OPINION, P10 WELL BEING FE LINES Can personalised medicine and gene editing be the future of healthcare? Experts weigh in Page 7 Sexual education and wellness apps are doing what parents and teachers can’t do Page 9 TREATMENT THAT IS TAILORED JUST FOR YOU Eleven years: A data-based critique ACROSS THE AISLE , P CHIDAMBARAM VOL XX NO. 03 Adolescent curiosity LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM ZARNA GARG INTERVIEW FINANCIAL EXPRESS ON SUNDAY SUNDAY, JUNE 22, 2025 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 , Malted in India KUNAL DOLEY New Delhi, June 21 From winning accolades to making, and even exporting, premium and world-class products, Indian whisky brands are making a splash all over the globe AMID THE HISTORIC rally of gold prices, and fuelled by an increasing interest among theyoungerpopulation and first-time investors,digital gold is gaining popularity across India.Whileexactfiguresvaryacross platforms,surveysestimatethatmil- Not just a sneaker How Nike’s Air Jordan line forever changed the landscape of sports marketing, creating a template for athlete-brand partnerships Compiled by Kishor Kadam 112.9 110 100 104.6 90 Base: December 31, 2024 = 100 Dec 31, 2024 June 20, 2025 Top 5 private bank gainers APPLE EXECUTIVES have held talks about potentially bidding for AI startup Perplexity, seeking to address the need for more AI talent and technology. The discussions are, however, at an early stage and may not lead to an offer, said sources. ■ PAGE 16 N E W D E L H I , P U N E 75% `13,888 cr Digital gold investments in 2024 65% millennials prefer digital gold over physical gold Indians under 35 years favour digital gold Source: World Gold Council; Moneyview lionsofIndiansarealreadyinvesting in digital gold, and this number is growing steadilyeveryyear. “With increased smartphone usage,UPI integration,and growing financial awareness,we expect digital gold adoption to double in the comingyears,”saidSamitGuha,chief financial and technology Officer of MMTC-PAMP, a joint venture between the Centre-owned Metals andMineralsTradingCorporationof India (MMTC) and Switzerlandbased gold refining firm, Produits ArtistiquesMétauxPrécieux(PAMP). AsperestimatesoftheWorldGold Council (WGC) and homegrown digital gold platform SafeGold, of the approximately `1.5 lakh crore gold investments made in India in 2024, `13,888crore(about9.7%)werefor digital gold.“Digital gold has seen huge growth on the back of overall global uncertainty and market turbulence since 2022,” said Rhea Chaterji, director and head of consumerretail,SafeGold. Continued on Page 2 ● HITTING THE ‘PAUSE BUTTON’ 10-hour flying time for two Bengaluru-London flights in May (YTD2025 % gain) 44.3 21.5 14.7 13.2 11.4 PM Narendra Modi takes part in a yoga session during 11th International Day of Yoga celebrations in Visakhapatnam, Andhra Pradesh, on Saturday ■ Report on PAGE 16 ASSOCIATED PRESS Tel Aviv, June 21 ISRAEL'S MILITARYSAID Saturday itstruckanIraniannuclearresearch facility overnight and killed three senior Iranian commanders in targeted attacks,while emphasising it was preparing for the possibility of a lengthy war.Smoke rose from an area near a mountain in Isfahan, where Isfahan province’s deputy governor for security affairs,Akbar Salehi, confirmed the Israeli strikes damaged the facility but caused no casualties. The target was two centrifuge production sites, according to an Israeli military official speaking on conditionofanonymityunderarmy guidelines to brief reporters. It was the second attack on Isfahan,which was hit in the first 24 hours of the waras partof Israel’s goal to destroy Iran’s nuclear programme. Continued on Page 2 »INSIDE« OVER 800 INDIANS EVACUATED FROM IRAN SO FAR: MEA PAGE 16 PTI Direct tax receipts dip1.4%tillJune19 NET COLLECTIONS ● Advance tax FY25* collections rise by FY26** (in ` lakh cr) modest 3.87% in Q1 FE BUREAU New Delhi, June 21 THE CENTRE’S DIRECT tax collections after refunds grew by just 1.4% to `4.59 lakh crore as of June 19 of the current fiscal, as refunds surged by 58% on year during the period,official data showed. The direct tax receipts are lagging the momentum required to achievethecollectiontargetpegged by the Centre—to grow 13.2% on year to `25.2 lakh crore for FY26— despite substantial income tax relief in the Budget. Corporate tax receipts (postdefund) declined by 5.1% on year to `1.73 lakh crore as of June 19 of 2025-26.Non-corporatetaxreceipts, excluding the securities transaction tax, saw just 0.7% growth at `2.73 lakh crore duringthe period. Themoderationintaxcollection receipts could be attributed to tax reliefs and higher refunds. In the Direct tax 2.73 Israel strikes Iranian nuclear researchfacility 2.71 EVEN AS THE June 12 Air India crash is being investigated,aviation watchdog Directorate General of Civil Aviation (DGCA) has pulleduptheTataGroup-ownedairline for crew rostering violations. In an order dated Friday, the regulator ■ Airline to directed Air India to immediately ■ Air India initiate remove three officials from all roles responded that it disciplinary and responsibilities related to crew proceedings has implemented scheduling and rostering for serious the order against the violations.DGCAhas also instructed the airline to initiate internal disci■ In Feb, Delhi HC plinaryproceedings against the offihad asked DGCA cialswithoutdelay.Theofficialsidento ensure timely staffers tified are divisional vice-president adherence to Choorah Singh, chief manager revised duty, rest (DOPS, crew scheduling) Pinky Mithours for pilots tal, and crew scheduling (planning) PayalAroraasdirectlyresponsiblefor repeated non-compliance. operations control centre (IOCC).Air The order states: “The officials India is committed to ensuring that have been involved in serious and thereistotaladherencetosafetyprorepeated lapses, including but not tocols andstandard practices." limited to unauthorised and nonThe DGCA has also reportedly compliantcrewpairings,violationsof directedflightoperationsinspectors mandatory licensing and recency to submit detailed records of all norms, and systemic inspections and audits failuresinschedulingprocarried out on Air India »INSIDE« tocols andoversight.” since 2024.The data,covAIR INDIA In its statement, ering planned and STARTS the DGCA said the offiunplanned inspections, RELEASING cials were accountable audits, cockpit and en COMPENSATION for significant operaroutechecks,stationfacilPAGE 3 tional lapses. ityreviews,aswellasramp Theviolationscameto and cabin inspections,has light during a post-transition beensoughtaspartoftheregulator’s review following the shift from the ongoing investigation. air route management system to The regulator has also issued a the CAE flight and crew manage- show-cause notice to the airline for ment system and were voluntarily operating two flights—Bangaloredisclosed by the airline. London on May16 and 17—wherein In response to the order,AirIndia pilotsweremadetoflyforlongerthan said:"Weacknowledgetheregulator’s the10hoursallowedasperflightduty directive and have implemented the time limitation (FDTL) dispensation order.In the interim,the company's giventoAIatthatpointoftime. chief operations officer will provide direct oversight to the integrated Continued on Page 2 1.73 banks is likely to continue in a falling interest rate environment, owing to their stronger ability to manage net interest margins, deliver consistent earnings growth, and maintain asset quality. Nifty private bank index Nifty PSU bank index Apple execs hold talks over buying Perplexity 9.7% 3 Relative performance PAKISTAN SAID it would recommend US President Donald Trump for the Nobel Peace Prize, an accolade that he has said he craves, for his work in helping to resolve the recent conflict between India and Pakistan. ■ PAGE 16 M U M B A I , 1.82 Private banks outshine PSBs in YTD25 returns Pakistan to nominate Trump for Nobel L U C K N O W , REGULATORY SLAP ● Told to remove 3 ■ Airline also issued show-cause staffers; furnish audit, notice over pilots exceeding inspection details NITIN KUMAR New Delhi, June 21 RBL Bank Kotak Mahindra Bank Axis Bank Bandhan Bank ICICI Bank K O L K A T A , Share of digital gold investments in 2024 Air India faces DGCAire over crewviolations ■ WORDS WORTH, P4 80 K O C H I , ● Youngsters leading SHINING BRIGHT shift; adoption to rise `1.5 lakh cr 2x in coming years Gold investments in 2024 ■ SPOTLIGHT, P5 120 H Y D E R A B A D , Actualgoldtoohottohandle,buyersturntodigital WHAT'S INSIDE INADIVERGING trend, private banks have outperformed public sector banks (PSBs) in year-to-date (YTD) 2025 returns.The Nifty Private Bank Index has surged 12.91% so far this year,while the Nifty PSU Bank Index has risen by a more modest 4.65% during the same period.This marks a reversal from calendar year 2024,when the Nifty Private Bank Index delivered a marginal negative return of0.40%,whereas the Nifty PSU Bank Index climbed 14.5%.Experts believe the outperformance ofprivate C H E N N A I , 4.59 P U B L I S H E D READ TO LEAD 4.65 AHMEDABAD 16 Pages, `12 ‘I don’t self-censor in the US; the more unhinged, the better’ Page 6 Corporate tax * FY25 (up to June 19, 2024) ** FY26 (up to June 19, 2025) Source: Govt data Noncorporate tax FY26 Budget, the Centre sharply raised the income tax exemption limitto`12lakhfrom`7lakhinthe newtaxregimeandloweredtaxincidence under various income slabs, which the government said would leave around `1 lakh crore cash in thehandsoftaxpayerstoboostconsumption and investment. Continued on Page 2 Kylaq, Syros get sub-4 metre SUVs back in the race VIKRAM CHAUDHARY New Delhi, June 21 THE ENTRY OF Skoda Kylaq and Kia Syros seems to have revived the sub-4 metre SUV segment, pushing its share in the overall passenger vehicle (PV) market to nearrecord levels in the first half of the current calendar year (JanuaryMay). These two new launches, introduced in late January and early February respectively, have made a noticeable impact not just on individual brand sales, but on overall segment dynamics. Since its launch on January 27, Skoda’sKylaqhassold20,518units, while Kia’s Syros,which entered the market on February 1, has sold 23,597 units.Together,these mod- elshavecontributedsignificantlyto the rise in the market share of sub4 metre SUVs,from 25.06% in January to a high of 29.4% in February. Although the share has seen slight fluctuations since, it remained elevated, standing at 28.4% in May. This upward trend is particularly notable against the backdrop ofageneralslowdown inPVsales.FromJanuary to May 2025, the overall PV market witnessed a 13.7% decline, from 351,310 units in Januaryto 303,099 units in May. However, the sub-4 metre SUV segment has proven more resilient.It peaked at 97,456 units in February and remained rela- Skoda Kylaq Launched: Jan 27 Units sold so far: 20,518 PICKING UP AGAIN Market share of sub-4 metre SUVs (%) 25.06 Launched: Feb 1 Units sold so far: 23,597 28.4 Jan Kia Syros May tively strong through the next few months,settling at 86,174 units in May,nearlyback at its Januarylevel of 88,029 units. This can be attributed to the suc- cessoftheKylaqandSyros.Theyhave not only boosted the segment but also provided a lifeline to their respectivemanufacturers.Skoda,for instance, has seen a 63.1% surge in salesovertheJanuarytoMayperiod. TheCzechcarmakerrecorded4,133 units in January and scaled up to 6,740 units by May, with March marking its best-ever monthly sales at 7,422 units. Kia India, on the other hand, has managed to moderate its overall sales decline to 10.8%, despite facing headwinds in other model lines like the Seltos and Carens. Its March sales also peaked at 25,525 units,its best monthlyperformance to date, with the Syros playing a major role. Industry experts point to the ongoing popularityof the SUVbody style as a keyfactorbehind this suc- cess. The higher seating position and improved ground clearance offered by compact SUVs make them more appealing to buyers than hatchbacks. The trend has been reinforced by models like Maruti Suzuki’s Fronx, a crossover adaptationoftheBalenohatchback. The Syros is Kia’s second offering in the sub-4 metre SUV segment, joining the Sonet, while the Kylaq marks Skoda’s debut in this competitive space. With these two additions, the segment now includes 16 distinct models. Going forward, the sub-4 metre SUV segment is expected to grow even further with the anticipated launches of new versions of the Hyundai Venue and Kia Sonet later in the year. Ahmedabad