OPINION, P10 WELL BEING FE LINES ACROSS THE AISLE, P CHIDAMBARAM Given the right push by the pandemic, the candyceutical market is finding a ready consumer base in Indians waiting for quick cure and a dose of good health Page 9 How solar panels and their vast potential can be used for marketing and advertising Page 6 Rob Peter more, pay Peter less The solar marketing THE GUMMY RETURNS VOL. XXI NO. 31 WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM AMITAVGHOSH FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, MAY 29, 2022, 34 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 A N D I G A R H , C H E N N A I , The author talks about colonialism, climate change and his new book The Living Mountain Page 4 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 , The dynamics of book deals are changing. From lofty acquisitions and better advances to slump in sales and rise of e-books, the rules are being re-written by authors and publishers alike ■ LEISURE, P7 Beyond the rainbow Bollywood films are increasingly reflecting the lives of the LGBTQ+ community and how mindsets are changing in society MARCH QUARTER RESULTS ONGC posts 32% jump in profit on high oil,gas prices FE BUREAU New Delhi, May 28 STATE-OWNED OIL and Nat- ural Gas Corporation (ONGC) on Saturday reported a 32% jump in its March quarter net profit as it got the best ever price for crude oil it produces andsells.Standalonenetprofit of `8,859.54 crore, or `7.04 per share, in January-March compared with `6,733.97 crore, or `5.35 a share, in the same period a year back, according to the company’s regulatory filing. Revenue from operations rose to `34,497.24crorein thefourth quarterof 2021-22 fiscal from `21,188.91 crore in JanuaryMarch 2021. For the full fiscal (April 2021 to March 2022), ONGC posted a record net profit of `40,305.74 crore, up from `11,246.44 crore in the previous financial year. This after international energy prices surged from late 2021 and spiked after Russia invaded Ukraine in February. ONGC gets international prices for crude oil it produces and so it benefited from the surge in energy prices. Continued on Page 2 M&M net profit rises 48% to `2,237 crore FE BUREAU Mumbai, May 28 MAHINDRA & MAHINDRA (M&M) has posted a 48% rise in consolidated net profit at `2,237 crore for the fourth quarter ended March 31, riding on broad-based growth registered across all its businesses. In comparison, the automotive major had posted a net profit of `1,513 crore for the same period a year ago. The net profit excludes an exceptional item of `293.73 crore for the quarter. During the quarter under review, the D E L H I , P U N E MODI'S 8 YEARS AND THE ECONOMY Coal India to import ● While a broadening & deepening of the welfare state is a big SPEAKINGATAPUBLIC meeting Words & figures N E W POWER SHORTAGES for first time in years positive, the economic track record could have been much better ■ SPOTLIGHT, P5 M U M B A I , in Gujarat on Saturday, Prime Minister Narendra Modi gave a long list of his government’s achievementsonthesocialwelfarefront.Modi,whocompleted eight years in office on May 26, has indeed walked the talk. There isn’t any doubt that a broadening and deepening of the welfare state has allowed him to retain unmatched levels of popularity. The economic track record, however, could have beenmuch better. In the initial part of his prime ministership, benign global crude prices helped him to put a leash on the budget deficits and thereby India's high public debt, making it an an outlier among emerging nations.In2015-16,India also snatched the statistical glory of being “the fastest growing major economy” from China and clung to that status in the subsequent year too, before losing it to the neighbour in 2017-18. It’s a different matter that China’s economy is nearly five times India’s. India's economic growth hadtakenahit,even beforethe pandemic wreaked havoc acrosstheglobe.Thepandemic and external shocks have inflated public debt much further in recent years. Despite theslackintheeconomy,inflation has tended to rise alarmingly in recent months, as external factors turned unfavourable. In 2014, there were expectations of a doubledigit growth, but in 2022, the growth is expected to be around 7%. As Modi enters the fourth year of his second term as PM, adeepslowdown—ifnotreces- FOR THE 1ST TIME Seven cases of B.A. sub-lineage of Omicron in Maha FOR THE FIRST time, four company’s revenue rose 21% to `25,934 crore from `21,456crorerecordedduring the same period a year ago,the company said in a statement. “Despite significant challengesduetovariousfactorslike Covid-19, commodity prices, semiconductor shortages and the Ukraine conflict, we have delivered strong results at the consolidated level. All of our groupcompaniesarewell-positioned to capitalise on growth opportunities,”AnishShah,MD and CEO at M&M,said. patients of B.A. 4 variant and three cases of B.A. 5 variants of the Omicron sub-lineage of coronavirus have been found in Maharashtra, an official of the state health department said on Saturday. All of them had only mild symptoms and were treated at home,he added.These sublineages of Omicron were found in April in some parts of the world, including SouthAfrica,but until now no cases had been detected in the state. “All the six adults have completed both the dosages ofvaccinewhile one has taken the booster shot too. The one child affected is unvaccinated,” the official said. Continued on Page 2 With sabka saath, sabka vikas, sabka vishwas aur sab ka prayas, we have given new direction to the development of the country” NARENDRA MODI, PRIME MINISTER ● Real GDP (% growth, y-o-y) 12 8 7.4 7.4 4 5 0 Indonesia Brazil China India* ● Retail inflation (% change, y-o-y) 10 8.9 8.1 4.6 3.7 0.5 8 6.4 4 2 -8 0 ● Fiscal deficit General govt deficit, % of GDP 15 12 9 6 3 0 2021 10.4 6 4.4 2014 Source: IMF, World Bank, ILO 2 0.9 2014 2021 4.6 9 6 3 0 2021 sion—in the west, the travails of China and India's relative insularity to the global shocks can let India consolidate its recently regained faster-growing-economy status. Indonesia Brazil China India 14.4 15 12 0.7 1.6 (% of labour force) 18 7.1 6 2.1 5.5 5.8 6.3 ● Unemployment Indonesia Brazil China India* 8.3 6 -4 2014 Indonesia Brazil China India* 6.7 6 5.4 4.8 4.4 4.1 4.6 2014 2021 *On a fiscal year basis (Apr-Mar) However, the government will have to answer tough questions over “jobless growth” and struggle to find resources for sustaining growth itself. REUTERS New Delhi, May 28 STATE-RUN COAL India, the world’s largest coal miner,will import the fuel for use by utilities, a power ministry letter seen by Reuters showed on Saturday, as shortages raise concerns about renewed power outages. It would be the first time since 2015 that Coal India has imported the fuel, highlighting efforts bystate and federal officials to stock up to avoid a repeat of April, when India faced its worst power cuts in more than six years. "Coal India would import coal for blending on government-to-government (G2G) basis and supply... to thermal power plants of state generators and independent power producers (IPPs),” the Union power ministrysaid in the letter dated May 28. The letter was sent to all utilities, top federal and state energy officials,including the federal coal secretary and the chairman of Coal India. India is expected to face a wider coal shortage during the third quarter of 2022 due to expectations of higher electricity demand, stoking fears of widespread power outages. The power ministry said in the letter that the decision was taken after nearly all states suggested that multiple coal import tenders by states would lead to confusion and sought centralised procurement through Coal India. The government stepped up pressure on utilities to increase imports to blend with local coal in recent days, warning of cuts to the supply SUSTAINABLE REAL ESTATE Net-zero projects define new landscape for realty in India ● Focus on green buildings with reduced carbon footprint an industry imperative now Continued on Page 2 VAISHALI DAR New Delhi, May 28 A GAME CHANGER 93% 65% 57% occupiers proactively prioritise locations to reduce carbon emissions in the future investors would prioritise investing in cities that are climate change progressive occupiers have achieved green building certification 40% aspire to have market recognised sustainability certification for their portfolio by 2025 SOLAR ROOFTOPS,WIND tur- bines, water management, composting, waste recycling. Theseare the buzzwordswhen it comes to real estate projects currently. The spotlight is on developers and occupiers to deliver sustainable and netzero projects fora reduced carbon future. A recent study by JLL ‘Sus- tainable real estate: India’s response to a greener future’ also points out that a majority of occupiers (93%) agree they will proactively prioritise loca- tionsthathelpthemreducecarbonemissionsinthefutureand investors(65%)agreethatthey would prioritise investing in cities that are climate change progressive. As many as 57% occupiers have achieved green buildingcertificationand40% aspire to have market-recognised sustainability certificationfortheirportfolioby2025. Asmanyas34%ofrespondents saytheyare paying 7-10%premium rents for sustainability certification and 32% are paying 4-7% premium. The figures walk the talk too. The real estate arm of Mahindra Group, Mahindra Lifespaces, has launched net zero energy homes called Mahindra Eden in Bengaluru. The project incorporates climate responsive design and smart interventions to reduce energy demand by 33%, and will generate 5% of the energy requirement onsite with solar rooftop PV and small wind turbines. Continued on Page 2 MINISTRY DIRECTIVE Power ministry sends letter to all utilities, top officials ■ It would be first time since 2015 that Coal India imports fuel ■ Ministry has asked states to suspend tenders for import, possibly to await price discovery by Coal India through G2G route ■ of domestically mined coal if power plants did not build up coal inventories through imports. But the power ministry on Saturday asked states to suspend tenders that are “under process”. “The tenders under process by state generators and IPPs for importing coal for blending may be kept in abeyance to await the price discovery by Coal India through G2G route, so as to procure coal at least possible rates,” the ministry said. Coal inventories at power plants have declined by about 13% since April to the lowest pre-summer levels in years. IN THE NEWS IndiGo fined `5Lfor denying boarding to specially-abled kid DGCA SAID IT has imposed a fine of `5 lakh on IndiGo airline for denying boarding to a specially-abled child at Ranchi airport on May 7, reports PTI. The regulator said in order to avoid such situations in future, it would revisit its own regulations. Page 2 Now, framework to check fake reviews on e-comm sites THE GOVERNMENT SAID it would develop a framework to keep a check on fake reviews posted on ecommerce websites to protect consumer interest, reports PTI. The consumer affairs ministry and the Advertising Standards Council of India held a meeting on Friday. Page 2 'India is an opportunity for Wikipedia, so are languages & reliable info’ ● Raju Narisetti, member, board of trustees, Wikimedia Foundation, talks of the sheer scale of Indian interaction with the platform ■ Among the 300 languages INDIA FOR WIKIPEDIA that Wikipedia offers content in, Hindi is ranked at about 55, followed by Tamil & Telugu ■ India has a total of 65,000 Wikipedia contributors, which is about 20% of all contributors on the platform ■ Indians are the second-largest NANDAGOPAL RAJAN New Delhi, May 28 WITHIN HOURS OF the shoot- inginTexas,theWikipediapage of the Robb elementary school inUvaldesaw765editscoming from 154 different contributors that was overseen by 103 page watchers ensuring only accurate informationwas published.This ability to offer‘reliable information’, especially in these critical times, is for Raju Narisetti, a member of the board of trustees of the Wikimedia Foundation, a ‘significantopportunity’forWikipedia English language contributors ■ However, over 80% of articles on Wikipedia are not in English in countries like India. The opportunityis also languages. “Most people don’t realise it but over 80% of articles on Raju Narisetti, member, board of trustees, Wikimedia Foundation Wikipedia are not in English. And among the 300 languages, Hindi is ranked at about 55, followed by Tamil ■ Hindi has close to about 150,000 articles, Tamil has 130,000 and Telugu has about 100,000 articles and Telugu. On number of articles,Hindi is close to about 150,000 articles, Tamil is about 130,000 articles and Telugu is getting to be about 100,000,”Narisetti elaborates on why it is a significant opportunity for a non-profit like Wikipedia, which has a 2030 strategic roadmap to help every person on the planet to access free knowledge and information. Narisetti, who has been associated with the Washington Post and The Wall Street Journalafterstartinghiscareer as a journalist in India, says several Indians are not aware of history,arts,politics and science. “So we are particularly targetingyoungerIndians,you know your typical Gen Z, with a campaign #KnowWithWiki.” And, India is already an important part ofWikipediain New Delhi more ways than one. Narisettisaysthatjustinthe past month, Indians have visited Wikipedia pages 750 million times.“Alsowhilewe focus on Indian languages, on Wikipedia,Indians are the second-largest English language contributors… and that’s a pretty amazing number.” In fact,India has a total of 65,000 Wikipedia contributors,which isabout20%ofallcontributors on the platform. And Indians have also backed Wikipedia fundraisers wholeheartedly. Continued on Page 2