BACK PAGE | PAGE 18 PERSONAL FINANCE | PAGE 7 BRANDWAGON | PAGE 9 Used-car marketplace Droom steps on the gas Why Lifebuoy needs SRK as its new face LUCKNOW, MONDAY, MARCH 10, 2025 Right time to pick tax-free bonds for long-term income FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 84, 18 PAGES, `12 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 , H Y D E R A B A D , K O C H I , K O L K ATA , 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 IN THE NEWS Slow unsecured loans hit retail credit growth RETAIL CREDIT GROWTH of banks slowed sharply to 12% in January 2025 from 29% in January last year, driven by weaker growth in personal loans, reports Sachin Kumar. Growth in other personal loans declined to 9% from 23% in the same period. ■ PAGE 6 Power sector gets ready to meet 270 GW demand AS INDIA BRACES for another scorching summer, Central Electricity Authority (CEA) chairperson Ghanshyam Prasad tells FE how the power sector is preparing to meet the projected peak power demand of 270 GW, reports Garima Sadhwani. ■ PAGE 2 CoC gets more teeth PRIYANSH VERMA New Delhi, March 9 RESPONSIBLE RESOLUTION THEGOVERNMENTHASgiven significantadditionalpowersto the committee of creditors (CoC), the primary decisionmaking body once bankruptcy proceedings are initiated.The Insolvency and Bankruptcy BoardofIndia(IBBI)viaarecent notification has made it mandatory for the CoC to constitute a “monitoring committee”(MC) to oversee the implementation of a resolution plan, according to official sources. Theregulatorisalsolikelyto soon prescribe an “oversight committee” (OC) which would keepaneyeontheCoCtoensure that its members follow the guidelines notified by the IBBI. Its formation is now mandatory and it will oversee implementation of a resolution plan ■ Changes in insolvency process are aimed at ensuring better governance, timely resolution, & preventing value erosion of assets Oversight committee ■ These changes won’t require immediate amendment to the Insolvency and Bankruptcy Code, sources say The proposed OCs would likely be empowered to hold CoC members accountable for lapses,mismanagement,orany decisionthatmayharmtheresolutionprocess,thesourcessaid. The move to make forma- The proposed panel will ensure that CoC members follow IBBI guidelines and hold them accountable for lapses tion of MC mandatory is primarily aimed at ensuring that resolution applicants adhere to the terms of the plan approved by the National Company Law Tribunal (NCLT), and pay the computed dues to creditors on Riding on nostalgia Luna has revived an old tagline to connect with the new rider ■ EXPLAINER, P6 A reality check for India’s graduates Less than half of India’s graduates are employable, says a recent study Continued on Page 5 Indian captain Rohit Sharma and batting talisman Virat Kohli celebrate after India clinched a fourwicket victory over New Zealand in the the ICC Champions Trophy final in Dubai on Sunday. India is the only team to lift the prestigious title three times, having previously won it in 2002 (joint winners with Sri Lanka) and 2013. ■ REPORT, P18 Maruti Suzuki set to discontinue 2014-model Ciaz ■ BRANDWAGON, P9 time.Thechangeswon’trequire any immediate amendment to the Insolvency and Bankruptcy Code (IBC),which has proven to be time-consuming. ● CHAMPIONS CLINCHANOTHERTROPHY STATES’ CAPITAL EXPENDITURES likely fell 6% yearon-year in the first 10 months of FY25 despite the Centre’s acceleration of capex loans to them, reports Prasanta Sahu. ■ PAGE 2 FE SPECIALS ● US largest export Monitoring committee Capex of states likely fell 6% in April-January In the first casualty for mid-size sedans, Maruti Suzuki is set to discontinue its 2014-model Ciaz, sources said, reports Vikram Chaudhary.n Page 4 AutopartsmakersplanUS expansiontobypasstariffs IBBI MAKES FORMATION OFMONITORING PANELMANDATORY ANI market with 28% share for local firms SWARAJ BAGGONKAR Mumbai, March 9 INDIAN AUTOMOTIVE COMPONENTS makers having businessinterestsintheUS are considering to either set up manufacturing units there or expand theirexisting facilities in aneffort tobypass the reciprocal tariffs announced by President Donald Trump that will kick in April 2. These companies are holdingdiscussionswithbothvehiclemakers andtier-Iparts suppliers to explore setting up factories in the US,which isthe largest export market for Indian auto parts companies accounting for 28% of the total shipments.Some of these RISING SHIPMENTS India's top five export markets for auto components Share (%) Actual exports (in bn $) 28 3.1 8 5 4 0.88 0.55 0.44 0.33 US Germany Turkey Brazil UK Data for H1FY25 Source: ACMA »INSIDE« ZERO TARIFF ON US IMPORTS COULD BOOST INDIA’S ELECTRONICS MARKET P4 companies currently have plants in Mexico, catering to clientsthere,beforeassembled vehiclesareexportedtotheUS. The Pune-headquartered India-EU FTA Musk says US negotiations ‘really should’ resume today exit NATO INDIA AND THE European Union (EU) will start their 10th round of negotiations for a free trade agreement (FTA) on Monday, with a clear deadline for finalising the pact this year-end, reports Mukesh Jagota. While the issues thatwere holding up its progress remain, the global tariff war triggered by the US, along with other developments, could expedite the talks, experts said. ■ PAGE 2 3 BILLIONAIRE ELON MUSK threw his weight behind a US exit from NATO,saying on his social media platform that it “doesn’t make sense for America to pay for the defense of Europe.”The senior adviser to US President Donald Trump was responding to a post on X early Sunday that asserted the US should “Exit NATO *now*!” “We really should,” he said, reports Bloomberg. ■ PAGE 5 RSB Group, which manufactures automotive propeller shaft, rear axles and suspension system, supplies components from its Mexico plant to General Motors, Ford, Dana and Eaton, which also have manufacturing units in the north American country. Continued on Page 5 Secondlegof Budgetsession beginstoday THE SECOND PART of Parliament’s Budget session will begin on Monday, with finance minister Nirmala Sitharaman presenting the budget for Manipur, which is currently under President’s Rule. During the session, the government’s focus will be on completing the budgetary process and the passage of the Waqf Amendment Bill. The session will continue till April 4,reports PTI. ■ PAGE 2 Legacycoaching centres up online playto staythe course S SHANTHI & ANEES HUSSAIN Bengaluru, March 9 AS EDTECH STARTUPS shift theirfocustoofflineexpansion, legacy coaching institutes are strengthening their online presence to keep up with the evolving education landscape. Offline test-prep giants such as Aakash,Vidyamandir,ALLEN, andSriChaitanyaarescalingup their digital platforms to offer hybrid learning solutions, recognising that the future of education is omnichannel. Aakash Institute, a dominant player in test preparation for over 36 years with a market share of around 13%,is investing `100 crore in digital initiatives over the next three years. Thecoachingmajorisintegrating AI-powered assessment tools for students and tutors, leveragingreal-timeclassroom data to analyse learning gaps and suggest focused interven- FUTURE OF LEARNING ■ ALLEN Online currently has more than 180,000 monthly learners ■ According to a Ficci survey, 70% of students prefer a hybrid learning model Vidyamandir Classes is ramping up its online vertical, which currently contributes 5% of the group’s revenue ■ ■ Sri Chaitanya Educational Group's online platform Infinity Learn now has 750,000 subscribers to premium content tions.“A lot of this investment will be cross-utilised between Aakash Digital and our brickand-mortar classes, which we are now calling‘phygital’classrooms,”said Deepak Mehrotra, MD and CEO of Aakash Institute.“Our goal is to ensure that online attendance matches the high engagement levels of our physical classrooms. We are nowpreparing to launch a slew ofAI-enabledproducts,”hesaid. A Ficci survey highlights that 70% of students prefer a hybrid learning model, reinforcingtheneedforomnichannel offerings. Continued on Page 5 Top firms pitch for a robust art law framework in India Booming art mart opens up a big canvas forlegal firms JYOTSNA BHATNAGAR Ahmedabad, March 9 INDIA’S RAPIDLY GROWING art mart, conservatively pegged at around`4,000crore annually, is attracting marquee legal firms,making it the latest sought-after vertical on India’s legal canvas. Law firms including Cyril Amarchand Mangaldas (CAM), Khaitan & Co, DSK Legal, Dentons Link Legal, Anand and Anand are already providing niche art law services while others are waiting on the sidelines. Says Rishabh Shroff, scion of CAM and cohead of the firm’s market leading private client practice specialising in familygovernance and estate planning, a lot of clients are either investing in art or have inherited large art EMERGING SPACE ■ Many business houses have large art collections as part of their CSR initiatives ■ Piramal Art Gallery in Mumbai and Kiran Nadar Museum ofArt in Delhi among notable private galleries ■ Art lawyers help in carrying out due diligence & checking veracity of artworks ■ Global art market is estimated at a whopping $60-70 bn. In India, it is pegged at `4,000 crore annually collections. “They want to make sure that the collections are legally protected and due diligence and veracity of the seller’s title are flawless.” “Our art law work sits as a parallel offering to our mainstream private client work, where for example we incorporate holding large art col- ■ Art law work involves helping clients incorporate large art collections in a family trust or set up a museum for charitable purposes lections in a family trust. Or we help a client set up a museum for charitable purposes where they can showcase their art to the public. It is a part of our internal offerings to high profile clients,” he adds. A lot of large business houses have large art collec- tions too which are part of their CSR initiatives. For instance, the Piramal Art Gallery in Mumbai is one of the only galleries of its kind which exhibits works of famous photographers aswell as other forms of visual art. Continued on Page 5 Lucknow