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App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 19 NO. 37 YOUR DATE WITH CULTURE FINANCIAL EXPRESS ON SUNDAY SUNDAY, SEPTEMBER 27, 2026 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 , 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 , ■ SPOTLIGHT, P5 Hyderabad rising How the capital city of Telangana is rapidly evolving into a premier economic hotspot ■ LIVING, P6 Welcome to the new gym Arrivals in India (2024) China 38,960 32.7 mn Indian departures UAE million foreign tourist arrivals into India from the 20 other BRICS members and partner countries, against 15.6 million istry of tourism’s latest figures, whichprovidetheannualcountry- and purpose-wise data for 2024, recorded overall 1.87 month low of `1.24 lakh crore in September. — Complied by Kishor Kadam 140,489 Vietnam 54,091 Indian nationals’departures to these markets. Around 4.48 millionforeignvisitorscameto Indiaforleisure,comparedwith FMSPEAK CALLING FOR HIGHER investment in technology, including artificial intelligence,Union Finance Minister Nirmala Sitharaman on Saturday said India could achieve economicgrowthofmorethan 10% if these sectors contributed more to the economy. “Going forward, the next large investments in India’s infrastructure must focus heavily on AI, semiconductor chips and quantum computing,”shesaid,speakingatafireside chat at the IIT Madras Alumni Association’s annual conference in Bengaluru.“Our MSMEs,which produce everything from basic components to aircraft parts, need AI solu- AI to boost productivity, compete globally ■ India has not missed AI bus; startups should be listed YOSHITA SINGH New York, September 26 ■ Startups’ contribution to growth can equal traditional industries soon ■ Overcome cynicism regarding economic prospects; 'we have too many naysayers' Finance Minister Nirmala Sitharaman addresses the IIT Madras Alumni Association’s annual conference in Bengaluru, on Saturday the chorus for slowing down the speed with which innovators are coming up in the AI field, we still need a lot more investment forIndia,”she said. She also rejected the view, largely held by foreign media, tions to improve productivity and compete globally.” Countries that alreadyhave abigleadinAIaretheonesasking others to slow down, she said,whileIndiaisstilltraining andskillingitspeople.“Despite PTI that India has missed the AI bus.CriticssaysobecauseIndia has no listedAI companies,she said,eventhoughsomeAIstartups have become unicorns. Continued on Page 2 ● INDIA’S GOLDEN SWEEP IN KABADDI REUTERS PTI 169,420 183,076 211,154 233,038 255,048 255,423 311,622 265,462 276,209 128,613 123,339 134,544 144,032 152,233 141,961 130,286 130,272 Mar Apr May Jun 2026 July Aug Sept* *up to Sep 25 THE US-INDIA TRADE deal is going to “unleash another level”of bilateral relations that haven’t been accomplished in decades,a seniorState Department official has said, stating that the two countries were “90% there” with the deal, with only a few final issues being worked out. “I would say stay tuned, which we keep saying, but we are very close, it’s like 90%plus there and just those final things being worked out, so I hopeyou’re going to see something very soon on that,” the official told PTI. “And that’s really going to unleash another level of USIndiarelations,somethingthat we haven’t been able to reach in decades when it comes to trade,”the official said. On another question on REUTERS Shanghai, September 26 123,578 Feb Devank Dalal and Jaideep Dahiya (left) and Pushpa Rana and Nikita Kumari celebrate after winning gold in the men's and women's kabaddi, respectively, against Iran in the 20th Asian Games in Japan, on Saturday ■ REPORTON PAGE 20 CHINA SAID ON Saturday it had agreed with the US on a $30-billion reciprocal tariff reduction arrangement and on launching a dialogue on AI, under an eight-point consensus reached during President Xi Jinping’s visit to Washington. The two sides have also Even GST 2.0 failed to fuel entry hatchback revival Sub-4-metre SUVs MARKET METRICS 1,339,995 Sep 2024-Aug 2025 Sep 2025- Aug 2026 Entry hatchbacks 1,625,984 21.3 (Sales in units) Midsize SUVs 777,999 473,484 A YEAR AFTER GST 2.0 reduced the effective tax rate on small cars from 29% to 18%, model-wise sales data show that even lower taxation has failed to spark a revival in India’s entry-level hatchback segment. GST 2.0 became effective on September 22, 2025, and a year later, the combined wholesale figures of seven entry hatchbacks, whose exshowroom prices start under `5 lakh (Alto, Spresso, Wagon R,Celerio,Kwid,C3,andTiago), grew by 17.1% to 473,484 units,as compared to 404,380 units in the preceding 12month period. While a 17% growth appears good in isolation, it lags behind the overall passenger vehicle market and is vastly overshadowed by the explosive growth recorded across the SUV segment. The contrast is striking. Sub-4-metre SUVs (priced in the `7-14 lakh range) surged 21.3% over the same 12month period, expanding from 1,339,995 units to 404,380 VIKRAM CHAUDHARY New Delhi, September 26 D E L H I , P U N E destinationsforIndiansincluded theUAEwith7.79millionIndian departures in 2024,followed by SaudiArabia at 3.42 million and Thailand at 1.91 million. Malaysia recorded 765,000, Indonesia499,000andVietnam 399,000departures. At a global level, India recorded 9.02 million foreign tourist arrivals in 2025, provisionally,down 9.4% from 9.95 million in 2024, while Indian nationals’ departures rose to 32.7 million, up 5.89% from 30.9 million in 2024,as per the ministry of tourism’s Annual Tourism Snapshot 2025. Continued on Page 2 LIKELY SOON ■ Some big announcements possible during PM Modi's US visit for G20 Summit in Dec ■ Quad meetings point to attention being given by US to diplomatic grouping ■ India-Middle East-Europe Economic Corridor huge priority for US and India »INSIDE« US LOOKING TO BECOME HUGE SOURCE OF INDIA'S ENERGY NEEDS: OFFICIAL PAGE 3 Secretary of State Marco Rubio’supcomingvisittoIndia in October, the official said, “This is all part of the continuous growth and attention to the US-India partnership. There’s a lot happening.” Continued on Page 2 China,US agree to $30-bn tariff cut Cash segment: Daily average turnover (` crore) Jan an estimated 13.1 million Indian departures abroad for the same in 2024. Some of the most popular ● Claims pact to unleash another level of relations ■ Need to press pedal on F&O: Daily average turnover (` crore) ● Sales rise just 17% despite 11% tax cut N E W India-US deal 90% done,says StateDeptofficial Tech innovation can take India to 10% growth: FM ANEES HUSSAIN Bengaluru, September 26 F&O turnover falls to 34-month low in Sept 66,699 Thailand abroad in 2025 ● Calls for higher investment in AI, chips, computing Social engagement, AI coaching, multiple formats, flexibility — a workout is no longer just about weights or treadmills Indian nationals’ departures to BRICS countries in 2024 398,673 arrivals in India in 2025 15.6 mn 7,787,496 9.02 mn Foreign tourist Foreign tourist arrivals from 20 BRICS nations in 2024 Vietnam DURING THE RECENTLY concluded BRICS summit, the BRICS tourism ministers adopted a declaration to strengthen tourism cooperationamongmemberstates.But when it comes to India, data show that there is a long way to go in creating a genuinely twoway tourism market.The min- 1.87 mn Indian nationals’ departures in 2024 1,908,520 SUGANDHA MUKHERJEE New Delhi, September 26 UNWELCOMING NUMBERS Thailand ● Data for BRICS countries alone starkly skewed Source: NSE, BSE M U M B A I , India’s tourism boom has a foreign visitor gap WHAT'S INSIDE AVERAGE DAILY TURNOVER in the futures and options (F&O) segment on the NSE and BSE fell to a 34-month low of `1.69 lakh crore in September (up to September 25), down 7.5% from `1.83 lakh crore in August. At the same time, average daily turnover in the cash segment declined 5.1% monthon-month to a seven- C H E N N A I , 258,082 P U B L I S H E D READ TO LEAD UAE 20 Pages, `12 China LUCKNOW What to expect from some of the biggest festivals this season Page 7 17.1 36.8 1,064,250 Note: Entry hatches are cars whose ex-showroom prices start under `5 lakh; sub-4-metre SUVs are in the `7-14 lakh range; and mid-SUVs are priced `11-22 lakh 1,625,984 units. However, midsize SUVs (priced in the `11-22 lakh range) grew the strongest,and jumped 36.8% from 777,999 units to 1,064,250 units. What makes this difference starker is the taxation landscape. Under GST 2.0, all entry-level hatchbacks bene- Growth (%) fit from the lower 18% slab, some sub-4-metre SUVs also attract the 18% slab (provided engine capacity is under 1,200cc for petrol and 1,500cc for diesel), but every midsize SUV attracts a steep 40% GST rate. This implies that despite carrying more than double the tax burden, midsize SUVs expanded at double the rate of tax-benefited entry hatchbacks. Automotive analysts and economists told FE that two factors explain why SUVs decoupled from hatchbacks over the past year: mostly due to new launches, as well as electrification. The entry hatchback segment has also suffered a product launch drought, and has seen only one major update in the last couple of years (the new Tata Tiago). On the other hand, the SUV space was inundated with launches and upgrades, including the newTata Punch ICE (January 2026),Punch EV (February 2026), Tata Sierra (January 2026), and the updated Kia Seltos (January 2026), among others. In addition, electric vehicles (EVs) attract the lowest 5% tax under GST 2.0, and barring the new Tiago EV that was launched in May 2026,all EV launches and updates are happening in the SUV segment. In fact, models like the Punch EV and Nexon EV contributed a lot to SUV growth. Continued on Page 2 agreed to set up a trade council and extend the outcomes of earlier talks in Kuala Lumpur, the Chinese foreign ministry said. The agreement follows an earlier move by the world’s two largest economies to extend by two months a trade truce that had been due to expire on November 10. Continued on Page 2 Mistry steps away fromTata med centre MEHLI K Mistry has stepped down as a trustee of the Tata Medical Centre Trust after deciding not to seek re-election when his current term ends on September 30. Deadline extension, home visits for SIR THE EC on Saturday sought to address several concerns raised by its two commissioners. It said ‘unmapped’ voters will not need to attend hearings, and BLOs will visit their homes. ■ PAGE 2 Lucknow