OPINION, P6 U PRASAD & J PRIYANI COMPANIES, P4 Govt must increase funding for nutrition security programmes INTERNATIONAL, P8 SUNIL JAIN ON THE ROAD BEIJING DIARY SC staying farm laws erodes investor confidence in India, will spur copycat protests by other groups Tesla moves a step closer to India launch, registers company China’s economy surges, its currency joins the ride too AHMEDABAD, WEDNESDAY, JANUARY 13, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOLUME XV-190, 18 PAGES, `6.00 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 SENSEX: 49,517.11 ▲ 247.79 NIFTY: 14,563.45 ▲ 78.70 NIKKEI 225: 28,164.34 ▲ 25.31 HANG SENG: 28,276.75 ▲ 368.53 `/$: 73.25 ▲ 0.13 `/€: 89.08 ▲ 0.18 BRENT: $56.64 ▲ $0.98 GOLD: `49,488 ▲ `144 Telcos seek clarity on 5G ahead of spectrum auction AHEAD OFTHE next round of spectrum auction, telcos have sought clarity if 5G can be launched on the airwaves bought via this sale, reports Kiran Rathee in New Delhi. Though spectrum assigned via auction is tech-neutral as also the unified licence, the omission of 5G in the notice inviting application issued by DoT led some telcos to seek a clarification on Tuesday. TCS to acquire GE's stake in TCS Saudi Arabia TCS ON TUESDAY said it will acquire GE's stake in TCS Saudi Arabia for about `9.13 lakh, reports PTI. In 2013, TCS announced the creation of an all-women business process services centre in Riyadh in partnership with GE. FBI issues armed protest warning MARK HOSENBALL Washington, January 12 THE FBI HASwarned of armed protests being planned for Washington and all 50 US state capitals in the run-up to President-elect Joe Biden’s January 20 inauguration, a federal law enforcement source said on Monday. Threatened with moreviolence from outgoing President Donald Trump’s supporters following last Wednesday’s storming of the US Capitol, the FBI issued warnings for next weekend that run at least until Inauguration Day, the source said. In other steps to safeguard the US capital, the National Guard was authorised to send up to 15,000 troops to Washington, and tourists were barred from visiting the Washington Monument until January 24. RD CA IT ED RD CA CR IT ED CR RD CA ■ Tourists barred from visiting Washington Monument until January 2 ■ Trump said last week he would not attend the ceremony The chief of the National Guard Bureau, General Daniel Hokanson, told reporters he expected about 10,000 troops in Washington by Saturday to help provide security,logistics and communications. Continued on Page 14 Orders continuation of MSP system, says farmers’ lands are secured FE BUREAU New Delhi, January 12 THE SUPREME COURT on Tuesday suspended the implementation of three controversial farm laws that have caused a massive and prolonged protest by farmers, mostly from Punjab and Haryana, at the Delhi’s borders, via an ‘extraordinaryorder’,andsetup a four-member committee to break the deadlock between the government and farmers, and facilitate resolution of the relevant issues. “We are also of theviewthat SC expects the stays of all the three farm laws for now ‘may assuage the hurt feelings of the farmers and encourage them to come to the negotiating table with confidence and good faith’ Sets up a 4-member expert committee which ‘will listen to the farmers' grievances’ and give its report in 2 months; first sitting to be held within 10 days ■ SC says MSP system shall be maintained until further orders; farmers’ land holdings shall be protected This is not an empty suspension of the laws (for an indefinite period)... We want you (agitating farmers) to tell the committee which part of the law needs to be changed, etc. —SA BOBDE, CHIEF JUSTICE OF INDIA a stay of implementation of all the three farm laws for the present,mayassuage the hurt feelingsof the farmers andencourage them to come to the negotiating table with confi- dence and good faith….The (three laws) shall be stayed until further notice,” a Bench led by Chief Justice SABobdesaid. Continued on Page 2 DEUTSCHE BANK AG and Signature Bank, two of DonaldTrump’sfavouredlenders, are pulling away from him over the deadly riot at the US Capitol,reports Bloomberg. Deutsche has decided not to conduct any further busi- SEVERAL FARMER GROUPS said they won’t participate in the 4-member expert panel set up by the Supreme Court on Tuesday with a view to creating a“congenial atmosphere”for the resolution of the vexed issue, reports fe Bureau in New Delhi.As many as 32 farmer organisationsfromPunjab,whoareprotesting atdifferententrypointsofthenationalcapital, nesswithTrumpandhiscompany. Trump owes the German lender more than $300 million. Signature Bank, theNewYorklender,isclosing two personal accounts in which Trump held about $5.3 million. ■ Page 8 VAX POPULI Match the credit card features with your personal usage, and keep expenses within your serviceable limits.And always observe safety protocols as mandated by the issuing bank to optimise the benefits ■ Personal Finance, P9 Fisdom: A platform to help people build wealth Fisdom, founded by Subramanya SV&Anand Dalmia, blends technology with financial knowledge to ensure simplicity, accessibility and trust in financial products ■ eFE, P9 QuickPicks Byju’s to pay $1 billion for Blackstone-backed Aakash THE COUNTRY’S biggest online-education startup Byju’s has signed a deal to buy brick & mortar test prep leader Aakash Educational Services for $1 billion, according to a person with knowledge of the talks, reports Bloomberg. The deal for what will be one of the largest edtech acquisitions in the world should close in the next two or three months, said the person, who didn’t want to be identified as the information is private. Byju’s is valued at $12 billion and has been on a fund-raising spree. PAGE 4 Cement manufacturers allege cartelisation among builders CEMENT MANUFACTURERS on Tuesday sought the Centre's intervention to end the alleged cartelisation by builders who were adopting a 'profiteering approach’, reports PTI. They also alleged there was a lobby among builders and there was no administration to rein them in and their profiteering approach. The comments come days after road transport minister Nitin Gadkari had said the big players in the steel and cement industry were indulging in cartelisation to jack up prices. PAGE 3 SMA-2 ratio in wholesale segment rose to 7.2% in Nov THE RATIO of accounts in the special mention account (SMA)-2 category of the private sector non-financial wholesale segment rose to 7.2% as on November 30, 2020, from 1.7% on September 30, 2020, the Reserve Bank of India said in the December 2020 edition of its financial stability report, reports fe Bureau in Mumbai. The sharp rise in SMA-2 loans coincided with the Supreme Court’s stay on recognition of bad assets after August 31. PAGE 10 NEARLY SIXTY LAKH doses of Covishield — the Covid-19 vaccine — on Tuesday left the Serum Institute of India’s Pune facilities as India kickstarted a national vaccination drive.Around 56.5 lakh doses were despatched by air while the remaining consignments, to Mumbai and other parts of Maharashtra, were sent by road accompanied by police escorts. The refrigerated trucks and private planes will find their way to around 60 different locations across India. These are consignee points from where theywould be distributed to various vaccination centres, official sources said. The first lot of 1.1 crore shots has been procured by the government at `200 per dose and SII has seven crore doses ready for use. Industry urges govt to expedite visa for Chinese engineers who are needed to set up new units alsovowedtocontinuetheprotest,despitethe court staying the laws for the time being.“We are in principle against the formation of any committeeaswewantthegovernmenttotake backthelawssinceithasbroughtthemout.The order of the apex court does not address our demand,”saidafarmerleaderafterameetingof the unions post the court’s order. ■ Page 2 CONTRACT MANUFACTURERS OF Apple like Vistron and Foxcon,Samsung,aswellaslocal devicemakerslikeLava,Macromax,among others,have urged thegovernmenttoexpeditethe processofgrantingvisastoChinese engineers and technicians who are required in India to set up theirunits forhandset manufacturing. This is crucial for them to meet their production targets under the productionlinked incentive (PLI) scheme, whichwas rolled out lastyear. Though the device makers who have been selected under the PLI scheme are appreciative of the efforts of Indian embassy in Beijing in trying to fast-track such specific visa requests byChinese engineers, they said the matter needs to be seen in a strategic manner bypolicy-makers as it is forthe success of the PLI scheme. AHMEDABAD PTI CHENNAI BOOSTER DOSE Sixty lakh EXPRESS PHOTO: TASHI TOBGYAL doses of Covidshield leave Serum's Pune facilities doses despatched by private planes ■ Remaining consignments, to Mumbai and other parts of Maha, sent by road ■ Refrigerated trucks, private planes enroute 60 different locations across India Adar Poonawalla, CEO, SII, said it was a historical day for the company. For now, only the government will have access to the vaccines and they will not be available in the private markets. Continued on Page 2 Rajesh Bhushan said, “At many places in the world, more than one vaccine is being administered,but presently,in no country,vrecipientshavetheoptionofchoosing the shots.” ■ Page 2 MISSION VACCINATION Clockwise: A truck carrying the Covishield vaccine being directed to a storage unit, in Ahmedabad; Workers unload the Covishield vaccine at a storage facility in Chennai; Delhi Police escort a vehicle carrying the first lot of the vaccine near IGI airport, in New Delhi on Tuesday ■ Around 56.5 lakh For now, vaccine recipients will not get to choose from two options, says govt THEGOVERNMENTHINTED on Tuesday that for now, the vaccine recipients will not have the option to choose from the two vaccines recently approved in India, reports PTI.Health secretary Domestic mobile production needs a China hand EXPRESS PHOTO: NIRMAL HARINDRAN India kicks off vaccine drive FE BUREAU/AGENCIES Pune, January 12 PLI TARGET RISHI RAJ New Delhi, January 12 Most farmer unions won't accept panel, vow to continue protest Know howyou can maximise credit card benefits IT ED authorised to send up to 15,000 troops to Washington SC stays farm laws, forms panel for talks No further biz with Trump: Deutsche Bank Special Features CR HIGH ALERT ■ National Guard FARMERS' STIR DELHI Mixed signals FE BUREAU IIP shrinks, retail inflation hits 15-month low Retail inflation sharply dropped to a 15-month low of 4.59% in December, mainly due to lower food inflation and a favourable base. However, industrial output returned to the negative zone in November by contracting 1.9% from a year before, against an 8-month high of 4.2% rise in October. Consumer Price Index (% change, y-o-y) 8 Index of Industrial Production (% change, y-o-y) 10 2.1 7.2 0 7 6 -20 -30 5 5.54 4.59 4 3 -1.9 -10 Nov 2019 Source: MoSPI INCOME TAX RETURNS filed this year have risen by about 5% to nearly 6 crore as more businesses and entities filed annual income statements, reports PTI. Over 5.95 crore ITRs for the fiscal ending March 31 were filed by January 10, the income tax department said. BIDEN INAUGURATION April ‘20 Dec 2020 -40 -50 -60 -57.3 Nov 2019 April ‘20 Nov 2020 Why China is crucial here: ■ Under PLI, new production units need to be set up ■ These units can be set up by only Chinese engineers ■ These new units are shifting from China to India ■ However, due to India-China border stand-off, their visas are getting delayed ■ If there are delays in commissioning of the units, companies may find hard to meet yearly production targets ■ They have already sought roll over of first year targets to second and third year This is because ofdelays in supplies and travel restrictions due to the pandemic Under the PLI scheme,new units need to be set up and while components and other machinery, etc, have finally landed after delays associated with the pandemic, they can now be put together only by Chinese engineers. Continued on Page 2 ● BACK IN BUSINESS Toyota withdraws lockout at Karnataka plants PRESS TRUST OF INDIA New Delhi, January 12 TOYOTAKIRLOSKAR MOTOR onTuesdaysaidithasliftedthe lockout at its Karnataka (Bidadi)-based manufacturing plants. Due to the continued strike by Toyota Kirloskar Motor (TKM) Employees’ Union, the company management had announced a second lockout at the two facilities on November 23,2020. Later, the company had resumed productionwith over 1,200 team memberswho had expressed their intention to work with discipline, through a simple undertaking of good behaviour. “Inviewofarecentmeeting held between Ashwathnarayan, deputy chief minister, government of Karnataka with the TKM management and having observed a gradual improvement in safety situation, both inside and outside the company premises, the company management has decided to withdraw the lockout, without any compromise to discipline and productivity,” a TKM spokesperson said in a statement. Continued on Page 2 POLICY UPDATE Message privacy intact, change related to biz interaction: WhatsApp PRESS TRUST OF INDIA New Delhi, January 12 WHATSAPPONTUESDAYsaid its latest policyupdate does not affecttheprivacyofmessagesas the Facebook-owned company sought to address concerns around security of user data on the platform. In a blogpost, WhatsApp emphasised that it does not share users’ contact listsordataofgroupswithFacebook for ads purposes,and that neitherWhatsAppnorFacebook can read messages or hear calls between users onWhatsApp. Last week, WhatsApp had informed users of an update in itsTerms of Service and privacy policy regarding how it processesuserdataandpartners with Facebook to offer integrations across the social media giant’s products. It also stated that users will have to agree to thenewtermsandpolicybyFebruary 8, 2021, in order to continueusingWhatsApp’sservice. This kickstarted a spate of conversations and memes on the internet over WhatsApp's ILLUSTRATION: ROHNIT PHORE IN THE NEWS 5% more income tax returns filed this year allegedsharingofuserinformation with Facebook, and many users have started shifting to rivals likeTelegram and Signal. “Wewanttobeclearthatthe update does not affect the privacyofmessageswithfriendsor family in any way. Instead, this update includes changes relatedtomessagingabusiness onWhatsApp,whichisoptional, and provides further transparency about how we collect and use data,”WhatsApp said. Continued on Page 14 Signal sees meteoric rise in daily installs as people look for WhatsApp alternatives THE NUMBER OF new users installingmessagingappSignal every day is on track to cross 1 million, putting it closer to levels seen by larger rival WhatsApp,following an update to the Facebookowned app’s privacy policy, reports Reuters. About 810,000usersgloballyinstalled Signal on Sunday, nearly 18-fold compared with the download numbers on January 6, the day WhatsApp updated its privacyterms. Privacy advocates have questioned the move citing Facebook’s track record in handling user data,with many suggesting users to migrate to platforms such as Telgram and Signal. ■ Page 8 Ahmedabad