ECONOMY | PAGE 2 COMPANIES | PAGE 6 India should be a leader of reform process:WTO DG INTERNATIONAL | PAGE 10 LG Electronics eyes business revival in H2 Walmart CEO McMillon to retire after a decade KOCHI, SATURDAY, NOVEMBER 15, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 162, 46 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 SENSEX: 84,562.78 ▲ 84.11 NIFTY: 25,910.05 ▲ 30.90 NIKKEI 225: 50,376.53 ▼ 905.30 HANG SENG: 26572.46 ▼ 500.57 `/$: 88.74 ▼ 0.08 `/€: 103.14 ▼ 0.13 BRENT: $63.95 ▲ $0.94 GOLD: `124,702 ▼ `1,885 NDADECIMATESMAHAGATHBANDHANINBIHAR SpecialIntensiveRout ● NDAstorms past FULL COVERAGE, P24 200 while Oppn gets reduced to 35 Deciphering the grand alliance’s loss DWAIPAYAN CHOUDHURY New Delhi, November 14 ON A DAY when India dominated South Africa in the Kolkata Test, the National Democratic Alliance (NDA) delivered its own emphatic performance in Bihar, sweepingtheAssemblyelectionswith a three-fourths majority. AwinfortherulingNDAwas onexpectedlinesbutthescaleof the victory surprised even the most optimistic memberof the alliance,surpassing even Home Minister Amit Shah’s estimate of 160-odd seats. The NDA ended up bagging 202 out of 243 seats,while the Bharatiya Janata Party (BJP) emerged as thesingle-largestpartywith 89 seats – close to its 2010 record tallyof91.TheJD(U)secured85 seats,markingitsstrongestperformance since 2010,when it had crossed the three-digit mark. Another ally, Chirag Paswan's LJP(RV)won 19 of the 29 seats it contested. Apart from Prime Minister NarendraModi,whosepopularity appears to have galloped afterthe subdued performance oftheBJPinthe2024LokSabha elections, the Bihar voters pitched for “Sushasan Babu" IN THE NEWS MARKETS PAGE 7 PANDEY: OPTIMISTIC SEBI BOARD WILL ENDORSE CONFLICT OF INTEREST REPORT THE SEBI BOARD will take up on December 17 the report of a high-level panel, which has recommended public disclosure of assets of senior officers to avoid conflict of interest, Chairman Tuhin Kanta Pandey said, reports fe Bureau. QCO withdrawal to cut input costs for textile MSMEs THEWITHDRAWAL OF 14 qualitycontrol orders will widen low-cost sourcing options helping domestic players, especially MSMEs, to cut manufacturing costs, industry executives said, reports NarayananV. ■ PAGE 2 Mutual fund cash kitty rises 29% in October THE CASH BUFFER kept by mutual fund houses rose 29% in October when debt funds recorded their highest inflow of `1.6 lakh crore in six months, report Ananya Grover & Christina Titus. ■ PAGE 7 FE S P E C I A L ■ MOTOBAHN, P9 Yamaha and its quest for premium EVs It is launching electric scooters at the premium end of the market NARENDRA MODI, PRIME MINISTER Jungle Raj demolished by M+Y (Mahila+Yuva)… We will win Bengal next Prime Minister Narendra Modi waves a gamcha at the BJP headquarters in New Delhi on Friday, during the celebrations of the NDA’s victory in the Bihar Assembly elections PTI BIHAR Majority: 122 NDA MGB 202 TOTAL SEATS 243 Nitish Kumar in big numbers, cementing his position as a formidableregionalleaderwhohas been able to dodge a bouquet of odds that includes a 20-year anti-incumbency. If sworn in again,which is now a certainty, thiswillbeKumar’s10thstintas the state’s chief minister. A high turnout of women, whooutnumberedmalevoters bynearly10percentagepoints, Others 35 6 alsoseemstohaveclinchedthe deal in favour of the BJP-led coalition.Women have always remained Kumar’s core support base. Bihar – home to over 130 THE OPPOSITION Mahagathbandhan was at the receiving end of an NDA sweep, with its two biggest constituents, the RJD and the Congress, collapsing spectacularly, report Santosh Singh & Manoj CG. While RJD and its leader Tejashwi Yadav did not have anything fresh to offer, the “vote chori” pitch by Congress found no resonance among voters. » INSIDE « WHY `10K OR MAHILAVOTE WON’TTELLTHE FULLSTORY PAGE 24 OPINION PAGE 8 RESULTS OWETO FACTORS BEYOND CASTE & COMMUNITIES, WRITES BADRI NARAYAN million people and more than 74millionvoters–sawanoverall turnout of 66.91%,a record in its electoral history. Continued on Page 10 Relianceplans1-GWdatacentre; Andhrasigns14MoUsatCII meet MANU KAUSHIK Visakhapatnam, November 14 EMERGING HUB RELIANCE INDUSTRIES (RIL) will set up a 1-gigawatt artificial intelligence data centre in Andhra Pradesh, marking another major technology investment in the state shortly after Google announced its $15-billionAI data centre project in Visakhapatnam. The MoU between the Andhra Pradesh government and RIL was signed on Friday at the CII Partnership Summit 2025 in Visakhapatnam, in the presence of Chief MinisterN Chandrababu Naidu,IT& Industries Minister Nara Lokesh and Reliance Industries executive director PMS Prasad. Naidu said the proposed data centre in Vizag will operate as a twin to RIL’s gigawattscale AI data centre in Jamnagar, together forming one of Asia’s strongest AI infrastructure networks. Designed as a fully modular and futureready facility, the Vizag unit will be capable of hosting the most advanced processors Total MoUs signed worth `3.65 lakh cr To generate more than 126,000 jobs Energy firms like ReNew Power, Navayuga Engineering signed MoUs worth 2.65 lakh N CHANDRABABU NAIDU, CHIEF MINISTER The target is to attract investments of over $500 billion over the next three years and create 5 million jobs IT & infra firms like Crown LNG and RCRT committed `12,255 cr including graphics processing units (GPU) and Tensor processing units (TPU). To power the data centre sustainably, Reliance will also set up a 6GWp (gigawatt-peak) solar power project in the state, which Naidu said will double Andhra Pradesh’s current ground-mounted solar capacity, contribute over 30% of its renewable energy and unlock the state’s solar potential. In addition to the AI infrastructure, RIL will develop a greenfield integrated food park in Kurnool on 170 acres allotted by the Andhra Pradesh Industrial Infrastructure Corporation. The facilitywill produce packaged drinking water, beverages, chocolates, snacks, atta and other processed foods. Continued on Page 6 AdaniGroup betsbigwith `1L-crplan THE ADANI GROUP on Friday announced it will investover`1lakhcrorein variousprojects,including in the joint venture data centre with Google in Andhra Pradesh, over the next decade. “We have already invested around `40,000 crore across ports,logistics, cement,infrastructure and renewable energy.Overthe next ten years we are planning to invest `1 lakh crore in ports,cement,data centres and energy business," said Karan Adani, MD of AdaniPorts&SEZatAndhra Pradesh Investor Summit. ■PAGE 2 »INSIDE« ANDHRA EYES $500-BN INVESTMENT IN 3 YEARS PAGE 2 Personaldatagetasafety netasDPDPrulesgolive ● Firms get 18 months to align with new regime OJASVI GUPTA New Delhi, November 14 THE GOVERNMENT ON Friday notified the Digital Personal Data Protection (DPDP) Rules 2025, thus setting in motion the phased rollout of the Digital Personal Data Protection Act, 2023. Most of the compliance obligations affecting both consumers and companies will only take effect 18 months from the date of notification, giving firms across digital sectors, ranging from social media and e-commerce to fintech and telecom, a transition time to align their platforms, consent systems and data-retention practices with the law. Once that 18-month windowends,companies and government departments will be required to seek specific, purpose-linked consent before processing personal data; provide users with itemised descriptions of the personal databeingcollected;offersimple mechanisms to withdraw consent; enable grievance Tata’sPVunit getsone-time boostinweak Septquarter NITIN KUMAR New Delhi, November 14 TATA MOTORS PASSENGER Vehicles(TMPV)onFridayposted amassive2,110%riseinitsconsolidatedprofitat`76,248crore in the July-September quarter. The surge was driven by a onetimeexceptionalgainof`82,616 crorearisingfromthede-merger of the commercialvehicles business.Adjusting forthis one-time gain, it was a weak operating quarter for the company, as it slipped into a net loss of `6,368 crore. This was largely due to Jaguar Land Rover operations anddeclininggrouprevenues. Revenue from operations dropped to `71,714 crore from `82,841 crore in the year-ago period.Attheoperatinglevel,the companyreportedanEbitdaloss of `1,404 crore,a sharp reversal from the `9,914 crore Ebitda profitpostedinQ2FY25. The biggest impact came from JLR. A cyberattack forced productiontoahaltfornearlysix weeks,disrupting global factory operations at a critical point in the model cycle.Combined with the planned phase-out of legacy Jaguar models, wholesale volumes fell 25% to 66,200 units from87,300unitsayearearlier. Continued on Page 10 DPDP DECODED PHASE I IMMEDIATE: Govt to start process of creating a Data Protection Board PHASE II IN 12 MONTHS TIME: Companies dealing with consumer data need to put in place a consent manager framework PHASE III IN 18 MONTHS TIME: Full implementation starts under which: ■ Firms need to present consent-based notices before processing data ■ Children’s data, retention etc & security controls come into effect ■ Yearly impact assessment & audits for leading data fiduciaries ■ Cross-border data transfers allowed except in specific cases ■ Penalties for data breaches begin »INSIDE« COMPLIANCE CLOCKTICKS FOR ENTERPRISES PAGE 4 redressal; and delete personal data when it is no longer needed for the stated purpose unless its retention is necessary for compliance with any law in force. Firms will also have to report a personal data breach to the affected user and to the Data Protection Board within 72 hours of becoming aware of it, disclosing the nature, extent and timing of the breach, the consequences of the breach, the mitigation steps undertaken and the precautions the user should take.Children’s data has been placed under heightened protection, with companies required to obtain verifiable parental consent for processing data of any person under 18 through measures that confirm the identity and age of the consenting adult.However, platforms have been allowed to live-track the location of underage users for safety purposes only. Continued on Page 6 RBIstepsinwith reliefmeasuresfor tariff-hitexporters FE BUREAU Mumbai, November 14 THE RESERVE BANK of India (RBI) has announced the Trade Relief Measures Directions, 2025 on Friday to cushion exporters from global trade disruptions and ensure continuity of viable businesses. Effective immediately, the framework applies to commercial banks, co-operative banks, NBFCs (including housing finance companies), All-India Financial Institutions and Credit Information Companies (for reporting purposes). Eligible borrowers must be engaged in export sectors having outstanding export credit facilities as of August 31, 2025, and maintain ‘standard’ classification on all accounts as of that date. Some of the sectors and articles that are eligible for the RBI’s trade relief measures include organic chemicals, plastic, rubber, leather, carpets, apparel and clothing accessories,footwear,articles of iron or steel, nuclear reactors, boilers and electrical machinery and equipment and parts. WELCOME MOVE ■ Effective immediately, the framework applies to commercial banks, cooperative banks, NBFCs etc ■ Includes moratorium on term loan installments — both principal and interest ■ Eligible borrowers must have outstanding export credit facilities as ofAug 31 »INSIDE« RBI BUYS `12,470-CR BONDS IN SECONDARY MARKET PAGE 7 Key measures include a moratorium on term loan installments—both principal and interest—falling due between September 1 and December 31, 2025. Continued on Page 10 Despite inflation at an all-time low, opinion divided over whether central bank will go for a rate cut in December UStarifflikelytobeloweredto15-20%,saytopeconomists CHRISTINATITUS, KSHIPRA PETKAR & MAHESH NAYAK Mumbai, November 14 ECONOMISTS EXPECTRECIPROCAL US tariffs on Indian exports to be lowered to 15%20% by the end of December as there seems to be some concrete movement from both governments. Importantly, most believe the additional 25% penalty duty,imposed on August 27,is on its way out after India moderating its oil imports from Russia.“Ifthedealiswell-negotiated,the overall tariff burden could fall to 15%, aligning India with other Asian peers and unlocking significant macroeconomic gains,” said Tanvee Gupta Jain, chief India economist,UBS. Agreed Madan Sabnavis, chief economist at Bank of Baroda,whobelievesthetarifftalks are moving in the right direction.“There is reason to believe that the 50% duty could come down to 25%,and even further to 15% depending on how muchwegiveandtake,” hesaid. He pointed to India’s diversification of oil imports from Russia to SaudiArabia,Iraq and the US as a strategic lever. “Urban demand is responding to GST reforms.If the trade deal is signed before the December policy, the RBI will likely revise its GDP forecast above 7%,” said Gaura Sengupta,ChiefEconomistatIDFC First Bank, who sees signs of acceleration.However,shecau- MADAN SABNAVIS, CHIEF ECONOMIST, GAURA SENGUPTA, CHIEF ECONOMIST, There is reason to believe that the 50% could come down to 25% & even further to 15% depending on how much we give and take If the trade deal is signed before the December policy, the RBI will likely revise its GDP forecast above 7% BANK OF BARODA tioned that Q3 GDP may still reflect residual tariff drag. Jain believes that with 10–15 million jobs at risk, a resolution is critical.However, she also cautioned that if the 50% trade tariff persists, it could drag growth by around IDFC FIRST BANK 50 basis points in FY27, with knock-on effects on employment,consumption,and business confidence. Rate cut or not? The good news is that with inflation hitting an all-time low of 0.25% in October – the lowest in the current series – the space for a rate cut does exist. But economists are divided on whether there should be a rate cut. Madhavan Kutty G, Chief EconomistatCanaraBank,said, KOCHI “From a growth standpoint, thereisnoneedtodoaratecut.” Jain added: “Even as we see space for one last 25 bps repo rate cut,itwill be contingent on trade uncertainties and growth outlook,”addedJainofUBS,notingthatthewindowforeasingis narrow.UBSexpectsFY26inflation to average 2–2.2%,versus RBI’s revised forecast of 2.6%. Sabnavis of Bank of Baroda, however, urges caution. “We cannot have zero interest rates. Evenifinflationisat1%,cutting rates every time is not feasible,” he said. He emphasised the importanceofmaintainingrealinterest rates in the RBI’s ideal range of 1.4–1.9%,suggesting that a 5.5% repo rate is balanced if inflation averages 4–4.5%. “We revised down our FY26 inflation forecast to 1.8%y-o-y (4% in FY27) while our growth is at 7.2%,” said Radhika Rao, Executive Director and Senior Economist of DBS Bank. No optimism in bonds Despite the inflation rate coming at an all-time low of 0.25%,thebondmarketsdidn’t show any signs of optimism. “RBI purchases have helped contain yields, but the downward movement is limited.The rate-cutting cycle is ending, supplyisrising,anddemandfor G-Secs is weakening,” added Sengupta,who is expecting the 10-year benchmark G-Sec to trade between 6.30–6.60%. Continued on Page 10