THE BIG IDEA | PAGE 20 BRANDWAGON | PAGE 9 Plum -- benchmarking corporate health cover MARKETS | PAGE 6 Nescafé brews a growth story for Nestlé in India NEW DELHI, MONDAY, MAY 11, 2026 Aramco CEO warns of long oil mkt disruption FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LII NO. 61, 20 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 IN THE NEWS VIJAY SWORN IN AS TAMIL NADU CHIEF MINISTER TOPDEFAULTERS UNDER SCANNER Tax blitz launched as revenues shrink ● Faster recovery CHEERED AND HERALDED by a sea of delirious supporters, C Joseph Vijay took oath as the Chief Minister ofTamil Nadu on Sunday with a pledge that "a new era of real, secular, social justice starts now." The ascent ofVijay to the top job marks a significant realignment and a historic political shift in the state after his TVK emerged as the single largest party in the recent Assembly elections, shattering the decades-long dominance of the DMK and AIADMK in the state. » INSIDE « FREEBIE HURDLETO REALCHANGE PAGE 8 MUSIC PLATFORMS STRIKEA CHORD IN INDIA PAGE 4 NTPC fast-tracks nuclear plans with Bihar project STATE-RUN NTPC IS set to approach the Department of Atomic Energy for approval to develop nuclear power project, with the power producer planning a to build 2.8 GW nuclear generation capacity in Bihar. ■ PAGE 3 Thermal project delays slow capacity build-up INDIAADDED 9.47 GW of thermal capacity in FY26 -73% of targeted 12.86 GW -- as delays in equipment supplies and project execution slowed commissioning, reports ■ PAGE 2 Saurav Anand. RBI, ECB ink MoU to deepen cooperation RBI GOVERNOR SANJAY Malhotra and European Central Bank President Christine Lagarde on Sunday signed an MoU on mutual cooperation, reports PTI. STEPS TO BOOST COLLECTIONS in undisputed and confirmed cases ■ The Centre has set a direct tax collections target of PRASANTA SAHU New Delhi, May 10 `26.97 WITH FISCAL PRESSURES mounting due to rising committed expenditure and a slowdown in revenue growth, the government has stepped up the tax recovery drive. According to official sources, the Income Tax Department has directed field officers to intensify the recovery of confirmed and undisputedtaxdemands,strengthen monitoring of large non-compliant taxpayers and improve demand management. Under the project termed the Central Action Plan for 2026-27, the department has specifically asked officers to prioritise recovering ?2.57 lakh crore in demands upheld by the Commissioner of Income Tax (Appeals) in FY26. Special teams are being set up to pursue top arrear cases and analyse tax trends sectorally. The tax officers also have to ensure prompt refunds and better taxpayer outreach to improve compliance and minimise revenue leakages. lakh crore in FY27 ■ In FY26, direct ■ Address negative trends in tax payments ■ Examine trends in specific sectors for suitable action ■ Closely monitor top advance taxpayers and encourage reassessment of liabilities ■ Find reasons for negative tax payment or advance tax trends in sectors ■ Identify incorrect claims of exemptions and deductions The Centre has set a direct tax collections target of `26.97 lakh crore in FY27, an increase of more than 15% over the actual receipts of `23.4 lakh croreinFY26.InFY26,directtax receipts fell short of the revised estimates of `24.21 lakh crore by`80,594crore.TheWestAsia conflicthascastashadowonfiscal maths,andweakerrevenues couldfurthercomplicatethesituation in FY27. tax receipts fell short of the revised estimates of `24.21 lakh crore by `80,594 crore ■ During 2025-26, I-T department achieved 150% of its target for the reduction of arrear demand A major concern for the department is theweak pace of cash recovery despite a substantial reduction in outstanding arrears. During 2025-26, the department achieved 150%ofitstargetforreduction ofarreardemand—`12.33lakh crore against a target of `8.24 lakhcrore—largelythroughrectificationsandappellateorders. Continued on Page 16 Maruti to drive into three-row EV space ● CodenamedYMC, Revive Covid-timeWFH methods, avoid foreign travel forayear: PM NIKHILA HENRY Hyderabad, May 10 PRIME MINISTER NARENDRA Modi on Sunday appealed for collective participation of the people to help the country face global disruptions and challenges,urging measures to reduce the consumption of petroleum products and conserve foreign exchange reserves. Addressingapublicmeeting inHyderabad,thePMaskedcitizens to use public transport as much as possible, increase the use of electric vehicles (EVs), reviveCovid-erameasuressuch as work-from-home arrangements and virtual meetings, avoid non-essential foreign travel and gold purchases for a year,and prioritise local goods, among othermeasures. “Use metroswherevermetros are available. Use carpooling to go to places,and use the Railways if you have to trans- Prime Minister Narendra Modi at a public meeting in Hyderabad on Sunday port goods. All of this will reduce dependency on petrol and diesel,and thereby cut the dependence on foreign currency,”he said. During a global crisis, such as the one caused by the conflict in West Asia, he said,“We have to take resolutions,keeping the country above all else.” Referring to measures adopted during the Covid-19 pandemic period, Modi said, “We have developed work from home,virtual meetings, video conferencing and many other methods during corona. We got habituated to it. The need of the hour is to resume those methods.” He stressed the need to conserve foreign exchange, and said, “The growing culture of weddings abroad, ■ Maruti's electric MPV codenamed AIpartnershipsup risksforstartups IRAN HAS SENT its response to a US proposal to begin peace talks to end the war, Iranian state media reported on Sunday, as two carriers were allowed to pass through the blockaded Strait of Hormuz. The response, sent to mediator Pakistan, focused on ending the war on all fronts, especially Lebanon, and on the safety of shipping through the strait, Iranian state TV said. PAGE 16 AFTER WITNESSING A record monthly decline of $129 billion (`9.31 lakh crore) in March, equity assets of foreign portfolio investors (FPIs) surged by $53 billion (`5.45 lakh crore) in April, marking the sharpest monthly rise in 13 months, NSDL data show. FPI equity assets increased from $659.9 billion (`62.47 lakh crore) in March to $713.1 billion (`67.92 lakh crore) in April. PAGE 6 GROWING ALLIANCES BETWEEN major artificial intelligence firms and global cloud providers are creating structural dependencies that could restrict access to compute and distort pricing for startups, analysts and industry executives said, warning that India must prioritise domestic compute infrastructure. The concerns come amid a series of deepening partnerships between AI model-makers and hyperscalers. PAGE 4 over 100 global markets, as a substantial share of production could be exported AKBAR MERCHANT Mumbai, May 10 THE COUNTRY'S LARGEST carmaker, Maruti Suzuki, is preparing to enter the threerow electric vehicle (EV) market with a new electric multipurpose vehicle (MPV), internally codenamed YMC, as it looks to extend its dominance in the people-mover segment into the EV space. The YMC MPV is expected to be launched by the end of 2026 and will be positioned as a mass-market family electric vehicle, sources aware of the plans said. The company, which currently dominates the MPV market through models such as the Ertiga and Eeco, sees the emerging ■ YMC will be priced below the Kia Carens Clavis EV, which currently starts at `18 lakh ■ YMC will be manufactured at Maruti’s Gujarat facility alongside the eVitara, improving economies of scale three-row EV category as a long-term growth opportunity amid rising demand for largervehicles and improving EV economics. The upcoming model is expected to be around 4.5 metres long and will share significant components, including its platform architecture and powertrain systems,with the Maruti Suzuki eVitara. The eVitara has been co-developed with Toyota Motor Corporation for domestic and export markets. Sources said the shared architecture is aimed at improving economies of scale and helping Maruti keep costs competitive in the still nascent EV segment. Continued on Page 16 Fan loyalty, buzz and exclusivity trumpweak financials Big retail bets on celeb shelf life S SHANTHI Bengaluru, May 10 FOR YEARS, CELEBRITYBACKED brands in India largelysurvivedonlaunchbuzz, glossy campaigns and fan curiosity—untilweaksalesand mounting losses exposed how difficult it was to turn stardom into a sustainable business. Now, large retailers are discovering that even struggling celebritylabelsmaystillbeworth buying, not for their balance sheetsbutforthestarpowerand consumer attention they bring to an increasingly crowded beautyandfashionmarket. Ascompetitionsharpensfor younger consumers and premium shoppers,India’s biggest retailgroupsarequietlyturning into collectors of celebrity-led brands—bettingthatfame,followers and aspirational value can succeed where standalone startups often failed. The latest example is Reliance Retail acquiring actor Priyanka Chopra Jonas’s global haircarebrandAnomaly,adding STAR POWER Reliance acquired Priyanka Chopra's Anomaly haircare brand recently ■ It already owns a ■ The company also holds 40% stake in Manish Malhotra's MM Styles anothercelebrity-ledlabeltoits growingportfolioacrossbeauty andfashion.Theretaileralready owns a majority stake in actor Alia Bhatt’s kidswear brand Eda-Mamma and holds a 40% stake in fashion designer Manish Malhotra’s luxury ethnic wearlabel MM Styles. Otherretailers have moved similarly over the years. Myntra acquired a majoritystakein actor Hrithik Roshan’s fitness brand HRX in 2016, while Nykaa owns 51% in Kay ■ Myntra acquired Hrithik Roshan's HRX fitness brand in 2016 majority stake in actor Alia Bhatt’s kidswear brand Ed-a-Mamma Beautythrough a jointventure with actor Katrina Kaif.Aditya BirlaFashionandRetail,meanwhile, owns youth fashion brand Wrogn,backed by cricketerVirat Kohli. What is changing now, however, is that large retailers are increasingly willing to buy into celebrity-led brands even when they have struggled to scale independently. Beauty retailer Nykaa is in talkstoacquireamajoritystake in actor Deepika Padukone’s Continued on Page 16 FPI equity assets surge inApril ■ Maruti is targeting YMC is expected to be launched by the end of 2026 travelling abroad, and vacationing abroad is becoming prevalent among the middle class. We must decide that during this time of crisis, we should postpone travelling abroad for at least a year…”He urged people to refrain from the practice of buying gold during festivals for a year. Iran replies to US peace proposal IMPROVING ECONOMICS launchtargetdate isbyyearend PTI ■ Nykaa owns 51% of Kay Beauty through a joint venture with actor Katrina Kaif skincare brand 82°E, which reporteda30%declineinFY25 revenue to `14.7 crore and a loss of `12.26 crore. Industry executives said the attraction lies less in current financialperformanceandmore in the ability of such brands to bring built-in consumer awareness, aspirational value and social media-driven engagement that can later be scaled throughlargerretailecosystems. Continued on Page 16 New Delhi