BACK PAGE | PAGE 22 COMPANIES | PAGE 6 AIwill makework optional in two decades, says Musk INTERNATIONAL | PAGE 10 Meesho betting half its IPO money on in-houseAI infra NEW DELHI, TUESDAY, DECEMBER 2, 2025 Airbus confirms new quality problem on 'limited'A320s FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. L1 NO. 234, 36 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 READ TO LEAD SENSEX: 85,641.90 ▼ 64.77 NIFTY: 26,175.75 ▼ 27.20 NIKKEI 225: 49,303.28 ▼ 950.63 HANG SENG: 26,033.26 ▲ 174.37 `/$: 89.56 ▼ 0.10 `/€: 104.09 ▼ 0.60 BRENT: $62.85 ▲ $0.47 GOLD: `128,121 ▲ `2,088 ECONOMY PAGE 3 GOVTSEEKSNEW APPLICATIONSFOR BULKDRUGSPLI THE CENTRE HAS invited fresh applications under the performance -linked incentive (PLI) scheme for bulk drugs in order to boost the domestic production of broad-spectrum antibiotic meropenem and antiretroviral medication ritonavir, reports Manu Kaushik. » INSIDE « DELHI HC SEEKS CENTRE, CCI REPLYTOAPPLE PLEAPAGE 4 ICICI PRUDENTIALAMC GETS NOD FOR `10K CR IPO PAGE 7 PAGE 8 OPINION WHEN AI SOUNDS CONFIDENT, BUT GETS ITWRONG, WRITES SIDDHARTH PAI RBI guv unveils 5-yr strategy for financial inclusion RESERVE BANK OF India Governor Sanjay Malhotra on Monday formally released the national strategy for financial inclusion (NSFI) 2025-30 at the 32nd meeting of the sub-committee of the Financial Stability and Development Council (FSDC-SC), reports fe Bureau. ■ PAGE 7 ...but car sales hit top gear down4%,up0.7% withoutcess Maruti Suzuki KULDEEP SINGH New Delhi, December 1 THE SLASHING OFGoods and Services Tax (GST) rates for as many as 375 items in the second half of September has slowed the revenue collections from the comprehensive indirect tax, despite the festive season that immediately followed. Gross GST collections came in at `1.75 lakh crore in November (largely October transactions), down 4% on year and 10.7% on month, according to official data released on Monday. TheNovemberGSTreceipts were the lowest since September 2024 (`1.73 lakh crore). Exclusive of the proceedsof the compensation cess, which partly collapsed into a 40% special rate for demerit goods, November GST revenues were up 0.7% on year on a gross basis to `1.7 lakh crore. Pertinently, tax collections from the domestic market shrank (-2.3%),while revenue from imports through the integrated GST (IGST) rose 10.2% on year. Tax experts noted that the rise in volume of purchases could not fully offset the adverse effect of rate cuts on GST collections. Gross GST receipts grew 4.6% onyearin October2025, and 8.5% in November,2024. 1,41,312 21 Tata Motors Mahindra INSURANCE COMPANIES HAVE, of late, jumped into the state development loan (SDL) forwards market, transforming it from nil activity just three months ago to now accounting for nearly 10-15% of the overall bond forwards market, report Christina Titus & Mahesh Nayak. ● Grosscollections 1,70,971 21.9 56,336 47,063 22 57,436 48,246 4.3 50,340 25,183 19.5 30,085 20,600 23.7 November 2024 354,543 November 2025 Change (%) Overall industry 25,489 Source: Companies Net GST revenue in November 2025 grew 1.3% to `1.52 lakh crore with refunds contracting 4% to `18,196 crore. Government sources highlighted that the taxable value of all supplies under the GST grew by 15% during the twomonth period of SeptemberOctober, as compared to the same period in 2024. It was 8.6% in the same period last year. 420,664 18.6 TAXABLE VALUE OF SUPPLIES UP 15% Gross GST collections (` lakh crore) 2.37 1.96 IIPgrowth at 14-month low in Oct FE BUREAU New Delhi, December 1 46,222 Toyota Hyundai INSURERS LINE UP FOR SDLS IN BOND FORWARDS MKT GSTmop-upslowsinNovember Kia PAGE 7 2.01 1.85 1.96 1.86 1.89 1.96 1.75 INDUSTRIAL PRODUCTION GROWTH declined to a fourteen-month low of 0.4% in October, owing to a moderation in the manufacturing output growth (1.8%) and contraction in mining (-1.8%) and electricity (-6.9%). The subdued index of industrial production (IIP) data came close on the heels of a strong 9.1% growth in gross value added (GVA) in manufacturing in July-September quarter upon a weak base (2.2%). It appears that after an increase in manufacturing activity ahead of the festive season, and GST cuts, companies have quickly normalised production. IIP grew 4% in September. Continued on Page 10 »INSIDE« MANUFACTURING GROWTH AT 9-MONTH LOW P2 Mar Apr May Jun Continued on Page 10 Jul 2025 Aug Sept Oct Nov Including cess RUPEE FALLS TO ANOTHER RECORD LOW P7 CAD MODERATESTO 1.3% IN Q2; RESERVES DIP $10.9 BN P2 PM: Parliament no place for drama ● Cong hits back: Calls Modi biggest dramabaaz VIKAS PATHAK New Delhi, December 1 BEGINNINGTHEWINTER Session of Parliament with an allout attack on the Opposition, PrimeMinisterNarendraModi on Monday accused it of using Parliament either as a “warmup arena”forelectionsor“as an outlet to vent frustration after defeat”. He said Parliament should be a place for“delivery”, not drama; neeti (policy), not naare (slogans). His remarks drew angry responses from Opposition parties,with the Congress alleging thatModiwasthe“biggestdramabaaz” and that his statement was“nothingbuthypocrisy”. Continued on Page 10 FINANCE MINISTER NIRMALA Sitharaman said on Monday that all investment decisions by LIC are taken independently, basedon commercial andfiduciaryconsiderations. “The Ministry of Finance does not issue any 86,065.92 THE STOCK MARKET Open continued its short-term oscillatory trend on Monday, with the Sensex closing 64 points lower at 85,641. In the six trading sessions since last Monday, duringwhich Sensex surged past 86,000 for the first time, the overall m-cap gain has been to the tune of`2.3 lakh crore. FPIs sold equityworth `3,019 crore since last Monday while purchases by DIIs stood at `25,321 crore. 85,641.9 Close 85,706.67 Previous close 0.08% 64.77 points Nifty Intra-day, Dec 1 0.10% Sensex Intra-day, Dec 1 Sensex Net equity investments Nov 24 -3,851 4,513 -313.7 Nov 25 975 3,912 Nov 26 Previous close 1022.5 Nov 26 5,021 6,248 Nov 27 -504 3,941 Nov 28 -3,489 4,148 Dec 1 -1,171 2,559 Close 26,202.95 -331.21 Nov 25 FPIs 26,175.75 Points chg DIIs (` crore) Nov 24 % chg 84,900.71 84,587.01 85,609.51 0.39 0.37 1.21 Nov 27* 110.87 85,720.38 0.13 Nov 28 -13.71 85,706.67 0.02 Dec 1 -64.77 85,641.9 0.08 *Crossed 86,000-mark first-time Pre-installation of the cyber safety app now mandatory Handsetmakersseeredover DoTcallonSancharSaathi FE BUREAU New Delhi, December 1 IN A MOVE that is sure to reignite the debate over the governmenttryingtoactasthe Big Brother, the department of telecommunications (DoT) has issuedadirectiverequiringthat its fraud-reporting application SancharSaathi be pre-installed on all new mobile devices within the next 90 days. The mandate covers both phones manufactured domesticallyand those importedinto the country, marking the first time the government has ordered uniform, compulsory bundling of a specific consumer app across the handset ecosystem. With nearly all major smartphone brands -- including Apple, Samsung, Google, Vivo, Oppo and Xiaomi -- FRAUD CHECK ■ Sanchar Saathi is a fraud-reporting and device-tracking app developed by DoT to help mobile users safeguard their phones ■ Handset makers said ■ It allows users to check the authenticity of IMEI numbers, detect suspected SIM or device misuse and report lost handsets ■ The app also enables telecom subscribers to flag fraudulent calls and cyber-scam activity, helping authorities track and block those involved in fraud manufacturing their devices in India, the mandate is set to have far-reaching operational implications. HandsetmakersFEspoketo said the mandate creates an avoidable burden for an industryalreadygrapplingwithcompliance pressures, rising component costs and profitability challenges. Industry representatives said that compelling manufacturers to pre-install a government-backed app effectively turns them into enforcement agents for policy initiatives that could be addressed throughuser-centricawareness programmes instead. “This is a first. India has NARENDRA MODI, PRIME MINISTER ...in Parliament, the focus should be on policy, not slogans ...our Parliament is being used as an outlet for frustration after defeat »PARLIAMENT WATCH« PM INTERNSHIP SCHEME FACES 20% DROPOUTRATE P2 NOD SOUGHT FOR EXTRA SPENDING OF `1.32 L CR P2 Finmin does not advise LIC on investments: FM D-Stcontinuestosee fluctuatingtrend 2025 MARKETS 2025 IN THE NEWS the mandate creates an avoidable burden for an industry already seeing compliance pressures ■ The mandate covers both phones manufactured domestically and imported ones never before required an unremovable state app on every device.Russia does btw, with its MAX Messenger (started September 2025),” said Nikhil Pahwa, digital rights activist and founder of MediaNama. Continued on Page 10 New Delhi advisory/direction to LIC in connection with matters related to investment of LIC fund,” she said in a written reply to a question in the Lok Sabha. The clarification comes amid sustained scrutiny of LIC’s investments in the Adani Group. ■ PAGE 3
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