OPINION, P2 EXPRESS ADDA ‘In the time of the pandemic, it’s become a level playing field’ Page 9 The grand closing down sale FE LINES Ambergris, a rare waxy substance excreted by the sperm whale, is highly valued Page 7 MANOJ BAJPAYEE Floating gold ACROSS THE AISLE , P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XVII, NO. 50 CHAIN OF FASHION KOLKATA SUNDAY, AUGUST 29, 2021, 18 PAGES, `10 (NE States & Andaman `13) P U B L I S H E D F R O M : A H M E D A B A D , FINANCIAL EXPRESS ON SUNDAY B E N G A L U R U , WHAT'S INSIDE C H A N D I G A R H , For decades, artists have been dragged to court for offences such as obscenity even while battling systemic abuse & the issue of fakes. But now, they are gearing up to navigate the complex web of laws to fight abuse, harassment and fakes ■ WORDS WORTH, P4 The things we do A call to be angry, very very angry, with the way the world is taking shape around us ODD & EVEN ROHNIT PHORE H Y D E R A B A D , K O C H I , FDI equity inflows jump 168% in Q1 FE BUREAU New Delhi, August 28 My art,my right READ TO LEAD ECONOMIC RESURGENCE ● Gross inflows surge 90%, aided by base effect ■ SPOTLIGHT, P5 C H E N N A I , FOREIGN DIRECTINVESTMENT (FDI) in equity in India jumped 168% year-on-year in the June quarter and gross FDI inflows surged by 90%,aided by a conducivebase,showedtheofficial datareleasedonSaturday.However, the inflows were still higherthan the levelwitnessed intheJunequarterofFY20(prepandemic), despite the onslaught of the second Covid wave this year and consequent curbs in certain key states such as Maharashtra and Delhi. Gross FDI inflows — which includeFDIinequity,reinvested earnings,equitycapitalofunincorporated bodies and other capital — rose to $22.53 billion inthefirstquarterfrom$11.84 billion a year earlier. Similarly, FDI equity inflows jumped to $17.57 billion from $6.56 billion. The sharp growth in the first three months of this fiscal followed a moderation in the March quarter, although the full-yearinflowsstillhitarecord inFY21,beatingtheCovidblues. FDI equity ($ bn) 25 23.4 21.5 20 15 10 17.6 16.3 13.2 9.8 10.7 6.6 8.2 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY20 FY21 FY22 Source: DPIIT FDI equity inflows rose 19% in FY21 to $59.6 billion, while grossinflowsrose10%toanalltime-high of $81.7 billion in FY21. Interestingly, while inflows in FY21 were greatly boosted by the digital sector (a sizable chunk was drawn by RelianceJioalone),theautomobiles sector attracted the highest FDI (27%) in the June quarterof this fiscal. Thiswasfollowedbyinflows into computer software and hardware (17%) and the services sector(11%). The robust FDI inflows take place at a time when domestic private investments have remained elusive in recent years.Investments remain critical to the country’s economic resurgence, as private consumption has been badly Big and bold is back as maximalism rules the trend waves. Jewellery too has gone big Page 6 bruised by income losses in the aftermath of the pandemic. Karnataka was the top FDI recipient in the June quarter, with a 48% share, followed by Maharashtra (23%) and Delhi (11%).Karnatakaaccountedfor 88% of the auto sectorFDI. “MeasurestakenbytheGovernment on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country,” the ministry of commerce and industry said in a statement.Accordingtoareport by Unctad in January,India and Chinaweretwomajor“outliers” in a gloomy year for FDI, as global inflows plunged 42% on yearinthecalendaryear2020to $859 billion, the lowest level since the 1990s. K O L K A T A , L U C K N O W , M U M B A I , QuickPicks China slams US claim of stalling global probe into Covid origins WITH A US intelligence community report failing to determine the origins of the Covid-19, including whether it leaked from a lab, a relieved China has said the allegation by Washington that it stalled international probe and resisted in sharing information about the coronavirus was aimed at politicising and stigmatising the issue of the origin of the deadly virus. The US intelligence community in its report concluded that SARS-CoV-2, the virus that causes Covid-19, was ‘not developed’ as a biological weapon. PAGE 18 PRESS TRUST OF INDIA New Delhi, August 28 KISHORE BIYANI-LED Future Retail on Saturday said it has approachedtheSupremeCourt against an order passed by the Delhi High Court to maintain statusquoinrelationtoits`24,713-crore deal with Reliance Retailanddirectingittoenforce the order of the Singaporebased EmergencyArbitrator. Inaregulatoryfiling,Future Retail said,“Please be informed that the company has filed a special leave petition before Hon’bleSupremeCourtofIndia against the impugned orders dated 2nd February 2021 and 18thMarch,2021passedby’Ld. Single Judge’...The SLP will be listedforhearinginduecourse.” OnFebruary2,asinglebenchof the Delhi High Court had directed Future Retail (FRL) to maintain status quo in relation to its `24,713-crore deal with Reliance Retail, which was objectedtobyUS-basede-commerce giantAmazon. On February 2, Delhi HC had directed Future Retail to maintain status quo Women display their Aadhaar cards while waiting their turn for Covid-19 vaccine at Santipur town in West Bengal’s Nadia district on Saturday PHOTO: PTI VACCINE STUDY One Covaxin dose has same response as 2 in Covid-cured PRESS TRUST OF INDIA New Delhi, August 28 A SINGLE DOSE of Bharat Biotech’s Covaxin in previously Covid-19-infected individuals elicits a similar antibody response as obtained with two doses of the vaccine in those without a previous history of the disease,according to an ICMR study. The studywas published in the Indian Journal of Medical Research on Saturday. “If our preliminary findings are confirmed in large population Govt brings‘BH’registration series for personal vehicles TO ENSURE seamless transfer of personal vehicles across states, the road transport ministry has come up with a new registration mark for new vehicles — Bharat Series (BHseries). In this regard, the government has notified a new vehicle registration regime that will free vehicle owners from re-registration process when they shift from one state/Union Territory to another. PAGE 3 PRIME MINISTER NARENDRA Modi Saturday lauded his government’s ‘Pradhan Mantri Jan Dhan Yojana’ as it completed sevenyears,saying the scheme, which facilitates the unbanked population to open a bank account, has forever transformed India’s development trajectory.It has ensured financial inclusion and a life of dignity as well as empowerment for countless Indians, Modi said, adding that the initiative has also boosted transparency. “Iwould like to applaud the untiring efforts of all those who have worked to make PM TCS has partnered with C-DoT for core network and Tejas and Altiostar for radio equipment Tech Mahindra has tied up with Pertsol for core network and Sterlite and Altiostar for radio network HFCL has partnered with Pertsol for core and Mavenir for radio network KIRAN RATHEE New Delhi, August 28 L&T has proposed to do the trials with Pertsol’s core and Mavenir’s radio network THE ROLLOUTOF 4G network Jan Dhan a success. Their efforts have ensured the people of India lead a better quality of life.”he tweeted. Finance minister Nirmala Sitharaman noted that 36.86 crore bank accounts of the 43.04 crore opened under the programme are operative. Of this, 55.47% (23.87 crore) Jan-Dhan account holders are women and 66.69% (28.70 crore) holders are in ruralandsemi-urbanareas,the financeministrysaidinastatement.Thebankaccountsunder the scheme have total deposits over `1.46 lakh crore. by state-owned Bharat Sanchar Nigam (BSNL) will get delayed further as domestic firms, which have been mandated to conduct trials for the project, have hit a fresh hurdle. Shortlisted firms such as Tech Mahindra,HFCLand L&T P U N E Future moves SC against HC order on Reliance deal report technical glitches with their core partner PRESS TRUST OF INDIA New Delhi, August 28 D E L H I , FRESH CASE Jan Dhan scheme NO NETWORK transformed India’s BSNL 4G tender hits new hurdles For a level playing field ● Barring TCS, development: PM other players ● 43.04 crore accounts opened with deposits over `1.46 lakh cr N E W are facing challenges with their Indian partner, Pertsol, which is offering the core solution for the network. Sources said these firms have communicated to BSNL that conducting trials with If these firms are not allowed to use C-DoT’s core solution, TCS will be the only firm left in the fray for the network rollout of BSNL Pertsol won’t be feasible and chances of failure are high as several technical glitches were unearthed during technical discussions. Continued on Page 11 studies, a single dose of BBV152 vaccine may be recommended to previouslyconfirmed SARS-CoV-2 infected individuals so that the naive individuals could attain the larger benefit of a limited vaccine supply,”it said. India’s first indigenous Covid-19 vaccine Covaxin, codenamed BBV152, was approved by the government for emergency use in January. Two doses are given with a gap of four to six weeks. Continued on Page 11 Covid: No large festive gatherings PRESS TRUST OF INDIA New Delhi, August 28 AHEAD OFTHE festival season, the Centre Saturday asked all states and Union territories to ensure there is no large gathering and that they take proactive measures to check the spread of coronavirus. Extending the ongoing Covid-19 guidelines for one more month till September 30, Union home secretary Ajay Bhalla said the overall pandemic situation now appears to be largely stable at the national level, except for the localised spread observed in a few states. Draft rules: Vedanta has to withdraw Singapore Cairn case for refund RETROSPECTIVE TAX THE GOVERNMENTON Saturdayissueda set of draft rules to implement the recent amendment to the Income Tax Act that scrapped retrospective application of a 2012 change in the lawconcerning taxation of cross-border transactions. As per the rules,in order for the government to revoke the tax demand and refund the amountscollectedsansinterest,theparty concerned not only has to withdraw all pendinglitigationindomesticcourtsand arbitration under bilateral investment treaties filed abroad,but also ensure that casesfiledbyany‘separateinterestedpar- ties’,includingbeneficialowners,arewithdrawn.ThiswouldmeanthatVedantahas to undertake to withdraw the arbitration filedunderIndia-Singaporetaxtreatyfor CairnEnergytoavailofthefacilityoffered byNewDelhi. —FE BUREAU Continued on Page 11 ‘Computing power’ new selling point as connected cars get popular ● In two years, about 6 lakh connected cars with embedded SIM cards have been sold in India VIKRAM CHAUDHARY New Delhi, August 28 IF YOU OWN the new Honda City, you can speak into an Amazon Alexa device at home (wirelesslyconnectedwith the car) and ask it to switch on the car’s AC. In Hyundai Alcazar, you can ‘speak’ to the car and ask it to open the sunroof.The upcoming Mahindra XUV700 will allow the user sitting inside the vehicle to operate gadgets at home, and the upcoming MGAstorwill allow the driver to reserve a parking slot inside a mall. The modern car is a computer on wheels—with an embedded-SIM,andcapableof over-the-airsoftware updates. There are about 6 lakh such cars on Indian roads. Hyundai’s tech is called the Blue Link, offered in seven models—i20, Venue, Verna, Creta,Alcazar,ElantraandTucson. The carmaker has sold over 1,66,000 Blue Link cars since the Venue (touted to be India’s first connected car)was launched on May 21, 2019. “Over34% sales of theseseven models are formed by connectedvariants,”SS Kim,MD & CEO, Hyundai Motor India, told FE.“In theAlcazar,allvariants are connected; in the Creta, over 45% sales are of connectedvariants.” Hyundai’s upcoming i20 N Line will also have Blue Link tech. MG Motor’s tech is called the iSMART; the carmaker has sold 68,947‘internet cars’(the termitprefers)sincetheHector was launched in 2019. Rajeev Chaba, president & MD, MG Motor India, told FE that technology has made cars lessabouthorsepowerandmore about computing power.“Our CONNECTING ON THE ROAD 68,947 The number of ‘Internet cars’ sold by MG Motor in India 35,000 The number of ‘connected’ City sold by Honda 1,18,343 Number of cars with FordPass connectivity features sold 1,66,000 The number of Hyundai connected cars on the roads 1,50,000 The number of connected cars sold by Kia India 37,000 The number of customers using ‘Mercedes me connect’ focus is to incorporate computerstotakecooperativedecisions in accordance with environmental data such as cruise control,monitor emissions,engine temperature,temperaturecontrol,and so forth,” he said. “To make things simpler, we introduced industry-first Hinglish commands in our internet cars.” Kia India has sold over 1,50,000 connected cars since the Seltos was launched on August 22, 2019. Its tech is called the UVO. Of these 1,50,000 cars,the Seltos has contributed 78% sales, and the Sonet 19%. Hondahassoldover35,000 units of the City with Alexa remote capabilities (this connectedfeaturecomesstandard in the City). Last year, Ford introduced its connectivity solutionFordPassasastandard feature across models; it has sold over 1,18,343 cars with FordPass connectivity tech. Tata Motors has developed the iRA (Intelligent Real time Assist),currentlyoffered in the Nexon, Altroz, Safari and Nexon EV.The upcomingTigor EVwill also get the iRA. In addition to convenience, these cars also offer safety features. For example, if the car breaks down, a notification goesto24-hourroadsideassistance,ortoemergencyservices in case of an accident.If the car gets stolen, it can be tracked and even immobilised. Sanjeev Garg, practice leader, Automotive, Praxis GlobalAlliance,attributedalot of connected car sales to snob value and familiarity. “The modern generation has grown up on tech; it wants the latest iPhone, latest Android, latest Apple Watch, so why not the latest in in-car tech?” Sandeep Nelamangala, executive director & head of sales, Mobility Solutions, Bosch, told FE that connectivity is being viewed as a key differentiator in enhancing user experienceandengagementby carmakers. Bosch works with mostcarmakers,andhasdevelopedtheAdrenoXconnectivity platform for Mahindra. Continued on Page 11 Kolkata
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