OPINION, P2 MIND & GAMES Why do some mass gatherings turn violent? Experts in crowd behaviour say there’s still much to learn Page 10 ‘Curiouser and curiouser’ FE LINES An expressive, as well as captivating monogram can act as a great tool for brand recall Page 6 MAKING SENSE OF THE ‘MOB’ MENTALITY ACROSS THE AISLE , P CHIDAMBARAM VOL 13 NO. 45 Monogram magic LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM ARTFROMTHE MARGINS FINANCIAL EXPRESS ON SUNDAY MUMBAI SUNDAY, JANUARY 17, 2021, 14 Pages, `10 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 , WHAT'S INSIDE ■ SPOTLIGHT, P5 Turning the clock back 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 , A romance with the pitch Ramachandra Guha pens a passionate ode to the game and his love for it ROHNIT PHORE Bharat Biotech to compensate for Covaxin adverse effects OVER 1.6 LAKH healthcare and sanitary workers at the frontline of India's Covid-19 battle got their first jabs on Saturday as Prime Minister Narendra Modi rolled out the world's largest vaccination drive againstthepandemic,showing the light at the end of a 10month tunnel that upended millionsoflives.Morethanone crore cases and 1.5 lakh fatalities later, India took its first steps out of the pandemicwith shots of the Covishield and Covaxinvaccinesbeingadministered at medical centres across the country to a collectivesighofreliefthatthiscould finally be the beginning of the end of the Covid-19 trauma. The Union health ministry said 1,65,714 beneficiaries wereinoculatedwithCovid-19 vaccines till 5.30 pm across India on the first day at 3,351 sessionsites.Sanitationworker Manish Kumar became the first recipient of the vaccination drive at Delhi's All India Institute of Medical Sciences (AIIMS), the ministry said. "I hadgoodsleeplastnight,came here (hospital) in the morning and talked to the other staff who were to get the shot," the A medic administers the vaccine to a frontline worker in the presence of Union health minister Harsh Vardhan in New Delhi on Saturday AMIT MEHRA Narendra Modi on Twitter “This is a day of pride, a celebration of the prowess of our scientists and hardwork of our medical fraternity, nursing staff, police personnel and sanitation workers” 34-year-old who got a shot of the indigenously developed Covaxin told PTI. “Many of them were scared. So I went to myseniors and said I should be giventhevaccinefirst.Iwanted to prove to my colleagues that thereisnoneedtobescared,"he addedasspeculationswirledin somequartersaboutsafetylevels.Injecting confidence in the people,severalhighprofilepersons, including AIIMS director Randeep Guleria, NITI Aayog member V K Paul, who is also head of an empowered group PM announces `1,000-cr seed fund for startups FE BUREAU New Delhi, January 16 PRIME MINISTER NARENDRA Merkel’s party elects Laschet as leader to continue her legacy GERMANY’S DOMINANT party voted for continuity on Saturday by electing Armin Laschet as leader, opting for the candidate who most resembles outgoing chancellor Angela Merkel in policy and style, reports Bloomberg. Laschet beat longtime Merkel critic Friedrich Merz. PAGE 11 Farmer union in SC: Remove panel members, select new A FARMER union requested the Supreme Court on Saturday to remove the remaining three members of the committee it had set up to resolve the impasse over the three contentious farm laws, and select people who can do the job “on the basis of mutual harmony”, reports PTI. P U N E ● No hospitalisation reported after dose ● 1,65,714 get vaccine on Day 1 MONEY PUSH QuickPicks D E L H I , INDIATAKES AJAB AGAINST COVID PRESS TRUST OF INDIA New Delhi, January 16 ■ WORDS WORTH, P4 N E W VACCINATION DAY ● Begins world’s largest inoculation drive Staying at home has not only changed our lives, but also our routines. A big casualty has been our body clock, which has led to erratic sleep and disrupted schedules. Now, when the world will soon get back to normal, can we return to our original routines? ODD & EVEN C H A N D I G A R H , Incisive works of art portray the human predicament in conflict zones Page 7 Modi on Saturday announced a Start-up India seed fund worth `1,000 crore to enable startups toraiseinitialfunding.“Thiswill helptostartandgrownewstartups,” Modi said at the Prarambh Start-up India International summit.Going ahead,the government will also help startups toraisedebtcapitalbyproviding guarantees, Modi said,adding, “Indiaistryingtocreateastartup ecosystem which will be based onthekeyprincipleoftheyouth, bytheyouthandfortheyouth.” Modi said India today has theworld’sthird-largeststartup ecosystem. The country has more than 41,000 startups of whichmorethan5,700startups are in the IT sector.As many as 3,600 startups operate in the healthsector,whilenearly1,700 startups are present in the agriculture sector, the PM said, emphasisingthatthesestartups arechangingthe“demographic characteristics of businesses”. “The biggest USP of the startup worldisitsdisruptionanddiversificationcapacity,” Modisaid. Through the GeM portal, local startups have been given the opportunity to participate in government tenders at par with big companies. To go public in coming years: BigBasket FE BUREAU New Delhi, January 16 BIGBASKET AIMS to go pub- lic in the coming years, cofounder & CEO Hari Menon said without mentioning a specific timeline. “We would want to go public. We would like to go public.Thereareexitsneeded, peoplehavetoexitbusinesses and the best form of doing it is through an IPO,” Menon saidatthePrarambhStart-up India International Summit onSaturday.Thefactwhether companies want to get listed in India or overseas is being widelydebated,butBigBasket wouldwanttogoforanIPOin India,the CEO said. A clutch of Indian startups, including Zomato, Grofers, Delhivery have been chalking out IPO plans of late. Health workers perform aarti before vaccination begins at Cooper Hospital in Mumbai AMIT CHAKRAVARTY on medical equipment and managementplantotacklethe coronavirus outbreak, Serum Institute of India's Adar Poonawallah and West Bengal minister Nirmal Maji also received their first shot of the two-dose vaccine.Addressing the nation ahead of the launch, the PM reminded people that two doses of the vaccine are very important and asked them to continuewithmasksandsocial distancingevenafterreceiving the jabs. Reassuring people that emergency use authorisation was given to the two 'made in India'vaccinesonlyafterscientists were convinced of their safety and effectiveness, he said the vaccines will ensure a decisivevictoryforthecountry over the coronavirus pandemic, he said. “Dawaai bhi, kadaai bhi,” Modi said, asking people to guard against complacency and follow Covid-19 appropriate behaviour. Striking an emotional chord, Modi spoke of the disruption the pandemic had caused to people’s lives,isolating victims of the coronavirus and denying the dead traditional last rites. HIGHER INCOME BHARAT BIOTECH,which has received a government purchase order for supply of 55 lakh doses of Covaxin, a Covid-19 vaccine, will pay compensation to recipients in case of any ‘serious adverse’ effects experienced after receiving the antidote. A consent form to be signed by the vaccine recipients said,“In case of anyadverse events orserious adverse events, you will be provided medically recognised standard of care in the government designated and authorised centres and hospitals.The compensation for serious adverse event will be paid by sponsor (BBIL) in case if the SAE is proven to be causally related to the vaccine,”the form said. HEALTHY BANKING HDFC Bank RBI for more measures Q3 net rises to improve governance 18% y-o-y at banks, NBFCs: Guv FE BUREAU Mumbai, January 16 HDFC BANK ON Saturday reported an 18% year-on-year (y-o-y) growth in net profit for thequarterendedDecemberto `8,578 crore on the back of a 15% y-o-y rise in net interest income (NII) to `16,317.6 crore,withnon-interestincome growing 11.6% y-o-y. The bank’s non-bank subsidiary postedalossduringthequarter. The bank’s provisions rose 12% y-o-y to `3,414 crore. In a statement, HDFC Bank said total provisions forthe current quarter includes contingent provisions of approximately `2,400 crore for proforma non-performing assets (NPA). It said if it had recognised as badtheaccountswhichwerenot declared NPA till August 31, 2020,undertheSupremeCourt’s orders,the pro forma gross NPA ratiowould have been 1.38% as on December31,2020.Itwould have been 1.37% as on September 30, 2020 and 1.42% as on December31,2019. FE BUREAU Mumbai, January 16 INTEGRITY AND QUALITY of governance are key to good healthandrobustnessofbanks and non-banking financial companies (NBFCs), Reserve Bank of India (RBI) governor ShaktikantaDassaidon Saturday, adding that the regulator plans to issue some more measures on improving governanceatregulatedinstitutions. Any discussion on a bad bank musthappenbetweenthegovernment and private players, and the RBI will consider such aproposaloncepresentedwith it,hesaidinresponsetoaquestion at the Nani Palkhivala memorial lecture. Recent events in the rapidly evolving financial landscape have led to increasing scrutiny of the role of promoters, major shareholders and seniormanagementvis-àvis the role of the board and the RBI is constantly focused on strengthening the related “A good governance structure will have to be supported by effective risk management, compliance functions and assurance mechanisms” — SHAKTIKANTA DAS, RBI GOVERNOR regulations and deepening its supervision of financial entities,he said. “A good governance structure will have to be supported byeffective risk management, compliance functions and assurance mechanisms.” PPP TAKE-OFF Sky not the limit for airport privatisation Luxury housing sales rise in Delhi-NCR ● No cap on number of airports an operator can bid for FE BUREAU New Delhi, January 16 A GOVERNMENT-APPOINTED COMMITTEE has dropped the proposalfloatedbythecivilaviationministrytorestrictthenumberofairportsaprivateoperator can bid forunderthe public-privatepartnershipmodel. Sources in the government said the committee, after examining the market, came to the conclusion that there are not enough players in the sector to take up airport privatisation,so putting anykind GROUND CLEARANCE A govt-appointed committee has dropped the proposal floated by the civil aviation ministry Since there are not enough players to take up airports, putting a cap would delay the privatisation process, say experts of cap would delay the entire exercise to privatise airports. The proposal was that a private operator cannot bid for Govt is likely to invite bids for privatisation of Varanasi, Calicut, Patna, Amritsar, Bhubaneswar, Ranchi, Coimbatore, Trichy, Indore and Raipur airports In 2020, the Adani Group emerged as the largest player in the airports business in terms of number of projects more than two projects in a round of auction. The government is likelyto invite bids for privatisation of Varanasi, Calicut, Patna, Amritsar, Bhubaneswar, Ranchi, Coimbatore, Trichy, Indore and Raipur airports in the next round and the guidelines once finalised would not have any restrictive clause, sources said. The proposal for putting some kind of restriction on number of projects one operator can bid forwas mooted last year with Adani Group winningallsixprojectsinthe2019 airport privatisation bids. The airports on offer were Jaipur,Guwahati,Thiruvananthapuram, Mangaluru, Ahmedabad and Lucknow. In 2020, the Adani Group emerged as the largest player in theairportsbusinessintermsof numberofprojectsafteritstruck adeal toacquirethecontrolling 74% stake in Mumbai International Airport (Mial) from the GVKGroupandotherpartners. ● NRIs, HNIs made most of buyers’ market in 2020; trend likely to continue RISHI RANJAN KALA New Delhi, January 16 596 530 362 Delhi NCR: Sale of housing units above `1.5 crore 455 292 139 Gurgaon Noida Greater Noida 0 39 16 10 Ghaziabad Faridabad Source: Anarock Property Consultants Sales (Units) 2019 2020 THE LUXURY RESIDENTIAL market in Delhi NCR made a promising comeback in 2020 with developers selling 929 units priced over `1.5 crore during the year. Thoughsales were down 34% Y-o-Y, market watchers say the numbers will rise as demand is mainly being driven by NRIs and HNIs, who are exploring projects with world class amenities and property management, among other factors. Developers and analysts point out that 2021 will witness more traction in the luxury segment as NRIs and HNIs who have been scouting the market for deals will finalise their transactions in the first half of 2021. Although sales in luxury housing in Delhi NCR in 2020 were lower on an annual basis,its share of total sales have risen marginally. As perAnarock research,NCR saw total housing sales of more than 23,220 units, of which nearly 4% was luxury, priced at `1.5 crore and above. In 2019, total sales were 46,910 units, of which 3% was luxury. Anarock Property Consultants chairmanAnuj Puri says the scintillating highs that luxury housing experienced in earlier years, especially as a good investment class, are over forgood.Today,end users are driving majority of sales. Ever since demonetisation,in late 2016, developers have also significantly curtailed supply within this category, which positivelyimpacted the segment in shedding its previous unsold stock. “In 2020,while affordable and mid segments continued to drive housing demand, luxury sales saw some movement in NCR despite the pandemic. This is also because the pandemic did not hit this buyer-class economically as much as it did the middle class,” Puri said.
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