OPINION, P2 MIND & GAMES In a new study, psychologists tried to get a handle on the personality types that might be prone to outlandish beliefs Page 10 Farm laws — not choice,just noise FE LINES A band of protesters is raising awareness about the climate crisis in unique ways Page 8 A THEORY ABOUT CONSPIRACY THEORIES ACROSS THE AISLE , P CHIDAMBARAM Rebels with a cause SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL .XVIII NO. 101 OLYMPIC DREAMS INA PANDEMICYEAR FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, OCTOBER 4, 2020, 14 Pages, `10 (Patna `11, Raipur `10) F R O M : A H M E D A B A D , B E N G A L U R U , WHAT'S INSIDE Tie-dye DIY An ancient textile art form, tie-dye is going through a renaissance moment, working as a mood-booster for people cooped up inside their homes ■ WORDS WORTH, P4 Celebrating every season An adman has valuable lessons on life and on cherishing rejections ROHNIT PHORE C H E N N A I , 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 LOAN MORATORIUM ‘Interest relief only for the vulnerable’ ● Centre tells SC it will waive compound interest on specified loans of up to `2 crore ■ LEISURE, P5 ODD & EVEN C H A N D I G A R H , AFFIDAVIT SAYS ■ Cost seen at close to `20-k cr, ■ Gov will seek Parliament nod for appropriate grants FE BUREAU New Delhi, October 3 ■ The endeavour shall be over and ` `` ` ` ` `` ` `` ` ` ``` ` ` ` ` ` `` ` `` ` ` `` above the support of `3.7 lakh crore to MSMEs, `70,000 crore for home loans, etc, already extended through the Garib Kalyan and Aatma Nirbhar packages Th most vulnerable category of borrowers, in whose case the compounding of interest will be waived, would be MSME loans and personal loans of up to `2 crore MOST INDIVIDUAL BORROWERS ofhousing,educationaland personal loans as well a sizeable sectionofMSMEswillbenefit,as the government on Saturday agreed in the Supreme Court to waive compound interest on their loans of up to `2 crore for the six-month (March-August) moratorium period.The waiver ofinterestoninterestwillalsobe given to all such loans by such categoriesofborrowers,whether ornottheyavailedthemselvesof themoratoriumfacility. Bankers say while a precise estimateofthecosttoexchequer of the move is hard to put out now, it could be anywhere between `10,000 crore and `20,000crore,dependingonthe guidelinesforimplementation. a blanket waiver will ruin banks, govt warns ` Interest Waiver SHYAM P U B L I S H E D How are athletes dealing with the new normal? Pages 6-7 However, the government argued strongly against extending such relief “for all types of loans forall categories of borrowers”, saying “such a blanket decisionwould cause a huge burden of `6 lakh crore on banks, likely wiping out a major part of their net worth and even rendering most of them unviable”. The affidavit has been filed by the Centre in response to a batch of pleas in the apex court raising issues pertaining to validityofRBI’sMarch27circu- Any individual or entity whose loan amount is more than `2 crore will not be eligible for waiver lar,whichallowedlendinginstitutionstograntmoratoriumon payment of installments of term loans falling due between March 1,2020 and May31 this year due to the pandemic (the circular’s validity subsequently got extended toAugust 31). The government’s decision follows a firm stand taken by the court that moratorium would be meaningless unless at least the interest on interest is waived for the period. Continued on Page 11 TUNNEL VISION PM Narendra Modi inside the newly-inaugurated Atal tunnel connecting Manali and Leh, on Saturday. Also seen are defence minister Rajnath Singh, BRO DG Harpal Singh (L) and HP CM Jai Ram Thakur (R) PTI Report P3 STAKE SALE IN RETAIL UNIT RIL raises `7,350 cr more ● GIC invests `5,512.5 cr for 1.22% stake; TPG takes 0.41% for `1,837.5 cr PRESS TRUST OF INDIA New Delhi, October 3 RELIANCE INDUSTRIES ON Sat- urday announced `7,350 crore investments by Singapore sovereign wealth fund GIC and global private equity firm TPG Capital in its retail unit, taking FUND FLOW The two new investments value Reliance Retail at a premoney equity value of `4.285 lakh crore This is TPG's second investment in RIL arm, following a `4,546.8-cr investment in Jio Platforms announced earlier this year So far, RIL has sold 7.28% stake in its retail unit since September 9 for `32,297.50 cr the total fundraising in the last onemonthto`32,197.50crore. WhileGICinvested`5,512.5 croreinRelianceRetailVentures (RRVL) for a 1.22% stake, TPG took0.41%interestfor`1,837.5 crore,thecompanysaidinstatements issued past midnight. These investments value Reliance Retail at a pre-money equityvalueof`4.285lakhcrore, they said. This is TPG’s second investment in a subsidiary of Reliance Industries,following a `4,546.8 crore investment in digital unit Jio Platforms announcedearlierthisyear. Continued on Page 11 PANDEMIC PUSH OTTs place their bets on regional content ● With rising subscriber base, aim is to please all audiences QuickPicks Approvals to applicants under PLI no longer need Cabinet nod APPROVAL LETTERS will be issued to all the 16 applicants selected for the production-linked incentive (PLI) scheme for mobile phone manufacturing as a Cabinet nod is not required for the same, the Department of Expenditure (DoE) has clarified, reports FE Bureau. PAGE 3 Flipkart to host ‘Big Billion Days’ sale from Oct 16-21 FLIPKART ON Saturday announced that its annual Big Billion Days festive sale will be launched on October 16, reports FE Bureau. The six-day sale that commences a day prior to the beginning of Navaratri festival can be accessed by Flipkart Plus customers on October 15, the company said in a statement. The festive months typically drive bulk of the sales for e-commerce firms. PAGE 3 Trump doing well, undergoing Remdesivir therapy Washington: US PRESIDENT DONALD Trump, who was shiftedtoamilitaryhospitalafter being tested positive for Covid19, is undergoing Remdesivir therapy and is“doing well”,the WhiteHousephysicianhassaid. According to the White House, Trumpwillbeworkingfromthe presidentialofficeatWalterReed military hospital over the next few days. “Going well, I think! Thankyoutoall.LOVE!!!?Trump tweeted on Saturday. Trump's physician Dr Sean Conley said the president was“fatigued but ingoodspirits”. Details Page 14 ASMITA DEY New Delhi, October 3 Video consumption by language (%) 2019 2025 37 Regional Hindi English 50 45 56 7 5 Source: EY Report LOOKING TO LEVERAGE the pandemic-led uptick in subscriber base, over-the-top (OTT) platforms are set to tap into the growing appetite for regional content. Vishnu Mohta, executive director at SVF and co-founder Hoichoi,saidCovid-19hasexpedited consumers’shift to digital video by at least two years.The platform claims to have 13 million subscribers that include direct and those acquired throughpartnershipwithtelcos. Hoichoi is signing up big directors and actors to create exclusive films for the platform —onesuchproject,TasherGhawr starring Swastika Mukherjee,is already streaming.Rather than doubling down on the slate of R Content will remain a key driver of growth for the online video service industry makes your hair healthy and strong onﬁdent... to look beautiful & conﬁdent... Increase in the number of rural/small town internet users & the demand for diverse content fuelling the creation of regional content Focus languages are Punjabi, Bhojpuri, Tamil, Telugu, Marathi, Malayalam, Bengali, Kannada, Gujarati Source: Deloitte Report original series,the strategy is to makeexistingwebshowsbigger intermsofscaleandcast. Highly puriﬁed Indian herbs extract Continued on Page 11 Automatic car sales accelerate VIKRAM CHAUDHARY New Delhi, October 3 THE DEMAND FOR automatic gearbox cars has been steadily rising in the past few years compared to the manual ones as manufacturers have reduced prices along with offering morevariants.From a mere 2-3% a few years ago, automatic gearbox cars now form about 20% of the market. Earlier, the automatic technologies available in the country were at least `1 lakh more expensive than manual. Today, automatic manual transmission (AMT) is just `45,000 costlier. Gaurav Vangaal, associate director,IHSMarkit,saysfactors suchasaffordability,trafficcongestion, and, above all, buyers valuing convenience features such as an automatic gearbox AUTO DRIVE ■ Every car company in India today has an automatic variant ■ Hyundai India offers five automatic gearbox options ■ Every model sold by Maruti Suzuki has an automatic variant ■ Automatic percentage is above 30% in cars costing more than `10 lakh ■ Affordability is a major factor responsible for rising popularity of automatic cars overflashyoneslikeamusicsystem or alloy wheels are the reasons forthis gradual shift.“This shift is now happening even in sub-`10 lakh cars,” he says. “Becauseoftrafficcongestionin urban areas, driving convenience has emerged as a major buyingfactor,andanautomatic car is more convenient to drive than a manual. Also, we have seen that women buyers and seniorcitizensincreasinglyprefer automatic cars. Lastly, the penetration levels of automatic carsaresolowinIndiathatthese have to increase.” What has helped is the number of gearbox options available in the market,giving buyers a choice. For example, Hyundai Indiaoffersfive automatic options — AMT, 6AT, 8AT,IVT and DCT. Continued on Page 11 MRP ` * 140/- *Inclusive of all taxes 130 ml (100 ml + 30 ml Free) Distributor contact : Delhi - Raj Ayurmed Bhagirath Palace +91 92108 01700, 80764 36657 RSM : +91 886012040 7527038812 | ASM : +91 99688 86667 For more information, please contact : +91 97792 14455, +91 73199 35154 (Whatsapp) / firstname.lastname@example.org
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