BRANDWAGON, P9 BACK PAGE, P16 COMPANIES, P4 DIGITAL AD REVENUES TO JUMP THE BIG PICTURE ANNUAL GROWTH SEEN AT 20% Clean sweep for connected TVs this IPL season Price proposition: Meesho’s big bet on small towns Luxury food retail finds its niche with new entrants MUMBAI, MONDAY, APRIL 1, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXIV NO. 77, 16 PAGES, `12.00 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 FY25 FOOD SUBSIDY SPEND MAY GO UP BY OVER `35,000 CR THE FOOD SUBSIDY spend for FY24 was around `2.2 trillion, `8,000 crore over the RE, and the FY25 outgo may need to be hiked by `35,000 crore from the BE, reports Sandip Das. ■ PAGE 2 ECONOMY RESILIENT DESPITE EXTERNAL HEADWINDS ATATIME when growth is decelerating in some of the most advanced economies, India has exhibited resilience, reports Priyansh Verma. ■ PAGE 2 EXPLAINER Bima Sugam can be a game-changer ■ PAGE 6 FREIGHT RATES DOUBLE, LONGER LEAD TIME Red Sea: Auto firms see cost turbulence SWARAJ BAGGONKAR Mumbai, March 31 A STEEP JUMP in freight expenses and a longer lead time for supplies of components,following the Red Sea crisis,are driving up costs forIndia’s auto manufacturers. However, this has not reflected in demand for theirvehicles just yet. RakeshSharma,executivedirector,BajajAuto, told FE that freight rates have doubled because of the reduced sailings via the Red Sea as well as higher insurance costs. “The cost impact on a motorcycle would be in the region of $15-20,” Sharma said.He added thatwhile this maynot be the kind of increase which affects demand, it would“certainlymakes logistics more complex”. Bajaj Auto is India’s largest exporter of twowheelers.While Africa is the biggest market for itsownbrandofproducts,itexportsmotorcycles of KTM and Triumph to the US and Europe. Satyakam Arya, MD and CEO, Daimler India CommercialVehicles,saidwhile the crisis has not impactedvolumes,logisticscostshaveincreased. Continued on Page 14 NAVIGATING RISING EXPENSES RAKESH SHARMA, ED, BAJAJ AUTO FREIGHT RATES HAVE DOUBLED. THE COST IMPACT PER MOTORCYCLE WOULD BE IN THE REGION OF $15-20 SATYAKAM ARYA, MD & CEO, DAIMLER INDIA NO IMPACT ON VOLUMES, BUT LOGISTICS COSTS HAVE INCREASED. SHIPMENTTIME HAS GONE UPTO 4-6 WEEKS CFOs play musical chairs 30 have shifted jobs in last four months; salaries zoom MANU KAUSHIK New Delhi, March 31 THE DEMAND FOR chief financial officers (CFOs) is going through the roof. Fuelled by the need to raise growth capital (debt,equityorprivate equity),getting the books in order, managing international expansions and large acquisitions, companies across the board are scrambling to hire CFOs in a market where demand outstripssupply. SinceNovember2023,corporateIndia MOVERS AND SHAKERS Nearly 16 CFOs shifted jobs in January and February alone 30% rise in number of CFO searches in recent months has witnessed around 30 CFO movements,withnearly16inJanuaryandFebruary alone. K Sudarshan, managing director (India & Regional Chair), EMA 20-30% 40% increase in annual salary hike if a CFO is hired from some other company Partners,saysthenumberofCFOsearches has gone up by30%in recent months. Continued on Page 14 DoTworking on new structure for virtual network operators Over 50% economists expect rate cuts from Q3: MPC poll TO INSTILLMORE competition in the telecom sector,theDoTisworkingonanewstructureforvirtual network operators (VNOs),reports Jatin Grover.To makeoperationsofVNOsmoresuccessful,theDoTis lookingateasingcertainrestrictionssothattheyareabletofind more takers among the telecom operators. ■ Page 4 THE MONETARYPOLICY Committee (MPC),which isslatedtomeetonApril3-5,isunlikelytospringany positive surprises both on interest rates or policy stance,said 13 economists polled byFE,report Ajay Ramanathan&SachinKumar.Nearly50%oftheeconomists expect ratecuts from the third quarterof FY25. ■ Page 6
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