OPINION, P10 WELL BEING ACROSS THE AISLE, P CHIDAMBARAM Oxford’s Word of the Year 2024 is ‘brain rot’, the ‘supposed deterioration of a person's mental state’. Know how we are frying our brains Page 9 Big blows for the Constitution FE LINES DON’T ROT YOUR BRAIN The 2025 gadget sneak preview Gadgets and tech advancements to look out for in 2025 Page 8 WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XIX NO. 28 ABHIJITBANERJEE BOOK REVIEW AHMEDABAD 14 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, DECEMBER 22, 2024 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 , IN THE NEWS India's forest and tree cover rises 1,445 sq km INDIA'S TOTAL FOREST and tree cover has increased by 1,445 sq km since 2021, reaching 25.17% of the total geographical area in 2023, as per the India State of Forest Report (ISFR) 2023, released on Saturday. ■ PAGE 3 C H A N D I G A R H , READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , TOP 5 DEALS IN 2024 ● Boom in premium housing; NCR leads with 64% launches `263 cr VAISHALI DAR New Delhi, December 21 `198 cr LUXURYSELLS.AND,thecapitalleads ■ Prime urban locations with robust infra, superior connectivity `190 cr in Lodha Malabar Hill, Walkeshwar in DLF Camellias, Gurugram in Oberoi 360 West, Worli, Mumbai `180 cr in Ruparel House, Malabar Hill cities in India, Delhi-NCR stood out witharemarkable64%shareofluxuryresidentiallaunchesinH12024, as per real estate consultancy JLL. `104 cr ■ Developing areas in metros, prime areas of Tier-2 cities Raheja Modern Vivarea, Mahalaxmi, Mumbai Several developers, including DLF, TARC,Sobha,Paras Buildtech,M3M India, BPTP, Krisumi Corporation, CentralPark,andExperionDevelop- ■ SPOTLIGHT, P6-7 PRIYANSH VERMA Jaisalmer, December 21 How rare, immersive experiences—be it cultural or community-based—are redefining tourism and enriching the lives of modern-day explorers in India THE GOODSAND ServicesTax (GST) CouncilonSaturdaydeferredcrucial decisions on a large-scale rate rationalisation,taxationofhealthandlife insurancepremiums,andonhowto restructure the compensation cess after the March 2026 deadline. WhileadecisiononcuttingGSTon fooddeliveryappsfrom18%hasalso beendeferred,quickcommercefirms willcontinuetofacepenalchargesfor anynon-paymentoftaxat18%. The Council, however, undertook rate revisions for a clutch of items, including fortified rice kernepls and used electric vehicles, and issued clarifications on GST treatment of ready-to-eat popcorn. Aproposal to bring aviation turban fuel (ATF) under the GST was briefly discussed by the Centrestate Council but no decision was taken due to lack of consensus. “The report (bya group of minis- Art can’t find solutions, but it sure can dare to ask difficult questions and raise vexatious issues Record high of `4.2 L cr for MF net equity investments MFs net equity investments (in ` crore) 71,820 2015 48,159 2016 ■ Tax on products, under GST ambit including fortified rice discussed; states kernels, used EVs, popcorn changed not in favour ters) on rate rationalisation is not final.And on health and life insurancepremiums,theGoMconcerned is awaiting inputs from Insurance Regulatory and Development Authorityof India (IRDAI).Theywill finalise reports and submit to the Councilfordiscussion,”financeministerNirmala Sitharaman said,after the 55th meeting of the Council. The Council also decided to extend the time frame for the GoM on the restructuring of the GST -54,253 80,532 2021 1,85,615 1,74,098 4,17,970* 2024 Feb Mar Apr May Jun Source: SEBI, Bloomberg Jul 2024 ■ Time frame for GoM on restructuring GST compensation cess extended till June 30, ’25 compensation cess (CC) till June 30, 2025.The cesswhichwas originally set to end in June 2022, was extended until March 2026 to help repaya`2.7lakhcroreloantakenby the Centre during the pandemic to cover revenue shortfalls. “StatesviewATFsimilartopetrol, diesel, and other petroleum products. They are not willing to bring (suchproducts)inGST,”saidtheFM. Continued on Page 2 United States district court held Israeli technology company NSO Group liable for targeting the devices of 1,400 WhatsApp users. NSOGroupisthemakerofthePegasus spyware allegedly used by its government clients to infect the devices of several WhatsApp users, including activists,journalists,and other members of the civil society. The case nowmoves the deliberations to determine damages NSO owes WhatsApp, which is set to beginonMarch3,2025,inOakland, California.Theruling,however,does notaddresstherightsofindividuals whose phones were hacked. Friday’s ruling came five years after the Meta-owned WhatsApp sued the NSO Group in the US District Court of North California in October2019.Initsruling,thecourt concludedthatinexploitingabugin WhatsApp,NSO Group hadviolated sections of the ComputerFraud and Abuse Act (CFAA),a federal cybersecurity law that criminalises unauthorised access to computers, networksandotherdigitalinformation, and a similar state law in California ■ WhatsApp servers used to send messages and install Pegasus in target user devices, and obtain protected information calledtheCaliforniaComputerData Access and FraudAct (CDAFA). “Defendants (NSO Group) appeartofullyacknowledgethatthe WIS (WhatsApp Installation Server, whichenabledtheinstallationofthe spyware) sent messages through WhatsAppserversthatcausedPegasus to be installed on target users’ devices, and that the WIS was then able to obtain protected information by having it sent from the target users, through the WhatsApp servers, and back to the WIS,” judge PhyllisHamiltonruledintheNorthern District of California. Continued on Page 2 Why it may rake up privacy debate ● MODI IN KUWAIT FOR ‘FUTURISTIC PARTNERSHIP’ SOUMYARENDRA BARIK New Delhi, December 21 NOWTHATA US court has indicted NSO Group and held it liable for damages, this may have an impact on the processes in the Indian courts and reopen the debate on state surveillance and privacy of individuals in Parliament. Of the 1,400 WhatsApp users targeted worldwide,it was reported in 2021 that Pegasus was used on more than 300 Indian mobile numbers, including that of two serving ministersintheNarendraModigovernment, three Opposition leaders, oneconstitutionalauthority,several journalists and business persons. The revelations had then raised eyebrows over the Union government and some state governments’ PM Narendra Modi being welcomed by members of the Indian community upon his arrival in Kuwait on Saturday. Modi is on a two-day visit to the Gulf nation where he will meet the Indian diaspora and hold talks with Kuwaiti leadership to 'strengthen the India-Kuwait friendship across various sectors' PTI ● Has 17 models vis-a-vis 26 of other three put together VIKRAM CHAUDHARY New Delhi, December 21 10,971* 35,633 90,771 32,264 31,685 25,089 28,226 48,234 32,824 44,237 14,295 23,740 Monthly trend in MFs net equity invsestments (in ` crore) Jan Continued on Page 2 involvement in the attacks, since NSO Group has repeatedly said it only deals with governments and government agencies. Unsealed documents in the US court had, however,shownthatNSOGroup,for years, downplayed its role in the deployment of Pegasus. Through interviews and an assessment of subpoenaed documents, WhatsAppcontradictedthis claim,allegingthatPegasus customers had “minimal role”in its deployment,with NSO Group managing a substantial part of the process. Following the media reports of 2021, the Indian government unequivocally denied all ‘over the top allegations’ of surveillance using Pegasus. Continued on Page 2 Maruti outsells Hyundai, Tata, M&M combined 52,228 2019 2023 ers, have all launched new luxury projects here. The H12024 saw around 23,500 residential units launched in Delhi-NCR, exceeding 1,20,735 2018 2022 design, smart tech, luxury finishes, personalised spaces INASIGNIFICANT rulingonFriday,a of 148 items not final; GoM awaiting inputs from IRDAI on health, life insurance premiums ■ Bringing ATF ■Sustainable the total launches of 2023, which stoodat22,707units,asperJLLestimates. Gurugram dominated with 55% of the new launches, while Noida contributed 35% in 2024. Notably, over 26% of these new launches, totalling about 6,200 units,comprisedluxuryapartments (priced at `5 crore orabove). DLF will soon launch 400 residences in DLF Dahlias with prices starting at `80,000 per square foot, and apartments averaging `100 crore each. 1,18,774 2017 2020 P U N E VENKATANANTH Bengaluru, December 21 MUTUAL FUND NET equity investments have hit a record high, surpassing `4.2 lakh crore in 2024 so far, marking a 140% increase over 2023.This surge reflects the growing number of people investing in mutual fund schemes to earn inflation-beating returns. Over the past four calendar years (2021 to 2024), mutual funds have collectively invested more than `8.5 lakh crore in equities. Of the past 11 years, mutual fund equity investments turned negative only once, with outflows of `54,253 crore in 2020. However, after recent corrections in benchmark indices, mutual fund investments have started tapering. Compiled by Kishor Kadam D E L H I , WhatsApp wins case against NSO MINUTES OF MEETING ● Tax rates revised for a clutch of items, ■ Report on rate including used EVs rationalisation Provocation on canvas N E W PEGASUS HACKING CASE GST Council defers insurance decision ■ LEISURE, P5 M U M B A I , What’s hot in 2025 NO CONSENSUS ON RATE REJIG Travel gets a new meaning L U C K N O W , 2025 could set new records in luxury realty in lapping it up.With this month's landmark deal of a flat in Gurugram’sDLFCamelliasfor`190crore, luxuryreal estate in Delhi-NCRis on a new high. Among the top seven WHAT'S INSIDE C H E N N A I , Dishing out economic systems and cultural practices on a plate Page 4 Aug Sep Oct Nov Dec *up to Dec 18 TATA MOTORS’ PUNCH is set to become India’s largest selling model in 2024. Hyundai’s Creta is set to achieve its highest-ever single-year sales. Mahindra’s Scorpio, TharRoxx,andXUV3XO havewaiting period running into months. But even all three together haven’t been able to beat Maruti Suzuki. In 2024, market leader Maruti Suzuki is expected to sell more than Hyundai,Tata,and M&M combined —the second, third, and fourth largest carmakers,respectively. SalesdatacollatedfromSocietyof Automobile Manufacturers (Siam) shows that during the JanuaryNovemberperiod,MarutiSuzukisold 1.63 million cars, which is 56,796 units more than Hyundai (563,225 units),Tata Motors (518,252 units), and Mahindra (487,036 units) combined,which is 1.57 million units. Maruti Suzuki’s per-model ratio is also far higher. It has 17 models, whichhavemadeupthese1.63million units, but Hyundai, Tata, and Mahindra have 26 models among MARKET LEADER VS THE REST Maruti Suzuki 1.63 million Tata Punch 186,958 Source: Siam Hyundai 563,225 (Unit sales, Jan-Nov '24) Total: 1.57 mn Tata Motors Mahindra 487,036 518,252 Hyundai Maruti Suzuki Creta Ertiga Wagon R Brezza Baleno Swift 174,311 174,035 173,552 170,824 162,982 162,387 them,and still sales are lower. AutomotiveanalyststoldFEthat while Hyundai,Tata,and Mahindra have one-two superstar models each—Punch, Creta, and Scorpio, respectively—Maruti Suzuki has seventoeightsuchmodels,andthat has made all the difference. “Thisyearwillbeunique,because forthefirsttimeanon-MarutiSuzuki car will lead the sales charts—Punch hassold186,958unitsfromJanuaryNovember, far more than secondplaced Hyundai Creta (174,311 units),”an analyst told FE.“But after that come Maruti Suzuki’s Ertiga (174,035 units),Wagon R (173,552 units),Brezza(170,824units),Baleno (162,982 units),and Swift (162,387 units).So,whilethetoptwopositions might not go to Maruti Suzuki this year, it is so strong from three to 10 positions that the carmaker is set to achieve its highest-eversales.” He added that the performance of some Maruti models would have surprised the company itself. Continued on Page 2 Ahmedabad