OPINION, P2 MIND & GAMES DESIGNER FINDS BEAUTY IN DECAY Mindset that harms human rights FE LINES Unfinished symphony Beethoven’s 10th symphony gets completed with help of AI Page 7 In a Warsaw warehouse, Marcin Rusak turns decomposing plant material into polished pieces that degrade over time Page 10 ACROSS THE AISLE , P CHIDAMBARAM VOL 14 NO. 33 SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM THE INDIAN SPIRIT FINANCIAL EXPRESS ON SUNDAY MUMBAI SUNDAY, OCTOBER 17, 2021, 16 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 C H E N N A I , Addressing addiction Whether it is binge-watching TV series, downing 30 cups of tea a day or having an excessive craving for carbonated drinks, the pandemic has witnessed many people getting addicted to quirky substances and habits. We tell you how to come out of it ■ WORDS WORTH, P5 A critical planet Excerpts from The Nutmeg’s Curse that introduce the reader to a sweeping saga of capitalism and climate crisis ROHNIT PHORE PRESS TRUST OF INDIA Washington, October 16 FINANCE MINISTER NIRMALA Sitharamanhassaidthatclimate financingcontinuestobeanarea of worry as she flagged India’s concerns over funding mechanism and technology transfer. Her remarks came ahead of the upcomingCOP26Summittobe held at Glasgow in the United Kingdom.Leadersofnearly200 nations,includingIndia,willgatherat the high-level summit on climate change,scheduled to be held from October 31 to November 12,to discuss the way forwardtotackleclimateactionandsubmittheirupdatedtargets. Sitharaman said it is unclear how the $100 billion per year commitment given in the wake of COP21 has been extended. “From my side,of course,one of theissuesthatIdidraiseanditis ❝ TWITTER What constitutes $100 billion? How do we measure if actually $100 billion has been given or only some of them has been given?..." UNION FINANCE MINISTER NIRMALA SITHARAMAN also something which many people do take cognisance of,is we actually don’t know if there were any measures given to measure if money spent on a particular project by somebody willbepartofthat$100billion," QuickPicks Long road ahead for car buyers this season LIMITED SUPPLY AND rising demand have led to a long waiting period, running into months,forpopularpassenger vehicle (PV) models like MahindraThar,Hyundai Creta and Kia Seltos. According to the Federation of Automobile Dealers Associations (Fada),the waiting period for the Thar diesel variant is nine-11 months; for Thar’s petrol variant, it is three-four months; forboth Creta and Seltos,four-sixmonths;forToyota’s Innova Crysta and Fortuner, five-six months; and for most othermodels,aroundtwo-three months. Maruti Suzuki’s CNG (Among these cars, top-end variants can have longer waiting periods, and entry-level ones shorter; certain models like Hyundai Santro, which have limited demand, are readily available) cars have a waiting period of about fourmonths. In these models, top-end variantscanhavelongerwaiting periods, and entry-level ones shorter,Vinkesh Gulati, president,Fada,told FE. “AtPVdealerships,thereisno festiveseason,”hesaid,referring (In months) Mahindra Thar diesel 9-11 Toyota Innova Crysta and Fortuner 5-6 Hyundai Creta 4-6 Kia Seltos 4-6 Mahindra Thar petrol 3-4 All Maruti Suzuki CNG cars 3-4 Tata Nexon 2-3 to the fact thatwhile demand is strong,thereislimitedsupplyto service that demand. “Traditionally,intherun-uptothefestive season,dealerships used to keep 30-50 days of vehicle inventory,but this has reduced to just 15-20 days, the lowest duringthis fiscal.” Auto analysts FE talked to saidsemiconductor(chip)shortage will continue to impact PV sales in the foreseeable future. SaketMehra,partner&auto sectorleaderatGrantThornton Bharat,toldFEthatpurchasing sentiments remain optimistic despite fear of another wave. “Customerenquiries at dealerships are high. Compared to July-September 2020 having sales of 6,70,722 PVs,sales in July-September 2021 are marginally higher (6,81,190 units). But thereisalaginsupplyasmanufacturers are finding it hard to obtain critical components like chips,” he said. Continued on Page 12 All rosé: Wine tourism in high spirits again NANDA KASABE Pune, October 16 SARA PINK FROM the British High Commission, Delhi, is perhaps the only foreign tourist to have visited Nashik’s vineyards post the Covid lockdown. Pleasantly surprised by thequalityofwinesavailablein this small town, she has promised to introduce Indian wines to Britishers and persuade British tourists to visit Nashik’s wineries as she heads back home after a long assignment in India. While foreign tourists may perhaps take some time to begin visiting the vineyards in Nashik, tourists from Pune, Mumbai and Gujarat have already begun thronging the vineyards in Nashik again. The footfalls have been SIP AND DINE ■ Over 1,000 tourists visit vineyards and over 3,000 tourists try out the wines on weekends ■ Tourists are mostly from Mumbai, Pune, Surat and Indore ■ Hotels, resorts on vineyards are reporting more than 98% occupancy during the week and 100% on weekends encouraging, with over 1,000 tourists visiting the vineyards on weekdays and over 3,000 touriststryingoutthewineson weekends,JagdishHolkar,president,All India Wine Producers Association (AIWPA), told FE. “People have been longing to K O C H I , US welcomed our economic reforms: FM “I AM A full-time and hands-on Congress president,” Sonia Gandhi asserted at the crucial Congress Working Committee (CWC) meeting on Saturday, in a clear message to the G23 leaders, some of whom have raised issues regarding lack of leadership and absence of an elected party chief. During her address at the party's highest decision-making body, Gandhi said the revival of the party can only happen with “unity, self-control, discipline and by keeping the party's interests paramount”. PAGE 16 WAITING PERIOD H Y D E R A B A D , ‘India’s commitments till 2030 almost fulfilled’ I’m full-time, hands-on Cong president: Sonia at CWC meet VIKRAM CHAUDHARY New Delhi, October 16 READ TO LEAD COUNTDOWN TO COP26 ● FM says climate financing area of worry; flags concerns over funding, tech transfer ■ LEISURE, P6 ODD & EVEN C H A N D I G A R H , ■ Nashik has 48 licensed wineries and around 35 of these are operational get out in the open after being confinedtotheirhomesforover one and half years.There is no betterwaytoenjoythefreedom of being out in the open than being in vineyards,” he said. Wineries in Nashik have been shut for almost the entire period when restrictions were in place and are now looking forwardtoagreatfestiveseason ahead.Hotels,smallresortsand resortsonvineyardsarereporting more than 98% occupancy during the week and 100% occupancyonweekends. Monit Dhavale,seniorvicepresident (hospitality) at Sula Vineyards,saidwinetourismin Nashik has picked up as people are looking to unwind after a long spell of restrictions.“Post the secondwave,ourresort has reported over 90% occupanciesonanaverageandonweekends, the occupancy rate of 100%,” he said. The tourists are mostly from Mumbai, Pune, Surat and Indore, all of which are a four-hour drive from Nashik. Continued on Page 12 There has been a sea change in the way Indians enjoy their drinks Pages 8,9 K O L K A T A , L U C K N O W , Q2 SHOW HDFC Bank profit rises 17.6% y-o-y FE BUREAU Mumbai, October 16 HDFC BANK ON Saturday Sitharaman said after the conclusion of her meetings at the International Monetary Fund (IMF) and the World Bank in WashingtononFriday. reported a 17.6% year-onyear (y-o-y) growth in net profit for the quarter ended Septemberto `8,834.31 crore on the back of a 21%y-o-yrise in other income to `7,401 crore,with net interest income (NII) growing 12% y-o-y. The bank’s provisions rose 6%y-o-y to `3,924.7 crore,of which loan loss provisions were `2,286.4 crore. In a statement, HDFC Bank said the total provisions for the current quarter include approximately`1,200 crore in contingent provisions. The bank’s gross non-performing asset (NPA) ratio in Q2 fell 12 basis points (bps) sequentially to 1.35% and the net NPA ratio fell eight bps to 0.4% as on September 30. HDFC Bank held floating provisions of `1,451 crore and contingent provisions of `7,756 crore as on September 30, 2021. Total provisions — comprising specific, floating, contingent and general provisions — were 163% of gross NPAsasonSeptember30,2021. Continued on Page 12 Continued on Page 12 WASHINGTON: Finance minister Nirmala Sitharaman has said that the Biden administration aswellasleadersfromthe corporate sectorin the US have welcomed as a very positive step the reforms undertaken bythe Indian government,particularly thewithdrawal of the retrospective tax. “The reforms that we’ve undertaken, particularly the steps taken for the withdrawal of the retrospective tax, has been mentioned by the United States administration as a very positive step,” Sitharaman said. Continued on Page 12 M U M B A I , N E W D E L H I , P U N E SELF-RELIANCE Govt aims to make semiconductors in India by mid-2022 ● Request for proposal will soon be floated seeking commercial bids from companies KIRAN RATHEE New Delhi, October 16 THE GOVERNMENT IS aiming to lay the foundation of the country’s first semiconductor manufacturing unit by JuneJulynextyearand a request for proposal (RFP) will soon be floated seeking commercial bids from companies. The quantum of incentives will be decided afterseekingfeedback from the companies operating in this space,sources said. “The semiconductor dream of Indiawill be fulfilled soon.It’s the Prime Minister’s dream to have semiconductors designed and made in India. We are working on developing the complete semiconductor ecosystem – for designing,manufacturing and packaging semiconduc- FAB PUSH Quantum of incentives will be decided after seeking feedback from companies In December 2020, Meity had come out with an EoI to set up semiconductor fabs in India and 15-20 firms had evinced interest Earlier plan of setting up semiconductor fabs had failed Government, this time, is ensuring that any incentive scheme should be able to address the requirements of the industry tor chips,” communications and IT minister Ashwini Vaishnaw told Financial Express. He, however, did not provide any details. Continued on Page 12
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