OPINION, P11 WELL BEING FE LINES THE INVISIBLE POLLUTANT IN YOUR DAILY SKINCARE RITUAL Survey useful, Budget lazy Find your lost data The Cloud can be fallible. A few tools that can help you get your data back Page 10 Beauty products are among the most common sources of microplastic pollution. Know what's at stake Page 8 ACROSS THE AISLE, P CHIDAMBARAM VOL.NO.XIII SL.NO.164 WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM TM KRISHNA INTERVIEW CHENNAI/KOCHI 18 Pages, `12 P U B L I S H E D FINANCIAL EXPRESS ON SUNDAY SUNDAY, FEBRUARY 8, 2026 F R O M : A H M E D A B A D , WHAT'S INSIDE 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 , ‘We’ve failed to give equal sense of belonging to all’ Page 7 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 , M U M B A I , N E W D E L H I , P U N E Trade-off deal delivers tariff relief ● INTERIM FRAMEWORK UNVEILED; ● TARIFFS CUT TO 18%; US PRODUCT FORMAL DEAL LIKELY BY MARCH PURCHASES WORTH $500 BN OVER 5 YEARS ● PACT OPENS $30-TRN US MARKET FOR INDIA; PROTECTS FARMER INTERESTS Indiarefusestobudgeonredlines ‘Zero dutyforoverhalf ■ SPOTLIGHT, P9 Vaping ban up in smoke Despite a nationwide prohibition announced in 2019, accessing e-cigarettes has never been easier. We uncover the modus operandi ■ LEISURE, P6 Climate story on our plates The third edition of Sustaina India approaches the climate crisis through food systems and fruiting cycles IN THE NEWS SBI’shighest-ever quarterlyprofitof `21,028crore SBI DELIVERED its highest-ever quarterly profit— 24.5% y-o-y rise to `21,028 crore—supported by strong credit demand, healthy deposit mobilisation and continued improvement in asset quality. ■ PAGE 3 INDIA HAS SECURED a sharp reduction in tariffs and a complete rollback of oil-related duties under an interim trade deal with the US, in return for openinguppartsofitsmarketto American goods and committing to purchase $500 billion worth of US products over the next fiveyears. The deal,announced earlier this week and formalised through an executive order issued by US President Donald Trump, eliminates the additional 25% tariff imposed on Indian goods over New Delhi’s purchases of Russian oil, and lowers so-called reciprocal dutiesonIndianexportsto18% from25%.Indianproductshad effectively faced tariffs of up to 50%sincelatelastsummer,the highest levied on any major Asian trading partner. The rollback of the 25% oilrelated tariff comes after India committed to stop directly or indirectlyimportingRussianoil and indicated that it would instead source energy products from the US. The order also warnedthattheoildutiescould be reimposed if the US determines that India has resumed purchases of Russian crude, directlyorindirectly. Continued on Page 2 NARENDRA MODI, PRIME MINISTER OF INDIA It strengthens ‘Make in India’ by opening new opportunities for India’s hardworking farmers, entrepreneurs, MSMEs, StartUp innovators, fishermen and more ● WIN-WIN ON TRADE & T20 Indian captain Suryakumar Yadav and his US counterpart Monank Patel ahead of their T20 World Cup cricket match in Mumbai on Saturday. India won the match by 29 runs AP THE DEAL SCORECARD 55% Indian exports to benefit from tariff cut $45 bn $100 bn India's current imports from US WHERE INDIA GAINS Wider US market access for rice, seafood, spices, processed foods Annual imports from US needed, to meet target of $500 bn over 5 years WHERE INDIA LOSES Cuts back on cheaper Russian oil imports With tariff relief for US fruit, soybean oil, farmer angst likely Big tariff relief for textiles, apparel and leather Zero-duty access for generic drugs Cheaper US solar gear to hit domestic sector Near-zero tariffs revive gems, and jewellery exports US industrial goods to swamp Indian market Preferential quota eases auto-part duties Regulatory and IP alignment pressure No reciprocal tariffs on Indian farm and food exports Digital trade rules curb India’s tech-policy space US lifts select aircraft and aviation-part tariffs US chips, AI hardware, energy equipment gain advantage No concession Trade reset alters India’s Notsubmittedbid for import of forIDBIBank:Kotak GM agri items oil flows Lower tariffs OEMs get a a boost for shield, relief textile exports for auto parts Mahindra Bank KOTAK MAHINDRA Bank said in an exchange filing on Saturday that it has not submitted a financial bid for IDBI Bank. It was earlier reported that the private lender was one of the bidders. WHILE PROTECTING its farm and dairy sectors from US exports, India has agreed to eliminate or reduce tariffs on many items including animal feed from dried distillers’ grains, red sorghum, tree nuts, fresh and processed fruit, soybean oil, wine and spirits. ■ PAGE 4 THE INTERIM RECIPROCAL trade framework with the United States announced on Saturday is set to reshape India’s energy import strategy, with New Delhi committing to largescale purchases of American energy products over the next five years. ■ PAGE 4 RelianceConsumermakesfirst overseasbuywithGoodnessGp VIVEAT SUSAN PINTO Mumbai, February 7 RELIANCE CONSUMER PRODUCTS (RCPL) on Saturday announced acquisition of a majority stake in Sydneyheadquartered beverage company Goodness Group Global, marking its entryinto theAustralian consumer goods market. The company did not disclose the deal size. Significantly,thisisthefirst international acquisition for RCPLsince entering fast-moving consumer goods (FMCG) about three years ago. While domestically,the companyhas built its base through a combination of in-house brands and acquisition of legacy labels such as Campa, Ravalgaon, Udhaiyam’s and Sil, inter- GOING GLOBAL ■ Acquisition marks RCPL's entry into Australian consumer goods market ■ Goodness Group’s portfolio includes healthfocused beverage brands ■ However, deal size not yet disclosed by RCPL nationally RCPL has mostly effected distribution partnerships and acquisition of global rights excluding a fewmarkets of personal care brands Brylcreem, Toni & Guy, Badedas and Matey, which it announced recently. The Goodness Group’s portfolio includes healthfocused beverage brands, including Nexba and PACE. PACE is a hydration drink co-created with Australian cricketer Pat Cummins. While flagship Nexba focuses on guthealth drinks using plantbased, zerocalorie sweeteners. Continued on Page 2 THE LOWER US tariffs of 18% on textiles, as per the interim deal, will give Indian exporters a clear edge over rivals, particularly China. Textiles exporters expect a revival in fresh orders from the US and a bigger share of the $113billion market. ■ PAGE 4 THE TRADE FRAMEWORK is expected to protect domestic auto manufacturing while offering market access and tariff relief for auto component exporters, with any meaningful opening for finished vehicles pushed to negotiations under the trade agreement. ■ PAGE 5 of India’s exports to US’ FE BUREAU New Delhi, February 7 THE TRADE DEAL with the US will bring down duties on $44 billion worth of Indian exports to its biggest market to zero— covering more than half of India’s $86.5-billion merchandise exports to the US, Commerce and Industry Minister Piyush Goyal said on Saturday. For the remaining exports, the framework of the interim US-India Bilateral Trade Agreement(BTA)addressesadditional tariffs, reducing them to the lowestlevelsamongcompeting economies.Reciprocaltariffson exportsworthabout$30billion will be brought down to 18%, while another $12 billion falls under Section 232 tariffs imposed under a US national security law,which New Delhi will negotiate separately. “Zero dutieswill be given on several products like generic pharmaceuticals,aircraft components and auto parts,”Goyal said, adding that some items, such as smartphones, select pharmaproducts,primaryminerals and certain food items, alreadyenjoyzero-dutyaccess. “With this deal,all tariff disadvantagesthatIndiafacedvisà-vis competitors have been takencareof,”Goyalsaid,noting that the agreement effectively opensupa$30-trillionUSmarket forIndian exporters. The minister underlined thattheinterimagreementfully protects Indian farmers and sensitive agricultural sectors. “Wehavenotincludedanyitem whereanyIndianfarmerwillbe hurt. All sensitive items have been kept out,” he said, ruling out tariff concessions on meat, poultry,dairy,geneticallymodified crops, cereals, millets, oilseeds,fruits,vegetables,sugar and ethanol. At the same time, a wide rangeofIndianexports,including gems and diamonds,pharmaceuticals, aircraft and machinery parts, select auto components, essential oils, home décor items and certain chemicals,willseedutiesinthe USslashedfromashighas50% to zero. Several agricultural exports such as spices, tea, coffee, coconut products, nuts, fruits,vegetablesand some processed foods will also gain zeroduty access. PIYUSH GOYAL, UNION COMMERCE MINISTER Farmers safe, country developed… This will safeguard interests of domestic farmers, strengthen local agriculture through preferential access to such a large market Continued on Page 2 Suspense over Russian oil as govt mum on issue ● Goyal shifts the ENERGY TRANSITION ■ StoppingRussianoil onus onto MEA; US imports,buyingenergyfrom USpartofstrategicdeal to monitor oil buy SHUBHAJIT ROY/AGENCIES New Delhi, February 7 EVEN AS THE Trump administration on Saturday lifted the additional 25% tariff on India over its purchase of Russian oil, claiming India has “committed to stop directly or indirectly importing Russian Federation oil”, India has not issued any official word on the matter yet. When asked at a press conferencewhetherIndiawillstop purchasing Russian oil, Union Commerce Minister Piyush Goyal said, “The Ministry of ■ India ‘diversifying energy sourcing’ in keeping with ‘objective market conditions and international dynamics’, MEA had earlier stated ■ MEAwill give information about (whether India will continue to buy Russian oil), says Piyush Goyal ExternalAffairswill give information about it.” After announcing the interim framework between the United States and India trade agreement, the White House had said,“India has represented that it will purchase energy products from the United States,and has recently committed to a framework with the United States to expand defense cooperation over the next 10 years.” Continued on Page 2 Bhakti big biz as bhajan clubs boom VAISHALI DAR New Delhi, February 7 WEEKENDS FOR DELHIBASED Akshat Mishra (20) aren’t about waiting outside a nightclub. He’s at the Yashobhoomi Centre in Dwarka, Delhi, to watch London-based kirtan artiste and bhakti yoga teacher Radhika Das perform.Strobe lights cut through incense smoke at the venue, bass drops blend with bhajans, and hundreds of young people chant ancient Sanskrit verses with the energy of a music festival. Sneakers replace traditional footwear, tilaks sit alongside street-wear, and devotion moves to the rhythm of EDM. “For my generation, faith doesn’t have to be quiet or old-fashioned,” says Mishra, REIMAGINING SPIRITUALITY ■ Bhajan shows represent paradigm shift in India’s ■ Revenue streams: Ticket live events industry ■ Real estate firms, tourism boards, lifestyle brands investing in stadium-concert formats `20,000-cr ■ Ticket prices for such shows can go up to `5,000 for VIP passes sales, sponsorships, brand activations, intellectual property monetisation SHYAM KUMAR PRASAD MUKESH JAGOTA New Delhi, February 7 ■ Popular names in genre: Radhika Das, Backstage Siblings (Prachi & Raghav), Keshavam, Saaz & Prakhar adding,“It feels like you are in between laughter, dancing, and hands raised in rhythm— rooted in tradition, yet perfectly at home in my genera- tion’s chaos. It’s spiritual, social,and surprisingly hype.” Welcome to bhajan clubbing, a fast-emerging phenomenon that is transform- CHENNAI/KOCHI ing devotional music into a scalable,premium,live entertainment product. What began as small community gatherings have rapidly evolved into ticketed, sponsor-backed events that resemble mainstream concerts,both in scale and in revenue potential. According to Giresh Vasudev Kulkarni, founder of Temple Connect and the International Temples Convention & Expo (ITCX), this trend marks a significant shift within India’s live events economy. “Bhajan clubbing represents a paradigm shift in India’s `20,000-crore live events industry,” he said. Temple Connect recently served as the strategic community support partner for the Radhika Das Tour 2025, a nine-city celebration of bhakti, music, and meditation. Continued on Page 2