ECONOMY | PAGE 2 BRANDWAGON | PAGE 9 Indiamovesclosertopetrol blendingwith30%ethanol INTERNATIONAL | PAGE 7 Fevicols ads have bonded wellwith consumers HYDERABAD, WEDNESDAY, MAY 20, 2026 TrumpwarnsIranof‘bighit’ ifnodealisreachedsoon FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXII 323, 32 PAGES, `12 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: 75,200.85 ▼ 114.19 NIFTY: 23,618 ▼ 31.95 NIKKEI 225: 60,550.59 ▼ 265.36 HANG SENG: 25,797.85 ▲ 122.67 `/$: 96.54 ▼ 0.18 `/€: 112.16 ▼ 0.05 BRENT: $110.32 ▼ $1.78 GOLD: `158,472 ▲ `1,080 IN THE NEWS PAGE 2 ECONOMY INDIATO USE CRISIS FOR RESILIENCE, REFORM: GOYAL INDIAWILL CONVERT the current difficult situation and the risks associated with global geopolitics into an opportunity for faster reform and greater resilience, Commerce and Industry Minister Piyush Goyal said on Tuesday, reports fe Bureau. PAGE 4 COMPANIES AI ROLLOUTWILL DEEPEN ROLE OF IT FIRMS: CAPGEMINI THE ENTRY OF AI firms into enterprise AI adoption is unlikely to reduce the relevance of IT services companies, according to Capgemini India Managing Director Ananth Chandramouli, reports Poulomi Chatterjee. » INSIDE « PEAK POWER DEMAND TOPS 260 GWFOR THE FIRSTTIME PAGE 10 NEWSYSTEMTO EMPANELINSOLVENCY PROFESSIONALS PAGE 2 META& STANCHART’SAI PUSH MAY RESULTIN 15K JOB CUTS PAGE 7 PAGE 9 OPINION INDIA-ITALY RELATIONSHIP HAS NOW REACHED A DECISIVE STAGE, WRITE NARENDRA MODI & GIORGIA MELONI RBI proposes new Basel III disclosure norms for banks THE RESERVE BANK on Tuesday proposed a revised disclosure framework for banks under Basel III norms, requiring lenders to disclose and publish more granular information on capital adequacy, leverage, liquidity and risk exposure to improve transparency and market discipline, reports PTI. ■ PAGE 6 IndiaIncbracesfortheanxiousconsumerascrisishitshome VIVEAT SUSAN PINTO Mumbai, May 19 INDIA’S MIDDLE CLASS, long seen as the backbone of the country’s consumption engine,is entering a more anxious phase. On a humid evening in Mumbai, the parking lot outside a neighbourhood mall is packed. But inside,shoppers are hesitating longer at supermarket aisles, skipping big-ticket purchases and gravitating towards discount racks. A family that once ordered food twice a week is now limiting restaurant outings to once a month. Another has postponed upgrading its hatchback despite aggressive festive offers from dealers. The shift is subtle but increasingly visible across urban India. Households are still spending, but with far greater calculation as two rounds of petrol and diesel price hikes since Friday sharpen anxieties around monthly budgets. The pressure comes at a difficult moment for salaried consumers alreadybracing for modest increments, delayed promotions and a weaker hiring environment amid global uncertaintyand concerns over slowing growth.Fuel inflation is also beginning to spill over into food,travel and otherser- TIGHTENING PURSE STRINGS ■ India Inc is preparing for what many executives describe as a more cautious consumption cycle in FY27 vices, steadily raising the cost of maintaining a middle-class lifestyle. India Inc is preparing for what many executives ■ They said airlines are been made by the Federation of Indian Airlines (FIA), whose members include Air India, IndiGo and SpiceJet navigating multiple pressures including volatile crude prices Fuel is the largest operating expenses for airlines, nearly a third to two-fifths of total costs ■ »INSIDE« PETROL, DIESEL PRICES HIKED BY 90 PAISE PAGE 2 to airlines purchasing fuel in thenationalcapital.Maharashtra had also recently reduced taxes on aviation fuel. However, people aware of the discussions said airlines ● Shiftfromcontent biastouser-class differentiation mayraisequestions ■ Any decision RISHI RAJ New Delhi, May 19 by OMCs to postpone or stagger price hike would affect the timing of price pass-through to consumers BHARTI AIRTEL’S LAUNCH of PriorityPostpaid onTuesday,a service promising a superior and more consistent network experience through 5G network slicing technology, may have reopened a debate that the telecom sector believed had largely been settled a decade ago. While the company’s latest offeringdoesnotappeartoviolate existing net neutralityregulations, industry executives believe the benefit from lower taxes could be partly offset if underlying ATF prices rise materiallyinthecomingweeks. WhileVATreductionslowerthe overallcostpaidbyairlines,they donotalterthebasepriceofthe fuel sold byoil marketing companies. Continued on Page 10 Govt slaps gas theft charge on RIL-led consortium in SC ANANTHAKRISHNAN G New Delhi, May 19 IN A DISPUTE with a Reliance Industries-led consortium over gas migration in the Krishna Godavari (KG) basin,located off the Andhra Pradesh coast, the Centre on Tuesday accused the consortium of stealing the Oil and Natural Gas Corporation’s share of natural gas. Attorney General RVenkataramani,whoappeared fortheCentre,toldathree-judge bench of Chief Justice of India SuryaKantandJusticesJoymalya Bagchi and Vipul M. Pancholi: “There were two blocks.ONGC hadablock,theyhadablock.Gas migrated.You (RIL-led consortium)virtuallycommittedatheft of my gas and you are accountableforthat.” Venkataramani said this as Senior Advocate A M Singhvi, appearing for the RIL, commenced his arguments on its appealchallengingtheFebruary 14,2025orderofthe Delhihigh court orderwhich overturned a 2018 international arbitration describe as a more cautious consumption cycle in FY27,as rising living costs, expensive credit and macroeconomic uncertainty converge into a broad-based middle-class squeeze. As Anand Ramanathan, partner and consumer industry leader for South Asia at Deloitte, puts it: “The consumer economy is entering a fragile phase, marked by calibration and caution. “Consumers are prioritising essentials and savings rather than expanding their discretionary baskets. The approach is essentials-first, with small, routine discretionary purchases rather than large spends,”he says. The emerging shift marks a departure from the easy optimism that defined India’s post-pandemic consumption rebound. The era of aspirational splurging is increasingly giving way to financial defensiveness. And that transition could shape the next tribunal ruling and an orderof a highcourtsingle-judgebenchin favouroftheRIL-ledconsortium. Singhvitoldthebenchabout the“huge risk and huge investment” in the project, and said “ONGC did nothing at the time theygot”theirblocks. Counteringtheallegationsof gastheft,hesaiditwasonlyanatural phenomenon due to pressure differences beneath the sea and cannot be termed somethingdonedeliberately. Continued on Page 7 INTERNET WARS ■ Prepaid users seeking access to the service would have to migrate to postpaid plans ■ Airtel's Priority Postpaid uses 5G slicing technology to provide postpaid users with a more stable network ■ In the past, Facebook’s Free Basics and Airtel Zero caused a big net neutrality controversy ■ Unlike earlier technologies, standalone 5G allows operators to create multiple virtual networks, or slices and analysts say it could once againbringintofocusquestions around preferential treatment in internet access -- this time not on the basis of content,but on the basis of customerclass. On Tuesday, Airtel announced Priority Postpaid, which uses 5G slicing technology to provide postpaid users with what it called a more stable and dependable network experience,particularly during periods of congestion. Existing CURRENCY PAIN CHRISTINA TITUS Mumbai, May 19 QUICK COMMERCE MARKET is expanding rapidly, but consumers are increasingly spreading purchases across multiple apps,lowering ordering frequency on individual platforms even as total order volumes continue to surge. Quarterlydisclosures from market leaders Blinkit and Swiggy Instamart showed that average ordering frequency declined over the past year despite strong growth in transactions. Blinkit’s monthly ordering frequency fell from 3.57 to 3.36, while annual order volumes rose 42% to 274 million. Instamart’s ordering frequency declined from 4.22 to 4.01 over five consecutive quarters SPOILT FOR CHOICE ■ Blinkit’s monthly ordering frequency fell from 3.57 to 3.36, while annual order volumes rose 42% to 274 million ■ Instamart’s frequency declined from 4.22 to 4.01 over five consecutive quarters even as orders rose 54% to 113 million THE INDIAN RUPEE slipped to a fresh low of 96.54 against the dollar on Tuesday amid continuing uncertainty over the West Asia war. It touched an intraday low of 96.62 before recovering some ground,closing 18 paise lower than the previous close, according to Bloomberg. Currency dealers said the central bank's intervention dollar sales, while not aggressive, capped further depreciation. Since the onset of the war on February 28, the rupee has declined 6.12%. So far in the calendar year, it has fallen 7.4%. “Market now expects the current-account deficit to exceed 2% from about 1.3% of GDP and the import bill to be higher amid elevated oil prices. Repeated delay of the ceasefire have left sentiment more fragile. If the current ■ Zepto has scaled to over 1,100 stores and 2.4-2.5 million daily orders ■ Blinkit, the market leader, now |operates 2,243 dark stores and processes more than 3 mn daily orders has widened consumer engagement across platforms rather than deepening loyalty to any single app. Data tracked by CLSA using Sensor Tower showed Blinkit averaged 45.2 million weekly active users (WAU) during the March quarter, maintaining its lead in app engagement. Zepto averaged around 33-34 million WAU, while BigBasket recorded the fastest sequential growth and postpaid users will automatically receive the benefit,while prepaid users seeking access to the service would have to migrate to postpaid plans. The announcement comes nearly a decade after the telecomindustryfounditselfatthe centre of a majornet neutrality controversy involving initiatives such as Facebook’s Free Basics and Airtel Zero. These programmes were eventually discontinued after widespread criticismthattheycreatedpreferentialaccesstoselectedinternet services and applications, prompting the Telecom Regulatory Authority of India (Trai) to introduce the Prohibition of DiscriminatoryTariffs forData Services Regulations,2016. Continued on Page 10 Asian currencies performance % chg on May 19 South Korean Won Ko Wo Indonesian Rupiah Japanese Yen Chinese Renminbi Malaysian Ringgit Thai Baht Rupee vs dollar Intra-day, May 19 (in inverted scale) 96.355 96.54 Close Previous close -0.94 -0.28 -0.16 -0.08 -0.05 -0.02 Source: Bloomberg Brent crude ( $ per barrel) 112.1 Previous close 0.19% 1.1% 110.87 Close conditions persist,the rupee is likely to reach 97 within roughly two weeks,” said Anil Kumar Bhansali, head of treasury,FinrexTreasuryAdvisors. With theWestAsia conflict ongoing and oil trading near $110 a barrel, the rupee will continue to be underpressure, said market participants. “We expect the currency to keep weakening, and it is beyond the oil prices. Even before the conflict-driven spike in oil, capital inflows were only marginally sufficient to cover the current account; in other words, there has been a structural shortfall in capital flows,” said Indranil Pan,chief economist,Yes Bank. He added that it is very difficult to predict a level for rupee now as things are very uncertain. Continued on Page 7 Quick-commerce boom fragments user loyalty even as orders increased 54% to 113 million. The trend comes as competition in the sector intensifies, with at least seven players now operating at scale and collectivelyprocessingmorethan10 million orders daily,according to industry estimates. Blinkit, the market leader, now operates 2,243 dark stores and processes more than 3 million daily orders. Zepto has scaled to over 1,100 stores and 2.4-2.5 million daily orders, while Instamart runs 1,143 stores and handles around 1.25 million daily orders. BigBasket operates more than 850 dark stores, while newer entrants such as Flipkart Minutes andAmazon Now have expanded rapidly over the past year. The rise in competition Continued on Page 7 Newlowforrupee at 96.54 Consumers increasingly spreading purchases across multiple apps, lowering ordering frequency on individual platforms ANEES HUSSAIN Bengaluru, May 19 phase of India’s consumer economyfarmore profoundly than headline GDP growth numbers. For consumer companies, this environment is triggering a significant rethink in strategy.Daburglobal Chief Executive officer Mohit Malhotra says FY27 will increasingly revolve around affordability, value engineering and calibrated pricing. “Companies are judiciously taking up prices. That is one aspect,” he says. “But on the other side,there is an effort to reduce costs and optimise resources.” Airtel’s prioritypush to postpaid mayrevive net neutralitydebate CALL WAITING ■ A request has that once ordered food twice a week is now limiting restaurant outings to once a month upgrading its hatchback despite aggressive festive offers from dealers Airlines seek delay inATF price hike THE COUNTRY'S LEADING airlines have approached oil marketing companies (OMCs) seekingapostponementofany increaseinaviationturbinefuel (ATF) prices,as carriers grapple with rising cost pressures despite recent tax relief measures bysome states,according to people aware of the matter. The request has been made bytheFederationofIndianAirlines (FIA), an industry body whose members include Air India, IndiGo and SpiceJet, sources said.The industrybody has said that a fresh rise in ATF pricesatthisstagecouldfurther strain airline finances at a time when carriers are navigating multiple pressures including volatile crude prices, currency movementandoperationaldisruptions. The development comes days after the Delhi government reduced value-added tax (VAT) on ATF to 7% from 25% for a six-month period, a move expectedtoprovidesomerelief ■ Another spending, but with far greater calculation after two rounds of petrol and diesel price hikes ■ A family has postponed SAYINCREASE COULD FURTHER STRAIN FINANCES NITIN KUMAR New Delhi, May 19 ■ Households are still Instamart runs 1,143 stores & handles around 1.25 million daily orders touched an all-time high of 20.4 million users in early May. The standalone Instamart app averaged about 9-10 million users, excluding customers accessing the service through Swiggy’s main app. The data also pointed to sharp differences in retention and user quality across platforms.Blinkit converts around 24% of its all-time downloads into weekly active users, the highest in the sector,followed closelybyZepto at 23%.Instamart converts around 14%, while JioMart and DMart Ready lag significantly. Analysts said the divergence reflects the different strategies emerging across the sector as platforms compete on speed, assortment, pricing and customer retention. Blinkit has focused on faster delivery and wider assortment availability,while Instamart has expanded into higher-value baskets and private labels. BigBasket continues to lean on grocery depth and fresh produce, while newer entrants such as Flipkart Minutes, Amazon Now and JioMart are relying more heavily on discounts and promotions to acquire users. Analysts said the declining ordering frequency at leading platforms does not indicate weakening demand for quick commerce overall,but reflects consumers increasinglyusing multiple apps simultaneously depending on pricing, delivery slots and product availability. Zepto remains an outlierin the market, analysts said, retaining users at levels close to Blinkit despite operating with a more discount-led positioning, though some analysts cautioned that retention could come under pressure if promotional spending moderates. HYDERABAD Putin tovisit Delhi in Sept for BRICS summit PRESS TRUST OF INDIA Moscow, May 19 RUSSIAN PRESIDENT VLADIMIR Putinwillattendthe BRICS summit in NewDelhi on September12-13,according to a presidential aide. India, as the chair of the BRICS, will host the annual summit of the grouping in September. President Putin will take part in the summit in New DelhionSeptember12and13, Kremlin aide for international affairs Yury Ushakov was quoted as saying by the staterun TASS news agency. He also added that a bilateral meeting between President Putin and Chinese President Xi Jinping is planned on the sidelines of the Brics summit in New Delhi. President Putin last visited India in December 2025 for the 23rd India-Russia Annual Summit. Earlierthis month,Russian ForeignMinisterSergeyLavrov attendedatwo-dayconclaveof the BRICS member states in New Delhi. BRICS, originally comprising Brazil,Russia,India,China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates,with Indonesia joining in 2025. The BRICS has emerged as an influential grouping as it brings together 11 major emerging economies of the world, representing around 49.5% of the global population,around 40% of the global GDP and around 26% of the global trade.