OPINION, P10 WELL BEING ACROSS THE AISLE, P CHIDAMBARAM Amid a rise in alcohol intake among Indians, doctors warn that excess consumption damages much more than just the liver — other organs are also at risk Page 9 Space beyond political parties FE LINES THE SOBERING TRUTH Smart speaker 2.0 Generative AI is giving voice assistants a new lease of life Page 8 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXIII, NO. 14 SUDEEP JAIN INTERVIEW FINANCIAL EXPRESS ON SUNDAY HYDERABAD SUNDAY, AUGUST 2, 2026 22 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 , ‘Luxury travel becoming more experience-driven’ Page 6 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , ● Trekking, hiking STEADY HIKE fast turning into mainstream travel ■ Operators now offer year-round treks, from monsoon, winter trails, launching senior citizen & school batches 407.8 mn SUGANDHA MUKHERJEE New Delhi, August 1 THE INDIAN HOLIDAY is undergoing a transformation as increasingly travellers are swapping crowded sightseeing itineraries for mountain trails and high-altitude passes. Whatwas once a niche pursuit for seasoned mountaineers is fast becoming a mainstream ■ SPOTLIGHT, P5 Grandstand to game screen Heritage in high gear The season of vintage car rallies is just about to roll Nifty IT Index return in July best in six years Strong June quarter earnings from Indian IT companies encouraged investors to increase their exposure to the sector. — Compiled by Kishor Kadam 11 116.77 Nifty IT Index Visited Ladakh in June ’26, up 43% from a year ago travel segment. The trend is translating into steady growth for organised trekking operators. Ben- 105 10 102.17 Nifty 100 95 June 30, 2026 July 31, 2026 Top gainers (1-month return in %) Persistent Systems 28.15 HCL Tech 25.67 23.29 LTM Tech Mahindra 17.56 Coforge galuru-based IndiaHikes, one ofIndia’slargesttrekkingcompanies, has seen participation rise from around 20,000 trekkers in 2020 to 32,000 in 2025, a 60% increase. The company expects to take nearly 36,000 trekkers in 17.42 ■ Banks offering 6-7.5% interest on FCNR(B) deposits, higher interest rates offered by banks on FCNR(B) deposits 14% potential returns on leverage schemes DESPITE TAX AND regulatory hurdles in some markets, Indian banks have raised $36.73 billion via FCNR(B) deposits under a special Reserve Bank of India (RBI) swap scheme, with the flows understood to be coming in mostly from West Asia. A total of $40.82 billion in foreign exchange has been received until July 31 through the RBI’s three concessional swap schemes. Banks have mobilised $2.58 billion via overseas foreign currency borrowings (OFCBs) and $1.52 billion in the form of external commer- cial borrowings (ECBs),the RBI said on Saturday. The forex inflows are expected to help to bolster India’s balance of payments and support a weakening rupee. The success of the schemes can be attributed to the high interest rates being offered by banks on FCNR(B) deposits. HDFC Bank, the Commercial LPG prices cut by `192 Better supply,affordability drive 34.4% rise in PVsales SAURAVANAND New Delhi, August 1 ■ Banks also luring NRIs with leverage schemes allowing them to take loans bigger than original deposits, reinvest them AKBAR MERCHANT Mumbai, August 1 STATE-OWNED OIL marketing companies on Saturdaycut the price of commercial cooking gas bya steep `192 per19kg cylinder, providing relief to hotels and restaurants,even as aviationturbinefuelrateswere increased by`5 perlitre in line with divergent international benchmark prices. A 19-kg commercial LPG cylinder will now cost `2,738 in Delhi, compared with `2,930 earlier. INDIA'S DOMESTIC PASSENGER vehicle dispatches rose 34.4% year-on-yearto469,162 unitsinJuly,drivenbyimproved affordabilityandbetterproduct availability. Market leader Maruti Suzuki India came close tothe2lakh-unitdomesticpassenger vehicle wholesale milestone during the month. The industry had dispatched 349,170 units in Julylastyear. MarutiSuzukiIndiadomesticpassengervehiclesalesstood at 196,203 units. Continued on Page 2 110 like Leh, Kasol, McLeod Ganj emerging as strong choices ●$40.82 billion in LEADING THE INFLOWS foreign exchange ■ Flows coming mostly received until July successfrom West Asia, attributed to FE BUREAU Mumbai, August 1 Relative performance per Base: June 30, 2026 =100 e 108,000 ■ Destinations FCNR(B)deposittallygoes up to $36.73 billion so far ■ LIVING, P7 115 Tourists visited Himalayan region in 2025, up from 105.5 mn in 2014 RBI’S SPECIAL SWAP FACILITY BOOSTS INFLOWS Fantasy leagues, gaming platforms and interactive digital experiences are expanding the way fans engage with their favourite sports 120 N E W D E L H I , P U N E Indian holidayers taking the trail less travelled WHAT'S INSIDE IT STOCKS RALLIED by up to 28.15% in July, helping the Nifty IT Index deliver a 16.8% return — its strongest monthly performance in six years. The Nifty IT Index emerged as the best-performing sectoral index, outperforming the benchmark Nifty, which gained a modest 2.17%. All 10 constituents of the Nifty IT Index ended in positive territory. M U M B A I , Continued on Page 2 ■ Forex inflows to help bolster India’s balance of payments, support weakening rupee country’slargestprivatesector lender, has hiked the deposit rates by 25 basis points to 6.25% for both the three to five year tenures, effective August 1. Other lenders are offering rates of 6- 6.5%,with some smaller banks having hiked the rates to 7.5% or more.Moreover,banks are lur- ing non-resident Indians (NRIs) with leverage schemes which enable them to take loans that are several times bigger their original deposits and reinvest them in deposits. Their potential earnings are estimated at around 14%. Continued on Page 2 REPORT CARD Passenger vehicle sales in July (units) Maruti Suzuki 196,203 Hyundai Motor India 54,210 Tata Motors 62,611 Mahindra 60,048 30,516 Toyota Kirloskar 28,200 Kia India JSW MG Motor 8,158 Nissan India 4,518 Honda Car India 6,014 »INSIDE« TWO-WHEELER SALES MOMENTUM ON PAGE 3 2026, representing a further 12.5% year-on-year growth. “Trekking continues to be one of the largest and fastest growingsegmentsofadventure tourisminIndia.Whileinternational interest remains strong, thegrowthtodayisbeingdriven predominantly by domestic adventurersparticularlyGenZ, millennials, solo travellers and families seeking immersive nature based experiences,”said Ajeet Bajaj, vice chairman FAITH & president,Adventure Tour Operators Association of India.Theshiftisalsoevidentin travel searches. As per digital travel platform Agoda, Leh recorded a 143% year-on-year increase in searches. Continued on Page 2 HIGHEST IN CURRENT FISCAL GrossGSTreceipts grow15.4%YoYto `2.11lakhcrinJuly SHUBHAM RANA New Delhi, August 1 GROSS GOODS AND services tax(GST)collectionsrose15.4% year-on-yeartoa3-monthhigh of `2.11 lakh crore in July (largely June transactions), driven by the tax on imported goods,accordingtogovernment data released on Saturday.On a month-on-month basis, GST collections were up 8.4% from June. Net GST revenue (postrefunds) rose 15.8% on year in July to `1.81 lakh crore with refunds increasing 13.1% to `29,968 crore. The year-on-year growth in July was the highest in the current financial year, reflecting a strengtheningrevenuebaseand underlying resilience in economicactivitydespitetheexternal uncertainties, tax experts said.The robust rise in GST collectionswasdrivenprimarilyby a 28.8% on-year growth in import revenue to `66,511 crore. “One cannot ignore the elevated levels of import GST collections,whichremainanagging concern,” said Saurabh Agarwal, tax partner, EY India. “This points to a persistent gap in domestic manufacturing capability despite the range of successfulPLIandAtmanirbhar ROBUST RISE GST Collections (` lakh crore) Gr Growth (%, y-o-y) 8.8 8.7 3.2 13.9 15.4 2.43 2.00 1.94 1.95 March April May June 2.11 July Bharat interventions rolled out overthe past fewyears.” Domestic GST collections were also robust in July, rising 10.1% to `1.45 lakh crore. Domesticcollectionscomprised Central GST of `39,835 crore, StateGSTof`47,881crore,and IntegratedGSTof`6,979crore. Net domestic GST collections rose10.5%year-on-yearinJuly. Continued on Page 2 Indian Oil Corp buys Women boxers pack record spot market a punch at CWG, 5 crude on supply hit bag top honours INDIAN OIL Corp bought a record share of its crude oil from the spot market in the April-June quarter after the US-Iran conflict upended supplies from the West Asia, reports Bloomberg. The refiner sourced as much as 84% of its crude through spot purchases. INDIA GRABBED their fifth gold in boxing at the Commonwealth Games on Saturday after Arundhati Choudhary won the women's 70kg final. Earlier, Jaismine Lamboria, Preeti Pawar, Sakshi Chaudhary and Priya Ghanghas clinched gold in their respective categories. ■ PAGE 22 Hero’s premium push hits a wall despite network expansion DWINDLING DEMAND Mavrick 440 FY25 FY26 14 Q1 0 FY27 Sales in units 3,448 Karizma XMR Harley-Davidson X440 14,361 WHEN HERO MOTOCORP launcheditsluxuryretailchain — Hero Premia — with the openingofitsflagshipoutletin Calicut,Kerala,on October 20, 2023,it signalled a bold transformation.Fittedwith upscale dark facades, cloud-based AR configurators, and dedicated lifestyle gear lounges, Premia was designed to reposition the world’s largest two-wheeler manufacturer from a 100125-cccommuterplayerintoa serious high-end motorcycle company, with bikes like the Harley-Davidson X440,Hero’s Mavrick 440, and later 210250-cc bikes like the Karizma XMR and Xtreme 250R.Yet,as the network expands — there are 130 stores across 115 cities,as of July 2026 — Hero’s premium strategy faces a structural wall. The most glaring setback is at the top of the lineup: the Mavrick 440, Hero’s flagship 440-cc roadster co-developed alongsideHarley-Davidson,has been quietly delisted and removed from the company’s digitalstorefront.AformerHero employee confirmed that the modelwasquietlydiscontinued afewmonthsagofollowingprolonged dispatch stagnation. According to industry sales data, after posting muted volumes through FY25 (3,448 units),sales of the Mavrick 440 10,515 VIKRAM CHAUDHARY New Delhi, August 1 2,932 FY25 Xtreme 250R 3,851 FY25 dwindled to just 14 units in FY26,before hitting zero in the April-June FY27 quarter. The Harley-Davidson X440 parked next to the Mavrick 440 in Premia stores increased sales from FY26 10,515unitsinFY25to14,361 units in FY26. The Mavrick’s exit is not an isolatedevent,butappearstobe apatternacrossHero’shigh-end portfolio hosted at Premia out- FY25 Sales in units 233 7 Q1 FY26 FY27 599 Q1 FY27 lets,whichdisplaymodelsranging from the Xtreme 160R, Xtreme 250R, and Karizma XMRto theXPulse series,Xoom 160,andVidaV2Plus,alongside the Harley-DavidsonX440. Sales of the 210-cc Karizma XMR, for instance, dropped from2,932unitsinFY25tojust 233 units in FY26, and mere seven units in Q1FY27. TheXtreme250Rdidwellin FY26,with sales of 3,851 units, but in Q1FY27 it has sold just 599 units. Designed to challenge quarter-litre streetfighterssuchBajaj’sPulsarrangeand TVS Apache, the Xtreme 250R hasn’t been able to generate interest among buyers. “Thecorechallengefordealers operating high-outlay Premia outlets is that footfalls are almost entirely driven by the Harley-Davidson X440,” noted anindustryinsidercloselytracking two-wheeler retail networks. “When buyers enter to HYDERABAD spend `2 lakh or more, they gravitate towards the global badge of Harley, leaving Hero’s products aside.” Brand experts attribute the struggle to a classic automotive dilemma: consumers resist crossing over into luxury tiers under a brand built on frugal commuting. “The Mavrick, Xtreme, and Karizma are very different imageries from the typicalHeroimagery.Herobrand has grown too thin overits new, premiumofferings,”saidHarish Bijoor, brand-strategy expert and founder of Harish Bijoor Consults.“Brandelasticityiscertainlyakeyissue.Whenyouhave offered for 20 long years a particularequityinthemarket,that equityhassettleddown.Youcan- not tryto stretch thatverysame equityontoapremiumcategory. It’s extremely critical for us to remember the story of Toyota and Lexus — keep distance and you win, merge imageries and you lose.” Despite these retail challenges, Hero MotoCorp is doubling down on its Premia ambition. In its latest annual report, it confirmed plans to introduce premium models underboththeHeroandHarleyDavidson banners in FY27.Yet, as Premia showrooms continue toexpand,Herofacesatest:How to bridge the perception gap, becausewhileHarleyisflyingout ofPremia,Hero’sownpremium products — both co-developed withHarley,anddevelopedindependently—aregatheringdust.