thornton Bharat *Weighted average get reported to the TranslUnion Cibil credit bureau. Source: Founder-CEO, FREED
Source: CIBIL report, June 2025 Source: FACE report on fintech personal loans, Apr 18-Mar 25 TransUnion Cibil report, June 2025
B NEW DELHI | MONDAY, 22 SEPTEMBER 2025
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TAKE TWO 13

Training wheels CCIL: Bringing markets

vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
With the digital universe becoming the first point of contact, auto
companies are coaching their staff to steer online leads to showrooms
to the masses
sohini das What NSE and BSE are to the equity market, CCIL is far more than that
Mumbai, 21 September
for the govt bond, foreign exchange, and OTC derivatives markets
Sameer wants to buy a small sport utility
vehicle (SUV); so on a Saturday afternoon, (NDS) and eiciency of trading in govern- trades aligned with their market views.
he browses social media and automobile ment securities is being enhanced by the The NDS-OM platform also connects
websites. Several reels, popups, and links new Clearing Corporation of India.” global bond platforms to facilitate
lure him to websites of original equip- Initially, CCIL took care of the clearing international investors’ access to the
ment manufacturers (OEMs). He clicks and settlement of market trades in govern- Indian bond market.
on one and is led into sharing his contact ment securities and repos reported on the How has CCIL been growing over the
details — email and phone number. RBI’s Public Debt Oice (PDO)-NDS plat- years? In the financial year 2002-03 (FY03),
He continues browsing for some form, and also the rupee-US dollar forex it had seen $0.4 trillion worth of forex trans-
more time, and gets a call from the dealer spot and forward deals. actions. By FY25, the volume of forex trans-
of a leading car OEM. He promptly books The PDO-NDS platform, an integrated actions zoomed to $12 trillion. During this
a test drive for Sunday, and his digital BANKER’S TRUST project, combines the computerisation of period, repo transactions jumped from
query is soon converted into a physical TAMAL BANDYOPADHYAY the public debt oices with an electronic ~9 trillion to ~779 trillion and plain vanilla
showroom visit by the dealer who was dealing system for trading government se- outright government bond transactions,
actively monitoring online leads. curities and money market instruments. It’s from ~11 trillion to ~161 trillion.
A couple of hours later, another OEM Last Friday, Reserve Bank of India (RBI) an online platform for electronic bidding in CCIL also facilitates compression of
calls him, responding to the same query.
By this time, Sameer has already booked
Digital drive generation has grown steadily — “up
19 per cent year-on-year (year to date
Governor Sanjay Malhotra invited the
Clearing Corporation of India Ltd (CCIL) to
auctions and real-time trading.
Even by global standards, CCIL is a
swap books, which releases limits for banks
to trade more OTC derivatives in swaps. It
his test drive and will not be available for n Car dealers now have dedicated January 2025 to August 2025), and now explore the possibility of putting in place unique experiment. It’s a central counter- has enabled a compression of the portfolio
the next few weekends for another. The vertical for digital queries contributes close to 43 per cent of total necessary infrastructure to facilitate the party (CCP) that offers guaranteed settle- of members from ~313 trillion to ~86 trillion
process drags, and the lead goes cold. n OEMs helping dealers filter queries Hyundai Motor India’s enquiries”. trading and settlement of currency pairs ment in the OTC cash and derivatives since 2011 through an interest rates swaps
Sameer is the quintessential Indian using AI tools This reflects a clear shift in consumer beyond the US dollar and the Indian rupee. markets in money, government bonds, portfolio compression exercise.
automobile buyer who is almost always n ~10 lakh a year average dealer behaviour towards online engagement. This is in line with the broader objective of and forex transactions. Along with its three subsidiaries, CCIL
starting his purchasing journey online. spending on training for To enhance the digital experience the internationalisation of the rupee. CCP in the payments system is a finan- has built a robust ecosystem for the Indian
and who then visits a showroom new technologies for its customers, he says Hyundai We’ll see how CCIL treads this path. For cial institution that acts as an intermediary financial markets, offering integrated sol-
for a “touch and feel” of the features he Motor India has launched platforms now, let’s look back at CCIL’s 25-year jour- — the buyer to every seller and the seller to utions that manage every phase of the
has researched. n 45% rise in share of digital enquiries such as the ‘myHyundai App’ and ‘Click ney in taking the markets to the masses. every buyer in a transaction. This function trade lifecycle — from initiation to the
“The life of a digital enquiry is around over the past five years to Buy 2.0’, which offer end-to-end digi- No, I am not talking about the equity of “novation” — the legal process of replac- final settlement.
20 minutes. If we capture the buyer in n 43% share of Hyundai Motor India’s tal experiences. “While physical leads markets. What the National Stock ing an existing contract with a new one — Set up in 2003, the Clearcorp Dealing
those first 20 minutes, great; else, we enquiries now from digital channels convert into retail at around 12 per cent, Exchange of India Ltd (NSE) and BSE Ltd replaces bilateral risk between parties with Systems (India) Ltd manages electronic
have to spend more to convert them,” digital leads are showing an increasing are to the equity market, the CCIL is far a single, centralised risk to the CCP. trading platforms that facilitate trading
says the head of sales, marketing and conversion rate, and have now reached more than that for the government bond, CCPs manage counterparty credit risk, across government bonds, money, forex,
operations of a leading carmaker who Force multiplier almost 8 per cent,” he adds. foreign exchange (forex), and over-the- reduce settlement risks, and enhance and OTC derivatives markets. It is instru-
does not wish to be named. The logic is Contrary to the belief that digital queries The Hyundai website, meanwhile, counter (OTC) derivatives markets. financial stability by requiring collateral or mental in bringing in retail customers —in-
that the customer is sitting in front of the reduce the need for human manpower, engages over 6.4 million visitors a CCIL has replaced the old system of deal- margin from members and providing cluding individuals and micro, small, and
laptop or searching on mobile. “They like Singhania says dealerships now have a month. The company has continuously ing over the phone, preparing a paper slip guarantees to ensure trades are completed medium enterprises (MSMEs) — by launch-
something and click on it. If there is no separate vertical for such enquiries. ramped up dealer and dealer-staff for deals, confirming such transactions over even if one party defaults. ing the FX-Retail platform for buying/sell-
response within 20-30 minutes, they “There is a quantum leap in training, focusing on digital tools phone or fax, and then settling it through a Well before the global financial crisis of ing of foreign exchange by them. This
might move on,” says this person. enquiries, but one has to filter those and and customer-centric engagement, snail-paced mechanism with the click of a 2008, CCIL had facilitated the reporting of platform provides transparency and better
How India buys a car today has then share the leads with the sales team,” ensuring readiness for an evolving mouse. It has been continuously innovating OTC derivatives transactions under the RBI pricing for retail customers.
changed, and OEMs and dealers are he says. “This requires a dedicated digital phygital landscape, Garg adds. to keep the Indian financial markets up with mandate in 2007. This helped mitigate the Its another wholly-owned subsidiary,
adapting accordingly. marketing budget, and manpower.” global trends — sometimes even ahead. impact of the crisis on the Indian financial Legal Entity Identifier India Ltd, set up in
With technologies evolving fast, car The initial view was that since the con- Riding tandem In some sense, CCIL was a response to markets to a large extent. 2015, is the local operating unit for issuing
dealers are now spending an average of sumer is doing the research, the expense Analysts agree that auto retail is witness- the East Asian financial crisis of 1997. India It has also been offering the CLS, or globally compatible legal entity identifiers
~10 lakh a year on training — sales and on manpower would reduce. “It has been ing significant change, with customers needed an institution to address the needs continuous-linked settlement, services in India.
service. “There are 3,000-4,000 car quite the opposite,” Singhania quips. equipped with basic information before of the settlement system in the aftermath of since 2005 — a distinctive design invol- The youngest of the three, CCIL IFSC
dealers in the country. Some spend Conversion rates, meanwhile, are they visit a showroom. the crisis. But CCIL’s genesis can be traced ving a four-party structure to clear cross- Ltd, set up in May 2024, acts as a system pro-
around ~5 lakh, others up to ~20 lakh (on improving in the digital space. Accord- “The dealer’s role is shifting from further back, to the Sodhani Committee, set currency transactions. This is a unique vider, strengthening the financial market
training),” says a leading dealer who runs ing to Singhania, digital queries have a being a product presenter to a consultant up by the RBI in 1994 to develop and deepen arrangement whereby cross-border settle- infrastructure in GIFT-IFSC, India’s emerg-
multibrand dealerships in eastern India. 12-14 per cent conversion-to-retail rate who can convert high-quality digital India’s forex market. ment is being achieved through a ing offshore hub.
“Assuming an average of ~10 lakh, the now compared to 25-40 per cent for leads into sales,” says Puneet Gupta, Its key recommendations, submitted in third-party arrangement. Globally — and, India is no exception —
overall annual expenditure on training physical queries. “In a physical visit, the director, Mobility Forecast, India & June 1995, included increasing flexibility Called “delivery-versus-payment”, this government bond markets continue to be
alone is ~300-400 crore.” customer has almost zeroed in on the Asean, S&P Global Mobility. “We are for banks in forex operations, allowing cor- system protects against one side failing to institutional in nature. Unlike equity mar-
OEMs, too, are investing in dealer product and the neighbourhood dealer moving to multi-fuel, multi-modal porations the freedom for foreign currency deliver its currency after the other has paid, kets, where individuals rush to buy and sell,
training and working to filter digital from whom they wish to buy. So, conver- mobility solutions, and only a smart con- accounts, and introducing new risk man- preventing potential payment and liquidity retail participation in the government bond
leads, besides using artificial intelligence sion is better,” he says. sultant can match the evolving needs agement tools like derivative products. issues. Currently, CCIL offers this service for market is mostly indirect – through mutual
(AI) tools to ensure better conversions. Digital route, however, helps to target since every mobility solution is not for Subsequently, at least two more commit- 14 eligible currencies. funds, insurance companies, etc. The RBI is
A senior oicial at a leading OEM specific micro-markets, buyer profiles, every customer.” tees looked into the payments and settle- It manages the NDS-Order Matching keen to welcome direct retail participation
explains: “Around 5 years ago, digital and demographics, and the quantum of Automobiles sales are no longer ment systems till YV Reddy, an RBI deputy (OM) platform, the most widely used one for in the government bond market.
enquiries made for around 10 per cent of the leads is way higher. about merely selling a product — they governor then, started exploring the modal- dealing in government bonds. The market CCIL has been supporting the RBI’s
overall queries. This has risen sharply to are about delivering a holistic mobility ities of establishing a clearing corporation participants can either execute trades di- objective of expanding the investor base in
45 per cent now.” He says their company Agentic AI on the job solution, he adds. with industry associations in the early part rectly or report bilateral, off-platform trans- government securities by managing the
conducts monthly reviews with its OEMs, too, are doing their bit. A Mumbai This shift is visible in the sale of of this century. actions. About 75 per cent of all government central bank’s Retail Direct platform. This
dealers. “Those who spend a certain based OEM, for example, is deploying accessories as well. When choosing a CCIL was incorporated in April 2001 bond transactions are conducted directly on platform offers retail investors direct access
amount every month on digital market- agentic AI to clean out ‘cold leads’ from replacement tyre, for instance, digital with the State Bank of India, Life Insurance this platform and the rest must be reported to the primary and secondary segments of
ing — say, around ~30,000 or so — actual ones. channels influence the buyer’s choice. Corporation of India, Bank of Baroda, to it. Simply put, all government bond trans- the government bond market – something
tend to do better. Otherwise, the cost of “Instead of having a human agent to “Enhancing digital engagement is a Industrial Development Bank of India, actions data is consolidated on a single plat- not many countries can boast.
conversion goes up.” qualify and convert the lead, we now have key growth driver for our business, with HDFC Bank Ltd, and ICICI Bank Ltd form and settled through CCIL. The reduction in the minimum invest-
Manish Raj Singhania, chairman, an agentic AI to sift cold or long leads digital channels contributing nearly chipping in as core promoters. The design and features of the NDS-OM ment amount from ~10 lakh to ~10,000 has
Academy & Research, Federation of Auto- before the query gets directed to a one-sixth of total sales, and continuing NSE founder RH Patil was CCIL’s first platform have supported both the expan- been a major factor in opening up the mar-
mobile Dealers Associations (Fada), says human,” says the CEO of a firm. This to rise,” says Anil Gupta, COO for chairman. Having led the movement to sion in the range of instruments as well as ket to a broader base of retail investors. But
last year, they did courses for dealers with could be ChatGPT and other AI chatbots. Yokohama’s Off-Highway Tyre Division create the OTC platform, among many the diversity of trading options and partici- more needs to be done. Of course, that’s
Google and Meta, and this year they have “It has been about six months since and vice chairman, Yokohama India. At other things, he steered CCIL through the pants in the bond market. not the mandate of CCIL.
done a course at the Indian Institute of we adopted it, and we have already the same time, he adds, “our dealer market maze in its formative years. Currently, all types of government secur- vvvvvvvvvvvvvvvvvvvvvvvv
Technology Delhi for the women at Fada. started seeing good results. The quality network remains critical to driving con- In his Budget speech in February 2002, ities, including dated securities, treasury The writer is an author and senior
“We are in talks with a leading digital of leads is improving, and this will event- versions. Together, these two channels then finance minister Yashwant Sinha took bills, and state development loans, are advisor to Jana Small Finance Bank Ltd.
marketing agency on having a course to ually bring costs down,” he adds. form a powerful, complementary note of the new player on the settlement traded on this platform. Features such as His latest book: Roller Coaster: An Affair
educate dealers on how to optimise their Hyundai Motor India Whole-time engine that is accelerating our growth”. turf, saying: “Primary issuance of govern- odd lot and standard lot, when-issued trad- with Banking. To read his previous
digital spending to ensure maximum Director and Chief Operating Oicer For auto companies, the road to ment securities is now being facilitated by ing, and short sale have provided partici- columns, log on to www.bankerstrust.in
advantage,” he says. (COO) Tarun Garg says the digital lead success evidently lies in riding tandem. an electronic negotiated dealing system pants with greater flexibility to execute X: @TamalBandyo

India leads in Nepal topped in women’s representation

1 South Asia with 2 in just-dissolved Parliament
statsguru 3 women heads Share of women in single House orLower House of Parliament in 2024 (in %)
of state & govt
South Asian countries with number of
33.1 20.0 13.6 16.2 5.3
women heads of state & government
Nepal* Bangladesh India Pakistan Sri Lanka
Note: Parliament in Nepal stands dissolved now Sources: UN Women, government data
India 3
Nepal led the list in women’s representation
Bangladesh 2 3 in the federal Cabinet in 2024
Paradox Nepal 2
Share of women in the federal Cabinet in 2024 (in %)

of women’s Sri Lanka 2

19.0
Nepal
7.7
Bangladesh
6.7
India
5.3
Pakistan
NA
Sri Lanka

empowerment Pakistan 1
Sources : UN Women, government data

Share of Countries 2020 2021 2022 2023 2024

in South Asia Note: Maldives, Bhutan, and Afghanistan
have not been considered as they never
4 women in India 17.2
Bangladesh NA
16.6 15.9 12.6
NA 7.3 6.2
11.7
NA
had a female head of government and state managerial Nepal NA NA NA NA NA
Sources : UN Women, government data
roles Sri Lanka 27 19.5 22.3 NA NA
% of total managerial posts Pakistan 5.2 5.7 NA NA NA
SHIKHA CHATURVEDI In legislatures, Nepal stands out with Few Indian firms have
Sushila Karki’s appointment as the
33.1 per cent women in Parliament in 2024,
though its House is currently dissolved.
5 women-led boards
Source: ILO

new Prime Minister of Nepal marks India, by comparison, had just 13.6 per cent. Share of women in total Token
a historic moment, as she becomes
the latest in a global line of women
Federal Cabinet positions show a similar pattern.
(Chart 2 & 3)
directors in India in 2024 (in %) 6 representation Share of women in the
to reach the highest political oice. Beyond politics, women’s representation in % of companies with at least: Indian justice system
Across 87 countries, 175 women have so far served professional spaces reﬂects persistent gaps. In as SC judges
30% WOB (in %)
as heads of state or government. The journey managerial roles, women’s representation in in India
began in south Asia itself: Sirimavo Bandaranaike India has slid from 17.2 per cent in 2020 to 11.7 per 16.6
of Sri Lanka in 1960, followed six years later by cent in 2024, while Sri Lanka has a slightly better 40% WOB
Indira Gandhi of India. position. (Chart 4). Share of women in total strength (2024)
6.6
South Asia, therefore, has been central to the In corporate leadership in India, around
story of women in top leadership, but the 17 per cent of companies had 30 per cent women
numbers remain small even today. India has seen on boards in 2024, while only 6.6 per cent crossed
three women heads of government and state, the 40 per cent mark, suggesting token presence with no WOB
followed by Bangladesh, Nepal, and Sri Lanka at rather than real parity. (Chart 5) 1.3 6 14 38 12 31 28 42
two each, and Pakistan only one — highlighting The justice system tells the same story in
how rare such leadership still is. (Chart 1) India, barring paralegal volunteers. (Chart 6)
Supreme High Subordinate IPS Women Panel Paralegal
Court Court court ofﬁcers secretaries lawyers volunteers
judges judges judges
StatsGuru is a weekly feature. Every Monday, Business Standard guides you Institutions
through the numbers you need to know to make sense of the headlines Note: WOB is women on boards Source: MSCI Report, 2025 Source: India Justice Report, 2025
14 NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
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NEW DELHI | MONDAY, 22 SEPTEMBER 2025
STREET VIEW
“FOREIGN OWNERSHIP IS DOWN FROM 22% AT THE END OF
2019 TO 16%. THIS DECLINE IN FOREIGN OWNERSHIP IS IN THE
CONTEXT OF INDIA HAVING SUFFERED A 30-POINT ROLLING
ONE-YEAR UNDERPERFORMANCE RELATIVE TO MSCI
EMERGING MARKETS OVER THE PAST 12 MONTHS — ITS
WORST ONE-YEAR UNDERPERFORMANCE SINCE 1996”
Chris Wood, Global Head — Equity Strategy, Jefferies, in a GREED & fear note
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Maruti Suzuki burns rubber,

Against earlier expectations constitute the bulk of Maruti’s

Market marionette FPIs pull Running with the bulls, liquidity, and strong subscription rates
for recent issues. This has encouraged
investment bankers to roll out offerings,

strings on consumer, power most of which are modest in size, typically

Timed tugs tilt discretionary sectors, letting defensive and

holding the reins under ~500 crore, while larger planned
floats like Tata Capital, LG Electronics
India, and Pine Labs are proceeding
with caution. The contrast underscores
capital-heavy names take the lead Capturing midcap energy without losing control of the charge that the primary market, while active, is
Foreign portfolio investors (FPIs) were not entirely buoyant.
net sellers of Indian equities to the tune Launched in October 1995, Nippon
of ~9,761 crore in the first fortnight of India Growth Mid Cap Fund ranked Outpacing the herd Damani’s double down:
September, with consumer services in the top 30th percentile of the Leading the stampede without straying from strategy
and power stocks bearing the brunt of
outflows. Data from Prime Infobase
midcap category in the
Crisil Mutual Fund Rank- n Fund n Category n Benchmark Betting on Blinkit
23.48

20.80
20.99

shows FPIs withdrew ~3,246 crore from ing (CMFR) for three Radhakishan Damani, the astute investor
21.25
28.92

19.33

18.92
27.84

18.29

18.24
consumer services. This sector covers consecutive quarters and promoter of Avenue Supermarts, which

16.42
25.33
24.49

23.07

areas tied to discretionary spending, through June 2025. runs the DMart retail chain, turned heads by
20.88

including hospitality, entertainment, The fund’s assets acquiring a 0.5 per cent stake in Eternal, the
and retail. Experts say FPIs often scale under management parent company of Zomato and quick-
FPIs conduct early
-0.26
-0.78
0.76

back exposure to these segments during rose from ~11,268 commerce leader Blinkit. The strategic move
periods of macroeconomic uncertainty. September moves crore at the end of June signals confidence in Blinkit’s fast-growing
Other sectors that saw the highest FPI 2022 to ~39,066 crore by Returns (%) 1-year 2-year 3-year 5-year 7-year 10-year business model, which has, ironically,
withdrawals were power (~2,107 crore), Riskier sectors stumble under June 2025. Rupesh Patel contributed to a derating of DMart’s shares,
Returns as of September 18, 2025. One-year return is absolute; all others are annualised
followed by information technology (IT) the footlights while resilient has managed the fund since a traditional retail player. DMart’s own quick-
at ~2,014 crore, real estate at ~1,927 crore, names steal the spotlight January 2023. commerce venture, DMart Ready, competes
and healthcare at ~1,601 crore. The scheme aims for long-term ~2.56 lakh (17.17 per cent) and ~2.78 cent of the portfolio, while largecaps directly with Blinkit but has yet to match its
Analysts link the selloff in power Net outflows (~ crore) Off stage capital appreciation through a lakh (17.63 per cent), respectively. and smallcaps accounted for 18.68 per scale. Markedly, in India’s corporate rank-
stocks to stretched valuations. In IT, -3,246 Consumer services portfolio primarily invested in the A systematic investment plan cent and 12.48 per cent, respectively. ings, Avenue Supermarts — where Damani
concerns over tepid growth and buyback equity and equity-related securities (SIP) allows investors to contribute By comparison, the category average holds nearly 75 per cent — trails just behind
announcements prompted FPIs to trim -2,107 Power of midcap companies. fixed amounts at regular intervals, was 14.25 per cent in largecaps, Eternal, with a market capitalisation of
their positions. “Even without tariffs, IT -2,014 Information technology promoting disciplined investing. 67.12 per cent in midcaps, and ~3.11 trillion (24th) versus Eternal’s ~3.25 tril-
revenue growth is unlikely to exceed 2-4 Leading the midcap pack A monthly SIP of ~10,000 in 14.11 per cent in smallcaps. The fund’s lion (23rd). compiled by samie modak
per cent. Infosys’ buyback announce- -1,927 Real estate
Nippon India Growth Mid Cap Fund the fund over 10 years (totalling slightly higher allocation to largecaps
ment sparked speculation that others -1,601 Healthcare has outpaced the benchmark (Nifty ~12 lakh) would have grown to ~36.9 sets it apart from peers. bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
may follow, triggering buying in tech Midcap 150 Total Return Index, or lakh (21.39 per cent annualised). In The portfolio spans 19 sectors.
Taking centre stage Net flows (~ crore)
stocks. FPIs are using this as an exit
1,908
TRI) over one-, two-, three-, five-, and comparison, the same SIP in the Financial services held the largest Events this week
point because short- to medium-term Automotive seven-year trailing periods. It has also benchmark would have reached allocation (24.19 per cent), followed by
September 22
prospects remain limited,” said Chok- 1,634 outperformed peer funds in the ~35.41 lakh (20.62 per cent) as of Sep- capital goods (11.68 per cent),
Financial services ●
India: Index of Eight Core Industries
kalingam G, founder of Equinomics. midcap category (CMFR, June 2025) tember 18, 2025. The fund has healthcare (10.92 per cent), consumer
The automotive (auto) and auto Capital goods 1,518 over one-, two-, three-, five-, seven-, delivered higher returns than the services (9.06 per cent), and
September 23
components sector attracted the highest Source: Metals & mining 1,394 and 10-year periods. benchmark across one-, three-, five-, automotive (auto) and auto compo- ●
India: HSBC India Manufacturing,
inflows at ~1,908 crore, driven by Prime To put this in perspective, a seven-, and 10-year SIP periods. nents (6.34 per cent).
Infobase Services 236 Composite & Services PMI
optimism over goods and services tax ~10,000 investment in the fund on During the period under review,
rate rationalisation. FPIs also increased April 1, 2005 (benchmark inception) How the fund allocates capital the fund invested in 150 stocks, ●
US: Current Account Balance, S&P Global
allocations in financial services largest share in FPI portfolios at 30.95 per would have grown to ~3.45 lakh by Over the past three years, the holding 46 consistently. Key con- Manufacturing, Composite & Services PMI
(~1,634 crore), capital goods (~1,518 crore), cent, followed by auto at 7.9 per cent. September 18, 2025 — an annualised fund maintained a higher alloca- tributors included Power Finance ●
UK: S&P Global Manufacturing,
and metals and mining (~1,394 crore). IT remains the third-largest holding at return of 18.89 per cent. The same tion to midcap stocks, in line with Corporation, Cholamandalam Finan- Composite & Services PMI
Financial services continue to hold the 7.24 per cent. S U NDA R S ETHU RA M A N investment in the category and the its mandate. cial Holdings, Varun Beverages, ●
AGM: Dixon Technologies (India),
benchmark would have reached Midcap stocks averaged 66.27 per and BSE. crisil intelligence General Insurance Corporation of India

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb September 24
●
US: MBA Mortgage Applications,
New Home Sales

‘See limited downside for markets from current levels’ ●

AGM: Petronet LNG, UPL,
Waaree Energies

September 25
Markets have taken recent policy-related and geopolitical ment for the beneficiary industries. downside for markets from could provide another boost to
& developments in stride. Kunal Vora, head of India equity research
at BNP Paribas Bank, tells Puneet Wadhwa in an email interview
Categories such as fast-moving
consumer goods, health insurance,
current levels.
In consumption-oriented sectors, a
consumption, likely in FY27. Our
expectation of a recovery is based on
●
US: GDP numbers, GDP Price Index,
Initial Jobless Claims, Continuing Jobless
Claims, Existing Home Sales
that while Nifty 50 earnings are not highly sensitive to US tariffs, a resolution cement, consumer appliance, and recovery in earnings could become vis- these existing measures rather than
would improve investor confidence, particularly among foreign investors. two-wheeler have a user base far ible starting the third quarter of FY26, further government interventions. Sources: Bloomberg, exchange
Edited excerpts: beyond the 2 per cent of the which would support the markets. Compiled by BS Research Bureau
population that pays I-T. When the I-T How are foreign institutional
Is the risk/reward favourable particularly among foreign investors. rate was lowered, part of the benefit What strategy do you suggest investors (FIIs) viewing all
for stock market investors
at current levels? What is the worst we can see
may have gone into savings
and investments.
for mid, small, and microcaps?
n Mid and smallcaps are trading at
these developments?
n Indian markets are increasingly
Top bulk deals
DATE SCRIP CLIENT PRICE (~)
n The risk/reward looks favourable to on the Sensex and Nifty? GST, being linked historically high premiums relative domestic investor-driven, and this
us. Indian markets have gone through a n The goods and services tax (GST) rate to consumption, is to largecaps. Although this trend is expected to continue. FIIs Sep 18 Cohance Jusmiral 906
consolidation phase, with the Nifty 50 cut is another strong government initiat- expected to boost premium has narrowed in recent have sold around $16 billion worth of Lifesciences Holdings (S)
largely flat over the past year, ive aimed at driving domestic consump- both volumes and months following largecap Indian equities this year. India’s
underperforming other emerging tion at a time when the export outlook second-order bene- outperformance, it remains above valuations remain higher than those Sep 19 Energy Rapid 82
markets (EMs). This underperformance has weakened due to US tariffs. Unlike fits. Assuming an average. This premium could of other EMs, but the relative premium Infra Trust Holdings 2 Pte (S)
can largely be attributed to earnings the income-tax (I-T) rate cut, the GST economic recovery narrow further; we continue to has shrunk following recent underper- Sep 19 Energy Rapid 82
estimate cuts, with Nifty 50 2025-26 benefit will be more widely distributed. and continued strong prefer largecaps over mid and formance. Factors that could renew Infra Trust Holdings 2 Pte (S)
(FY26)/2026-27 (FY27) earnings per We expect this to translate into stronger domestic flows, smallcaps at an aggregate level. FII interest include trade deals with
share estimates having been lowered volume growth and margin improve- we see limited the US and improvements in the Sep 17 Gujarat Devansh 3,539
by 12-13 per cent from their peaks. What further policy response earnings growth trajectory. Fluorochem Trademart LLP (S)
While the Nifty’s price-to-earnings do you/markets expect from Sep 18 Cohance HDFC Mutual 906
ratio of 20x is still above the long-term Flat but not broken: The the government in the Overweight sectors from
Lifesciences Fund (B)
average of 17x, we remain positive due
to the likely improvement in the
market balancing act next six months?
n From a domestic con-
a 12-month perspective?
n We favour the domestic consump- Sep 16 Star Health Mio Star (S) 441
growth trajectory. This is supported by n The calm before the upswing: Nifty flat; sumption perspective, tion theme, particularly in automotive,
Sep 19 Energy Vara Future 82
measures such as cuts in direct and EPS cuts priced; P/E 20x versus 17x much of what can be telecommunications, durables, and
Infra Trust LLP (B)
indirect taxes, lower interest rates, con- n Engines of recovery: Tax cuts, lower rates, done has already consumer internet segments. While
tinued strong domestic flows, moder- strong domestic flows been done. I-T consumer staples are well-placed tacti- Sep 18 Cohance SBI Mutual 906
ation in the pace of earnings cuts, and a and GST rates, cally, we see a disconnect between valu- Lifesciences Fund (B)
reduction in India’s valuation premium n Consumption comes alive: Rebound in as well as ations and long-term growth prospects.
versus China and other EMs. Q3FY26; largecaps preferred interest rates, The outlook for capital expenditure Sep 15 Elcid Upnishad 1,32,000
High-frequency economic indica- n Levers pulled, growth lifted: Most levers used; have been plays and exporters has weakened Investments Trustee Advisory
tors remain weak but have yet to fully GST boosts consumption and margins lowered. Food for now. We continue to favour private Services (B)
reflect recent positive developments. n Foreign eyes, domestic bets: $16 billion inflation has sector banks, which are well-positioned Sep 15 Elcid Hydra 1,32,000
Nifty 50 earnings are not very sensitive outflow; focus on automotive, telecom, eased, and the monsoon to benefit from a recovery in Investments Trading (S)
to US tariffs, but a resolution would durables, consumer internet, private banks has been satisfactory overall. credit growth and are trading at
enhance investor confidence, The Eighth Pay Commission attractive valuations. (B) Buy (S) Sell Source: Exchanges
2 NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
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PUBLIC NOTICE OF CIN L99999MH1996PLC132983

CAPITAL
NON-ASSOCIATION Regd Office: IIFL House Sun InfoTech Park Road No.16V Plot No. B-23,
MIDC Thane Industrial Area Wagle Estate Thane – 400 604

& IMPERSONATION Tel: (91 -22) 3929 4000 / 4103 5000/ 62727000 Fax (91 -22 2580 6654)
E-Mail id – Secretarial@iiflcapital.com Website:- www.iiflcapital.com
This Public Notice is issued on behalf of IIFL Capital Services Limited (herein after referred as “IIFLCAPS”), (formerly known as IIFL Securities Limited), a duly registered stock broker with SEBI. Recently, it has come to our notice
that some unscrupulous persons claiming to be Ishani Thakur, Priya Desai, Sneha Sarda, Suraksha, Risha Chopra, Tejas Mehta and other unknown persons through various social media platforms viz. WhatsApp groups/links,
Telegram Channels, Facebook, Instagram channels, etc. (“platforms”) falsely impersonating as representatives of IIFLCAPS or being affiliated with IIFLCAPS. They are misusing the Name, Trademark & SEBI Certificate of IIFLCAPS
and the name of Mr. Narendra Jain, Whole-time Director, Mr. Anand Bathiya, Independent Director, Mr. Shanker Ramrakhiani, the Chief Information Security Officer & Mr. Nemkumar H., Chief Growth Officer of IIFLCAPS and
Mr. Yatin Shah, Non-Executive - Non Independent Director (360 ONE WAM LTD.), in few investment and advisory by misusing technology and creating deep fakes. They are providing unregistered and unregulated fake websites,
unregulated trading platforms & mobile applications which resemble or impersonate website/applications of IIFLCAPS and luring to join/create institutional account to get guaranteed/high returns and deceiving public to invest
the money, claiming to facilitate pre-IPO subscriptions with false promises of assured profits and offering illegal trading services etc. Apart from the below groups/links/platforms & channels and mobile numbers, these impostors
may be using other groups/links/platforms & channels and mobile numbers that we are not aware of. The details of groups/links/platforms & channels and mobile numbers etc. including but not limited, are as follows:

WhatsApp/Facebook Groups: Website/App Link URL’s:

1. https://iiflfinance.clickhttps://l.facebook.com/l.php?u=https%
Sr No Group Name Sr No Group Name 3A%2F%2Fiiflfinance.click%2F&h=AT1cNbLz7XcHF0F7D6gcrE
eh6p5dqmKmnb9v7r4r_wm7AWpG_XXEihM96swW515wExbj
uMtoo3M6CiUmrBiU_Omztm0eDdsP7UeAfSdmT7F704GYwb
m84Rx208-h0Lg61gHo8CRhkGXkwLA&s=1
1 VIP-N50 Elite Access Group 15 (A-3) IIFL Securities Limited
2. https://analyze.iifl-wn-india.com/
2 59 IIFL Investment and Wealth 16 VIPH-366 WealthGrid
3. indiifl.xyz/#/
3 L07-IIFL Securities Limited 17 X05-IIFL Securities Limited 4. https://iiflfrom.com

4 VIP H-367 WealthGrid 18 IIFL Securities -M2 5. https://chat.whatsapp.com/FNRtkG5IRLeAzlLv0c8DXn?mode=ac_t

5 T3-IIFL Services Limited 19 IIFLGROUP20250710152972 6. https://lucent-sundae-cdc26c.netlify.app

https://forms.cloud.microsoft/r/ZDZr7hGpGz
6 150 1v1VIP Service Group 20 36-IIFL Capital Management Group, VIP exclusive service17 7.
8. https:httpsiiflfinance.click
7 763 1V1 VIP Service Group 21 IIHNWFL
9. www.iifl-finance.xyz
8 IIFL Securities Limited-F11 22 AA613 IIFL CAPITAL CORE
10.
https://chat.whatsapp.com/KrQlmQiH3PF3bc82
9 VIP S-88 Real Ones Only - IIFL Exclusive VIP Group 23 997- IIFL Scholars Allian
11. https://iiflhnw-from.com
10 A-147 IIFL Capital Company 24 A888 IIFL Internal Communications Group
12. https://home.iifl-wn-india.com/
11 T10-IIFL Securities Limited 25 IIFL CAPITAL VIP GROUP #43
13. https://iiflapp.com
12 IIFL Securities Limited -F10 26 iifl@management-wealth.com https://play.google.com/store/apps/details?id=com
14.
.idirWallpapers
13 IIFL Securities -M2 27 65-IIFL Capital Management Group Group 105 members 15. https://chat.whatsapp.com/EGbhXYGhflC0DpxG0
eP0J4
14 W08- IIFL Wealth 28 743 1V1 VIP Service Group and IIFL HNW Group 16. https://stocktredhubs.com

Mobile Numbers:
Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No

1. 8670450497 8. 919067884464 15. 919032598425 22. 9741095665 29. +91 84510 31189 36. 9512152677 43. 9514375667
2. 8858137693 9. 917433079054 16. 1-309989-6496 23. +91 97648 71102 30. +91 70484 23732 37. 7066475485 44. 9885071682
3. 919597316188 10. 919229478958 17. 917452041636 24. +91 70414 22982 31. 7357601343 38. 7538874765 45. 7800915502
4. 919890932776 11. 918976237948 18. 917380531094 25. +91 84015 01581 32. 7633067196 39. 7801853633 46. 9043600000
5. 919039572566 12. 7276694298 19. 77960 65630 26. +91 76079 12057 33. 7304971458 40. 8983306219 47. 8885652109
6. 918889365640 13. 9628638799 20. 91773 18853 27. +91 84014 77716 34. 7710962176 41. 8755206323 48. 9177318853
7. 919959397334 14. 7092234116 21. 8543839213 28. +91 77790 39580 35. 9867918769 42. 8859956091 49. +91 86705 65944

Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No

50. +91 84382 94613 57. 917736465299 64. +91 87542 87078 71. 9723445270 78. 917275257676 85. 918528247676 92. 917589275886
51. +91 90148 32474 58. +91 95250 63142 65. +91 70371 82292 72. 917037182292 79. 917448326652 86. 918968920950 93. 917897547676
52. +91 99372 36386 59. +91 72761 52858 66. 8400001165 73. 9188298379 80. 917080163624 87. 918532819815 94. 91844608602
53. +91 95429 05833 60. +1 (313) 398-7065 67. 9030021481 74. 918750933628 81. 917409474152 88. 917275257676 95. 918528247676
54. 91-97551 71476 61. +91 86044 18535 68. 9929584544 75. 918807364930 82. 917589275886 89. 917448326652 96. 918968920950
55. +1(313)767-5880 62. +91 74520 41636 69. 9885071682 76. 919680496850 83. 917897547676 90. 917080163624 97. 73049 71458
56. +1(808)208-6675 63. +91 73805 31094 70. 9063438522 77. 918532819815 84. 91844608602 91. 917409474152 98. 95455 77647

Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No

99. 77960 65630 106. 8452987368 113. 7041422982 120. 8401501581 127. 9601388237 134. 9831387562 141. +91 87542 634022
100. 91773 18853 107. 9867599894 114. 9867730318 121. 7607912057 128. 9136617228 135. 8853498623 142. +91 74040 28277
101. 9741095665 108. 7017244754 115. 9637668706 122. 8401477716 129. 9116068371 136. 8167786105 143. +91 84096 65889
102. 73049 71458 109. 7208153628 116. 7607912057 123. 7779039580 130. 7309675114 137. 8670467214 144. +91 73871 72407
103. 95455 77647 110. 7347357639 117. 9049146223 124. 8451031189 131. 8885652109 138. +91 99409 50137 145. +91 88538 46645
104. 7525037275 111. 8016932692 118. 8511234973 125. 7048423732 132. 9063799315 139. +91 98052 89027 146. +91 82931 26868
105. +91 98943 64867 112. 8116833319 119. 7041422982 126. 7304971458 133. 8114926082 140. +91 95347 56349 147. +91 70689 17505

Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No Sr No Mobile No

148. +91 84096 02979 155. +1 (702) 237-4359 163. +91 87694 27637 170. 91-819 99571 177. 9166587304 184. 8433601173 191. 7497932863
149. +91 99748 74309 156. +1 (313) 767-5880 164. +91 81484 67394 171. 91-89610 33477 178. 7993791206 185. 8124222533 192. +91 80041 24595
150. +91 80195 88147 157. +91 96828 32276 165. 9665338139 172. 91-90320 50026 179. 8438542084 186. 9602210838 193. +1 (214) 315-4288
151. +91 73188 83155 158. +91 77364 65299 166. 7294893572 173. +91 72763 23238 180. 7023177621 187. 8858356579 194. +1 (316) 308-2820
152. +91 70688 27023 160. +91 84529 86244 167. 8374429640 174. +91 85039 66962 181. 9078378536 188. 9044712293 195. +91 73805 31094
153. +91 75181 49175 161. +91 87938 56593 168. 8670658936 175. 9032210736 182. 7404028277 189. 8982527911 196. +91 87542 87078
154. 8905411023 162. +91 73984 34110 169. +1(913) 244-0535 176. 9937236386 183. 8604294719 190. 7209385061 197. +91 86044 18535

Sr No Mobile No Sr No Mobile No

198. +91 74520 41636 205. 9984727953

199. +91 75250 37275 206. 9014832474
200. +91 70371 82292
201. +91 88298 00379
202. +91 87509 33628
203. +91 88073 64930
204. +91 96804 96850

IIFLCAPS unequivocally/emphatically states that we have no association or afﬁliation or connection with any of the above named impersonators or persons or any such groups/links/platforms & channels and mobile numbers.
They are not, neither has ever been, an employee, agent, or representative of IIFLCAPS nor authorized to represent or conduct any business on behalf of IIFLCAPS. Any transactions or communications with them in IIFLCAPS
name or with reference to are repudiated by IIFLCAPS.
We caution all members of the public, our clients, and business partners to exercise extreme diligence and follow below advise:

• Beware of emails / whatsapp messages / any other communication impersonating IIFLCAPS / employees of IIFLCAPS and refrain from responding to such emails / whatsapp messages/ communication and not to engage
in any transactions or communications with such persons under the assumption that they are affiliated or associated with IIFLCAPS.
• Inform the local police or cybercrime authority about such fraudsters immediately.
• Investors / public are advised to exercise caution and not fall prey to such fraudulent emails/ whatsapp messages/ communication in the name of IIFLCAPS or its officials
• Investors are urged to observe utmost caution, conduct due diligence, and verify the registration status of any entity claiming to be a registered intermediary of IIFLCAPS by reaching out to our Customer Care- @
022-40071000 & cs@iifl.com. Our Official website / social media platform are as below:-
Website - www.iiflcapital.com
Twitter - https://x.com/iiflcapital
Facebook - https://www.facebook.com/IIFLCapital
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• To check the details of our Authorized Persons (visit https://www.indiainfoline.com/mandatory-display-of-information).
• To receive/pay money from/to investors refer to our designated bank accounts named as “client bank accounts”.
(https://ttweb.indiainfoline.com/trade/frmInformation2customer.aspx?_ga=2.147223735.1814325436.1712824035-1508223574.1691810559)
• Further, as a part of investor awareness and cautioning public at large, Exchange(s) publish and update all issued press releases on its website. You may view / refer the same atbelowlinks
NSE-https://www.nseindia.com/invest/advisory-for-investors
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& https://www.ncdex.com/investor-awareness/investor-charter

IIFLCAPS takes these matters very seriously and is committed to protect the public from such fraudulent activities. We strongly advise any individual or entity that has been approached by them to cease all interactions with them
immediately and to report such activities to the appropriate authorities. IIFLCAPS shall not be held responsible for any actions, agreements, or representations made by these individuals and or unknown persons and disclaims
all liability for any losses, damages, or other consequences resulting from such unauthorized actions by them.
We reserve the right to pursue legal action against such impersonators and any parties found to be complicit in the impersonation and fraudulent activities.
B NEW DELHI | MONDAY, 22 SEPTEMBER 2025 9
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B NEW DELHI | MONDAY, 22 SEPTEMBER 2025 11
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Notice-Cum-Addendum to the Scheme Information Document (SID) and

Key Information Memorandum (KIM) of Schemes of Sundaram Mutual Fund (‘Fund’)
Change in the address of Customer Care Center:
Investors / Unit holders are advised to take note of the change in address of the Customer Care Center of KFIN Technologies Limited as
stated below, which is an official point of acceptance of transactions for the Schemes of Sundaram Mutual Fund:
Branch Existing Address New Address Effective Date
KFin Technologies Limited KFin Technologies Limited
Office No 207-210, 2ND Floor, Kamala Arcade, Ayaan Chandrika, Office No. 14,15,16. Second Floor
Pune J.M. Road, Opp. Balgandharva , Shivaji Nagar H.NO 1315, F.PL No. 701, Dadasaheb Torne Path, 22-Sep-2025
Pune - 411005 Off Jangli Maharaj Road, Shivaji Nagar
Telephone: 020 – 46033615 Pune -411005, Maharashtra India
Telephone: 020 - 46033615
All other terms and conditions of the Scheme Information Document(s) / Key Information Memorandum(s) / Statement of Additional
Information will remain unchanged.
This addendum forms an integral part of the Scheme Information Document (SID) / Key Information Memorandum (KIM) / Statement of
Additional Information (SAI) of the schemes of Sundaram Mutual Fund as amended from time to time.
For Sundaram Asset Management Company Ltd
Place: Chennai R Ajith Kumar
Date: September 22, 2025. Company Secretary & Compliance Officer

HY2-25-26-1-12 (16x9cms)
For more information please contact: Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
Sundaram Asset Management Company Ltd Royapettah, Chennai-14.
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
(Investment Manager to Sundaram Mutual Fund) www.sundarammutual.com
CIN: U93090TN1996PLC034615 Regd. Office: No. 21, Patullos Road, Chennai 600 002.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
12 NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
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LOST OF SHARES
NOTICE is hereby given that the certificates for 245
HINDUJA HOUSING FINANCE LIMITED
Branch Offices: No. 167-169, 2nd Floor, Anna Salai, Saidapet,
bearing equity share Certificate No-120331, Chennai-600015. Branch Offices: F-8, Mahalaxmi Metro tower, Sector -4, Vaishali, Ghaziabad-201010
1124256, 50635, 62601 & Distinctive No- 5110444- Email: [email protected]
5110459, 307876122-307876317, 2720626- PUBLIC NOTICE OF PHYSICAL POSSESSION OF IMMOVABLE PROPERTIES
2720650, 3315502-3315509 under Folio No-H
0001655 of SRF LIMITED standing in the name of To, Mr. NIRMALA SHARMA (Borrower) MANOJ KUMAR (Co-borrower) LAN No: DL/NCU/GHAU/A000001850
HARI SINGH ASHTA has been lost or mislaid and Both at: RAWAT H NO -990 2ND FLOOR SF-4, INDRAPRASTHAAWAS YOJNALONI GHAZIABAD-201102
the undersigned have applied to the company to Whereas vide Order dated 29-May-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
issue duplicate certificate for the said shares. Any Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No-4, on Upper Ground Floor area measuring 399
person who has any claim in respect of the said sq. fts…i..e, sq mtrs built on Residential Plot No D-962, out of Total land area measuring 232 sq. meters situated at residential colony Indraprastha
shares should write to our Registered Office, KFIN (GDAYojna) has been taken over by M/s Hinduja Housing Finance Ltd. On 19.09.2025
Technologies Limited. Unit Nos. 236 & 237, 2nd To, Mr. TRISHNA DEVI (Borrower) MANISH KUMAR ARYA (Co-borrower) LAN No: DL/GRN/ALPH/A000000186
Floor, DLF Galleria, Noida Link Road, Mayur Vihar Both at: KH NO-123/24, GALI NO-17,NEAR GOPAL DAIRY, SANT NAGAR, BURARI MAIN MARKET, DELHI - 110084
Phase I Extension, Delhi- 110091.
Whereas vide Order dated 30-Jun-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Residential Flat No. Gf-1, M.I.G on Ground Floor,
(Without Roof Rights), Right Hand Front Side (RHS), Having total & Covered area 560 sq. ft.. i.e. 52.02 sq. metres, Residential Plot no. A-176. A-
177 and A-178, out of Khasra no. 211, Block-A, Situated at Rail Vihar Hadbast village Sadullabad, Pargana & Tehsil Loni, District Ghaziabad Uttar
Pradesh-201102 has been taken over by M/s Hinduja Housing Finance Ltd. On 16.09.2025.
To, Mr. BHAWNA KHURANA (Borrower) Mrs SANDEEP CHOPRA (Co-borrower) LAN No: DL/DEL/DLHI/A000001139
Both at: H NO -B-29, GALI NO-4 PHASE-10 SHIV VIHAR KARAWAL NAGAR DELHI-110094
DIPK-NB-2008/25 Dated 20/09/2025
Whereas vide Order dated 29-May-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being FLAT NO- FF-01 RHS WITHOUT ROOF RIGHTS, MIG
PLOT NO -B-35, AREA MEASURING 200 SQ. YDS, KHASRA NO-217 AREA MEASURING 400 SQ. FOOT …i..e, 37.16 Sq. Mtrs. Situated at Rail
vihar Sehkari Awas Samiti Ltd.. has been taken over by M/s Hinduja Housing Finance Ltd. On 17.09.2025.
To, Mr. PRAMOD SHARMA (Borrower) Mrs. SUSHMA SHARMA (Co-borrower)
Both at: H.NO A-8/130 KH NO -356 , GALI NO -5 SONIYAVIHAR KARAWAL NAGAR DELHI - 110094
LAN No: DL/GRN/OMCN/A000000123
m-iz- jkT; phuh ,oa xUuk fodkl fuxe fy-
Whereas vide Order dated 29.05.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by bdkbZ% fiijkbZp (xksj[kiqj) 273152
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No.Gf-02, L.I.G Ground Floor (Right Side), area Ref. No. : PIP/2025-26/fufonk@702 fnukad % 20.09.2025
measuring 317 sq. ft. i.e. 29.45 sq meter built on Residential Plot No.D-124, area measuring 100 Sq. Yards i..e. 83.67sq. Meters, out of Khasra
352/2, situated at residential colony ,SLF Ved Vihar, Sadullabad,Loni, Ghaziabad , Uttar Pradesh - 201102 has been taken over by M/s Hinduja
vfr vYidkyhu fufonk lwpuk
Housing Finance Ltd. On 17.09.2025 bl fey ds isjkbZ l= 2025&26 ds fy, fuEu dh vkiwfrZ@dk;Z gsrq vuqHkoh
To, Mr. Kayyum Khan (Borrower) Ms. ASRANA (Co-borrower) LAN No: DL/JNK/JNKP/A000000197 fuekZrkvksa@vf/kd`r Mhyj@vkiwfrZdrkZvksa rFkk Bsdsnkjksa ls cUn fyQkQs ds }kjk fufonk;sa
Both at: H NO -186 WARD NO -43, NEAR MOON STAR SCHOOL MUSTAFABAD LONI DEHAT-201102 vkeaf=r dh tkrh gSA
Whereas vide Order dated 29.05.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by Ø-la- fooj.k fufonk dh vfUre frfFk fufonk [kksyus dh frfFk /kjksgj /kujkf'k
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being FLAT NO V- 303 VENUS TOWER 3RD FLOOR GH/1
SECTOR C-3, TRANS DELHI SIGNATURE CITY GHAZIABAD UP-201102 has been taken over by M/s Hinduja Housing Finance Ltd. On Lis;lZ vkQ LysV 27.09.2025 27.09.2025
19.09.2025 1 dUos;j ,oa Lis;lZ vijkUg 2:00 cts rd 'kke 4:00 cts
5,000.00
To, Mr. AHMAD HASAN (Borrower) Mr. JANNAT AHAMAD HASAN (Co-borrower) LAN No: DL/KRB/KRBH/A000000369 vkQ fLVfpax e'khu
Both at: KHASRANO-718, GRAM LONI, PRAGNAALONI, THASILAND DISTRICT GHAZIABAD, UP-201102 fufonk QkeZ dh Qhl J590-00 ¼GST lfgr½] /kjksgj /kujkf'k] fey ds dks"kkxkj es uxn
Whereas vide Order dated 30.09.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by vFkok fey ds bafM;u cSad 'kk[kk fiijkbp ds [kkrk la[;k 50537210018 ,oa IFSC Code-
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Residential Vacant Plot of land area measuring 102 Sq.
Yards, i.e. 85.28 Sq. Meters, Part of Khasra No. 718. Situated at Bablu Garden. Hadbast Village Loni, Pargana Loni, Tehsil & District Ghaziabad,
IDIBOO0C503 es tek djds dk;kZy; dk;Z fnol es vFkok bZ&esy }kjk fufonk QkeZ çkIr
(U.P.) has been taken over by M/s Hinduja Housing Finance Ltd. On 18.09.2025 fd;k tk ldrk gSA fdlh Hkh ,d fufonk vFkok leLr fufonk fujLr djus dk vf/kdkj ç/kku
To, Mr. ANJU KANWAR (Borrower) Mr. GOPI SINGH (Co-borrower) LAN No: DL/SDR/SDRA/A000000855 çcU/kd ds ikl ljqf{kr jgxskA liadZ vf/kdkjh e[q; jlk;uK ek-su-a 9265735574] Ø; çHkkjh
Both at: H NO.10574, GALI NO.4, 2ND FLOOR, PARTAP NAGAR, DELHI-110007 ek-s u-a 6307854509 E-MailId:- [email protected] iz/kku çcU/kd
Whereas vide Order dated 19.06.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat no. SF-2, Second Floor, Front RHS Unit, without
roof right area measuring 465 sqft. Built Upon Plot no. A98, area measuring 183.33 part of Khasra no. 347,Rail Vihar,Sadullabad, Hanuman
Mandir, GHAZIABAD - 201102 has been taken over by M/s Hinduja Housing Finance Ltd. On 16.09.2025
To, Ms. SUSHILA Devi (Borrower) Mr. ANKIT YADAV (Co-borrower) LAN No: DL/KPR/JAIT/A000000360
Both at: FLAT NO-301,B-106 , SHALIMAR GARDEN GHAZIABAD UTTAR PRADESH - 201005
Whereas vide Order dated 10.06.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No TF-1, Fornt RHS, with roof rights area
measuring 80 Sq. Yards ..i..e, 66.89 Sq. Meters Built on Residential Vacant Plot of Land area Mesuring 229 Sq. Yards ..i..e, 191.46 Sq. Meters
Bearing Khasra No-795/2 Min Situated at Village Brahmpur alias Bhopura Pargana Loni Ghaziabad. has been taken over by M/s Hinduja
Housing Finance Ltd. On 19.09.2025
To, Mr. MAN SINGH (Borrower) Mrs. SEEMA SEEMA (Co-borrower) LAN No: GZ/CHP/CHPL/A000000010
Both at: HOUSE NO.53, GALI NO.3, GURU ANGAD NAGAR , LAXMI NAGAR NIRWAN VIHAR DELHI - 110092
Whereas vide Order dated 10.06.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Freehold Residential Front LHS Flat on Ground Floor
without Roof Right Measuring 407.77 Sq. ft. or say 37.88 sq. Mt. Built Plot no-A-82, pertaining to khasra no.348 sitauted in Rail vihar sehkari Awas
samiti, village sadullabad Pragna & Loni, Ghaziabad, U.P. has been taken over by M/s Hinduja Housing Finance Ltd. On 16.09.2025
To, Mr. GAURAV GAURAV (Borrower) Mrs. KAJAL KAJAL (Co-borrower) LAN No: DL/GRN/PRCK/A000000168
Both at: H.NO-385 GALI NO-3 , AMAR COLONY NORTH EAST DELHI , - 110094
Whereas vide Order dated 16.09.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No. GF-03, on Ground Floor, Rear LHS, area
measuring 360 Sq. Ft., built on Residential Plot No. A-150, area measuring 200 Sq. Yards i.e. 167.22 Sq. Meters, out of Khasra No. 349, situated at
Rail Vihar Sehkari Awas Samiti Limited, in the Revenue Estate of Village Sadullabad, Pargana and Tehsil Loni, Dist. Ghaziabad, U.P. has been
taken over by M/s Hinduja Housing Finance Ltd. On 16.09.2025
To, Mr. UTTAM KUMAR (Borrower) Mrs. RICHA KESHARWANI (Co-borrower) LAN No: DL/GRN/SRJP/A000000198
Both at: H NO-1034, ST NO-18, WEST KARAWAL NAGAR, NORTH EAST DELHI - 110094
Whereas vide Order dated 29.05.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No GF-01, Ground Floor Front Side, Khasra No 364
Min, Block-C,Plot No C-53, Ruby Enclave Village Sadullabad,Pargana and Tehsil Loni, Near Royal Garden, Ghaziabad, Uttar Pradesh, 201102 has
been taken over by M/s Hinduja Housing Finance Ltd. On 17.09.2025
To, Mr. Brijendra kumar Prasad (Borrower) Mrs. Poonam Devi (Co-borrower) LAN No: DL/GRN/ALPH/A000000128
Both at: BLOCK-K-87, NANDAN BASTI, LAL KUAN DELHI - 110044
Whereas vide Order dated 10-Jun-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Residential Flat No, FF-3, built on Plot No. 56, LH.S.,
Under LIG, Front, area measuring 410 Sq. F, out ot Khasra No. 367situated at residential Colony known as Khushal Vihar in the area Village
Sadullabad, Pargana Loni, Tehsil & District Ghaziabad, U.P. has been taken over by M/s Hinduja Housing Finance Ltd. On 17.09.2025
To, Mr. CHANDAN KASHYAP (Borrower) Mrs. LATA KASHYAP (Co-borrower) LAN No: DL/GRN/PRCK/A000000200
Both at: 2676 GALI NO 17 , KAILASH NAGAR NEAR AGGARWAL GANDHI NAGAR DELHI - 110031
Whereas vide Order dated 30.06.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being -DESCRIPTION OF THE PROPERTY: Flat No. G.F.-02,
on Ground Floor, Front LHS, area measuring 540 Sq. Ft., built on Residential Plot No. A-118, Block-A, admeasuring 213.21 Sq. Meters i.e. 255 Sq.
Yards, situated at S.L.F. Ved Vihar, in the Revenue Estate of Village Sadullabad, Tehsil Loni, Dist. Ghaziabad has been taken over by M/s Hinduja
Housing Finance Ltd. On 19.09.2025
To, Mr. NISHA FAHIMUDDIN (Borrower) Mr. FAHIMUDDIN F (Co-borrower) LAN No: DL/GRN/SNPR/A000000108
Both at: 1255 GALI MAHAL SARAI HAVELI HISSAMUDDIN HAIDER BALLIMARAN CHANDNI CHOWK NORTH DELHI, BALLIMARAN
CHANDNI CHOWK, Urban, DELHI, Delhi, India - 110006
Whereas vide Order dated 30.06.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being FF-03(Front LHS), area measuring 64 sq. yards, i.e. 576
sq. ft., built on Plot bearing No. B-81, area measuring 260 Sq. Yards, i.e. 217.38 Sq. Meters, Part of Khasra No. 218, Situated at Rail Vihar Sehkari
Awas Samiti Ltd., in the area of village Sadullabad, Pargana-Loni, Tehsil & District Ghaziabad, (U.P.); has been taken over by M/s Hinduja Housing
Finance Ltd. On 16.09.2025
To, Mr. SURESH SURESH (Borrower) Mr. NEELAM SURESH (Co-borrower) LAN No: DL/GRN/SNPR/A000000052
Both at: D - 502, WAZIRPUR INDLAREA, NORTH WEST DELHI - 110052
Whereas vide Order dated 20.05.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No. SF-4, Second floor (Rear LHS side), Plot No. F-
133,admeasuring 133. 77 Sq. meters .i..e., 160 sq. yards, Block-F,SLF Ved Vihar,Loni, Sadullahbad distt Ghaziabad. has been taken over by M/s
Hinduja Housing Finance Ltd. On 19.09.2025
To, Mr. RAHUL RAHUL (Borrower) Mr. SONU SONU (Co-borrower) LAN No: DL/DEL/LXND/A000001602
Both at: H NO 204 3RD FLOOR BLOCK - I , JJ COLONY SHAKURPUR ANANDVAS NORTH WEST DELHI - 110034
Whereas vide Order dated 10.06.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
E-AUCTION SALE NOTICE Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No. FF-03 (RHS) on 1st Floor without roof rights
area measuring 350 sqft Built Upon Plot No. A-57 area measuring 200 sqyds part of Khasra No. 351 situated at Village Sadullabad, Rail Vihar
M/S RICHA INDUSRIES LIMITED (UNDER LIQUIDATION) Sahkari Awas Samiti Ltd, Paragna and Tehsil Loni and District Ghaziabad, Uttar Pradesh has been taken over by M/s Hinduja Housing Finance Ltd.
CIN L17115HR1993PLC032108 On 16.09.2025
(The Corporate debtor)
Reg. Off.: Plot No. 29, DLF INDUSTRIAL AREA PHASE-II, FARIDABAD To, Mr. GAJENDRA SINGH (Borrower) Mrs. KHUSHBU SINGH (Co-borrower) LAN No: DL/GRN/OMCN/A000000079
Email ID: [email protected] Both at: H.NO -299 -ANEW SHABHAPUR KARAWAL NAGAR DELHI -110094
Liquidator: Mohit Chawla Whereas vide Order dated 30.06.2025 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
Liquidator Address: SCO 26, Level-III, Shri Balaji Complex, Old-Ambala Road, Dhakauli, Zirakpur-140603 Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No- GF-02, Ground Floor Rear LHS, area
Email- [email protected], Mobile-09888003303 measuring 314 sq. ft. .i..e, 29.17 sq meter, Plot No- 133, admeasuring 133.77 Sq. Meters .i..e, 160 Sq Yards, Block- F, Situated at Colony Known as
Ved Vihar, Village Sadullabad Loni Distt. Ghaziabad, U.P. has been taken over by M/s Hinduja Housing Finance Ltd. On 19.09.2025
NOTICE is hereby issued for the sale of Corporate Debtor as a going concern under Regulation 32(e) of the Insolvency and Bankruptcy
Board of India (Liquidation Process) Regulations, 2016 in terms of the order dated 11th June 2025 passed by Hon’ble National Company To, Mr. PANKAJ KUMAR (Borrower) Mrs. MAMTA DEVI (Co-borrower) LAN No: DL/GRN/SNPR/A000000152
Law Tribunal (NCLT), Chandigarh, Bench I, Chandigarh. Both at: H NO. 480 BAKHTAWAR PUR , NORTH WEST DELHI DELHI - 110036
The sale of the Corporate Debtor as a going concern under Regulation will be done by the undersigned through the IBBI Designated E- Whereas vide Order dated 29-May-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
auction platform BAANKNETAuction platform (formerly eBKray) Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No F.F-01, First Floor (Front left Side) aera
S. Reserve Price Earnest Money Bid Incremental measuring 540 sq.ft- Built upon plot no-A-76A & A-76 B, both Plot area measuring 200 sq. yards. + 200 sq. yards= 400 sq. yards, out of khasra No
Description Manner of Sale 347 & khasra No.351, situated at Rail vihar sehkari Awas Samiti Ltd. village Sadullabad, Loni, Ghaziabad, U.P, EAST-Other's Property, WEST-
No. (INR) Amount (INR) Amount
Entry of flat/ Flat no-FF-2, NORTH- Road 9 meter wide, SOUTH- Flat No- FF-08 has been taken over by M/s Hinduja Housing Finance Ltd. On
1 Entire Company with all assets as Corporate Debtor as going concern Rs. 96.00 Cr Rs. 9.60 Cr. (INR Rs. 1.00 Cr. 20.09.2025.
per E-auction Process documents under Regulation 32(e) of the IBBI (INR Ninety Six Nine Crore Sixty (INR One Crore)
To, Mr. SARAFRAJ HUSSAIN (Borrower) Mrs. FARHA NAJ (Co-borrower) LAN No: DL/GRN/SNPR/A000000279
on the going concern basis (Liquidation Process) Regulations, 2016 Crore Only) Lakh Only)
Both at: HOUSE NO 1124/1 6/F BACK SIDE , GALI NO 11/5 SADH NAGAR PALAM COLONY Delhi - 110054
NOTES TO AUCTION PROCESS Whereas vide Order dated 30-Jun-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
S. No. Particulars Details Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No. FF-01, on First Floor Front RHS, area
1. Date of Publication of Sale of Notice 22.09.2025 measuring 504 Sq. Ft., built on Residential Plot No. A 71, area measuring 200 Sq. Yards i.e. 167.22 Sq. Meters, Part of Khasra No. 350, situated at
Rail Vihar Sehkari Awas Samiti Ltd., Revenue Estate of Village Sadullabad, Pargana and Tehsil Loni, Distt. Ghaziabad, U.P. has been taken over by
2. Date of uploading the eligibility/ other required documents, declaration etc. along with 29A eligibility M/s Hinduja Housing Finance Ltd. On 20.09.2025
documents as per the e-auction process documents 22.09.2025 to 14.10.2025
To, Mr. GOLU MISHRA (Borrower) Mrs. AKANSHA SHUKLA (Co-borrower) LAN No: DL/GRN/PRCK/A000000196
3. Date and time for inspection or due diligence of assets under auction (with prior appointment) 01.10.2025 to 14.10.2025 Both at: 53 SECTORE 49 BAROLA, GAUTAM BUDDHANAGAR UTTAR PRADESH - 201301
4. Date and time of EMD deposit by the interested bidder on BAANKNET through wallet on or before 14.10.2025 till 1.00 PM Whereas vide Order dated 20-May-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
5. Date and time of E-Auction (with unlimited extension of 5 minutes each) 16.10.2025, 1.00 PM to 3.00 PM Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Built up Flat no. SF-01, area measuring of flat 360 Sq.
16.10.2025 Ft., on Second Floor, Right Side, Land area measuring 37.5 Sq. Yards, i.e. 31.35 Sq. Meters Built on Plot No. D-1, situated at S.L.F Ved Vihar
6. Declaration of the highest bidder
Hadbrast Village Sadullabad Pargana Loni District Ghaziabad, U.P.-201102 has been taken over by M/s Hinduja Housing Finance Ltd. On
7. Declaration of successful bidder 19.10.2025 20.09.2025
Important Note: To, Mr. PRAMOD KUMAR (Borrower) Mrs. SANDEEPA NEGI (Co-borrower) LAN No: DL/GRN/PRCK/A000000187
1. E-Auction will be conducted on “AS IS WHERE IS”, “AS IS WHAT IS”, “WHATEVER THERE IS BASIS” AND “WITHOUT RECOURSE Both at: A-192, GALI NO-13, PART-1 , 1ST PUSTASONIAVIHAR KARAWAL NAGAR DELHI - 110094
BASIS” through approved service providers at IBBI eAuction Portal by BAANKNETat (https://ibbi.baanknet.com/eauction-ibbi/home).
2. As per Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, Schedule I “Mode of sale” Clause 1(5A), Whereas vide Order dated 20-May-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
prospective bidders shall submit an undertaking that they do not suffer any ineligibility under section 29 A of the Code to the extent Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No. SF-02, on Second Floor, Rear Side, with roof
applicable and that if found ineligible at any stage , the earnest money deposited shall be forfeited. rights, area measuring 315 Sq. Ft., built on Residential Plot No. 14-A(part), area measuring 42.5 Sq. Yards i.e. 35.534 Sq. Meters, out of Khasra No.
Terms and Conditions of the E-auctions are as under: 197Min, situated at Shankar Vihar, in the Village Sadullabad, Pargana Loni, Ghaziabad, U.P.-201102. has been taken over by M/s Hinduja Housing
1. The intending bidders are required to register through the Baanknet Auction platform. Finance Ltd. On 20.09.2025
2. The complete E-Auction process document containing details of the Assets, online e-auction Bid Form, Declaration and undertaking To, Ms. PARWATI PARWATI (Borrower) Mr. VIRENDER KUMAR KASHAYP (Co-borrower) LAN No: DL/MTG/KMPR/A000000148
Form, General Terms and Conditions of online auction sale are available on the Baanknet Auction platform (formerly eBKray), Both at: X-382 GALI NO-6 RAM NAGAR DELHI - 110031
www.richaindustries.com or can be obtained by sending an email to [email protected] Whereas vide Order dated 20-May-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
3. The prospective bidders may inspect the assets mentioned above and the site with a prior appointment with Sh. Prem Chand Goyal, Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat No. FF-5, First Floor Rear Third Front L.H.S. Back
Mob. No. 9813621782 or the undersigned. Side L.I.G. (without roof right) Covered area measuring 31.77 sq. meters Out of khasra no. 237, Situated in Galaxy Apartment Village Sadullabad,
4. Prospective bidders shall submit the requisite documents, including a declaration of eligibility under Section 29A of the Insolvency and Pargana & Tehsil Loni District Ghaziabad. (U.P) has been taken over by M/s Hinduja Housing Finance Ltd. On 20.09.2025
Bankruptcy Code through the electronic auction platform To, Mr. MOHD AMIR (Borrower) Mrs. KAISAR PARVEEN (Co-borrower) LAN No: DL/GRN/OMCN/A000000131
5. The Liquidator has the right to cancel or modify the sale without assigning reasons. Both at: GALI NO -10 SUBHASH PARK, SHAHDARANEW DEKHI -110032
6. The Bidder can read the Auction and registration guidelines on the BaankNet Platform https://ibbi.baanknet.com
Whereas vide Order dated 30-Jun-25 passed by Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being ed by
7. The intending bidders are required to deposit Earnest Money Deposit (EMD) amount on BaankNet through Wallet.
Ld. Additional District Magistrate, Ghaziabad the physical possession of the property being Flat bearing No. UGF-05, on Upper Ground Floor (Rear
8. The liquidator shall declare the highest bidder as successful bidder or reject such bid after consultation with the consultation committee Left Side), area measuring 331 sq. fts., built on Plot No. A-84, area 200 Sq. Yards, i.e. 167.22 Sq. Meters, Part of Khasra No. 353, Situated at Block-
under regulation 31A.
A, Residential Colony, Rail Vihar, Hadbast Village Sadullabad, Pargana & Tehsil Loni District Ghaziabad, has been taken over by M/s Hinduja
9. In case the highest bidder is found ineligible, the liquidator may, in consultation with the consultation committee, declare the next Housing Finance Ltd. On 20.09.2025
highest bidders as the successful bidder after following the same process as provided under the clause (12A) to clause (12E)
10. Successful bidder shall pay the balance sale consideration within 90 days of demand, in compliance with Regulation 33 of the IBBI The borrowers in particular and the public in general are hereby cautioned not to deal with the property and any dealings with the property will be
Regulations. subject to the charge of M/s Hinduja Housing Finance Ltd.
11. Default in payment will result in cancellation of sale, forfeiture of EMD, and resale at risk of the bidder. Date: 22.09.2025, Place: Ghaziabad Authorised Officer, Hinduja Housing Finance Limited
12. Bidders shall be deemed to have inspected and satisfied themselves about the asset, title, statutory dues, and other claims before bidding.
13. Participation in the e-auction implies unconditional acceptance of the terms of sale. Sd/-
Mohit Chawla, Liquidator
Date: 22.09.2025 Richa Industries Limited (Under Liquidation)
Place: Chandigarh Regd. No. IBBI/IPA-001/IP-P00524/2017-2018/10949
B NEW DELHI | MONDAY, 22 SEPTEMBER 2025 13
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

HINDUJA HOUSING FINANCE LIMITED

Corporate Office: No. 167-169, 2nd Floor, Anna Salai, Saidapet, Chennai-600015.
Branch Office: F8, First Floor, Mahalaxmi Metro Tower, Sector 4, Vaishali,
Ghaziabad, 201019 Email: [email protected] Special Window for Re-lodgement of Transfer Requests of Physical Shares of
ALM - Arun Mohan Sharma • CRM- Naveen Khatana - 9555882099 • CRM- Chandan Tiwari - 6394412436 Dr. Reddy’s Laboratories Limited
CLM - Satyam Gupta - Mob. No. 8006600745 • CLM - Nikhil Narayan Arora - 9079634624
Pursuant to SEBI Circular No. SEBI/HO/MIRSD/MIRSD-POD/P/ ‘CIR/2025/97 dated
SYMBOLIC POSSESSION NOTICE
July-2, 2025, all shareholders are hereby informed that a Special Window is being opened
Whereas the undersigned being the Authorized Officer of the HINDUJA HOUSING FINANCE LIMITED under
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (No. 3 of for a period of six months, from July 7, 2025 to January 6, 2026 to facilitate re-lodgement
2002) and in exercise of powers conferred under section 13(12) read with Rule 3 of the Security Interest of transfer requests of physical shares.
(Enforcement) Rules, 2002 issued a demand notice was issued on the dates mentioned against each account This facility is available for Transfer deeds lodged prior to April 01, 2019 and which were
and stated hereinafter calling upon the borrower (hereinafter the borrower and guarantors are collectively
rejected, returned, or not attended due to deficiencies in documents/process/or otherwise.
referred to as the "the Borrowers") to repay the amount within 60 days from the date of receipt of said notice.
The borrowers having failed to repay the amount, notice is hereby given to the borrower and the public in Investors who have missed the earlier deadline of March 31, 2021 are encouraged to take
general that the undersigned has taken possession of the property described herein below in exercise of advantage of this opportunity by furnishing the necessary documents to the Company’s
powers conferred on him under sub-setion 4 of section 13 of Act read with rule 8 of the Security Interest Registrar and Transfer Agent (RTA), M/s. Bigshare Services Private Limited, 306, Right
Enforcement Rules, 2002 on this the dates mentioned against each account. Wing, 3rd Floor, Amrutha Ville, Opp. Yashoda Hospital, Rajbhavan Road, Hyderabad 500
The borrower/guarantor in particular and the public in general is hereby cautioned not to deal with the property
082, Telangana, India Tel: +91-40-2337 4967, Fax: +91-40-2337 0295, email ID:
and any dealing with the property will be subject to the charge of the HINDUJA HOUSING FINANCE LIMITED
for an mount and future interest at the contractual rate on the aforesaid amount together with incidental [email protected].
expenses, costs, charges, etc. thereon. The borrower's attention is invited to provisions of sub-section (8) of For Dr. Reddy’s Laboratories Limited
section 13 of the Act, in respect of time available, to redeem the secured assets. K Randhir Singh
Amount Place : Hyderabad
Sr. LAN Nos. / Name of Borrowers / Demand Notice Date Company Secretary , Compliance Officer
No. Guarantors Date of Possession Outstanding Date : 22-09-2025
and Head - CSR
1. DL/NCU/GHAU/A000001448, Mr. Suneet Singh, Mrs. Shashi 18-06-2025 Rs. 5998114/-
Singh, Mr. Puneet Singh, B26B Gangotri Enclave Alaknanda 15-09-2025 as on 18-06-2025 Dr. REDDY’S LABORATORIES LIMITED
South Delhi, Delhi, India - 110019 SYMBOLIC plus interest thereon
Regd. Office: 8-2-337, Road No.3, Banjara Hills, Hyderabad - 500 034
Details of Immovable Property : Flat No. B-26B, First Floor, Pocket-B, Gangotri Enclave, Alaknanda, CIN: L85195TG1984PLC004507, Tel: 91 40 4900 2900; Fax: 91 40 4900 2999
New Delhi-110019, Alaknanda-B, New Delhi-110019
Authorised Officer, Hinduja Housing Finance Limited email: [email protected]; website:www.drreddys.com
Date: 22.09.2025, Place: Vaishali
14 PERSONAL FINANCE NEW DELHI | MONDAY, 22 SEPTEMBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
tax notices to joint owners of assets

Notify draft rules making Maintain document trail to

dealer liable for sold vehicle
car recently to a nationwide
online marketplace, I was
asked to sign blank transfer
orisation, formally record
delivery from owners, and
maintain digital registers of
establish who funded purchase
forms — despite their stated inventory and usage. Most At the time of buying, make a formal declaration of beneficial interest
policy of filled-in forms. They crucially, once a car is handed
insisted that both the buyer’s over with due intimation, the sanjeev sinha done in the sale deed itself or as a sep-
name and date be left blank. I dealer would be deemed the Risks of ignoring, arate notarised declaration, stating
refused, and after threatening
to walk away, they let me fill in
owner and held liable for any
incidents during possession.
A recent ruling in the case of Smt
Mita Chatterjee vs Income Tax Oicer
mishandling tax who paid and who is the real owner.
Such documentation, according to
the date (but not the name). I By empowering dealers to highlights how joint ownership of notice him, can offer protection against alle-
TRUTH BE TOLD also demanded full payment handle RC renewals and property can trigger unintended tax
n Notice ignored: Best
gations of benami holding, which can
harsh roongta before handing over the car. transfers while holding them disputes. Her husband sold a flat in result in attachment and confiscation
judgment or ex-parte
The marketplace complied accountable, the draft aims to Gurugram, bought another in Kol- under Section 24 and Section 27 of the
assessment under
but withheld ₹2,000 to ensure protect both sellers and kata, claimed tax exemption, and Benami Transactions Act.
Section 144
On December 13, 2001, a my “cooperation” in the buyers. Effectively, the RC made her the co-owner of the new Another option is to execute a reg-
white Ambassador with a fake transfer. Weeks later, a transfer process is to be digi- flat. An assessing oicer made a tax n Unsatisfactory explanation: istered gift deed under the Transfer of
ministry sticker rolled into stranger called asking for an tised and made real-time. Yet demand of ~70.46 lakh on her. The Officer may classify the Property Act, clearly stating the
Parliament, carrying five OTP to complete the process. three years on, the rules Income Tax Appellate Tribunal asset as ‘unexplained nature and quantum of the gift, and
armed men who launched a I refused until the remain unnoti- (ITAT), Delhi Bench, quashed this investment’ under Section the relationship with the donee
deadly terror attack. Investi- marketplace con- once a car is fied. addition, observing she was only a 69, tax it at 60 per cent plus (spouse or child).
gations later revealed the car firmed it. I hope handed over Truth be told, co-owner in name while her husband surcharge and cess One point regarding income from
had changed hands several the car is no longer with due no seller wants to had funded the entire purchase. n Concealment or inaccurate such assets needs to be noted. “Under
times, but the regional trans- in my name. To intimation, the see the car they Cases like this underscore the need to particulars: Tax demand and Section 64(1) of the Income Tax Act, if
port oice (RTO) records still this day, I have dealer would sold splashed proceed with caution when dealing penalty up to 200% of tax, you invest in the name of your spouse
listed it under a prominent received neither be deemed the across newspapers with jointly owned assets. plus interest or minor child, any income — rent,
leasing and financial services oicial intimation owner and held as the one used in interest, or capital gain — arising from
firm. The paperwork had of transfer nor a bomb blast, nor Beyond property transactions n Wilful non-compliance: that asset is clubbed with your
liable for any Legal proceedings and
never caught up with reality. refund of the incidents during does any buyer The issue is not limited to immovable income,” says Dasgupta.
Something similar, though ₹2,000. want to depend on property like a flat or land. “It can prosecution
possession,
with financial consequences, In the US according to a seller who delays extend to financial assets such as How to respond to a notice
played out for Naveen Kumar. television series the draft rules RTO intimation to mutual funds, fixed deposits, demat When you receive a notice, under-
He had sold his motorcycle in The Rookie, police squeeze out more accounts, and bank deposits where their spouse so that family pensions income,prompting automated reas- stand whether it highlights a discrep-
1994, only to be jolted more oicers pull over money. With joint holders are often added for con- can be received smoothly and with- sessment notices. ancy or seeks clarification. “Identify
than two decades later when cars, run the licence plate nearly 6 million vehicles venience or succession planning,” out much hassle,” says Dodhi. the section under which it has been
the Supreme Court, in 2018, (check in their database), and resold each year — many pas- says Aditya Bhattacharya, partner, Joint ownership serves as an estate What should joint owners do? issued: 143(1), 143(2), 148 or 139(9).
held him liable for a 1999 acci- instantly see the registered sing through multiple dealers King Stubb & Kasiva, Advocates and planning tool. “On the death of one Experts recommend meticulous Thereafter, collect supporting docu-
dent — because the registra- owner’s name, address, and — the risk goes beyond finan- Attorneys. holder, the other can usually step into record-keeping to tackle possible tax ments, such as the registered sale
tion certificate (RC) still insurance. Internet research cial disputes to potential Banks, mutual funds, sub-regis- ownership without lengthy succes- disputes. “Always keep accurate and deed, ownership agreements, loan
carried his name. In law, the shows that in the US vehicles misuse for criminal ends. It trars, and other entities are required to sion procedures,” says Dodhi. transparent records of the source of documents, etc.” says Garg.
“owner” is whoever appears rarely float in limbo between took 21 years after the Parlia- report large transactions through the the investment or property’s funding: “Prepare a detailed written sub-
on the RC — and owners pay. owners. In California, the ment attack, and countless Statement of Financial Transactions Automated triggers for notices loan agreements, transfer records of mission addressing each of the dis-
This legal position collides seller must notify the Depart- court rulings against sellers (SFT). “These entries are automati- Non-contributing joint holders — the property, and bank statements of crepancies or clarifications requested
with the messy reality of ment of Motor Vehicles like Naveen Kumar, for draft cally reflected in the Annual Informa- often spouses or children without co-owners if available,” says Santhosh by the tax authorities and adding the
India’s pre-owned vehicle (DMV) within five days and rules to emerge. It is time they tion Statement (AIS) linked to each income — are frequently issued Sivaraj, partner, global employer ser- appropriate provisions of the Income-
market. Transfer forms (29 the buyer must register it are notified and enforced — joint holder’s PAN. For jointly held notices. “There have been several vices, tax and regulatory services, Tax Act. Include all pertinent docu-
and 30) are oicially required, within 10. Until both are done, so sellers are freed from assets, the same investment can similar disputes in recent years, BDO India. mentation,” says Sivaraj.
but sellers are often asked to the vehicle cannot be legally unfair liability and the appear in multiple tax profiles, even if especially when large-value transac- “Money should ideally be trans- File the reply online through the
sign them blank, with names driven. In contrast, transfers country is safer from the only one person actually paid for it,” tions or high-value assets are ferred through banking channels — Income-Tax portal under the “e-Pro-
and dates added later. are delayed for weeks or dangers of untraceable says Itesh Dodhi, director, Nangia & involved,” says Bhattacharya. RTGS, NEFT, account transfer, or ceedings” tab.
Vehicles often pass through months in India, leaving lia- vehicles. Let us not wait for Co LLP. Automation plays a central role. cheque — and the trail must be pre- Respond before the deadline
unrecorded hands. Dealers bility squarely on the seller. another terrorist attack to “Using AIS data from banks, regis- served,” says Rajarshi Dasgupta, to avoid fines or complications.
avoid updating registration— India has tried to address bring in these overdue Estate planning tool trars, and others, the system only executive director – tax, Aquilaw. Consult a legal expert to prevent mis-
not to save a few hundred this. In September 2022, the changes. Families often add a spouse or child checks whose PAN appears — not Joint ownership should be for- declaration or an incorrect response.
rupees, but to dodge the two- transport ministry issued vvvvvvvvvvvvvvvvvvvvvvvv as a joint holder for succession and who actually paid,” says Dodhi. malised. “There should be a formal After filing your submission, track
to-four - week RC transfer draft rules (bit.ly/46zij6F) to The writer heads Fee-Only convenience. “Joint ownership Bhattacharya adds that such red declaration or agreement specifying the matter regularly to check for
process that eats into margins. streamline the pre-owned Investment Advisors LLP, a ensures that assets or investments flags are usually triggered when a each co-owner’s beneficial interest further notices.
Personal experience con- vehicle market. According to Sebi-registered investment can be accessed smoothly. In fact, for PAN-linked investment or property and financial contribution,” says vvvvvvvvvvvvvvvvvvvvvvvv
firms this. When selling my it, dealers are to obtain auth- advisor; X: @harshroongta pensioners, the government encour- appears in the tax records of a person Tarun Garg, director, Deloitte India. The writer is a Delhi-based
ages maintaining joint accounts with with no commensurate Dasgupta adds that this can be independent journalist

PUBLIC NOTICE
Notice is hereby given that the share certificate(s) for under mentioned equity shares of
Grasim Industries Limited has/have been lost / misplaced/stolen and I/we are applying to
the Company to issue duplicate share certificate(s). .
Any person(s) who has/have a claim in respect of the said equity shares should lodge the
same with the Company at its Corporate Office at Grasim Industries Limited, Aditya Birla
Centre, 'A' Wing, 2nd Floor, S. K. Ahire Marg, Worli, Mumbai - 400 030, Maharashtra
within 15 days from the date of publication of this Notice, else the Company will proceed
to issue duplicate certificate(s) to the shareholder/claimant without any further intimation
and no further claim would be entertained from any person(s).
Folio No. Name of the Shareholder No. of Certificate No. Distinctive No.
Share From To
GRA0292089 Late Prem Kumar Bajaj 199 3292089 654147628 - 654147826
Atul Bajaj
Date : 22-09-2025 Late Prem Kumar Bajaj & Atul Bajaj

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