OPINION, P7 WELL BEING Spin doctors at work NEW MAMMOGRAPHY RULES MIND & GAMES A climate solution Restoring seagrass meadows is one tool that coastal people can use to address climate change Page 10 With a recommendation for earlier screening, even younger women need to take breast cancer seriously Page 6 ACROSS THE AISLE, P CHIDAMBARAM SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL.NO.XIII SL.NO.23 BHARAT’S G20 MOMENT FINANCIAL EXPRESS ON SUNDAY CHENNAI/KOCHI SUNDAY, MAY 28, 2023, 24 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 , C H A N D I G A R H , C H E N N A I , VIKASIT BHARAT BY 2047 Be fiscally prudent, PM tells states WHAT'S INSIDE PRASANTA SAHU New Delhi, May 27 ■ LEISURE, P5 AMID A SCHISM between the Centralgovernmentandopposition parties, Prime Minister Narendra Modi on Saturday nudged states to work closely withtheCentretomakeIndiaa developed nation by 2047 through long-term planning, coordinated infrastructure development and observing fiscal discipline. “Niti Aayog, finance min- Deliciously Dilli Reviving the rich, rustic and robust flavours of ‘Dehlnavi’ cuisine istry, all ministries and states will beworking towards certain goalstomakeIndiaadeveloped nation,” Niti Aayog CEO BVR Subrahmanyam said after the Niti Aayog Governing Council meeting.Theeighthmeetingof theCouncilchairedbyModiwas attendedbychiefministersand lieutenant governors of 19 statesandsixUTs,while11state CMs,including from West BengalandBihar,skippedthemeet. Continued on Page 2 ■ WORDS WORTH, P4 For the 61st harvest A warning how excessive use of pesticides impacting soil health and mega animal farms wasting agricultural land will lead to severe food shortages IN THE NEWS Angel tax: New rules to give investors flexibility THE NEW valuation methods proposed by the income tax department for computation of fair market value for angel tax is expected to provide flexibility to investors, reports Surabhi in New Delhi. Experts, however, said implementation would be the key to these measures. ■ PAGE 11 China cracks down on social media posts, accounts CHINA SAID it took action on more than 1 million social media posts and accounts in its latest campaign to moderate online content that it regards as malicious, reports Bloomberg. Authorities permanently banned 66,000 accounts and cracked down on 928,000 others in the drive that started in March, China’s cyberspace regulator said in a statement on Saturday. ■ PAGE 11 PM Narendra Modi with Union ministers, CMs and other dignitaries during the 8th Governing Council meeting of the Niti Aayog in New Delhi on Saturday PTI How India, as a host country for G20 presidency, is using it to boost tourism, infra in small towns Pages 8-9 READ TO LEAD H Y D E R A B A D , K O C H I , Sun Pharma seeks to fully acquire Taro Pharma 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 , ● A HISTORIC INAUGURATION RAJESH KURUP Mumbai, May 27 SUNPHARMACEUTICALINDUSTRIES,theworld’sfourth-largest specialty generic pharmaceuticalfirm,hasproposedtoacquire all the remaining shares in Israel-basedTaroPharmaceuticalIndustriesthroughareverse triangularmerger.Thecompany intends to acquire all the shares itcurrentlydoesnotown,at$38 pershare,in an all-cash deal. At present, Sun Pharma owns 78.48% stake in Taro. Basedonroughcalculations,the remaining nearly 22% stake in Taro Pharma will be priced at about $315 million. In a letter issued to Taro’s board,theIndianpharmamajor has proposed a non-binding interest to acquire the remaining shares. Following the completionofthedeal,Taro—which will be delisted from the New York Stock Exchange — will become a wholly-owned subsidiary, Sun Pharma said in a stock exchange update. The purchase price represents a 31.2% premium over Taro’sclosingpriceonMay25,a 41.5% premium over Taro’s average closing price in the last 60 days,it said. An aerial view of the new Parliament building set to be inaugurated on Sunday MINTED IN MEMORY THE INAUGURATION of a newParlia- Narendra Modi Prime Minister May this Temple of Democracy continue strengthening India's development trajectory and empowering millions ment building on Sunday will be markedbythereleaseofaspecial`75 commemorativecoin.Thepracticeof releasing coins is nothing new, and while these are not legal tender,they serve as good collectors’items.Take a look at some notable ones launched since independence... ■ PAGE 11 About 900 weavers from UP’s Bhadohi & Mirzapur spent a total of 1 million man hours to carpet the new complex,writes Ankur Biplav ■ P 11 Continued on Page 2 Midsize sedans not racy enough for Tata Motors SUV ADVANTAGE ● Company to focus on more lucrative utility vehicles instead VIKRAM CHAUDHARY New Delhi, May 27 THE FY23 SALES of midsize sedans (those above 4 metres in length) might have grown 27.6% — from 86,001 units in FY22to 109,754unitsinFY23 — but the country’s thirdlargest carmaker Tata Motors won't enterthis segment,a top company official told FE. Shailesh Chandra, managing director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, told FE that Tata Motors has one sedaninitsportfolio,thesub-4 metreTigor,anditwillfocuson that,in addition to SUVs. “Wearenotthinkingofgetting into the midsize sedan segment. We have seen that new model launches push sales,but onlyto a point.Overall,the market share of sedans has remained range-bound in ■ Sales of midsize sedans (those above 4 ■ Tata metres in Motors has length) grew one sedan in 27.6% its portfolio, the sub-4 in FY23 metre Tigor ■ Market share of sedans has remained range-bound in the past few years, about 10% of the PV industry ■ Tata Motors says long-term trend is toward SUVs the past few years, about 10% of the passengervehicle industry,” Chandra said, “Of that 10%,about70%ismadeupby sub-4 metre sedans,where we are present.” He added that the global and long-term trend is toward SUVs, which have inherent advantages such as command seating position, high ground clearance, feel of a big car — reasons enough for Tata Motors to focus on them. “Launching new cars is a capital-intensive process, and we need to play in segments where there is lesser risk and which are growing. We have experimentedwith the Punch, a micro SUV, and it attracted a lot of customers from both sedans and hatchback cars; similarly, the Nexon SUV has attracted a lot of sales from the sedan segment,”he added. A source told FE that around 2019-20,Tata Motors was planning to develop a midsize sedan based on the Altroz premium hatchback, but the plan didn’t move beyond the discussion stage. “The sales share of midsize sedans has been falling —from 6.9% in FY17, to 6.4% in FY18, 5.6% (FY19), 3.9% (FY20),2.8% (FY21) and 2.8% (FY22),”he said. Continued on Page 2 Tourists looking northeast this summer ● Offering culture to cuisine, region sees record travel demand KUNAL DOLEY New Delhi, May 27 THE RECENT VIOLENCE in Manipur may have cast a temporary shadow over the region, butitdoesn’tunderminenortheastIndia’sriseasapopulardestination fortourists.While government figures show a record-breaking tourist footfall of 100,000 foreign guests and over11.8milliondomesticvisi- NEW HOLIDAY HOT-SPOT ■ Govt figures show a record-breaking tourist footfall of 100,000 foreign guests & over 11.8 million domestic in the past one year in N-E India ■ SOTC Travel says that it has been witnessing a surge of about 30% in demand compared to pre-pandemic times in the region ■ Thomas Cook (India), has witnessed 21% growth compared to last year and 30% vis-a-vis pre-pandemic levels tors in the past one year, travel firms,too,arewitnessingasurge in demand. “Travellersarekeentoescape the summer sun, and hill stationsandcoolerclimesmakefor an ideal getaway.The northeast andhillstationsofnorthBengal are attracting more Indians ■ Mawlynnong (Meghalaya) & Ziro Valley (Arunachal Pradesh) were the top offbeat choices with 27% and 23% of the votes OYO’s Summer Vacation Index 2023 owing to cooler and pleasant temperatures, dense forests, ancient monasteries, snowcappedmountains,pristinevalleys, glistening lakes and cascading waterfalls,” said Daniel D’souza, president & country head, leisure, SOTC Travel, addingthatthetravel&tourism P U N E firmhasbeenwitnessingasurge of about 30% in demand compared to pre-pandemic times. Thomas Cook (India), too, has witnessed 21% growth compared to last year and 30% vis-a-vis pre-pandemic levels. Continued on Page 2 CHENNAI/KOCHI PTI
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.