0% found this document useful (0 votes)

8 views18 pages

BS -Mumbai- 13-10-2025

Uploaded by

Bg Jacob

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

0% found this document useful (0 votes)

8 views18 pages

BS -Mumbai- 13-10-2025

Uploaded by

Bg Jacob

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

You are on page 1/ 18

monday • 13 october 2025

18 pages in 1 section
mumbai
~15.00
volume xxx number 53
• 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
Oct 10 One-week Local currency in US $
Sensex 82,501 1.6 5.6 1.9 world 8 > back 15 > technology 4.0 16 >
Nifty 25,285 1.6 6.9 3.2 Pakistan, Afghanistan India Inc’s A case for
Dow Jones 45,480 -2.7 6.9 6.9
Nasdaq 22,204 -2.5 15.0 15.0 forces exchange Diwali gifting using AI to fix
Hang Seng
Nikkei
26,290
48,089
-3.1
5.1
31.1
20.5
30.8
25.3
deadly border fire gets thoughtful judicial delays
FTSE 9,427 -0.7 15.3 23.1
DAX 24,241 -0.6 21.8 36.7
*Change (%) over previous week Source: Bloomberg bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Govt to review ‘TCS not dependent on H-1B visas’

on MSMEs today
IN BRIEF of projects and AI coming into play,
You mentioned that TCS performed Almost all service lines are driving where you need to work closely with the
well in the second quarter despite growth, particularly AI and data, customer and need different skill sets.
EPFO eyes separate macro challenges, yet uncertainty albeit from a small base. It is not just about engineering skills
benchmark yields DFS secy to meet PSBs
persists. How do you see the next two
quarters shaping up? The recent US decisions on H-1B visas
anymore; there is a growing demand for
creative thinking and prompt engineer-
The Employees’ Provident Fund n There is a small positive bias, as the have significantly impacted the ing skills. In FY26, we sent just 500
Organisation (EPFO), which manages the to assess credit flow number of deferrals — where projects industry. What’s your people from India to the US on H-1B
retirement savings of the formal workforce, are being paused — has come down perspective on this visas, which means we can survive
is looking to adopt separate benchmarks harsh kumar slightly sequentially. Almost all environment, and what without them (H-1B visas). There is
for the yields on investments under the New Delhi, 12 October verticals, except the consumer implications does it no dependence on H-1B visas.
three social security schemes it operates — business, have turned positive. Across have for the largest IT
the employees’ provident fund, pension The Ministry of Finance is scheduled to geographies, all except the UK have services player? But, for a long period, H1-B visas
scheme and a deposit-linked insurance hold a review meeting on Monday with performed well. In the UK, we faced a n We have 31,000 to were part of not only the cost policy
cover, Business Standard has learnt. 4> public-sector banks (PSBs) to assess the specific situation in an insurance 32,000 employees but also the retention policy…
impact of the punitive tariffs by the claim where the price per policy saw a in the US, n Times have changed. There was a
United States (US) on the micro, small, On the agenda steep decline. What’s also making us time when this was a significant
and medium enterprises (MSME) sector confident is our big-bet strategy. retention policy, but over the
n Review will focus on financial
and evaluate their credit requirements, past four-five years, it has
SPECIALS inclusion schemes such as MUDRA,
a senior government oicial said on
credit guarantee programmes, etc
(it (h-1b) is now far less of a been on a declining trend.
ON MONDAY condition of anonymity. retention policy than it once was, It is now far less of a
The meeting will be chaired by n Aim is to understand how and we should not be assessing retention policy than it once
Department of Financial Services (DFS) external trade pressures are today’s scenario through was, and we should not be
BANKER’S TRUST 17 > Secretary M Nagaraju. affecting the sector and yesterday’s lens) assessing today’s scenario
Top jobs at PSBs: “The review will focus on financial in- ensuring adequate credit support through yesterday’s lens.
K Krithivasan, CEO, TCS
clusion schemes, such as MUDRA and n Govt also concerned that NPAs Turn to Page 6 >
Pride and prejudice credit guarantee, among others. The aim for MUDRA loans may rise
Opening top positions at public- is to understand how external trade press- due to impact of higher tariffs bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
PAGE 6
sector banks for private candidates ures are affecting MSMEs and to ensure
is a welcome move. Delinking their n Likely to discuss progress of
that adequate credit support continues
salary from the IAS is the next logical under existing government initiatives,”
micro-credit schemes PM SVANidhi
and PM Vishwakarma MoS may represent PM at Gaza Gor meets commerce secy
step, writes tamal bandyopadhyay said the oicial.
The government is also concerned n May also take up progress in opening ‘peace summit’ in Egypt to discuss economic ties
STATSGURU 17 > that non-performing assets (NPAs) for of bank branches in the Northeast Minister of State for External Affairs Kirti Vardhan Singh will The US Ambassador-designate Sergio Gor held a key meet-
Female labour force boom MUDRA loans could rise due to higher represent the Prime Minister at the signing ceremony of the ing on Sunday with Commerce Secretary Rajesh Agrawal
tariffs, the oicial said, adding that the decision to impose an additional 50 per Gaza peace plan in Egypt on Monday, said oicial sources in in New Delhi, where discussions centred on enhancing
hides a real job crisis DFS would review the situation and seek cent tariff on the country’s goods. MSME New Delhi. This was after US Ambassador-designate Sergio economic ties between the two countries, with an empha-
suggestions from bankers on possible industry bodies have raised concerns Gor met PM Narendra Modi. Sources said the invite to the PM sis on increasing investment in the US. The meeting took
POLITICS 7>
corrective measures. over its deep impact, seeking immediate was from US President Donald Trump, who was also headed to place during Gor’s visit to India from October 9 to 14. His
BJP, JD(U) to contest 101 India’s MSMEs, which contribute over government intervention. the coastal city of Sharm-el Sheikh, the venue of the ‘peace agenda includes a wide range of bilateral issues amid
seats each in Bihar polls 45 per cent to the country’s exports, are An email sent to the ministry didn’t elicit summit’, and Egypt’s President Abdel-Fattah El-Sisi. ongoing trade talks between the two countries.
facing major disruptions following the US any response until press time.Turn to Page 6 > archis mohan reports shreya nandi reports

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Trust an expert who knows

when to switch the tune
Flexi Cap Fund^ for agility

Scan to know
more or contact
your MFD/RIA Benefits of investing in Flexi Cap Fund
1 Flexibility to adjust Market Cap allocation
2 Managed by experts with experience across market cycles
3 Flexible approach helps mitigate risk over the long term
^An open ended dynamic equity scheme investing across large cap, mid cap & small cap stocks. SIP for life
An Investor Education and Awareness Initiative | SIP - Systematic Investment Plan
Visit https://www.hdfcfund.com/information/key-know-how to know more about the process to complete a one-time Know Your Customer (KYC) requirement
to invest in Mutual Funds. Investors should only deal with registered Mutual Funds, details of which can be verified on the SEBI website
(www.sebi.gov.in/intermediaries.html). For any queries, complaints & grievance redressal, investors may reach out to the AMCs and / or Investor Relations Officers.
Additionally, investors may also lodge complaints directly with the AMCs. If they are not satisfied with the resolutions given by AMCs, they may raise complaint
through the SCORES portal on https://scores.sebi.gov.in/. SCORES portal facilitates investors to lodge complaint online with SEBI and subsequently view its
status. In case the investor is not satisfied with the resolution of the complaints raised directly with the AMCs or through the SCORES portal, they may file any
complaint on the Smart ODR on https://smartodr.in/login. To learn more about SIP, visit: hdfcfund.com/sip
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
2 COMPANIES
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
MUMBAI | MONDAY, 13 OCTOBER 2025 B
IN BRIEF
Robust volumes likely drove Cement firms

vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
ED offers Flipkart to
close Fema violation
case by paying penalty auto sector growth in Sep qtr may report
The Enforcement Direc-
torate (ED) is learnt to
have offered the option
of closing a Fema viol-
But margins may have lost traction due to higher discounts, ad spends
sohini das to benefit from improved realisa-
improved Q2
ation case against ecom- Mumbai, 12 October tions, a stronger product mix, and Concrete plans
merce major Flipkart if progress in electrification.
the Walmart group firm The automobile sector is expected Nuvama expects M&M’s auto
Cement firms’ Q2 estimates
admits its mistake and pays a to post revenue growth in the range division to post 17 per cent year- Company Ebitda (~ cr) Y-o-Y chg (%)
penalty, sources aware of the development of 9–12 per cent in the second on-year revenue growth, followed UltraTech Cement 3,286.70 62.80
said. The option was given by the Enforce- quarter of the 2025-26 financial by Maruti Suzuki at 7 per cent, Ambuja Cements 1,609.70 44.80
ment Directorate to Flipkart last week under year, driven by strong volumes fol- Uneven road and Tata Motors’ PV division at 7
Shree Cement 982.3 65.80
the compounding rules of Fema (Foreign lowing GST reforms and improved per cent.
Auto companies’ Q2 estimates Dalmia Bharat 715.2 64.80
Exchange Management Act). The ED had realisations, according to analysts. Kotak Institutional Equities
also summoned Amazon India to check the Earnings before interest, tax, Net sales Change % Ebitda Change % analysts expect Ebitda for Tata JK Cement 471 72.70
status of the company. Flipkart and Amazon depreciation and amortisation ~ crore Q2FY26E Q-o-Q Y-o-Y Q2FY26E Q-o-Q Y-o-Y Motors’ PV business to rise 18 per Source: JM Financial
India have been under ED scrutiny for alleged (Ebitda) growth is forecast at 10-11 cent YoY, but they expect Jaguar
Tata Motors 99,131 -5.1 -2.3 9,311 -4.2 -20.7
breach of Fema provisions. pti per cent by most brokerages. Rev- Land Rover (JLR) to report a weak prachi pisal cent Y-o-Y. Ambuja’s volume,
enue growth would be under- Maruti Suzuki India 39,988 9.2 12.5 4,385 -5.1 -17.4 quarter, with Ebitda down 12 per Mumbai, 12 October including Penna Cement and
pinned by low-to-mid single-digit Hyundai Motor India 17,645 9.1 4.0 2,370 8.4 7.5 cent due to US tariff headwinds Orient Cement volumes, is
EY, Microsoft launch industry growth across two- Bajaj Auto 14,606 16.1 11.3 2,971 19.7 12.0 and production disruptions from Top Indian cement firms are estimated to grow at 15 per
free ‘AI Skills Passport’ wheelers, passenger vehicles (PVs),
and commercial vehicles (CVs),
Hero MotoCorp 11,895 24.2 13.7 1,746 26.4 15.2
recent cyberattacks. Tata Motors’
consolidated revenue is likely to
expected to report a strong
earnings growth for the second
cent Y-o-Y. While on a like-for-
like basis, its volume is likely
to train India’s youth complemented by double-digit
gains in tractors.
Ashok Leyland
Compiled By BS Research Bureau
9,578 10.3 9.7 1,128 16.4
Source: Bloomberg
25.4 edge down 2 per cent year-on-
year, weighed by lower
quarter of the financial year
2025-26 (Q2FY26) on a
to grow 2 per cent Y-o-Y, ana-
lysts at Motilal Oswal Finan-
EY India, the Indian arm of global profes- Among segments, domestic JLR volumes. year-on-year (Y-o-Y) cial Services noted.
sional services firm EY, has partnered with tractor volumes rose 31 per cent noted that higher discounts and buoyed by positive rural senti- Auto component basis, amid improved After witnessing elevated
Microsoft to launch the AI Skills Passport, a year-on-year, CVs by 10 per cent advertisement spending are ment, with M&M’s farm division makers are projected to realisations, prices, prices in Q1FY26, cement
free online programme designed to provide and two-wheelers by 9 per cent, expected to compress margins, revenue estimated to grow 28 per post 8-15 per cent revenue and steady volume prices corrected marginally by
equitable access to high-quality AI education while PV volumes dipped margin- though this will be partly offset by cent. Execution of infrastructure growth. Kotak expects a growth, but on a low 0.5-1 per cent in Q2FY26 on the
for learners aged 16 and above. In a press state- ally by 1 per cent. Analysts at a richer product mix, higher projects has boosted CV volumes 10 basis points Y-o-Y base. back of extreme monsoon and
ment, EY India said the initiative aims to Nuvama expect Ebitda growth of exports, and price increases imple- by 10 per cent, with Nuvama decline in Ebitda mar- On a Y-o-Y basis, moderation in demand,
equip students and early-career professionals 10 per cent across their coverage mented over the past year. expecting 11 per cent revenue gins, citing an unfavour- RESULTS earnings before inter- according to Axis Securities
with essential, job-ready AI skills. The India
roll-out follows the global launch earlier this
universe. They remain positive on
the auto space, citing the benefits
Kotak Institutional Equities
projects a 20 basis points (bps)
growth for Tata Motors’ CV divi-
sion and 8 per cent for Ashok Ley-
able product mix —
particularly in batteries
PREVIEW est, taxes, depreci-
ation, and
Equity Research. Prices typi-
cally soften during the mon-
year, which has already recorded over 40,000 of GST rate cuts, new product year-on-year decline in Ebitda land. Two-wheeler volumes — alongside a weaker amortisation (Ebitda) soon season. This pressure was
enrolments and 13,000 completions. The EY– launches, the upcoming pay com- margins (excluding Tata Motors, increased 9 per cent year-on-year, export mix in higher-margin seg- per tonne are expected to potentially exacerbated by the
Microsoft AI Skills Passport features around mission for government margins would rise 30 bps year- with exports surging 30 per cent. ments and increased US tariffs. record a sharp increase of 40-70 GST rate cut on cement (from
10 hours of self-paced, modular video content, employees, and recent interest rate on-year), driven by higher dis- Bajaj Auto and Hero MotoCorp rev- “We expect Ebitda to grow 7 per per cent, due to improved vol- 28 per cent to 18 per cent),
and asynchronous assessments. bs reporter and income tax reforms. Maruti counts, stepped-up marketing enues are likely to expand by 13 per cent Y-o-Y We also expect firms umes and pricing — which which was passed on to con-
Suzuki India, TVS Motor, and spends, and tariff-related press- cent in Q2. with exposure to the global auto- grew by about 5 per cent Y-o-Y sumers, leading to a decline in
Mahindra & Mahindra (M&M) are ures. Companies with overseas In the PV segment, domestic motive market to report weak to ~350-~365 per bag, eventually gross retail prices in late Q2.
DGCA asks Air India among their top picks. exposure are expected to post volumes fell 1 per cent while numbers, given the tariff situation resulting in better realisations However, prices are
to reinspect RAT Ebitda margins, however, are
likely to ease in Q2. Axis Securities
weaker results, it said.
Tractor growth has been
exports rose about 18 per cent.
Revenues for OEMs are expected
in the US,” analysts at Kotak Insti-
tutional Equities noted.
(up 3-5 per cent), according to
brokerage reports.
expected to remain higher Y-o-
Y due to better price discipline
on Boeing aircraft However, on a quarterly
basis, the earnings are esti-
earlier in FY26, healthy
cement consumption trends
Aviation safety regulator DGCA has directed mated to witness a decline due across both rural and urban
Air India to reinspect the RAT (emergency
power source) for stowage on all aircraft
whose power conditioning module was
Tesla, VinFast make quiet start in India’s EV mkt to weak demand, higher
spending on repair and main-
tenance, negative operating
segments, despite regional
variations, analysts at Axis
Securities noted.
replaced by the Tata Group-owned airline in
recent times. At the same time, the aviation
surajeet das gupta
New Delhi, 12 October
Time for reboot in China. Analysts say this steep
price differential has been a signifi-
EV production facility in Thoothu-
kudi, Tamil Nadu, with an annual
leverage and negative impact
on realisations (down 2 per
Analysts at PL Capital
attributed the weak volume
safety regulator has sought a “comprehensive Company Sep Oct* cant drag on sales. capacity of 50,000 units, scalable cent) from soft cement prices growth to subdued cement
report” from the US aircraft maker Boeing on After months of anticipation sur- Tesla India 69 11 Vietnamese automaker VinFast up to three times that number. (down 2 per cent), according to demand during the quarter,
the preventive measures to be implemented rounding their entry into India, Vinfast 6 39 also entered the Indian market Tesla, by contrast, continues to the analysts at Elara Capital. impacted by extended rainfall,
with respect to the un-commanded Ram Air global electric vehicle makers Tesla recently with an aggressive pricing import its vehicles from China and The analysts at JM Finan- labour shortages, GST cut
Volvo 24 4
Turbine (RAT) deployment incident. The and VinFast have made a quiet strategy. The company began sell- has yet to announce any plans to cial said the industry volume is anticipation and festive-related
development comes in the wake of two back- debut, at least in terms of registra- Kia 512 222 ing its VF 6 and VF 7 electric SUVs assemble or manufacture in India. estimated to have grown by 4– disruptions across regions.
to-back incidents involving Air India 787 air- tions on the government’s Vahan BYD 564 189 in September. It registered just six In September, Tesla and Vin- 5 per cent Y-o-Y during the Rural and individual home-
craft recently. pti portal. Elon Musk’s Tesla, which BMW 319 76 vehicles that month but appears to Fast accounted for less than 0.5 per quarter. UltraTech Cement, builder demand provided only
opened two company-owned show- *The list figures companies that sold have gained traction in October, cent of all EV registrations. Their including India Cements and partial support, but was insui-
rooms — one in Mumbai and the with 39 registrations so far. combined share has edged up to Kesoram cement volumes, cient to offset the slowdown.
Dr Reddy’s, Zydus other in Delhi — and began sales on
fewer than 1,000 cars during period
under review Source: Vahan The VF 6, a compact five-seater 0.9 per cent so far in October. and Ambuja Cements are Additionally, on a Y-o-Y
recall drugs in US over July 15, registered just 69 vehicles in
September. In October so far, only 11
SUV, starts at ~16.49 lakh, while the
import quota for the year was set VF 7 is priced at ~20.89 lakh. With
Still, Tesla’s initial performance
has outpaced Volvo, which regis-
likely to outperform this
growth owing to acquisition-
basis, power and fuel costs are
estimated to trend lower by 5-7
quality issues: USFDA Teslas have been registered.
By comparison, total electric
much higher — around 2,500 these prices, VinFast is positioning
vehicles. The company launched itself directly against mass-market
tered only 30 electric vehicles
across September and October.
led expansions.
UltraTech, including India
per cent. Diesel prices con-
tinued to remain stable during
Drug majors Dr Reddy’s Laboratories and passenger car sales in September its Model Y, priced between ~60.99 electric offerings such as the Tata Volvo’s electric range, priced Cements and Kesoram the quarter. On a Q-o-Q basis,
Zydus Lifesciences are recalling products in stood at 15,247 units, while 5,538 lakh and ~75.61 lakh on-road, Nexon EV (~14.56–18.60 lakh) and between ~41 lakh and ~59 lakh, cement volumes, is estimated according to Axis Securities
the US for manufacturing issues, according to electric cars have been registered depending on the variant. That’s the MG ZS EV (~19–21 lakh). overlaps with Tesla’s Model Y, to witness a volume growth of Equity Research, power and
the US health regulator. In its latest Enforce- to date in October. nearly double its price in key mar- VinFast has taken swift steps which faces stiff competition from 17 per cent Y-o-Y. However, on fuel costs are expected to be
ment Report, US Food and Drug Administra- Tesla reportedly received orders kets: The Model Y sells for roughly toward local manufacturing. The rivals such as BYD’s Sealion 7 , Kia’s a like-for-like basis, the higher by 10 per cent for its
tion (USFDA) stated that an American for about 600 cars, even though its ~35.3 lakh in the US and ~32.7 lakh company recently inaugurated an EV6, and the Volvo XC40. growth is estimated at 4 per coverage universe.
subsidiary of the Hyderabad-based drug
major is recalling 571 vials of an injection used bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
to relax muscles. Princeton-based Dr Reddy’s
Laboratories, Inc is recalling the affected lot of

Sona Comstar MD flags magnet Will focus on high-margin export

vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv

Succinylcholine Chloride Injection due to

“Out-of-Specification result during the six-
month stability testing,” the USFDA stated.
goods for growth: Syrma SGS MD
quality issues under PLI scheme
The company initiated the nationwide (US)
Class II recall on September 26 this year. pti
aashish aryan The company has a strong domestic pres-
New Delhi, 12 October ence in the segments of combustible and elec-
Philips to expand deepak patel posed scheme. “During the meeting, said, according to another source. tric vehicles, as well as in industrial
grooming, child care New Delhi, 12 October Singh raised concerns about the
quality of magnets that will be pro-
IREL, which operates under the
DAE, is the only entity in India that
Electronics manufacturing service provider
Syrma SGS will continue to focus on high-
electronics equipment manufacturing. The
automotive business contributes approxi-
segment in India Sona Comstar, one of India’s leading
auto component makers, has raised
duced in India under the scheme,” a
source familiar with the matter said.
mines rare earth elements and refines
them into rare earth oxides, the key
margin export products, such as healthcare,
railways, and defence, to achieve double-digit
mately 27 per cent of the total business,
whereas the industrial electronics equipment
Global health technology firm Philips has said questions about the quality of rare Sona Comstar, the MHI and DAE raw material used to make REPMs. earnings before interest, taxes, depreciation, business contributes about 30 per cent of the
it will continue strengthening its male groom- earth permanent magnets (REPMs) did not respond to queries sent by Busi- The MHI’s proposed PLI scheme and amortisation (Ebitda) growth by 2027-28, company’s revenue, Gujral said, adding
ing and mother and child care product range that will be produced under the Min- ness Standard regarding this matter till focuses entirely on providing finan- the company’s managing director, that healthcare and consumer elec-
in India, besides introducing global categories istry of Heavy Industries’ (MHI) pro- the time of going to the press. cial incentives — both capital subsidy Jasbir Singh Gujral, said. tronics are new verticals with high-
into the domestic market. Philips India, posed production-linked incentive Singh’s remarks came after an and sales-based support - to winning “Over the last three years, we growth potential.
which rolled out a rechargeable intimate skin- (PLI) scheme. executive from Indian Rare Earths bidders that set up manufacturing have had a good run. Ebitda For the quarter ended June
protect grooming product, OneBlade, with an The company’s Managing Direc- Limited (IREL), during the meeting, facilities capable of producing a total increased significantly from ~215 2025, the EMS company reported a
eye on the Gen Z consumers in the country, tor Vivek Vikram Singh, in a meeting pointed out that the grade and quality of 6,000 ton of REPMs per year. crore in 2023-24 to ~325 crore in net profit of ~49.74 crore, while its
also said premiumization is fast catching up held a few weeks ago with various of rare earth elements available in To produce 6,000 ton of REPMs 2024-24. It is expected to grow revenues decreased by nearly 19
in the market, with the company seeing over stakeholders such as the MHI and the India are lower than those in coun- annually, the winning bidders will another 30 per cent this year,” per cent year-over-year to ~944
75 per cent growth in the premium segment Department of Atomic Energy (DAE), tries such as China. As a result, three need 1,500 ton of rare earth oxides. Gujral told Business Standard, crore. In the first quarter, the company
category. “We continue to get our global cat- requested the government to develop additional refining steps are required IREL has informed the MHI that it adding that the exports of the com- also registered a healthy 29 per cent
egories, which are huge in other markets, into the testing infrastructure needed to when converting these elements into can supply no more than 500 ton, pany had also grown 19 growth in exports, despite global
India,” said Smit Shukla, Head of Philips Per- ensure the quality of REPMs manu- rare earth oxides, which increases meaning the remaining 1,000 ton will per cent over the uncertainties, including those
sonal Health India Subcontinent. pti factured in the country under the pro- production costs, the IREL executive have to be sourced from abroad. last year. induced by US tariffs.

Kirloskar Group charts path for expansion across businesses

dev chatterjee driven by both power generation and through ISMT. We are also investing in there. The holding company, Kirloskar
Mumbai, 12 October industrial engines.”
Tracking trajectory renewable power to cut costs.” Industries Ltd, is expanding its real
KOEL, which also runs Arka, its non- As of October 10 Price ( ~) Change YTD (%) Mcap (~ cr) Rahul said the group’s goal is to turn estate arm, while the NBFC arm under
The 137-year-old Kirloskar Group, one of banking finance arm, is preparing to raise Kirloskar Oil Engines 890.9 -13.2 12,941 more of its pig iron into value-added steel. KOEL is scaling up financial services.
India’s oldest engineering conglomer- capital and eventually list the subsidiary. “We make about 700,000 tons of pig iron. “We started both real estate and finan-
Kirloskar Pneumatic Co 1,179.5 -23.6 7,657
ates, is embarking on a massive expan- “We are looking at raising funds in the Our plan is to convert most of that into cial services recently. Our first real
sion across its four listed businesses — next six months and may list the NBFC Kirloskar Ferrous Industries 515.3 -19.4 8,488 alloy steel rather than selling it as raw estate project in Pune succeeded, so
from engines and pig iron to com- around FY29–FY30,” Gauri said. “The Kirloskar Industries 3,948.1 -10.8 4,145 material,” he said. KFIL, already India’s we’re building a second — 1.5 million
pressors, real estate and finance — as it business has gone through a manage- Total mcap (~ cr) 33,232 largest producer of castings at 150,000 square feet of commercial space due by
targets multi-billion-dollar revenue ment change and strategic repositioning. tons annually, aims to reach $2 billion in 2027–28,” Gauri said.
Mcap chg YTD ( ~ cr) -6,615
growth over the next five years. It’s a medium-term play, not immediate.” Compiled by BS Research Bureau Source: Bloomberg sales by FY30, mirroring KOEL’s target. The Pune real estate project, funded
Kirloskar Oil Engines Ltd. (KOEL), led The expansion comes as the company The group’s Kirloskar Pneumatic Co. by ₹1,500 crore in bank loans, marks the
by Managing Director Gauri Kirloskar, has rides a surge in demand from data “The dispute is only at the holding level, it tries Ltd. (KFIL), which operates in pig Ltd. (KPCL) — a leader in industrial group’s return to property development.
announced plans to triple its revenues to centres, manufacturing and infrastruc- has no impact on the businesses,” he said. iron, castings and steel tubes, is invest- compressors and refrigeration — will “We own about 100 acres across Pune and
$2 billion by FY30, building on a trans- ture sectors that need reliable power. The Kirloskar brothers are embroiled ing ₹3,500 crore over the next three to also scale up sharply. “Kirloskar Pneu- plan to develop it over the next decade,”
formation strategy that has already “Power generation is doing very well in 40 legal disputes and past mediation four years to expand capacity and matic currently clocks ₹2,000 crore in Rahul added.
doubled growth in the last three years. today. Demand is strong and we see a 5– has failed to get a breakthrough. Atul and improve eiciency. sales. We expect that to grow to ₹5,000 Across the group, funding will mostly
“Three years ago, we launched our 10-year trajectory where it will stay that Rahul are sparring with their brother “Most of this will come from internal crore in five years,” said Rahul. “It’s one come from internal resources. “All our
2X3Y strategy to double revenue in three way,” said Rahul Kirloskar, chairman of Sanjay over non-compete clauses and accruals, with only ₹500–₹1,000 crore as of the most profitable in the group, with manufacturing companies are self-sui-
years,” said Gauri. “We’ve achieved 15–18 Kirloskar Pneumatic in an interview. buying back shares in each other’s com- debt,” said Rahul, who is also the execu- 19 per cent pre-tax margins. The focus cient,” Rahul said. “KOEL has ₹600 crore
per cent annual growth since then, up Despite the family’s ongoing legal dis- panies. Sanjay Kirloskar currently con- tive chairman of Kirloskar Ferrous. “We now is shifting from project-based to in cash, Kirloskar Pneumatic ₹400 crore.
from just 3 per cent before 2022. The next pute, Rahul insisted the ongoing share- trols Kirloskar Brothers, a listed entity. are building a new alloy steel plant and product-led growth.” Only Ferrous and real estate will need
leg is to reach $2 billion in five years, holder dispute won’t affect operations. Meanwhile, Kirloskar Ferrous Indus- modernising the facilities we acquired The diversification doesn’t end some external funding.”

MUMBAI : Printed and Published by Sangita Ashwin Thakur Kheora on behalf of Business Standard Private Limited and Printed at M/s. Dangat Media Private Limited, 22 Digha M.I.D.C., TTC Industrial Area , Vishnu Nagar , Digha , Navi Mumbai : 400708. & Published at Business Standard Private Limited, H/4, Building H, Paragon Centre, Opp. Birla Centurion, PB Marg, Worli, Mumbai- 400013.
Editor : Shailesh Dobhal, RNI NO: 66308/1996 Readers should write their feedback at [email protected] Ph. 022-40275300 / 40275400
For Subscription and Circulation enquiries please contact: Ms. Mansi Singh Head-Customer Relations. Business Standard Private Limited. H/4, Building H,Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai - 400013 E-mail: [email protected] “or sms, REACHBS TO 57575. NO AIR SURCHARGE

Adani partners MTAR Tech

to join Amca prototype race
bhaswar kumar critical assemblies for the clean expression of interest (EoI) Group’s aerospace and defence DPSU, Bharat Electronics. Both
New Delhi, 12 October energy, nuclear, space, and issued in June by Amca’s design arm), and Larsen & Toubro. companies are participating in
defence sectors. agency, the Aeronautical Devel- The EoI represents only the the EoI process as a consortium.
Adani Defence & Aerospace, Its key customers include opment Agency (ADA), to qualification stage. Once the Engineering solutions pro-
part of the Adani group, has the Nuclear Power Corporation shortlist Indian entities capable responses are evaluated, ADA vider Goodluck India, defence
tied up with Hyderabad-head- of India, the Indian Space of developing prototypes will issue a request for quota- solutions provider Axiscades
quartered MTAR Technologies Research Organisation of the stealth jet and tion to construct five Amca pro- Technologies, and BrahMos
to vie for the ~15,000 crore (Isro), and the supporting its test- totypes and one structural test Aerospace Thiruvananthapu-
contract to develop and build Defence Research ing and certifica- specimen.TASL has responded ram are also competing as a con-
the prototype of India’s first and Development tion. The deadline to the Amca EoI indepen- sortium. Whichever entity wins
stealth fighter jet, the Organisation for submitting dently, sources had previously the Amca prototype contract
Advanced Medium Combat (DRDO). MTAR has responses to the told Business Standard. will be the natural choice for
Aircraft (Amca), sources told supplied propulsion EoI was September Bharat Forge is leading a series production of the final
Business Standard. and electro-pneumatic 30. consortium comprising BEML, platform.The first flight of the
The consortium has not yet subsystems for Isro’s Chan- Other major con- a ‘Schedule A’ company under Amca prototype is expected by
been oicially announced. The drayaan-2 and Mangalyaan tenders include defence the Ministry of Defence, and the end of 2028 or 2029, a
Adani group declined to commissions and has executed public-sector undertaking private-sector defence and defence source had earlier said.
ment on the matter. complex assemblies for DRDO, (DPSU) Hindustan Aeronautics aerospace electronics firm Data Series production is
MTAR Technologies is a including those used in the and several leading private Patterns (India). expected to begin around 2035,
precision engineering company Agni series of missiles. firms — Bharat Forge (part of L&T has announced a stra- with the Indian Air Force likely
that designs and manufactures Last month, seven con- the Kalyani group), Tata tegic partnership with aero- to induct seven squadrons,
high-accuracy components and tenders responded to the Advanced Systems (the Tata space and defence electronics totalling 126 Amca jets.

From pleats to profits, brands tailor for GenZ

akshara srivastava photo: shutterstock In a similar vein, after the success of Clearly, GenZ is the demographic
New Delhi, 12 October Zudio, Trent — from the House of Tata every apparel brand is chasing as the
— recently launched a new brand focus shifts to affordable fashion.
GenZ is an elusive customer, and offering called The Burnt Toast. The The overall apparel market in India
brands across sectors are increasingly brand is “designed to empower India’s is growing at nearly 12 per cent. Fast
experimenting to capture a share of next generation of creators, trend- fashion, which accounts for 12–15 per
their wallets. setters, and digital-first youth”, the cent of this market, is growing at 25–30
For apparel companies, which have company said. per cent. “So every company with an
struggled with growth over the past few The launch marks “Trent’s bold apparel presence wants a slice of fast
quarters, GenZ is a critical audience. stride into youth-driven fashion, fashion,” says Karan Taurani, execu-
Legacy apparel brands are trying to blending affordability, community, tive vice-president at Elara Capital.
catch their attention with new sub- and self-expression”, the company “It is the fastest-growing category
brands offering everything from Styling GenZ added during the August launch. with better inventory turns. With a
cropped tops to baggy pants, oversized From trendy silhouettes to playful GenZ focus, the price points are
T-shirts, and Korean pleated skirts at n Aditya Birla Fashion and Retail designs, wearable art, and fashion-for- attractive, and purchase frequency is
affordable prices. announced the launch of OWND!, a ward pieces, The Burnt Toast currently high. It’s a growth opportunity every
Last month, Aditya Birla Fashion new fashion brand designed for operates five stores, with expansion brand wants,” he adds.
and Retail (ABFRL) announced the India’s GenZ planned in the second half of the year. According to a Deloitte report,
launch of OWND! — a new fashion n After Zudio’s success, Trent, from the Streetwear giant Bershka, part of GenZ is India’s largest end-consumer
brand “designed for India’s GenZ and House of Tata, recently launched a the Spanish Inditex Group, opened its segment, directly or indirectly
youthful, trend-conscious consumers”. new brand offering – Burnt Toast first store in India and launched on the influencing 45–48 per cent of lifestyle
With OWND! — a proposition fea- ecommerce platform Myntra earlier purchase decisions, “making them
turing a new brand name, fresh ident- this year. the key focus of leading apparel and
ity, contemporary store layouts, and 2025–26. Targeting the country’s youth, the retail brands”.
trend-driven products — ABFRL The portfolio, starting at ~399, brand offers statement denims, over- The report notes that $40–45 bil-
expects to carve out a larger presence in spans categories for men, women, sized hoodies, cargos, and chic lion in apparel and footwear pur-
the value fashion segment. kidswear, and accessories, featuring dresses. Through Myntra, Bershka chases are influenced by GenZ, who
After converting its existing Sty- classic GenZ favourites — from “gained access to 21 million GenZ tend to buy more frequently in line
leUp stores into OWND! outlets, the hoodies and jeans in versatile fits to users, one of the largest bases of this with ongoing trends while generally
company plans to expand the brand’s denim jackets and coordinated demographic in the country”, the preferring lower price points com-
footprint to 100 stores by the end of lounge sets. etailer said in a media release. pared with millennials.
vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
4 ECONOMY & PUBLIC AFFAIRS
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
MUMBAI | MONDAY, 13 OCTOBER 2025 B
Jal Shakti lags, Railways

Total allocation
employees’ provident fund (EPF), pen- EPS through the India Post Payments (BE) for FY26 with the ﬁnance Railways 255,445

Ministries
52

(~ crore)
sion scheme (EPS) and a deposit- Bank (IPPB). ministry having begun pre-
Chemicals & fertilisers 161,965 36
linked insurance cover (EDLI), the Life certificates are vital for ensuring Budget interministerial con- 49
Business Standard has learnt. timely pension payments and prevent- sultations on October 9. Home affairs 233,211 44
The development comes in the ing over-payments after a member’s While the initial dis- 47
wake of a Reserve Bank of India (RBI) death. They also enable timely start of cussions are focused on arriv- Atomic energy 24,049 39
43
suggestion to the Labour and Employ- EPFO’s investment corpus All figures in ~ crore pension for family pensions remitted to ing at the revised estimate (RE)
Bottom 5 spenders
ment Ministry to review the EPFO’s widows and dependent children. for FY26, the ministries would
Corpus schemes Investment Addition Total investment
present approach of investing all three “It is a challenge for old age pen- be submitting their BE for next Least spending ministries as % of BE in FY26 (with minimum
corpus (in FY24) corpus (as on
schemes’ corpus as a common ₹25 tril- sioners to submit DLC due to digital illit- financial year as well. allocation of ~3,000 crore) % of BE in nFY25* nFY26*
lion pool with the same investment pat- (as on FY23) March 31, 2024) eracy and poor accessibility to The government is confi-
Petroleum & natural gas 19,327 24
tern, even though their actuarially Employee Provident Fund 1,304,264 225,103 1,529,368 technology, leading to delays or stop- dent of keeping the fiscal defi- 3
22

Total allocation
assessable liabilities differ. Employee Pension Fund * 770,604 105,560 876,163 page of pensions, causing ﬁnancial dis- cit at 4.4 per cent for this Jal Shakti 99,503 4

Ministries

(~ crore)
The RBI has also mooted a redesign Employee Deposit-Linked Insurance 41,062 4,466 45,528 tress. They need a solution to ensure financial year even amid a 20
of the benchmarks used to measure doorstep service keeping in view their slowdown in revenue collec- Skill development 6,100
*Comprises erstwhile Family Pension Scheme & Employee Pension Scheme 8
investment performance for the Source: EPFO 2024 annual report very old age. Thus, MoU with the postal tion so far. Heavy industries 7,680 12
schemes. department will enable pensioners to “Typically, in these meet- 12
EPFO invests anywhere between Active contributors As on Addition Total at the visit the nearest post oice or call the ings the government gets a Labour & employment 32,646 21
and members 14
45-65 per cent of all its fresh accretions FY23 in FY24 end of FY24 postman at home instead of having to greater clarity about the pace of
*Untill August Source: Comptroller and Auditor General
in government securities, followed by Contributory/ Active members 68,545,747 5,193,457 73,739,204 visit banks/ EPFO oices. This would be expenditure in the first half of
20-45 per cent in debt instruments, 5-15 Contributing/ Active establishments 718,787 47,467 766,254 particularly helpful to pensioners living the financial year and detailed
per cent in the equity markets through in remote and rural areas,” said a source stocktaking takes place, August. The Ministry of Skill the BE compared to 27 per cent
Source: EPFO
index funds, and zero to five per cent in aware of the development. including any reprioritisation Development is the third- last year.
short term debt instruments. Once the CBT grants its approval, the that may be required,” a senior lowest with 8 per cent. The Ministry of Railways
The EPFO presently assesses the marked against the performance of “A draft benchmark methodology retirement fund body will ink a memor- government oicial said. The finance ministry has and Ministry of Road, Trans-
performance of its multiple fund man- the indices in which EPFO invests — has been prepared by portfolio man- andum of understanding (MoU) with Among the top spending asked other ministries to fur- port and Highways have been
agers on the basis of an evaluation the BSE Sensex and Nifty50. ager Crisil after deliberations. The the IPPB, thus making the facility oper- ministries, the Ministry of Con- nish brief notes explaining driving capex. Each spent 44
conducted by its consultant Crisil Now, the retirement fund body is same is to be further validated by a ational. Currently, the postal depart- sumer Affairs, with an alloca- major variations between the per cent and 43 per cent,
based on portfolio yields and asset deliberating using two separate bench- committee of external experts. Subse- ment charges ₹70 for delivering DLC to tion of ~2.16 trillion, and the BE and RE. respectively, of its capital allo-
quality. marks — one for its EPF corpus invest- quently, the proposal will be placed individuals who use its services. These Ministry of Railways, with Also, in their “Statement of cation during April-August.
Crisil ranks the performance of the ments, and another for investments before the EPFO board’s Investment charges will be reduced to ₹50 and reim- ~2.55 trillion, had spent more Budget Estimates”, the minis- Among the laggards is the
debt portfolio of EPFO’s corpus using made under the Employees’ Pension Committee for deliberation and rec- bursed directly to IPPB by the EPFO than half their allocation till tries have been asked to give Ministry of Science and Tech-
a benchmark linked to bond yields, Scheme (EPS) and Employees’ Deposit ommendation to the government,” a through a centralised pension payment August for FY26, according to notes when the BE for FY27 nology, having utilised nothing
while the equity portfolio is bench- Linked Insurance (EDLI). source aware of the development said. and reconciliation centre. the Comptroller and Auditor exceeds the RE of FY26 by of nearly ~ 20,000 crore allo-
General data. The two minis- more than 10 per cent. cated.
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb tries had spent 55 and 52 per “The explanation should be The Department of Econ-
cent, respectively, of their BE meaningful and specific. omic Affairs (DEA), which had
for April-August. Vague statements such as ‘due kept ~46,613 crore as capex, has
vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv

IN BRIEF “This exercise happens to less requirement of the pro- utilised 2 per cent of the

Bhupender Yadav
heads to Brazil
Irdai calls for fraud risk early in the year now to have
more evenly paved expendi-
ture. Serious explaining has to
be done by ministries for any
ject’ or ‘more requirement of
the project’ may be avoided,”
the circular said.
amount.
An earlier report by a parlia-
mentary panel had urged the
DEA to revisit the extant prac-

for COP talks

Union Environment Minister Bhupender
Yadav will attend the pre-COP meeting in
management framework major diversion from what was
set out in the Budget,” the oi-
cial added.
Expenditure by the Minis-
Frontloading capital
expenditure
After the pace of capital expen-
diture (capex) suffered on
tice of allocating funds that are
not directly related to the
department, such as alloca-
tions for new schemes that
Brasil on Monday and Tuesday as India steps aathira varier try of Petroleum and the Jal account of the Lok Sabha elec- have not been finalised. It had
up preparations for the UN climate summit Mumbai, 12 October Shakti Ministry is among the tions and the model code of said it was imperative for the
COP30, which will be held in Belém, Brazil, in lowest with just 3 per cent and conduct last financial year, DEA to uphold financial disci-
November. The two-day pre-COP brings The Insurance Regulatory & Development Authority of 4 per cent of the allocation capex for the first five months pline and fiscal prudence while
together environment and climate ministers, India (Irdai) has asked insurers, reinsurers and distribu- spent between April and in FY26 stood at 38.5 per cent of making budgetary allocations.
senior negotiators and observers to narrow ting channels to form a framework to address and
differences on politically sensitive topics and manage risks emanating from fraud. The guidelines
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
try to build ministerial consensus ahead of the will be effective from April 1, 2026.
UN climate conference in Belem. The COP30
presidency earlier said that the Brasília meet-
ing is expected to host between 30 and 50 del-
Irdai has asked insurance companies to target zero
tolerance for fraud and put in place an appropriate risk
management framework. The companies are also
Limited benefit and tech
gaps delay CBDC takeoff
egations and roughly 800 participants. expected to have a board-approved anti-fraud policy,
COP30 is taking place against a complex geo- which includes red flag indicators, adequate proce-
political backdrop, with the United States dures to deter, prevent, detect, report and remedy
withdrawing from the Paris Agreement and fraud, among others. applicable to its businesses, made available by the
several developed countries reassessing their They also have to set up a fraud monitoring commit- Insurance Information Bureau (IIB) to help the industry anupreksha jain via CBDC,” the oicial said. process of transaction settle-
climate strategies. pti tee (FMC), which is responsible for operationalising the combat fraud and protect policyholders and all stake- & anjali kumari CBDC is a legal tender ment.
fraud risk management framework. holders. “All insurers shall share with IIB the details of Mumbai, 12 October issued by a central bank in A dealer with a public
They are also required to form a fraud monitoring distribution channels, hospitals, third party vendors digital form. It is similar to sov- sector bank said, “Except 2-3
SBI aims to increase unit, independent from internal audit, to support FMC and fraud perpetrators blacklisted, and IIB shall main- With commercial banks still in ereign paper currency, but private banks hardly any other
its female workforce in discharging its functions and effective implementa-
tion of measures suggested by FMC.
tain the caution repository concerning all such details
in order to safeguard the integrity of the insurance
the process of developing tech-
nology to trade through Cen-
takes a different form. It is
exchangeable at par with exist-
private bank trades via CBDC.
Though public sector banks do
to 30% by 2030 Irdai has also asked insurers to establish and imple-
ment robust cybersecurity framework to protect
sector by preventing the involvement of those with a
record of fraudulent activities,” Irdai said.
tral Bank Digital Currency
(CBDC), it may take two to
ing currency, and can be
accepted as a medium of pay-
trade in CBDC due to moral
suasion. This has contained
State Bank of India (SBI), the country’s largest against evolving cyber frauds or threats to prevent The IIB, in a joint consultation with Life Insurance three years for large-scale ment, legal tender, and a safe the volumes in CBDC trades.”
lender, has devised a strategy to boost gender Cyber of New Age fraud. This should also continuously Council and General Insurance Council, is also asked to adoption of the digital rupee, store of value. It appears as lia- To broaden the scope of
diversity, aiming to increase its women work- monitor and strengthen systems and processes for adopt a unique identifier, procedure and timeline for according to a senior oicial bilities on a central bank’s bal- wholesale CBDC, RBI has
force to 30 per cent within five years. “If we fraud risk management, such as incident databases, reporting necessary details for caution repository to be from Clearing Corporation of ance sheet. expanded the pilot by includ-
talk about frontline staff, women are almost customer verification, and access control. maintained. India (CCIL). In addition, trad- In a recent speech, Reserve ing four standalone primary
33 per cent, but as a total if you see, they Further, insurers also have to ensure that data avail- Reinsurers and distributing channels, except for ing via CBDC has limited Bank of India (RBI) dealerships. However, dealers
account for 27 per cent of the total workforce. able with insurers is effectively utilised to prevent individuals, have also been asked to form similar fraud benefits. Deputy Governor T at primary dealerships said
So, we will be working towards improving this frauds in insurance sector, all insurers shall participate risk management framework commensurate with their CCIL facilitates Rabi Sankar said the they face operational chal-
percentage so that the diversity gets further in the Fraud Monitoring Technology Framework, as business size and risk profile. the settlement of regulator is in no lenges.
improved,” SBI Deputy Managing Director & secondary market hurry to launch “Primary dealers use a
Chief Development Oicer Kishore Kumar vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv transactions in gov- CBDC nationwide, leveraged balance sheet,
Poludasu said. SBI has a total staff strength of ernment securities as its best use case — which means most of their
more than 2.4 lakh, one of the highest in any
organisation in the country and the highest in India, EU conclude 14th round of trade talks and call money market
transactions, using the
cross-border payments
— requires other coun-
assets are funded through repo
borrowing. As a result, they do
the banking industry. pti digital rupee. This includes tries to simultaneously intro- not have unpledged securities
press trust of india The Indian negotiators were Brussels to meet his EU counterpart both outright purchases and duce their own CBDCs for it to available and often face a
New Delhi, 12 October later joined by Commerce Secretary Maros Sefcovic to review the prog- repurchase agreements be effective. At the same time, shortage of funds in real time,”
Suresh Gopi offers to Rajesh Agrawal in the closing days ress. Both sides have targeted to (repos). According to the oi- the pilot is progressing well, said a dealer with a primary
step down as oil & gas, Senior oicials of India and the 27-
nation European Union (EU) con-
for providing a push to the negoti-
ations. Agrawal held discussions
conclude
December.
negotiations by cial, while trading in CBDC,
the settlement takes place
with the user base in India now
expanding to about 7 million,”
dealership.
The RBI began pilot pro-
tourism MoS cluded the 14th round of talks for a
proposed free trade agreement in
with European Commission Direc-
tor General for Trade Sabine
In June 2022, India and the EU
bloc resumed negotiations for a
transaction by transaction,
while the net settlement takes
he said.
Money market participants
jects for both retail and whole-
sale CBDCs in late 2022.
Minister of State Petroleum and Natural Gas Brussels, an oicial said. The five- Weyand during the visit. comprehensive FTA, an investment place at the end of the day. highlighted that most private According to its annual report,
and tourism, Suresh Gopi, on Sunday day talks began on October 6 to iron Commerce and Industry Min- protection agreement and a pact on “There are no additional bene- sector banks are unwilling to as of end-March, the retail
expressed his desire to step down from his out differences on different issues ister Piyush Goyal recently geographical indications after a gap fits for banks and market par- trade in government securities CBDC pilot had expanded to 17
post and recommended BJP’ s newly elected related to goods and services for the expressed hope that the two sides of over eight years. It was stalled in ticipants to use CBDC... and call money market via banks and 6 million users
Rajya Sabha member C Sadanandan Master early conclusion of the negoti- will sign the agreement soon. The 2013 due to differences on the level Moreover, banks have yet to CBDC, owing to lack of addi- since its inception in
as his replacement in the Council of Ministers. ations, the oicial said. minister is also expected to visit of opening up markets. develop the system to operate tional incentives and the long December 2022.
Addressing party workers at a function in
Kerala, which was also attended by Sadanan- bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
dan, Gopi said the senior leader’s nomination
to the Rajya Sabha marked a significant break- FROM 1 YEAR TO 1 MONTH
through in the politics of northern Kannur
district. “I am saying here with sincerity that
Sadanandan Master should be made a (union)
minister after removing me... I never wanted
to be a minister by quitting my film career,”
RBI relaxes rules but keeps checks for fintech expansion
Gopi said, adding that his income has signifi- ajinkya kawale ate their go-to-market plans in PA-CBs are entities that remain subject to RBI audits and
cantly decreased in recent times. pti Mumbai, 12 October lucrative segments like CB facilitate CB payment transac- cannot simply hold a licence
payments. tions for the import and export without conducting business.
Fully licensed payment aggrega- “Most financial technology of permissible goods and ser- “The relaxed compliance
India exported tors (PAs) can now branch out companies start with the PA vices online, according to the norms come with added respon-
775K tonnes of sugar faster into new segments such
as cross-border (CB) payments,
license and later expand to PA-
CB. The requirements in the PA-
RBI’s guidelines.
The relaxation in compliance
sibility. Allowing multiple
licensed players to enter new
in 2024-25: Trade body with the Reserve Bank of India’s
(RBI’s) latest guidelines stream-
CB application are at least 80 per
cent similar to a regular PA
norms is expected to bring more
players under the PA-CB frame-
business lines based only on
prior notification could pose
India is estimated to have exported 7.75 lakh lining approvals and fast-track- licence,” said a founder of a PA work at a much faster pace than risks to the broader ecosystem,”
tonnes of sugar in the marketing season that ing market entry. startup. before. the first founder said.
ended September, trade body All India Sugar Under the new framework, a The person added that since “Many players will now just At present, the relatively
Trade Association (AISTA) said on Sunday, fully licensed PA can begin most fully licenced PAs already have to notify 30 days in small number of licensed
urging the government to announce an early operations in other PA meet the RBI’s norms for advance as they enter CB. But players in the CB payments
export quota for the new season. The sugar categories by simply notifying domestic payments, they can new licences come with respon- space leads to higher margins,
marketing season runs from October to Sep- the RBI 30 days in advance — a move more quickly into other sibility — one has to demon- stoking interest in offering such
tember. Sugar exports for the 2024-25 market- sharp shift from the earlier regulated business lines, as their mencing business in another PA A PA enables the aggregation strate that they’re actually doing services.
ing season in India were allowed on January regime that required nearly a core compliance systems are category shall intimate the RBI of payments from customers to business with it,” a second Obtaining a PA-CB licence
20, 2025. The total quantity permitted for year for separate approvals in already in place. at least 30 days prior to com- merchants through one or founder said. requires compliance with strin-
export was 10 lakh tonnes. White sugar areas such as CB payments, The RBI’s latest guidelines mencing the new business,” the multiple payment channels, That said, players will notify gent regulations, including the
exports were at 6.13 lakh tonne, refined sugar often delaying revenue growth specify that a PA must have a norms read. facilitated by the merchant’s the RBI of their PA-CB plans Foreign Exchange Management
1.04 lakh tonne and raw sugar at 33,338 tonne and expansion. Certificate of Authorisation At present, there are 56 fully physical or virtual interface for only when they genuinely Act — a requirement not
till September this year. About 21,000 tonnes Two founders of fully (CoA). licensed online PAs in the transactions. The PA then intend to enter a new payment imposed on domestic online
of raw sugar was delivered to the refinery in licensed PAs told Business Stan- “A PA having a CoA issued by country and six PA-CBs with full settles the collected funds to business. PAs, Business Standard
SEZ, deemed as exports. pti dard that the move will acceler- the RBI and desirous of com- RBI approval. such merchants. Founders added that they reported last year.

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
6 ECONOMY & PUBLIC AFFAIRS
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
MUMBAI | MONDAY, 13 OCTOBER 2025 B

Gor meets commerce secy Muttaqi to meet industry bodies,

World leaders visiting India this week rorists, which it blames for a
series of attacks inside Pakis-
Pakistan but if the efforts don’t
succeed, it was capable of
fighting should stop. “From our mittee for looking at trade
side, we have stopped the fight- issues, and India will issue
tan. deploying “other means”. “We ing, and the situation is under more visas to Afghan nationals
Mongolian President Canadian foreign minister Brazilian Vice President In Islamabad, the Pakistan have good relations with the control,” he said. for studying in India and for
military claimed that it killed people of Pakistan and the gov- Apprising the media about medical treatment.
Khurelsukh Ukhnaa Anita Anand landed Geraldo Alckmin is
will visit India from in New Delhi on also scheduled to
October 13–16, Sunday for a two- visit India this
along with a busi- day visit, during week. The visit WEEKEND UPDATES
ness delegation. which she will will lay the bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
This will be the meet External groundwork for
first visit by a Mon-
golian president to
Affairs Minister S
Jaishankar and Com-
Brazilian President
Luiz Inacio Lula da
US announces extra RPower’s ‘demitted’ CFO Probe against Coldrif
India in 25 years. India and merce and Industry Silva’s visit to India. India 100% tariff on China linked to PMLA case exposed lapses
Mongolia “are strategic partners, spiri- Minister Piyush Goyal on Monday. and Brazil, at a meeting in New
tual neighbours, and Third Neigh- She will also visit Mumbai on Tuesday. Delhi on October 3, led by their respect- US President Donald Trump has announced The Enforcement Directorate (ED) has A recent inspection by the Central
bours,” the Ministry of External Affairs Anand’s visit would further consolidate ive national security advisers, reviewed plans to impose an additional 100 per cent arrested the executive director and Chief Drugs Standard Control Organisation
(MEA) has said. India-Mongolia bilateral the “reset” in India-Canada ties in the steps taken to strengthen their ties tariff on Chinese goods and introduce financial oicer (CFO), Ashok Kumar Pal, (CDSCO) against Coldrif cough syrup
trade stood at $111 million in 2024, negli- recent months. Prime Minister Nar- since July in sectors such as defence and export controls on all critical software from of Reliance Power (RPower), in a money exposed the unit’s appalling condi-
gible compared to Mongolia’s $19 billion endra Modi attended the G7 Summit in security, energy, rare earths and critical November 1. The announcement, made in a laundering case linked to the issuance of tions and total non-compliance with
trade with China. India is keen to build Canada in June, and held bilateral talks. minerals, health and pharmaceuticals. Truth Social post, accused China of taking an alleged fake bank guarantee of ~68 crore, Good Manufacturing Practices the
on its single-largest project of assistance Indian and Canadian high commis- Prime Minister Narendra Modi visited an “extraordinarily aggressive position on oicial sources said. RPower informed that sources said. Licensed. Sresan
— to construct a $1.7 billion oil refinery sioners met on September 18, while Jai- Brazil in July where Lula and he set a trade” and sending what Trump described Pal has “demitted the oice of Executive Pharma continued operations
in Mongolia — and exploring import of shankar and Anand met in New York on target to increase bilateral trade to $20 as a “hostile letter to the world”. agencies Director and CFO with immediate effect.” pti unchecked for over a decade. pti
coking coal and other critical minerals. September 29. billion over the next five years.

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb > FROM PAGE 1

RBI must move beyond Govt to review

Not dependent on H-1B visas: TCS CEO
US tariff
micromanagement impact on
Can you comment on the letter from
US Senators Chuck Grassley and
match for the future. The
company is pivoting to be
to differentiate between
people on the bench who
On the first day of this month, the Gov- facility can be used. Dick Durbin which questions TCS future-ready and a big have not been able to deploy
ernor of the Reserve Bank of India Regarding merchanting trade SMEs today for laying off over 12,000 employees player in the AI ecosystem. themselves and those who
(RBI) announced a series of measures transactions (MTT), earlier RBI instruc- globally while simultaneously hiring If someone doesn’t fit into face a skills and capability
aimed at promoting ease of doing tions required the entire transaction to The oicial said the disburse- more than 5,500 H-1B workers? the scheme of things, we mismatch, where they may
business, simplifying foreign be completed within nine months and ment target under the Pradhan n I was neither happy nor unhappy. It need to exit them gracefully. not fit in for the future.
exchange management, and facilitat- restricted any outlay of foreign Mantri Mudra Yojana for FY26 gave me an opportunity to articulate This approach, I believe, These are two different sets.
ing greater use of the Indian Rupee exchange to four months. had been set at ~2.4 trillion, of our positions more clearly and to does not conflict with If someone is unable to be
(INR) in international trade. To give The commencement date was defined which ~99,064 crore had been address the Senators’ questions about our ethos. allocated within a certain
effect to these announcements, the as the date of shipment, export-leg disbursed until September, the H-1B issue. First of all, we discussed period, we believe the
RBI issued several AP (DIR) circulars. receipt, or import-leg payment, which- accounting for about 42 per cent the figure of 5,500. Most of these There’s also concern that responsibility lies with both
Of particular interest to exporters and ever occurred first, and the completion of the total annual target. numbers relate to people who are bench players are under the organisation and the
importers is the one dealing with rec- date as the date of shipment or settle- Vinod Kumar, president of amending or renewing their petitions; scrutiny, so the two per individual. They need to be
onciliation and closure of entries in the ment, whichever was later. The RBI has the India SME Forum, said the they are not fresh approvals. Fresh cent could end up being deployable and engaged
Export Data Processing and Monitor- now extended the period for the foreign steep tariff hike could lead to an approvals are much lower, probably slightly higher… with the customer; in that
ing System (EDPMS) and Import Data exchange outlay from four months to annual business loss of over $30 around 2,500. However, everything is n Two per cent was the esti- sense, I would consider it
Processing and Moni- six months, giving billion, with MSMEs being the recorded as an application or petition, mate at the time. I also want more of a performance issue.
toring System (IDPMS). merchant traders hardest hit due to their limited which often causes confusion.
RBI’s AP (DIR Series) additional oper- financial buffers and capacity It also allowed me to explain what Chief Executive Oicer of
vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv

Circular No. 12 dated ational flexibility. constraints. we are doing, including the steps we TCS K Krithivasan
October 1, 2025, allows Another step The oicial added that the are taking to work with local academia, NBS SUDOKU #4708N
Authorised Dealer (AD) concerns the meeting was also likely to where we are deeply involved. In the In India, we are providing sovereign
banks to reconcile and Special Rupee discuss the progress of the US, we train and recruit people. We hae cloud as an offering, and for some cus-
close entries, including Vostro Accounts microcredit schemes PM SVA- a large training centre in Cincinnati. tomers, we are providing private
outstanding ones, in (SRVA). Previously, Nidhi and PM Vishwakarma We work with schools and tell students cloud. There are many clients with
EDPMS and IDPMS of surplus INR bal- schemes. that STEM (science, technology, engin- whom we are undertaking significant
value equivalent to ances in these “The meeting is also eering, and mathematics) education is AI work in India.
₹10 lakh per bill or less, EXIM MATTER
accounts could be expected to review the status of an important career choice. Having a data centre allows me to
based on a declaration invested in govern- inoperative accounts under the create a private cloud for them and
from the exporter that tnc rajagopalan ment treasury bills Pradhan Mantri Jan Dhan TCS aims to become the largest AI- offer it as a service. It helps working
the amount has been and securities Yojana, as banks have been driven technology services company. with the hyperscalers. They want this
realised, or from the importer that under prescribed limits. The RBI has directed to reduce their number But what does that really mean? pure play; AI players want it, and so do
payment has been made. Any reduc- now permitted investment of such through various saturation n We have been focused on this for deep-tech companies. There is con-
tion in the declared or invoiced value of balances in non-convertible deben- drives,” the oicial said. some time. We discussed how we have siderable synergy, with benefits flow-
shipping bills or bills of entry may also tures, bonds, and commercial papers Discussions are also likely to been training all our associates and ing in multiple directions from being
be accepted based on such declar- issued by Indian companies, again cover the progress of Business the platforms we have been building a central player in the ecosystem.
ations. The circular further permits within existing guidelines and limits. Correspondents. “The meeting based on client demand. We have also Even some of these hyperscalers
exporters and importers to submit This broadens investment opportun- is also likely to see the progress been working with MIT to explore are keen to collaborate with us. The
these declarations on a quarterly basis ities for partner countries that settle of opening of bank branches in what could be the next frontier. structure we are proposing is a mix of
in a consolidated form, covering sev- trade in rupees but may not the north-eastern region,” the Our strategy rests on five pillars: equity and debt. For the equity por-
eral bills together, for bulk reconcili- be enough to encourage trade in non- oicial added. Internal transformation, transformation, we are looking for financial
ation and closure. convertible INR. The meeting will further tional services, workforce transforma- partners to come on board. About 150
This facility will particularly help These little changes will some- assess the performance of the tion, and the transformation of both Mw will require an investment of $1
exporters and importers who have what simplify compliance for New Credit Assessment Model value chain and broader ecosystem. billion. This is planned over 5-7 years.
mentioned one AD code in the ship- exporters and importers. Yet, a more for MSMEs, launched in March. We’ve strengthened our leadership
ping bill or bill of entry but received or fundamental question remains “The model leverages digitally and brought in Aarthi to drive all ser- Many employees have said they
SOLUTION TO #4707
made payment through another AD whether it is necessary for the central fetched and verifiable data to vice lines. We got Amit Kapoor, pre- didn’t see these redundancies
bank and also cover cases where pay- bank to continue policing each export enable automated MSME loan viously heading the UK operations, to coming, especially given this is the Hard:
ment has been made or received and import transaction for realisation appraisal,” the oicial said. lead the AI unit. Janardhan Santha- Tata group. How would you respond ★★★
through a third party. The option to and payment. For a country aspiring “Benefits to MSMEs include nam was appointed CIO to lead inter- to that? Solution
accept a reduction in declared or to become developed by 2047, such straight-through processing, nal cultural transformation, while n Two groups of people have been tomorrow
invoice value appears to be a practical micromanagement sits uneasily with reduced turnaround time, and Mangesh Sathe took on the role of impacted: Those on the bench for
alternative to the current system of its ambitions. If India truly aims to be decision-making based on overall strategy oicer to steer three to six months, and those
seeking formal write-offs for short- developed by 2047, it must learn to objective data. However, as of mergers and acquisitions. affected by underperformance. I don’t HOW TO PLAY
falls in the realisation of export pro- trust its traders. The road map to full July, PSBs have sanctioned believe the Tata group, while humane, Fill in the grid so that
ceeds or in making remittances for convertibility of INR should also be only ~11,994 crore under the Why are you focusing on data would have retained employees with every row, every
imports. However, more clarity is very clearly defined. model, which will also be centres? performance issues. column and every 3x3
needed and hopefully, the RBI will reviewed in the meeting,” the n We do it because it gives the oppor- Additionally, we have relieved box contains
clarify the circumstances where this Email : [email protected] oicial added. tunity to offer an end-to-end solution. individuals where we see a skill mis- the digits 1 to 9

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
B MUMBAI | MONDAY, 13 OCTOBER 2025
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
POLITICS & PUBLIC AFFAIRS 7
(students staying in hostels, especially (since last year’s incident at rg kar medical (we demand a swift
those who have come to west bengal to college, there have been several incidents where investigation and sent a team to
study, should follow rules and avoid women were tortured... it’s time for the people durgapur to assess the situation
venturing out late at night) of west bengal to have a new government) and determine next steps)
Mamata Banerjee, West Bengal CM Suvendu Adhikari, Leader of Opposition in West Bengal Assembly Subhankar Sarkar, Congress chief in West Bengal
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

BJP catches up with JD(U) in Ties tested, bond intact

for JD(U)’s relevance in 2025? Archis Mohan and Sanjeeb Mukherjee report press conference to denounce the
state Congress government’s hand-
The Nitish Kumar-led Janata Dal ling of the floods in North Karnataka.
(United) and Bharatiya Janata The 92-year-old founder of the Janata
Party (BJP) will contest an equal Dal Secular, former Prime Minister,
number of seats in the forthcoming and former Karnataka Chief Minister
Bihar Assembly polls — something used the occasion to make another
which will be for the first time since point: “There will be no threat to the
they formed an alliance — evi- (National Democratic) Alliance in any
dence of the Hindutva party’s polls, including panchayat and
growing electoral footprint and assembly. My relationship with PM
influence in the state over the last Narendra Modi will never change.
decade and the gradual decline of Our ties are good, and in the past 10
the JD(U). years, I have never once spoken
On Sunday evening, Dharmen- lightly of him.” Former PM H D Deve Gowda last week underlined the strength of his
dra Pradhan, Union minister and in He added, as if to underscore the bond with PM Narendra Modi, despite the tumult of coalition politics
charge of the BJP’s poll affairs in JDS’s political autonomy, that the
Bihar, announced that the BJP and party aimed to win 50-60 seats in the government’s handling of the inci- The uncertainty over leadership
the JD(U) will contest 101 seats each forthcoming civic polls in Bengaluru. dent but avoided siding with any in the BJP’s Karnataka unit has only
in the elections, while the Lok Jan- The signal to party workers and politi- religious group. “Kuvempu’s vision of deepened tensions. While new chiefs
shakti Party (Ram Vilas), led by cal observers was clear: While the a ‘garden of peace for all commu- have been named for several state
Union minister Chirag Paswan, will alliance between the Bharatiya nities’ was a reality in Mandya. But units, a decision for Karnataka
field candidates in 29 seats. Prime Minister Narendra Modi with BJP President J P Nadda at the party’s Central Election Janata Party (BJP) and the JDS might some divisive forces are systemati- remains pending, undermining
In a post on X after the meeting Committee in New Delhi on Sunday photo: x/bjp bihar experience strain, the personal rap- cally destroying peace,” he said. Vijayendra’s authority — he is neither
of the BJP’s Central Election Com- port between the two leaders was “Riven by internal dissension, the fully in nor out. Some ambitious
mittee, the meeting Prime Minister
Narendra Modi and other senior
Power arithmetic the jd(u) has played the solid, and any attempt to upset that
balance would be risky.
Congress government is not in a good
position in Karnataka. In that context,
leaders are using the JDS to train their
guns on the way the BJP unit in Kar-
NDA seat sharing over the years (2005-2025)
senior partner within
leaders attended, Pradhan said the the nda in bihar, but Deve Gowda’s message was stra- the JDS is evaluating its options very nataka is being steered.
Union minister Jitan Ram Manjhi- Assembly election JD(U) BJP Others with sunday’s tegically timed. Friction between the closely, especially in relation to its Meanwhile, the BJP has main-
led Hindustani Awam Morcha announcement, it is no allies, who came together in Septem- standing among minority commu- tained an uneasy silence over the con-
2005 (October) 139 (won 88) 102 (won 55) 2
(Secular) and Upendra Kushwaha- longer the case ber 2023, is becoming increasingly nities. Nuances mark the differential,” viction of Deve Gowda’s grandson,
led Rashtriya Lok Morcha would 2010 141 (won 115) 102 (won 91) - visible. The latest point of divergence said Sugata Srinivasaraju, author of a Prajwal Revanna, for sexual offences.
field their candidates in six seats 2015* - 157 (won 53) 86 (won 5) was the invitation extended by the book on Deve Gowda’s life and politics. Privately, party leaders are said to be
each. 2020 115 (won 43) 110 (won 74) 28 (won 8) ucts of the JP movement of 1973-74 Congress government to Booker Prize The threats to the JDS are tangible. appalled, but they have stopped short
Until now, the JD(U) played the 2025 101 101 41 in Bihar, while Modi also said that winner Banu Mushtaq to inaugurate Rivals have steadily eaten into its vote of open criticism, though many claim
senior partner in the National *In 2015, the JDU allied with the RJD, with both contesting 101 seats each as part of he was inspired by JP’s call of ‘Sam- the world-famous Mysuru Dasara fes- share. In the 2023 assembly polls — that local BJP leaders were instru-
Democratic Alliance (NDA) in the ‘grand alliance’ against the BJP-led NDA Source: ECI poorna Kranti’, or total revolution, tival. The BJP reacted sharply. “I per- fought without alliance partners — mental in unearthing the pen drive
Bihar, contesting more seats than and participated in the Navnirman sonally respect Banu Mushtaq for her the JDS recorded its worst perform- containing explicit images that led to
the BJP in Assembly polls. Until the the constituents of the NDA con- approved projects related to Bihar, movement in Gujarat. achievement. It is acceptable when ance since 2004, winning just 20 seats Revanna’s conviction. Last month,
2009 Lok Sabha polls, of the 40 Lok cluded the seat-distribution exer- including expanding railway lines On September 26, Modi she chairs the Akhila Bharata Kan- compared with 37 in 2018, and seeing Union minister Pralhad Joshi was
Sabha seats, the JD(U) contested (25 cise in a cordial manner. “Leaders and road networks in the state. launched the Bihar’s chief min- nada Sahitya Sammelana, but not its vote share fall from 18.3 per cent to forced to rebut Congress allegations
seats) more seats than the BJP (15) and workers of all NDA parties wel- On Saturday, on the birth anni- ister’s women employment Dasara, a Hindu religious event 13.3 per cent. Both Congress and BJP that the BJP was keeping quiet
in Bihar. The two had parted ways come the (seat-sharing formula) versary of Jayaprakash Narayan scheme, transferring ~10,000 to the which starts with offering pooja to gained at its expense. Soon after, the because of its alliance with the JDS.
before the 2014 Lok Sabha polls, with happiness. Bihar is ready for (JP), socialist leader and an icon of bank accounts of 7.5 million Goddess Chamundeshwari. Does she JDS joined hands with the BJP ahead “Where have we kept silent? And why
and in 2019 they contested an equal another NDA government,” Prad- Bihar politics, Modi launched a women. An analysis of the big Cabi- have faith in Chamundeshwari Devi? of the Lok Sabha polls, and Kumaras- should we? I have already spoken on
number of seats (17 each). It han said. slew of programmes. Modi said JP net decisions taken in the past few Is she following our traditions?” BJP wamy entered the Union Cabinet. this. If someone commits a crime,
changed in the 2024 Lok Sabha Paswan, who demanded 30-35 was the voice of rural India, whose months on infrastructure has had leader and former Mysuru MP Pratap Yet, the partnership has begun to action must be taken, that’s the BJP’s
polls, with the BJP contesting 17 seats and managed to secure 29, life was dedicated to the welfare of Bihar in focus. Simha told reporters in Mysuru. On X, show strain. On both sides, local clear position,” he told reporters.
and JD(U) 16 seats. also welcomed the seat-sharing for- farmers and the poor. These include the ~3,822 crore Union minister Shobha Karandlaje actors have worked at cross purposes. Vijayendra’s supporters, however,
Now, with Sunday’s announce- mula. He launched the PM Dhan Sahebganj-Areraj-Bettiah National described the invitation as an “insult The BJP’s central leadership has at believe Joshi’s remarks were
ment, the JD(U) is no longer the In the 2020 Assembly polls, Dhanya Krishi Yojana and the Highway Project; doubling the to Hindu sentiments.” times restrained its state unit from designed to undermine him.
senior partner even for the Assem- Paswan’s party won one seat but Pulses Self-Reliance Mission. Bakhtiyarpur-Rajgir-Tilaiya Single By contrast, H D Kumaraswamy, moves that might offend the JDS. Against this uneasy alliance stands
bly polls in terms of the seats con- secured a healthy 5.66 per cent vote “These two schemes will trans- railway line section (104 km), with Union minister and Deve Gowda’s For example, the Mysuru Chalo the personal bond between Deve
tested. In the 2020 Assembly polls, share. form the fortunes of millions of an estimated cost of ~2,192 crore; son, supported the move. “The state Yatra, which the BJP undertook in Gowda and Modi. Managers on both
the JD(U) performed poorly, win- Manjhi, who had demanded 15 farmers in India. The Government doubling the Bhagalpur-Dumka- government intends to give Mushtaq 2024 in consultation with the JDS, sides insist the two speak frequently
ning 43 of the 115 seats it contested seats, posted on X that his loyalty of India will spend more than Rampurhat single railway line a big message and responsibility in was nearly stymied when Kumaras- and maintain a cordial relationship.
as part of the NDA. The JD(U)’s lay with the Prime Minister till his ~35,000 crore on these schemes,” worth ~3,169 crore; and construc- leading the Goddess Chamundesh- wamy threatened to pull out of it in a But the upcoming local polls in Karna-
poor performance in terms of the “last breath”. the PM said. ting the four-lane greenfield wari procession. I support the move,” region, he argued, was a JDS strong- taka, due in November or December,
seats won was said to be on account The 243-member Bihar Assem- In a series of posts, Modi access-controlled Mokama- he said. The issue reached the hold, apparently demanding pri- will be the real test. Inevitably, the BJP
of the LJP, which contested 135 bly will go to the polls in two phases recalled JP’s contribution to Munger section of the Buxar-Bha- Supreme Court, which ruled that the macy to the JDS in the way the and JDS will find their interests clash-
seats, and fielded its candidates on November 6 and 11, and the strengthening India’s democracy, galpur High-Speed Corridor, worth Dasara procession was a cultural, not 130-km padayatra was organised. ing. “We’re certain that Modiji and
against the JD(U), but not against counting of votes has been sched- and inspired mass movements, ~4,447 crore. a religious, event. Interventions from Delhi smoothed Deve Gowdaji, with their excellent
the BJP. But in the 2020 Assembly uled for November 14. notably in Bihar and Gujarat, which Other projects approved by the It was not the only point of differ- over the differences, and the yatra equation, will be able to work things
polls and for the first time when- In the afternoon, Modi said on X led to a sociopolitical awakening Union Cabinet include the Bhagal- ence. Communal clashes erupted in went ahead as a joint protest against out,” said a source close to Vijayendra.
ever the two have allies, the JD(U)’s he would begin his campaign in across India. pur-Jamalpur third line, worth Maddur, Mandya, during the visarjan the Congress state government. “But Meanwhile, JDS workers are
vote share (15.39 per cent) was less Bihar with an interactive session Both Bihar Chief Minister ~1,156 crore, and the Aluabari Road- of Ganesh idols during Vinayaka Cha- not much has happened since then in keeping a close watch on Bengaluru,
than that of the BJP’s (19.46 per with BJP workers on Wednesday. Kumar, and his former associate New Jalpaiguri third and fourth turthi last month. From Delhi, where that part of Karnataka,” admitted a where a possible Congress implo-
cent). The dozen Union Cabinet meetings and current rival, Rashtriya Janata line (57 km) with an estimated cost he was recovering from illness, campaign manager for state BJP sion could reshape political
In his post on X, Pradhan said all that he has chaired since May have Dal leader Lalu Prasad, were prod- of ~1,786 crore. Kumaraswamy criticised the state chief B Y Vijayendra. equations yet again.

OPINION
Vacancies cripple information Energy drives new Great Games
commissions as RTI Act turns 20 in 2018 and now being
expanded, along with pipelines
contract may be more pressing,
China too may find it beneficial
announced in July commits the
former to importing US energy
from Sakhalin, can raise Rus- as a signal to the US that it would worth $750 billion by 2028. To
illustration:
binay sinha Commission-wise break up of sian pipeline deliveries to China not require more LNG from the get anywhere near that unreal-
from 38 bcm to around 48 bcm. latter; and to keep its main istic target, the EU’s annual
the backlog Pending cases* Adding supplies from Power of supply lines free of risk at mari- LNG imports from the US ($20
Siberia 2 could thus increase time chokepoints. US com- bn at present) — along with
Maharashtra 95,340 Chinese pipeline imports from panies supply only about 5 per other products — will have to
Russia alone to almost 100 bcm. cent of China’s LNG, but they rise very sharply. India and
Karnataka 47,825 To put that figure in perspec- had been planning to double other Asian countries also plan
ranjan mathai tive, it may be noted that exports to China before the tariff to buy more LNG as part of trade
Tamil Nadu 41,059 China’s total imports of gas in war led China to curtail LNG agreements with the US. The
The optics of the meetings 2024 stood at about 180 bcm — purchases from the US. US’ domestic demand for gas, to
between the leaders of India, 107 bcm as LNG and 72 bcm by China’s price-setting power generate electricity to feed
Chhattisgarh 34,147
Russia and China at the Shang- pipeline — mainly from Russia, for gas imports will now be booming data centres for artifi-
hai Cooperation Organisation Turkmenistan and Myanmar. greater. In addition to retaining cial intelligence (AI) industries,
Bihar 29,919 (SCO) summit last month led to LNG suppliers that expected industrial competitiveness, it also remains elevated. However,
many instant analyses about continuing expansion of sales could even use gas to replace the impact of these upward
CIC** 24,102 geopolitical realignments. They to China may have to revise coal, if required, to achieve its pressures on prices is not clear
overshadowed the Russian their calculations. Some United commitment of reducing green- at present, as new LNG export
Odisha 19,239 announcement of an energy State (US) LNG projects being house gas emissions by 7-10 per capacity is being built in Russia,
A report released last week by the Satark Nagrik Sangathan agreement of global importance planned on the basis of projec- cent by 2035, which President Xi Mozambique, Qatar, Canada
(SNS) has found that several information commissions Uttar Pradesh 18,424 — on the “Power of Siberia 2” tions of growing Chinese Jinping dramatically and other countries, and
across India were either non-functional or operating at pipeline, for supply of 50 billion demand could be hit. announced at the United increased pipeline supplies will
reduced capacity between July 2024 and October 2025 due Telangana cubic metres (bcm) of gas per For Russia, the conclusion of Nations recently. (The US moderate China’s LNG imports.
18,192
to vacant posts of commissioners, including that of the chief annum to China for 30 years. a long-term supply contract achieved 17 per cent reduction It is also not clear US Presi-
information commissioner. The planned pipeline, from the with China will help offset some in emissions this way between dent Donald Trump’s proposed
Under the Right to Information (RTI) Act, which com- Madhya Pradesh 17,490 Yamal Peninsula in Western of the loss it faces in the drastic 2005 and 2020.) Ambassador to India is also des-
pleted 20 years on October 12, information commissions Siberia to China via Mongolia, reduction of its European India’s plan to increase the ignated as Special Envoy for
both at the central and state levels, serve as the final appel- Punjab 14,376 will be one of the largest and market. Russian gas exports to share of gas in the energy basket Central and South Asia. If this
late authorities and are mandated to safeguard and facilitate most capital-intensive energy Europe have fallen from around to 25 per cent by 2035 is vital for appellation has an energy
citizens’ fundamental right to information. Each commis- Andhra Pradesh 13,591 projects in the world, according 155 bcm in 2021 to about 39 bcm; economic reasons, and also to dimension, and the old, geo-
sion comprises a chief information commissioner and up to to Alexei Miller, the chief execu- and the European Union (EU) ensure we do not become an politically driven strategy – of
10 commissioners. Jharkhand 7,728 tive oicer of the Russian gas plans to stop all imports after outlier on global efforts towards building a gas pipeline from
The SNS collated information by filing 146 applications company Gazprom. 2027. The giant Nordstream decarbonisation. This will call Central Asia to India via
with 29 information commissions to assess their perform- Rajasthan 7,028
413,972 The Chinese side is yet to pipelines, sabotaged in 2022, for a huge increase in gas avail- Afghanistan and Pakistan — is
ance. According to its Performance of Information Commis- Total confirm the Russian statements, themselves had the capacity to ability at affordable prices. At revived, we have to be wary.
sions in India 2024–25 report, six commissions were found to (pending in 28 but not because of any concerns transport 110 bcm of gas from present, LNG imports from The takeaway for India is
be non-functional for varying periods between July 1, 2024, Kerala 6,512 about western sanctions. The Russia to Germany. That is why Qatar, the US, United Arab Emir- that we should simultaneously
states and CIC)
and October 7, 2025, with all commissioner posts vacant. Two price of gas and other technical they had become such a potent ates, and others including prioritise domestic explora-
of these were completely defunct. In 2023, while hearing a Haryana 5,542 aspects of the deal (discussed for geopolitical symbol, and a target Russia, account for 50 per cent tion and production of more
petition on vacancies in these commissions, the Supreme over a decade) are still to be for powers opposed to Russia- of India’s gas requirements. oil and gas in the country, and
Court noted that the failure to fill vacancies is leading to a West Bengal 4,594 *as of June 30 finalised. But when concluded, Germany continental synergy. Increased LNG offtake will, how- ensure we retain diversified
**Central Information
situation where “the right to information, which is recogni- Commission
the agreement will mark a geo- China benefitted greatly by ever, depend on global prices suppliers for imports. We
sed under an Act of Parliament, becomes a dead letter”. Gujarat 3,175 Source: Report Card politically significant tieup getting bargain prices in earlier remaining affordable for our should even keep open the
According to estimates, 4 to 6 million RTI applications on the Performance of between China and Russia in a pipeline contracts, and the con- cost-sensitive market. option of undersea pipelines
are filed across the country every year. Between July 1, 2024, Information Eurasian continental energy tinuing negotiations on com- The US’ LNG sales to the EU from the Gulf for importing
Uttarakhand 1,688 Commissions in India,
and June 30, 2025, 27 information commissions registered 2024-25 by Satark
nexus, which could also impact mercial aspects of Power of more than doubled (to 51 bcm) natural gas into India.
241,751 appeals and complaints, of which 182,165 were dis- Nagrik Sangathan the global seaborne trade in Siberia 2 suggests it is seeking between 2021 and 2024; they are vvvvvvvvvvvvvvvvvvvvvvvv
posed of. archis mohan
Himachal Pradesh 1,195 (SNS) (October 2025) liquefied natural gas (LNG). the same now. However, while set to go up further, as the EU- The writer is a former foreign
The Power of Siberia 1, built Russia’s need to clinch the US framework trade deal secretary

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
8 WORLD
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
MUMBAI | MONDAY, 13 OCTOBER 2025 B

Businesses across the global semicon-

Tech tensions
n China has asked foreign firms to
seek approval for shipping
quite clear that they have the sticks
and the leverage to make, not just US
firms, but firms worldwide comply.”
dialogue with Washington
youth-led protests against the government ductor supply chain are bracing them- products containing even trace Chip-making machines, like China said the US should stop threatening it urges the US to correct its wrong practices as
and called for the president to step down. selves for disruptions from China’s amounts of Chinese rare earths those sold by ASML and Applied with higher tariffs and urged more negoti- soon as possible.”
President Andry Rajoelina’s oice offered no most targeted move yet to limit their Materials Inc., are especially depend- ations on outstanding issues to agree on a China unveiled broad new curbs on its
details on who was behind the attempt, and supplies of rare-earth materials as part n The move threatens to disrupt the ent on rare earths because they con- trade deal, responding to President Donald exports of rare earths and other critical
no signs of violence were immediately visible of an escalating trade war between the global semiconductor supply chain tain extremely precise lasers, Trump’s latest measures against Beijing. materials last week. Overseas exporters of
on the streets on Sunday. A commander of the Asian nation and the US. n Experts say China’s move shows it magnets and other equipment that China’s recent trade countermeasures on items that use even traces of certain rare
unit, Col. Michael Randrianirina, said his The restrictions may lead to weeks- is using rare earths as leverage in use these elements. US-related issues were necessary, defensive earths sourced from China will now need an
troops had exchanged fire with security forces long delays in shipments for ASML the escalating trade war Some have questioned how long actions, the Ministry of Com- export license, it announced
who were attempting to quell the protests on Holding NV, the only manufacturer in n Some analysts view the the restrictions will last, viewing them merce said in a statement on (china’s recent Thursday, citing national
Saturday and that one of his soldiers had been the world of machines that make the restrictions as posturing before a as potential posturing ahead of a trip Sunday. Beijing will take corre- trade security grounds. China’s
killed. The elite CAPSAT unit claimed to have most advanced semiconductors, a planned meeting between Trump to Asia Trump had planned that was sponding measures to safe- countermeasures export control is not a ban on
taken charge of the military but offered no evi- person familiar with the company and Xi Jinping later this month expected to include a meeting with guard its rights if the US on us-related exports, and applications that
dence for that claim. Madagascar has been said. The company is preparing for Chinese President Xi Jinping later this persists in its actions, it said. issues were meet the regulations will be
shaken by three weeks of the most significant disruptions, particularly due to a n Trump threatened month. It’s unclear how China would Trump on Friday announced necessary) approved, the Commerce
unrest in years in the nation. The protests are clause that requires foreign firms to to cancel his even track rare earths at such discreet an additional 100 per cent tariff Wang Wentao Ministry said Sunday. Before
led by a group calling itself “Gen Z Madagas- seek China’s approval for re-exports of meeting with levels to enforce the rules. Trump also on China as well as export con- China’s Ministry of Commerce the measures were
car,” and the United Nations says the demon- products containing its rare earths, Xi, saying threatened to call off his meeting with trols on “any and all critical announced, China had noti-
strations have left at least 22 people dead and said the person, who asked not to be China is Xi altogether, describing the new rare- software” beginning November 1, hours after fied relevant countries and regions through
dozens injured. The government has disputed identified discussing private matters trying to earth controls as a “hostile” action. threatening to cancel an upcoming meeting the bilateral export control dialogue mech-
this number. ap and noted that ASML is lobbying “hold the with Chinese leader Xi Jinping. That came anism, it added.
Dutch and US allies for alternatives. world No significant impact after China added new port fees on US ships, China has fully assessed the possible
The company declined to comment. captive” on chip sector : Taiwan started an antitrust investigation into Qual- impact of the measures on the industrial and
Ceasefire holds in Gaza China’s new rules require overseas No significant impact is expected on comm Inc., and unveiled sweeping new supply chains in advance and is convinced
ahead of hostage release, firms to seek approval for shipping
any material containing even trace
AI research with military applications.
“These are the strictest export con-
Taiwan’s semiconductor industry
from China’s new curbs on rare earths
curbs on its exports of rare earths and other that the relevant impact is very limited, the
critical materials. ministry said. It added that the country is
Trump’s visit to Israel amounts of Chinese rare earths — and
explicitly call out parts used to make
trols that China has utilised,” said
Gracelin Baskaran, a critical minerals-
as they differ from the metals needed
for the chip sector, the island’s econ-
“Threatening with high tariffs at every willing to strengthen dialogue and
turn is not the right way to get along with exchanges on export control with other
A ceasefire between Israel and Hamas held in certain computer chips and advance focused director at the Center for Stra- omy ministry said on Sunday. China,” the Commerce Ministry said. “China nations. bloomberg
Gaza for a third day on Sunday ahead of the
expected release of Israeli hostages and Pales- bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
tinian prisoners and an address by US Presi-
dent Donald Trump to Israel’s parliament.
Thousands of Palestinians continued to travel

Pakistan, Afghan Taliban suffer

EU’s new digital border registration kicks in matters, talks called “very
productive” by Ukraine’s
president. US President
Donald Trump said on
Russian President Vladi-
mir Putin said earlier this
month that it was imposs-
ible to use Tomahawks
press trust of india entering Schengen area countries action before travelling and the pro- particularly at our busiest border these modernisation measures will Monday that before agree- without the direct participa-
London, 12 October including Iceland, Liechtenstein, cess is free as registration takes place crossings. We’ll continue working help us protect our citizens and pre- ing to provide Tomahawks, tion of US military person-
Norway and Switzerland, with Ireland upon arrival at the EU border, making closely with European partners and vent illegal migration,” said Alex he would want to know nel and so any supply of
Travellers to Europe, including and Cyprus exempt. For travellers the border process longer than pre- local resilience forums to keep traic Norris, UK Minister for Border Secur- what Ukraine planned to do such missiles to Ukraine
Indians, will be subject to new using the Port of Dover, Eurotun- vious border checks. flowing and journeys smooth,” said ity and Asylum. with them because he did would trigger a “quali-
entry registrations from nel at Folkestone or Eurostar British passport-holders will need Keir Mather, UK Minister for Aviation, Children under 12 will not be not want to escalate the war tatively new stage of escala-
Sunday under a phased at St Pancras International to register on their first visit to a Maritime and Decarbonisation. fingerprinted under the new EU rules between Russia and tion”. The Financial Times
implementation of the in London, the process will country where EES checks are operat- The EU says its EES is aimed at but all travellers, including babies, Ukraine. Tomahawk mis- (FT) reported on Sunday
European Union's new take place at the border ing, with the registration valid for a modernising and strengthening will be photographed and have digital siles have a range of 2,500 that the US has been helping
digital border system. before they leave the UK. rolling three-year period or until the border control, replacing passport records created. km (1,550 miles), meaning Ukraine mount long-range
The EU’s Entry Exit “We must do every- passport expires. The new system will stamping for all non-EU citizens and Meanwhile, the UK government Ukraine would be able to strikes on Russian energy
System (EES) requires non- thing we can to prevent ter- be phased in over six months, helping them to track compliance has also rolled out its Electronic use them for long-range facilities for months.
EU citizens to register at the rorists and irregular meaning different ports may have with visa rules. Travel Authorisation (ETA) scheme, strikes deep inside Russia, The FT said US intelli-
border when entering any of the migrants from entering the varying requirements until it is “The EES will also help to signifi- which is a digital permission to travel including Moscow. gence helps Kyiv shape
EU countries by scanning their pass- Schengen Area illegally,” said expected to become fully operational cantly reduce identity fraud,” an oi- for visitors who do not need a visa for Tomahawks is of mission decisions, enabling
port and having their fingerprints and Rasmus Stoklund, EU's Minister for by April 10, 2026. cial statement said. short stays, or do not have another extreme concern,” Kremlin Ukraine’s long-range, one-
photograph taken. Immigration and Integration. “Our priority is to minimise dis- “The UK and EU have a shared valid UK immigration status prior to spokesperson Dmitry way attack drones to evade
EES will be a requirement when Travellers do not need to take any ruption for travellers and hauliers, objective of securing our borders and travelling to the UK. Peskov told Russian state Russian air defences.

DISCLAIMER News reports and feature articles in Business Standard seek to present an unbiased picture of developments in the markets, the corporate world and the government. Actual developments can turn out to be different owing to circumstances beyond Business Standard’s control and knowledge. Business Standard
does not take any responsibility for investment or business decisions taken by readers on the basis of reports and articles published in the newspaper. Readers are expected to form their own judgement. Business Standard does not associate itself with or stand by the contents of any of the advertisements accepted in good
faith and published by it. Any claim related to the advertisements should be directed to the advertisers concerned. Unless explicitly stated otherwise, all rights reserved by M/s Business Standard Pvt Ltd. Any printing, publication, reproduction, transmission or re-dissemination of the contents, in any form or by any means,
is prohibited without the prior written consent of M/s Business Standard Pvt Ltd. Any such prohibited and unauthorised act by any person/legal entity shall invite civil and criminal liabilities. Journalists and editors working in Business Standard do not contribute to and are not associated with features and articles appearing
in this newspaper under sections classified as Advertorial or Brand post. Such articles are to be treated as paid-for advertisements. Some of the reports in this newspaper and its website may have gone through preliminary processing by artificial intelligence tools before a final edit check.

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
b bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb B bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
stay informed through the day @ www.business-standard.com OPINION 9
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

volume xxx number 53 illustration:binay sinha

mumbai | monday, 13 october 2025

Building a partnership game of chicken from positions of surprising vulner-

ability. There is tremendous pressure on both sides to
step back from the brink. Each leader wants to project
UK-India relations still have room to grow strength and extract concessions, but each is captain-
ing a ship that is listing badly. Both would prefer to end
The recent visit of the Prime Minister of the United Kingdom (UK), Keir Starmer, to
the trade war and tend to their domestic problems.
India was meant to emphasise recent developments in bilateral relations, culmi- This suggests that while the rhetoric will remain
nating in the signing of the Comprehensive Economic and Trade Agreement (Ceta) heated, the most extreme protectionist measures may
in July this year. Mr Starmer was accompanied by the largest ever delegation of prove temporary. For Indian policymakers and ﬁrms,
businesspeople from the UK to visit this country, and Whitehall has emphasised this volatile environment creates a strategic oppor-
tunity. The optimal path is a strategy of deep and prag-
that during the visit Indian companies have promised investments of about 1.3 bil-
matic global integration.
lion pounds in the UK economy. Those include an expansion of manufacturing First, India must prioritise concluding a compre-
facilities in the north of England by TVS Motor, which acquired British company hensive trade and investment agreement with the
Norton Motorcycles in 2020. India, meanwhile, hopes to gain access to advanced United States. Such a deal would stabilise a critical for-
innovation through new joint projects. The trade deal itself may open up markets eign-policy relationship and unlock economic com-

Indian virtue in
plementarities in technology, finance, and services.
for Indian companies, including smaller ones. For example, the gems & jewellery
Progress remains stalled by tariff and non-tariff bar-
sector, which is likely to be hit hard by the United States’ new trade policies, hopes riers on both sides, from complex rules of origin to
to double its exports to the UK in the coming years. restrictions on services, capital flows, and govern-
Mr Starmer delivered an address to a fintech conference in Mumbai, an indica- ment procurement. Frictions over visas, tax complex-
tion that closer ties between both the financial and tech sectors in the two countries
are on the horizon. The UK, although struggling with problematic fiscal numbers
and a high-cost domestic economy, nevertheless remains a major financial centre
and location for technological innovation, especially in biotech and fintech. These
US-China trade war ities, and data localisation rules have also impeded
progress. Systematically dismantling these obstacles
would deepen India’s integration with the world’s lar-
gest market and reinforce our participation in stra-
tegic frameworks like the Quad and the Initiative on
strengths are reflected in the nature of the collaboration planned, which is meant Their game of chicken and our path to triumph Critical and Emerging Technologies.
to upgrade facilities at the institutions run by the Biotechnology Research and Second, this alignment reinforces India’s position-
The global order, based on rules, is being systemati- vehicles. The government has ratcheted up economic ing as the natural “China +1” alternative. Seizing this
Innovation Council in India and the Indian Institute of Science. Some Indian prio-
cally subverted by China. Its state-led economic nationalism, crushing private-sector confidence and opportunity demands a renewed commitment to
rities in the past, however, have been taken off the table. For example, it is unlikely model relies on practices that contravene the prin- fuelling record-high youth unemployment. domestic structural reforms. This requires a funda-
that questions about work visas for Indians will come up in negotiations again, ciples of the World Trade Organization, including Decades of state-directed industrial policy have mental overhaul of regulation and the functioning of
given the domestic political situation in the UK. There has already been a surge of extensive industrial subsidies that create global over- created chronic overcapacity in one industry after regulators. It requires deepening indirect tax reforms
Indian arrivals in the UK, with about 850,000 migrating just between 2021 and 2024. capacity, pervasive non-tariff barriers, state-spon- another, from steel to solar panels to electric vehicles. and an orthodox goods and services tax. It means
sored intellectual property theft, and forced These sectors now depend on exporting their surplus tackling foundational problems like slow judicial
Instead, the Indian and UK governments have agreed to cooperate more closely to
technology transfer. In the security domain, Beijing production to remain financially viable, making them enforcement, and restrictive labour and land laws.
ensure the return of illegal migrants. openly disregards international law, exemplified by acutely vulnerable to tariffs and trade barriers. The goal is to create an environment where foreign
A great deal of work, however, remains to be done in order to ensure the imple- its rejection of the 2016 Permanent Court of Arbitra- The combination of the failures of central plan- and domestic firms can operate with confidence,
mentation of Ceta in such a way that all companies, including micro, small, and tion’s ruling on the South China Sea. It undermines ning, a collapsing property bubble, and a demo- unlocking the private investment needed for sus-
medium enterprises in India, benefit from it. Mutual-recognition agreements for regional stability with military coercion against graphic decline invites a historical parallel with the tained growth.
Taiwan and provides a crucial economic Union of Soviet Socialist Republics Third, India should accelerate its integration with
professionals need to be hammered out, and these may not be easy since both
lifeline to Russia helping in the invasion (USSR) of the mid-1980s: A seemingly other advanced economies through deep and com-
nations have services-heavy economies. Commitments on e-governance in trade of Ukraine. In response, the new United mighty, centrally planned economy prehensive free-trade agreements (FTAs) with high-
as well as regulatory cooperation will need to be followed up if the full benefits of States (US) administration, under quietly crumbling from within. Beijing’s trust partners like the European Union, the United
the trade agreement are to be harnessed. Further work will also have to be done in Donald Trump, has initiated a policy of dilemma is acute. In 2023, China’s Kingdom, Japan, and Taiwan. These FTAs are more
the security domain. The Indian and the Royal British Navies have exercised imposing high, broadbased tariffs, exports of goods to a broad bloc of than just trade documents; they are vehicles for insti-
aiming to force fundamental changes in advanced economies totalled approxi- tutional spillovers that can elevate the quality of
together in the past, but there is potential for greater cooperation in the Indian
China’s behaviour. mately $1.85 trillion, of which the US was domestic governance. This outward orientation fun-
Ocean region, including in triangular format with the French. This confrontation is a geopolitical at $427 billion. The Chinese government damentally alters firm-level incentives. As econ-
The UK has invested further in its naval base in Bahrain and there is hope that game of chicken. The game theory is torn between nationalist pride vs the omists Jagdish Bhagwati and Anne Krueger observed
model is simple: Two drivers accelerate pragmatic necessity of ending the trade
it will be able to step up anti-piracy surveillance and operations, in support of and
towards each other on a single-lane road.
SNAKES & war to stabilise its economy.
decades ago, firms that compete globally tend to rent-
seek less and innovate more.
in cooperation with, the Indian Navy. The India-UK partnership remains one of the
most tension-free and transparent from New Delhi’s perspective, and there is con-
The first to swerve is the “chicken”; if LADDERS On the American side, for all the rhet- Finally, the strategic mandate for Indian firms is
neither swerves, the result is a cata- ajay shah oric about protectionism, the economic unambiguous: Globalise. The imperative is to learn at
siderable room for it to expand further in both the economic and security spheres. strophic collision. The high-stakes stand- reality is also challenging. Imposing high, the global frontier. As multinationals bring advanced
off between Washington and Beijing is of broadbased tariffs is a self-defeating technical and managerial know-how into India,
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb this nature. Each side is projecting strength, but a policy that inflicts significant harm on the domestic domestic firms must engage deeply with foreign capi-
closer look reveals significant internal weaknesses economy. The tariffs disrupt supply chains, raise tal, technology, and skilled personnel. A firm’s degree

Known unknowns in Gaza that pressure both to ﬁnd an off-ramp.

On the Chinese side, the economy is alicted by
severe structural weaknesses. The collapse of the
input costs for American manufacturers, and ulti-
mately act as a tax on consumers. Apart from a capi-
tal-investment boom in artificial intelligence,
of internationalisation serves as a powerful indicator
of its quality. Competing in global markets derisks
firms from domestic business cycles and regulatory
Lack of clarity challenges the peace plan over-leveraged property sector is the epicentre of the underlying American economic growth has stalled. vagaries. It forces a reliance on genuine competitive-
crisis. This has triggered a solvency crisis for devel- The tariffs are feeding inflationary pressures. Reflect- ness over state patronage. In this new era, firms must
Despite the celebrations erupting when United States (US) President Donald opers and for local governments that depend on land ing a global retreat from American assets amid policy be deliberate in choosing partners, favouring jurisdic-
Trump announced a ceasefire between Israel and Hamas, signs of the 20-point sales for a significant portion of their revenue. The uncertainty, the dollar has weakened significantly; tions with low geopolitical and regulatory risk — the
peace plan fraying at the edges are already evident. Hamas leaders have announced contagion has, in turn, placed the banking system the dollar/euro exchange rate has dropped by approxi- high-trust liberal democracies.
under severe stress, given its exposure to both prop- mately 11 per cent in 2025 alone. vvvvvvvvvvvvvvvvvvvvvvvv
that they will not be involved in the oicial signing of the peace plan, which Mr
erty developers and local government financing Both protagonists are engaged in the high-stakes The author is a researcher at the XKDR Forum
Trump will be attending with Egyptian President Abdel Fatah al-Sisi and various
world leaders in attendance at Sharm el-Sheikh on Monday. Hamas has described bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
the plan, drawn up between Israel and the US without Hamas participation, as
“absurd”. As Palestinians return to their pulverised homes from areas that the
Israeli Defence Forces have begun vacating, peace in the short run is contingent on
what happens in the 72 hours after the ceasefire starts. In the longer run, there
appear to be too many obstacles and much lack of clarity for the plan to offer a dur-
able peace for the region.
Regime change, not climate change
Under the plan, Hamas must release all 20 hostages believed to be alive by noon Donald Trump has spoken from the global pulpit. civilisation. Windmills, which generate cleaner power interests in the business of energy and much more.
(local time) on Monday. In addition, the remaining deceased hostages (about 26 of Speaking on the 80th anniversary of the United at a lower cost than conventional systems do, are Mr Trump needs to label and dismiss the climate
Nations (UN), the United States (US) President called blamed for driving down standards of living. agenda as the work of “radical left loonies”. This
them) must be handed over within 72 hours, with some leeway to give Hamas time climate change a “big con” and by association, all of He wants this message to spread across the world means that anyone who believes in the existential
to locate them. In turn, the Israelis will release 250 Palestinian prisoners serving life us, who advocate urgent action, charlatans. In his — particularly the West — so that it turns against the crisis caused by climate change, or even the need to
sentences and 1,700 detainees from Gaza. The problems could begin here because rant, he berated Europe for its transition to green “left loonies” (his words, not mine). We must see his clean up pollution from energy systems, is part of
Israel has declined to release two high-profile leaders whom Hamas has demanded. energy, saying it leads to high costs, which would kill message at the UN as a political effort to turn this “woke” brigade. It makes the rest of society take
It is also unclear what will happen if Hamas delays the release of the Israeli hostages. growth. He dismissed the science of climate change people towards the “right” and away from govern- sides — and this is what happened during the pan-
and went on to say that coal was clean. ments that believe in social justice and demic or even when the United Kingdom (UK) voted
As aid workers prepare to surge into Gaza, a multinational force from Egypt, Qatar, But I am not writing this to demean your climate action. to leave the European Union (EU). It makes the issue
Turkey and the United Arab Emirates, overseen by the US military (though without intelligence and to explain why Mr Let us also be clear that there is deep toxic and makes it about the elite versus the rest.
boots on the ground), will monitor the ceasefire and check for transgressions. Trump is wrong. We know the reality of resentment in the Western world, which Worse, it demonises science and experts, and por-
Assuming this first phase goes successfully — and there are multiple unknowns climate change as extreme weather was the architect of the free-trade global- trays them as out of touch with the painful realities
here — the broader plan is problematic. It is unrealistic to assume that Hamas will events tear across our world, bringing isation regime and led economic growth. of ordinary people.
with them economic devastation and Mr Trump is taking it all to a boil so that We must fight this branding because it does far
agree to disarm and play no role in a territory it has dominated since 2007. Hamas is human tragedy. he can bring about changes in the more damage than Mr Trump’s words of insult. For
even less likely to endorse handing over the strip over to its fierce rival, the Palestinian The question is, who was Mr Trump politics of the West — at least where there instance, we know as environmentalists in countries
Authority (PA), which administers the West Bank, and from which it wrested control really addressing when he spoke at the is still commitment to the change the like India how such labelling can undermine our
of Gaza. Israel, too, is reluctant to see the PA’s involvement in post-war Gaza. There UN General Assembly (UNGA)? I believe world so desperately needs. He wants message and work. When we are called anti-develop-
are questions, too, around the ambit of responsibility of the “temporary transitional this is what we must discuss. He was not DOWN TO
those governments to fail so that the ment, it detracts from the fact that environment and
speaking to the leaders in the grand room; parties that stand against multilateral- development are two sides of the same coin.
committee” of Palestinian technocrats, given that it will be supervised by a “Board he was not even speaking to the likes of
EARTH
ism, global solidarity, and climate action This is why we have carefully and deliberately
of Peace”, chaired by Mr Trump and involving former British Prime Minister Tony you or me. He was speaking directly to the sunita narain can win. This is regime change on a scale worked to ensure that climate-change policies are part
Blair, raising all the old bogeys of western colonialism. Together with a plan for econ- large numbers of ordinary middle- and never seen before. of the development strategies in our countries. For us,
omic development that centres on construction, it is diicult to escape the notion working-class people, both in the rich world and the And it is happening. Europe’s ambitious climate it makes sense to find pathways to economic growth
that Gaza could become a real-estate play for foreign corporations rather than a sus- to-be-rich world, who believe that they have been policy is facing headwinds. The European Commis- that come without pollution. We know this. And we
cheated and deprived in the globalised economy. In sion failed to secure an agreement on the next round of also understand that in our divided and unequal
tainable enclave for Palestinians to live in peace and prosperity. Most concerning is their minds — and Mr Trump would like to ensure emission-reduction targets. There is now increased world, sticks and stones may break bones. It can
the question of Israeli credibility. Israel still occupies 53 per cent of the strip, though that this message is stamped — the problem is the resistance to these policies, and it is no surprise that destroy our common home, our planet Earth. So, let’s
a phased withdrawal under the plan will reduce this to 15 per cent. Why should Israel “invasion” of immigrants, who they see as taking away there is a growing shift towards parties that eschew cli- not dismiss this address to the world as just another
be present in Gaza at all? Given its brazen encroachments in the West Bank, it is dii- livelihoods. It is about governments that are weak and mate change, much like Mr Trump does. Trump rant. It is a carefully crafted strategy to destroy
cult to see Israel complying with any major retreat, the second since 2005, when it allowing this to happen with impunity. It is then The US President wants to accelerate this move- the very “rightness” of the idea of climate change.
linked to the higher cost of living, declining real ment so that the world aligns with his side of the vvvvvvvvvvvvvvvvvvvvvvvv
unilaterally dismantled all settlements. The open-ended nature of the proposals and wages, and the cost of green transition, which Mr divide. Climate change has become a pawn in this The author is at the Centre for Science and
the lack of good faith on either side will remain a challenge for lasting peace. Trump says will lead to the downfall of the Western political game, which is driven by hard economic Environment. [email protected], X: @sunitanar

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

When US first swung the big stick

zeal to use America’s power to same tactics employed by the it. Still, though his account of the US
help the world’s down- hated Spanish: His men campaign in Cuba makes Splendid Liber-
trodden. In the 1890s, executed prisoners, tortured ators hard to put down at times, else-
donations poured into people for information and where it drags.
loves the brave.” Asia; and it revealed an enviable capac- charities like the recently destroyed crops in an attempt Certain petty annoyances stand out.
That assessment may have come too ity to turn its robust industrial and established Red Cross, and to flush out the guerrillas. In Jackson has a habit of tacking between
soon. As Joe Jackson makes clear in his economic base into military might, protesters demonstrated 1899, he was promoted to the tenses, sometimes within the same para-
compelling, thoroughly researched but almost overnight. against the massacre of rank of brigadier general. graph, so that action in the past suddenly
occasionally exhausting book, Splendid Jackson has done a service in uniting hundreds of thousands Funston’s no-holds-barred shifts to the present, then back.
Liberators, the Spanish-American War the two phases of the conflict into a of Armenians by methods won him the backing Still, Jackson writes with a sense of
remains perhaps the most misunder- single, engrossing narrative. Most Ottoman troops. of jingoists like Roosevelt, who urgency about the need for Americans
stood conflict in US history. observers, then and now, did not see the Millions of Americans like SPLENDID became president following to examine the ease with which their
CLAY RISEN It was certainly not splendid: More Cuban and Philippine theatres as parts of Funston also swooned to the LIBERATORS: Heroism, McKinley’s assassination in country gets involved in faraway wars,
than 4,000 US soldiers died between 1898 the same war. cause of “Cuba Libre”. In 1896 Betrayal, Resistance, 1901. Roosevelt saw his especially when jingoism is once more
In July 1898 the American diplomat John and the declaration of peace in 1902 in Jackson prefaces the book with 10 he joined the furtive waves of and the Birth of country as both a force of liber- on the rise.
Hay boasted in a letter to his friend the Philippines, where an insurgency pages of dramatis personae. Chief among American civilians who American Empire ation and an empire, bringing “It’s easy for moral certitude and
Theodore Roosevelt, then the commander had drawn the Americans into a brutal them is Frederick Funston, about as close smuggled themselves onto the by Joe Jackson American values to the world blindness to be one,” Jackson writes.
of the Rough Riders volunteer cavalry, that guerrilla war. Civilian deaths were well to an avatar of America’s swift rise to island to enter the fray. Published by Farrar, whether it liked it or not. “The myth plays out often — in my life,
Straus & Giroux
their country had benefited quite well over 500,000 in the Philippines and global power as one could find. Raised in He didn’t last long. The Americans declared from the Bay of Pigs to Vietnam, Iraq and
786 pages $39
from what he called a “splendid little war” Cuba, thanks to the horrific tactics rural Kansas in the decades after the Civil Wounded repeatedly and the war over in July 1902. Afghanistan. The leaders we elect always
against Spain, quickly taking control not employed by the Spanish and the Ameri- War, he made his way to New York City in stricken by malaria, he left
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb Within a few years, the United act surprised when things go awry.”
just of Cuba, but of Puerto Rico, Guam and can occupying forces. the 1890s, where he fell in thrall to the Cuba after 18 months, only to States had not only replaced vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
the Philippines too. And while at the time the war might Cuban cause. rejoin the fight after President William Spain as a world power, but showed itself The reviewer is New York Times reporter
Though Roosevelt and his men were have seemed “little,” it was in fact world- He was not alone. America was McKinley declared war on Spain in 1898. willing to do all the terrible things that on the Obituaries desk and the author of
still in Cuba, Hay was already praising a altering: In a single conflict, the United rapidly becoming a literate, middle-class This time he was sent to the Philip- Spain and other European countries had The Crowded Hour: Theodore Roosevelt,
war “begun with the highest motives, States captured virtually every Spanish society, qualities that also made it more pines. Funston soon became an avid par- done to maintain control. the Rough Riders, and the Dawn of the
carried on with magnificent intelligence colonial territory; it established itself as a aware of the world beyond its borders. ticipant in the US military’s three-year Jackson has mastered the material American Century.
and spirit, favored by that fortune which major power along the eastern edge of With that awareness came a missionary counterinsurgency. He used many of the and offers a persuasive interpretation of ©2025 The New York Times News Service

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
MUMBAI | MONDAY, 13 OCTOBER 2025
STREET VIEW
“A LOT OF THE BULLISHNESS IS BUILT
AROUND EXPECTED EARNINGS
GROWTH. IF WE START TO SEE
CRACKS IN THAT, IT WOULD NOT BE
GOOD FOR THE MARKET IN GENERAL”
Chuck Carlson
Chief Executive Officer, Horizon Investment Services
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Signed, sealed, delivered: Delhivery’s Q2 payoff

Mining growth from market’s

list on Monday with modest gains, while

The Street’s volume crash diet LG Electronics India, debuting a day later, is
expected to jump over 30 per cent. However,
only a fraction of investors are likely to
A market bloated on futures
and options speculation
has slimmed under Sebi’s
cent — its weakest ﬁrst-half
performance since H1 of 2022-23.
The drop in trading volumes
follows the Securities and Exchange
often-overlooked middle receive allotments, as the appliance maker’s
IPO drew a record ~4.4 trillion in bids.

watch — 20% leaner Board of India’s (Sebi’s) overhaul of Patient, data-driven selection uncovers midcap opportunities Small fish, big splash:
Equity market activity slowed
the F&O framework last year, which
introduced several curbs to rein in that quietly outpace benchmarks while managing risk Winro in IPO pool
sharply in the ﬁrst half (H1) of speculation. Among these, the Winro Commercial (India), valued at ~30
2025-26 (FY26), with average daily one-exchange-one-weekly-expiry Launched in December 2007, crore, has grabbed attention after placing a
trading volume (ADTV) in both rule hit volumes the hardest. Edelweiss Mid Cap Fund has consistently n Fund n Category n Benchmark ~750 crore bid in the blockbuster LG Elec-
cash and derivatives segments down Brokerages are likely to report ranked in the top 30th percentile of
Diamonds Returns (%) tronics (India) initial public offering (IPO).
29.11

in market’s
28.11
27.63

about 20 per cent from a year earlier. another weak quarter after a steep Crisil Mutual Fund Ranking’s (CMFR’s) Winro’s stock has hit upper circuits in recent
25.33
23.83

22.71

22.94

22.02
Stricter rules for derivatives trading fall in proﬁts in the June period. midcap category for four consecutive sessions, drawing strong market interest.
middle tier
21.37
21.25

20.48

20.30

18.28
and weak market sentiment kept Valuations of listed players have quarters through June 2025. Given the IPO’s 166x oversubscription,
17.94
15.99
investors on the sidelines. already corrected; for instance, The fund’s assets under management Hidden gems in Winro is likely to receive an allotment worth
The cash segment’s ADTV Angel One’s one-year forward price- climbed to ~10,988 crore at the end less than ~5 crore. This is not the company’s
-0.64
-1.92
0.04

slipped 19 per cent to ~1.1 trillion to-earnings multiple has fallen from of June 2025, up from ~1,864 crore in midcaps reflect first IPO investment — it also participated in
from ~1.4 trillion a year ago, while over 30x a year ago to below 20x. June 2022. Trideep Bhattacharya, resilience and the HDB Financial Services IPO, several
1-year 2-year 3-year 5-year 7-year 10-year
futures and options (F&O) turnover While trading volumes could Raj Koradia, and Dhruv Bhatia have man- clarity, cutting small and medium-sized enterprise issues
fell 21 per cent to ~382.3 trillion rebound in the second half of aged the fund since October 2021, August One-year returns are absolute; all this year, and a few last year. As a registered
from ~485 trillion. the year, ongoing regulatory 2024, and October 2024, respectively.
through noise other returns are annualised. Data non-banking financial company, Winro can
as of October 9
The benchmark Nifty ended uncertainty — including talk of The fund seeks long-term capital apply under the qualified institutional buyer
H1FY26 with modest gains, weighed shifting from weekly to monthly appreciation through a portfolio category, which allocates shares on a
down by persistent foreign investor expiries — may keep capital market predominantly invested in midcap pro-rata basis, unlike the lottery system for
outflows that also dragged the rupee stocks under pressure. equities and equity-related securities. retail investors. Amid the ongoing IPO boom,
lower. The index rose just 3.7 per samie modak investing in Winro is seen as a sly move to up
Ahead of the curve one’s chances of landing an allotment — at
Edelweiss Mid Cap Fund has least, that’s the market insider’s joke.
Trading on outperformed its benchmark (Nifty contributed by sundar sethuraman
a light plate Midcap 150 Total Return Index, TRI) over
one-, two-, three-, five-, and seven-year
A monthly SIP of ~10,000 over 10 years
(~12 lakh invested) would have grown to
aged 67.14 per cent in midcaps, 14.23 per
cent in largecaps, and 14.11 per cent in
& samie modak
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
Sebi puts Street on a controlled trailing periods. It has also outshone its ~35.92 lakh (20.98 per cent annualised). By smallcaps, underscoring the fund’s
menu — lighter, slower, measured midcap peers across one-, two-, three-, contrast, the benchmark would have slightly bolder mid and smallcap tilt. Events this week
ADTV (~ trn) Y-o-Y chg (%) five-, seven-, and 10-year horizons grown to ~34.58 lakh (20.27 per cent) as The portfolio spans 19 sectors.
(CMFR, June 2025). of October 9, 2025. The fund has outper- Financial services held the largest weight October 13
First half of Cash F&O Cash F&O ●
India: Consumer Price Index
For perspective, an investment of formed the benchmark across three-, (21.14 per cent), followed by capital goods
2022-23 0.6 120.7 -19 117 ~10,000 at inception (December 26, 2007) five-, seven-, and 10-year SIP periods. (18.24 per cent), healthcare (9.39 per cent), ●
Results: HCLTech
2023-24 0.7 288.8 20 139 would have grown to ~1.01 lakh by consumer services (7.46 per cent), and
2024-25 1.4 484.9 87 68 October 9, 2025, delivering an annualised Midcap muscle in action automotive (auto) and auto components October 14
13.91 per cent return. By comparison, True to its mandate, the fund has (7.07 per cent). ●
India: Wholesale Price Index
2025-26 1.1 382.3 -19 -21
similar investments in the midcap maintained a higher allocation to midcap During this period, the fund held ●
UK: ILO Unemployment Rate,
Combined average daily trading volume category and benchmark would have stocks over the past three years. On 154 stocks in total, with 19 core Employment Change,
(ADTV) for National Stock Exchange (NSE)
and BSE
reached ~86,275 (12.87 per cent) and average, 67.89 per cent of assets were in holdings maintained consistently. Key Claimant Count Change
Notional turnover for futures and ~87,493 (12.96 per cent), respectively. midcaps, 13.97 per cent in largecaps, and contributors included Trent, Dixon ●
Results: ICICI Lombard, Tech Mahindra
options (F&O) Sources: NSE, BSE Systematic investment plans (SIPs) 15.18 per cent in smallcaps. By Technologies (India), Persistent Systems,
offer a disciplined approach to investing. comparison, the midcap category aver- and Indian Bank. crisil intelligence October 15
●
India: Export, Import, and
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb Balance of Trade, Unemployment Rate
●
US: MBA Mortgage Applications,
Core Consumer Price Index

‘We may see fewer IPOs in the next Samvat’

of US rate trajectory, dollar strength,
and emerging-market valuations. ●
China: Producer Price Index,
While risk aversion persisted during Consumer Price Index
parts of the year, selective re-entry is ●
Results: Axis Bank, HDFC Life Insurance,
Primary markets witnessed a ﬂurry of activity in 2025. subdued in the next Samvat as see fewer initial public offerings in the likely once global rate cycles stabilise —
& Jimeet Modi, founder and chief executive oicer of Samco Group,
tells Puneet Wadhwa in an email interview that investors today
investors remain selective and
companies shy away from listings
next Samvat, but of far superior quality.
This consolidation is healthy — it
particularly in high-quality ﬁnancials,
manufacturing, defence, specialty
Indian Railway Finance Corporation

October 16
are discerning, rewarding only companies with strong fundamentals, good amid uncertain secondary markets? separates enduring businesses from chemicals, and automobiles. ●
US: Initial Jobless Claims, NAHB/Wells
governance, and visible growth. Edited excerpts: n The primary market’s rhythm mir- transient ones. For credible promoters, DIIs, meanwhile, may recalibrate Fargo Housing Market Index
rors investor confidence. While senti- capital remains abundant; it’s just more selectively, rotating from overheated
What’s your market outlook prices, and potential volatility in the ment may appear cautious, it reflects discerning. What lies ahead is not a mid and smallcap segments to Results: Infosys, Jio Financial Services,
for the next Samvat? information technology (IT) and energy maturity, not weakness. Investors slowdown, but an evolution, where quality largecaps, maintaining their LTIMindtree, Nestlé India, Wipro
n On a year-to-date basis, benchmark sectors. Opportunities remain robust in today reward companies with strong India’s primary market grows leaner, counter-cyclical role as stabilisers.
Results filtered for Nifty 50, Nifty Next 50 firms
indices like Sensex and Nifty have defence, automotive, banking, com- fundamentals, good governance, and wiser, and more value-driven. Domestic conviction remains Source: Bloomberg
delivered single-digit returns of about modities, and select manufacturing visible growth. underpinned by India’s macro resil-
6 per cent, which looks modest com- segments benefiting from import The era of chas- What’s the road ahead for ience, policy momentum, and robust
pared to gold and silver, which gained substitution and policy incentives. ing narratives is domestic institutional investor (DII) earnings visibility — structurally insu- Top bulk deals
57 per cent and 69 per cent, respect- over; the focus and foreign institutional investor lating markets from global volatility. DATE SCRIP CLIENT PRICE (~)
ively. Turbulent geopolitical situations, How have the fortunes of has shifted to (FII) flows? Oct 6 Aditya Birla Flipkart 137
tariff threats, de-dollarisation, and the broking industry shaped substance over n FIIs remain tactical participants, Are the markets too optimistic
Lifestyle Investments (S)
sliding interest rates have favoured up over the past year? story. As a with flows dictated by the global trinity about corporate earnings growth?
Brands
rallies in precious metals. Most of n The past year has been challenging, result, we may n Expectations for the July-
these issues are likely to persist in but there is room only for upward Substance over story: The September quarter point to modest Oct 6 Embassy Kotak Performing 421
the next Samvat as well. movement. The ‘access to performance, reflecting consolidation Office Parks RE Credit Strategy
Benchmark indices are likely to investors’ game is over; now it’s next Samvat IPO evolution rather than acceleration. Sales activity Reit Fund-I (S)
remain range-bound due to two main about providing value-added paused briefly from mid-August
n Primary market mirrors confidence; Oct 7 Shaily Lighthouse India 2,134
reasons: rich valuations limiting upside services like research and following the goods and services tax
caution = maturity Engg Plastics Fund III (S)
until earnings catch up, and domestic recommendations. As more (GST) rate cut, with momentum
liquidity limiting downside. Thus, the people lose money in the n Investors favour fundamentals, picking up only in late September. Oct 6 Eternal BofA Securities 329
Nifty could remain in a range of 26,277 markets, brokers’ jobs governance, growth over hype Export-oriented sectors gained from Europe SA (B)
to 21,281. A breakout beyond this range increasingly focus on help- n Fewer IPOs, higher quality rupee depreciation, giving a partial
could trigger a 5-10 per cent move in ing investors and traders boost to earnings. While IT faced Oct 6 Eternal Goldman Sachs 329
n Consolidation separates enduring
that direction. make informed decisions challenges, the automotive industry Bank Europe
versus fleeting businesses
— a direction we are emerged as a key beneficiary of the GST SE — ODI (S)
What are the biggest risks actively pursuing. n Credible promoters retain capital reduction. Overall, near-term earnings
access, now more discerning Oct 6 Aditya Birla ICICI Prudential 137
investors should be mindful may remain steady, but underlying
Lifestyle Mutual
of for the next year? Do you think n Market evolving: leaner, wiser, indicators point to the start of an upside
n Investors should watch for a global Brands Fund (B)
primary market value-driven cycle, supporting market optimism and
demand slowdown, elevated crude oil activity will remain opportunities for buying on dips. (B) Buy (S) Sell Source: Exchanges

rally in yellow metal

Any legal heir can pursue To avoid Fomo, make a gradual entry
case after consumer’s demise
and children — ought to have filed it. The
National Commission directed that the
widow and children be impleaded as
into gold but keep a long horizon
parties to the complaint, but allowed the Existing investors should book partial profits, rebalance if portfolio allocation has exceeded 10%
brother to continue as the complainant.
The opposite parties then filed a review sanjay kumar singh & cal demand could lead to volatility, as
petition, contending that the Hindu karthik jerome Returns from gold over India accounts for a large share, around
Succession Act provides for the
devolution of the estate upon legal Gold touched a record high of ~1.24
past three years 20-odd per cent, of global demand,” says
Vikram Dhawan.
heirs of the first degree, and only in the lakh per 10 grams on October 7, Domestic market returns (%) The rally has become overstretched
absence of such heirs would the right pass according to media reports. It after a sharp run-up. “Some investors
1-month 10.8
CONSUMER PROTECTION on to the brother, who is a second-degree is up 62.4 per cent over the may book profits at current levels, lead-
legal heir. They argued that since the elder past year. The yellow metal 6-month 34.8 ing to short-term volatility,” says Gandhi.
jehangir b gai brother was not a legal heir also crossed $4,000 per troy
of the first degree, the complaint ounce for the first time in the inter- 1-year 62.4 Outlook remains positive
The law is well settled that a legal heir can should be dismissed. national market. 3-year 33.5 Experts are of the view that the bullish
pursue a complaint upon the death of the When the review petition was also dis- trend in gold is likely to continue in the
original complainant. The problem is that missed, Dr Bhattacharya challenged the Central bank purchases 5-year 19.0 near future, though minor price or time
legal heirs can be classified into categories, order in a petition before the Delhi High a key driver corrections may occur.
10-year 16.5
raising the question of which category of Court. In its order dated September 18, Central banks are diversifying their “Comex gold could reach between
Note: Above 1-year returns are annualised
legal heir would be entitled to carry on the 2025, Justice Manoj Jain observed that the reserves away from US dollar holdings. $4,100 and $4,300 in the next six
Source: Bloomberg
proceedings. This interesting point of law Consumer Protection Act defined a com- “About 25 to 30 years ago, central banks Compiled by BS Research Bureau months. Domestic market prices could
came up before the National Commission plainant and provided that in case of the typically held 75-80 per cent of their rise to around ~1,25,000-1,27,000 per 10
and was later carried to the death of a consumer, his legal reserves in US treasuries. That figure grams in six months,” says Gandhi.
Delhi High Court. heir or representative would has fallen below 60 per cent and could also increased market anxiety, promp- drive safe-haven flows into gold. Vishal Dhawan is of the view that after
Shambhu Nath Thakur, the delhi high court be entitled to file a complaint. drop further in the future,” says Vikram ting investors to seek refuge in precious “US Fed rate cut cycle, central bank three years of unusually high returns,
an engineer who grad- emphasised that the In view of this provision, the Dhawan, head commodities and fund metals,” says Saumil Gandhi, senior ana- buying, weaker dollar due to de-dollar- gold prices are likely to consolidate.
uated from BITS Pilani, consumer court concluded that when a manager, Nippon India Mutual Fund. lyst – commodities, HDFC Securities. isation, speculation over US government
worked as a general man- protection act must consumer is no longer alive, A global reset in asset allocation is Depreciation of the Indian rupee shutdown, uncertainty over US mid- Build exposure gradually
ager at Texmaco Ltd. He be construed the complaint can be insti- taking place by institutional and retail against the US dollar has led to a higher term election, and geopolitical risks can New investors should not allow them-
suffered from hyperten- liberally: it permits tuted and pursued by his legal investors (besides central banks), which price rise in rupee terms. “In India, lead to further uptrend,” says Patel. selves to fall prey to FOMO (fear of
sion and later developed a remote-degree heir or representative. has accelerated after Covid. Those who rupee depreciation and higher Global investment banks have been missing out) and rush headlong into
multiple black patches on legal heir or any The opposite parties were previously underweight in gold or exchange-traded fund (ETF) flows have raising their price targets for gold, which gold. Vikram Dhawan suggests that
his skin that started bleed- family member to argued that when the widow not invested at all, except during crises, further boosted gold prices,” says Tapan could encourage more retail participa- they should take exposure to it for
ing. He was advised to file a complaint and children are alive, they are now increasing their allocations. Patel, fund manager – commodities, tion. India’s underperforming equity diversification and asset allocation,
undergo various tests and alone are entitled to pursue the Geopolitical tensions since 2022, Tata Asset Management. market is also propelling investors rather than chase short-term gains.
investigations, which complaint, as they fall within trade wars, and macroeconomic uncer- towards gold. The ideal allocation to gold depends
revealed that his platelet count was the category of Class-I legal heirs under the tainties about inflation, currencies, and Asset allocation reset to Higher-than-expected inflation in on a person’s risk appetite and invest-
extremely low. He was rushed to Apollo provisions of the Hindu Succession Act. interest rates have made gold attractive. support rally key markets like the US could push gold ment objectives. “Aggressive investors
Gleneagles Hospital in Kolkata, but the The Delhi High Court observed that, in Global debt levels are at historic The ongoing global reset of asset alloca- prices further up. “Persistent currency can allocate up to 5 per cent of their port-
hospital delayed admission until an view of the direction to have the widow highs. “Since gold carries no credit risk, tion may continue to fuel the rally. depreciation would lead to higher folio to gold. Conservative or moderate-
advance payment was made. He was not and children as parties to the complaint, it has become a preferred asset,” “Until this reset is complete, gold prices domestic gold prices,” says Vishal risk investors can raise their gold
given any treatment or platelet trans- the issue of the brother having filed it had says Dhawan. are likely to remain supported,” says Dhawan, founder & CEO, Plan Ahead allocation to around 10 per cent,” says
fusion. He died on April 9, 2010. become irrelevant. The court further elab- Western central banks’ low interest- Dhawan. Once the rebalancing reaches Wealth Advisors. He adds that ongoing Vishal Dhawan.
His elder brother, Sudhir Kumar orated that even if the widow and children rate policies and increased chances of a plateau, prices may become range- currency depreciation would also boost Investors with zero or low exposure
Thakur, filed a consumer complaint did not join, the brother would still be rate cut by the US Federal Reserve are bound. the value of gold in rupee terms. should invest in a staggered manner
against the hospital and Dr Soumya entitled to continue with the proceedings, also supporting gold. The attractiveness Continued tariff using a systematic investment plan
Bhattacharya (opposite parties). He as the Consumer Protection Act did not of this non-yielding asset increases and trade uncer- Physical demand could take a hit or a systematic transfer plan , or they
described himself as a trustee managing distinguish between Class-I and Class-II when real interest rates decline. tainty in the De-escalation of geopolitical ten- should buy during price dips. New
Shambhu’s estate and looking after his legal heirs. The court emphasised that the “The US government shutdown has Trump era could sions or trade wars could act as a head- investors must enter with at least
widow and children. The deceased’s Act must be construed liberally and it per- wind for gold. “Short-term corrections a 7-10 -year horizon.
mother also filed an application to join the mits a remote-degree legal heir or any (a global reset in asset allocation is may occur if there are successful tariff Existing investors should book
proceedings as a co-complainant. family member to file a complaint, underway, with central banks, negotiations or peace deals,” says Patel. profits if their allocation to gold has
However, she passed away during the as laid down by the Supreme Court in institutions, and retail investors — earlier At the current high prices, jewellery exceeded the upper limit, say, of 10
pendency of the proceedings. Spring Meadows Hospital & Ors vs Harjol underweight on gold except during demand could be affected. This could per cent, that they had set. Consider
The opposite parties questioned Ahluwalia. crises — now increasing their exposure) weigh on prices unless offset by invest- capital gains tax before selling. “Avoid
Sudhir’s right to file the complaint, vvvvvvvvvvvvvvvvvvvvvv ment flows and central bank purchases. selling gold before it has become eligible
Vikram Dhawan
arguing that the legal heirs — the widow The writer is a consumer activist Head Commodities and Fund Manager, Nippon India Mutual Fund
Demand during the festive season will for long-term capital gains tax,” says
be an important indicator. “Weak physi- Vishal Dhawan.

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
12 MUMBAI | MONDAY, 13 OCTOBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

NOTICE OF LOSS OF SHARES OF

HINDUSTAN UNILEVER LIMITED
(Formerly Hindustan Lever Limited (HUL))
Regd. Off. Hindustan Unilever Limited, Unilever House, B D Savant Marg,
Chakala, Andheri (East) Mumbai - 400 099
Mahad Branch
Notice is hereby given that the following share certificate has been reported as lost 1st Floor, Krushnai Residency, Near Chhatrapati Shivaji Maharaj chowk,
/misplaced and Company intends to issue duplicate certificates in lieu thereof, in due At and post Mahad Tal Mahad, 402301 Dist. Raigad (Maharashtra)
course. .
Any person who has a valid claim on the said shares should lodge such claim with the POSSESSION NOTICE (For Immovable property)
Company at its Registered Office within 15 days hereof. Whereas
The undersigned being the authorized officer of the Bank of India under the
Name of the holder Folio No. No. of shares Certificate Distinctive No.(s) Securitization and Reconstruction of Financial Assets and Enforcement of Security
(Re.1/- F.V) No. Interest Act, 2002 and in exercise of powers conferred under Section 13(12) read
Doshi Shashikant Mangaldas HLL0450716 2040 5025382 22964011 - 22966050 with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand
J/H : Doshi Nita Shashikant notice dated 17/01/2024 calling upon the borrower Ms. Snehal Manik Jagtap
Date: 13-10-2025 Nita Doshi (Borrower) and Mr. Swanand Dilip Kamat (Co-Borrower) to repay the amount
mentioned in the notice being Rs.19,68,837.46/- (in words Rupees Nineteen Lakhs
Sixty Eight Thousand Eight Hundred Thirty Seven and Paisa Forty Six) plus interest
within 60 days from the date of receipt of the said notice.
The amount remitted after receipt of demand notice dated 17/01/2024 has been
duly credited and accounted for in the account of the Borrower.
The borrower having failed to repay the amount, notice is hereby given to the
borrower and the public in general that the undersigned has taken possession of the
property described herein below in exercise of powers conferred on him under sub-
section (4) of section 13 of Act read with rule 8 of the Security Interest Enforcement)
Rules, 2002 on this the 06th day of October of the year 2025
The borrower in particular and the public in general is hereby cautioned not to deal
with the property and any dealings with the property will be subject to the charge of
the Bank of India for an amount Rs. 19,68,837.46/- and interest thereon.
The borrower's attention is invited to provisions of sub-section (8) of section 13 of
the Act, in respect of time available, to redeem the secured assets.
Description of the Immovable Property
All that part and parcel of the property consisting of Equitable Mortgage of Flat
situated at: Flat No 704, having area 58.19 sq mt carpet and terrace area 5.44 sq.
mt, total area 63.63 sq mt, on 7th Floor, E-Wing, Sunrise Residency, Dasturi Naka,

— TENDER CARE — — Advertorial

Mahad, Tal-Mahad, Dist- Raigad, Pin-402301 (LS no. 93/2B & 93/3) in the name of
Ms. Snehal Manik Jagtap and Mr. Swanand Dilip Kamat.
Boundaries of the Property:
On the North : Property of S No. 92
On the East :Property of S No.990
On the South : Property of S No. 93/4
GSPL INDIA TRANSCO LTD (GITL) BANK OF BARODA RECEIVES FIRST On the West : Municipal Road
Boundaries of the Flat:
WINS PRESTIGIOUS PNGRB PRIZE UNDER THE RAJBHASHA KIRTI
On the East: Flat No.701 On the North: Open Place
EXCELLENCE AWARD 2025 PURASKAR SCHEME On the West Open-place On the South : Flat No.703
Sd/-
Bank of Baroda has been awarded the First Prize under the Date: 06.10.2025 Shiba Shankar Behera
GSPL India Transco Ltd (GITL), has been conferred coveted Government of India’s Rajbhasha Kirti Puraskar scheme for its out- Place: Mahad Chief Manager
Authorized Officer
PNGRB Excellence Award 2025 by Petroleum and Natural Gas standing performance in the field of official language for the year (Bank of India)
Regulatory Board 2024–2025. The award was presented by the Hon’ble Union
(PNGRB) in the august Minister of Home Affairs
ceremony held in New and Cooperation, Shri Amit
Delhi on October 6, Shah, at the Hindi Day cel-
2025 ebration and the Fifth All
GITL received PNGRB India Official Language
Excellence Award 2025 Conference held on 14
as Gas Transporter of September 2025 at
the Year in the category : Natural Gas Pipeline Network of less Mahatma Mandir
than 1000 kms. Convention and Exhibition Centre, Gandhinagar. Bank’s Managing
The award was bestowed on GITL by Shri Hardeep Singh Puri, Director and CEO, Dr. Debadatta Chand, received the award on
Hon’ble Minister of Petroleum and Natural Gas, in the recog- behalf of the bank. Executive Director, Ms. Beena Wahid and Head
nition of GITL’s operational excellence and its impressive - Official Language and Parliamentary Committee - Mr. Sanjay
track record in observing highest standards of Safety, reliabil- Singh were also present on this occasion. The bank has received
ity and efficiency in Natural Gas Transportation. the Rajbhasha Kirti Puraskar for the fourth consecutive year,
This Prestigious recognition strengthens our resolve to continue including First Prizes thrice and the Second Prize once.
delivering clean energy while setting benchmarks for safety and Additionally, under the Government of India’s “NARAKAS
operational integrity. Rajbhasha Samman” scheme for Town Official Language
This award reaffirms GITL’s commitment to the Government of Implementation Committees, the Town OL Implementation
India’s vision for expanding the natural gas eco system and Committee (Offices), Gandhinagar, associated with the bank,
transitioning towards a cleaner and greener energy future. received the Second Prize in the ‘B’ linguistic region, and the Town
GSPL India Transco Limited (GITL), under the able guidance OL Implementation Committee (Banks), Jaipur, received the Third
of Govt of Gujarat, is Operating 18” X 366 kms of Natural gas Prize in the ‘A’ linguistic region. Furthermore, 14 Town OL
Pipeline from Kunchanapalle (AP) to Ramagundam Implementation Committees associated with the bank were hon-
(Telangana), to supply gas to multiple CGDs and Ramagundam ored with the NARAKAS ‘Protsahan Puraskar’.
Fertilizers & Chemicals Limited. The Pipeline was commis- On this occasion, Dr. Debadatta Chand, MD & CEO of Bank of
sioned in October 2019 and has been transporting gas to its Baroda, said: “This award reflects the bank’s sensitivity towards its
esteemed customers in an uninterrupted manner. millions of customers who interact in Hindi and other Indian lan-
guages and feel more comfortable availing banking services in
their native languages. The bank is providing services in Hindi and
GUJARAT GAS LTD. WINS TWO other Indian languages in its digital channels like mobile banking
PRESTIGIOUS PNGRB EXCELLENCE AWARDS app ‘Bob World’ and WhatsApp banking.

Gujarat Gas Limited (GGL), India’s largest city gas distribution BANK OF INDIA ANNOUNCES FOUR
(CGD) company, has been conferred with two prestigious MAJOR LAUNCHES, STRENGTHENING
awards by the Petroleum and Natural Gas Regulatory Board ITS INNOVATION EDGE
(PNGRB) at the PNGRB
CGD Awards 2025 cere- Bank of India reinforced its commitment to digital innovation and
mony held in New Delhi customer-centric solutions with the launch
on October 6, 2025. of four breakthrough products and initia-
GGL received accolades tives aimed at enhancing security, conve-
in the following cate- nience, and inclusivity in banking. The
gories:— 1.PNGRB launches were unveiled during the Global
Excellence Award 2025 Fintech Fest (GFF) 2025, where the Bank
in the category of Safety, made a strong impression with its engag-
Integrity & Technical Excellence in CGD (Round 1 to 8) for GA: ing and interactive booth.
Ahmedabad District – EAAA (Except Already Authorised Area). The Bank’s booth was inaugurated by Dr.
2. PNGRB Excellence Award 2025 in the category of Overall Arjun Deore, IFS, Regional Passport
Best Performance in CGD (Round 1 to 8) for GA: Anand District Officer & Head, MEA Branch, Mumbai, in
– EAAA (Except Already Authorised Area). the presence of Shri Rajneesh Karnatak, MD & CEO, and senior
The awards were presented by Shri Hardeep Singh Puri, leadership of the Bank. Dr. Deore commended the Bank’s lead-
Minister of Petroleum and Natural Gas, recognising our com- ership in driving digital innovation and introducing cutting-edge
mitment to upholding the highest standards of safety, reliabili- solutions relevant to today’s evolving financial landscape.
ty, and technical excellence in City Gas Distribution. Among the key launches was a Proof-of-Concept (PoC) solution
This prestigious recognition strengthens our resolve to contin- designed to prevent fraudsters from registering on mobile bank-
ue delivering clean energy responsibly, while setting bench- ing applications through social engineering or fraudulent calls. The
marks for safety and operational integrity. PoC was inaugurated by Shri Atul Kumar Goel, CE, IBA, who
These awards reaffirm Gujarat Gas’s commitment to the described the initiative as a potential game changer for the bank-
Government of India’s vision of expanding the natural gas ing sector, addressing one of its most critical cybersecurity chal-
ecosystem and transitioning towards a cleaner and greener lenges. The Bank also introduced NPCI’s biometric-based UPI
energy future. transactions for small-value payments via mobile phones.

LEGAL NOTICE
PUBLIC IS HEREBY NOTIFIED THAT:
NOTICE is hereby given that my Client is
interested in buying a Flat more particularly
described in the scheduled written hereunder
from Smt. Girija Ganeshan. .
ANY PERSON having any claim of
whatsoever nature including by way of any
agreement, sale, transfer, gift, lease, lien,
charge, mortgage, trust, inheritance,
maintenance, easement, restrictive covenant
or in any other manner otherwise and/or
have any objection pertaining to the said
Property, shall contact the undersigned in
writing within 15 days from the date of
publication hereof, with the supporting
documents if any, failing which my Client
shall proceed with the completion of the said
transaction considering that there is no
claim or demand or objection of whatsoever
nature from anybody and the same shall be
deemed as waived, abandoned, given up or
surrendered.
SCHEDULE
ALL THAT PIECE AND PARCEL of an
Ownership Flat, No. A-7 on the 1st Floor
of the Building named Basera in the Green
Acres CHS Ltd. Din Quarry Road, Deonar,
POSSESSION NOTICE
Mumbai 400088., situated on Land bearing
CTS No.701 of Village – Borla , Taluka-
Kurla, District - Mumbai Suburban, !" # $%& ''(
Registration Sub-District of Bandra, and in
APPENDIX IV [rule-8(1)] POSSESSION NOTICE (for Immovable property)
the Municipal jurisdiction of “M”West Ward.
Whereas, The Authorized Officer of the Secured Creditor mentioned herein, under the Securitisation and Reconstruction of Financial Assets and
Dated this 13th day of October, 2025. Enforcement of Security Interest (Act), 2002 and in exercise of powers conferred under Section 13(12) read with (Rule 3) of the Security Interest
Sd/- (Enforcement) Rules, 2002 issued a demand notice as mentioned below calling upon the borrower(s) to repay the amount mentioned in the notice
Milind M Godbole
within 60 days from-the date of receipt of the said notice.
Advocate
Thereafter, Assignor mentioned herein, has assigned the financial assets to Edelweiss Asset Reconstruction Company Limited also as its
A/1202, Nav Parmanu Society Behind
own/acting in its capacity as trustee of Trust mentioned hereunder (hereinafter referred as “EARC”). Pursuant to the assignment agreements, under
Amar Theatre Chembur, Mumbai : 400071.
Sec.5 of SARFAESI Act, 2002, EARC has stepped into the shoes of the Assignor and all the rights, title and interests of Assignor with respect to
the financial assets along with underlying security interests, guarantees, pledges have vested in EARC in respect of the financial assistance availed
by the Borrower and EARC exercises all its rights as the secured creditor.
The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned being the
Authorised Officer of Edelweiss Asset Reconstruction Company Limited has taken possession of the property described herein below in exer-
cise of powers conferred on him under sub-section (4) of section 13 of Act read with rule 8 of the Security Interest Enforcement) Rules, 2002 on
the date mentioned against each property.
Sl Name of Name Loan Account Borrower Name & Amount & Date of Date of Possession
No Assignor of Trust Number Co-Borrower(s) Name Demand Notice Possession Status
HDB Financial EARC 941562 1. M/s Calcutta Proofing Company (“Borrower”) Rs 1,54,93,517.33
1. Services TRUST and 2. Mr. Kailash Harkrishan Aggarwal (“Co-Borrower”) & 07-10-2025 Physical
Limited SC-410 567682 3. Mrs. Ranjana Kailash Aggarwal (Co-borrower) 19.08.2020 Possession
DESCRIPTION OF THE PROPERTY: All that Flat no. 403, on 4th Floor admeasuring 100.37sq.mtrs carpet area in the building no. 6, known as
"Acacia" of Vasant Valley, constructed on Land Situated at Survey No.22 part and 23 Hissa No.4 (P), at Khadakpada, Village· Gandhare, Kalyan
(W), District· Thane
The borrower's attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available, to redeem the secured assets.
PUBLIC NOTICE The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be sub-
NOTICE is hereby given that Mrs. Madhuben ject to the charge of the Edelweiss Asset Reconstruction Company Limited for the amount mentioned below and interest thereon.
Trambaklal Bagadia alias Mrs. Madhuben
Trambaklal Bagadiya, Mrs. Rupaben Dilipbhai Place: MUMBAI Sd/- Authorized Officer
Shah, Mrs. Heena Nimish Shah, Mrs. Meena Date: 13.10.2025 Edelweiss Asset Reconstruction Company Limited
Jignesh Shah and Mrs. Chandrika Trambaklal
Bagadia, legal heirs of Late Shri Trambaklal
Virchand Bagadia (hereinafter “the Owners”),
are the present owners of Flat No. D-19,
admeasuring about 330 sq. ft. carpet area,
2 n d F l o o r, “ D ” W i n g , I s h w a r N a g a r
Co-operative Housing Society Ltd., L.B.S.
Marg, Bhandup (W), Mumbai – 400078,
together with 5 fully paid-up shares of
Rs. 250/- each of the Society, (hereinafter
called “Flat No. D-19) by virtue of the
following chain of title:
Flat No. D-19 was originally allotted by the
Society to Mrs. Kamlavati Pyarelal Agarwal.
Thereafter, the said Mrs. Kamlavati Pyarelal
Agarwal (Seller) sold and transferred the flat
to Mrs. J.M. Baichwal (Purchaser). By another
Agreement for Sale dated 08/03/1989,
Mrs. J.M. Baichwal (Seller) sold and transferred
the said flat to Smt. Minakshi Madhukar
Kapshikar (Purchaser). In the year 1989,
Smt. Minakshi Madhukar Kapshikar and
Mr. Dilip Ratilal Patel exchanged their
respective flats, whereby Flat No. D-19 came
to the share of Mr. Dilip Ratilal Patel, which
exchange was later formalised by a Registered
Deed of Exchange dated 18/03/2014.
Thereafter, by a Registered Agreement for
Sale dated 05/10/1994 under Document No.
BDR-3-451-1994, Mr. Dilip Ratilal Patel
(Transferor) sold, transferred and assigned
the said Flat No. D-19 to Mr. Pravin K. Jain
and Mrs. Usha P. Jain (Transferees). By a
Deed of Sale-Cum-Transfer dated 10/06/2004,
the said Mr. Pravin K. Jain and Mrs. Usha P.
Jain (Transferors) sold and transferred the
said flat to Mr. Trambaklal Virchand Bagadia
and Mrs. Madhuben Trambaklal Bagadia alias
Mrs. Madhuben Trambaklal Bagadiya.
Upon the demise of Shri Trambaklal Virchand
Bagadia, who expired intestate on 02/02/2013,
his widow Mrs. Madhuben Trambaklal Bagadia
and daughters Mrs. Rupaben Dilipbhai Shah,
Mrs. Heena Nimish Shah, Mrs. Meena Jignesh
Shah and Mrs. Chandrika Trambaklal Bagadia
became entitled to Flat No. D-19 and are its
present owners.
The following original documents are lost/
misplaced and are not traceable despite
diligent search:
1. Title Document in favour of Mrs. Kamlavati
Pyarelal Agarwal.
2. Agreement for Sale between Mrs. Kamlavati
Pyarelal Agarwal & Mrs. J.M. Baichwal.
3. Agreement for Sale dated 08/03/1989,
between Mrs. J.M. Baichwal and
Smt. Minakshi Madhukar Kapshikar.
4.Registered Agreement for Sale dated
05/10/1994 (Doc. No. BDR-3-451-1994)
between Mr. Dilip Ratilal Patel &
Mr. Pravin K. Jain and Mrs. Usha P. Jain.
Any person(s) who is in custody of the
aforesaid lost documents or who has or claims
to have any right, title, interest, or claim
against or in respect of the aforesaid premises
or any part thereof by way of sale, exchange,
mortgage, charge, gift, trust, maintenance,
possession, tenancy, inheritance, lease, leave
and license, lien, or otherwise howsoever—is
hereby required to make the same known in
writing, along with copies of supporting
documents, to the undersigned at Office
No. 105, Gupta Bhavan, R.R.T. Road, Near
Ganatra Hospital, Mulund (West), Mumbai –
400080, within a period of 14 (fourteen) days
from the date of publication of this notice, failing
which such claims shall be deemed to have
been waived, abandoned, or to be non-existent.
Sd/-
Jethwa Jigisha Ashwin
Advocate

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
14 MUMBAI | MONDAY, 13 OCTOBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Sweet, sleek, sustainable: India Inc’s Diwali gifts get thoughtful

anushka bhardwaj dry fruits packed in customised suit- responsible and resonate with towards subtle design. “Earlier,
New Delhi, 12 October cases,” says Tarun Joshi, founder everyone who partners with us,” there used to be big logos, reducing
and CEO of IGP. Premium tea maker says Swadesh Behra, chief people the utility of the items. Now, they’re
With Diwali around the corner, Vahdam, too, expects a double digit oicer of Titan Company. opting for smaller patterns and
India Inc is going all out with gifts growth in its corporate gifting busi- more refined aesthetics.”
for employees, clients, and partners. ness. “We have also launched Thinking out of the ‘box’ Vendors say gifting budgets are
From sweet offerings such as biscoff matcha gifting sets,” said Bala Sarda, India Inc’s gifting choices increas- determined by multiple factors.
Mathura peda or medjoul dates to founder and CEO, Vahdam. ingly go beyond the hamper, “For clients in sectors like real
utilitarian choices like handcrafted Breaking away from the trend of making a statement about company estate, IT, and logistics, the budget
brass articles or multipurpose travel classic sweets and hampers, crypto ethics, strategy — and sometimes can go up to ~10,000,” says Mathur.
kits, this year’s hampers are uncon- exchange firm CoinDCX has even finances. “Poorly chosen gifts FNP’s Kumar adds that, on average,
ventional, bespoke and sustainable. planned travel kits including a trol- can give off the message that the companies are spending between
“Companies are now approach- ley bag, neck pillow, tech organiser, company does not care about its ~1,000 and ~2,000 per gift, with that
ing gifting with the same rigour, and travel tag for its employees. “All employees,” says Surat-based image trajectory rising each year. “For
scale and strategic thinking as any of this is designed with a fun, crypto- consultant Anita Singh. large-scale companies, the gifting
other critical procurement deci- inspired twist,” says Mridul Gupta, IGP’s Joshi says companies often budget may go into crores.”
sion,” says Mitranjan Bhaduri, direc- (Left) Corporate gift hampers founder-partner at CoinDCX. collaborate with curators months in While companies pick more cus-
tor at Amazon Business, adding that curated by gifting platform IGP; Gurugram-headquartered pre- advance. “The average order value tomised options for clients and
the platform has seen a 60 per cent (Above) Sweets in The Bombay mium handbag brand Miraggio has by corporates is witnessing an partners, the employee gifting cat-
year-on-year rise in corporate gift- Sweet Shop’s Diwali pack scheduled a leave period in addition annual increase of 10-15 per cent,” egory tends to feature relatively uni-
ing demand after expanding into to thoughtfully curated hampers. he adds. form selections. “Packs for
customised and assembled gift sets. items such as artisanal platters,” tainable plant-based gifts, wellness towards responsible gifting. “From October 19 to 26, employees Sameer Seth, founder and CEO employees are more inclusive,
Delhi-based premium sweets says Sid Mathur, founder of Khoya kits, and tech accessories.” Hampers “Healthier options like millet will be given time to spend with of Hunger Inc Hospitality, which aiming to turn gifting into a shared
brand Khoya Mithai is projecting a Mithai. with five unique ﬂavours of the mathis.” their family and loved ones,” says operates The Bombay Sweet Shop, experience,” says Seth from The
30-35 per cent rise in its business-to- Highlighting customisation and same traditional sweet, and well- At online gifting platform IGP, Mohit Jain, founder and CEO of says that the real shift lies in how Bombay Sweet Shop.
business sales. “There is a notice- premiumisation as the key trends ness kits paired with plants, are the average hamper this year is Miraggio. companies are allocating funds. “For employees, there’s usually
able uptick in demand for unique this season, Avi Kumar, chief mar- among the many orders the plat- priced around ~1,500, with premium At fashion-accessory major “There is a clear shift towards something that makes them feel
offerings like white chocolate aam keting oicer at FNP, says: “Com- form has received this year so far. ones exceeding ~10,000. “For long- Titan Company, gifting is not just an quality, curation, and experience appreciated and valued on a daily
papad barfi and rose-and-chocolate panies are opting for tailored Echoing the wellness trend, standing clients, we recently exchange of items. “We aim to blend over volume,” he says. basis. The clients’ gifts are the
katli. In hampers, these are usually hampers featuring gourmet Nitika Seth, founder of Embrace executed an order for 8,000 hampers sustainability with wellness, ensur- According to Embrace Gifting’s ones with stronger visual memory,”
paired with aesthetically pleasing delights, ﬂoral arrangements, sus- Gifting Solutions, says there is a shift with 150 grams each of six varieties of ing that gifts are meaningful, Seth, companies are also moving says Singh.

Smaller cities drove IGL will explore international markets

greenfield hotel for business expansion: MD Chatiwal

City gas distribution (CGD) major Indraprastha Gas Limited (IGL) will n APM gas share is gradually going to clarifications and given some sugges-
&
projects in H1CY25
pass on the benefits of unified tariff regulation and tax reliefs in come down to 5-10 per cent in total tions to the Petroleum and Natural Gas
domestic piped natural gas (PNG) prices to consumers, said domestic production. We are getting Regulatory Board (PNGRB) in this
managing director (MD) Kamal Kishore Chatiwal, in an interview with prepared for that. We are bringing in regard. Moreover, the exclusivity
Shubhangi Mathur in Delhi. The company said it has 12 geographical areas more operational eiciency, capex ei- matter is pending before courts.
(GAs) in India across 32 districts in four states. Edited excerpts: ciency while competing with conven- Stakeholders must await the decision
Key to growth tional fuels. Going forward, APM gas of the court before going ahead with
What is IGL’s capital expenditure natural gas (CNG). We had not prices and international prices will be implementation.
Region-wise hotel signings plan for the current ﬁnancial year? increased CNG prices in Delhi to main- aligned. We are in discussion with
■ Tier-I ■ Tier-II ■ Tier-III & -IV n For FY26, we are planning a capex tain market share and consumer confi- companies to source Regasified-LNG Growth in LNG as a transport fuel
of around ~2,000 crore which includes dence even when the administered at the price of APM. Currently, APM gas has been limited. What is the key
around ~1,400 crore for core business price mechanism (APM) gas allocation accounts for around 35-36 per cent of reason?
Greenfield hotel
and ~600 crore for diversification in was cut. our kitty, new well gas is around 10 per n Critical number of LNG stations
renewables, compressed biogas (CBG) cent and 50 per cent is imported gas. need to be set up. CGD entities should
35 and liquefied natural gas (LNG). We How do you plan to navigate be able to provide one station at every
38 share spent around ~1,200-1,300 crore last lower APM gas allocation for Which sector is expected to drive gas 500 kilometres, especially on major
in % year. The higher capex this year is CGD companies? demand in India? highways. Consumers will then have
because we are spending more on n India’s demand in the fertiliser confidence to invest in trucks. The
27 diversification and looking at acquisi- sector is not expected to grow sharply. success story of CNG in the National
tions. We are also looking at areas Power sector consumption ﬂuctuates Capital Region (NCR) can be rep-
Brownfield hotel internationally for core business with respect to peak demand. Mean- licated in LNG. We are setting up three
expansion. In India, bidding rounds while, most of the refineries have LNG stations in the NCR region. One
are over and licenses are allotted for all already switched to natural gas of them is ready to be commissioned
21 Hotel segment Share in % (in terms of keys)
of the areas. wherever they could. The only sector while the other two will be functional
41 share Segment-wise Mid-scale 41 with visible strong growth is CGD in the next two-three months. We
in % greenfield Upscale 23 Are you reviewing CNG and PNG because new GAs are coming up. All plan to set up around 50 LNG stations
38 hotel signings Upper upscale 20 prices for consumers? the 307 geographies have been by 2030.
n Our prices have been stable for awarded. In the next two-three years,
Luxury 15
more than two years. We will definitely CGD will become the biggest gas con- Government mandated CBG blend-
Note: Analysis based on data received from over 22 hotel operators. This data does not include any greenfield or pass on the benefits of tariff regula- suming sector. ing in natural gas. How has CBG
brownfield signings arising from alliances, mergers, or acquisitions by hotel companies Source: HVS Anarock
tions and taxations, as and when adoption played out for IGL?
they are implemented. You can What is your stand on the n The oicial CBG blending target in
roshni shekhar were greenfield projects, up from 36 per cent in expect some relief in domestic proposal to end market natural gas is 5 per cent by FY29. We
Mumbai, 12 October the same period a year ago. PNG prices. Wherever there is exclusivity for CNG infra- are targeting 10 per cent blending for
“Greenfield investments have seen headroom, we will also pass structure? us. We have also commissioned one
India’s hospitality industry is seeing a fresh increased momentum this year,” said Deepak on benefits for compressed n IGL has sought certain CBG plant in Delhi.
cycle of structural growth, driven by a surge in Jain, managing director at MayFair Consul-
greenfield hotel developments across Tier-II, - tants. “The primary Tier-II and -III cities located bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
III, and -IV cities. Developers are increasingly within the industrial corridors and religious
Moglix builds
vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv

focusing on expanding the branded hotel foot- hubs have seen significant transactions. New
print beyond India’s top metros.
“The share of greenfield signings has risen
steadily from 39 per cent of total keys signed
government initiatives and improved road and
air connectivity have led to a rise in invest-
ment,” Jain said, adding that the entry of new
GalaxEye to launch world’s first supply-chain
resilience to
(12,433 rooms) in 2020 to 59 per cent (26,897
keys) in the first half of 2025, while brownfield
projects declined from 40 per cent to 29 per cent
hotel brands in India has also contributed to the
growth of new project signings.
Global hotel brands are leading the trend,
multi-sensor EO satellite in 2026 mitigate risks
during the same period,” said Mandeep S accounting for 59 per cent of greenfield signings shine jacob vation data available through peerzada abrar
Lamba, president and chief executive oicer in terms of keys (or room count) in 2025. In Chennai, 12 October any weather, at any time of Bengaluru, 12 October
(South Asia), HVS Anarock. terms of hotel properties, 52 per cent of green- the day.
With the industry expected to add over field hotel signings have been through interna- Space-tech startup GalaxEye has The satellite will enable Business-to-business (B2B) e-
100,000 rooms in the next five years amid one tional hotel brands in India. In comparison, announced that it is planning to governments, defence agencies, commerce platform Moglix is
of its fastest investment cycles, Lamba said domestic brands dominate brownfield projects, launch its maiden ‘Mission and industries to perform implementing geographic
there was a growing preference of ground-up contributing 60 per cent of brownfield keys and Drishti’ in the first quarter of cal- advanced geospatial analysis across a wide hedging across its supply
projects over conversions or rebranding. Given 70 per cent of brownfield hotels signed. endar year 2026. The launch will range of applications, including border sur- chains to mitigate risks from
current trends, greenfield developments may “Airport hotels will see tremendous growth also mark the beginning of Galax- veillance, disaster management, defence, trade tensions and tariff dis-
dominate new supply in the coming years, he with new airports such as Navi Mumbai, Jewar, Eye’s satellite constellation programme, Weighing 160 kg, Mission Drishti is utilities and infrastructure monitoring, ruptions, as the company
added. and Goa coming up,” said Nandivardhan Jain, comprising 8-12 satellites to be launched India’s largest privately built satellite agriculture, as well as financial and insur- positions itself to capitalise
Greenfield hotel development refers to CEO, Noesis Capital Advisors. “Industrial and successively until 2029, aiming to achieve ance assessment, providing real-time envi- on India’s push toward semi-
building new projects on undeveloped land, manufacturing belts, weekend getaways, and near real-time Earth observation for global India’s largest privately built satellite and ronmental and structural insights. conductor self-reliance.
while brownfield projects involve redeveloping pilgrimage destinations are the next big growth applications. also the highest-resolution satellite devel- “ This mission places India firmly on The $2.6 billion company,
or expanding existing properties. frontiers for Indian hospitality.” This latest development underscores oped in the country. GalaxEye has built the the global space map and creates a system backed by Tiger Global, Peak
According to HVS Anarock, 59 per cent of In India, many hoteliers are preferring to GalaxEye’s commitment to revolutionis- world’s first multi-sensor Earth observa- that turns space technology into intelli- XV, and Accel, is ensuring
key signings for the January-June period were scale fast through an asset-light model. How- ing Earth observation technology tion platform, carrying synthetic aperture gence that businesses, governments, and alternative suppliers across
greenfield projects, up from 54 per cent signed ever, this is majorly specific to metro regions, through its proprietary SyncFused Opto- radar (SAR) and high-resolution optical communities can rely on,” said Suyash multiple countries for critical
in the year-ago period. In terms of properties, 46 said a hospitality industry executive who did SAR technology. payloads on a single satellite. Singh, cofounder & chief executive oicer, components used in automo-
per cent of hotels signed in the first half of 2025 not want to be named. Weighing 160 kg, Mission Drishti is Enabling unprecedented earth obser- GalaxEye. tive, industrial and solar
applications.
“We are making sure that
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb we have country hedging. So,
if we have one chip, let’s say of
automotive, which comes

Lokah Chapter 1: Chandra rolls credits on regional film records from country A, we want to
also make sure that we have
two more alternatives
coming from different coun-
roshni shekhar Malayalam film to join the ~100 futuristic storytelling, blending tent, regardless of language.” releases. “Gujarati films are crossing tries so that there is a bit of a
Mumbai, 12 October crore club, hitting the milestone a mythology, philosophy, and Bhuvanesh Mendiratta, manag- the ~100 crore mark, Lokah Chapter resilience with respect to the
mere seven days after release. modern visual craft, has deeply res- ing director of Miraj Entertainment, 1: Chandra has surged past ~300 geopolitics aspect,” said
This year has been full of surprises Multiplex chains like PVR INOX, onated with Gen Z and millennial revealed that shows in Kerala were crore, Marathi film Dashaavtar has Rahul Garg, founder and
at the box oice, with mid-budget Miraj Entertainment, and Mukta A2 audiences, reairming the growing nearly houseful, with occupancy already topped ~50 crore, and Tamil chief executive of Moglix, in a
films punching well above their Cinemas reported above-average appetite for original, culturally hitting 80-90 per cent in states like blockbuster Coolie has raked in over video interview.
weight. First came Yash Raj Films’ occupancy, with particularly strong grounded cinema.” A day after Tamil Nadu and Telangana during ~250 crore. These successes show The strategy comes as
Saiyaara, then Hombale Films’ footfall in southern India. Wank- Lokah Chapter 1: Chandra hit the- the first week. This strong perform- that regional cinema is no longer companies navigate supply-
Mahavatar Narsimha, and now hede and Satwik Lele, COO of Mukta atres, it faced stiff competition from ance bolstered the film’s overall box niche,” Wankhede pointed out. chain disruptions that have
Dominic Arun’s Lokah Chapter 1: A2 Cinemas, highlighted how the Param Sundari, a romantic comedy oice haul in India. The following “Large-scale, culturally rooted intensified since the pan-
Chandra has stolen the spotlight, film’s visual storytelling and emo- starring Sidharth Malhotra and week, occupancy settled around 50 stories are now reaching pan-Indian demic. Garg said recent tariff
breaking records to become the tional depth have struck a chord Janhvi Kapoor about north-south per cent across southern cinemas. and global audiences. People are measures represent “tem-
highest-grossing Malayalam-lan- with audiences across regions. Lele love tales. Wankhede noted that the Dutta also pointed out that the gravitating towards films that reﬂect poral distortion rather than
guage film worldwide. added that strong word-of-mouth, first week’s box oice showed how film’s success contributes to a strong local languages, traditions, and disruption” as companies
Released on August 28 with a technical finesse, and cinematic originality, strong execution, and streak of regional and content- experiences, while modern produc- await clarity on long-term
budget of around ~30 crore, this fan- scale have made the film a must- clear positioning can outshine star driven hits at the box oice, along- tion, confident storytelling, smart trade policies.
tasy-adventure revolving around a watch on the big screen. power and eclipse conventional side Kantara: A Legend Chapter 1, marketing, and wide distribution, Moglix recently added
female superhero has crossed the “Lokah Chapter 1: Chandra has Highest-grossing Malayalam ﬁlm rom-coms. which continues to top charts including dubbed versions and over 50 suppliers to its plat-
~300 crore mark globally in just six been nothing short of a revelation at Lokah Chapter 1: Chandra earned Lele echoed Wankhede’s views, nationwide, and the eagerly awaited streaming, are helping these films form, expanding access to
weeks. With this triumph, Dulquer the box oice, recording an impres- ~300 crore in six weeks of release adding: “The film recorded 2.5-3 Diwali release Thamma. Lele noted travel far beyond their home states. high-quality industrial and
Salmaan’s production has become sive average occupancy of around 50 times higher occupancy than other that 2025 has been exceptional for The result is a richer, more diverse electronic components as
one of the biggest Indian releases of per cent across PVR INOX cinemas and other southern markets but also releases in the same period, with regional cinema, with Gujarati, Indian cinema landscape, where India’s electronics produc-
2025, according to movie trade ana- nationwide,” said Gautam Dutta, in metros like Delhi, Mumbai, Ben- robust weekend footfall. Its per- Malayalam, and Tamil industries indigenous narratives are finally tion is expected to grow from
lyst Girish Wankhede. IMDb reports CEO of PVR INOX. “It performed galuru, and Hyderabad — a rare feat formance proves audiences are delivering record-breaking films commanding mainstream attention $130 billion in 2025 to $500
that it became the third fastest phenomenally not only in Kerala for a Malayalam film. Its rooted yet eager for original, high-quality con- that often outperform Hindi and commercial reward,” he added. billion by 2030.

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
16 TECHNOLOGY 4.0 MUMBAI | MONDAY, 13 OCTOBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

records and to provide standardised correction

mechanisms,” he said.

Transcript accuracy
The success of shifting to an AI-based speech-
to-text translation system will also depend on
transparency, so that lawyers and litigants do
KRANTI NATION not face a system whose errors they cannot
pranjal sharma review or remediate, Awasthy said.
“It is precisely for this reason that before the
transcript is entered in the oicial court records,
it must be reviewed and corrected. Lawyers and
Tech turns the witnesses alike will need to be conscious of and
adapt to the new environment where their
every word, stumble, or whisper is recorded,”

new currency said Indranil D Deshmukh, partner and the

head of disputes practice at law ﬁrm Cyril
Amarchand Mangaldas.

for forex trade As AI systems require massive amounts of

energy, courts will need to ensure that their

A case for using AI

Other reasons for delays, particularly in underlying networks match the demands of the
witness deposition, include the intimidating tools deployed, he said.
The shifting sands of geopolitics have put the nature and appearance of courtrooms, repeated “District court infrastructure in many states
role of currency settlement in sharp focus. As summoning of witnesses to courts, and is underfunded and needs an overhaul. Once
trade relationships evolve and change, nations improper treatment by the court’s the IT infrastructure is of the required standard,

to fix judicial delays

are using a wider basket of currencies. Though administrative staff, according to the judgment. only then technology like live transcription can
the dollar and euro remain important, That’s not the end of problems. In the same be safely implemented," Deshmukh said.
economies like India, China, Russia and the judgment, the Supreme Court noted that a A new AI tool for witness deposition
United Arab Emirates are increasing trade with major main reason for witnesses turning hostile introduces additional workflow burdens, such
other currencies. is intimidation by the accused person or as requiring each transcript to pass a
State-owned Indian Oil recently paid in persons in criminal cases. verification check, Awasthy said.
Chinese Yuan to purchase Russian oil, according As Kerala courts prepare to deploy tech for witness Though Adalat.AI promises to reduce such “The automated record may not be flawless.
to reports. Finance Minister Nirmala
Sitharaman has promised a real-time foreign
depositions, legal experts debate the benefits and risks by automating the recording and
translation of witness statements,
Transcription errors, misheard words, poor
punctuation, dropped clauses, and
currency settlement system. The new system challenges, report Bhavini Mishra & Aashish Aryan experts believe diligent care is misattribution of speakers will fall
will use emerging technologies to complete needed in the tool’s use. adalat.ai offers to lawyers to identify. If these errors
transactions instantly — a process that typically “Lawyers will need to vigilantly a solution to remain in the oicial record, they
takes about 36-48 hours. The Kerala High Court recently mandated that, speeding up preparation between hearings, review the output for mistakes, chronic judicial can impact cross-examination,
Technologies like artificial intelligence (AI) starting November 1, witness depositions in making searches for previous statements easier, omissions, or distortions, delays and poor misstate admissions, or be used on
and blockchain are modernising foreign state district courts will use Adalat.AI, a speech- improving cross-referencing of contradictions, especially in critical passages. witness appeal,” he said.
exchange markets. With the growth of to-text translation artificial intelligence tool. In and reducing long-term costs, Awasthy said. Witness testimonies may include treatment. its Parties in a case may challenge
international trade and rising volumes of a vast and complex legal system beset with sensitive or privileged content. success will whether an AI-generated transcript
currency exchange, the demand for robust, delays, the decision is a pioneering use of Witness protection Ensuring that the AI system, hinge on is reliable. The transcription can be
eicient and transparent forex settlement technology to reduce procedural challenges. There are other challenges in the witness and Cloud storage, data transmission, improving court considered a faithful record if AI’s
systems is more pressing than ever. Historically, In most courts, witness statements are statement-recording process in India. The lack and access controls maintain infrastructure “black box” nature is open to cross-
forex settlements have faced challenges such as recorded in writing — either by the presiding of a proper witness protection programme adds confidentiality is crucial,” said and workflows examination,” Sapra said.
ineiciencies, payment delays, and judge or a designated court typist working on to the complexity involved in the deposition Shiv Sapra, a partner at Kochhar & “There may be procedural
counterparty risk. However, technological the judge’s instructions. process. In a detailed judgment in 2022, a two- Co, another law firm. appeals or objections about the use
advancements are reshaping this space. “Automating the speech-to-text process will judge bench of now-retired Supreme Court An AI system is also unlikely to capture the of AI transcription as orthodox depositions.
free judicial time, enable quicker listings, and Justices A K Sikri and A Abdul Nazeer had said depth of emotions of a witness the way a human Precedents will need to develop,” he said.
shorten case calendars, as long as accuracy and that the condition of witnesses in the Indian stenographer can, Sapra said. The promise of AI in judicial processes must
workflow integration are maintained. For legal system was “pathetic”. Transcripts must be accurate as court be balanced with robust safeguards, said Kazim
lawyers, the immediate practical effect will be a “Many times they are made to appear long statements are often made in local dialects, Rizvi, founder of The Dialogue, a tech-policy
shift of effort from mechanical notetaking to after the incident of the alleged crime, which Awasthy said. “Accuracy remains critical, as advocacy body.
analysis, strategy, and rapid verification,” said significantly hampers their ability to recall speech-to-text systems struggle with “Witness statements often contain deeply
Suvigya Awasthy, a partner at law firm PSL necessary details at the time of actual crime. overlapping voices, accents, legal jargon, and sensitive data that must be handled with the
Advocates and Solicitors. They are not even suitably remunerated for the multilingual testimony, making rigorous highest degree of confidentiality. Human
The AI tool is also likely to help judges, loss of time and the expenditure towards testing essential. Procedural clarity is needed to oversight and strong cybersecurity measures
lawyers and court administrative staff by conveyance,” the judgment said. define whether AI transcripts are oicial are therefore indispensable,” Rizvi said.

ai and blockchain are reshaping the

foreign exchange market, enabling algo rhythm
fast, transparent, multi-currency Online is the way
transfers and landmark systems
like upi-paynow ‘Aspirational
AI model makes n 90% of respondents
preferred digital modes
paying utility bills

n 13% respondents used

Forex trading is complex, involving a web of
banks, time zones and regulatory frameworks.
India’
it easydrives
for up for online purchases

n 56% used digital modes

digital wallets for utility &
subscriptions

digital payments
As the industry evolves, there’s a shift towards
technology-driven solutions that go beyond
traditional centralised systems and provide
cybercriminals for making offline pur-
chases
n 90% of credit card users
said they use the instru-
wider accessibility, faster settlements, and ment for purchases
reduced dependence on prefunding and n 87% of respondents pre-
ferred digital modes for above ~1,000
intermediaries. Blockchain platforms are
emerging as powerful tools to automate, secure
and accelerate the clearing and settlement Gender empowerment
process, helping cut costs and mitigate risks.
By analysing historical forex data, central n 89% of women and n 27% of women
bank policies, economic indicators, and market 88% of men prefer digital never switch their
sentiment, AI models can forecast currency payment modes for online preferred payment
movements with accuracy. Machine learning purchases method, compared to
(ML) techniques detect patterns and anomalies, 21% of men
while enabling continuous model retraining to n 63% of women in metro
keep predictions relevant. These systems areas prefer digital pay- n 80% of women entre-
process data in real time to assess the impact of Retail digital payments in India will surpass $7 trillion by 2030, helped ment modes for offline preneurs prefer digital
geopolitical events, economic shifts or global by “deeply aspirational” consumers, says a new report. The digital surge Digital power transactions, 47% do so in payments for their busi-
crises on currency prices, offering businesses is driven by customer adoption, government financial inclusion small towns nesses
actionable insights. initiatives, and “ecosystem acceleration”. The Unified Payments n 43% growth* in re- n 3rd India’s rank
AI-powered trading bots improve eiciency Interface remains the primary entry method, while credit instruments tail digital payments worldwide in digitisa-
by executing forex transactions based on like credit cards and ‘buy now, pay later’ are increasingly favoured for (FY21 to FY25) tion of economy Ease of paying
predefined risk parameters. Using strategies like high-value transactions. The report by Kearney and Amazon Pay notes a
arbitrage and hedging, these bots help minimise narrowing gender gap, with 89 per cent of women preferring digital n $7 trn+ retail digi- n 84% of population n 57% of respondents pre- n 61% of them are loyal to
potential losses. modes for online purchases. It took insights from 6,000 consumers in tal payments ex- projected to have ferred digital payments digital payments because
An important tech-enabled development in 120 cities. pected by 2030 smartphones by 2026 due to acceptance of convenience
the forex market services is the rise of firms such
as Wise (formerly TransferWise) and PayPal
redefining how individuals and businesses Compiled by Pallav Nayak *Compound Annual Growth Rate; Source: Kearney Amazon Pay ‘How Urban India Pays 2025’ report
conduct international money transfers. These
platforms offer intuitive, low-cost solutions that
bypass traditional banking intermediaries,
significantly reducing both the time and
expense associated with cross-border
transactions. By leveraging technology and real-
time exchange rates, these services empower
‘Tech trinity is key to Viksit Bharat aim’ structures? The third area, which I think is very
relevant within AI, is whether you can trust the
outcomes.
People jump into POC without thinking of
users with faster settlements and more control The “technology trinity” of artificial intelligence (AI), semiconductors and quantum is It’s all of that — AI, automation — that that the end. Two-and-half years ago when we
over their financial operations.
Another key innovation in the forex
& key to India’s digital future and it becoming a developed country, says Sandip Patel,
managing director for IBM India and South Asia. CXOs must educate themselves and
comes [together] in sort of one domain to drive
productivity. It also enables us to make better
started to look at how we can apply this to
ourselves, we picked some low-hanging fruit,
ecosystem is the prominence of multi-currency apply technology contextually, he tells Pranjal Sharma in a video interview. Edited excerpts: decisions, deliver better customer service. things like human resources (HR), procurement
digital wallets. These wallets empower users to Semiconductors enable the hybrid Cloud processes, IT helpdesk, those kinds of processes
manage multiple currencies within a single Which sectors are important to IBM in India? You talk about an emerging tech trinity. agenda because we need to continue having we picked.
account — enabling seamless holding, n I always think about IBM India as being the What do you mean by that? infrastructure that is more agile and that is Today, 94 per cent plus of our HR
conversion, and transfer of funds across borders. microcosm of the corporation. Our strategy is n I truly believe that we are actually living in a more variable. transactions are all done through AI and we
Platforms like PayPal and Revolut have led the very singularly what the corporate strategy is, digital renaissance, sort of what I call the naya Semiconductors provide better and more didn’t start with this agenda.
way in offering intuitive interfaces and which is AI and hybrid Cloud. I think every daur (new age) of technology which will take us eicient infrastructure for AI. I think the work I actually tell my peers — CXOs and others —
competitive exchange rates, making currency dollar of investment that we make globally, as to Viksit Bharat. I think about it as the that the government is doing in terms of building to get educated and see if they really
management more accessible and eicient. well as in India, goes into that dimension, technology trinity of AI, leadership in that space is brilliant. That is the understand what this technology is all about
For frequent travellers and global businesses, including acquisitions. semiconductors and quantum. second leg of the trinity. The third one is frontier and what it can do. I think it has to start from the
multi-currency wallets eliminate the need for We have always been predominant in the What is AI really? It’s basically technologies — quantum as a technology — is top down.
maintaining multiple banking relationships and BFSI [banking, financial services, and taking use of a lot of the data, probably three to five years away in terms of
simplify financial operations. By providing real- insurance] sector, but also in a lot of essential both data that we’ve known commercial, large-scale applications. There are concerns about the fact that AI is
time access to diverse currencies, these services within India. Just to give you a couple traditionally, but also letting go of a lot of jobs. Some 100,000 jobs
solutions offer enhanced flexibility, cost savings, of data points, 95 plus per cent of all banking unstructured data that Ahead of any renaissance, there is confusion. go over here, another hundred thousand get
and operational agility — reshaping how transactions go through IBM systems and until now we didn’t really Everybody wants to be AI first, but few know created there. What is the best way ahead to
individuals and enterprises engage in software — a 100 per cent of credit card have the ability to capture how to adopt technology manage this rapid transition?
international commerce. transactions go through IBM mainframes and take advantage of. n We did an AI adoption index survey — it was n I think skilling at scale is really important.
The UPI-PayNow linkage is a landmark in India. a global survey. Almost 79 per cent of Indian The government is doing a lot of work in terms
collaboration between the Reserve Bank of India We like to think of ourselves as enterprises — that was probably the highest of skilling programmes. What we as tech firms
and the Monetary Authority of Singapore. It IBM being inside, sort of, the number around the world — are actually collectively can do is channel a lot of the work
enables seamless, real-time cross-border fund supply chains that run India — experimenting with AI. I think about 80 plus that we do in skilling in the right direction, so
transfers between individuals in India and both on the financial as well percent of them believe that they are getting the that it actually creates a multiplier effect.
Singapore. Indian users can receive funds via as the citizen services space. benefits out of it. However, the number that About seven years ago or so, we introduced
Unified Payments Interface, while remittances For example, a lot of have actually moved from box to scaling is only AI as an elective curriculum for the CBSE
to Singapore can be made using a recipient’s milk production and about 29 per cent. That’s not a lot. A lot of people programme. It is available through a lot of CBSE
mobile number or virtual payment address. distribution [processes] are concerned about scaling from POC [proof of schools. The impact has been very good. What
As the world’s first Cloud-based, real-time — for companies like concept] to issues that they talk about — skill. we find is that kids who have the aptitude, they
cross-border payment system, UPI-PayNow is a Amul and others — Do they have the right skills to scale it and pick up skills significantly.
new benchmark in in global payment happens on IBM systems sustain it? There are cost considerations to If people can be picked up for the right areas
connectivity. and software and make sure that if you build something and if it’s and trained in technologies, we can truly
technology. scaled in the right way, do we have the right cost become the talent capital of the world.

A power tech overhaul Top jobs at PSBs: Pride and prejudice

vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
Opening top positions at public-sector banks for private candidates is a
IES, an ambitious initiative, aims to integrate producers, distributors, welcome move. Delinking their salary from the IAS is the next logical step
and consumers into a connected data ecosystem for smarter energy directors.” IAS oicer of the rank of secretary in a
management and consumer participation Also, although the advertisement ministry. On the basis of the Seventh
had mentioned that “the salary pack- Pay Commission, level 17 has a fixed
photo: shutterstock
sudheer pal singh age payment to the appointees will be pay of ~2.25 lakh per month, with a
New Delhi, 12 October flexible,” that never happened. few other benefits. The chairman of
Fast forward to October 4, 2025. Life Insurance Corporation of India
As with some other critical sectors such as The Appointments Committee of the also earns the same salary. The salary
insurance, health care and ecommerce, the Cabinet revised the guidelines for the of MD & CEO of other banks and
government is steaming ahead with a digital selections of wholetime directors of MDs of SBI belong to level 16 — equiv-
initiative that it hopes will restructure the public sector banks, superseding all alent to an additional secretary’s.
energy sector and streamline its functioning. earlier norms. Here, the salary is ~2,05,400-
The so-called India Energy Stack (IES) Under the new guidelines, private ~2,24,400 per month plus all other
has been envisioned as the tech backbone BANKER’S TRUST sector candidates can apply for one of allowances and perquisites.
that will allow stakeholders in the power the four MD positions at SBI. For the On top of their salary, senior PSB
tamal bandyopadhyay
sector to seamlessly exchange data to enable other three, only public sector executives get bonuses on the basis of
next-generation reforms. More importantly, bankers can apply. They could be performance. Earlier, each bank used
it will also offer domestic consumers of In April 2015, the Department of internal candidates or executive to sign a memorandum of under-
power unprecedented access to a much Financial Services (DFS), Ministry of directors (EDs) and MD & CEO of standing with the DFS, making cer-
wider market in new ways. Finance, invited applications for the nationalised banks. tain commitments on performance;
These include ease of selling power post of managing director and chief After a decade, the government their bonus was based on their per-
through solar rooftops to other users in the operating oicer (MD & CEO) for five has also opened the doors to the formance. In November 2014, the DFS
grid, trading excess power in the open large public-sector banks (PSBs): private sector for the top jobs in PSBs. introduced a new performance-
market through aggregators, using real-time The power ministry is working with discoms, regulators, and technology companies Bank of Baroda, Bank of India, Canara The candidates must have 21 years of linked incentive (PLI) for wholetime
intelligence from their smart meters to to roll out the IES blueprint, which will ultimately be implemented nationwide Bank, IDBI Bank Ltd, and Punjab experience with at least 15 years in directors and senior executives of
manage time-of-day usage, and access to National Bank. banking, of which two have to be at PSBs. The maximum PLI is fixed at
modern billing applications. flow of data and information. Conven- this will also require communicating The eligibility criteria included the board level or three at just below 100 per cent of the basic pay.
For power distribution companies, or tionally, power used to flow from power electricity prices to the consumers in real- “ability, integrity and standing with that level. I understand that bank unions
discoms, the national Utility Intelligence plants to consumers through transmission time so that they can change their load pat- knowledge and experience in bank- The selection process will involve have strong reservations about the
Platform (UIP) — which is set to be commis- lines and distribution transformers, but now terns and benefit from low tariffs, while ing”, “proven management, leader- “open” advertisement, both from pri- latest PLI, meant for senior bank
sioned within a year as a pilot under IES — consumers are also producing their own discoms get the information they need for ship and innovative skills to build and vate and public sector candidates. oicers (Scale IV or chief manager
will allow development of data analytics power from solar panels installed on roof- load monitoring. inspire team” and “experience in What’s more, the government is and above). They argue that the
tools for critical interventions, including rev- tops. Power generation has also been decen- Enabling this demand response from institutional development in opening up at least one ED position at scheme deviates from the bilaterally
enue protection in high loss areas, peer-to- tralised through schemes such as consumers will require massive packets of banking sector”. large nationalised banks with at least agreed-upon PLI framework that
peer energy trading, and outage PM-KUSUM, and devices like smart meters data and information to flow at the con- The candidates, in the 45 to 57 age Rs 10 trillion worth of business for the applies to all bank employees and
management, among others. and SCADA systems. Alongside, electric sumer-to-consumer level, something that group, needed to have at least 15 years private sector. Bank of Baroda, Punjab oicers. The conciliation proceedings
The power distribution sector has tradi- vehicles have been plugged into the system. does not happen at present. Similarly, given of banking experience with a mini- National Bank, Bank of India, Union with the Chief Labour Commissioner
tionally been seen as the weakest link in the SCADA, or Supervisory Control and Data the increasing complexity of power gener- mum one-year of exposure to the Bank of India, and Canara Bank (Central) is still on, and the govern-
Indian electricity sector because of huge Acquisition, is a computer-based system ation and supply sources, discoms will need board. They were offered a three-year belong to this category. Each of them ment has not implemented it yet.
operational ineiciencies of discoms. The that collects and analyses real-time data to focus on demand forecasting, power pro- tenure, subject to “normal age of can have four EDs, of which one can Yes, most top public sector
ongoing effort to upgrade power supply from industrial machinery and processes to curement, and network expansion planning superannuation of 60 years”. now be from the private sector. bankers live in lovely houses and have
infrastructure with modern technology enable remote monitoring. well in advance. This is the first instance of This time, the notification has chauffeur-driven cars at their dis-
assumes significance as the country’s Managing this new and complex power Grid operation is another key area for the finance ministry opening the made it clear that all terms and condi- posal, but can such perks be a substi-
energy demand is growing at the fastest system eiciently will need harnessing huge IES, since transmission utilities and system door for the top jobs in PSBs to the tions, including the “salary package” tute for money? Even if we assess
rate among major economies due to its amounts of data that will come from operators will require modern systems to private sector. for such positions, will be decided their perks and other benefits, the
economic expansion. multiple devices belonging to legacy sys- manage energy storage and battery devices On August 24, 2014, the names of by the central government, from time overall cost to the company is far
tems. The IES, once it is ready, will add a data on the grid, which will impact dispatch the successful candidates were to time. lower than what the MD & CEO of a
Complex sector layer connecting these systems. This is simi- and scheduling. announced after a three-stage screen- This is the most critical part of lib- private bank earns, even if their busi-
The IES initiative is being driven by a high- lar to UPI, India’s real-time interbank mobile ing and a series of final interviews by eralisation in the appointment pro- ness is much smaller. Most private
level task force mentored by Infosys co- payment system developed by the National Jump in numbers three different panels. Two of them cess for the top jobs in PSBs which bankers deserve that. And, all PSB
founder Nandan Nilekani, who helped Payments Corporation of India Given the overhaul of fundamental oper- were picked up from the private have, of late, been outpacing their pri- chiefs deserve more.
create foundational digital platforms like (NPCI), which integrates IT systems of dif- ations, the number of power sector players sector: PS Jayakumar for Bank of vate peers in business growth. Open- Opening the top jobs for private
India Stack, which includes Aadhaar and ferent banks with millions of consumer is also set to increase exponentially. For Baroda, and Rakesh Sharma for ing up the corner oice is fine, but will candidates is the beginning of
UPI (Unified Payments Interface), and the accounts, helping revolutionise the digital instance, the total number of participants Canara Bank. Jayakumar had worked the government be able to attract reforms. Delinking bankers’ salary
Open Network for Digital Commerce payments ecosystem. at power exchanges, which is currently at Citibank NA and also served as MD talent without giving a market-rate from the IAS should be the next logi-
(ONDC) that is chaired by R S Sharma, “IES attempts to harmonise the data between 7,000 and 8,000, is projected to rise & CEO of VBHC Value Home Pvt Ltd. salary? Pride and purpose drive the cal step.
former mission director of Unique Identifi- structures going forward so that it is easily to millions once consumers start buying Sharma, originally from the State homegrown leaders in PSBs, but are PS: Incidentally, there is another
cation Authority of India (UIDAI). available and interoperable and it can be and selling power actively. Bank of India (SBI), had served as these enough to draw top banking set of institutions such as National
The power ministry is working with dis- used by different application systems at dif- “This is just one example of how the CEO & MD of the erstwhile Lakshmi professionals to such jobs? Bank for Agriculture and Rural Devel-
coms, regulators, and technology com- ferent levels. It also intends to create number of players in the power sector and Vilas Bank Ltd before taking up this Historically, there have been many opment, Small Industries Develop-
panies to roll out the IES blueprint, which enablers for using data from different legacy the complexity level is going to increase assignment. instances of public sector bankers ment Bank of India, Exim Bank,
will ultimately be implemented nationwide. systems,” former power secretary Alok exponentially in the near term. That is the Sharma joined Canara Bank on heading private banks — from setting National Housing Bank, Infrastruc-
The Utility Intelligence Platform pilot, Kumar, who is a member of the high-level basic problem statement, which IES seeks September 11, 2015 and called it a day them up (when India opened up the ture Finance Company Ltd and
which is in the works, will cover the technol- task force on IES, told Business Standard. to address. Ultimately, we want to prepare on July 31, 2018. Jayakumar joined sector in 1990s) to managing crises National Bank for Financing Infra-
ogy platforms of power utilities across states “The intervention will enable the use of the Indian power system for the modern Bank of Baroda on October 13, 2015. (there are many recent instances), but structure and Development. They are
and is likely to be completed by 2026. data from large existing and prospective and complex applications that are cur- His three-year term was extended by so far there are just two examples of engaged in the development and
“The pilot is basically a UIP for the dis- devices in an eicient manner for various rently already happening in the global another year, till October 12, 2019. private sector professionals leading financing of agriculture, micro, small
tribution sector. We have devoted the first applications in the power system to make its power markets,” Kumar said. Incidentally, the “open” appoint- public sector banks. Compensation and medium enterprises, exports,
three months to the development of the operation and planning optimum and ei- For the power sector, this technological ment experiment was shut after one apart, another critical aspect is cul- housing, and infrastructure.
proof of concept, and we are currently build- cient,” he said. revamp under IES follows a spate of regula- round. Just two days after announc- ture — which, at times, assumes more The guidelines for the selection of
ing its architecture, including the standards tory reforms implemented over the past ing the appointments, on August 16, importance than money. It’s not easy whole-time directors are different for
for the utilities to mount data etc,” said a Use cases few years, which have already unclogged 2015, then Financial Services Secre- for an outsider to embrace it. different entities. For some institu-
senior oicial from the ministry of power, Market creation will be among the key many of its traditional bottlenecks. The tary Hasmukh Adhia told PTI, “For Why would a banker’s payscale be tions, the maximum entry age is
who declined to be identified. application areas for IES, he added, whether implementation of the Late Payment Sur- five large banks, we had different linked to that of a bureaucrat? After 57, for others 55. Shouldn’t these
“The broad idea is to demonstrate inter- through peer-to-peer trading or allowing charge Rules since 2022 has helped bring procedures. For the remaining banks, all, their jobs are very different. A be uniform on the lines of public
operability and data-driven innovation. consumers to bid on exchanges. These will down discoms’ losses, while the Electricity we are going to hire from the pool of bureaucrat is involved in making sector banks?
Based on the architecture, the UIP will require authentic and real-time data on (Right of Consumers) Rules, 2020, allows executive directors of the public policies for the public, while a banker vvvvvvvvvvvvvvvvvvvvvvvv
be designed, and after that, a large-scale location of devices and the direction of elec- consumers to demand quality service sector banks itself… The eligibility deals with public money. There is The writer is an author and senior
model will be developed for the entire sector tricity flow, among other parameters, to from discoms. criteria for the remaining bank something called risk-reward advisor to Jana Small Finance Bank
or the nation.” ensure transactions are not disputed. If successful, the IES pilot, the Utility vacancies have been approved and ratio. It’s just not a trading term; Ltd. His latest book: Roller Coaster:
Another major area of change is how the Intelligence Platform, will pave the way for that is only for competition within the compensations for professionals An Affair with Banking.
Systemic overhaul system reacts to demand patterns. Under a major overhaul of the power sector, with system. For remaining banks, there also factor this in. To read his previous columns,
The Indian power system is going through a IES, the intelligent grid will decode con- the possibility of replicating key interven- would be a normal procedure of selec- The SBI chairman is entitled to log on to www.bankerstrust.in
fundamental and drastic shift in terms of the sumer behaviour to detect load changes; tions across the entire energy spectrum. tion from among the pool of executive level 17 payscale — equivalent to an X: @TamalBandyo

statsguru Women’s labour force participation has nearly India still China
1 doubled since 2017 — but remains far below men’s 2 lags global
South Africa
Brazil
Labour force participation rate of female 15 years and above (in %) peers Russia
World
Women  Rural  Urban  Rural+Urban Men  Rural+Urban
Labour force India
60.0

participation
78.5

78.8
77.0
76.8

77.2
75.8

75.8

47.6
41.5

41.7
36.6
36.5

37.0

rate of female
33.0

32.8
32.5
30.0

28.0
26.4

25.4
24.6

24.5

23.8
23.4

23.3

23.2
20.4

20.4

15 years and
53.0

0 41.7
49
53.0

above country
.
53.0

wise, 2023
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 (in %)
Note: LFPR measures the proportion of the working-age population (typically defined as 15 years and older)
who are either employed or actively seeking employment Sources: PLFS, various rounds Source: ILO

Rural women remain concentrated Rise in women’s work tied to unpaid and self-
3 in agriculture as urban shift stalls 4 employement Distribution of women workers by employment (in %)
Sectoral distribution of women workers in India (in %)  Own account workers Helpers in households enterprise Regular wage/salary Casual labour
Female labour force boom  Agriculture Industry Services
Rural Urban Rural+Urban  
Rural
  
Urban
   
Rural+Urban
  

hides a real job crisis 2017-18


73.2
 
13.6 13.2
  
9.1 30.1 60.7

57.0

17.9

25.2
2017-18
2018-19
19.0
21.8
38.7
37.9
10.5
11.0
31.8
29.3
23.7
24.9
11.0
9.6
52.1 13.1
54.7 10.7
20.2
22.5
31.7
30.9
21.0
21.9
27.0
24.7
2018-19 71.1 15.4 13.6 7.8 29.3 63.0 55.3 18.7 25.9 2019-20 20.6 42.3 9.5 27.5 23.5 11.1 54.2 11.1 21.3 35.0 20.0 23.7
2019-20 75.7 13.0 11.2 8.2 28 63.8 59.9 16.7 23.4 2020-21 21.9 42.8 9.1 26.2 26.0 12.4 50.1 11.5 22.8 36.6 17.4 23.2
SHIKHA CHATURVEDI cent, compared with 49 per cent global
average and 60 per cent in China — 2020-21 75.4 13.5 11.3 10.4 28.1 61.5 62.2 16.5 21.5 2021-22 25.1 42.7 8.1 24.1 26.7 12.7 50.3 10.3 25.4 36.7 16.5 21.4
Employment in India rose to underscoring how limited women’s 2021-22 75.9 13.4 10.8 11.1 28.8 60.1 62.9 16.5 20.7 2022-23 27.9 43.1 8.0 21 27.6 12.8 50.8 8.9 27.8 37.5 15.9 18.8
643.3 million in 2023-24 from economic inclusion remains. (chart 2) 2022-23 76.2 12.7 11.2 11.7 27.6 60.8 64.3 15.4 20.4
475 million in 2017-18, a net Most rural women continue to work 2023-24 31.2 42.3 7.8 18.7 28.5 13.8 49.4 8.3 30.7 36.7 15.9 16.7
2023-24 76.9 12.5 10.5 12.3 27.7 60.0 64.4 15.6 20.2 Note: Helpers in household enterprises are people who assist in a family-run business without receiving
gain of 168.3 million jobs, in agriculture — a sector with low
Sources: PLFS, BS calculations any wages and are unpaid, working full or part-time while living in the same household Source: PLFS
according to the Ministry of productivity and pay — and their
Labour and Employment. concentration in the sector increased over
The government hailed the surge in seven years to 2023-24. (chart 3) Domestic duties decline, but Most regular jobs for women lack
employment and female labour force
participation rate (LFPR) as a sign of
Further, the composition of women’s
employment reveals that much of this
5 unpaid economic work expands 6 contracts or social security
progress towards its Viksit Bharat 2047 increase comes from unpaid work or self- Share of women in unpaid domestic duties (in %) Share of regular salaried jobs by terms of employment (in %)
vision. But beneath the headline numbers employment.(chart 4)  Rural  Urban  Rural+Urban  No written job contract Inelegible for paid leave Inelegible for social security beneﬁts
lies a more complex reality: Are more Although fewer women are classiﬁed as
46.9
47.4

46.3
47.3

46.2
45.8

Rural Urban Rural+Urban

44.9
45.1

45.1
44.1

42.0

women actually getting meaningful jobs? doing only domestic duties, many have
41.4
40.2

41.2
38.9

39.5

38.7
36.3

Women’s LFPR has nearly doubled simply moved to unpaid work in         

since 2017, rising from 23.4 per cent to 41.7 household enterprises, which is counted 2017-18 58.5 47.9 55.2 71.4 51.8 50.1 66.8 50.4 51.8
per cent in 2023-24. Yet it remains far below as “employment”. (chart 5) 2018-19 58.2 49.5 57.7 71.2 51.3 52.6 66.5 50.6 54.4
men’s rate of 78.8 per cent, showing that Even among those in salaried roles, 2019-20 58.7 43.3 61.7 68.2 51.6 54.7 65.0 49.8 56.0
while more women are entering the labour over half have no written contracts or
market, gender gaps remain stark. (chart 1) social security, highlighting the informal 2020-21 58.1 41.8 59.3 63.6 44.9 53.5 61.5 43.7 55.8
NA
Even with this rise, India’s female and insecure nature of women’s jobs. 2021-22 56.7 46.1 58.7 60.6 45.4 52.1 59.1 44.6 55.7
participation lags global peers — at 41.7 per (chart 6) 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23 53 41.9 60.9 57.6 44.6 53.6 55.8 43.6 56.5
Note: Unpaid domestic duties includes those who are not working and are 2023-24 54.6 47.1 61.9 59.0 45.2 55.7 57.3 45.9 58.0
StatsGuru is a weekly feature. Every Monday, Business Standard guides you through the numbers you not engaged in any “economic activities” Sources: PLFS, various rounds Sources: PLFS, various rounds
need to know to make sense of the headlines

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)
18 MUMBAI | MONDAY, 13 OCTOBER 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

More Newspaper and Magazines Telegram Channel join Search https://t.me/Magazines_8890050582 (@Magazines_8890050582)

BS -Mumbai- 13-10-2025
No ratings yet
BS -Mumbai- 13-10-2025
18 pages
BS English-Delhi 22-05
No ratings yet
BS English-Delhi 22-05
24 pages
02 Index
No ratings yet
02 Index
1 page
BS English Mumbai 27 08
No ratings yet
BS English Mumbai 27 08
24 pages
BS English Delhi 28 06
No ratings yet
BS English Delhi 28 06
24 pages
HDC-BBS-PH1-ZZ-DR-V-0100-DNL - Access Control Installation Door Details
No ratings yet
HDC-BBS-PH1-ZZ-DR-V-0100-DNL - Access Control Installation Door Details
1 page
BS Delhi 24-05-2025
No ratings yet
BS Delhi 24-05-2025
28 pages
BS Delhi 14-08-2025
No ratings yet
BS Delhi 14-08-2025
46 pages
First Floor Block A Lighting Schemes - Conduit Routing
No ratings yet
First Floor Block A Lighting Schemes - Conduit Routing
1 page
BS - Mumbai - 09-08-2025
No ratings yet
BS - Mumbai - 09-08-2025
31 pages
BS -Mumbai- 04-10-2025
No ratings yet
BS -Mumbai- 04-10-2025
18 pages
BS -Delhi - 04-10-2025
No ratings yet
BS -Delhi - 04-10-2025
20 pages
BS English Delhi 02 08
No ratings yet
BS English Delhi 02 08
24 pages
Sho001 Nap SHD M4 19 L1 RBR SC 1005 01 02
No ratings yet
Sho001 Nap SHD M4 19 L1 RBR SC 1005 01 02
1 page
BS -Ahmedabad- 04-10-2025
No ratings yet
BS -Ahmedabad- 04-10-2025
18 pages
Inovacne Am400 Cpu1608tn NPN PLC Cpu Product Note English 20 4 20
No ratings yet
Inovacne Am400 Cpu1608tn NPN PLC Cpu Product Note English 20 4 20
2 pages
BS English Mumbai 11 10
No ratings yet
BS English Mumbai 11 10
16 pages
SSCM First Model
No ratings yet
SSCM First Model
1 page
BS Mumbai English 1010
No ratings yet
BS Mumbai English 1010
19 pages
D027/D029 Point To Point Diagram (1/2)
No ratings yet
D027/D029 Point To Point Diagram (1/2)
24 pages
فتح Cr825 Expo2020 Interactive Map English Release 39
No ratings yet
فتح Cr825 Expo2020 Interactive Map English Release 39
1 page
World P Arking: Opportunity Parking
No ratings yet
World P Arking: Opportunity Parking
1 page
Roadmap Color
No ratings yet
Roadmap Color
2 pages
From TO Sludge Line / Awtp East To Eto Pit Sludge Box (Pipeline #26-E)
No ratings yet
From TO Sludge Line / Awtp East To Eto Pit Sludge Box (Pipeline #26-E)
1 page
PSM - Mural - AdvisedSkills 9-10052022 - PSM
No ratings yet
PSM - Mural - AdvisedSkills 9-10052022 - PSM
1 page
Asl B Ssa Ar DWG TD A 201
No ratings yet
Asl B Ssa Ar DWG TD A 201
1 page
Gad & STR Filter House Vijaypura R4 (26-22-24)
No ratings yet
Gad & STR Filter House Vijaypura R4 (26-22-24)
9 pages
Asl B Ssa Ar DWG TD A 204
No ratings yet
Asl B Ssa Ar DWG TD A 204
1 page
Wiring Genset Without Box Tier 4B B 13 No 20
No ratings yet
Wiring Genset Without Box Tier 4B B 13 No 20
1 page
TN
No ratings yet
TN
1 page
Awtp Oeste: STA. 0+000 Start Line 16-W N: 9226853.164 E: 770501.253
No ratings yet
Awtp Oeste: STA. 0+000 Start Line 16-W N: 9226853.164 E: 770501.253
1 page
RENR4988!01!01-ALL Electrical Scheme
No ratings yet
RENR4988!01!01-ALL Electrical Scheme
2 pages
13 253002 4800000849 Ara Ele SHD 150002 - 01
No ratings yet
13 253002 4800000849 Ara Ele SHD 150002 - 01
1 page
Sho001 Nap Ifc M1 S2 XX DR MD 6001 01 03
No ratings yet
Sho001 Nap Ifc M1 S2 XX DR MD 6001 01 03
1 page
Sho001 Nap Ifc M1 S4 XX DR MD 6001 01 01
No ratings yet
Sho001 Nap Ifc M1 S4 XX DR MD 6001 01 01
1 page
Sho001 Nap Ifc M1 S3 XX DR MD 6001 01 02
No ratings yet
Sho001 Nap Ifc M1 S3 XX DR MD 6001 01 02
1 page
03 408301 4800000882 FHD Mec DRG 600003
No ratings yet
03 408301 4800000882 FHD Mec DRG 600003
1 page
03 408301 4800000882 FHD FLS DRG 100002
No ratings yet
03 408301 4800000882 FHD FLS DRG 100002
1 page
Companies Dealroom - Co 2023 01 Uae
No ratings yet
Companies Dealroom - Co 2023 01 Uae
1 page
AF2035E - AF2045E PP - v00
No ratings yet
AF2035E - AF2045E PP - v00
14 pages
Proposed Land Use Map Planning District: 7
No ratings yet
Proposed Land Use Map Planning District: 7
1 page
Platinium 21l - Tda9361 Tda9381, strg5653, La78040, T SCH
No ratings yet
Platinium 21l - Tda9361 Tda9381, strg5653, La78040, T SCH
1 page
Fileshare - Ro - PLATINIUM RML-20 OTXT (PTLM 04-1 (20AL) ) (WWW - Pieseelectronice.go - Ro)
No ratings yet
Fileshare - Ro - PLATINIUM RML-20 OTXT (PTLM 04-1 (20AL) ) (WWW - Pieseelectronice.go - Ro)
1 page
Pile Layout: City & Country
No ratings yet
Pile Layout: City & Country
1 page
11 620000 4800000621 Nap Mec DRG 001 SPS FS 01
No ratings yet
11 620000 4800000621 Nap Mec DRG 001 SPS FS 01
1 page
03 408301 4800000882 FHD Mec DRG 000003
No ratings yet
03 408301 4800000882 FHD Mec DRG 000003
1 page
RTA System Map
No ratings yet
RTA System Map
2 pages
Ilovepdf Merged
No ratings yet
Ilovepdf Merged
7 pages
Iis Detail Data Store Diagram
No ratings yet
Iis Detail Data Store Diagram
1 page
Asl B Ssa Ar DWG TD A 203
No ratings yet
Asl B Ssa Ar DWG TD A 203
1 page
1260-WIN-Res-02-DR-X-0001 - Block Residential L02 MSA - S3 - P01 (WW Comments)
No ratings yet
1260-WIN-Res-02-DR-X-0001 - Block Residential L02 MSA - S3 - P01 (WW Comments)
1 page
Kenr5406 03 00 Pub
No ratings yet
Kenr5406 03 00 Pub
2 pages
Wind Project Map in Vietnam 1615175732
No ratings yet
Wind Project Map in Vietnam 1615175732
1 page
Plan Echipotentializare Dej
No ratings yet
Plan Echipotentializare Dej
1 page
SIM7600X 4G HAT Schematic
No ratings yet
SIM7600X 4G HAT Schematic
1 page
WP sstt1 13 001 001b
No ratings yet
WP sstt1 13 001 001b
1 page
TOI_Bhopal_19-10-2025
No ratings yet
TOI_Bhopal_19-10-2025
19 pages
Asian Age London 18-10
No ratings yet
Asian Age London 18-10
8 pages
Business Standard
No ratings yet
Business Standard
26 pages
Business Standard
No ratings yet
Business Standard
26 pages
DC_Chennai_17-10-2025
No ratings yet
DC_Chennai_17-10-2025
12 pages
Bangalore_HT_18-10-2025
No ratings yet
Bangalore_HT_18-10-2025
50 pages
Business Line
No ratings yet
Business Line
16 pages
Forbes (India) 17 October 2025
No ratings yet
Forbes (India) 17 October 2025
95 pages
Femina September - October 2025
No ratings yet
Femina September - October 2025
180 pages
Indian Management - October 2025
No ratings yet
Indian Management - October 2025
50 pages
DataQuest - October 2025
No ratings yet
DataQuest - October 2025
76 pages
DC Hyderabad Tab 16-10-2025
No ratings yet
DC Hyderabad Tab 16-10-2025
3 pages
Bengaluru_HT_16-10-2025
No ratings yet
Bengaluru_HT_16-10-2025
20 pages
TOI_Lucknow_16-10-2025
No ratings yet
TOI_Lucknow_16-10-2025
15 pages
Frontline 31 October 2025
No ratings yet
Frontline 31 October 2025
77 pages
Asian Age London 13-10
No ratings yet
Asian Age London 13-10
8 pages
BW Business World 04 October 2025
No ratings yet
BW Business World 04 October 2025
108 pages
Midday English 15-10
No ratings yet
Midday English 15-10
40 pages
The Week India - 19, October 2025
No ratings yet
The Week India - 19, October 2025
92 pages
TER ENG Dt_13_10_2025
No ratings yet
TER ENG Dt_13_10_2025
16 pages
DC Rajahmundry 14-10
No ratings yet
DC Rajahmundry 14-10
6 pages
Diwali Crackers 2025-2026
No ratings yet
Diwali Crackers 2025-2026
13 pages
Statesman Bhubaneswar 14 10
No ratings yet
Statesman Bhubaneswar 14 10
12 pages
Filmfare September - October 2025
No ratings yet
Filmfare September - October 2025
124 pages
Entrepreneur India October 2025
No ratings yet
Entrepreneur India October 2025
84 pages
Asian Age Delhi 14-10
No ratings yet
Asian Age Delhi 14-10
8 pages
BL - Mumbai - 13-10-2025
No ratings yet
BL - Mumbai - 13-10-2025
12 pages
5_6294203623723244202
No ratings yet
5_6294203623723244202
15 pages
5_6280731878978756679
No ratings yet
5_6280731878978756679
31 pages
5_6298369737705397562
No ratings yet
5_6298369737705397562
13 pages
Salt Lake Bees 2015 Media Guide vk2dxhwl PDF
No ratings yet
Salt Lake Bees 2015 Media Guide vk2dxhwl PDF
286 pages
Nyan Lin 12june09
No ratings yet
Nyan Lin 12june09
4 pages
DLL 12-Dfia
No ratings yet
DLL 12-Dfia
5 pages
Submission: by Roshan JAJU
No ratings yet
Submission: by Roshan JAJU
23 pages
The Forex Beast Killer Book
No ratings yet
The Forex Beast Killer Book
40 pages
General & Compound Journal Entries
100% (2)
General & Compound Journal Entries
5 pages
ARI Listing - 2013-04-03
No ratings yet
ARI Listing - 2013-04-03
6 pages
All Chapter Quiz
No ratings yet
All Chapter Quiz
32 pages
Disaster Readiness and Risk Reduction: Quarter 1 - Module 3 Exposed Elements and Dimensions of Vulnerability
No ratings yet
Disaster Readiness and Risk Reduction: Quarter 1 - Module 3 Exposed Elements and Dimensions of Vulnerability
17 pages
Chapter 1 Art 1767 1783
No ratings yet
Chapter 1 Art 1767 1783
14 pages
HHHHHH
No ratings yet
HHHHHH
5 pages
FGD Questions For Sector-25
No ratings yet
FGD Questions For Sector-25
5 pages
Audited Financial Statements Ended 30 June 2023
No ratings yet
Audited Financial Statements Ended 30 June 2023
48 pages
Vocational Education Training
No ratings yet
Vocational Education Training
8 pages
Seniros Tasks 17-3-2025
No ratings yet
Seniros Tasks 17-3-2025
51 pages
Pop Art's Evolution and Impact
No ratings yet
Pop Art's Evolution and Impact
13 pages
Password Based Doorlock System in 8051
No ratings yet
Password Based Doorlock System in 8051
11 pages
(Mini Project) PDF
No ratings yet
(Mini Project) PDF
23 pages
Plural Morocco PR BOUZIANE
No ratings yet
Plural Morocco PR BOUZIANE
23 pages
OVERVIEW of Special Proceedings
No ratings yet
OVERVIEW of Special Proceedings
40 pages
Muhammad Ali Biography
No ratings yet
Muhammad Ali Biography
6 pages
Memo 2017
No ratings yet
Memo 2017
3 pages
SLK Week 2
0% (1)
SLK Week 2
13 pages
A Dictionary of Cantonese Slang Christopher Hutton Kingsley Bolton Instant Download
100% (2)
A Dictionary of Cantonese Slang Christopher Hutton Kingsley Bolton Instant Download
38 pages
Autel Global Contact Directory
No ratings yet
Autel Global Contact Directory
1 page
Thiel - Education of A Libertarian
No ratings yet
Thiel - Education of A Libertarian
7 pages
The Educational Philosophy of Reconstructionism
33% (3)
The Educational Philosophy of Reconstructionism
12 pages
Bengal Partition and Its Impact
No ratings yet
Bengal Partition and Its Impact
4 pages
British Airways 2018 Annual Report
No ratings yet
British Airways 2018 Annual Report
97 pages
Variable Reach Lift Truck Hand Signals
No ratings yet
Variable Reach Lift Truck Hand Signals
1 page

BS -Mumbai- 13-10-2025

Uploaded by

BS -Mumbai- 13-10-2025

Uploaded by

monday • 13 october 2025

how markets performed last week

Govt to review ‘TCS not dependent on H-1B visas’

Trust an expert who knows

Sona Comstar MD flags magnet Will focus on high-margin export

Succinylcholine Chloride Injection due to

Kirloskar Group charts path for expansion across businesses

Adani partners MTAR Tech

From pleats to profits, brands tailor for GenZ

for COP talks

Gor meets commerce secy Muttaqi to meet industry bodies,

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb > FROM PAGE 1

RBI must move beyond Govt to review

BJP catches up with JD(U) in Ties tested, bond intact

Businesses across the global semicon-

Pakistan, Afghan Taliban suffer

volume xxx number 53 illustration:binay sinha

Building a partnership game of chicken from positions of surprising vulner-

Known unknowns in Gaza that pressure both to ﬁnd an off-ramp.

When US first swung the big stick

Signed, sealed, delivered: Delhivery’s Q2 payoff

Mining growth from market’s

‘We may see fewer IPOs in the next Samvat’

rally in yellow metal

NOTICE OF LOSS OF SHARES OF

— TENDER CARE — — Advertorial

Sweet, sleek, sustainable: India Inc’s Diwali gifts get thoughtful

Smaller cities drove IGL will explore international markets

greenfield hotel for business expansion: MD Chatiwal

records and to provide standardised correction

new currency said Indranil D Deshmukh, partner and the

for forex trade As AI systems require massive amounts of

A case for using AI

to fix judicial delays

ai and blockchain are reshaping the

n 13% respondents used

n 56% used digital modes

A power tech overhaul Top jobs at PSBs: Pride and prejudice

hides a real job crisis 2017-18

Rural Urban Rural+Urban

Women’s LFPR has nearly doubled simply moved to unpaid work in         

You might also like