OPINION, P9 FE LINES WELL BEING Citizen versus State versus Liberty A happy life THINK BEFORE YOU DRINK The pandemic brought social support & honesty in govt as crucial for well-being of nations Page 7 While fruit juices sold in attractive bottles, cans or tetra packs seem to be the quickest way to beat the heat, experts say they may be actually doing more harm than good Page 8 ACROSS THE AISLE , P CHIDAMBARAM SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XXI NO. 28 GLOBAL WARNING FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, MAY 8, 2022, 20 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 , LEISURE CUISINE & CULTURE B E N G A L U R U , WORDSWORTH GRAVEYARD NATION 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 , N E W D E L H I , P U N E Rate hike not surprising: FM SUVs driving diesel demand FE BUREAU New Delhi, May 7 FINANCE MINISTER NIRMALA Sitharaman on Saturday assertedthattherisinginterest ratescenarioisunlikelytoderail the government’s plans for a record budgetarycapex of `7.5 trillion in FY23 to spur economic growth. The Goods and ServicesTax (GST) Council, the minister said,isunlikelytoconsiderrate rationalisation in its next ODD & EVEN Afghanistan might be out of focus presently, but its tragedy remains monumental Pages 4 C H E N N A I , READ TO LEAD MINISTER SAYS RBI STEP WON’T STYMIE GOVT'S CAPEX PLAN SALES UP FROM 13% IN FY20 TO 22% IN FY22 ● Speaks about the necessity for revenue-neutral GST rate A love affair with the plate and the story of unrequited love come together at House of Ming as it reopens in the national capital Pages 6 C H A N D I G A R H , Extreme weather conditions are sweeping large parts of the world Pages 10 & 11 TALK THE TALK When we prepared the Budget, there was no clue about the (Ukraine) war. But (high) prices of commodities, including crude oil, and disruption in global supply chains were before us. NIRMALA SITHARAMAN, FINANCE MINISTER meeting,as a report of a group of ministers (GoM),led byKarnataka chief minister Basavaraj Bommai, on this issue is yet to be submitted. Once it’s presented,the report ROHNIT PHORE will becirculatedamongstates for inputs, Sitharaman said. The government and the GoM are looking at how to, at least, “achieve the revenue-neutral (RNR) rate at which the GST was brought in”,she said. Theriseinfoodandfertiliser subsidies in the current fiscal was somewhat accounted for whentheBudgetwasbeingprepared,the minister said.Global commodityprices,especiallyof crude oil,were on the rise and supply chains were disrupted (at the time of Budget preparation), although “we didn’t have any clue about the (RussiaUkraine)war”,Sitharamansaid. She said countries seem to be following a particularaction templatetodealwiththetradeoffbetweenrecoveryandinflation in the aftermath of the pandemic,andthelatesthikein keypolicyrateshasbeenagloballysynchronised event. Continued on Page 13 IN THE NEWS HDFC hikes lending rate by 30 bps Mortgage lender HDFC, reports PTI. on Saturday announced an increase in its benchmark lending rate by 30 basis points (bps), a move that will make loans dearer for both existing and new borrowers. ■ Report on Page 3 ● High petrol prices and more choices in CNG models fuelling CNG preference Car sales by fuel type (Units) FY21 Petrol FY22 18,10,545 19,69,271 CNG 1,73,210 2,35,140 Diesel VIKRAM CHAUDHARY New Delhi, May 7 3,92,064 5,01,166 AS SPORTS UTILITY vehicles (SUVs) have become the preferred choice of Indian customers,the demand for diesel engines has also sustained. If the retail sales of passenger vehicles (PVs) by fuel type in FY22 are reviewed, 72.2% were petrol powered, 18.4% diesel powered, while 8.6% of the vehicles had CNG Others 12,106 20,470 Source: FADA engines, according to data shared by the Federation of Automobile Dealers Associations (FADA). In FY21, the sales share stood at 75.8% (petrol), 16.4% (diesel) and 6.1% (CNG). Continued on Page 13 ALLEGATIONS UNTRUE AND BASELESS, SAYS ED LIC IPO Day 4: NIIs’ part fully subscribed The portion of LIC's initial public offering earmarked for non-institutional investors (NIIs), including high net-worth individuals, has been subscribed fully on the fourth day on Saturday, reports PTI. ■ Report on Page 2 Xiaomi accuses ED of ‘violence’ threats ADITYA KALRA & ABHIRUP ROY New Delhi, May 7 CHINESE SMARTPHONE MAKER Xiaomi corporation has alleged its top executives faced threats of “physical violence” and coercion during questioning bythe Enforcement Directorate (ED), according to a court filing seen by Reuters. Officials from the ED warned the company’s former India managing director, Manu Kumar Jain, current chief financial officer Sameer BS Rao, and their families of “dire consequences”if theydid not submit statements as desired by the agency, Xiaomi’s filing dated May 4 stated. After the Reuters story was published, ED issued a statement saying Xiaomi’s allegations were “untrue and baseless” and company executives had deposed “voluntarily in the most conducive environment”. Continued on Page 13 '' don’t bother for scars any more. '' To get blemish free skin use NO SCARS. It helps to reduce and remove, scars and marks. RA ALOE VE Face h Was 100r% ue P rian a Veget ap So Get dazzling Glamour with... PREMIUM QUALITY SOAP Long Lasting Premium Quality Soap Nothing makes a woman more beautiful than the belief that she is beautiful. This belief paves the way to real beauty inside which reflects outside. NO SCARS BEAUTY SOAP helps making your skin look soft and radiant. The components of NO SCARS make it a wonderful moisturizer & provides nourishment to all the skin types. For more information, please contact : +91 97792 14455, +91 73199 35154 (Whatsapp) / email@example.com New Delhi
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