OPINION, P10 LEISURE The dragon in the room WORDS WORTH In the eye of a storm HISTORY AS BATTLEFIELD A fresh take on the genesis of Bangladesh and the events leading to the nation’s birth Page 4 Over 90 works of art unlocking the complicated legacy of Tipu Sultan, the 18th-century ruler of Mysore, come under one roof for art lovers Page 6 ACROSS THE AISLE , P CHIDAMBARAM SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XXI NO. 40 STREAMING SIMPLICITY NEW DELHI SUNDAY, JULY 31, 2022, 24 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 , IN THE NEWS EPFO investment plan not taken up in CBT meet THE CENTRAL BOARD ofTrustees (CBT), the highest decision-making body of the Employees’ Provident Fund Organisation (EPFO) chaired by the Union labour minister, did not take up for discussion the proposal to enhance its investment in equities to 20% of the investible funds from 15% now, reports Surya Sarathi Ray in New Delhi. “The item was dropped. The CBT did not discuss the item at all,” said Sukumar Damle, national secretary, AITUC. ■ Page 3 Ease of justice as important as ease of living: Modi PM NARENDRA Modi on Saturday said ease of justice is as important as ease of doing business, while pointing out that the government is spending `9,000 crore towards modernisation of judicial infrastructure to improve justice delivery, reports fe Bureau in New Delhi. Stressing that access to justice and justice delivery are equally important for society, the PM said this is the time for the resolutions that will take India to new heights. ■ Page 2 FINANCIAL EXPRESS ON SUNDAY B E N G A L U R U , C H A N D I G A R H , C H E N N A I , LAUNCHES `3-TRN SCHEME FOR DISCOMS Clear power dues, PM tells states ● Payments of `2. 5 trn trapped REVAMPED SCHEME DEEPA JAINANI Lucknow, July 30 32% from central budget PRIME MINISTER NARENDRA Modi on Saturday asked the state governments to resolve the payment crisis that undermines the financial and operational viability of the power sector entities by clearing subsidies to distribution utilities (discoms) in time and ensuring that government departments and local bodies pay their power bills before the due dates. Stating that unpaid dues to powersectorentities — gencos and discoms — stood at a staggering `2.5 trillion, he said states’subsidyduesto discoms alone were over `75,000 crore at last count. About `60,000 crore is required to be paid by state government departments and local bodies to discoms for the electricity consumed by them. The Prime Minister was participating in an event to mark the culmination of `3 trillion over five years includes It aims to reduce aggregate technical and commercial losses at pan-India level to 12-15%; the average cost of supply-average revenue realised gap to zero by 2024-25 Discoms have debt stock of `5 trillion at last count, a quarter of which is of Tamil Nadu utility alone ‘Ujjwal Bharat Ujjwal Bhavishya – Power @2047’ via video conferencing. He also launched the Revamped Distribution Sector Scheme, the latest package to revive discoms,on the occasion. The scheme has an outlay of `3 trillion over five years, including 32% from the central budget. It aims to reduce AT&C 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 , M U M B A I , N E W D E L H I , P U N E How startups are rebooting the refurbished electronics market KUNAL DOLEY New Delhi, July 30 BACK WITH A BANG ATATIME when the fast-grow- ■ Used electronics ing refurbished electronics space is dominated by the grey market, lacks structure and consumer trust,a new breed of startupsandplayersisaddressing customer pain points and changing the game. These tech-enabled platforms are trying to tap into the potential of the refurbished or used electronics market in India that is already growing at a CAGR of 16% and is expected to be worth $11 billion by FY26, as per a recent report by management consulting firm RedSeer. An outlay of Slice-of-life ‘dramedies’ are providing a pleasant alternative to viewers of OTT platforms Page 5 market in India expected to be worth $11 billion by FY26 ■ Currently 95% of market is grey, unorganised; but growing at a CAGR of 16% ■ The used smartphone market is also expected to grow and reach $10 billion by FY26, as per the RedSeer report ■ In 2021 alone, India witnessed the purchase of over $15 billion worth of new smartphones online The refurbished industry haspickedupinIndiainrecent years,buttheorganisedplayers in the sector are still lacking, said Soumitra Gupta, CEO of Xtracover,aNewDelhi-basedecommerce platform for refurbished electronic devices and mobilephones.“Ibelievethisis one of the primary reasons for the lack of trust in customers when it comes to refurbished products,”he added. Satanik Roy, co-founder and product head of HyperXchange, a Kolkata-based recommerce marketplace for refurbished electronic gadgets,agrees. Continued on Page 2 5G AUCTION DAY 5 (aggregate technical and commercial) losses at pan-India level to 12-15% and the ACSARR (average cost of supplyaverage revenue realised) gap to zero by2024-25 byimprovingtheoperationalefficiencies and financial sustainability of all state-sector discoms and power departments. Continued on Page 2 Musk files countersuit Proceeds near `1.5 trn vs Twitter under seal FE BUREAU New Delhi, July 30 THE RACE BETWEEN Bharti Airtel and Reliance Jio to acquire a larger slice of 4G spectrum in the 1,800 Mhz band in Uttar Pradesh (East) saw the total proceeds from the auction inching closerto`1.5trillionattheend of the fifth day on Saturday. With an incremental jump of `112.18 crore, the total amountmoppedupsofaris `149,967 crore against Friday’s `149,855 crore. Thetotalspendbyoperators in UP (E) now stands at `1,571 crore against `1,459 onFriday.Theauctionwillcontinue on Sunday as well. Continued on Page 2 REUTERS July 30 ELON MUSK COUNTERSUED Twitteron Friday,escalatinghis legal fight against the social media company over his bid to walk awayfrom the $44-billion purchase,although the lawsuit was filed confidentially.While the 164-page document was New Delhi not publicly available, under court rules a redacted version couldsoon be made public. Musk’s lawsuit was filed hours after Chancellor Kathaleen McCormick of the Delaware Court of Chanceryordered a five-day trial beginning October17. Continued on Page 2
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