OPINION, P10 WELL BEING Scrutinise your overall lifestyle to know what isn’t working for you and things that may be coming in way of your fitness goals Page 8 The final assault on Constitution FE LINES Enter Pi, the genial chatbot from Inflection AI Page 6 A chatbot with a humane touch 8 WAYS YOU’RE SABOTAGING YOUR WORKOUT ACROSS THE AISLE, P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XVIII NO. 44 TANDOORI DELIGHT FINANCIAL EXPRESS ON SUNDAY AHMEDABAD SUNDAY, MARCH 31, 2024, 16 Pages, `12 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 , ● How an ancient brew is getting a modern twist KUNAL DOLEY New Delhi, March 30 WITH 'CONSCIOUS' CONSUMERS leaning towards qual- ity, natural ingredients and exploring new flavours and techniques, mead—a glutenfree alcoholic beverage made byfermenting honeywithvar- FE BUREAU New Delhi, March 30 FINANCE MINISTER NIRMALA 857 stocks post over 100% returns in FY24 at the 2nd, 3rd and 4th spots, respectively. HUL slipped from the 5th spot to 10th, Infosys from 6th to 7th, and ITC from 7th to 9th. Meanwhile, Bharti Airtel moved up from the 9th spot to 5th, and SBI rose from the 8th spot to 6th. LIC entered the top 10 mcap club at the 8th position. Kotak Mahindra Bank's ranking slipped outside the top 10. Complied by Kishor Kadam Mcap gain (` crore) 436,917 295,288 240,318 232,084 214,547 Tata Motors 213,201 SBI 204,284 TOP WEALTH CREATORS IN FY24 HDFC Bank 201,986 Zee Ent Navin Fluorine IIFL Finance Vedant Fashions SBI Cards -7,012 -5,717 -5,598 -5,105 -5,068 -10,220 -11,034 One 97 (Paytm) Adani Wilmar Rajesh Exports -14,781 UPL -19,636 -68,256 HUL Adani Enterprises 164,565 ICICI Bank 157,010 N E W Mcap loss (` crore) TOP WEALTH LAGGARDS IN FY24 4-20% ABV $487.9 mn Alcoholic content of mead depending on fermentation Size of the global mead industry in 2021 25-45 years $1.62 bn Age group of drinkers most likely to be interested in meads Projected size of the global mead industry in 2028 ious fruits, herbs and spices— isincreasinglymakingitspresence felt in India’s burgeoning liquor market. The proof of the pudding is in the eating or, in this case, drinking.MoonshineMeadery, one of the few Indian brands Sitharaman is ‘hopeful’ of India’s gross domestic product (GDP) growing above 8% in the fourth quarter of FY24, substantiallyhigherthan the 5.9% growth projection made by the NationalStatisticalOffice(NSO). “The average growth in FY24 would be 8% orabove,” she said on Saturday.The NSO in its second advance estimate (SAE)has projected India’s economy to growat 7.6% in FY24. Sitharaman mentioned at aneventorganisedbyMintthat “we can’t grow at 8% without consumption happening”, refuting comments made by experts on tepid consumption conditions.She also said a third termoftheNarendraModigovernment would witness major reforms at the third level of the federalstructure—thepanchayati raj and urban bodies—in ordertoencouragebusinessesto make investments. “When businesses have to start, or investments have to offering mead, just celebrated its sixth anniversary, growing at approximately 80% yearon-year since its inception. Similarly, Nashik-based mead brandCeranaMeadsisallsetto close the financial year at nearly 200% in the top line D E L H I , P U N E compared to the previousyear. Eventhoughtheindustryis still in its nascent stage in India, the size of the global mead market is projected to grow from $487.9 million in 2021 to $1.62 billion in 2028 at a CAGR of 18.71%, as per a report bymarket research firm Fortune Business Insights. What makes mead stand out from the crowd is the fact that it is a 100% natural and gluten-free beverage made without synthetic additives. Continued on Page 2 ● BHARAT RATNAS AWARDED NIRMALA SITHARAMAN, finance minister WHEN BUSINESSES HAVE TO START, OR INVESTMENTS HAVE TO COME… THEY HAVE TO BE GROUNDED SOMEWHERE — AT VILLAGES OR PERIPHERY OF A CITY come… they have to be grounded somewhere—at villages or periphery of a city. In thoseplaces,ifelectedbodiesare notopen,transparent,aware,or ready to be welcoming, everythingwedowillbeonpaperand not on the ground,” she said. The minister’s comment comes as many oppositionruled states and a section of public finance experts allege a trendofcentralisationofpolicymaking and resource mobilisation in the Modi regime.They citestatesbeingrequiredtoput in an increasing share to be eligible for funds under various central-sector schemes, and JAYPEE TO RESTRUCTURE $120-MILLION BONDS CRISIS-HIT Jaiprakash Associates on Saturday said around 92% of bondholders have given consent for restructuring of foreign currency convertible bonds (FCCBs) worth $120 million, which were issued by the company and due for payments in 2020 and 2021. In February, the debt-ridden company had announced plans to restructure these bonds. ■ PAGE 3 President Droupadi Murmu (centre) flanked by PM Narendra Modi (on her left), Vice-President Jagdeep Dhankhar and home minister Amit Shah (on her right) with the next of kin of the Bharat Ratna recipients at Rashtrapati Bhavan, in New Delhi on Saturday PTI various reforms they are mandated to undertake for fiscal monies. Reforms of local governments could yield better development outcome only if adequate powers are delegated to them and states too are empowered,theyreckon. Sitharamanmentionedthat the first-term of the Modi government focused on adopting technology in every sphere of governance, which ensured transparency in tracking the end use of every penny spent, and the second-term’s prime focuswas on privatisation. Continued on Page 2 RAJNATH SINGH TO HEAD BJP MANIFESTO PANEL The BJP on Saturday announced a 27-member committee, which included several Union ministers and chief ministers, headed by defence minister Rajnath Singh to prepare its manifesto for the Lok Sabha polls. Finance minister Nirmala Sitharaman will be its convener and Union minister Piyush Goyal its coconvener, the party said. ■ PAGE 2 New norms to curb excesses in indirect tax probes Exchange-traded FX derivatives may be hit by new RBI rules PRIYANSH VERMA New Delhi, March 30 BLOOMBERG March 30 THE CENTRAL BOARD of Indi- rect Taxes and Customs (CBIC) has issued a detailed standard operating procedure, dated March 30, to be followed by CGSTfieldofficerswhileundertaking investigation against taxpayers.The guidelines,seen by FE, are similar to a circular issued to the Directorate General of GST Intelligence (DGGI) bythe CBIC in February,and are aimed at improving ease of doing business and preventing harassment to taxpayers. The guidelines say that in initiating an investigationwith respect to a listed company, PSU or government department,the practice to be adopted by the CGST fieldformationshouldbeofinitiallyaddressing official letters. INDIA’S CENTRAL BANK is said to have confirmed that exchange-traded currency derivative contracts linked to the rupee can only be offered for hedging purposes after confusion that unhedged trades were allowed for positions below $100 million. The regulator clarified to the Commodity Participants Association of India in a March 28 email that anyone undertaking such contracts involving the rupee without an underlying exposure would be in violation of foreign exchange rules, according to people familiar with the matter. They asked not to be identified as the email isn’t public. Continued on Page 2 Continued on Page 2 CLARIFICATION TO CIRCULAR ■ RBI’s Jan 5 circular had said stock exchanges may offer contracts for 'purpose of hedging contracted exposure' ■ Circular said positions up to $100 million are allowed without having to establish underlying exposure across all currency pairs involving the rupee and combined across all stock exchanges ■ RBI has now clarified that anyone undertaking such contracts would be in violation of foreign exchange rules SUVs, Swift help Maruti claw back market share ● From 41.3% in SUV SUCCESS STORY FY23,carmaker set Fronx Launched: April 24, 2023 to close fiscal at 43% Units sold: VIKRAM CHAUDHARY New Delhi, March 30 Over 120,000 ZIPPING AHEAD* Brezza Launched: June 30, 2022 Units sold: 14,500/month MARUTI SUZUKI, THE coun- try’s largest passenger vehicle manufacturer,has been losing market share overthe past few years—fromahighof51.2%in FY19 to 41.3% in FY23. But thanks to the SUV onslaught and continued success of the Swift model, its market share increased to 42.9% during April-February FY24, and will likely touch 43% in FY24. The SUV onslaught by the company—it launched the allnew Brezza in FY23, and the Fronx and Jimny in FY24—as well as continued success of the Swift hatchback have been instrumentalinhelpingitclaw back market share. Swift Wagon R Baleno * Units sold in CY23 The Fronx, launched on April 24 lastyear,has sold over 120,000 units, and the Brezza (launched on June 30, 2022) has been averaging about 14,500 monthly sales. ShashankSrivastava,senior executive officer, marketing and sales,Maruti Suzuki India, told FE that the Fronx has gotten really popular with young customers, who love its techloaded cabin and multiple powertrain options. “The Fronx has attracted a lot of first-timebuyers,”hesaid.“The automatic variants of the Fronx contribute to 24% of its sales,signalling growing inclination towards clutch-less transmission options.There is also considerable demand for the 1.0-litre turbocharged Boosterjet engine,aswell as for the recently-introduced SCNG option.” He added that the Fronx and Brezza together have helped Maruti Suzuki double its SUV segment share to 19.7% in CY23 from 10.4% in CY22,in addition to helping it gain overall market share. Another reason is that the Swift is still going strong— despite the fact that it’s an old nameplate dating back to 2005. In CY23, it was India’s largest-selling car, having sold Brezza Tata Nexon 157,311 Some sage observations for Delhi as it struggles for elusive strategic clarity in dealing with China Larsen & Toubro M U M B A I , 170,311 Asian power play THREE CHEERS Q4 growth to be above 8%, says FM ● Modi’s 3rd term to see reforms at panchayat level ■ WORDS WORTH, P4 TCS L U C K N O W , 170,588 Literature festivals want to become larger, but ambition may need to match content and character LIC K O L K A T A , 193,989 The book of numbers Bharti Airtel K O C H I , 201,301 ■ SPOTLIGHT, P5 Reliance Inds H Y D E R A B A D , ‘Conscious’ drinkers raising a toast to mead culture WHAT'S INSIDE IN FY2024, 11 STOCKS posted returns over 10 times. Additionally, 846 shares provided returns between 100% and 936%, and 746 firms between 51% and 100%. Of 3,367 actively traded stocks, 563 recorded a decline in their share prices. RIL remained at the top of the market capitalisation (mcap) ranking chart with `20.1 trillion. TCS, HDFC Bank, and ICICI Bank retained their positions C H E N N A I , READ TO LEAD 203,469 P U B L I S H E D Unchanged for 45 years, how the Bukhara remains eternal Page 7 Hyundai Creta 203,469 units, more than models such as the Wagon R (201,301 units), Baleno (193,989 units), Brezza (170,588 units), Tata Nexon (170,311 units) and even HyundaiCreta(157,311units). Srivastava added that the success of the Swift lies in its ageless design, low maintenance,high fuel efficiency,and its SUVish kind of bold design. “Some hatchbacks may look puny in front of SUVs, not the Swift,”he said. Although these three models have helped Maruti Suzuki gain market share, the carmaker could have seen even moresuccessbutforthefailure of models like the Jimny and dropping sales of the Alto and the S-Presso. Automotive analysts told FE that the Jimny,launched on June 7, 2023, hasn’t crossed even 20,000 in cumulative sales. “High pricing—some variantswerepricedmorethan Mahindra Thar—lack of positioning and a niche market for off-roading are the reasons the Jimny didn’t take off,” an analyst said.“Also,it looks tiny,and doesn’t have the road presence that Indian buyers want.” Similarly, sales of the Alto and S-Presso have dropped 41% this financial year, and arelikelytodecreasefurther,as most Indian buyers are opting for SUVs as their first car, instead of hatchbacks. Ahmedabad