BRANDWAGON | PAGE 7 PERSONAL FINANCE | PAGE 8 Balanced advantage funds playing the volatility game INTERNATIONAL | PAGE 3 Women form new fan base for broadcasters & brands MUMBAI, MONDAY, NOVEMBER 9, 2026 Eisenkot tasked with forming new Israeli govt FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXVI NO. 264, 12 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 ITI upgrade to begin in 2 months ● Six clusters set for makeover,another 20 in pipeline; more firms join initiative MANU KAUSHIK New Delhi, November 8 (Left) NSE MD and CEO Ashishkumar Chauhan rings the Muhurat bell for the special trading session at the National Stock Exchange building; BSE CEO Sundararaman Ramamurthy rings the Muhurat bell in Mumbai on Sunday AT LEAST SIX clusters of public-sector industrial training institutes (ITIs) are expected to begin upgrading over the next two months, as the government seeks to rope in more companiesforaschemetobolsterIndia’svocational training ecosystem, an official privy to the development told FE. The national steering committee for the scheme,chaired bythesecretaryoftheministry of skill development and entrepreneurship (MSDE), approved 15 strategic investment plans (SIPs), while another 20 are in the pipeline PTI FIRSTNEGATIVE CLOSE FORDIWALITRADING SESSION IN 9YEARS Quiet start to Samvat 2083 FE BUREAU Mumbai, November 8 AFTER A RESOUNDING rally over the past week, trading for Samvat 2083 got off to a quiet start in the special session on Sunday with the benchmark indices ending in negative territory. The auspicious session, which lasted just over an hour, saw a good opening, with the Sensex rising by nearly 400 points and the Nifty 50 crossing 25,100 points, but stocks gave up early gains. The Sensex declined 28.62 points, or 0.04% to close at 80,999.40,while the Niftyfell 43.95 points,or0.18 % to end at 24,986.40, slipping below the 25,000 mark.The market breadth remained positive despite the decline in bench- mark indices, with 3,127 stocks advancing against 917 declining and 193 remaining unchanged.The broader markets outperformed. Market watchers believe that Samvat 2083 should be rewarding for investors with the markets being supported by good corporate earnings and foreign inflows. Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services said that after two years of stagnation, the market has the potential to give investors bumper returns by next Diwali, thanks to the confluence of low valuation and high earnings growth. “A potential crash in oil prices, a stable currency, the return of foreign investors, the moderation of AI (artificial intelligence) hype and EXPORTERS FEELTHE PINCH Freight rates defy resumption of Gulf shipping WAR IMPACT Destination/ Ocean freight Freight rates ($) Before war June/July Present 3,000-3,500 6,000 USA 12,000 2,000 3,500-4,000 Europe Gulf (Jebel Ali) 8,500 broad-based earnings growth will support higher valuation multiples,”Agarwal said. Some experts, however, cautioned that crude oil prices need to come down meaningfully before a bull rally plays out. Ashishkumar Chauhan, chief executive officer, National Stock Exchange observed that Indian companies are expected to perform better to attract more investors. On foreign portfolio investors and representations related to the long-term capital gains tax, Chauhan said a few people outside India, in Singapore for instance have been talking about changes to tax rules. “In 2017-18, when longterm capital gains tax was introduced, they came to invest. They left when the price-to-earnings multiple increased,” he told FE on the sidelines of a press conference. A section of foreign portfolio investors (FPIs) has called for the removal of longterm capital gains, as institutions pay tax according to their residency. They pay taxes based on where they are incorporated. “The renewed FPI interest is encouraging,” Kamlesh Shroff,who heads the Association of NSE Members (ANMI), said. While global uncertainties and evolving market dynamics may influence short-term flows,India’s strong domestic fundamentals, robust investor participation and long-term economic outlook continue to make it an attractive destination for global investors,” Shroff added. INDUSTRY-ALIGNED, FUTURE-READY SKILLS ■ Launched in Jindal Steel taking two clusters — one each in Haryana and Odisha October 2025, PM-SETU scheme aims to upgrade 1,000 government ITIs Tata Steel is going for a cluster in Odisha; Apollo MedSkills takes one in Hyderabad ■ Each cluster comprises 5 ITIs — one hub and four spokes and expected to be completed over the next couple of months, the source said. This could take the total number of approvedSIPstoaround35.“At least six clusters should start the process in the next two months.We have a pipeline of 20 more SIPs,”the official said. Under the Pradhan Mantri Skilling and Employability Transformation through UpgradedITIs(PM-SETU),each clustertypicallycomprisesfive ITIs—onehubandfourspokes —andiscoveredbyoneSIP.The official said that 15 approved SIPs will likely cover 76 ITIs. Theofficialsaidmajorcompanies have joined the initiative,withJindalSteeltakingtwo clusters — one each in Haryana and Odisha. Apollo MedSkills has taken the Hyderabad old city cluster, while Tata Steel is taking a cluster in Odisha.The official said the ministry was seeinginterestfromcompanies across different sectors. Launched in October 2025, the PM-SETU scheme aims to upgrade1,000governmentITIs into modern, industry-aligned training institutions. Continued on Page 3 Telcos’tariffpushhitsaffordabilitywall ● Airtel bringing back `299 plan shows limits of tariff-led growth GROWTH CALL ■ Jio’s Arpu rose 1.5% sequentially to `218.8 in the September quarter on higher data consumption and better customer mix URVI MALVANIA Mumbai, November 8 ■ Airtel’s mobile Arpu FOR TELECOM OPERATORS, the pursuit of higher average revenue per user (Arpu) is increasingly constrained by how much more subscribers canaffordtopayforconnectivity.While companies are looking to move customers to higher-value plans and monetise rising data consumption,a large section of the market remainssensitivetoevenmodest increases in recharge costs. The contrasting experiences of Bharti Airtel and Reliance Jio, along with the intervention of the Telecom Regulatory Authority of India (Trai) on voice-and-SMS-only rose 2.7% sequentially to `271 despite a sharp fall in subscriber additions ■ Telco strategy seems to be extract more from heavy data users & premium subscribers but retain affordable options plans, underline the difficulty ofpursuinghigherrealisations across a market with widely differing consumption patterns and paying capacities. Jio’s September-quarter performance shows thatArpu growth need not depend entirely on tariff increases. The operator added 9.1 million subscribers, against 8.9 million in the previous quarter, while monthly churn remained unchanged at 1.6%. Its Arpu rose 1.5% sequentially to `218.8, supported by higher data consumption and a better customer mix. Monthly data usage increased to 44.2 GB per customer from 43.7 GB. This suggests that greater consumption and migration to higher-value services can improve realisations without necessarily raising the basic cost of connectivity. Continued on Page 2 Power,digitalinfradriveprivatecapex Jobschememaysee ● Three-fourths of investment intent in manufacturing & electricityin Q2 SHUBHAM RANA New Delhi, November 8 AFTER YEARS OF urging industry to step up investment, Finance Minister Nirmala Sitharaman is seeing signs of a turnaround. Speaking at the FE Leadership Awards last week,she said private investment is picking up, though concentrated in select sectors. The September 2025 GSTreformshavehelpedmake consumption and demand more visible, giving industry greater confidence to invest, produce and expand,she said. The data largely bears this out. Gross fixed capital formation(GFCF)grew11.9%atconstant prices in the April-June MONEY FOLLOWS DEMAND New investment projects announced Apr-Sept growth (%, y-o-y) Machinery Miscellaneous manufacturing 252 105 187 Mining Electricity 63 Information technology 2,263 Bank credit to industry 31 Bank credit growth as on Sept 30 (%, y-o-y) 30 Electronics Construction 30 13 22 Power Airports Ports quarter, pointing to a strong but uneven investment cycle. Investment by the private sector is limited largely to infrastructure-based industries while consumer goods industries are seeing a relatively slowerpaceofcapitalspending. During 2025-26, banks and financial institutions (FIs) sanctioned loans to 1,032 projects with an aggregate project cost of `4.4 lakh crore, comparedwith907projectshaving a total project cost of `3.7 lakh crore in the previous year, according to data compiled by Reserve Bank of India staff. Overall, investment intentions were recorded for 1,839 projects during FY26,amountingto`5.6lakhcrore,asagainst 1,581 projects in FY25 with investment intentions of `5 lakh crore,reflecting sustained investment intentions by the private corporate sector.Rising private sector growth has continued in FY27 too.Thevalue of new investment projects announced grew 35%year-onyearto`31lakhcroreinthefirst halfofthefinancialyear,according to data from the Centre for MonitoringofIndianEconomy. The announced outstanding private capex pipeline stood at `99.7 lakh crore in July-September,which is 39% higher than a year ago and 87% higher than two years ago. Manufacturing and electricity made up 74% of the outstanding pipeline. Continued on Page 3 `50,000-crsavings ● LowerVB-G RAM-G spend mayhelp cover extra fertilisersubsidy PRASANTA SAHU New Delhi, November 8 GOING BYTHE tardy progress in the first four months of the rollout of the Viksit Bharat–Guarantee for Rozgar andAjeevika Mission (Gramin) (VB-GRAM-G),theCentremay save around `50,000 crore, as mandatory cost-sharing by states and tighter norms to plug misuse have slowed its offtake,sources told FE. Tocurbrampantleakages,G RAM-G replaced the twodecade-old rural job guarantee programme, MGNREGS, from Julythisyear,seekingacomplete overhaul, with a shift in focus towardsstrategicinfrastructure creation and a predetermined funding pattern, largely along the lines of the Finance Commission’s devolution formula. The scheme is no longer demand-driven,andtheCentre shares its costs in a 60:40 ratio withthestates,inlinewithother centrally sponsored schemes. For FY27, the Centre has earmarked`95,692crorefortheG RAM-G scheme,while the total programmeoutlay,afterfactoring in the states’ share, is estimated at `1.51 lakh crore. Continued on Page 3 800 5,500 8,000* * Not accepting dangerous goods cargo MUKESH JAGOTA New Delhi, November 8 OCEAN FREIGHT RATES on key export routes from India remain stubbornly high, with shipmentstotheGulfbecoming even more expensive than during June-July,when fighting in West Asia and attacks on shipping were at their most intense and led to a complete blockade of the Strait of Hormuz. Afterthecompleteblockade in July, shipping gradually resumedintheregioninAugust and now more and more ships are crossing the area. However, freight rates for a 40-foot containerfromIndianportstoJebel Ali in the UAE have climbed to around$8,000nowfromabout $5,500 in June-July and $800 before the war, adding to the cost pressures faced by exportersdespitealullinactual hostilities.Thisincludesallsurchargesthattheshippingcom- panies levy. Jebel Ali Port in Dubaiisthesinglemostimportantmaritimetransitandlogistics hub for Indian exports. Located just across the Arabian Sea,it acts as both a direct consumergatewaytoWestAsiaand a massive transshipment engine linking Indian manufacturers to global markets. Similarly, the ocean freight rate for the US is ruling at $12,000 for a 40-foot container,up from around $6,000 in June-Julyand about $3,0003,500 before the war in February. To Europe, the rates for a similar container are $8,500 now, up from $3,500-4,000 in June-July and around $2,000 before the war.The escalation comesevenasIndia’smerchandise exports have maintained a healthygrowthtrajectoryinthe first half of FY27, growing 18.5% to $259.89 billion. Continued on Page 2 VENTURE CAPITALFLOWS INTO COMPANIES OFFERING ENTERPRISE RISK MANAGEMENTTOOLS AIadoptioncreatesnewmarketforcompliancestartups S SHANTHI Bengaluru, November 8 AS COMPANIES STEP up the deployment of artificial intelligence (AI) across business operations, a new market is emerging forstartups offering tools to manage the risks associated with the technology. From monitoring AI models and identifying security vulnerabilities to ensuring compliance with data protection regulations,these startups are positioning AI governance as an essential layerof enterprise technology infrastructure. The opportunity is attracting both entrepreneurs and venture capital investors, as businesses grapple with the challenge of adoptingAI without exposing themselves to data breaches, privacy violations and potential legal liabilities.AccordingtoTracxn,there are 173 AI compliance and SAFETY AND ACCOUNTABILITY ■ India has 173 AI compliance and governance companies, according to Tracxn ■ These startups have collectively raised $45.1 mn across 11 funding rounds ■ The market remains nascent, but investors believe demand will rise ■ These firms monitor AI models, identify security vulnerabilities, ensure compliance with data protection regulations governance companies in India, which have collectively raised $45.1 million across 11 funding rounds. While the ecosystem is still at an early stage,thegrowingdeployment of AI models and autonomous agents is expected to expand the addressable market. Startups such as SingulrAI, Protecto,RagaAI,MeshDefend, Produktiv, Repello AI, PrivaSapien,Origamis AI,Nyuway,AI Shield,and Mitigata are developing solutions to address different aspects of AI governance. While some offer standalone compliance platforms, others have integrated AIgovernancecapabilitiesinto broader cybersecurity and risk management offerings. The demand is being driven by a combination of regulatory requirements and pressure from global customers. Although India does not have a standalone AI law, companies are increasingly required to demonstratethattheiruseofAI ■ Industry players say compliance spending is shifting from discretionary to mandatory ■ The demand is being driven by a combination of regulatory requirements and pressure from global customers meets data protection,security and accountability standards. “Regulation is arriving unevenly, but it is arriving. MeitY (ministry of electronics and information technology) issueditsAIGovernanceGuidelines in November 2025, the DPDP (Digital Personal Data Protection) Rules set a May 2027compliancedeadline,and the 2026 IT rule amendments on synthetic content are already live,” Natasha Malpani, founderandGP,BoundlessVentures,told FE.Theventure capital firm has invested in Alter, which builds security, compliance and observabilitytools for AI agents,and Invariant,which focusesoncomplianceforphysicalAI companies. Global requirements are adding to the pressure,particularlyforIndian technologyvendors serving overseas clients. The EU AI Act and standards suchasISO/IEC42001aremakingAIassuranceanincreasingly important consideration for enterprise customers.“Global clients, especially in the EU, demand AI assurance from Indian vendors,” according to Brijesh Damodaran,managing partner,Auxano Capital. Continued on Page 3