ECONOMY | PAGE 2 BACK PAGE | PAGE 18 US tarifflooms over India’s Russian crude oil supplies INTERNATIONAL | PAGE 7 Pradamullstie-upwith Indianfootwearartisans NEW DELHI, SATURDAY, JULY 12, 2025 Trump puts 35% tariff on Canada, 15-20% for others FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. L1 NO. 113, 30 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 82500.47 ▼ 689.81 NIFTY: 25,149.85 ▼ 205.40 NIKKEI 225: 39,569.68 ▼ 76.68 HANG SENG: 24,139.57 ▲ 111.20 `/$: 85.80 ▼ 0.16 `/€: 100.35 ▲ 0.13 BRENT: $69.72 ▲ $1.08 GOLD: `97,095 ▲ `596 IN THE NEWS Net collection of direct tax dips 1.3% till July 10 THE DIRECT TAX collections after refunds fell by 1.3% to `5.63 lakh crore till July 10, reflecting tax reliefs announced in the Budget and higher refunds. ■ PAGE 3 Q1 credit growth muted at 9.5%, deposits up 10.1% LOAN GROWTH CONTINUES to remain subdued with the credit growth for the fortnight ended June 27, coming in at 9.5% year-on-year.The growth in bank deposits at 10.1%, on year, outpaced credit growth. ■ PAGE 3 Tepid response to `2.5 lakh-crore VRRR auction THE RESPONSETO RBI’s seven-day variable rate reverse repo auction was less enthusiastic than expected with bids coming in for `1.52 lakh crore against the notified amount of `2.5 lakh crore, reports ChristinaTitus. ■ PAGE 6 Scheme for e-trucks launched for buyers with `500-cr outlay THE CENTRE ON Friday launched a `500 crore incentive scheme to promote the adoption of electric trucks, aiming to boost clean mobility in the commercial vehicle segment, reports Nitin Kumar. ■ PAGE 2 FE S P EC I A L Where timeless history meets the endless sea From sculpture to shore: Mahabalipuram explored in a BMW ■ MOTOBAHN, P9 GUARDRAILS BEING DISCUSSEDTO PREVENTMISUSE Govt,RBIweighoptionson NBFCentryintobanking ● Enablerstocreate IN GLOBAL LEAGUE largeglobalbanks alsopartoftalks SBI is ranked two PRASANTA SAHU New Delhi, July 11 globally by assets and HDFC Bank is ranked Indian lenders THE GOVERNMENT AND the Reserve Bank of India are looking at the entry of new banks andmergesomeoftheexisting public sector banks to create a financial system that can encouragerisk-takingabilityto support the pace of growth in a country that is slated to be the thirdlargesteconomyby202728.Indiahasn’tissuedanyfresh banking licences for almost a decade. One of the options is to encourage small finance banks ● ModelYSUVs ■ India has 43rd 12 ■ Right now only public sector banks, 21 private sector banks and 73rd 11 — State Bank of India and HDFC Bank — feature in the top 100 global banks by total assets small finance banks ■ There are also about 44 foreign banks and 5 payment banks and large non-banking finance companies owned by conglomerates to transition into fullfledged banks, subject to the guidelinesprescribedbythecentral bank. In 2016, business houseswere barred from applyingforbanking. Officials said while entities already doing banking kind of activities should be given priority for giving new licences, the RBI norms on promoter holding of a maximum 26% would have to be honoured as per the glide path already pre- scribed. Besides, these banks will not be permitted to do business with the promoter groups,which was a malaise in the Indian banking space before their nationalisation. Continued on Page 7 Wockhardt exits US generics business MANU KAUSHIK New Delhi, July 11 STOP LOSS WOCKHARDT ON FRIDAY said that it will exit the US generic drug market, marking a significant shift in its business direction. The move comes after years of sustained losses in the segment,with the generics business posting a loss of approximately $8 millioninFY25.Inaregulatoryfil- ■ Wockhardt has initiated voluntary liquidation of Morton Grove Pharma and Wockhardt USA ■ The move comes after years of sustained losses; its generics business saw a loss of nearly $8 mn in FY25 ■ Both entities are wholly owned by Wockhardt Bio ing, the company said that it has initiated voluntary liquidation proceedings for its two US subsidiaries – Morton Grove Pharmaceuticals and Wockhardt USA– underChap- Tesla’sdebutin Indianextweek; deliveriesbyAug ter 7 of the US Bankruptcy Code. Both entities are wholly owned by Wockhardt Bio and are incorporated in Delaware. The decision, effective July 11, 2025, is part of Wockhardt’s broader plan to streamline operations and concentrate on its highvalue, innovation-driven product lines. Continued on Page 7 alreadyshippedfor Mumbailaunch; maycost`60lakh SWARAJ BAGGONKAR Mumbai, July 11 TESLA’S LONG-ANTICIPATED DEBUT in India will finally become official next week, with the opening of its first showroom in Mumbai,setting thestageforcommercialdeliveries starting as early as next month, according to people familiarwith the matter. The showroom, coming up in Mumbai’s prime Bandra Kurla Complex (BKC),is scheduled to open on July 15. This marks the electric vehicle giant’s first physical presence in the country, following years of backand-forth with policymakers and a protracted entry process. The sleek, 3,000-squarefootspace,locatednotfarfrom India’s first Apple Store, is designed as a full-fledged experience centre where customers can explore variants, features, and trim options of Tesla’s EV lineup.The opening will initially cater to invited guests,VIPs,andbusinesspart- ners,before throwing its doors open to the general public the following week, people aware of the plans said. Continued on Page 7 Continued on Page 7 ■ The sleek 3,000-square-foot space, located not far from India’s first Apple Store, is designed as a full-fledged experience centre ■ The opening will initially cater to invited guests, VIPs, etc before the doors are thrown open for the general public in the following week ■ The Mumbai centre will be followed closely by a second outlet in Delhi, likely before the end of the month »INSIDE« LUXURY CARS IN SLOW LANE PAGE 4 SwissratifiesIndia-EFTA megadeal,rolloutinOct MUKESH JAGOTA New Delhi, July 11 FOUR-IN-ONE PACT SWITZERLAND HAS COMPLETED the ratification process ofthetradeagreement signed between India and the four-nation European Free Trade Association (EFTA) in March last year. The ratification clears the way for implementation of the Trade and Economic Partnership Agreement (TEPA) between India and EFTA, which includes Switzerland, Liechtenstein, Norway and Iceland. The agreement is expected to come into force from Octoberthisyear,Swissambassador to India Maya Tissafi was quoted by PTI as saying. The national parliaments ofallfourEFTAmembers–Iceland, Liechtenstein, Norway, ■ The biggest trading partner of India in the group, Switzerland, already has zero tariffs for all manufactured products for all countries ■ European Free Trade Association (EFTA) includes Switzerland, Liechtenstein, Norway and Iceland “What We Plant in Values We Harvest in Impact” ■ EFTA is offering ■ The four nation group has promised direct investments in India to the tune of $100 billion over the next 15 years »INSIDE« DAIRY,WINETARIFF HITS INDIA-AUSTRALIATRADETALKS PAGE 2 and Switzerland – had already approved the agreement. The last hurdle of a referendum in concessions in 92.2% of its tariff lines, covering 99.6% of India’s exports Swiss cantons (equivalent to states in India) has also been crossed clearing the decks for TEPA implementation. In India, the ratification of the international agreements is done by the Union Cabinet. Continued on Page 7 Beyondborders:India’s familyofficesgoingglobal INDIA'S ULTRA-WEALTHY ARE expanding globally at a rapid pace.With 3-4 new ultra high net worth individuals (UHNIs)emergingdaily,Indian family offices are diversifying theirinvestmentsbeyondlocal borders.They'reallocatingcapital offshore to achieve regulatory flexibility, reduce volatility and ensure long-term stability,therebytransforming wealth management into a borderless concept. From private credit markets to niche business acquisitions, family offices (with a minimuminvestiblesurplusof `250-500 crore) are embracing global opportunities.“Offshore investing and the hunt for yield have changed everything,”saysAmit Saxena,managing director at Nuvama Private. “Around 25-35% of Indian VIVEAT SUSAN PINTO Mumbai, July 11 SHARES OF FAST moving consumer goods giant Hindustan Unilever (HUL) surged 4.6% to `2,520 on BSE, a day after the company announced the appointment of Priya Nairas its firstwomanCEO. Nair, currently president of beauty & wellbeing at Unilever, will take charge on August 1 for afive-yearterm,replacingRohit Jawa,whostepsdownonJuly31. Her appoint»INSIDE« ment comes as HUL has EDIT: LEVERS beengrappling OF CHANGE with sluggish PAGE 8 demand,margin pressures, NAIR’S TASK CUT OUT and increasing PAGE 4 competition from digitalfirstandregionalbrands. HUL stock has severely underperformedinthepastfew years owingto growth concerns due to a narrowing distribution moatandgrowingcompetition. Several analysts welcomed the development, calling it a strong positive for HUL. For instance, brokerage firm Nuvama Institutional Equities describedNair’sappointmentas a“positivecatalyst”forthestock, citing her track record in boosting margins and leading the beauty,personalcare,andhome caredivisions. HOTWHEELS 7,500+ Producer groups 470+ Support for indigenous products 140+ with GI tags 1 million+ tonnes of carbon sequestered 60,000+ Fully computerised PACS Around 25-35% of ultra HNIs are leading the charge in offshore investing MAHESH NAYAK Mumbai, July 11 Marketsback NairasMD; HULstock surges4.6% WEALTH MANAGEMENT GOES BORDERLESS ■ From private credit markets to niche business acquisitions, family offices (with a minimum investible surplus of `250-500 crore) ■ EY study highlights this shift, with family offices rising from 45 in 2018 to over 300 in 2024 ■ Up to 60% of capital is now invested in listed equities via portfolio management services, alternative investment funds & mutual funds family offices with `500 crore of investible surplus are going global,” said the head at a domesticwealth management firm on condition of anonymity. He adds, “This is driven bya strategic pursuit of risk mitigation and legacy planning, rather than mere capital flight.This select group 1.5 cr+ Self-help groups Inclusion Grassroots Focus are embracing global opportunities ■ About 10-15% is allocated to private assets like private equity, venture capital, and credit is leading the charge in redefining wealth management.” GIFT City structures, liberalised remittance scheme (LRS) strategies, and overseas operating bases are becoming foundational. This capital migration is fostering a more mature mindset. Saxena adds, ■ Notably, 25% of family offices have shifted focus to preservation in a highgrowth environment “When your entire portfolio sits in one market and currency, it's not just concentration,it'svulnerability.Bygoing offshore,familyofficestapinto 96% of global GDP, reducing volatilitywhile positioning for generational preservation.” 6 lakh+ km of roads meters 14 lakh+ of bridges hectares 422 lakh+ irrigated Sustainability Cooperative Strength Trust and Transparency Celebrating 44th Foundation Day NABARD THE VOICE OF GRAMEEN BHARAT Continued on Page 5 New Delhi
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