OPINION, P2 IDEA EXCHANGE ‘Poor impacted more than rich... We must keep pandemic year as signpost to remind why growth is key for economy’ Page 8 The ghost takes form and shape FE LINES Richard Branson is set to take off for space today, beating Jeff Bezos and Elon Musk Page 6 KRISHNAMURTHY SUBRAMANIAN ACROSS THE AISLE , P CHIDAMBARAM Star wars LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XX NO. 36 AHANDFUL OF SUNSHINE FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, JULY 11, 2021, 14 Pages, `10 (Patna `10, Raipur `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 C H E N N A I , READ TO LEAD H Y D E R A B A D , Reeling in happiness Be it mushy romances or classic comedies, people are lapping up feel-good TV shows, web series and films to steal some moments of joy in these otherwise dismal times ■ WORDS WORTH, P4 The secret life of trees An excerpt reveals surprising facts about plants, including the fact that they have a heartbeat ROHNIT PHORE Funding flows in fast for start-ups ■ Ola bagged FE BUREAU New Delhi, July 10 Tiger Global Fuel demand rebounds in June India’s fuel demand rebounded in June after slumping to a nine-month low in the previous month as restrictions to curb the spread of the pandemic were eased, helping economic activity and mobility to pick up. Fuel consumption rose 1.5% to 16.33 million tonne in June from a year earlier and by 8% over May 2021, data from the Petroleum Planning and Analysis Cell (PPAC) of Ministry of Petroleum and Natural Gas showed. Petrol sales rose 5.6% year-on-year to 2.4 million tonne in June. It was up 21% from May sales of 1.99 million tonne. Diesel — the most used fuel in the country — rose 12% from May to 6.2 million tonne, but was down 1.5% from June 2020 and 18.8% from June 2019. This is the first monthly increase since March.PAGE 3 UP population draft bill ACCORDING TO A draft of the proposed population control bill, anyone violating twochild policy in UP will be debarred from contesting local bodies elections from applying for or getting promotion in government jobs, and receiving any kind of government subsidy. The Uttar Pradesh State Law Commission states that the provisions are part of the draft titled ‘The Uttar Pradesh Population (Control, Stabilization and Welfare) Bill, 2021’.PAGE 3 KIRAN RATHEE New Delhi, July 10 DOMESTIC TECH MAJORS like Tata Consultancy Services (TCS), Tech Mahindra, HFCL, and L&T have been shortlisted by state-run BSNL to conduct trials to test their local equipment. These firms will be given four months’ time to conduct the trials and display proof of their 4G network technology, afterwhichthesuccessful ones will be eligible to bid forrolling out BSNL’s 4G network. Traditional global telecom network firms like Nokia, Ericsson, Samsung, Huawei, etc, did not participate in the process for the trials. Trials are necessary because BSNL has been mandated to use equipment from local firms only for its core $144-million funding round led by $315 million ■ PharmEasy acquired majority stake in diagnostic chainThyrocare for `4,546 crore period last year. The space added as manyas 16 unicorns across segments so far this year against about 11 unicorns it added in the whole of 2020. Sequoia Capital India,Tiger Global and Accel India led the bulk of the VC investments, data showed. But it is not just in terms of funding that 2021 is unfolding to be a year for start-ups. The segment is also bustling with some significant M&A (merger and acquisitions) deals and proposed IPO (initial public offering) launches. Newly-minted unicorn PharmEasy recently acquired a majority stake in diagnostic chain Thyrocare for `4,546 crore. Byju’s, however, walked away with one of the biggest M&Adeals in the spacewith its acquisition of Aakash Educational Services in a near $1billion transaction. New unicorn in the making upGrad has earmarked $250 million for M&A deals. Continued on Page 12 K O L K A T A , L U C K N O W , M U M B A I , THE GOVERNMENT IS deter- mined to make cooperatives and all cooperative institutions more empowered, Union minister Amit Shah, who met some leading figures of the country’s cooperative sector on Saturday,said. The meeting came three days after Prime Minister Narendra Modi reallocated the portfolios of his ministers in which Shah was given the charge of the newly-created Ministry of Cooperation. Those who met the Union home minister include chairman of the National Cooperative Union of India Dileep Sanghani, the chairman and the managing director of the Indian Farmers Fertiliser Cooperative Limited (IFFCO) BS Nakai and US Awasthi, respectively, and chairman of the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) Bijender Singh. In the meeting, the minister asked cooperatives like IFFCO and KRIBHCO to work in the field of seed production using vacant land of 38,000 hectares as well as in organic farming, the NCUI said in a separate statement. TCS, which has partnered with C-DoT for core network and Tejas and Altiostar for radio equipment, will conduct trials at Chandigarh Tech Mahindra will do so with core equipment of Pertsol & radio network of Sterlite, Altiostar at Pune VENKATA SUSMITA BISWAS Mumbai, July 10 conduct trials with Pertsol and Mavenir at Chennai Fans gather ahead of Sunday's Euro 2020 final at Wembley Stadium, London, on Saturday REUTERS EURO 2020 To home or Rome? ● England takes on Italy to end title drought ASSOCIATED PRESS London, July 10 TO HEAR THE England players giddily singing along with the Wembley Stadium crowd to “Sweet Caroline”, “so good, so good” encapsulates the youthful exuberance and carefree spiritofagroupunburdenedby tryingtoendtheteam’s55-year trophydroughton Sunday. To hear Italy defender Gior- along with Pertsol and Mavenir at Bengaluru ■ State-run ITI will conduct trials atAmbala network as part of what is called a system integratorled model. According to officials, the trials will be conducted at five locations to test the equipment. Continued on Page 12 the mantra by several brands, which are opting for sustainable packaging of their products. Consider the following: Dabur is removing outer paper cartons from its toothpaste brand Dabur Red Paste; Flipkart is working towards reducing the need foran outer layer of packaging and has eliminated all single-use plastic packaging. Further, Mondelez India has announced a grant to Hasiru Dala, an NGO that will recycle multi layered plastic (MLP) which is a prominent packaging material used by the company. Several FMCG companies have taken sustainability pledges at a global level and shifted to sustainable packaging materials. For instance, ■ Mondelez India has announced a grant to Hasiru Dala, an NGO that will recycle multi layered plastic ■ Unilever is introducing a ■ Coca-Cola will paper-based laundry detergent bottle in Europe and some other markets Unilever is introducing a paper-basedlaundrydetergent bottle in Europe and some other markets. Coca-Cola will introduce 100% recycled bottles in the US this year. Shahrukh Khan, executive director, operations, Dabur India,says dropping the outer paper packaging for toothpaste could save 150 tonne of paper annually. Mondelez India claims that over 97% of its packaging is currently designed to be recyclable. Ophira Bhatia, director, cor- gioChiellinitalkaboutgoingall the way shows how pressure to win a trophy for your country can be an enduring motivation foryourselfandthesquad,especiallyin the twilightof a career. “Maybe at 36 you feel it more,” Chiellini said,“because you understand more how hard it is and the work that goes into it.” The European Championship final on Sunday pits England, which hasn’t even reached a final since winning the 1966 World Cup, against one of the continent’s most decorated teams. Continued on Page 12 GLOBAL PACT G20 signs off on tax crackdown REUTERS Venice(Italy), July 10 eliminated all single-use plastic packaging GOING GREEN SEEMS to be ■ L&T will do P U N E PRESS TRUST OF INDIA New Delhi, July 10 ● Sustainable ONE FOR THE PLANET steps being taken ■ Dabur is removing outer paper cartons from its toothpaste as eco-friendly brand Dabur Red Paste ■ Flipkart is working towards scores big with reducing the need for an outer millennials layer of packaging and has ■ HFCL will D E L H I , Govt to empower cooperatives Consumer preferences driving brands to go green Trials at five locations N E W NEW MINISTRY NEED OF THE TIMES BSNL’s 4G network trial: TCS, TechM among shortlisted ● Successful firms will be eligible for bidding to build new network ■ DealShare closed raised fresh OLA JUST BAGGED a big $500 million from investors. Earlier in the week, Social commerce start-up DealShare closed a chunky$144-million funding round led by Tiger Global, while fintech player Pine Labs raised a fresh $315 million from a clutch of investors. Indian start-ups seem to be on a fundraising spree; faster adoption of technology in a Covid-hit world has nudged a slew of investors to back internet firms. In fact, data sourced from market research firm Venture Intelligence revealed that VC (venturecapital)investmentin start-ups touched a whopping $12.1 billion in the first six months of the year alone. This compares to just a little over $5 billion that companies managed to garner during the January-June $500 million from investors ■ Fintech player Pine Labs LOCAL MODEL QuickPicks K O C H I , CASH-RICH ● $12.1-billion SIX-MONTH HAUL investment by VCs in first six months of year alone ■ SPOTLIGHT, P5 ODD & EVEN C H A N D I G A R H , Feeling lost, anxious and stressed? There is a way out of this sense of hopelessness... Page 7 introduce 100% recycled bottles in the US this year porate and government affairs, India and CGA Lead, AMEA, Mondelez, says the company’s recycling initiative will turn about 600 tonne of MLP waste into boards that can be used to make furniture and construction material. One of the reasons for the initiative is consumer preference. As per a a 2021 Deloitte study,the environment is a top priority for millennials and GenZ consumers. Continued on Page 12 FINANCE CHIEFS OF the G20 large economies endorsed a landmark move to stop multinationals shifting profits to low-tax havens at talks on Saturdaywheretheywillalsowarn that coronavirus variants threaten the global economic recovery, reports Reuters.They acknowledged the need to ensure fairaccesstovaccinesin poorer countries. But a draft communique to be rubberstamped at the meeting in the Italian city of Venice did not contain specific new proposals on howto do that. The pact would establish a global minimum corporate tax of at least 15% to deter multinationals from shopping around forthe lowest tax rate. It would also shift the way that highly profitable multinationals such as Amazon and Googlearetaxed,basingitpartly onwheretheysellproductsand services,ratherthanonthelocation of their headquarters.German finance minister Olaf Scholz confirmed to reporters that all G20 economieswere on boardforthepact,whileUStreasurysecretaryJanetYellensaida handfulofsmallercountriesstill opposedto it. WFH pushes IT professionals to reverse migrate to non-metros, suburbs ● Attracted by lower rents, space, family RISHI RANJAN KALA New Delhi, July 10 CHANGING LIFESTYLES DUE to workfromhome(WFH)hasled young professionals to rent homes in suburbs that are more spacious and greenerbut don’t burn a hole in the pocket. With most offices still shut, manymillennials are also relo- cating to their hometowns, therebysavingrentandspending more time with family. Data from NoBroker,a brokerage free online property platform, suggests that as the second and more virulent wave of infections adversely impacted movement, a lot of millennial office-goers chose to move to more affordable and spacious locations — eithernon-metro hometowns or city suburbs. The platform has a cumulative customer base of 1.25 crore customers across Bengaluru, Mumbai, Chennai, Moving from cities to outskirts Delhi Meerut & Lucknow Mumbai Jaipur & Nagpur Bengaluru Mysore & Patna Hyderabad Feb 2021 Coimbatore, Puducherry & Madurai Chennai Hyderabad, Pune and DelhiNCR.NoBrokerCEOAmitAgarwalexplainsthatgenerallytenant movement is of two types — intercityand intracity. 20% May 2021 40% SOURCE: NOBROKER “What we check is that when tenants move out, are they moving from metro-tometroormetro-to-non-metro. We observed that in early- 2021, the movement from metro to non-metro was onethird.But in June,around twothirdsofintercitymovementis towards non-metros coincid- ingwithpeopleshiftingtotheir hometowns,”he added. There are two types of tenants,onewhodecidetostayput atalocationandthesecondare thosewho decide to move back home,Agarwal pointed out. Asignificant numberof ITITeS professionals are working from home with majority of offices being closed. They moved back to be with families and also saved on rent. Such professionals constitute a majority of tenants who are moving back to non-metros, he said. In the intra-city category, around 20% of overall tenants were opting for suburbs in early 2021, but in the last 30-45 days, around 40% of intra-city movement is towards outskirts. “People are looking for larger living space, better amenities, less crowd and cheaperrents,whichisallavailable in peripheries. This is prominentinBengaluru,Delhi and Hyderabad. People anticipatethatCovidwouldcontinue for some time and many are altering their lifestyle choices. Besides,millennialfamiliesliving on rent also faced space New Delhi constraints.Inmanycasesparents are also living with the couple,”he added. Emphasising that distance is a major determining factor with regard to choice of relocation, Agarwal said major movements from Mumbai have been towards Nagpur and Jaipur while from Delhi, the chosen places are Meerut and Lucknow. Tenants from Hyderabad and Chennai moved towards Pondicherry, Coimbatore and Madurai. Continued on Page 12
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