OPINION, P10 WELL BEING FE LINES THE LONG-TERM OUTCOMES OF EARLY-ONSET HEART DISEASES The spectre never went away Refine your search From AI tools to private browsing to deep searches, browsers today offer extensive options Page 9 While heart ailments are more common in older adults, they are now affecting younger individuals Page 7 ACROSS THE AISLE, P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 18 NO. 30 MODERN SPIN TO TRADITIONALYARN LUCKNOW FINANCIAL EXPRESS ON SUNDAY SUNDAY, JULY 6, 2025 26 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 , STATES OF GOA, Kerala and Assam are increasingly making the most of monsoon with several offerings to attract tourists in what has traditionally been known as ‘off-season’. Retirement reimagined Once synonymous with repose and withdrawal, retirees are now breaking the age barrier to reinvent themselves and seek part-time jobs, advisory gigs, and even turn entrepreneurs, in their golden years When you can, keep everything! showcase ‘Goa beyond beaches’.The tourism department has launched monsoon campaign #GlowOnArrival as silver prices rose 23.1% to `1,05,720 per kg, the highest half-yearly gain in four and a half years. Compiled by Kishor Kadam All but ■ In April, Trump announced base tariff rate, some as high as WITH NO WORD still on whether his administration will sign an interim trade deal withIndiabeforethereciprocal tariff pause runs out July 9, UnitedStatesPresidentDonald Trump said the US has begun theprocessofinformingcountriesaboutthereciprocaltariffs they must pay, and that he has alreadysigned12lettersscheduled to be dispatched Monday. Trump,however,statedthat the reciprocal tariffs would comeintoeffectAugust1,indicating a potential extended window for negotiations with countries, including possibly India, which have not struck a dealwiththeUSbeforetheJuly 10% 50% 10% base rate subsequently suspended for 90 days; period ends on July 9 ■ Piyush Goyal reiterates says tariffs that India will could now be negotiate from even higher, position of up to strength, not under deadlines ■ Trump 70% 9 deadline. The US had originallyannounceda26% reciprocal tariff on India. Trump told reporters: “I signed some letters and they will go out on Monday, probably 12. Different amounts of money,differentratesoftariff.” He said the names of the countries that would be receiving the letters would only be revealed Monday. A government official told The Indian Express that agriculture has been a majorsticking point in negotiations, particularly because India has adopted an unwavering stance on this sector. India, however, has shown willingness to reduce duties across a broad range of tariff 15.1 6.0 0.7 8.9 6.9 13.7 20.3 6.1 -2.3 26.0 23.1 -7.0 0.5 3.0 -8.7 5.8 -4.6 7.6 3.9 3.5 39.0 Silver H1 2025 Source: Bloomberg ADR moves SC over electoral roll revision in Bihar THE Association of Democratic Reforms (ADR) has moved the Supreme Court, challenging the Election Commission's direction for a special intensive revision of electoral rolls in Bihar. ■ PAGE 16 India becomes 4th 'most equal' nation INEQUALITY in India has come down significantly between 2011-12 and 2022-23, making it the fourth ‘most equal’ country, as per a World Bank report, below Slovak Republic, Slovenia and Belarus. ■ PAGE 16 Continued on Page 2 US AUTHORITIES HAVE arrested fugitive diamantaire Nirav Modi's younger brother, Nehal Modi, following extradition requests from the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), officials said on Saturday. Nehal Modi, who is the subject of a Red Notice issued by the Interpol, was taken into custody on Friday, US officials told Indian authorities. The next hearing in the matter is scheduled for July Jun 30, 2025 H1 H2 2020 2020 lines. Traditionally, India has been defensive in trade pacts concerning agriculture. Indian negotiators, led by chief negotiator and special secretary Rajesh Aggarwal, returned Friday after nearly a week of talks with the US. An officialindicatedthatthelikely interim deal will involve only goods, as services and labour issues are not currently part of the negotiations. While India is seeking greater market access for its textiles, leather and footwear, the US is pushing for access to India’s agricultural and dairy markets, a major hurdle since Indian farmers often operate on small land parcelswith limited technological support. In contrast, the US has demanded India to drop the GM regulation. There is significant resistance to genetically modified (GM) crops in India. PRESS TRUST OF INDIA New Delhi, July 5 95,676 Gold M U M B A I , N E W D E L H I , P U N E ■ In Assam, the annual Ambubachi Mela at Kamakhya temple coincides with monsoon; likely to see 1 million devotees this year compared to 750,000 last year like São João and Chikhal Kalo,which promote gastronomy, experiences and adventures like nature treks, plan- tation visits, and immersive village tourism. Promoting Kerala as a year-round destination, the state tourism department is continuing multi-pronged efforts to encourage more family travellers, particularly from north India.The tourism department has launched a campaign ‘Hello Zindagi’ to highlight serene backwaters and wellness retreats,cultural immersions and holidays for kids and parents. Continued on Page 2 Corporate bonds to be traded like equity: Pandey stocks and government securities. This is aimed at creating greater demand and wider THE SECURITIES AND access to these securities. Sebi has already introduced Exchange Board of India (Sebi) is working towards making athree-dayliquiditywindowfor corporate bonds more accessi- bond investors, allowing them ble and tradeable like equities, tosellbondsbacktotheissuerat specific intervals chairman Tuhin before maturity, KantaPandeysaid on Saturday. A day after Jane enhancing market participation. Speaking after Street order, The regulatoris addressing the Sebi chief also simplifying Bombay CharTuhin Kanta the framework to teredAccountants improve trade exeSociety, Pandey Pandey says cution and yield said the regulator manipulators calculation in the is facilitating bond market. Sebi their trading on will not be has also taken stock exchange tolerated steps to lower the platforms and face value of corintroducing porate bonds, measures to making them enhance liquidity. more accessible to retail This, experts said, investors and promoting includes the implemengreater participation in tation of a liquidity winthe bond market. dow and exploring trading on exchange platContinued forms similar to on Page 2 NESIL STANEY Mumbai, July 5 NiravModi’s brotherheld in USonIndia’sextraditionplea ● SUCCESSOR DECADES AWAY MCX silver prices (` p kg) per g 105,720 75,913 Dec 31, 2024 a season of rest, renewal and reconnection. From June to September, the state celebrates festivals and events Indiadealpending,Trump signs letters for 12 nations 85,851 Return in % 23.6 Goa tourism minister Rohan Khaunte recently announced promotion of alternative experiences that RAVI DUTTA MISHRA New Delhi, July 5 Gold prices surge a record 26% in H1’25 70,000 ■ On offer in the ‘sunshine state’ are nature treks, plantation visits, immersive village tourism initiatives go out Friday Excerpts from The Little Book of Data by Justin Evans 80,000 L U C K N O W , ■ State launches campaign to revitalise hospitality highlight serene industry hit by landslides inWayanad backwaters, wellness retreats, cultural events launches monsoon campaign #GlowOnArrival as season of rest, renewal and reconnection ● Hints at extended TARIFF TRACKER window for talks; ■ Trump earlier said tariffs kick in Aug 1 first batch of letters to ■ WORDS WORTH, P4 90,000 K O L K A T A , UNNAMED COUNTRIES TO GET LETTERS MONDAY ■ SPOTLIGHT, P5 MCX gold prices p (` per 10 g gm) K O C H I , ■ Kerala govt aims to ■ Goa tourism department VAISHALI DAR New Delhi, July 5 100,000 H Y D E R A B A D , MAKING A SPLASH ● ‘Off-season’ now turning tourist time in these states 110,000 READ TO LEAD Monsoon makeover for Goa,Kerala,Assam WHAT'S INSIDE MCX GOLD PRICES surged from `75,913 per 10 gm on December 31, 2024, to `95,676 per 10 gm on June 30, 2025, marking a 26% rise—the highest half-yearly gain in nearly 17 years—as investors flocked to the safe-haven asset amid geopolitical tensions. Gold also hit an all-time high of `98,931 per 10 gm on June 18. During the same period, MCX Weaving success stories by blending tradition with contemporary style Page 6 The 14th Dalai Lama attends a prayer ceremony on the eve of his 90th birthday in McLeodganj, Himachal Pradesh, on Saturday. Dismissing rumours about his health and succession, the Tibetan spiritual leader said he hopes to live for another 30-40 years KAMLESHWAR SINGH IN THE NET ■ Nehal Modi, subject of Interpol's Red Notice, held on Friday ■ Next hearing on July 17; Modi might seek bail ■ But bail likely to be contested by US prosecutors 17, during which Nehal Modi may seek bail—a move expected to be contested by US prosecutors, the officials said. The arrest stems from a joint extradition plea submitted by the ED and the CBI. The proceedings,led by US federal prosecutors,are based on two charges—money laundering under Section 3 of the Prevention of Money Laundering Act and criminal conspiracy under sections 120B (criminal conspiracy) and 201 (disappearance of evidence) of the IPC. Nehal Modi (46) is an accused in the alleged `13,000-crore Punjab National Bank (PNB) fraud. Continued on Page 2 Maruti’s market share goes downhill despite new launches VIKRAM CHAUDHARY New Delhi, July 5 MARUTI SUZUKI INDIA, the country’s largest passenger vehicle (PV) manufacturer, is facing a steady erosion of its market share, even as it continues to roll out new cars and SUVs across multiple segments. While the overall passenger vehicle industry has grown significantly over the past six years, the company’s sales figures have remained nearly stagnant, highlighting the growing competition and changing market dynamics. InFY19,MarutiSuzukisold 1.73 million units and held a commanding market share of 51.2%. However, in FY25, despite launching several new models, the company managed to sell just 1.76 million units, a marginal 1.8% increase from FY19. Over the same period, the passenger vehicle industry grew by 27%, from 3.38 million units in FY19 to 4.30 million units in FY25.As a result, Maruti Suzuki’s market share declined sharply to 40.9% in FY25,its lowest so far. This decline has occurred despite a series of high-profile product launches. These include the new Celerio (November 2021), Brezza (June 2022), Alto (August 2022),Grand Vitara (September 2022),Fronx (April 2023), Jimny (June 2023), Invicto STRUGGLING FOR DOMINANCE (Sales, in units) PV Maruti Suzuki FY19 33,77,389 17,29,826 FY20 27,73,519 FY21 27,11,457 Maruti Suzuki market share (%) 51.0 14,14,346 47.7 12,93,840 FY22 30,69,523 FY23 38,90,114 FY24 42,18,746 FY25 43,01,848 51.2 13,31,558 43.4 16,06,870 41.3 17,59,881 17,60,767 41.7 40.9 Source: SIAM (July 2023), as well as the latest Swift (May 2024) and Dzire (November2024).While some of these models have found success, they have not been enough to offset the overall downward trend in market share. Automotive analysts point to several reasons forthe stagnation.One majorfactoris the under-performance of certain new models. Jimny, for instance, has seen modest sales of just over 25,000 units in two years.Similarly,sales of the new Alto have fallen sharply, from more than 20,000 units per month in early2023 to just under5,000 units in May 2025. Industry experts attribute this to an affordabilitycrisis in the entry-level segment,traditionally Maruti Suzuki’s stronghold. Models like the Alto,S-Presso and Celerio have become less accessible to firsttime car buyers due to increased manufacturing costs. These costs have been driven up by stringent BS6 Phase 2 emission norms, mandatory safety regulations likesixairbags,andrisingcommodity prices. As a result, many budget-conscious consumers are now turning to the pre-owned car market instead of buying new small cars. Even where Maruti Suzuki has had relative success, such as with Brezza, Grand Vitara, and Fronx, it remains behind its rivals. Grand Vitara sold 123,946 units in FY25, whereas Hyundai Creta, its closest competitor, sold 194,871 units in the same period. Similarly, while Fronx registered sales of 166,216 units, it lagged behind Tata’s Punch, which sold 196,572 units. Continued on Page 2 Lucknow