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The Economic Times Kolkata 24-06-2025

Tensions in West Asia are escalating as Israel conducts significant strikes on Iranian military sites, including nuclear facilities, while Iran vows retaliation. The Indian government is considering options to relieve Vodafone Idea of its substantial regulatory dues to prevent its collapse. Additionally, rising health insurance premiums have prompted the Indian finance ministry to urge the insurance regulator to enhance grievance redressal and corporate governance.

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The Economic Times Kolkata 24-06-2025

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CCI NG 3.

17 Product: ETKolkataBS
P ubDate: 24-06-2025Zone: KolkataCity Edition: 1 Page: ETKCPG13 User: tejas.v Time: 06-23-2025 21:34Color:

WWW.ECONOMICTIMES.COM Iran is yet to

impose a
threatened
blockade of
the Strait of
Hormuz,
bringing relief
to India for the
time being.
BENNETT, COLEMAN & CO. LTD. VOL. 50 NO. 147 | KOLKATA | 18 PAGES | `. 5 ONLY TUESDAY, 24 JUNE 2025 PAGE 1

Markets Remain on Edge amid West Asia Tensions Novo Nordisk Eyes Heavy Sales in India with Launch of Blockbuster Drug Wegovy: P 1

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WWW.ECONOMICTIMES.COM The army has

started placing
orders for a range
of drones,
loitering muni-
tions and counter
drone systems as
part of emergency
procurements
BENNETT, COLEMAN & CO. LTD. VOL. 50 NO. 147 | KOLKATA | 18 PAGES | `. 5 ONLY TUESDAY, 24 JUNE 2025 Page 2

JD-U Leaders Spar Over Appointments in Bihar Govt Commissions, Religious Trusts BJP-Trinamool Assembly Clash Turns Ugly; MLAs Hurt, FIR Filed: P 4

WWW.ECONOMI

BENNETT, COLEMAN & CO. LTD. KOLKATA

Pvt Sector to Lead Skills Training for

2 Million Youth at 1,000 Upgraded ITIs
MARKETS: BEATING VOLATILITY 9

FOCUS ON KEEPING DEBT-LADEN TELCO AFLOAT

Centre Mulls Options to Give

Vi Relief on `84,000cr Dues Co needs to pay over
On the table: Extending The Long and Short of It ` 20,000 cr
AGR repayment tenure to Voda Idea’s AGR dues after
SC verdict in 2019 stood at
Include principal toward AGR and
amount, interest, spectrum dues
20yrs with simple interest; `58,254 cr penalty and starting this
interest on penalty fiscal
charging `1-1.5kcr annually Telco owes
In March, govt converted
until a decision is made `83,400 cr `36,950 cr spectrum
as of March
2025 after dues into equity, is now
Kiran Rathee accumulation largest shareholder with

New Delhi: The Centre, already the big-

of interest 49.99% stake
gest equity owner in Vodafone Idea (Vi)
through conversion of earlier receivab- est, people aware of the details told ET. other creative proposals are also being
les into stock, is weighing multiple other If such terms indeed apply to Vi, its an- explored, and the relief may be given by
options to provide the telco further reli- nual payment burden will shrink signi- either one or a combination of options,”
ef on outstanding regulatory dues of Rs ficantly, although some are questioning said one of the persons cited above, on
84,000 crore over concerns that Vi would whether telco’s existing cash flows are the condition of anonymity.
flounder without executive latitude. sufficient to honour even the most gene- Another person said the government’s
Among the options on the table to add- rous repayment covenants. intent is to keep the company afloat. If Vi
ress adjusted gross revenue (AGR)-rela- A second option is to charge a token amo- folds up, New Delhi would be the biggest lo-
ted dues include increasing the repay- unt of around Rs 1,000-1,500 crore annually ser: The Centre is the largest shareholder
ment tenure to 20 years from six now and toward part payment of those dues until a with a 49% stake, and a majority of the out-
simultaneously applying a simple inter- final decision is taken on the broader AGR standing dues would come to the treasury.
est on the outstanding amount instead of issue, said a person aware of the proposals.
compound interest, or interest on inter- “Apart from these two options, some www.economictimes.com

AS HIKES IN HEALTH INSURANCE PREMIUMS SLOW PACE OF COVERAGE

Irdai Nudged on Premiums, Grievances

Finmin wants upgrade in claims settlements, corp governance
Not in Good Health “The government explicitly expressed
Dheeraj Tiwari its concerns over the hike in insurance
REGULATORY
FOCUS AREAS premiums, especially health insurance,
New Delhi: North Block has asked the in- complaints on claim settlement and cor-
Premium hikes surance regulator to step up vigilance, porate governance issues, especially in
Grievance redressal claims settlements and grievance some stand-alone health insurance com-
redressal, even as health-cover pre- panies or SAHIs,” said an executive, requ-
Corporate miums climbed too quickly through esting anonymity.
governance last year to slow the pace of covera- Health insurance premiums have spi-
Cybersecurity ge in an under-penetrated market. ked nearly 15% in several cases this year,
This was conveyed during a mee- triggering many policy holders to opt out.
ting last week between senior finance India’s overall insurance penetration
Premiums for Finmin wants issues
ministry officials and representatives declined to 4% in 2022–23 from 4.2% in
health insurance to be addressed from the Insurance Regulatory and Deve- 2021–22, according to the latest data.
spiked by nearly before Insurance lopment Authority of India (Irdai), said
15% this year Amendment Bill people familiar with the developments. www.economictimes.com

THE ECONOMIC TIMES

Around the World

KOLKATA
TUESDAY | 24 JUNE 2025
WWW.ECONOMICTIMES.COM

FRESH STRIKES

Israel Hits Iran’s Evin Prison,

Revolutionary Guards Sites
Says it struck Fordo
nuclear enrichment
facility on Monday to
block access to site
Tel Aviv: Israel hit Revolutionary Guard
sites and the notorious Evin prison in
Tehran on Monday, calling them its most
powerful strikes yet on the Iranian capi-
tal on the 11th day of the war.
Iran, in turn, fired missile barrages at
Israel and vowed retaliation against the
United States after it struck the Islamic
republic’s nuclear sites a day earlier.
Loud explosions rocked the Iranian ca- mountains south of Tehran. DIPLOMATIC SOLUTION
pital, where Israeli Defence Minister Is- The military said it had struck Fordo
rael Katz said the military hit “regime on Monday “in order to obstruct access
targets” with “unprecedented force”, ad-
ding to speculation that Israel may seek
routes” to the site, which Israel’s ally the
United States hit the previous day with
Trump ‘Still
to topple Iran’s clerical leadership.
The targets included Evin prison,
“bunker buster” bombs.
President Donald Trump boasted Sun-
Interested’ in
which Katz said, “holds political priso-
ners and regime opponents”, as well as
day's US strikes had “obliterated” Iran’s
nuclear capabilities, but other officials sa- Iran Diplomacy:
command centres of the domestic Basij id it was too soon to assess the impact on
militia and the powerful Islamic Revolu-
tionary Guard Corps.
Iran’s nuclear programme, which Israel
and some Western states consider an exis-
White House
The Israeli military said in a statement tential threat. Sirens sounded across Isra-
that the targets belong to Iranian forces el on Monday and AFP journalists repor-
“responsible... for defending the home- ted blasts were heard over Jerusalem. De-
land security, suppressing threats, and fence Minister Israel Katz said the Israeli
maintaining the regime’s stability”. military was “carrying out strikes of un-
Iranian media and the Israeli military precedented force against regime targets
said Israel also struck Fordo, a key nucle- and agencies of government oppression
ar enrichment facility buried deep in the in the heart of Tehran”. AFP

Iran: US Action Severely Washington: Donald Trump

thinks Iranians should overthrow
their government if it refuses to ne-
gotiate on its nuclear program, but

Damages Nuclear Treaty the US president is “still interes-

ted” in diplomacy, the White House
said Monday.
“If the Iranian regime refuses to
come to a peaceful diplomatic solu-
Tehran: Iran said US strikes on its nu- tion, which the president is still in-
clear sites over the weekend have delive- terested and engaging in, by the
red an “irreparable blow” to the Nuclear way, why shouldn’t the Iranian peo-
Non-Proliferation Treaty — a bedrock, ple take away the power of this in-
international agreement preventing the credibly violent regime that has be-
spread of atomic bombs. en suppressing them for decades?”
Iran’s envoy for the International Ato- Press Secretary Karoline Leavitt
mic Energy Agency, Reza Najafi, descri- said on Fox News.
bed US attacks as an act of aggression US bombers attacked Iran's heavily
that “delivered a fundamental and irre- guarded and secretive nuclear enrich-
parable blow to the international non- ment sites over the weekend, joining
proliferation regime conclusively de- Israel’s military campaign to destroy
monstrating that the existing NPT fram- An ambulance burned by Israeli attacks the Iranian nuclear program.
ework has been rendered ineffective.” stands on a street in Tehran Top officials have repeatedly insis-
He did not specify whether Iran would reement,” he said, adding “there needs ted the US goal is not regime change
look to leave the NPT, something that wo- to be a cessation of hostilities for the ne- in Iran, but Trump veered off that
uld probably mean the United Nations’ cessary safety and security conditions to messaging Sunday with a social me-
nuclear watchdog can no longer inspect prevail so that Iran can let IAEA teams dia post saying “why wouldn't there
the country’s atomic facilities. into the sites to assess the situation.” be a Regime change???”
Iran’s envoy made the comments on the On Sunday lawmakers in Tehran revi- The risky bombing mission was a
sidelines of an International Atomic ewed the possibility of the Islamic Re- complete success, according to the
Energy Agency meeting in Vienna, con- public withdrawing from the NPT in re- White House, with Trump announ-
vened to discuss the ongoing strikes aga- sponse to the US’s attack. Any final de- cing in another post that "Monumen-
inst Tehran’s nuclear infrastructure. cision to do so would have to be made by tal Damage was done" to the sites. Ho-
IAEA Director General Rafael Mariano Iran’s Supreme National Security Co- wever, there is no independent verifi-
Grossi reiterated his inspectors don’t uncil and Supreme Leader Ayatollah cation of how much Iran's nuclear
know the location of Iran’s stockpile of Ali Khamenei. program has been set back.
enriched-uranium and demanded they The US carried out an extensive milita- Iran is accused by Israel, the Uni-
be informed. ry operation against three nuclear sites ted States and other Western po-
“Any transfer of nuclear material from in Iran — Fordow, Natanz, and Isfahan — wers of seeking to build nuclear we-
a safeguarded facility to another loca- over the weekend. President Donald apons under the cover of a civilian
tion in Iran must be declared to the agen- Trump said they were “obliterated.” power program, something Tehran
cy as required under Iran’s safeguard ag- Bloomberg has always denied. AFP

US Braces for ‘Low-Level’ EU: Closing Strait of

Cyberattacks by Iran Hormuz Would Be
Very ‘Dangerous’
Washington: US officials are warning ry has repeatedly shown a willingness to
businesses to brace for potential Iranian use cyberattacks against adversaries Brussels: The EU’s top diplomat
cyberattacks following American airstri- with stronger cyber capabilities than it- warned Monday it would be
kes on the country’s nuclear sites, an self, including Israel, according to a 2024
event that experts say could draw a relati- threat assessment by US intelligence.
“extremely dangerous” should
vely small response from hackers. Iran’s top military general on Monday Iran shut down the crucial Strait
A bulletin from the Department of Ho- said that the American of Hormuz trading route over US
meland Security warned that Iranian strikes on its nuclear si-
hackers routinely target American tech- Iranian tes had given Iran a free strikes on its nuclear sites. “Con-
nology, and that such activity is poised to hackers have hand for retaliatory mea- cerns of retaliation and this war
occur after the US military operation. been accused sures. Still, while Iranian
The message said that DHS hadn’t identi- cyberattacks could dis-
escalating are huge,” Kaja Kallas
in recent
fied any specific imminent threat. years of rupt specific targets, said as EU foreign ministers met
“Low-level cyberattacks against US net- targeting John Hultquist, chief in Brussels for talks, with the
works by pro-Iranian hacktivists are lik- banks, a analyst at Google’s Thre-
ely, and cyber actors affiliated with the Saudi oil at Intelligence Group, Iran-Israel conflict high on the
Iranian government may conduct at- company and warned that the country agenda. “Especially the closing of
tacks against US networks,” according to US elections frequently fabricates or
the Strait of Hormuz by Iran is
the bulletin issued Sunday. It also warned exaggerates its capabili-
of potential retaliatory violence from ex- ties “in an effort to boost their psychologi- something that would be ex-
tremists in the US. cal impact.” tremely dangerous and not good
Iranian hackers have been accused in “We should be careful not to overestima-
recent years of targeting banks, a Saudi te these incidents and inadvertently assi- for anybody,” she warned. AFP
oil company and US elections. The count- st the actors,” he said. Bloomberg

Khamenei’s Son Waiting in the Wings

A mid-ranking cleric, Mojtaba is a hardliner with close ties to the Revolutionary Guards
Tehran: Mojtaba Khamenei is one of sanctions on Mojtaba in 2019, saying he
the most influential figures in the Irani- represented the Supreme Leader in ‘“an
an clerical establishment headed by his official capacity despite never being
father, Supreme Leader Ayatollah Ali elected or appointed to a government
Khamenei, and among the figures seen position” aside from working his fat-
as a candidate to succeed him as leader her’s office.
of the Islamic Republic. Its website said Khamenei had delega-
A mid-ranking cleric who studied ted some of his responsibilities to Mojta-
under religious conservatives in the ba, whom it said had worked closely with
seminaries of Qom, Mojtaba is a hard- the commander of the Islamic Revolu-
liner with close ties to the Revolutiona- tionary Guards Corps’ Quds Force and
ry Guards, the force mandated to safegu- the Basij, a religious militia affiliated
ard the Islamic Republic led by Khame- with the Guards, “to advance his father’s
nei since 1989. destabilising regional ambitions and
Carrying the clerical rank of Hojjatoles- oppressive domestic objectives”.
lam, Mojtaba, 55, has never held a formal Over the past 20 years, Mojtaba has built
position in the Islamic Republic’s govern- close ties with the Guards, giving him
ment, exercising his influence behind the added leverage across Iran's political and
scenes as the gatekeeper to his father, security apparatus, sources said.
according to Iran watchers. His role has Mojtaba has been a target of pro-
long been a point of controversy in Iran, testers' anger in demonstrations since
with critics rejecting any hint of dynas- 2009, particularly during months of
tic politics in a country that overthrew a unrest that swept Iran over the death of
US-backed monarch in 1979. Khamenei a young woman in police custody in
has himself indicated opposition to the 2022, after she was arrested for allegedly
idea of dynastic succession. breaching the Islamic Republic's strict
The US Treasury Department imposed Mojtaba Khamenei dress codes. Reuters

WWW.ECONOMICTIMES.COM

BENNETT, COLEMAN & CO. LTD. VOL. 50 NO. 147 | KOLKATA | 18 PAGES | `. 5 ONLY TUESDAY, 24 JUNE 2025

Entry Curbs Slow Down SFBs to Gain Big from Low AI Tools Move Needle
Indians’ Foreign Travel Priority Sector Target in Healthcare Sector
BRANDS & COMPANIES 5 SMART INVESTING 8 EYE ON AI10

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AFTER US BOMBS IRAN’S N-SITES HOLISTIC GO-TO-MARKET PLAN IN WORKS SoftBank Eyes
PURE
Takeovers in
POLITICS Novo Nordisk Aims
Army Places Orders
for Drones to Make
Stocks Feel the West Asia for Heavy Sales in
IT Services
SoftBank is
exploring

Heat, But Don’t Boil Over

buyout
Rapid Advances
The Army has started
placing orders with Indian
India with Wegovy opportuni-
ties in India
to bring AI at scale to the
companies for a range of Indices fall as much as 1% On Edge Danish drug co targets $1 b jackpot in services sector, report
Pranav Mukul & Samidha
drones, loitering munitions 5-7 yrs, readying for full-scale launch
and counter-drone sys- but erase half of losses on INDEX [COUNTRY] % CHANGE Sharma. The Japanese
PSEI [Philippines] -1.92 Vikas Dandekar technology investor is in
tems as part of emergency procure- expectations that Iranian Bursa [Indonesia] -1.74 talks with several IT
ments, cleared by the defence ministry,
to boost operational preparedness. response won’t be severe TWII [Taiwan] -1.42 Mumbai: Danish drug giant Novo Nordisk is aiming to
hit $1 billion (Rs 8,600 crore) sales in India with its block-
services firms. 12
CAC 40 [France] -0.74
Manu Pubby reports. The forces are buster weight-loss drug Wegovy (semaglutide) in five to se-
Our Bureau SENSEX [INDIA] -0.62 ven years. To reach that target, ET learns the company is
focusing on long-range weapons, jam-
mers, and indigenous solutions. 2
NIFTY [INDIA] -0.56 Nikkei 225 [Japan] -0.13 building on a comprehensive go-to market strategy with New Fuel Norms
Mumbai: Indian equities retreated DAX [Germany] -0.54 STI [Singapore] -0.11 industry insiders saying it’s setting the stage for an unrest-
Monday after the US risked its own bil- Jalsh [S Africa] -0.29 SSEC [China] 0
0.65 ricted pan-India launch, may be Tied
■JD(U) Leaders at Odds over lion-dollar-plus military assets to po-
Kospi KS11 [Korea] -0.24 HSI [Hong Kong] 0
0.67
which is expected shortly.
Obese population in to Vehicle Size
Commission Appointments 4 und subsurface Iranian nuclear sites The achievement of that
over the weekend, but the broadest FTSE 100 [UK] -0.19 KLSE [Malaysia] 0
0.92 goal in India, which ranks India (in million)
The govern-
gauges erased initial losses to end abo- Source: Eikon third in obesity numbers
■ BJP MLAs Injured, FIR Filed in 2022 ment may
ut half a percent lower following mo- after the US and China,
Bengal Assembly Ruckus 4 look at a
dest gains in crude oil prices.
“The markets will closely watch for OIL HOLDS
FIRM AMID
sys, HCL Technologies
and TCS, which toget- Private Biz Activity at will shatter the record for
prescription brand sales. 70 2024
differentiat-
Strategic Tunnel Projects any further escalation in West Asia
that could affect oil supply and pri-
TENSIONS
PAGE 7
her account for the se-
cond biggest Nifty we-
14-Mth High in June Keytruda, a breakthro-
ugh anti-cancer drug Source:
135* ed structure
to Link Jammu, Srinagar cing,” said Nilesh Shah, MD, Kotak ighting, fell 1-3% and India’s private sector activity from MSD India (part of *World Obesity Federation estimates based on the size of the
Mahindra AMC. “It will be fair to assu- led the decliners. surged to a 14-month high of the US Merck group), is vehicle while framing the
may be Revived me that the risk aversion will rise with The technology pack drifted after the
61 in June, buoyed by manu-
currently the No. 1 in
Estimated no of adults
with diabetes in India (m) CAFE 3 (Corporate Aver-
Amid renewed all-weather escalation and will have an adverse im- revenue guidance by Accenture, the prescription brands, with
pact on the markets.” world’s largest services company by facturing and service economy, as per a annual revenue excee- 2021 age Fuel Efficiency
connectivity push for J&K The BSE Sensex shed 511.36 points, or market value, fell short of expectations. ding Rs 1,600 crore, accor-
2024 Norms). Sharmistha
private survey released Monday. Favour-
after the Pahalgam attack, 0.6%, at 81,896, while the NSE Nifty 50 ding to market sources. #
the Centre is set to reconsid- declined 140.50 points, or 0.5%, to settle
at 24,670. Technology bellwethers Info-
www.economictimes.com
RUPEE, HEDGING COSTS HOLD STEADY9
able demand trends, efficiency gains and
tech investment supported output. 11
Studies show India has
254 million people with ge-
74 101^
Mukherjee & Twesh
Mishra report. 5
er financial approvals for neralised obesity and 351
two strategically critical and long pending million with abdominal #
International
Diabetes
Suppliers of
India at Ease as Hormuz stays Open
projects — Singhpora-Vailoo Tunnel and obesity. Novo Nordisk's sa- Federation/
les target stems from its ^ICMR
Sudhmahadev-Dranga Tunnel — that can
offer alternative linkage between Jammu
estimate that a signi-
ficant proportion of
Apple Scale
and Srinagar via NH 244. Anubhuti
THE CHANNEL
C Worries rise over Iran quitting NPT, building N-bomb them are potential Up India Ops
Vishnoi reports. 2 Strait Talk HAS NEVER
N BEEN Oil prices were little changed on Mon-
users of such drugs,
given the benefits to the
Apple is
India not solely FULLY BLOCKED Dipanjan Roy Chaudhury significantly
day, suggesting that the market is of the heart, liver and kidneys.
dependent on
But tr
traffic was view that Iran won’t risk a blockade. Is- Last year, global sales for expanding
Strait of Hormuz New Delhi: Iran is yet to impose a threa- rael attacked Iran’s notorious Evin pri- Wegovy stood at $8 billion,
SUITS & for oil supplies disrupted during
disrup
tened blockade of the Strait of Hormuz, son in Tehran on Monday, a day after the while Ozempic, the same
its India pie
SAYINGS But it’s strategically Iran-Iraq war anarrow 33 km channel between the Per- US hit underground nuclear installa- drug but officially appro- via its con-
significant in a in the 1980s sian Gulf and the Gulf of Oman that’s a tions. India is not solely dependent on ved for type 2 diabetes, tract manufacturers
region that’s home critical waterway for crude oil supplies the Strait of Hormuz for its oil supplies amounted to $17 billion.
Change of Guard to millions of
Tensions between to the Indo-Pacific region, bringing reli- and even has adequate reserves. With a deeply embedded
such as Foxconn and
Leadership changes are in the air. For US and Iran ef to India for the time being. India has of late increased flow of cru- presence in the insulin market — Novo Nordisk dominates Tata Electronics. This is
Indians, has oil
navies in 2007 Parliamentarians in Iran had voted to de from Russia, the channel remains with a 62% share of the Rs 4,943 crore market despite com- propelled by govern-
some, to navigate growth challenges in and gas fields
2023 seizure choke off the strait as retaliation aga- strategically significant in a region petition from lower-priced products — the launch of Wego- ment incentives like the
India, while others play high-profile came- inst the US strikes on three nuclear si- that’s home to millions of Indians vy is being keenly awaited by doctors and patients.
of US crude PLI scheme. Dia Rekhi
os to latch on to plum offers. Turn to 5 tanker by Iran tes. But the Iran National Supreme Co- apart from oil and gas fields, according
uncil is yet to take a call on the matter. to Iran watchers. www.economictimes.com reports. 12

2 } Pure Politics THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

EMERGENCY PROCUREMENT ORDERS PLACED WITH INDIAN COMPANIES

OTHER NEWS IRANIAN FRONT
OF THE DAY
Army Deploys Drones to What’s Pak
Make Rapid Advances Army Chief’s
Forces focusing on
long-range weapons,
NAGASTRA 1R
450 suicide Cost-effective
Cong: By Bombing
Iran, Trump Made
Deal With Don?
drones system; full of cooperation with China by
jammers, ADS and ordered,
worth
re-usability A Mockery of his ANALYSIS signing the border settlement
agreement, which paved the
of launcher way for Zia-Ul Haq to build on
indigenous solutions `158 crore systems HYBRID MINI UAV Own Call for Talks United States will a similar frame in the 1970s as
Order placed for UAVs want more from it helped with the US-China
Thermal camera option
Manu Pubby worth `137 crore rapproachment. What was
for night operations When J&K issue was Pakistan, secretly common in the all the efforts
New Delhi: The Army has started Designed for Already was a desire to outbalance In-
placing orders with Indian compa- Encryption for both video &
intelligence in service
raised in UN, Iran took or otherwise dia among the major powers
nies for a range of drones, loitering telemetry communication of the time and in return, pro-
gathering and with our side. We want Iran
munitions and counter-drone sy- vide its territory for ‘other
stems as part of emergency procu- High-precision More than 80% surveillance Army Pranab Dhal Samanta wars’.
Union parliamentary affairs rements, cleared by the Rajnath targeting indigenous Can take off vertically and
not to suffer: Kharge As a result, Pakistan became
minister Kiren Rijiju at the Singh-led defence ministry, to bo- system content New Delhi: What is the deal the training ground for prox-
Mago-Chuna forward area
switch to fixed wing flight
ost operational preparedness. Our Political Bureau that Asim Munir has struck ies, which took the form of Is-
in Tawang on Monday — ANI mode mid-air
While some contracts have been in- with Donald Trump on Iran? lamic terrorism. Today, this
ked to boost counterinsurgency capa- Do not contain Chinese New Delhi | Bengaluru: Cong- This question often gets lost in deadly combination has be-
bilities, a much larger number is ex- origin critical parts ress on Monday said the US bom- the Indo-Pak frame but is come difficult to control for
pected to be inked in the coming we- bing of Iran’s nuclear sites made a equally vital in the context of even the Pakistan Army.
eks as the ministry has gi- mockery of President Trump’s the US strikes on Iranian nu- Which is why it has had to jail
ven sweeping powers to calls for continuation of talks with clear sites. Because Pakistan Imran Khan, whose anti-US,
the armed forces to quickly identify the Islamic republic, speaking on has lost no time in taking the pro-democracy line is more
and purchase cutting-edge systems the issue after maintaining silen- lead to not just condemn the appealing to Pakistan’s Islam-
developed by the industry, besides re- ce on it on the previous day. strikes but also moving a reso- ic constituency than all the
plenishing ammunition and long- “President Trump’s decision lution with China against US machinations of the Pak Ar-
range, standoff weaponry. to unleash US airpower on Iran in the UN Security Council. my.
One of the systems purchased is makes a mockery of his own On Sunday night, barely days This is now Munir’s chal-
Nagastra 1R advanced loitering sy- calls for the con- after Pakistan Army Chief lenge. He has to sharpen the
stem that can take down infiltrators tinuation of Gen Asim Munir lunched political attack on Israel to
Bangladesh and target enemy positions at shal-
low depths on the Line of Control.
talks with Iran.
The Indian Na-
with US President Donald
Trump, Islamabad made a na-
equate Kashmir with Gaza but
at the same time, not sour the
‘No Locus Standi to Comment’ on India’s ‘Internal Affairs’
Envoy Calls The Army has placed an order for
450 of the munitions with Solar In-
tional Congress
reiterates the ab-
tional statement at the UNSC,
which termed the US strikes
‘feel good’ moments with
Trump. Like his predecessors,
on Bengal CM dustries, valued at `158 crore. The Pakistan Misusing OIC for Narrow Political Ends ‘We don’t solute essentiali-
cost-effective systems are already in NEW DELHI: India has rejected unwarranted and factually want any ty of immediate
KOLKATA Bangladesh high use by the Army and the fresh batch country to diplomacy and
has to be delivered within 12 months. incorrect references to India at the recent OIC foreign minis- attack any dialogue with
commissioner Md Riaz Hami- Another order has been placed with ters’ meeting. These statements, driven by Pakistan which has sovereign, Iran,” said party
dullah called on West Bengal ideaForge Secures for hybrid Mini democratic spokesman Jai-
turned terrorism into statecraft, reflect the continued misuse country’
CM Mamata Banerjee at state UAVs, which have already been battle- ram Ramesh.
tested and inducted into the Army’s in- of OIC platform for narrow political ends. OIC’s repeated failure to acknowl- Speaking to me-
secretariat Nabanna on Mon- ventory for ISR (Intelligence, Surveil- edge the real and documented threat of terrorism emanating from Pakistan, dia persons in Karnataka,
day. Chief Secretary Manoj lance, and Reconnaissance) opera- most recently evidenced in the heinous Pahalgam attack, reflects a willful Congress president Mallikar-
Pant was also present during tions. This is a fixed-wing VTOL (Verti- jun Kharge said, “We want pea-
cal Take-Off and Landing) platform. disregard for facts and the global consensus on the fight against terrorism, ce in the world. Iran is our ne-
the “courtesy meeting”, offici- The company said it went through according to a MEA statement. OIC has no locus standi to comment on India’s ighbour and always stands
als said. “West Bengal CM a “rare and rigorous validation pro- internal affairs, including Jammu & Kashmir, MEA emphasised. — OPB with us in tough times. We have
Mamata Banerjee and Bangla- cess” before the selection that in- trade relations with Iran, and
cluded two independent high-po- we import crude oil from them.
desh high commissioner Md wer technical committees that veri- The forces have drawn up a road- The forces are also looking to acqu- When the question of J&K was
Riaz Hamidullah held a meeting fied the integrity and origin of Mini map to award contracts worth thou- ire jammers and low-level transpor- raised in the UN, Iran took our
at her office in Nabanna with UAV’s critical sub-components. sands of crores, a large chunk of table radars in higher numbers in side. We want Iran not to suffer.
The evaluation was carried out as the which is set to go to the private sec- the coming months as they proved He further said, “We don’t
the aim of strengthening the forces do not want any critical parts of tor. Weapons worth `44,000 crore are effective in thwarting large-scale want any country to attack any
traditional relations between the system to be of Chinese origin. likely to be ordered in the coming da- drones attacks during Op Sindoor. sovereign, democratic count-
the people of West Bengal and As reported, the armed forces are ys, including ammunition for pro- The armed forces are also likely to ry... Be it Israel, Iran, or the US,
focusing on long-range weapons, longed conflict. A special focus is on go in for a range of air defence capa- they shouldn’t attack any sove- on Iran as a “ breach of inter- he will back himself to master
the people of Bangladesh,” the jammers, air defence systems and in- ‘long range vectors’, weapons that bilities to further strengthen the reign, independent country... national law” that went the double game to Rawalpin-
Bangladesh deputy high digenous solutions for the ‘new nor- can be used from a standoff distance network that kept the Pakistani India has always been with tho- against both IAEA and UNSC di’s advantage but 2025 is nei-
mal’ approach against terrorism. to strike deep into enemy territory. missile and drone barrage in check. se who want to be at peace.” resolutions on the matter. It ther the 1970s nor the 1950s.
commission said in a state-
“denounced” US strikes on How far out can Munir go
ment. “The CM requested the the IAEA-safeguarded nucle- against the US or Iran? At

Operation Sindoor has Injected Fear

high commissioner to convey ar facilities while condemn- some point, if not already in
ing all attacks on Iran since play, US will want more from
her best wishes to Bangla-
June 13. Pakistan, secretly or other-
desh’s principal advisor Dr So, clearly, Pakistan is trying wise. If he doesn’t oblige, he

in Minds of Terrorists, says Rajnath

Yunus and the people of Bang- to leverage this conflict to its runs the risk of many conse-
advantage just like it has done quences, first of which will be
ladesh,” an official said. — OPB with regional conflicts histor- economic. And if he does
ically. On the one side, it’s oblige, then the problem in Ba-
courting Trump to balance In- lochistan gets fresh impetus,
dia and on the other end, it’s resulting most certainly in a
‘Achieved all its objectives under the leadership of Supreme Commander of Armed Forces’ wanting to project its utility to troubled Iran-Pakistan bor-
the Islamic world as a non-per- der.
manent member of the UNSC The bigger consequence of
Our Political Bureau by piloting a resolution not playing to the American
‘SHARE WATER FAIRLY OR WE WILL DELIVER WATER TO US FROM ALL SIX RIVERS’ against US-Israel solidarity. tune will be on Pakistan’s own
New Delhi: Union defence mini-
ster Rajnath Singh said on Monday
Pak will go to War if India Denies Water Under IWT: Bilawal Not just that, it’s simultane-
ously playing China and the
nuclear programme, which
has always been considered a
that India’s Operation Sindoor has ISLAMABAD: Pakistan’s former foreign minister Bilawal Bhutto-Zardari on Monday said his country will go US – for now, even getting un- worry point, vulnerable to fall
injected fear in the minds of terro- to war if India denies Islamabad its fair share of water under the Indus Waters Treaty (IWT). India put in expected attention. in wrong hands. Unlike India,
rists and has successfully achieved Ayub Khan wrote the play- Pakistan’s N-programme is to
BJP Planning all its objectives. The minister was
addressing a gathering at the Rash-
abeyance the 1960 agreement soon after the April 22 Pahalgam terrorist attack that killed 26 people.
Home minister Amit Shah last week announced to never restore the historic accord. Bilawal’s comments
book in the 1950s when he
signed up to join US-led alli-
an extent considered rogue as
its built through a smuggling
‘Emergency’ trapati Bhavan where he released a
curated collection of 51 speeches
came two days after Pakistan’s foreign ministry criticised Shah’s “brazen disregard” for international ances, CENTO and the SEA-
TO, against the erstwhile So-
network, whose lead players
have been charged and sanc-
Parliament delivered by President Droupadi
Murmu during her years in office.
agreements. Bilawal, in a speech in parliament, rejected the Indian decision to suspend the agree-
ment and threatened to get Pakistan’s share of water. “India has two options: Share water fairly
viet Union. Dwight Eisenhow-
er had a good equation with
tioned. Yet, it wants to be seen
as the protector of nuclear ca-
NEW DELHI BJP is planning Singh described President Murmu or we will deliver water to us from all six rivers,” he said referring to the six rivers of the Indus him as he allowed the Pesha- pabilities in the Islamic world.
to observe ‘Black Day’ on as the best example of women-led de- war air base to be used for U2 Either way, it's showtime for
basin. He said the IWT was still in vogue as the agreement cannot be held in abeyance. — PTI
velopment in India, adding that under missions and more, against Pakistan Army as an old play-
June 25 to mark the 50th the leadership of the Supreme Com- USSR. He later had to apol- book finds currency again --
anniversary of the Emergen- mander of the Armed Forces, Indian or, achieving all objectives and instil- commended her for constantly encou- working for the empowerment of the ogise to Moscow for this. just that, this time the stakes
cy. The party leadership has soldiers carried out Operation Sindo- ling fear in the minds of terrorists. He raging the armed forces, while also deprived sections of society. But he also sowed the seeds are for survival.
instructed its state units to

Centre Set to Revive Strategic Jammu-Srinagar Tunnel Project

organise programmes for
three days beginning Thurs-
day. Party leaders and mini-
sters will participate in the
programmes, such as mock ALL-WEATHER ROUTE FOR TROOPS, CONVOYS Shot down by Public Investment Board in March, highways ministry to consider revised proposal soon
parliament and exhibition. rial Public Investment Board Reason- the two tunnel projects roads. regions of Doda, Kishtwar, Ram- duce travel time and cost of
Union ministers Manohar Lal, Anubhuti Vishnoi (PIB), ET has learnt. off NH 244 are of immense stra- The near 10 km long Singhpora- ban, Udhampur and Reasi- the movement for trade as well.
The projects- though they have tegic significance as they can Vailoo Tunnel is aimed at pro- latter also a critical mineral They have, however, been hit by
Pankaj Choudhary, Nitya- New Delhi: Amid renewed all received all defence and green help provide a safer, all-weather viding all year road connectivity mining site. a series of setbacks from scrap-
nand Rai, Raj Choudhary, BJP weather connectivity push for clearances- were shot down by route for troop movement and between the Kashmir Valley and The second key project—Sudh- ping of tenders in 2024 to PIB re-
general secretary Vinod Jammu & Kashmir following the the PIB in a March 22 meeting convoys along border areas as the Chenab region. Currently, mahadev-Dranga Tunnels- in- jection this March.
Pahalgam attack, the Centre is over several issues from over- compared to NH 44 which runs the only available linkage is volves a near 8 km long uni direc- The two were originally esti-
Tawde, MP Anurag Thakur set to reconsider financial ap- done structural elements to a closer to the LoC and hence is along the Anantnag-Kokernag- tional twin tube linkage to bring mated to cost over Rs 5,000 crore
and Sambit Patra, spokesman provals for two strategically crit- massive Rs 8900 crore project more vulnerable to terror at- Kishtwar road which passes down driving distance between and Rs 3800 crore respectively as
Zafar Islam will visit Bihar ical and long pending tunnel pro- cost estimate. tacks. through the 12,000 feet Sinthan Sudhmahadev in Udhampur part of the now wound up Bha-
jects that can provide alterna- ET gathers that the project plan The need for the two projects pass- known to be a treacherous and Khellani in Doda from 100 ratmala scheme. The MORTH is
and participate in several tive linkage between Jammu has been considerably reworked has, in fact, been underlined re- area prone to blockages under km to 32 km. expected to pare down the costs
events. In MP, Union minister and Srinagar through NH 244. now to address some of the con- peatedly by political leaders snowfall. Currently the present linkage- significantly.
CR Patil, BJP MP Sudhanshu The Singhpora-Vailoo Tunnel cerns raised and a revised pro- from across parties in J&K as The Singhpora-Vailoo Tunnel- Goha-Khellani Road- is highly The MORTH is also expected to
and the Sudhmahadev-Dranga posal- that will cost much lesser- well, as they ease up the traffic to link up from Ahlan in Koker- accident prone and vulnerable take up two other important pro-
Trivedi, CM Mohan Yadav and Tunnel- pending a central go will soon be taken by the Minis- volume on Jammu-Srinagar nag to Chatroo in Kishtwar aims to landslides. The new align- jects for PIB approval- the Kazi-
others will take part in func- ahead for over a decade now- are try of Road Transport & High- Highway via Jawahar Tunnel to bypass the Sinthan pass which ment along Sudhmahadev- ranga elevated highway in As-
tions. — KUMAR ANSHUMAN set to be brought back for re-con- ways (MORTH) for considera- and link Srinagar and border ar- will pave way for all year travel Dranga Tunnel to Khellani town sam as well as the high speed cor-
sideration by the inter ministe- tion at the next PIB meeting. eas in J&K with all-weather between the Valley and Chenab & Goha village is expected to re- ridor off Koraput in Odisha.

Poliloquy
India to Form Parl Friendship Groups Will Eradicate Naxalism by March: Shah
R PRASAD

UNITED FACE Birla to consult leaders of all parties in monsoon session ‘Tireless efforts of our security forces will make the battle a success’
A STEP FORWARD PRAISING SECURITY FORCES
Jatin Takkar Our Political Bureau
Several countries have Iknow that what our
Mumbai: India will soon set up par- New Delhi: Union home minister
liamentary friendship groups with requested us to estab- Amit Shah on Monday said he has full jawans set out to achie-
different countries to step up articula- faith in security forces that they will
tion of its views and stand on the glob- lish such groups, which eliminate Naxalism by next year. “I have, they always accomp-
al stage while projecting a united po-
litical face, a development that comes they already have: ve full faith that it is the bravery and ti-
reless efforts of our security forces lish, says Union home
in the wake of Operation Sindoor.
Taking cue from the recent visits of Speaker Om Birla that will make the battle against Naxa-
lism a success,” Shah said in Raipur. minister Amit Shah
multi-party delegations to several parliamentary friendship groups. manner with representation from He said the way out security forces ha- what our jawans set out to achieve, Naxalism before March 31, 2026.”
countries, Lok Sabha Speaker Om “The work has already started. Sev- several parties,” Birla said on the ve dismantled Maoist hideouts with they always accomplish,” he added. Shah noted that Naxalism has be-
Birla on Monday said he will hold con- eral countries have requested us to es- sidelines of the conference of the esti- immense courage, patience and com- Shah asserted, “It is the trust in our seen a major problem in the poor tri-
sultations with leaders of all parties tablish such groups, which they al- mates committees of Parliament, mitment, it has astonished security curity forces that has inspired me to ke- bal regions, leading to the deaths
in the upcoming session for setting up ready have. Now it will be in a formal states and legislative bodies. forces across the world. “I know that ep reiterating that we will eradicate of nearly 40,000 people.

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4 Pure Politics THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

SPEAKER SUSPENDS FOUR BJP MLAS AFTER PRIVILEGE MOTION MOVED BY TRINAMOOL

BJP-Trinamool Clash Turns

Ugly in Assembly; MLAs,
Marshals Injured, FIR Filed
BJP MLAs Shankar Ghosh Lalu Prasad filing his nomination papers to seek re-election as
RJD chief, a post he has held for over three decades, in Patna—ANI
Bihar CM Nitish Kumar inaugurated a six-lane bridge linking
Patna with Raghopur, LoP Tejashwi Yadav’s constituency — ANI
and Agnimitra Paul hurt; 14
CASH, CASTE IN BIHAR POLL PLANS DEFENDING CM’S INTEGRITY
security personnel injured
Jayatri Nag
Nitish Ups Payouts JDU Distances
Kolkata: At least 14 security personnel
Nitish from
and several BJP MLAs were injured in
the state assembly following a scuffle bet-
ween the BJP legislators and the Mars-
hals, who were called by the Speaker Bi-
as Rivals Make Commission,
man Bandopadhyay to remove the BJP
MLAs from the House after a privilege
motion was brought in by the ruling par-
ty Trinamool Congress. Four BJP MLAs,
including BJP chief whip Shankar
Bigger Cash Promise doubling the honorarium of the
Trusts Selections
Ghosh, were suspended.
From Jharkhand to 1.4 lakh workers associated with Spokesperson takes veiled swipe at
Chaos broke out in the assembly on his ambitious Jeevika project,
Monday afternoon after the BJP legisla-
Bihar, direct benefit which reaches out to 1.4 crore Jee- Ashok Choudhary over son-in-law’s
tors demanded that Ghosh and others be vika Didis across the state. Ku-
heard regarding expunging former chief schemes are emerging mar also announced that under nomination and RSS remark
economic advisor Ashok Lahiri's spe- the Jeevika project, self-help gro-
ech. When Shankar Ghosh requested
to speak on the issue, the Speaker did
FIGHT TO CONTINUE AS as key vote drivers ups will now have to pay only 7%
interest on bank loans of more Kumar Anshuman
not allow him, which triggered the SESSION ENDS TODAY than Rs 3 lakh. Earlier, self-help
protest by the BJP MLAs, who tore the Kumar Anshuman groups had to pay 10% interest on New Delhi:JDU spokesman Neeraj Kumar on Monday
LoP Suvendu Adhikari and BJP supporters protest in Kolkata over suspension
assembly documents and flung them bank loans of more than Rs 3 raised objections to the recent appointments of politi-
of MLAs (Top); Security personnel injured in Assembly clash — ANI
in the air. New Delhi: Caste and social justi- lakh. Now, after the reduction in cal leaders to government commissions and religious
Before this, Lahiri, quoting assembly Trinamool Parliamentary Affairs Mini- ring the assembly documents. I was force have been the dominating fac- interest rates, the additional amo- trusts in Bihar, even as he said that no one can question
rules, requested the Speaker that his spe- ster Sobhondeb Chatterjee, following ced to suspend four MLAs for this ses- tors in almost every assembly unt to be paid to banks as interest the integrity of party president and chief minister Ni-
ech should not be expunged. which the Speaker suspended four MLAs sion. They were not willing to leave. So, election in Bihar. However, for the will be given by the government. tish Kumar in the matter that had been taken up strong-
“Two enquiries will be done on the is- –– Shankar Ghosh, Manoj Oraon, Agni- the Marshals were called to make them first time, cash is having a play in Nitish Kumar is known for his ly by the opposition.
sue. The security personnel and mars- mitra Paul and Dipak Barman. leave the House.” the run-up to the elections. welfare schemes targeted at the “No one can question the integrity of Nitish Kumar.
hals got injured and they have been trea- The Speaker said, “The MLAs, who are There was a scuffle in the floor of the On June 21, Bihar Chief Mini- women of the state who have been He is known for his unique working style which has
ted and they have submitted the papers to in the assembly, must understand how to House among the Marshals, security per- ster Nitish Kumar announced his strong vote bank. over the years added to his image of an honest and
me,” the Speaker said. “Some micropho- maintain the dignity of the House. After sonnel and the BJP MLAs. The BJP legis- that under the Social Security The Opposition RJD and Cong- transparent politician in Bihar. All these appointments
nes have been destroyed, and tables have Lahiri made an observation and I replied lators shouted slogans and refused to lea- Pension Scheme, all the elderly, ress earlier announced to launch do not require the signature of the chief minister. No
been damaged.” also. I have requested both the ruling and ve. The Marshals dragged the four MLAs. disabled and widowed women the Mai-Bahin one should say anything which can damage the integri-
The Speaker warned the BJP MLAs and the opposition MLAs. They did not listen Shankar Ghosh fell while being dragged will get a pension of `1,100 instead Scheme, to provi- ty of our party leader Nitish Kumar,” Kumar, a senior
then a privilege motion was moved by to me…they were excited. They were tea- on the ground and his spectacles broke. of `400 every month. All the bene- Given Nitish de Rs 2,500 per party leader and a former minister in the previous state
ficiaries will get a pension at an Kumar’s track month to the wo- government, told ET.
increased rate from July and the record, the men of the state He also criticised state minister and JD (U) leader As-
amount will be sent to the account state on the lines of hok Choudhary, without naming him, over the appoint-

Fire In Bengal CEO Office Building of all the beneficiaries on the 10th
of the month. As per state govern-
ment estimate, the target is aro-
und 1.10 crore beneficiaries who
government
is likely to
announce a
cash scheme
schemes running
in other states.
In recent times,
political parties
ment of his son-in-law Sayan Kunal to the Bihar Religio-
us Trust Board. Choudhary had said that the appoint-
ment of his son-in-law was not from the JD (U) quota but
the RSS quota. “What our allies are doing is not somet-
Blaze in server room sparks panic during Kaliganj by-election count will get the increased amount. for women in election-going hing we should bother about. It is their internal matter.
Immediately after the announ- ahead of the states have relied But how can you talk about RSS quota while you are in
However, the fire was bro- filed there was no report of cement, many other political par- elections heavily on cash the JD (U)?” Kumar said. “RSS is a cultural organisa-
Our Political Bureau ught under control very
NO DAMAGE: CEO any casualty, injury, or loss ties started playing catch up. Jan schemes for wo- tion, and the BJP has an association with it. By naming

Kolkata: A fire broke out at

shortly. The officials of the
state fire services depart-
No damage to data of property and data.
An investigation has star-
Suraj leader Prashant Kishore
said that if his party comes to po-
men and several states are paying
the money post the election victo-
the RSS, you are raising a question on how loyal you are
to the party leadership. There was no need for that ex-
the office where West
Bengal-Chief Electoral Of-
ment suspected that short-
circuits were the probable
or disruption to ECI ted to ascertain the reason
behind the fire.
wer, the pension amount would
be increased to Rs 2,000 per
ry. In neighbouring Jharkhand,
the Maiyan Samman scheme, of-
planation about the appointment.”
Senior JD (U) leaders, however, told ET that all the ap-
ficers (CEO) office is loca- reason behind the fire. Pa- work, says CEO Ma- Fire tenders from the ne- month. fering Rs 2,500 per month to eli- pointments were made after consultations from all alli-
ted at Balma Lawrie buil- nic broke out at the buil- arby fire station reached RJD leader Tejashwi Yadav said gible women, played a huge role in es in the NDA and every decision was vetted by chief mi-
ding on Strand Road in ding, including the CEO noj Agarwal the building and the situa- that his party has already anno- the victory of the Hemant Soren- nister Nitish Kumar. “We cannot talk about our allies.
Central Kolkata. The inci- Manoj Kumar Agarwal tion was brought under to- unced to increase the pension led INDIA bloc. Even from the allies the people who have been appoin-
dent coincided with the co- and other senior officials, located on the first floor tal control soon. from Rs 400 to Rs 1,500 per month Going by the track record of Ni- ted fulfil the criteria and are working in the field. From
unting of bypolls for Kali- rushing down to the gro- while the ECI office is loca- Agarwal confirmed that and that the government has an- tish Kumar, the state government the JD (U), the party workers who have been appointed
ganj assembly constituen- und floor of the building. ted on the 2nd and 3rd flo- the fire incident would not nounced the increase under pres- is also likely to make an announ- have been working in the area for a long time and have
cy in Nadia district of West “The fire broke out in Bal- ors,” ECI sources told ET. affect the normal function sure. cement of a cash scheme for the the right credentials,” said a senior JDU leader, who did
Bengal. mer Lawrie's Server Room At the time the report was of his office. Nitish Kumar also announced women before elections. not wish to be identified.

Radical Outfit Leader Held for Murder APSC CASH-FOR-JOBS SCAM

of Differently Abled Man in Manipur Assam Govt to Move SC
Guwahati: Ma- dul Kadir from Mongsangei
nipur Police ar- Makha Leikai Arubam Lei-
rested a leader
of Meitei radi-
cal outfit Arambai Teng-
kai in Imphal West district.
So far 10 persons, inclu-
ding Khaba Singh, have be-
against HC Order Asking
gol for his alleged involve-
ment in the murder of a
differently abled person in
en arrested in connection
with the murder. Abdul
Kadir, who belonged to the
it to Reinstate 52 Officials
Imphal West district earli- Meitei Pangal (Muslim) The high court also allowed the
er this month. community, had gone mis- Our Political Bureau state government to not assign
A senior official said that sing on the midnight of Ju- them any duties for the next 30
the police arrested the main ne 11 and his body was later Guwahati: The Assam govern- days.
accused Longjam Khaba found buried at Samurou ment will move the Supreme Chief minister Himanta Bis-
Singh (35), alias Boi, for his Naorem in Imphal West Court against a Gauhati High wa Sarma had termed the high
reported involvement in the district triggering wide- Court order directing it to re- court order “painful” at a time
murder of Md Chesam Ab- spread protests. —OPB instate 52 of the 57 dismissed ci- when the state government
vil, police and allied service of- was ensuring only merit-ba-
ficials of 2013 and 2014 batches sed recruitments.
who were involved in the cash- Sarma said, “The judgement
Tripura Declared Fully Literate State for-jobs scam related to the by the division bench on the
Guwahati: Tripura was the financi- Combined Competitive Exami- APSC matter is painful and
on Monday declared fully The state’s al year 202- nations. has led to disappointment for
literate, with the state’s li- literacy rate 3–24, Tripu- A division bench, comprising us.” He added, "We will defini-
teracy rate rising to 95.6%. has risen to ra’s litera- Justice Kalyan Rai Surana and tely appeal before the Supreme
Preeti Meena, director (ad- 95.6% cy rate sto- Justice Malashri Nandi, orde- Court and will try till the last
ult education), Union mini- od at 93.7%. red that the dismissed officials, moment to ensure that no one
stry of education, said that According to a previous sur- who had completed the proba- who had got their job through
after Mizoram and Goa, Tri- vey, the state’s non-literate tion period, be reinstated wit- the wrong way is reinstated.”
pura became the third in In- population was 23,184. hin a period of 50 days. The Court of Special Judge at
dia to attain the distinction “By successfully imple- Corruption in APSC was an Guwahati in July last year had
of being a fully literate state. menting the ‘ULLAS (Un- election issue in the 2016 assem- pronounced the verdict for
She said that Unesco has de- derstanding Lifelong Le- bly polls and the BJP had pro- convicts in the APSC cash-for-
fined that states which cross arning for All in Society) – mised to clean up the corrupt job scam where the Assam
the 95% literacy rate would New India Literacy Pro- practices of the commission. Public Service Commission's
be declared as fully literate. gramme’, Tripura’s litera- The appellants had challeng- former chairman, Rakesh
“According to the Periodic cy rate has now increased ed the earlier judgement pas- Paul, was awarded 14 years of
Labour Force Survey to 95.6%,” Meena said. sed by a single judge upholding imprisonment and a `2-lakh pe-
(PLFS) report published for —OPB their dismissal from service. nalty.

BYPOLLS TO 5 ASSEMBLY SEATS IN 4 STATES

AAP Wins 2 Seats, Trinamool &

BJP 1 Each; Cong Wins in Kerala over the previous margin of ned the Kaliganj seat with 2020 to a LDF-backed Inde-
Our Political Bureau 7,512 votes in 2022. The seat party candidate Alifa Ahe- pendent by about 2,000 votes,
fell vacant after the death of med winning the seat by a has secured the seat this time
New Delhi: In the assembly AAP MLA Gurpreet Gogi. margin of 50,049 votes. BJP with its candidate Aryadan
bypolls held for five seats Congress candidate Bharat candidate Ashish Ghosh sto- Shoukath defeating CPI(M)’s
across four states, AAP won Bhushan Ashu got 24,542 vo- od second with 52,710 votes M Swaraj by 11,077 votes. In-
two while the BJP, Congress tes while BJP candidate Ji- while Congress candidate dependent candidate (who is
and Trinamool Congress wan Gupta got 20,323 votes. Kabil Uddin Shaikh got also convenor of Trinamool
won one seat each. In the two Gujarat bypolls, 28,348 votes. By-poll at Kali- Congress in Kerala) PV An-
Of the two assembly seats BJP’s Rajendra Chavda defe- ganj was necessitated by the var, who had helped LDF win
that went for bypolls in Guja- ated Congress candidate Ra- sudden demise of Nasirud- this traditional Congress-In-
rat, the ruling BJP retained mesh Chavda by a margin of din Ahmed in February this dian Union Muslim League
Kadi in Mehsana district, 38,904 votes in Kadi. The AAP year. stronghold in the last two
while AAP retained Visava- candidate secured 3,077 vo- Kaligani is a minority-do- polls, came third but the ne-
dar in Junagarh. AAP also tes. In Visavadar, AAP’s Go- minated constituency with arly 20,000 votes he netted
retained the Ludhiana West pal Italia bagged 75,906 votes around 60% Muslim voters. proved to be the tilting factor
seat in Punjab. Trinamool against BJP’s Kirit Patel’s The Congress wrested the in the UDF-LDF bout. The by-
Congress retained the Kali- 58,325 votes, while Cong- Nilambur Assembly seat in election was necessitated
ganj assembly seat while ress’s Nitin Ranpariya got Kerala, marking a morale bo- when Left-backed indepen-
Congress snatched the Ni- 5,491 votes. With this, BJP oster for the United Demo- dent MLA Anvar quit his seat
lambur seat from the CPI(M) now has 162 members in the cratic Front (UDF) against after a bitter fallout with Chi-
in Kerala. 182-seat assembly while the ruling CPI(M)-led Left ef Minister Pinarayi Vijay-
AAP candidate Sanjeev Aro- Congress has 12, AAP five Democratic Front (LDF) in an. The BJP candidate came
ra won the Ludhiana West as- and three independents. the run-up to next year’s as- a distant fourth, winning the
sembly seat by a margin of In West Bengal, the ruling sembly elections. The Cong- same 8000 odd votes that it
10,637 votes, an improvement Trinamool Congress retai- ress, which lost the seat in had polled last time as well.

THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

Brands & Companies 5
Aditya Birla Lifestyle
THE M RNING
BRIEF PODCAST New Fuel Norms Shares Slip Over 5%
on Market Debut
AAIB’s Ex Chief on Air
Crashes, Crack Teams
and Challenges
May be Linked to Our Bureau

Size of Your Car

Mumbai: Aditya Birla Lifestyle Brands’ share
price fell over 5% on its first day of listing on the
Aurobindo stock exchanges. The company was demerged
Handa talks to from Aditya Birla Fashion and Retail (ABFRL)
Anirban Chowd- and includes lifestyle brands such as Louis Philip-
hury about what CAFE 3 GUIDELINES Heavy industries ministry pe, Van Heusen, Allen Solly, and Peter England.
“Our ambition is clear—to build India’s first
it takes to probe portfolio of billion-dollar brands in fashion and
an air accident and why the
has asked stakeholders to submit their views lifestyle,” said Kumar Mangalam Birla, Chair-
investigator is understaffed. man, Aditya Birla Group.
Sharmistha Mukherjee ABLBL, which operates over 3,250 stores, ope-
Tune in to ETPlay.com.
& Twesh Mishra Green Drive ned at `167.75 on the BSE and closed at `158.90 api-
ece on its debut. The company is 70% franchise-
Available on Rules likely to Industry
New Delhi: The government may run, and more than half of its revenue comes
EconomicTimes.com/podcast, consider a differentiated structure
apply from wants from customers under 35 years of age, said its
Amazon Prime Music, Apple based on vehicle size while fram- April 1, 2027 relaxed MD, Ashish Dixit.
Podcasts, JioSaavn and ing the third edition of CAFE (Cor- norms due
Spotify. porate Average Fuel Efficiency) Current target is to slow EV
norms, aimed at enhancing fuel 91.7g/km
Entry Curbs Slow Indians’ Foreign Travel
growth
economy of all vehicles and cur- under WLTP cycle
bing carbon emissions. The new CAFE
rules are expected to be rolled out
SUITS & from April 1, 2027.
Automakers norms

SAYINGS People in the know told ET that in suggest apply to

Countries tighten regulations leading to visa rejections and longer wait time
the latest round of meetings betwe- 92.9g/km entire car
fleets
ET’s roundup of the en government officials and in- under MIDC cycle vellers are respectful, but we must
dustry representatives on June 17, Anumeha Chaturvedi ensure that the actions of a few do
wackiest whispers in the heavy industries ministry as- not affect the reputation of many,”
corporate corridors ked stakeholders to submit their New Delhi: Abhay Kumar Khan- he added.
views on enacting differentiated na, a retired general manager of In- Visas have also acquired a geopo-
CAFE norms based on vehicle size. dian Railways who holds a 10-year litical dimension.
Seat Swap “Unlike the previous versions of visa to the US and has already tra- “Countries that want our tourists
Buzz about a CAFE norms, this time, stakehol- velled to over 30 countries, had like Thailand, Malaysia, Maldives,
leadership ders have been asked to submit planned a family vacation in Euro- Sri Lanka, Indonesia and Vietnam
change at a their views on whether a fram- pe this summer. He was in for a rude have either dispensed with visas
ework can be arrived at which AJAY M shock when he applied for a for Indians or allowed easier entry
major consumer
company is only will determine efficiency and specific, MIDC (Moderated Indian Schengen visa. Tourist Trail through e visas,” said Anil Kalsi,
gaining strength. emission norms based on the size Driving Cycle). These rules are “I had applied for a Schengen visa board member of Federation of
Jan to Dec 2024: Jan-Dec 2019 saw
With growth of the vehicle,” said a senior in- mandated for testing vehicle emis- to the embassy of Hungary, and to Associations in Indian Tourism
dustry executive who did not sions and fuel efficiency. Current my utter amazement and disbelief, Indian Nationals’ 26,915,034 departures and Hospitality (FAITH).
continuing to be a challenge in a
wish to be named. fuel emission standards under CA- I was denied a visa on the grounds Departures TOP SOURCE “The UAE seems to be focusing
crucial market like India, the
current honcho, we hear, is being There is currently no clarity on FE II norms, which will run thro- of ‘suspicious activities,’ said (INDs) grew 72.9% MARKETS FOR more on high-end, high spending
offered a non-critical role. It's not
clear if he's accepting the stick
whether the typically fuel-efficient
small cars will also be defined as
ugh March 2027, allow automakers
to emit 113.1 grams per km.
Khanna, adding he suffered a fi-
nancial loss of over `2 lakh on acco- 8.4% drop in 2020,
compared to 2019
INDS LAST YEAR tourists from India. Schengen is a
different ball game. Visa appoint-
per engine capacity, vehicle length, “We have to see whether this pro- unt of non-cancellable air tickets y-o-y to The UAE ments for Italy are hard to swing.
masquerading as a carrot. The
or if they will be automatically eli- posal (to outline fuel efficiency and hotel bookings. 30,230,507 By 2022, INDs surged Saudi Arabia Tourist friendly countries like
buzz comes months after there
gible for special incentives under norms basis vehicle size) is thras- Khanna is not alone as increa- France, Switzerland, Spain and
was shuffle at the global lead-
ership deck.
the proposed norms. A consultati-
ve meeting between government
hed out further. But overall, the in-
dustry has been saying that since
singly more Indians head overseas.
Data released by the ministry of to-
27,877,640 152.6% The US
Singapore
Germany seem to be more efficient
than others in granting visas,” he
INDs in Jan-Dec over the previous
officials and industry representa- the pace of adoption of electric ve- urism showed that January to De- Thailand added.
2023 year (post Covid)
Stepping Stone tives is slated for later this week.
Senior officials said a decision
hicles has been slower than expec-
ted, norms originally proposed un-
cember 2024 saw Indian nationals'
departures growing 8.44% year-on- Note: Overseas departures defined as Indian Nationals’ Departures by ministry of
Jimeet Ved, founder of travel
company Outofofficedaku handles
Corporate has yet to be taken on whether to der CAFE 3 should be eased,” said a year to around 30.2 million. This tourism; source: Ministry of Tourism Schengen visa applications for Eu-
circles are abuzz define separate emissions for second person in the know. was higher than the pre pandemic AJAY M ropean countries besides Japan
with whispers small cars. Discussions are under- CAFE norms are imposed on a departure figures of around 26.9 and dispenses travel advice on so-
about a senior way and a final decision will be ta- carmaker's entire fleet, and not in- million. Confirmed Some recent viral videos of Indi- cial media. He said while the appli-
exec who ken by the power ministry’s Bu- dividual models. They are based on Following the Covid-19 pandemic hotels and ans misbehaving with locals in cation process is smooth for Japan,
recently reau of Energy Efficiency (BEE), time limits set on the company's to- and in the absence of Chinese tra- flights are now certain overseas destinations ha- countries such as Austria, Croatia,
stepped down the officials said. tal carbon dioxide emissions and vellers, many countries laid out the mandatory for ven’t helped, said industry Slovenia, Belgium can be more
after just a year in a high-profile “Cars at varying price points can are aimed at pushing companies to red carpet for Indians. a UAE visa. insiders. stringent than the rest for Indian
role. Grapevine is that he had be treated differently since buyers make more fuel-efficient cars by While countries are still talking These constraints ET reported Ravi Gosain, president of the In- travellers.
accepted another plum offer of bigger cars can pay a premium using clean technologies. about boosting Indian arrivals, have boosted this month that dian Association of Tour Opera- These constraints have boosted
nearly a year earlier, during his for stricter emission norms,” said A car’s CO2 emissions are direct- over the past year, there seems to be arrival numbers US visa seekers tors (IATO), said there was a notice- arrival numbers for other countri-
previous posting. Insiders say one of the officials aware of the dely proportional to the amount of fu- a greater scrutiny, and entry requi- for other across categori- able increase in visa scrutiny, par- es that have comparatively easier
the HR team pieced this togeth- liberations. el it consumes. This means that an rements seem to be tightening thro- countries that es, including ticularly in the Schengen region, entry requirements.
BEE has given automakers an individual model can achieve the ugh visa rejections, newer policies have easier entry business and le- due to some recent incidents invol- In 2024, Vietnam welcomed about
er only after his exit, sparking
emission target of 91.7g/km under carbon emission limit if the manu- and more checks. requirements isure, are facing ving inappropriate behaviour by a 500,000 Indian tourists, a 297%
quiet frustration. The short
tenure is now being seen as a the more-stringent WLTP cycle facturer has fuel-efficient small Over the past few months, Singa- mounting hurdles as appointment small fraction of Indian tourists. jump compared to pre pandemic le-
strategic stopgap—more of a (Worldwide Harmonised Light Ve- cars in its portfolio. pore has made it mandatory for In- wait times crossed a year in some “While not widespread, this has led vels. India was the top primary
paid cooling-off period than
hicles Test Procedure). However, SUVs, considered less fuel-effici- dian applicants to get on a video regions. Rescheduling has become to more cautious processing and market for Sri Lanka in December
automakers have proposed emis- ent than small cars, currently do- call with authorised visa agents to tougher, and interviews have beco- even some visa denials,” he said. last year with 52,881 arrivals, acco-
anchored in genuine commit-
sions of 92.9 g/km under the India- minate India’s PV sales. ensure their authenticity. me more detailed and stringent. “The vast majority of Indian tra- unting for a 21.3% share.
ment. Leadership is said to be
miffed, because of the nagging
feeling that they were simply
being used as a stepping stone.
MO Alternates Generates over `1k cr
from Exits Under its 2nd Realty Fund
Privy to the whispers in power
corridors or juicy tips on India Inc?
Do share with us at
[email protected]
“Looking ahead, we rema- structive fund cycle. The

New Stellantis
CEO Shakes
Kailash Babar

Mumbai: Motilal Oswal Al-

ternates (MO Alternates),
the alternative investment
in highly optimistic about
the Indian real estate sector.
With increasing formalisa-
tion, stronger balance she-
ets, and a growing appetite
importance of proactive as-
set management--spotting
stress early, taking swift ac-
tion, and maintaining deve-
loper alignment--has stood
VITALS
Main Goal This Season
is World C’ship: Neeraj
Thunder Rolls
Oklahoma City beat Indiana Pacers in
close to it. We have a lot to grow, in-
dividually and as a group. I’m ex-
cited for the future of this team.
This is a great start, for sure.”
And the timing of them hit-
Ostrava: Unwilling
arm of Motilal Oswal Gro- for institutional capital, we out as a key differentiator,” ting this sort of stride is pretty
Up Leadership up, has made exits worth believe this is a defining de- said Saurabh Rathi, MD &
to put himself
under pressure
Game 7 to become NBA champions good, too.
over `1,050 crore from all 14 cade for real Co-Head of real estate funds Plenty of teams have questions
of regular 90m
on Day One investments under its se-
cond property fund, India
estate in In-
dia,” said
at MO Alternates.
According to him, the
throws, Indian
javelin throw star Neeraj
going into next season.
Oklahoma City isn’t one of them.
Realty Excellence Fund II. Vishal Tul- portfolio’s diversification Chopra says he has a good
Jayson Tatum in Boston, Damian
The `489-crore fund provi- syan, execu- across cities and counter- feeling about Tuesday’s
Lillard in Milwaukee and now
Agencies ded structured capital for tive chair- parties helped it mitigate Tyrese Haliburton in Indiana all
Golden Spike Athletics meet
mid-income housing pro- man, MO Alternates. concentration risks during as he builds up for his ultimate have Achilles injuries and figure
Paris: Antonio Filosa began his jects in key Indian cities, The fund had invested in volatile periods. goal this year — the World to miss most if not all of next sea-
tenure as chief executive of US- targeting high-demand are- projects of developers in- MO Alternates manages Championship in Tokyo. Chopra son. The Los Angeles Lakers’
European auto giant Stellantis on as to support timely comp- cluding Kolte Patil Develo- over `10,000 crore in real es- defeated Julian Weber to win LeBron James will be going into
Monday with a leadership shake- letion and delivery. pers, Casagrand Group, tate assets under manage- the Paris Diamond League with his 23rd season. Golden State’s
up, as he seeks to jump-start per- With `680 crore invested in- Shriram Properties, and ment (AUM) across six a throw of 88.16m last week. Stephen Curry is turning 38 next
formance at the struggling maker cluding reinvestments, the others, and the exits were funds, with over 180 invest- The two-time Olympic medallist season. Kevin Durant, now of
of Jeep, Peugeot and Fiat vehicles. fund has achieved an 18.3% made through repayments ments and 110 exits, while said with Czech great Jan Houston (in a trade that’s going to
The company veteran, an Italian be official in the coming weeks),

T
gross internal rate of return and completions, reflecting total assets under manage- Zelezny by his side as his coach,
who led Stellantis in North and So- (IRR) and a full exit aligned typical mid-income realty ment across real estate and he is confident of good results. he promise came three is going into his 18th season.
uth America, was named last with investment philosophy investment timelines. private equity exceeds $2 The 27-year-old is riding high years ago from Oklahoma NBA FINALS: HOW Philadelphia’s hopes hinge on
month to succeed Portuguese and return goals. “This has been a deeply in- billion. on his maiden 90m-plus throw City general manager THUNDER WON Joel Embiid coming back healthy.
CEO Carlos Tavares, who was at the season-opening Diamond Sam Presti. It might have been Game 1 Thunder 100 - 111 Pacers New York will be dealing with a
sacked in December. League meet in Doha. “Main overlooked for a couple of rea- Game 2 Thunder 123 - 107 Pacers
coaching change.
Filosa is at the top of a 13-person sons. One, the Thunder were aw- Oklahoma City seems to have
leadership team with six mem-
bers from France, four from Italy
and three from the United States.
Global Airlines Weigh goal for the season is obviously
World Championships in
Tokyo,” said Chopra, who won a
gold at the previous edition of
ful at the time. Two, he was
speaking Latin.
“Labor omnia vincit,” Presti
Game 3
Game 4
Game 5
Pacers 116 - 107 Thunder
Pacers 104 - 111 Thunder
Thunder 120 - 109 Pacers
everything right in place.
“They have a lot of great players
on this team,” Pacers coach Rick

West Asia Cancellations

“The team I'm announcing today the biennial showpiece. PTI said after the 2021-22 season, quot- Game 6 Pacers 108 - 91 Thunder Carlisle said.
draws on all that is best in Stellan- ing a motto of Oklahoma. Game 7 Thunder 103 - 91 Pacers Gilgeous-Alexander, Jalen
tis,” Filosa said in a statement. Prithvi Shaw Leaves Depending on how Presti was Williams and Chet Holmgren all
Filosa will retain Mumbai for ‘Growth’ translating it, it could have been seem to enjoy playing with and
oversight of the A spokesperson for Iberia said the carri- Mumbai: Embattled India “hard work conquers all” or Nikola Topic who didn’t even play off one another, none of them car-
North American re- Reuters er has not made a decision regarding later “slow work conquers all.” this season because of a torn ACL ing who gets credit. Alex Caruso
batter Prithvi Shaw on Monday
gion, the region that flights. BA said its teams were keeping the ended his ties with home team Either way, it applies to the and the Thunder currently have and Isaiah Hartenstein fit seam-
accounts for most Airlines on Monday were weighing how situation under review. Mumbai after being granted a Thunder. They did hard work. two picks in the top 24 in this lessly into the roles the Thunder
company profits long to suspend Middle East flights as a Carriers are likely avoiding airports in No Objection Certificate (NOC) They did slow work. year’s draft as well. asked them to play. Luguentz Dort
whose struggles last conflict which has already cut off major UAE and Qatar and, to a lesser extent, Ku- by the MCA to sign up with They conquered all. They are young; their starters, is a defensive machine and has
Antonio Filosa
will retain year precipitated flight routes entered a new phase after the wait, Bahrain and Saudi Arabia, due to a new domestic side for his The Thunder — three years re- right now, are 27, 26, 26, 24 and come to realize that most people
oversight the fall of Tavares. U.S. attacked key Iranian nuclear sites and concerns that Iran or its proxies will tar- “growth and development as a moved from winning 24 games 23. They are bold. And they don’t have the ability to appreci-
of North Doug Ostermann, Tehran vowed to defend itself. get drone or missile attacks on U.S. milita- cricketer”. Shaw has been out of — won 84 games this season and might — should — be contend- ate how good he is at that end.
America, the an American who Cancellations in recent days to typical- ry bases in these countries, aviation risk reckoning from the red ball set- are NBA champions after beating ing for a while. It’s not just the players who
company’s was chief financial ly resilient aviation hubs such as Dubai, consultancy Osprey Flight Solutions said. up for some time but has played the Indiana Pacers in a seven- “We definitely still have room to don’t care about puffing out their
main profit officer, will oversee the world's busiest international air- With Russian and Ukraini- white ball cricket. However, game NBA Finals slugfest. For grow,” said Gilgeous-Alexander, own chests. Same goes for the
region mergers and acqui- port, and Qatar's Doha by international an airspace also closed to his off-field disciplinary issues the rest of the NBA, this should the MVP, the NBA Finals MVP, the leadership. Presti, the architect
sitions while Moni- carriers show how aviation industry most airlines due to years have grabbed more airtime than be a scary development. They league’s scoring champion and of it all, rarely speaks publicly.
ca Genovese replaces Maxime Pi- concerns about the region have escala- of war, the Middle East had his on-field performances. The have the MVP in Shai Gilgeous- now, an NBA champion as well. Same goes for Clay Bennett, the
cat as head of purchasing. ted. become a more important Mumbai Cricket Association Alexander. He and all of “That’s the fun part of this. So ow n e r. A n d c o a ch M a rk
Picat, who was once seen as a po- The usually busy airspace stretching route for flights between confirmed receiving Shaw’s Oklahoma City’s key players are many of us can still get better. Daigneault is the calm in the eye
tential successor of Tavares, has from Iran and Iraq to the Mediterranean Europe and Asia. Amid mis- request and has given its under contract for next season, There’s not very many of us on the of any storm, the perfect driver
Carriers are
been mentioned as a possible re- has been largely empty of commercial air avoiding sile and air strikes during approval to it. PTI there’s a 2024 lottery pick in team that are in our prime or even of the Thunder bus. AP
placement for Renault's departing traffic for 10 days since Israel began stri- airports in the past 10 days, airlines ha-
chief executive Luca de Meo. kes on Iran on June 13, as airlines divert, UAE and ve routed north via the Ca-
A source familiar with the mat-
ter said Filosa's decision to keep
cancel and delay flights through the re-
gion due to airspace closures and safety
Qatar and, to spian Sea or south via Egypt
a lesser and Saudi Arabia.
Charlotte: Jude Bellingham and
Arda Güler scored first-half Short on Men, Not on Goals the second half with a sliding
right-footed shot off an assist
the North American post stem- concerns. extent, Added to increased fuel goals and short-handed Real from Brahim Díaz.
med from his commitment to con- Finnair was the first to announce a pro- Kuwait, and crew costs from these Madrid bounced back from a dis-
CLUB WORLD CUP Real Madrid beat Pachuca 3-1 Goalkeeper Thibaut Courtois
tinue the job he started about ni- longed suspension of flights to Doha, with Bahrain and long detours and cancella- appointing performance in its while playing most of the match with 10 men was on form with five saves in the
ne months ago to revamp the re- cancellations until June 30. Saudi Arabia tions, carriers also face a Club World Cup opener to beat Bellingham got Madrid on the first half. He turned away two
gion, which has been at the core Leading Asian carrier Singapore Airli- potential hike in jet fuel Pachuca 3-1 on Sunday in front of board in the 35th minute when he point-blank shots in the early go-
of Stellantis' recent problems. nes, which described the situation as "flu- costs as oil prices rise following the U.S. 70,248 spectators at Bank of took a pass from Fran Garcia just ing and finished with 10 saves.
Stellantis shares were briefly su- id", moved to cancel flights to Dubai thro- attacks. America Stadium. inside the box and belted a per- Elías Montiel ended Courtois’
spended at the open, after they fell ugh to Tuesday, having previously cancel- Australia-based Flight Centre Travel Seven minutes in, defender fectly placed left-footed shot past bid for a shutout when he scored in
more than 5%. They were down led only its Sunday service. Group said it is getting a small number of Raul Asencio received a red goalkeeper Carlos Moreno into the 80th minute for Pachuca,
2% by 1130 GMT, among the worst Air France KLM, IAG-owned Iberia and customer requests to route journeys to Eu- card, forcing Real Madrid to the right corner. which fell to 0-2 in group play. AP
performers in Italy's blue-chip in- British Airways, and Kazakhstan's Air As- rope away from Middle Eastern hubs. play the remainder of the match Eight minutes later, Güler
dex, with the limited changes lea- tana all cancelled flights to either Doha or "The most common transfer hubs that with 10 men. made it 2-0 when he delivered a WATCHOUT! Tonight
ving investors underwhelmed. Dubai both on Sunday and Monday. we're seeing requested are Singapore, It hardly mattered as Madrid right-footed shot from the center CLUB WORLD CUP Auckland City v
Stellantis shares have fallen 10% Air France also cancelled flights to Riy- Hong Kong, China, Johannesburg, or dominated the Mexican club rest of the box to the bottom left cor- Boca Juniors 12:30am; Benfica v
since Filosa's appointment at the adh and said it would suspend flights to even direct between Perth and London," of the way to give Xabi Alonso ner off an assist from Gonzalo Bayern Munich 12:30am; Esperance
end of May, with investors disap- and from Beirut, Lebanon until Wednes- said Graham Turner, CEO of Australia- his first win as coach of the García. Federico Valverde put v Chelsea 6:30am; LAFC v Flamengo
pointed that an insider was picked. day included. based Flight Centre Travel Group. Spanish power. the final touches on the win in 6:30am (DAZN)

6} THE ECONOMIC TIMES The Edit Page THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

The State is ‘Moi’ as To lead globally, India must not just invite R&D global excellence — it must be ready to host it

Strategic Conflation
Separating ‘regime’ and ‘country’ is also selective
STEM the Tide for Research tured onboarding, inter-institutional
mobility or peer networks, has often
One aspect of the latest ‘intervention’ by the US in Iran on isolated returnees.
u Absence of a mission-oriented inno-
Israel’s behest is how it has highlighted the age-old strate- vation agenda means returnees are not
gy of governments conflating themselves and the state. In
the current West Asian theatre, this involves all three par-
embedded in coherent national-level
grand challenges. Two Ways
To Live
But India’s scientific ecosystem has
ties conflating and separating government and country begun to witness a quiet revolution,
when it suits them. Both the US and Israel have taken pains Sheel Kapoor & with momentum accelerating. There
to let the world know that they discriminate Iran’s theocra- Aditya Sinha is a concerted effort by several minis-

I
SRIPRIYA SATISH
tries towards bringing in reforms for
tic government (of the Islamic Republic) from the country n 1950, the US made a radical the ease of doing research. Anusan- How many of us have experien-
populated by Iranians, many of them hostile towards its wager: that funding curiosity — dhan National Research Foundation ced or witnessed miracles and
own repressive government. The Trump regime has gone unapologetic curiosity — throu- For starters, you’ll have to make better offers than that (ANRF) marks a foundational shift in felt deep within that the Almighty
gh the installation of the Nati- how the country approaches research stands behind them? As the Moth-
one step further by stating that its attack on Iran was not onal Science Foundation (NSF) Talents Plan (TTP) and Young Thousa- India has instituted a range of talent- funding and governance. It’s central- er, Puducherry, and Sri Aurobin-
directed at the Ali Khamenei-led ‘sacro-oligarchy’, but spe- could change the world. The payoff was nd Talents (YTT), China has systema- return and international collaboration ising fragmented efforts and introdu- do put it, ‘Do not try to judge the
cifically targeted the latter’s nuclear weapons facilities. Is- immense. For every $1of public resear- tically built a global pipeline for high- programmes, including the Ramanujan cing coherence across disciplines. Divine grace by your mind, you
chfunding, the US economy gained bet- end scientific talent. TTP offers extra- Fellowship, VAJRA (Visiting Advanced ANRF aims to become the backbo- will not get anywhere, because it
rael is less open to making such ‘theological’ distinctions. ween $1.50 and $3. Over 260 NSF grant ordinary incentives: Joint Research), VAIBHAV (Vaishwik ne of India’s R&D architecture. New is something formidable which
Less apparently, the same conflation applies to Israel recipients went on to become Nobel u A one-time bonus of 1 mn renminbi Bharatiya Vaigyanik), SIRE (Science funding mechanisms, like the Advan- is not explained through human
and the US. Benjamin Netanyahu’s and Donald Trump’s laureates. ($140,000), 3-5 mn renminbi in research and Engineering Research Board In- ced Research Grant (ARG), are being words or feelings.’ Mooka Kavi
Cut to 2025. The US has proposed a grants, housing subsidies, relocation ternational Research Experience) and introduced. It’s designed to serve as a used to pray for hours in the sanc-
regimes may have been elected via de- 56.9% cut to NSF’s 2026 budget — even allowances and access to senior roles GETin (Genome Engineering/Editing stable, long-term ‘bread-and-butter’ tum of Sri Kamakshi for her bless-
mocratic means. But that also makes as last Friday, a federal judge blocked in academia and industry. By 2017, TTP Technologies Initiative), to integrate grant for Indian scientists. Simulta- ings. When the Goddess’ grace des-
them custodians, not synonyms, of the the move — eliminated over 1,400 gr- had recruited over 7,000 high-calibre diaspora scientists and enhance dom- neously, critical fin- cended on him, not only did all
ants worth more than $1 bn, and slash- professionals, including Nobel laurea- estic R&D capabilities. ancial reforms his ailments disappear, but he was
state. Separating the wheat of state ed graduate science fellowships by tes and faculty from MIT, Stanford and However, these schemes have are under- also able to compose 500 verses
from the chaff of its ruling dispensa- half. In real terms, this means 46,000 Oxford. challenges: in praise of the Goddess.
tion is notoriously difficult. Who is one jobs lost, and a $6.1 bn hit to GDP throu- u Sent out 3,500 offers between 2011 u They are fragme- China has been years ahead in Narayana Bhattathiri compos-
gh supply chain effects and declining and 2017, targeting PhDs from the top nted across minis- recognising that talent is the new edNarayaneeyam, the condensed
dropping bombs on? On ‘assets’ of re- R&D demand. 100 STEM universities. A January 2023 tries. oil. Through Thousand Talents version of Srimad Bhagavatam,
gimes, or people governed in their na- Efficiency concerns are pro- study in Science, ‘Has China’s Young uStructurally, most Programme, it has systematically which consists of 1,000 verses gro-
me? Proclamations of ‘we are not against the people’ but mpting the US to cut back Thousand Talents program programmes are fel- built a global pipeline for uped into 10 stanzas across 100 can-
on scientific research. A been successful in recruit- lowship-based with high-end scientific talent tos. Suffering from great pain, he
against the ‘regime’ is SOP. With Gaza, Netanyahu-Tel Av- March 2025 Nature survey ing and nurturing top-cali- finite tenures, lack composed 10 slokas daily in Guru-
iv-Israel has done away with such cherry-picking, syno- shows 75% of US-based ber scientists?’, found YTT tenure-track conversion mechanisms way to make research more friction- vayoorappan’s praise; on the 100th
nymising Palestinians in the ghetto with the likes of Ha- scientists, and 79% of post- awardees averaged 2.39 pub- and fail to offer institutional integra- less. These include streamlining fund day, he was cured of his ailments.
graduate and PhD studen- lications a year and ranked tion or strategic roles within national disbursal, easing utilisation norms Raja Parikshit, successor of the
mas, making all Gazans ripe for reprisal and liquidation. ts are considering leaving in the top 15% of Chinese- labs. and granting greater autonomy to in- Pandavs, was cursed by a sage’s
States are enduring entities: abstract, institutionali- the country. This moment origin US researchers by u Funding levels — typically ranging stitutions. son that a snake would bite him
is India’s opportunity. productivity. between `85,000 and `1.35 lakh a month But India must seize this rare mom- after 7 days. The curse proved to
sed and ostensibly impartial. Governments, by contrast,
With less than 0.7% of In May, the EU launched — with modest research grants, are in- ent to launch a unified, mission-driven, be a boon for the king as he attain-
are their momentary custodians. By presenting themsel- GDP spent on R&D and 15 a¤500 mn ($576 mn) ‘Choose sufficient to attract global talent or bri- talent-attraction programme targeted salvation on hearing Srimad
ves as the very embodiment of state, governments shield researchers per 1 lakh peo- Europe for Science’ campa- ng Indian researchers back. ing researchers from the world’s top Bhagavatam for 7 days till his last
their actions from scrutiny and dissent — causing insti- ple (compared to 423 in the The question isn’t ign aimed at attracting glo- uLack of state-of-the-art lab infra, espe- 100 STEM institutions. The lure of be- breath. Once, Shiv confronted Adi
US and 1,307 in South Ko- whether top bal scientific talent between cially outside IISc and IITs, undermin- ing back home must be supplemented Shankaracharya in the guise of
tutional corrosion. To critique them, becomes tantamo- rea), India is underbuilt, minds will leave 2025 and 2027. The initiative es India’s competitiveness as a resear- with state-orchestrated efforts. a chandal to shatter his notions
unt to treason. Netanyahu’s Israel, Khamenei’s Iran and but not incapable. If India the US, but where offers super grants with re- ch destination. Returnee scientists of- Fragmented, short-term schemes of caste and purity. The saint soon
reforms its institutions, location bonuses and longer ten face asymmetric institutional con- are no longer sufficient. What’s need- realised that divinity transcends
Trump’s America embody this L’État, c’est moi (I am the they’ll land
funds bold research and contracts. France has pled- ditions, like outdated equipment, poor ed is a cross-ministerial effort aligned social boundaries.
state) strategy. Something that almost all other govern- builds real pathways for global talent, ged ¤100 mn ($115 mn) under this fra- administrative support and rigid pro- with national innovation priorities Aquote attributed to Albert Ein-
ments do, thankfully, not all with such success. it can become not just the world’s back mework, alongside a separate ‘Choose curement protocols. and backed by investment in cutting- stein concludes, ‘There are two
office but also its brain. The question France for Science’ co-funding plat- uAdministrative inefficiencies are com- edge lab infra. To lead globally, India ways to live your life. One is as
isn’t whether top minds will leave the form. This investment comes as the mon deterrents, such as delays in gra- must not just invite excellence — it though nothing is a miracle. The
US, but where they’ll land. EU seeks to reverse its declining share nt disbursal, compliance burdens and must be ready to host it. other is as though everything is
China has been years ahead in recog- in global research output, calling on lack of autonomy in fund utilisation. a miracle..’

Going Beyond the nising that talent is the new oil. Throu- member states to commit 3% of GDP u Cultural resistance within host ins-
ghflagship programmes like Thousand to R&D by 2030. titutions, coupled with absence of struc-
Kapoor is CEO, FAST India, and
Sinha is a public policy professional

PARANORMAL

Old ‘Kitna Deti Hai?’ ACTIVITY

Money Smarts, Millennials v Gen Z

Paragraphs From Fiction

India’s roads go the distance — 6.6 mn km to be precise, second My Work is

only to the US. But scale has come at a cost. Poor design, cru-
mbling surfaces and erratic signages have turned stretches inclined to take calculated risks, invest Digital risks, however, loom large.
Not Yet Done
into death traps. And while infrastructure plays a role, ‘the early and chase faster returns. Nearly Around three-fourths of respondents Thomas Ligotti
biggest cause of road accidents’, as Nitin Gadkari said in 2023, 84% of Gen Z respondents believe the- have encountered or witnessed online Ihad always been afraid. How-
irfinancial situation will improve, com- fraud. Hoax calls and scam messages ever, as self-serving as this
‘is human behaviour’. Every year, 1,78,000 lives are lost in road
pared to 76% of millennials. They are are widespread, and 18% of Gen Z and may sound, I never believed
crashes, with 80% of fatalities linked to speeding or unsafe ve- also slightly more confident about 22% of millennials have been victims. this to be a cause for shame or
hicles. But, out of this grim record, a welcome shift is taking achieving key goals within 5 years. This highlights the urgent need for on- regret, even though an intoler-
shape. In a market long ruled by affordability, safety is emerg- Ashish Tiwari Despite their differences, both genera- going digital literacy and fraud prev- able suffering may ensue from
tions face a shared challenge — mana- Different ages, different styles ention efforts. We are witnessing the such a trait.
ing as a key, well, driver. 5-star Bharat NCAP (New Car Assess- ging aspirations within tight financial rise of a hybrid financial culture. It seemed to me that the finest
ment Programme)-rated vehicles made up 15% of all passeng- India is amid a socioeconomic evolu- bandwidth. With an average income of u Gen Z is investing in experiences — u Millennials bring steadiness, Gen Z people, as people go, cannot
er vehicle sales in Q1 2025 — up from 10% a year earlier. Sales of tion, and at the heart of this transform- `33,000 and expenses of `20,000 a month, 44% travel locally at least once a mon- brings agility. Together, they are rede- help but betray a fair portion of
top-rated models rose 12% in 2024, even as ation are its young citizens — digitally savings remain a balancing act. Alarm- th. Meanwhile, education has emer- fining money — not just as a necessity fear and insecurity, even full-
connected, financially aware, and inc- ingly, only 50% reported being able to ged as a priority, now taking up 19% of but as an enabler of freedom, empow- blown panic. On the other hand,
overall car sales grew 4.3%. reasingly confident about their future. save in 2025, down from 60% in 2024. the average monthly spend, indicat- erment and ambition. someone must have a consi-
Features once seen as luxuries — 6 air- Backed by stronger financial literacy Digital tools are becoming essential ing long-term thinking across both u While Gen Z seeks advice more fre- derable dose of the swine in
bags, electronic stability control (ESC), and widespread digital access, they for financial planning. The smartpho- generations. quently, millennials build consistency. their make-up
anti-lock braking system (ABS), electro- are reimagining traditional ways of ne has become the modern wallet. u Interestingly, there’s been a 20 pt Both are fuelling a culture where tra- to get through
earning, spending and saving. u Around 80% of young consumers drop in fashion-related spending, re- ditional goals like home ownership even a single
nic brakeforce distribution (EBD), Isofix At the centre of this shift are millen- now use UPI for daily transactions, a flecting a broader shift towards cons- coexist with modern dreams like digi- day unafflicted
mounts (for child safety), etc — are fast nials and Gen Z — two powerful gene- sharp rise from 72% last year. cious consumption. tal entrepreneurship. by trepidations
becoming standard. With Global NCAP rational cohorts who, while united by u Gen Z especially leverages tech — When it comes to credit, Gen Z is A new financial culture is emerging of one sort or
and Bharat NCAP crash-testing Indian cars, buyers now have their optimism, are charting distinct- from budgeting apps to instant loan more open-minded. — where the discipline of millennials another, not to
ly different financial paths. Our latest platforms — to manage money smart- u 73% believe affordable loans accele- meets the drive of Gen Z. Together, they mention those
clearer insight into structural safety. Poor safety ratings have study, The Great Indian Wallet 2025, ly. 72% of Gen Z and 64% of millenni- rate life goals, versus 64% of millenni- are reshaping how India thinks about who go out of
also pushed manufacturers to use high-tensile steel more wi- offers a close look at how their pers- als believe digital tools have made finals. They’re also quicker to recover money, blending long-term security their way to co-
dely and offer extras like 360° pivot cameras, remote surveil- pectives and behaviours are reshap- ancial goals more achievable. and adapt from financial missteps. with a desire for meaningful, experi- urt dangerous
ing India’s financial narrative. Digital adoption has also influenced However, the study also reveals that ence-rich lives. encounters,
lance and driving alerts.
u Millennials tend to be cautious, and how they earn and spend. 12% borrow for basic needs — an in- Today’s youngsters are ambitious, fearlessly calling attention to
This expanding view of safety is reshaping India’s $137 bn au- stability focused. Many grew up thro- u Gen Z is actively exploring alterna- dicator of why access to affordable informed and in control. They’re not themselves, figuratively wav-
to industry, set to grow to $203 bn by 2030. Carmakers are doub- ugh India’s digital transition and lean te income streams such as content credit remains critical. just planning — they’re actively building their arms and declaring
ling down on R&D, especially around crash protection and ve- toward long-term financial instrume- creation and freelancing, with 26% Both generations are stepping up in ing it. From side hustles to smart inv- to everyone within range, ‘Hey,
nts like PPF and life insurance. They prioritising better job opportunities. household responsibility, with Gen Z estments, they’re turning aspirations look at me. I’m up here. See what
hicle integrity. The goal to halve road fatalities by 2030 is ambi- prioritise structured planning and u Millennials still prefer traditional increasing their contributions by 8% into action and redefining success on I can do. I’m the one you have
tious, but achievable. Tech and regulation can take us far. But long-term goals. roles, but both are embracing a digi- and millennials by 7% y-o-y, signal- their terms. to knock down. I’m the one.’
the final stretch depends on us. Because half the battle is engi- u Gen Z takes a more dynamic and im- tal-first financial lifestyle. ling maturity and shared financial Of course there is a measu-
neering. The other half is in the driver’s seat. mediate view of money. They’re more Spending habits are evolving. accountability. The writer is CMO, Home Credit India re of beast’s blood in anyone
who aspires to maintain a pla-
ce in the world, anyone who

Go On, Pop the Innovation Pill

lacks that ultimate decency to
remove themselves from the
JUST IN JEST herd either by violence to th-
emselves or total capitulation
to their dread. It’s simply a
Chai shops and office canteens are all matter of degree.
talking about this dangerous beauty be easy. Indian firms will face tough capabilities of domestic firms and the A heart medicine that once cost `500 is
competition from generics and must unique challenges of serving India’s available for `100, bringing essential

B-2 and Destructive

match the original drug standards. Suc- diverse and price-sensitive market. treatments within reach of ordinary
cess will hinge on investment in bioeq-
uivalence studies, regulatory compli-
These partnerships benefit all. In-
ternational companies can maintain
citizens. Yet, ensuring consistent qua-
lity and maintaining reliable supply Chat Room
ance and resilient supply chains. a presence in India without the com- chains remain a challenge.

Batman Aesthetics Fusion in Allies,

Indian pharma companies are eyeing plexities of direct operations, while u Extension of PM Ayushman Yojana
Sheetal Arora these opportunities. Zydus, Sun Phar- Indian firms gain access to establish- to people above 70 years creates a vir-
ma, and Bharat Serums and Vaccines
(now part of Mankind Pharma) have
ed brands and molecules, leveraging
deep market understanding and ex-
tuous cycle — more people seeking
treatment drives demand for medici-
Fission in Rules
Christopher Nolan, not Nehru this time, may be to blame for Rollout of the `5,000-cr Promotion of invested in establishing world-class tensive distribution networks. How- nes, which, in turn, encourages phar- Apropos the Edit, ‘An Uncertain
everyone talking about the ‘delicate lines and poetic menace’ Research and Innovation in Pharma R&D centres, focusing on developing ever, building these relationships ma companies to invest in better pro- World Gets More Perilous’ (Jun
MedTech Sector (PRIP) scheme sig- new chemical entities. The younger requires investment in compliance ducts and wider distribution. 23), entry of the US in the Israel-
of the B-2 stealth bomber. You know, the US Air Force’s nals a shift in how India approaches generation of scientists and entrepre- systems, quality infrastructure, and u Development of healthcare infra in Iran war makes the global geopo-
Northrop B-2 Spirit heavy strategic bomber with stealth the sector’s growth. This initiative, neurs, bringing fresh perspectives, is continuous capability upgrades to tier-2 and tier-3 cities is also helping. litical situation extremely dan-
tech, the one that looks like a bat in a mood — thus, the visual expected to begin disbursals by the accelerating the transition from a meet the exacting standards of inter- However, attracting and retaining qua- gerous, with a real threat to the
connect with the ‘dark, brooding’ Christian Bale-starring, end of 2025, could attract `17,000 cr in generic-focused industry to one that national partners. lified medical professionals in these world order that seems to be on
additional R&D investment. For an balances both generic excellence and Other positives in the sector include: locations remains a hurdle, requiring the verge of destruction and wor-
Christopher Nolan-directed Batman movie trilogy. Seven of industry that has long been associa- innovative drug discovery. u Exemption of 36 life-saving drugs innovative approaches to compensa- ld war as Iran is likely to strike
the 21 B-2s were reportedly sent from US bases to pummel ted with generic manufacturing, this MNCs are also rethinking their view from basic customs duty will benefit tion, career development and quality- back. The Russia-China-Iran-Nor-
Iranian nuclear weapons-building sites on Sunday. But even represents a paradigm shift towards of the Indian market: Novartis, Novo companies bringing in innovative of-life considerations. Again, the mar- th Korea axis will now tend to
pacifists — Iranian pacifists included — have been overhe- innovation-led growth. Nordisk and Eli Lilly have chosen to medicines. Drugs like AstraZeneca’s ket for pharma products will, then, be take on the US-Israel combine.
The pharma world is approaching a out-license their brands to Indian firms Selumetinib, Pfizer’s Lorlatinib, Nov- able to expand. Global trade will suffer drastical-
ard to drop phrases like ‘angular kineticism’ and ‘Brutalist ‘patent cliff ’, and for Indian firms, it rather than directly market them here. artis’ Ribociclib, and GSK’s Mepolizu- u A ‘nutraceutical revolution’ is un- ly with closure of the Strait of
elegance’ after looking at pictures of the American bomber represents an unprecedented oppor- This trend reflects both the growing mab will now be more affordable. Ad- derway. With the market expected to Hormuz by Iran, playing it as its
that used Iranian airspace to walk the ramp. There was a ti- tunity: 24 mega-selling drugs with com- ditionally, six more life-saving medici- grow from $4 bn in 2020 to $18 bn by trump card. The failure of the
me when we used to compare luxury cars. Now we’re ran- bined annual sales exceeding $250 bn nes have been added to the concessio- December, nutraceuticals represent a Washington-Tehran talks has led
will lose patent protection by 2030. nal 5% duty slab, prima- significant growth avenue for compa- the world to the edge. The Irani-
king bomber silhouettes like they were Nazi leather couture. This means blockbuster medicines rily targeting cancer, nies willing to invest in quality and an n-programme will be delayed
Nolan’s Batman made the Batmobile look like it came like Humira for rheumatoid arthritis, rare diseases and other innovation. and derailed but not likely destroy-
fresh from Lockheed Martin’s sketchpads, blurring the li- Keytruda for cancer treatment, Stel- chronic conditions. The convergence of multiple factors ed, as desired by US-Israel, since
ara for psoriasis, and Symbicort for u The health budget has — patent opportunities, GoI support, Iran must have shifted enriched
ne between DC Comics military design and Washington
asthma will soon be open for generic risen to over `95,000 cr infrastructure development and chan- uranium to an undisclosed loca-
DC gadgetry. Now, water cooler conversations oscillate manufacturing. for FY26, up 9.46%. More ging consumer behaviour — is creation. UNSC must act firmly and
between the B-2’s surface coating and its biomorphic sha- When these patents expire, drug pri- than a numbers game, it’s ting unprecedented opportunities for play its expected role to ensure
dows. Accountants compare it to a Bauhaus sofa with a ces fall by at least 50%. For a country about building a health- the sector. Companies that embrace peace by encouraging talks am-
where out-of-pocket (OoP) healthcare care ecosystem fit for our innovation, while maintaining tradi- ong warring nations that must
vengeance complex, while HR talks about it as ‘minima-
expenses are high, this holds immen- vast population. tional strengths in affordable health- be prevailed upon to prevent fur-
lism meets existential threat’. Call it postmodern deter- se significance alongside its commer- u15,479 Jan Aushadhi Kendras provi- care delivery, will thrive. ther escalation in war.
rence chic doing its bit for proper propaganda. cial potential. de generic medicines at prices up to Vijay Mullaji
Capturing these opportunities won’t Stir things up 80% lower than branded equivalents. The writer is CEO, Mankind Pharma By email

THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

Companies & Economy 7

Oil Markets Hold Firm amid West Adani Commissions India’s First
Off-grid Green Hydrogen Plant
Asia Tensions After US Joins Fray The 5MW plant relies
energy generation for the hydro-
gen production process.
The 5 MW plant has been built by
plant is 100% green-powered by
solar energy and integrated with
a Battery Energy Storage System
Global oil flow through Risk Assessment Strait of Hormuz: Risk of Potential
Critical Energy Route Closure of Strait
Potential
Price Risks
on its own renewable Adani New Industries Limited
(ANIL) - the clean energy unit un-
(BESS), enabling it to operate
completely off-grid. This repre-
Strait of Hormuz remains Brent crude  30% of global oil trade  Expected heavy price  Price spikes
energy generation for der the group’s flagship firm Ada-
ni Enterprises. Calling it a key mi-
sents a new paradigm in decentra-
lised, renewable-powered hydro-
intact ; Brent crude steady price for Iran if escalating if Iranian hydrogen production lestone towards enabling India's gen production,” the statement
 20% of global LNG
conflict exports National Green Hydrogen Mis- said. Hydrogen is the lightest and
 ~$69 before shipments
curtailed sion, the group said the successful most abundant element in the
Sanjeev Choudhary June 13 attack  Economic sanctions PTI commissioning universe. It is also the cleanest
 40% of India’s crude
and regional pressures  Regional demonstrates form of energy.
imports ANIL making
New Delhi: Contrary to fears, oil limiting Iran’s supply New Delhi: Adani Group has technical
Rise to ~$
markets remained calm on Monday 77.50  54% of India’s LNG supply retaliation options disruptions risk commissioned India's first off- large-scale
feasibility
after an initial bout of jitters, as by Monday grid 5 megawatt green hydrogen production
and sets a
evening facilities for
traders bet that rising tensions in pilot plant in Kutch, Gujarat, the bench-
green H2 and
West Asia are unlikely to disrupt conglomerate said in a statement mark for
its derivatives
supplies, particularly given the low flict over the weekend, fears of a channel between Oman and Iran, an top leadership will have to take a on Monday. off-grid, re-
through an
risk of Iran blocking the vital Stra- wider regional war escalated, an handles roughly 30% of global oil final call on this issue. An off-grid green hydrogen newable-
integrated
it of Hormuz. industry executive said. “But it al- trade and 20% of LNG shipments. Years of economic sanctions, Is- plant is a facility that produces powered
end-to-end
Brent crude held steady at around so became clearer that Iran would About 40% of India’s crude im- raeli strikes on Iran and its proxies hydrogen using electrolysis po- industrial
ecosystem
$77.50 a barrel by Monday evening, pay a heavy price if it tried to esca- ports and 54% of its LNG supply such as Hamas and Hezbollah, and wered by renewable energy sour- applica-
roughly the same as Friday’s level, late the conflict or block oil trade, move through this route. Follo- the waning influence of Russia in ces, such as solar or wind, and is tions of green hydrogen
but higher from about $69 a barrel making such a move less likely,” wing the US strike on Sunday, the the Middle East have limited Teh- not connected to the main electri- and its derivatives in emis-
prior to Israel’s June 13 attack on the executive added. Iranian parliament approved a me- ran’s options for retaliation, in- cal grid. This means the plant reli- sions-intensive sectors.
Iran. After the US joined the con- The Strait of Hormuz, a narrow asure to close the strait. The Irani- dustry executives said. es entirely on its own renewable “The state-of-the-art

Govt Sets Up Expert Basmati Rice Sent to Iran Stuck at Ports Crossword 9320
NEW DELHI Around 1,00,000 tonne of basmati rice
Panel for Income destined for Iran are stranded at Indian ports due to the
ongoing Israel-Iran conflict, the All India Rice Exporters 7
1 2 3 4 5 6 29 Social activity in Spain, say,
pursued by actor Charles (7,5)

Distribution Survey Association said on Monday. Association president Satish Goyal

said around 1,00,000 tonne of basmati rice meant for Iran is
8 9 10
DOWN
1 Chap with a support for aquat-
ic creature (7)
2 Refusal to make a cross? (10)
PTI currently stuck at Indian ports, with Iran accounting for 18-20% 3 Habit developed by fifty re-
garding winter sport (8)
of India's total basmati rice exports.—PTI 11 12 4 Remarkable gesture (6)
New Delhi: The Ministry of Statis-
5 Enthusiasts shelled food (4)
tics & Programme Implementation NON-SEQUITUR 13 6 Bob has bite with the French
(MoSPI) on Monday announced the in spot of colour (7)
setting up of a technical expert gro- 14 15 7 Give a view, perhaps, on single
16
up under chairmanship of Surjit S southern knight? (3,4,5)
Bhalla to advise on an income distri- 17 18 10 Barrier in front of bays etc. at
bution survey tentatively scheduled the beginning (8,4)
in 2026. 13 Refuse one moved close to
19 20 21 22 bin? It’s not anticipated (10)
The technical expert group (TEG)
15 Light mesh fabric after sub-
will guide the National Statistics Of- 23 tracting costs (3)
fice towards conducting an all-India 18 Felt curious about singer
income distribution 24 25 Stevie with journalist (8)
survey, tentatively 20 Welsh chap among large num-
Expert group scheduled for 2026, a 26 ber in Italian city (7)
to provide ministry statement 22 This person’s in grand compe-
guidance said. 27 28 tition showing frown (7)
with regard 23 Dutch proprietor has depress-
The MoSPI has ing experience (6)
to finalisation constituted a TEG
of concepts,
26 Part of a leg gets such investi-
under chairmanship gation outwardly (4)
definitions, of Surjit S Bhalla, 29
preparation former Executive Di-
of the survey rector of India, Inter-
method national Monetary ACROSS
1 Modified name shown by firm to Cornwall with no dock (3) SOLUTION TO No. 9319:
Fund. The expert group will provide show resolve (4,8) 19 Greek character left with small ACROSS: 6 Otolaryngology.
guidance with regard to finalisation 8 Incapacity for recall? (7) cushion (6) 9 Usurps. 10 Ablative. 11 Pie
of concepts and definitions, prepa- 9 Learner among fancy guests is lack- 21 A nob got to get excited carrying chart. 13 Make-up. 15 Usable.
ration of the survey method and in- ing courage (7) good sled (8) 17 Attest. 19 Fidget. 20 In-
struments, sampling design and 11 European in varied phone chat at 24 Diplomat cleared of ordinary jeal- volved. 22 In a flash. 24 Loathe.
method of estimation, and incorpo- no great cost? (2,3,5) ousy (4) 26 Flying buttress.
rate best practices as adopted across 12 Sea bird picked up thin stick (4) 25 Log rides in different military work DOWN: 1 Constitutional. 2 Tour.
14 Effort from ace ignoring pressure (10) 3 Nausea. 4 Age limit. 5 Plot.
the world. The survey will also stri-
by one at work (8) 27 Article in here essentially later 7 Yeasty. 8 Give up the ghost.
ve to assess the impact of technolo- 16 Move to the right in study with time made of clay (7) 12 Clang. 14 Knell. 16 Lethargy.
gy adoption on household income (6) 28 Perform again somehow near court 18 Vishnu. 21 Volute. 23 Fair.
(wages). The TEG will also provide 17 Recently developed place in full of energy (2-5) 25 Amen.
guidance for finalisation of the sur- Yesterday’s Answers:
©The Daily Mail
vey results and report for release.

Story guide
Author JK Rowling
has supported the
upcoming Harry Potter
series, saying that she’s
worked with the writers

PICS: FBI, NYT

Inside a $100-mn
jewellery heist
Three years later, seven men have Some of the stolen jewellery
been indicted in what is called the US Justice Department, with the previous
which did not say how the ye a r, but dol l a r losses
largest robbery in US history

T
men were caught. increased because of the
he Brink’s The masterminds Five of the men were also sophistication of burglary
s e m i - t r u c k “This isn’t a group that charged with two counts c r ew s , a c c o r d i n g t o a
containing dozens just woke up and met in the of conspiracy to interfere report from the Jewellers’
of bags of glittering park and said, ‘Hey, let’s with commerce by robbery, Security Alliance.
jewels and luxury watches go follow a tractor-trailer as well as interference with Jewellery firms across
f r om a n i nt e r n at ion a l from a jewellery show,’” c om mer c e by r obb er y, t he US repor ted losses
jewellery show near San said Scott Guginsky, the prosecutors said. Each of $142.5 million in 2024
Francisco, US, pulled into executive vice-president robbery charge carries a attributed to crime, a seven
a rest stop nestled among of the Jewellers’ Security maximum penalty of 2 0 per cent increase from the
the mountains north of Los Alliance, a trade years in prison, $133.2 million reported
Angeles. So, too, did the association t hat t racks while the theft in 2023, according
thieves who were following jewel ler y crimes for charges can Out of 73 bags to alliance.
it on a 300-mile journey. retailers and the police, bring 10 containing Guginsky
Although specific details adding that a lot of thought y e a r s , jewellery, the said that
thieves took 24
on how exact ly t hey goes into planning such a and the whi le t he
pulled off what US federal crime. conspiracy robbery at the
prosecutors are calling “the The men who have been charge five. rest stop had been
largest jewellery heist in US indicted — Carlos Victor In a statement, Brink’s one of the largest
history” were not available, Mestanza Cercado, Jorge said that it appreciated jewel ler y hei st s i n
an indictment in the case E n r ique A lb a n , Ja z ael law enforcement’s efforts US history, “this is cargo
said that some had acted as Padi l la Resto, Edua rdo to solve the robbery, which taken from a truck”. “It
lookouts while others made Macias Ibarra, Pablo Raul occurred on July 11, 2022, wasn’t that it was targeting
off with 24 bags, containing Lugo Larroig, Jeson Nelon at a Flying J Travel Centre a jewellery store, cutting
an estimated $100 million Presilla Flores and Victor in California, US, and that a r o of, c ut t i n g a s a fe,
worth of goods. Hugo Valencia Solorzano it would “continue to watch kidnapping somebody,”
Now, nearly three years — each face two counts of the case closely”. he said, “but it is one of the
later, seven men have been conspiracy to commit theft larger losses we’ve seen
charged in connection with from interstate and foreign Sophisticated crime with multiple victims that
the theft, and some of the
jewellery that was stolen
has been recovered.
shipment, as well as theft
from interstate and foreign
shipment, according to the
Crimes against jewellery
f i r ms decli ned rough ly
12 per cent in 2024 compared
truck” .
had their goods on that

— The New York Times

How the new Lakers owner built his fortune

The bi l l iona ire slated Business empire controlling interest in the
to take over a controlling I n t he m id -1 9 9 0 s , he M L B team Los A ngeles
interest in the Los Angeles co-founded Liberty Dodgers, English Premier
Lakers has built a career Hampshire, an investment League’s Chelsea FC, the
investing in everything management firm, which P r o f e s s i o n a l Wo m e n’s
from sports franchises to eventually became part of Ho ckey L e a g ue a nd —
artificial intelligence. Guggenheim Partners. He through TWG Motorsports
Mark Walter, also founded TWG Global — ownership of several
PICS: AP, USA TODAY NETWORK

the CEO of wit h ent repreneu r a nd auto racing teams,

the global investor Thomas Tull. The including Cadillac
investment company holds a portfolio Formula 1.
a n d a dv i s o r y Los Angeles of finance, insurance sector Beyond business, Walter
Lakers forward
c o mp a ny G u g g e n h ei m LeBron and technology companies. and his wife Kimbra have
Partners, which is estimated James (left) TWG Global also includes fou nded or cont ributed
to have over $ 325 billion
in assets. He has a net worth
of $6.1 billion.
is reportedly
excited about the
new ownership
i nve st ment s i n sp or t s,
media and entertainment
franchises, such as a
organisations .
to various philanthropic

— AP

8 Smart Investing THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

NHB Tightens Refinancing Rules FLEXIBILITY, ASSET QUALITY, PROFITABILITY TO IMPROVE

Small Finance Banks to Gain Big

to Check ‘Misuse’ of Home Loans from Low Priority Sector Target
At the time of first disbursal, the work should be less than 50% complete for a loan to be eligible Atmadip Ray
vantage. "This shift is expected
to strengthen asset quality and
Often, these borrowers approach enhance the overall stability of
Saloni Shukla
A Strict Makeover HFCs for loans only after construc-
tion is nearly complete, primarily to
Kolkata: Small finance banks
received a fresh lease of life
SFBs’ loan portfolios,” ESAF
Small Finance Bank managing
Mumbai: The National Housing NHB* Says... HFCs Say... repay those debts. HFCs believe such with the Reserve Bank of India director K Paul Thomas told
Bank (NHB) has introduced stricter STAGE OF construction must NEW RULE to affect applicants should still qualify for lowering their priority sector ET.
guidelines for refinancing home lo- be verified via a report low-income borrowers funding under the home loan catego- lending target, firing up the ESAF, with half of its loan
ans on under-construction properti- ry. share prices of the listed ones portfolio of `19643 crore being
es. In a circular issued to housing fi- HFCS** MUST ensure SUCH BORROWERS start Out of the outstanding home loans on Monday. unsecured, had its gross non-
nance companies (HFCs), NHB sta- eligible loans are flagged construction on self-owned of `33.53 lakh crore at the end of Sep- The relaxation will allow performing assets ratio at 6.9%
ted it will now provide refinance on- for NHB refinance land using informal credit tember 2024, housing finance compa- them, especially those with a at the end of March. Suryoday
ly for loans where less than 50% of LOANS FOR completed THESE APPLICANTS should nies had a share of `6.25 lakh crore. higher share of unsecured lo- Small Finance Bank's gross
the construction is complete at the ti- houses should be treated still qualify for funding The NHB has been steadily tighte- ans, to operate with greater flex- NPA was 7.2% at the end of last
me of the first disbursement. This as loans against property, under home loan ning regulatory oversight and enfor- ibility, optimizing capital alloca- helps improve asset quality, op- fiscal.
rule specifically applies to loans ta- not home loans category cing stricter compliance norms for tion towards secured and high- timize capital allocation, and Paul said that earlier SFBs had
ken for construction on plots or for HFCs. In December last year, NHB value loans, which in turn will enhance profitability—while to extend a significant share of
building homes on self-owned land. *National Housing Bank **Housing finance companies mandated that all HFCs report non- help them improve asset quality continuing to serve priority unsecured loans
“It may be noted that in cases whe- performing asset data on the first and boost profitability, the he- sectors meaningfully,” Capital and other small-
re HFCs extend loans to individuals the loan is disbursed. HFCs have be- ests from HFCs to allow such newly day of each month, after observing ads of lending institutions said. Small Finance Bank managing Regulatory ticket priority lo-
for ongoing construction, refinan- en instructed to ensure only eligible built homes to qualify for home loan that many lenders were continuing They expressed optimism that director Sarvjit Singh Samra change ans, which could
ce from NHB will be available only loans are flagged for NHB refinance. refinance, NHB has rejected the pro- to record collections for the previous the regulatory change would en- told ET. expected to carry higher cre-
in respect of loans where not more According to sources familiar with posal. "NHB felt that once a house is month well into the following week. hance the attractiveness of The banking regulator on Fri- enhance the dit risk.
than one-half of the construction the matter, the change was triggered already constructed, disbursing a In March, the regulator took furt- small finance banks (SFBs) for day lowered SFBs’ priority sec- attractive- “With a reduced
has been completed at the time of by instances where borrowers were home loan amounts to monetizing her action by reprimanding HFCs investors and help them raise tor lending target to 60% of ad- ness of small PSL require-
disbursement of first tranche of applying for home loans after the the asset," said the CEO of a housing for mis-selling insurance policies fresh capital. The share price of justed net bank credit (ANBC) finance banks ment, SFBs can
the loan by the HFC,” the circular construction was already complete, finance company. bundled with home loans. NHB di- Equitas Small Finance Bank, or credit equivalent of off-ba- and help moderate their
states. effectively using the loan to moneti- Many HFCs argue the new rule co- rected HFCs to immediately cease jumped 4.5% to close at `67.40 lance sheet exposures (CEOBE), them tap exposure to unse-
NHB has also mandated that the se the finished property. NHB clarifi- uld affect low-income borrowers, the practice of selling insurance apiece on Monday on the BSE, whichever is higher, from 75% funds cured lending
stage of construction must be clearly ed that such cases should be treated particularly those who start const- products without clearly disclo- even as the Sensex fell 0.66% in earlier. and focus more on secured ad-
verified through a technical evalua- as loans against property (LAP) rat- ruction on self-owned land using in- sing the terms and conditions to reaction to the US attack on Ira- The SFB shall continue to allo- vances, such as MSME loans, af-
tion report when the first tranche of her than home loans. Despite requ- formal credit from vendors or family. borrowers. nian nuclear facilities. cate 40% of ANBC or CEOBE to fordable housing, gold loans,
ESAF Small Finance Bank's different sub-sectors under the and other collateral-backed pro-
share price rose 3.2% to `32.2, priority sector, while the balan- ducts, while still fulfilling their
while Jana Small Finance ce 20% can be allocated to any core objectives,” he said.
Bank saw its price go up 3.9% to one or more sub-sectors where The immediate impact would
`506.10. “The new regulation the bank has a competitive ad- be release of excess priority
sector loans that these banks
carry in their balance sheet.
This will lead to a higher sale
of priority sector lending
I, Jnanendra Dutta (old I Jalil MdS/O Late Moham- certificates to other banks.
name) Son of Late Jamini med Peer residing at 7A,
Mohan Dutta, residing at 154, Rajab Ali Lane, PO-Khiddir- “This may help in increased
Nagar Changrabandha, pore, PS-Ekbalpore,Kolkata- income though marginal thro-
Changrabandha, Cooch 700023, West Bengal, have
behar Pin-735301, West Ben- changed my name and shall
ugh PSLC sale," Suryoday ma-
gal, India, have changed my henceforth be known as Jalil naging director R Baskar Ba-
name and shall henceforth be Ahmed as declared before the
known as Jnanendra Mohan Ld. 1st Class Judicial Magis-
bu said.
Dutta (new name), as de- trate at Alipore vide affidavit The new norm is also viewed
clared before the notary pub- no 38516Dated 21/06/2025.
lic at Kolkata, vide an affida- Jalil Md and Jalil Ahmedboth
as a strong enabler for SFBs
vit dated 23/06/2025. Jnan- are same & identical person. with universal banking aspi-
endra Dutta (old name) and
Jnanendra Mohan Dutta rations.
(new name) both are same “As we work toward achie-
and one identical person.
ving 60% priority sector len-
I, Rajesh Garg,residing at P-
ding (PSL) compliance, the
23/1, C.I.T Road, Scheme-VII revised norms opens up spa-
(M), P.O.- Kakurgachi, P.S.- ce for us to build a more ba-
Manicktala, Kolkata- 700054,
West Bengal, India, do hereby lanced and diversified asset
notified that my father Amar mix—a critical enabler for
Late Chand Garg(Old Name)
shall henceforth be known as universal banking opera-
Late Ashok Kumar Garg(New tions," Jana managing direc-
Name) vide an affidavit
sworn before the notary pub- tor Ajay Kanwal said.
lic at Kolkata on 05/06/
2025.That Late Amar Chand
Garg and Late Ashok Kumar
Garg both are the same and
one identical person.

I, Dulal Chandra Mondal (old

name) Son of Bholanath Mon-
dal, residing at Ward No-03,
Krishnanagar, Ghatal, Pa-
schim Medinipur Pin-721212,
West Bengal, India, have
changed my name and shall
henceforth be known as Dulal
Mondal (new name), as de-
clared before the notary pub-
lic at Kolkata, vide an affida-
vit dated 23/06/2025. Dulal
Chandra Mondal (old name)
and Dulal Mondal (new
name) both are same and one
identical person.

I, Deepak Shah (old name)

Son of Lakhan Lal Shaw, re-
siding at 8, G.T. Road, 3RD
Bye Lane, Near Jayanti Cin-
ema Hall, Rishra M, Hooghly
Pin-712248, West Bengal,
India, have changed my name
and shall henceforth be
known as Deepak Shaw (new
name), as declared before the
I, Rinki Sultania,(Old name) notary public at Kolkata, vide
w/o. Chandra Sekhar Sultan- an affidavit dated 23/06/2025.
ia, residing at 18A, Ramkri- Deepak Shah (old name) and
shna Samadhi Road, near Deepak Shaw (new name)
Kankurgachi old post office, both are same and one identi-
P.O. - Kankurgachi, P.S. - Pho- cal person.
olbagan, Kolkata - 700 054,
West Bengal, changed my na- I, Mohammad Alam (old
me and shall henceforth be name) Son of Golam Rasul,
known as RINKII SULTANIIA residing at 17B, Biplabi An-
(New Name) as declared swo- ukul Chandra Street, Oppo-
rn before The Learned Judi- site C E S C Office, Red House,
cial Magistrate (1st class) at Kolkata-700072, West Bengal,
Calcutta affidavit at CMM'S India, have changed my name
Court, 2&3, Bankshall street, and shall henceforth be
Kolkata -700 001, West Bengal, known as Md. Alam (new
on dated 18/06/2025. RINKII name), as declared before the
SULTANIIA (New Name) and notary public at Kolkata, vide
Rinki Sultania (Old Name) an affidavit dated 23/06/2025.
both are the same and one Mohammad Alam (old name)
identical person. and Md. Alam (new name)
both are same and one identi-
I, Arpita Mandal Sheel (old cal person.
name) Daughter of Birendra
Nath Mandal, residing at 401,
Uttarayan Apartment Khalis- I, Bijay Khandelwal (old
hini, Garerdhar, Chandanna- name) Son of Late Bachulal
gore, Hooghly Pin-712136, Khandelwal, residing at 79/1,
West Bengal, India, have Station More, Bankura Pin-
changed my name and shall 722101, West Bengal, India,
henceforth be known as Ar- have changed my name and
pita Mandal (new name), as shall henceforth be known as
declared before the notary Bijay Kumar Khandelwal
public at Kolkata, vide an af- (new name), as declared be-
fidavit dated 23/06/2025. Ar- fore the notary public at Kol-
pita Mandal Sheel (old name) kata, vide an affidavit dated
and Arpita Mandal (new 23/06/2025. Bijay Khandelwal
name) both are same and one (old name) and Bijay Kumar
identical person. Khandelwal (new name) both
are same and one identical
person.
I, Shaikh Malak Ustar Ali
(old name) Son of Rahim
Shaikh, residing at vill- I, Ashok Kumar Goenka (old
Purba Gobindapur, Po-Path- name) S/O Late Madan Gopal
arghata, Ps-Tehatta, Nadia Goenka, residing at 3 Mitra
Pin-741103, West Bengal, Lane, Kolkata - 700007, West
India, have changed my name Bengal, India, have changed
and shall henceforth be my name and shall hence-
known as Malek Ustar Ali forth be known as Ashok
Shaikh (new name), as de- Goenka (new name), as de-
clared before the notary pub- clared before the notary pub-
lic at Kolkata, vide an affida- lic at Kolkata, vide an affida-
vit dated 23/06/2025. Shaikh vit dated 06/06/2025. Ashok
Malak Ustar Ali (old name) Goenka (new name) and
and Malek Ustar Ali Shaikh Ashok Kumar Goenka (old
(new name) both are same name) both are same and one
and one identical person. identical person.

I, Goenka Rosy Ashok (old

name) W/O Rajesh Garg, re-
siding at P-23/1, C.I.T Road,
Scheme-VII M, Kolkata-
700054, West Bengal, India,
have changed my name and
shall henceforth be known as
Rosy Garg (new name), as de-
clared before the notary pub-
lic at Kolkata, vide an affida-
vit dated 06/06/2025. Rosy
Garg (new name) and Goenka
Rosy Ashok (old name) both
are same and one identical
person.

I, Shradha Das (old name)

W/O Arnab Kumar Dass, re- I, Nasim Ara (old name) Wife
siding at P-23/1, C.I.T Road, of Chanda, residing at
Scheme-VII M(VIP Road), Ka- 39/H/4, Ekbalpore Lane, Ps-
nkurgachi, Kolkata- 700054, Ekbalpore, Kolkata-700023,
West Bengal, India, have cha- West Bengal, India, have
nged my name and shall hen- changed my name and shall
ceforth be known as Shradha henceforth be known as
Garg (new name), as declared Nasim Ara Begum (new
before the notary public at name), as declared before the
Kolkata, vide an affidavit dat- notary public at Kolkata, vide
ed 06/06/2025. Shradha Garg an affidavit dated 23/06/2025.
(new name) and Shradha Das Nasim Ara (old name) and
(old name) both are same and Nasim Ara Begum (new
one identical person. name) both are same and one
identical person.
I, Gitashree Sengupta D/O
Prabhat Chandra Nath, W/O I, Arnab Kumar Das,son of
Aninda Sengupta, R/O H/85 late Arun Kumar Dass,resid-
Baishnabghata Patuli Town- ing at Asha Bhawan, 94/1 Ac-
ship P.o Panchasayar Kolkata harya Prafulla Chandra Ro-
700094 have changed my name ad, Raja Rammohan Sarani,
and shall henceforth be kno- Kolkata - 700009,West Bengal,
wn as Geetasree Sengupta as shall henceforth be known as
declared before the 10th Cou- Arnab Kumar Dass vide an af-
rt Judicial Magistrate, Ali- fidavit sworn before the no-
pore Court, Calcutta, vide af- tary public at Kolkata on
fidavit no. 37359 dated 18/06/ 05/06/2025. That Arnab
2025. Gitashree Sengupta & Kumar Das and Arnab Kumar
Geetasree Sengupta both are Dass both are the same and
same & identical person. one identical person.

THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

Markets: Beating Volatility 9
INVESTORS TRIM IT BETS
Rupee, Hedging
Accenture Guidance Costs Hold Steady
Our Bureau
said. The

Spooks Dalal Street

rupee tra-
ded betwe-
Mumbai: The rupee and at- en 86.66/$1
tendant hedging costs to mi- and
nimise the impact of its vola- 86.86/$1 on
tility have hitherto shown Monday.
All 10 index stocks end lower, weak bookings signal bleak near-term little susceptibility to the Brent cru-
outlook, poor forecast flags prolonged weakness in global tech spending Middle East conflict, with in-
vestors focused on the poten-
de oil pri-
ces hit a five-month peak of
tial retaliation by Iran to pre- $81.40 per barrel earlier in
Our Bureau dict the pricing direction for the day but pared gains to be
Weak Macro Trends crude oil. last quoted at $77.4 per bar-
Mumbai: Investors cut expo- Nifty IT Index Monday’s 1-Month Change in The rupee weakened to rel, according to Reuters.
sure to Information Techno- Companies Change (%) Change (%) 2025 (%) 86.86 per dollar Monday, be- A rise in crude oil prices is
logy (IT) stocks on Monday as Oracle Fin Serv Software -2.5 8.4 -28.4 fore closing at 86.75/$1, about detrimental for inflation in
Accenture’s lower-than-ex- Infosys -2.4 0.2 -15.7 17 paise weaker. India as the country is a lar-
pected revenue growth gui- HCL Technologies -2.1 1.8 -11.2 The RBI likely sold dollars ge importer of the commodi-
dance and weak order flows above 86.80/$1 levels, traders ty.
Wipro -1.2 5.2 -12.8
dented sentiment. Analysts
Tata Consultancy Serv -1.2 -4.1 -17.1
said although no major decli-
nes are expected, the outlook LTIMindtree -0.9 4.2 -4.6
remains bleak. Mphasis -0.8 5.0 -6.1
The Nifty IT index fell 1.5% Tech Mahindra -0.8 5.0 -1.4
against the 0.6% dip in the Persistent Systems -0.4 6.8 -5.8
benchmark Nifty. All 10 Coforge -0.1 8.3 -5.3
stocks on the index closed lo- Compiled by: ETIG Database
wer. Oracle Financial Servi-
ces fell 2.7%, while Infosys
and HCL Technologies drop- are closely watched by inves- nary IT spending in the US.
ped 2.3% each. Tata Consul- tors because they serve as a “Investors were anticipating
tancy Services and Wipro proxy for global IT spending the discretionary demand out-
shed 1.3% and 1.1%, respecti- trends. look to improve this year, ho-
vely. LTI Mindtree and Tech “Accenture revised the lower wever, this has been pushed
Mahindra fell almost 1%. end of the guidance instead of further,” said Sumit Pokhar-
“While Accenture reported the upper end, which is not op- na, vice-president, Kotak Secu-
decent results amid a weak ma- timistic as this is typically do- rities. “While the second half
cro environment, the reduc- ne by the IT major at the end of of the year could see lower
tion in bookings implies a sub- the year,” said Dharmesh risks, it is typically a muted pe-
dued discretionary demand Kant, head of research, Chola- riod for IT companies and no
that dragged the IT stocks lo- mandalam Securities. meaningful orders are expec-
wer,” said Sushovon Nayak, re- Based on the guidance, the ted.”
search analyst, Anand Rathi growth is not expected to come The Gen AI bookings witnes-
Institutional Equities. back in the next 6-10 months at sed good growth, but the mo-
Accenture revised its reve- least, said Kant. mentum slowed down signifi-
nue growth from 5-7% to 6-7% The NSE IT index is up 4.7% cantly, which implies decelera-
on a year-on-year basis after its in the past three months but is tion in Gen AI revenue growth
third quarter results. The com- down 11.4% in 2025 so far amid in the next few quarters, he sa-
pany’s results and guidance uncertainty over the discretio- id.

Analysts Have a View,

IPO RUSH That Need Not be Your Call

Demand Premium Kalpataru ,

Ellenbarrie
IPO Size Subscription Price GMP on Industrial
Company
(` crore) Date Band (`) 23/6 (`)* Gases, HDB
Kalpataru Limited 1,590 June 24-26 387- 414 10 Financial
Services and
Ellenbarrie Industrial Gases 852.5 June 24-26 380- 400 13 Sambhv Steel
HDB Financial Services 12,500 June 25-27 700-740 46 Tubes are set
Sambhv Steel Tubes 540 June 25-27 77-82 9 to launch
their IPOs
*Grey market premium as per ipowatch.in this week

subscribe to the issue. Agrawal said SBI Securities

Kairavi Lukka “The NBFC (non-banking fi- is ‘neutral’ on the offering as
nancial company) has a lot of the net debt level of Kalpataru
Mumbai: Kalpataru Limited, competition in the space that it will continue to be high despi-
Ellenbarrie Industrial Gases, operates in and commands a te utilising `1,193 crore of net
HDB Financial Services and slight premium in its valua- IPO proceeds towards debt re-
Sambhv Steel Tubes are set to tions due to its parent value,” payment.
launch their Initial Public Offe- said Krishna Appala, fund ma-
rings (IPO) this week. The issu- nager at Capitalmind PMS. ELLENBARRIE INDUSTRIAL
es of Kalpataru and Ellenbar- Sunny Agrawal, head of fun- GASES
rie Industrial Gases will open damental research at SBI Se- Analysts are most bullish on
for subscription on Tuesday, curities, also said HDB Finan- the Ellenbarrie IPO among
while HDB and Sambhv will be cial is a long-term investment the four offerings this week.
available from Wednesday. ET opportunity since its not che- “It is undervalued relative to
spoke to analysts on which IPO aply valued. peers like Linde India and is
investors should bet on. Geetanjali Kedia, IPO expert likely to benefit from reduced
at SPTulsian Investment Ad- interest cost post debt repay-
HDB FINANCIAL SERVICES viser, advices against subscri- ment from IPO proceeds and
The `12,500-crore issue — the bing to HDB IPO either. capacity addition from Octo-
largest IPO in India since Hy- “Despite brand association ber 2025 onwards will aid ear-
undai Motor India’s offering with HDFC group, the compa- nings growth,” said Agrawal,
in October last year — is the ny’s asset quality is concer- who recommends subscri-
most widely watched. With ning and the IPO appears fully bing for listing gains as well as
HDB’s grey market premium priced in relation to peers,” for the long term investments.
(GMP) — the additional price she said. Kedia of SPTulsian said in-
that investors are willing to vestors may consider subscri-
pay over the IPO price in the KALPATARU LTD bing to the IPO with a one-year
grey market before the stock Analysts are advising inves- or longer investment horizon.
lists on the stock exchange — tors to skip the Kalpataru IPO. “The company has robust ca-
halving from `93 last week to “We recommend investors pex plans, healthy margins
`46 on Monday, expectations avoid Kalpataru IPO, given and is priced more attractive-
of a strong listing have dimi- the company’s high debt even ly than its sole listed peer, be-
nished. Analysts said inves- post IPO and unattractive va- sides being offered below the
tors looking to hold the shares luation for the low realisation last transaction price (` `428),”
for three to five years could on its projects,” said Kedia. she said.

Pvt Cos to Lead in

Skills Training at
1k Upgraded ITIs
Yogima Seth

New Delhi: The private

sector will take the lead in
imparting skills training
to two million youths over
a five-year period through
its own curriculum,
which will be developed as
per industry require-
ments, in a major shift in
skills training in the co-
untry.
The skill development
and entrepreneurship mi-
nistry will set up indust-
ry-led special purpose vehicles to drive skills training at
the 1,000 industrial training institutes (ITIs) which are be-
ing upgraded, said officials.
A strict multi-layered monitoring mechanism will be
put in place to assess the progress at each ITI, they said.
While the Centre will continue to fund half the cost, or
`30,000 crore, over the next five years, it will step back
from day-to-day operations and management of these
ITIs, which will be run jointly by the states and the private
sector, a senior government official told ET.
“The Ministry of Skill Development and Entreprene-
urship plans to give financial and managerial autonomy
to the private sector to manage them while states will be
responsible for identifying industrial clusters for deve-
lopment of these ITIs and for monitoring,” said the offici-
al, who did not wish to be identified.
Besides, the industry will be responsible for admission,
training and placement of candidates in the respective
sectors. An escrow account will be created for funding the
skills training with contribution from the Centre, states
and industry in the 3:2:1 ratio.
According to the official, the industry is expected to de-
vise a strategic investment plan for each ITI which will be
evaluated and approved by the state committee and the
Centre before the skills training is launched.

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CCI NG 3.17 Product: ETKolkataBS
PubDate: 24-06-2025Zone: KolkataCityEdition: 1 Page: ETKCPG10 User: tejas.v Time: 06-23-2025 21:48Color:

10} EYE ON AI THE ECONOMIC TIMES | KOLKATA

TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

96 % is the tendency of AI models,

including Claude, GPT-4o and others, to
“KEY FOR WINNING WITH AI
CODING TOOLS IS MAINTAIN-
ING THE ABILITY TO QUICKLY
MODIFY AI CODE MANUALLY,
“What jobs are most likely to be replaced?
They’re the ones where we’re trying to program
sabotage their employers when their
existence is being threatened, a study
RATHER THAN RELYING ON
AUTOMATED AGENTS.”
human beings to act like robots.”
by Anthropic researchers says THOMAS DOHMKE, CEO, GITHUB RIED HOFFMAN, COFOUNDER, LINKEDIN

THE
AI, The Doctor’s
TRAILBLAZER
GOOD SHOBANA KAMINENI,
executive chairperson, Apollo
DNPA Seeks Protection
Against AI Scraping Hospitals, tells Himanshi Lohchab

New Stethoscope
The Digital News Publish- how AI can transform India’s health-
ers Association (DNPA), care sector more deeply than others
representing India’s leading
news media organisations,
has called for copyright
protections to be put in

A
place for training AI models
using the content of digital
news publishers. The pub-
rtificial intelligence (AI) is
emerging as an unlikely ally
reproductive technologies, especially in
IVF procedures. AI is increasingly turning into an
for India’s healthcare sector “Globally, around 5% of oocytes get dam-
lisher’s body said it be- grappling with rising hospi-
tal patient loads and limited
aged during manual handling. With
RoboICSI, we’ve demonstrated zero percent
ally in healthcare, playing a greater
lieved the use of such data
for training without con- medical staff. With AI tack-
ling routine tasks such as insurance claims
degeneration,” said Ramnath Babu, co-
founder. The startup has already supported role in diagnosis, early detection
sent infringes on copyright.
It has also called for fair
and structuring clinical data, doctors say
they now have more time to focus on what
more than 2,000 procedures and it currently
works with 41 IVF clinics across India. and even drug discovery. AI
compensation for content matters most - ‘the patient.’ Hospital chains Similarly, Garbhini-GA2, an AI model de- “We don’t have enough doctors, nurses, or health-
producers whose data was
like Apollo, Manipal, and Narayana Health
are adopting AI tools for diagnosis, early
veloped by IIT Madras and the
Translational Health Science and
adoption rates are growing across care facilities. But we have enough people who are
tech-enabled and can be upskilled,” said Shobana
used for training purposes. detection, and even drug discovery, either
by building the technology in-house or
Technology Institute, aims to precisely esti-
mate gestational age in the second and third clinics and hospitals, find Puran Kamineni, executive chairperson of Apollo
HealthCo and promoter director of Apollo
through partnerships with new-age start- trimesters of pregnancy for the Indian Hospitals.
ups. Most of these solutions are helping
streamline post-surgery care and improve
population, which was previously meas-
ured using Caucasian models.
Choudhary and Swathi Moorthy The veteran executive, the daughter of Prathap
C. Reddy, the founder and chairman of Apollo
patient engagement, according to experts. Hospitals, referred to Nobel Laureate Demis
India’s AI healthcare market is growing at CHALLENGES Hassabis saying no invention in the world will
40.6% compounded annually, with a cur- While AI adoption is on the rise, experts happen without AI in future. “So, the next vaccine
rent market size of $1.6 billion, Nasscom cautioned that healthcare organisations or the ability to cure the disease will be AI-based
and Kantar said in a recent report, high- will need to develop governance frame- because it’s so much faster, it crunches so much
lighting growing AI adoption among works to monitor its performance and out- more data.”
healthcare service providers. Experts say comes over time. Patient data security is Although digital penetration in India remains a
New BSE Tool to Help AI adoption is mainly aimed at driving op- also a major concern as India’s existing challenge, Kamineni pointed out that AI is no long-
Check SME IPO Docs erational efficiency, boosting revenues. For healthcare system lacks data protection AI-based Medical Coding er defined by an app, and telemedicine is just a
BSE has launched a new one, in the radiology department, AI tools measures. Converts messy free-text clinical phone call away. “It’s just a phone call to an AI sys-
can cut workloads by more than half, doc- Experts expect special provisions for notes into structured data using global tem which can do the consultation and quickly
GenAI tool to make the ini- tors told ET. Industry watchers pointed out healthcare data in the impending Personal send the summary to the doctor. And 80% of India’s
standards like SNOMED and ICD
tial process of checking that only large hospital chains or academic Data Protection Bill to provide some direc- population have access to basic phones today.” She
institutions are currently deploying AI for tion. Hitesh Goswami, cofounder, 4base- Makes patient records searchable pointed out that India’s demographic challenges,
SME IPO documents quick-
clinical trials, with targeted partnerships. Care highlighted systemic challenges in so that doctors can easily find how combined with its digital readiness, make it an ide-
er. While this process can many patients had similar conditions
Government hospitals are dependent on greater adoption of AI in the healthcare al testbed for AI-driven healthcare models.
usually take up to several private hospitals and technology compa- sector. Similar pain points were noted by and what treatment worked best. “We’re not going to solve the problem with brick-
days or even weeks, the nies for experimenting with AI. hospital chains. “Healthcare always moves Also helps unify descriptions across and-mortar hospitals. We’re going to solve it with
new tool is reportedly ca- slower because of the stakes languages into one global code smart devices and intelligent infrastructure,” she
AI IN HOSPITALS involved, ” said a doc- said, noting Apollo’s strategy of pushing AI across
pable of reducing this time “One of the big opportunities for AI in India tor helping startups both clinical and non-clinical workflows. The vet-
to just 30-40 minutes. Mer- is making healthcare more accessible in develop AI tools. eran executive, who is spearheading the health-
chant bankers will be given vernacular languages, given the nuance in care giant’s digital and AI-first initiatives across
how symptoms are described across re- diagnostics, patient engagement, and hospital op-
access to a folder where
gions,” said Apollo CEO Dr Madhu erations, said GenAI is en-
they can upload docu- Sasidhar. Apollo is using its Clinical AI & INDIA abling 7,000 Apollo doc-
ments to be scanned by the Intelligence Engine, combined with ambi- tors to improve
AI tool for errors. ent listening tools, saving more than 2–3
hours of documentation work every day for
Training data productivity by 50%-85%.
“I can handle my 1 mil-
its medical staff.
Big tech firms
for models lion patients a day with
the help of technology.”
NEW AVENUES such as Google,
Microsoft, and
must reflect She emphasized the need
for ethical deployment
IBM have also the Indian ge- and better regulation
partnered with around patient data usage
Indian hospital nome and dis- and AI safety, particularly
chains to co-devel- in sensitive contexts like
op AI-driven medi- ease profile oncology, mental health,
‘AI Reduces Insurance cal tools. Google is and chronic disease man-
collaborating with agement.
Policy Wait Time’ A r av i n d E y e “We must make sure that the data that’s being
AI now handles 45% of all Hospital for AI- used to train these models reflects the Indian ge-
insurance workflows, says AI is now able based diabetic nome and disease profile. That’s a gap today. We
a report from policybazaar. to predict the retinopathy detec-
tion, while IBM
cannot simply use models trained on Western pop-
ulations and assume they will work here.”
com. AI implementation has
improved nearly all aspects
risk of a heart Watson is support-
ing Manipal
Kamineni also said Apollo is investing in AI-
enabled doctors’ assistants, remote diagnostics,
of its workflow, it said. The disease from Hospitals in can- Health Assistants and decision-support tools for clinicians to im-
cer treatment prove turnaround times and reduce burnout.
report from the insurance a simple planning.
Hospitals are
increasingly
Documentation “Imagine a junior doctor who can consult an AI
aggregator also showed At Narayana assistant for a differential diagnosis, or a nurse
that almost 48% of custom- chest X-ray Health, which spe-
deploying
AI-powered
Documentation is a major pain point in hos-
pitals, often consuming up to 40% of doc- who gets real-time alerts on patient vitals before a
ers now get their policies in cialises in cardiac tors’ and healthcare staff’s time. LLM-based critical event. That’s not the future. It’s already
care, LLMs are being deployed to improve assistants to support happening.” On the macro level, she called for
15 minutes compared to post-surgery care, software can help with report writ-
operational efficiency and predict clinical public-private collaboration in creating a national
helping patients with ing too. Narayana Health has gen-
the four hour wait time outcomes. One of its key projects is a ma- AI-health data backbone - one that respects patient
medication reminders and answering erated over 60,000 reports using
when AI was not used. chine learning model to predict sudden car- privacy but enables research and innovation at
diac arrests in ICUs. “Since ICUs monitor follow-up queries, making recovery AI in the last 5 to 6 months. This scale. “This is not about competition, it’s about co-
60-70 parameters at once, interactions be- personalised. Ask Apollo is an AI-powered has cut documentation time by 80% operation. If India gets this right, we can build the

THE tween them can become complex. Our health assistant with 37 million registered in departments where it has been most inclusive and efficient healthcare system in
model provides a continuous cardiac arrest users. It handles 50,000 health queries daily. deployed. the world.”

BAD
risk score and explains why the patient’s
condition may be deteriorating, giving doc-

AI In Healthcare: ‘Star-crossed Lovers’

tors a several-hour advance warning,” said
Vivek Rajagopal, group chief analytics and
BBC Accuses Perplexity AI officer at Narayana Health. The tool is
of Content-Scraping currently in early-stage deployment in se-

H
lect ICUs.
BBC is threatening legal ac- Not just hospitals, startups are also rapid- ealthcare is seeing rapid Funding: AI & Healthcare/Biotech
tion against Perplexity al- AI adoption, from diag- According to a CB Insights
ly developing AI-driven solutions anticipat- 13.7 Figures in $ billion
report, 6 out of 11 AI
leging content scraping to ing partnerships with hospitals and clinics. nostics and clinical trials 2021
In 2024, the healthcare sector raised $1.13 to drug discovery. A Crunchbase unicorns in Jan-March 2025
train its ‘default AI model’. 7.5
billion in funding, according to market in- are from healthcare sector
It said in a letter to Perplex- report shows that over $7.5 bil- 2024
telligence platform Kredible, with diagnos-
lion was invested in AI healthcare 7.3
8.8  Abridge
ity that it will proceed with tics, telemedicine, and digital health seeing 2022  Neko  Hippocratic AI
significant traction. startups with the figure already 2020
an injunction unless it stops
kissing $1.68 billion at the end 5.4  Insilico Medicine
scraping its content and de- HOSPITALS & STARTUP PARTNERSHIPS 2023  OpenEvidence
of February 2025. Despite the
letes existing copies used 4baseCare, a Bengaluru-based precision
growing interest in the space,
*as of February 2025 1.6*  Truveta

to train its AI systems. The oncology startup, is working with more Source: Crunchbase 2025
than 250 hospitals to carry out precision di- the report says the numbers
broadcaster has also asked
agnostic cancer treatment for people be- are well below the $13.7 billion VC Funding in AI-Healthcare, 2025
Perplexity to submit “a pro- longing to South Asia using a series of DNA AI healthcare startups raised in Startup What They Do Latest Funding Valuation
posal for financial com- and next generation sequencing tests,
which were so far based on Caucasian or 2021. Hitesh Goswami, cofounder,
pensation” for the alleged AI and cloud-based platform for
White people. 4baseCare refers to this relation- Innovaccer
healthcare providers
$275 million $2.1b-$4.06b*
misuse of its digital content. AIIMS Jammu has partnered with the ship between AI and healthcare as
startup to establish a Centre for Advanced Abridge AI clinical documentation startup $250 million $5.3 billion
one of star-crossed lovers. Swathi
Genomics and Precision Medicine, for can- Hippocratic AI GenAI healthcare startup $141 million $1.64 billion
cer diagnosis and treatment. Spovum
Moorthy tracks the sector’s poten- *As of April 2024, according to Tracxn data
tial and the key trends that are Insilico Medicine AI drug discovery platform $100 million NA
Technologies, incubated at IISc, Bengaluru, Source: Crunchbase; Tracxn; media reports
is using AI to improve outcomes in assisted playing out in this space. Nabla AI copilot for medical staff $70 million NA Note: The list is not exhaustive

THE TALKINGHEADS Venus Williams,

seven-time grand slam winner
I think the linespeople
Novak Djokovic, 24-time grand slam winner
You don’t want to give everything away to
the technology, right? But if I have to choose
Wimbledon Volleys Away
UGLY
are also pretty accu- between the two, I’m more of a proponent
rate, too. They’re of technology. It’s just more accurate, saves

Gap in Coding Skills

Tradition For AI Judges: usually right on the
money, so, it could
time, and ... (means) less people on the court

Between AI and Humans What Do the Pros Think be interesting to

see where this
Andy
Murray,
A study by multiple univer- For the first time in its 148-year history, iconic tennis tournament goes.
two-time
sities including NYU and Wimbledon will have no human line judges for this year’s competition.
Wimbledon
Princeton has found that The grand slam will rely on an AI-powered electronic line calling (ELC) Madison Keys,
champion
there is a significant skill system with hawk-eye technology across all the 18 courts to determine 2025 Australian
whether a ball lands in or out of the boundaries. Wimbledon’s earlier I probably prefer hav-
gap between coding capa- Open winner
ing the line judges
bilities of current AI bots pool of 300 judges will shrink to 40 ‘match assistants’ for support in
on the court. It feels I think it’s great in some
and top level human intelli- case the ELC doesn’t work. Other grand slams like the Australian Open John McEnroe, tennis legend nicer to me. I think the ways because it takes the
and the US Open have already made the shift. The French Open is the If you have this equipment,
gence. Using a benchmark crowd quite likes the arguing out of it… I also know
only one sticking with human line judges. Wimbledon officials see it as and it’s accurate, isn’t it nice challenges....But when that electronic line calling has
that prevented data con-
an important step towards ‘maximum accuracy in our officiating’. But to know that the correct call’s mistakes are getting a margin for error. It gets a
tamination they found that some prefer the human touch and feel that dramatic moments in the being made? Had I had it from made in important little bit tricky when you’re
AI tools did not solve a sin- sport involving challenges and disagreements may be lost. the very beginning, I would moments, obviously staring at a mark that’s
gle problem in the ‘hard’ have been more boring, but I as a player you don’t clearly out, but the board is
category. Compiled by: Annapurna Roy Sources: Media reports would have won more. want that. saying that it’s touching.

THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

Economy: Macro, Micro & More 11
20- 23 Progress of SW Monsoon Forecast on June 24
June The Northern Limit of Cumulative Rainfall (%) June 1-23 Distribution of rainfall in 726 districts June 1-23 Heavy-to-very-heavy rainfall

Monsoon
22 June Monsoon continues to pass Districts with activity likely to continue over
India 1.6 Excess
through Jaipur, Agra, Rampur, Large Excess many parts of central, east &
Dehradun, Shimla, Pathankot Northwest 32.2 northeast India in next 7 days
and Jammu 21 11 24 29 16

Watch
-12.6 East & NE Isolated
Deficient extremely heavy
Actual dates
Central 10.4 Normal Large rainfall over West
of Onset
Southern Deficient Madhya Pradesh
Normal dates -7.3
of Onset on June 24 Source:IMD

Private Biz Activity Hits 14-mth High in June Household Income Survey
likely to be Launched in Feb
Index rises to 61 from 59.3 in May; favourable demand, efficiency gains and tech investment support output Bhalla, former executive direc-
encouraged Indian companies to and metal (copper, iron and steel) Our Bureau tor of India, International Mon-
Our Bureau
Private Affair HSBC Flash India Composite
hire staff. “The combination of ro- costs.
bust global demand and rising Although, the rate of inflation New Delhi: The government is
etary Fund (IMF), has been es-
tablished to oversee the survey.
New Delhi: India’s private sector The HSBC Flash Strong demand PMI Output Index backlogs prompted manufacturers eased to a 10-month low, the survey expected to launch a Household “Recognizing the growing sig-
activity surged to a 14-month high India Composite supported growth 64 to increase hiring,” said Bhandari. mentioned. “Qualitative data Income Survey in 2026 to gather nificance of such data, NSS (Na-
in June, supported by both manu- Output Index Increase in 61.0 Both full and part-time showed that while some information on income distri- tional Sample Survey) acknowl-
facturing and service economy, ac- rises to 61 export orders & 62 employees were hired firms hiked their fees in bution and welfare, the minis- edges the urgent need for a dedi-
cording to a private survey re- in June employment bodes well across permanent and response to greater ex- try of statistics and programme cated income distribution sur-
leased Monday. 60 temporary roles, accord- penses, others refrained implementation (MoSPI) said vey to better understand the
Factors such as favourable de- ing to anecdotal evidence. from doing so in order to Monday. profound structural
mand trends, efficiency gains and 58 Employment growth reac- secure new business,” it Statistics minister Rao Inder- changes that have oc-

Source: HSBC
tech investment supported output, 57.5 hed an all-time high in the Mfg growth rose added. jit Singh told ET that the survey curred in the Indian
the survey respondents noted. 56 manufacturing industry, to a 14-month high Bhandari said both in- will be launched from February economy over the past
The HSBC Flash India Composite Jan 2023 Jun 2025 the survey said. put and output prices 2026 “for the purpose of estimat- 75 years,” the ministry said.
of 58.4 in June
Output Index rose to 61 in June Note: All figures are final except for June “Employment growth is while services continued to rise in ing average income of rural and The expert group will advise
from 59.3 in May. also healthy in the servic- expanded to manufacturing and ser- urban households”. on aspects regarding concep-
The Composite Purchasing Man- “India’s flash PMI indicated strong particularly from manufacturers, es sector despite slightly 10-mth high of 60.7 vices firms, but rates of The survey will also examine tual definitions, preparation of
agers Index (PMI) is a weighted av- growth in June. New export orders although international sales at ser- weakening on a sequen- increase showed signs the impact of technology adop- the survey methodology, sam-
erage of comparable manufactur- continued to fuel private sector busi- vice firms expanded slowly. Com- tial basis from May to June,” noted of softening. Looking ahead, position on household income (wag- pling design, method of estima-
ing and services indices. ness activity, especially in manufac- panies reported strong demand Bhandari. tive business sentiment dipped to es), the ministry noted. tion, and will incorporate best
Manufacturing sector growth turing,” said Pranjul Bhandari, from Asia, Europe, the Middle East On the cost side, firms reported a its lowest level in over two years, A Technical Expert Group practices adopted across the
rose to a 14-month high of 58.4 in chief India economist at HSBC. and the Americas. marginal increase in input prices according to the survey. (TEG), chaired by Dr Surjit S world.
June, while the services sector ex- Private sector firms indicated Robust demand and an increase in June due to
panded to a 10-month high of 60.7. strong growth in export orders, in outstanding business volumes higher labour

ANY IRAN MOVE TO CLOSE STRAIT OF HORMUZ TO HIT HARD

Escalating West Asia Tensions

Threatening India’s Trade alternative route would add to time and
costs for exporters, the official added.
Govt keeping an eye on The Federation of Indian Export Organi-
insurance rates and freight sations said that there are temporary
headwinds and there could be some short-
costs amid uncertainties term impact on demand and logistic-
s—particularly in the Gulf region, which
serves as a crucial hub for Indian exports.
Our Bureau “Increased shipping costs, longer tran-
sit times, and rising marine insurance
New Delhi: India’s trade may get im- premiums may add pressure, especially
pacted if the tensions in West Asia esca- in price -sensitive sectors,” said S C Ral-
late and the government is keeping an han, President, FIEO.
eye on insurance rates and freight costs The official said that insurers may raise
amid the uncertainties, an official said costs if risks continue to rise but New
Monday, a day after Iran’s Parliament ap- Free Zone in the UAE is not facing chal- Delhi’s ability to intervene in the matter
proved a measure to close the Strait of lenges as of now. Freight rates haven't in- maybe minimal as the country doesn’t
Hormuz, the strategic global oil choke creased yet for exporters. We are keeping own any shipping line.
point which connects the Persian Gulf to an eye on insurance costs,” the official Indian industries dependent on global
the Arabian Sea. said. supply chains for energy, chemicals, fer-
The Strait carries nearly 25% of global The parliamentary vote is not binding tilizers, metals, and food products could
oil shipments, nearly two-thirds of In- as the final decision rests with Iran’s Su- face serious shortages and escalating
dia’s crude oil and half of its LNG im- preme National Security Council, which costs, cautioned experts.
ports and remains open for now. is still deliberating the issue. This assumes significance as following
“The Strait of Hormuz is open for trade Exporters said that any closure of the Israeli airstrikes on Houthi forces last
for now but trade may get impacted if sit- strait would lead to a surge in shipping in- week tensions have escalated, placing In-
uation escalates. The part till Jabel Ali surance premiums and freight costs. Any dia’s westbound exports at fresh risk.

12 } Disruption: Startups & Tech THE ECONOMIC TIMES | KOLKATA | TUESDAY | 24 JUNE 2025 | WWW.ECONOMICTIMES.COM

SoftBank Eyeing Buyout Deals in

ET GRAPHICS

For comprehensive and

Meet the Firms Taking a
Big Bite of Apple’s India
India to Push AI-led IT, BPO Ops
insightful stories about all
things startups and technology,
log on to www.ettech.com

ET Ecommerce Tracker Manufacturing Pie

Returns Comparison (%) Apple is significantly expanding its manufacturing footprint in India,
ET Ecommerce Index
Looks to combine AI capabilities with services delivery at scale via buyouts or strategic alliances driven by a strategic diversification away from China and propelled
ET Ecommerce Profitable Index firms. Being a technology investor, as the Silicon Valley company is re- enhanced service providers by intro- by government incentives like the PLI scheme. Dia Rekhi reports on
ET Ecommerce Non-Profitable Index Pranav Mukul & Samidha Sharma they feel they can bring in the reportedly distancing itself from Mi- ducing AI that can deliver cost effi- the iPhone maker’s India operations.
Nifty 50 sources needed to deploy AI,” said one crosoft, a significant shareholder. ciencies while also driving revenue
25
New Delhi | Mumbai: SoftBank is of the people. Queries sent to Soft- “The move is aimed at transforming growth for their clients, thereby creat- FOXCONN
20
exploring buyout opportunities in In- Bank did not elicit a response till traditional BPOs and KPOs into tech- ing meaningful value arbitrage,” one Apple’s largest contract manufacturer in
15 dia, marking a significant shift from press time Monday. In response to of the people cited above said. India is primarily assembling iPhones
10

5
being a growth- and late-stage tech-
nology investor to that of a direct ac-
email queries, AGS Health’s current
promoter, EQT All Things AI ET had reported earlier that the Soft-
Bank Vision Fund, which has invest- MANUFACTURING FACILITY

1 2
quirer of assets, according to two peo- Private Capital SoftBank is developing an ad- ed $160 billion globally across its two
0 Sriperumbudur Hyderabad
ple aware of its plans. Asia (formerly vanced enterprise AI solution vehicles, was eyeing opportunities in
(Tamil Nadu) (Telangana)
-5 The Masayoshi Son-led Japanese Baring Private in collaboration with OpenAI AI infrastructure and data centres in PRODUCTION TARGET
Compiled by ETIG Database conglomerate held talks to acquire Equity Asia), India, amid the ongoing global rush iPhones are as- AirPods assembly
25-30 million
-10
1 Day 1 Month 3 Months 6 Months business process outsourcing (BPO) said, "We are un- towards AI buoyed by the launch of sembled here has started here
SoftBank wants to able to comment Firm is expected to spend $3

3
firm AGS Health in a potential $1 bil- ChatGPT in late 2022. iPhone units by this year- COMING UP
Tweet OF THE DAY lion deal, but those did not material-
ise with global asset manager Black-
transform BPOs
and KPOs via AI
on market specu-
lation". A spokes-
billion annually to integrate
OpenAI’s tech across Soft-
Alex Clavel, CEO of SoftBank Invest-
ment Advisers, told ET in an inter-
end. More than double Devanahalli (Karnataka)
to deliver cost the production last year Will also be used for iPhone assembly
stone taking the lead, they said. Soft- person for WNS Bank’s portfolio companies view last year that the group was ex-
efficiencies and
Bank has also been in discussions revenue growth said the compa- ploring backing AI infrastructure
with other outsourcing firms like ny “does not re- and data centres in India. “AI in India TATA ELECTRONICS MANUFACTURING FACILITY
for IT clients OpenAI to contribute research,
WNS Global, as it seeks to combine AI spond to market could develop along these lines, build- Hosur, Tamil Nadu
tech and engineering expertise Primarily involved in making en-
capabilities with services delivery at speculation or rumours”. ing on the existing digital and tech in- Estimated capacity of 50,000
to the JV — SB OpenAI Japan closures for iPhones. It acquired
scale, either through acquisitions or frastructure,” Clavel had said. enclosures
the Indian units of Taiwanese
strategic alliances, these people SOFTBANK’S INDIA AI VISION SoftBank will provide sales SoftBank’s interest in Indian IT-en-
briefed on the matter said. They spoke Son’s SoftBank has emerged as abled services firms—such as BPOs firms Pegatron (Tamil Nadu) and Company is looking to double
teams and engineers to scale Wistron (Karnataka) which also
on the condition of anonymity as the a key ally of Ope- nAI chief the deployment of and knowledge process outsourcing this capacity ahead of the prod-
talks are private. executive Sam Alt- man, even (KPO) firms—also aligns with its work on assembling iPhones, uct launches that Apple does
these solutions much like Foxconn
Since India doesn’t have large- broader push to invest behind global around September every year
scale AI foundational models like AI infrastructure. ITeS broadly refers
JASON LEMKIN OpenAI or Anthropic, SoftBank to services that leverage information
OTHER INDIA-BASED SUPPLIERS
@JASONLK is keen to accelerate the imple- technology to deliver business func-
mentation of artificial intelli- tions, including customer support, Cheng Uei Precision Industry Company
Andhra Pradesh Tamil Nadu
Most VCs won’t re- gence across the out- data processing, finance and account- Limited (Foxlink)
has
ally give up on an sourcing sector.
“SoftBank is meeting
ing, and healthcare back-office work.
As part of this strategy, the company
Flex Limited Tamil Nadu
maximum
Jabil Incorporated Maharashtra
investment if they a number of IT services has launched The Stargate Project, a suppliers
Lingyi iTech (Guangdong) Company Tamil Nadu
know the found- firms that are ripe for disrup-
tion due to AI. Be it financial
$500 billion initiative over four years
aimed at building AI infrastructure ON Semiconductor Corporation Tamil Nadu
ers are truly giv- services, healthcare or legal, in the US to support OpenAI. Pegatron Corporation Tamil Nadu (part of Tata Electronics)
ing it 100%. But if they are evaluating a whole
range of small-to-mid-sized FOR FULL REPORT, GO TO Sunwoda Electronic Company Limited Uttar Pradesh
they sense other- www.economictimes.com TDK Corporation Haryana
wise, they check

IndiaAI Plan Moves Forward with

Wistron Corporation Karnataka (part of Tata Electronics)
out fast Zhen Ding Technology Holding Limited Tamil Nadu
Interplex Holdings Karnataka
Shenzhen YUTO Packaging Karnataka
Tech Buzz

File IPO DRHP 17k+ GPUs Successfully Installed

IN THE
Meesho may PIPELINE
JABIL
SUPPLIERS BEING ASSESSED
Apple is in talks with
`2,000cr multiple Indian
unit in CORNING firms to evaluate
in 2-3 Weeks HOWEVER... Two of the empanelled CSPs — Jio Platforms, and CtrlS — yet to install their GPUs Trichy, Tamil
Nadu may
`1,003 crore
display glass finishing
and onboard those
that pass rigorous
NEW DELHI: Ecommerce NextGen, and E2E Networks have diaAI team said CtrlS had not con- partment to address the timelines make Air- checks, standards
Suraksha P factory in Pillaipakkam,
marketplace Meesho has made significant headway in install- firmed GPU installation although it and ensure we fulfil our commit- Pods casing
ing and commissioning GPUs, people shared purchase orders. CtrlS had al- ment,” CtrlS told ET in a statement. It Tamil Nadu. It makes go- Aequs: Karnataka
moved its domicile to India rilla glass for the iPhone
Bengaluru: A little over 17,300 graph- cited above said. so not started the API integration claimed it has “completed the portal Lakshmi Machine
from the US, said people in ics processing units (GPUs) have been The IndiaAI Mission flagged this at with the compute portal. integration”. Jio, meanwhile, was in and many other brands
Works: Tamil Nadu
the know, tracking a trend successfully installed under the In- the review meeting on June 16. How- “We are in discussions with the de- the process of procuring 752 Nvidia
of ‘reverse-flipping’ by diaAI Mission’s ambitious compute ever, the compa- H200 GPUs and 268 AMD MI300X Motherson Group:
startups looking to gain infrastructure tender, which has re- nies have time GPUs, according to the IndiaAI pre- Tamil Nadu
ceived proposals for 34,333 GPUs till August 7 sentation. Its API integration with
from a maturing startup across its first two rounds, people to install the compute portal was ongoing and
Wipro Enterprise:
ecosystem in the country. aware of the developments told ET. GPUs, they was expected to be completed by the
Karnataka
Documents filed with the This was revealed at a meeting In- said. third quarter of 2025.
Registrar of Companies diaAI CEO Abhishek Singh held with As per the
and seen by ET confirm the all empanelled cloud service provid- agreement, FOR FULL REPORT, GO TO
ers (CSPs) last week to review GPU in- companies www.economictimes.com MUCH MORE NEEDED
development. Meesho is NUMBER OF SUPPLIERS Supplier base needs to expand much
stallation progress, their integration were to in-
expected to file the draft with the IndiaAI compute portal, and stall the Tamil Nadu 7 more for India operations to rival China
prospectus for its upcom- allocation of GPU time to end users. GPUs within China 157
ing IPO in the coming two The mission seeks to build a scalable six months In the Know Karnataka 3 Taiwan 48
cloud computing platform for re- from the is- Uttar Pradesh 1
to three weeks, one of the searchers and startups to train artifi- sue of the let-
Proposed capacity Installed capacity Vietnam 35
persons said. — Pranav Mukul cial intelligence (AI) models. The ter of intent, 34,333 GPUs 17,374 GPUs Maharashtra 1 United States 26
.
third round of bidding has already which was Andhra Pradesh 1
India 14
concluded and the proposals are sent on Feb- The companies This is six

1,048 million empanelled in months from

Germany 9 *Source: Apple’s
awaiting technical evaluation. ruary 7. Haryana 1 Mexico 3 Supplier List, 2023
Two of the ten CSPs selected in the In a present- the first round getting the letter
Units of small-medium dis- first round — Jio Platforms and CtrlS ation at the will have to pro- of intent from GRAPHICS: SIDDHARTH
play shipped during 1Q25 Datacenters — are yet to deploy their review meet- vide the GPUs IndiaAI that was
globally. Small-medium GPUs, while providers like Yotta, ing, the In- by August sent on February
Piggybank Top Funding deal of the day
AMOLED panels are used

Zerodha’s Kamath Brothers Deeptech Co Fabheads has

for smartwatches. —Agencies
PE, VC Funding
Darwinbox here Touches
Closes `86cr
Esop Buyback
$2.4b in May
MUMBAI: Private equi-
ty and venture capital
Pay `250cr for InCred Stake $10m from Accel & Others Disha Acharya
strengthen its client-facing engi-
neering as well as R&D divisions,
MUMBAI: Software-as-a- (PE-VC) investments in Stake sale comes as InCred prepares for potential `4k-crore listing the company said in a statement.
service unicorn Darwin- India stood at $2.4 billion across strong team, a technology-first ap- Cred Finance, which focuses on con- Bengaluru: Composite manufac- “The majority of the funds will
box, which specialises in 97 deals in May, according to a
Our Bureau proach, and a clear view of where the sumer, small and medium enterpris- turing technology startup Fab- be used for setting up a bigger
HR services, has complet- market is headed.” es, and education lending; InCred heads has raised $10 million in its manufacturing factory in Karna-
report released on Monday. The Mumbai: Nithin and Nikhil Ka- The development also follows its Capital, which offers wealth and in- latest funding round, which was taka,” said Dhinesh Kanagaraj,
ed a `86-crore employee
EY-IVCA report said that startup math, cofounders of stockbroking wealth management vestment banking services to high- led by Accel and also saw cofounder of Fabheads, in a
stock ownership plan platform Zerodha, have acquired a arm, InCred Money, net-worth individuals and institu- participation from Tri- conversation with ET. “It is
(Esop) buyback, it said in a investments were the highest
minority stake in InCred Holdings, marked its entry in- tions; and InCred Money, which pro- fecta Capital. between 80,000 to one lakh
statement. This is Darwin- deal type last month, followed the holding company of non-banking to the retail broking vides fixed deposits and Of this, $2.3 million square feet in size and is
box’s third such pro- by growth investments at $0.7 financial company InCred Financial space through the alternative invest- (`
`20 crore) was raised already in the process of
Services, through a `250 crore share acquisition of dis- Nithin ment products to re- through debt funds being made. We are look-
gramme in four years, billion. From a sector point of and
purchase. count broking plat- tail investors. In from Trifecta Capital, ing at having over 70 big
through which over 350 view, financial services was the The investment comes as InCred form Stocko. Found- Nikhil 2022, InCred Fi- and the balance is equi- machines here.”
employees have sold their top sector in May, recording prepares for a potential `4,000 crore ed in 2016 by Bhupin- Kamath nance merged with ty. The latest The facility is located
Esop back to the company. initial public offering (IPO), joining a der Singh, In- KKR India Finan- funding round at Bengaluru’s
$758 million in investments,
The company did not dis- growing list of tech-led financial ser- Cred Group cial Services, creating brings the total Aerospace Park at
followed by real estate ($380 vices firms eyeing the public mar- operates a unified NBFC funding raised by the the KIADB area
close the amounts of its kets. “India’s credit ecosystem is three key platform un- Chennai-based startup to $13 and is set to be com-
million). PE/VC exits stood at $1
previous Esop buybacks changing fast—more formal, more verti- der the In- million. pleted in the next six months. Cur-
billion across 18 deals in May.
but said this was Darwin- digital, and more accessible,” said cals: Cred Fi- The funds will be used to scale the rently, the startup has its office
box’s largest such exer- Open market exits accounted for Nikhil Kamath. “InCred Group In- nance firm’s manufacturing capacity, ex- and factory only in Chennai with
77% in May. — Agencies seems to get that. They’ve built a brand. pand the leadership team, and 13 machines.
cise. — Our Bureau

PayU India’s FY25 Accenture Q3 Numbers Show Move Over Cabs. Robotaxi
Revenue Increases Road’s Still Bumpy for IT Cos is Here for a Spin in Texas
ET decodes concerns surrounding autonomous cars
12% to $498 million Deal bookings hurt by elevated level of CY25 uncertainty
EXPLAINER
Beena Parmar
instead, it relies on cameras. It is a fully
self-driving, unsupervised system that will
not require a human behind the wheel. It is
Total payment volume rises 14% on back of gains Tanya Pandey using a new, untested version of software.
Bengaluru: Global IT major Accenture’s fi- What are the concerns?
in sectors like fin, govt, airlines and food delivery nancials for the third quarter of FY25 an- New Delhi: Elon Musk’s Tesla has entered Tesla’s milestone moment comes amid
cial services, government, airlines, nounced on Friday suggested continued de- the race to compete with Google’s Waymo concerns regarding the safety of these ro-
Our Bureau and food delivery segments. Prosus, mand slowdown for the $280 billion Indian soft- in offering driverless-taxi hailing service, botaxis. Texas Democrats, in a letter dated
the Netherlands-listed fintech arm of ware outsourcing business amid weakened launching its first robotaxi pilot in Austin, June 18, urged Tesla to delay the launch.
Mumbai: PayU India’s payments South African technology investor deal bookings. This was driven by an elevated Texas on Sunday. After a decade of develop- The “Humans drive with brain and eyes, so
business broke even in the second Naspers, said the payments division level of uncertainty in calendar year 2025 ment, Tesla launched a pilot fleet of 10–20 should AI” philosophy has raised concerns
half of FY25, riding on revenue reached breakeven in the second half (CY25) versus CY24, analysts and brokerage fully autonomous Model Y robotaxis, offer- regarding the safety of robotaxis. US regu-
growth from deeper penetration of FY25 despite intense competition firms noted in their reports. ing rides at a flat price of $4.20 per ride. Peo- lators have been raising concerns on the
among existing merchants and an and a higher share of low-margin Accenture follows a September to August fis- dian IT players. “Bookings momentum slowed ple who were “invited for the ride” posted ground that robotaxis contributed to hun-
expansion in value-added services, UPI transactions, which led to lower cal year. The Ireland-headquartered giant down, including in generative AI (GenAI)…De- pics and flattering posts on social media. dreds of avoidable crashes.
according to its Netherlands- take rates. While the company has technology services company reported an 8% mand has not changed significantly, and the en- Musk called it the “culmination of a dec-
based parent company’s latest not disclosed details of the value- growth from a year-ago March-May quarter to vironment is not conducive for healthy deal ade of hard work”. ET explains the latest
annual report. For the full fis- added services, offerings such as $17.7 billion helped by the consulting business wins,” said a Kotak Institutional Equities re- launch and concerns surrounding autono-
cal year ended March 31, 2025, priority settlements and EMI op- and an increase in financial services and port in a note after the Accenture results. mous vehicles:
PayU India reported a 12% tions are likely to have aided health & public service segments. Despite an incremental $2.15 billion to book- How is Tesla’s robotaxi different from
year-on-year increase in margin improvement. However, Accenture’s quarterly new bookings ings YoY in 9MFY25 from GenAI, overall book- Waymo?
revenue to $498 million PayU India’s full year declined for the second consecutive quarter ings declined by $1.75 billion compared to Waymo, a spinoff of Google, uses a sensor
(around `4,317.6 adjusted earnings be- with a steeper drop at 6% (year-on-year) YoY 9MFY24. Its headcount fell by 10,337 from the fusion comprising Lidar (light detection
crore). Total pay- fore interest and taxes compared to a fall of 3% in the previous quarter. previous quarter, the highest-ever quarterly and ranging), radar and camera. It offers
ment volume rose (Ebit) margin improved by Analysts saw the soft outsourcing deal win- drop for Accenture. Level 4 autonomous driverless rides. Tes-
14%, driven by one percentage point s—consulting down by 2.2% YoY and outsourc- la’s robotaxi, on the other hand, does not
FOR FULL REPORT, GO TO FOR FULL REPORT, GO TO
gains across finan- to -2%. ing deals weaker by 9.8%—as dampening for In- www.economictimes.com use radar and Lidar sensors on its vehicles; www.economictimes.com

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