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App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM Vol. 17 No. 50 KAILASH, MANSAROVAR BECKON FINANCIAL EXPRESS ON SUNDAY MUMBAI SUNDAY, FEBRUARY 23, 2025 14 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 , 10-15% AMID A GLOBAL SUPPLY glut, difficult weather and falling demand worldwide,which has hita27-yearlow(asperaWorld Spirits Alliance report), Indian winescontinuetoshowsignsof resilience and adaptability, with insiders anticipating the ■ SPOTLIGHT, P7 Young @ art More and more young people are now engaging with art, investing in it, and growing an appetite for aesthetic appreciation ■ WORDS WORTH, P4 From the living to the dead Angst & indignation over the sheer injustice in Gaza are conveyed in evocative turn of phrase rising from `66,987 per 10 grams at the end of March 2024 to `85,695 as of February 21, 2025. Currently, gold returns are at a five-year high. However, with prices expected to rise further, returns are likely to reach multi-year highs. — Compiled by Kishor Kadam market to grow by as much as 10-15% in the next 3-5 years. At the forefront of this growth momentum is premiumisation and innovation, said experts.Formarket leader Sula Vineyards, which has a share of more than 50% in domestically produced wines, premium wines now account Govtmullsnewlaws for digital platforms CURRENT PROVISIONS ■ While certain provisions exist, there is demand for stricter and effective legal framework DIVYAA & SOUMYARENDRA BARIK New Delhi, February 22 ■ However, ■ Under existing rules, online streaming platforms are required to implement three-level grievance redressal mechanism rule requiring creation of three-tier grievance redressal mechanism stayed by courts ■ Rules also prohibit AMIDCOMPLAINTSOF violence andobscenitypertainingtocontent on digital platforms,especially in the backdrop of the recent RanveerAllahbadia controversy, the Central government is examining the need to createanewlegalframeworkto regulate such platforms. In its communication to a parliamentary panel, the Union I&B ministry has said there is a growing concern in society that the constitutional transmitting unlawful content, mandates age-based classification, restricts access to ‘A’-rated content for kids rightof“freedomofexpression is being misused to showcase obscene and violent content on digital platforms”. Ithastoldthestandingcommittee on communications and information technology— headed by BJP MP Nishikant Dubey—thatwhilecertainprovisions exist under the current laws,there is a growing demand for a stricter and effective legal framework to regulate such harmfulcontent. Continued on Page 2 Clash of the champions ■ India face arch-rival Pakistan in second Group A match on Sunday 68,431 ■ India and Pakistan have both won the tournament in the past 27.9 FY2012 32.9 FY2015 -8.3 FY2011 *up to Feb 21, 2025 Advocates Bill to be revised THEMINISTRYOF lawandjustice hasdecidedtorevisecertainprovisions in the Advocates (Amendment) Bill 2025 and hold fresh public consultations afterthat,reportsJyotsnaBhatnagar. This follows backlash from the Bar Council of India (BCI),whichcriticisedsome“draconian provisions” in the Bill. Lawyershavealsobeenagitating againsttheBill.Theministryprematurely discontinued the ongoing consultation process, supposedtoendonFebruary28. InalettertoBCI,theministry said“consideringthenumberof suggestions and concerns received”, the government will reprocess the revised draft for further consultation,“demonstratingthegovernment’scommitment to transparency and broader engagement with stakeholders and the public”. The BCI,welcoming the move, assured it would “continue its active engagement with the government”. FY2025* Source: Bloomberg Gold prices return (%) 27.4 35 25 15 5 -5 -15 ■ Pakistan are defending champions after winning previous edition in 2017 ■ India have won ICC Champions Trophy twice in 2002 and 2013 Virat Kohli talks to a player during a practice session in the ICC Champions Trophy in Dubai, on Saturday PTI »INSIDE« REPORT ON PAGE 14 Six months on, SUV coupés struggle to drive up sales SLOW-MOVING FIGURES ● Buyers not yet ready for new body 4,763 5,351 5,101 4,994 3,087 style, show figures 3,455 Tata Curvv VIKRAM CHAUDHARY New Delhi, February 22 SUVCOUPÉSWERE expected to be the next big thing in the passenger vehicle market, combining the elegance of a coupé, the robustness of an SUV, and the space of a sedan. However, six months after their launch,sales figures suggest that buyers may not be fully sold on this body style. Citroën’sBasalt,launchedin August last year, has struggled significantly,selling just 1,328 units. Tata Motors’ Curvv has fared better,with 26,751 units sold, but it still pales in comparison to traditional midsize Total (Aug 2024-Jan 2025) Tata Curvv 26,751 579 341 Citroën Basalt Citroën Basalt 1,328 221 47 Aug 2024 Sep Oct 79 61 Nov Dec Jan 2025 SUVs like Hyundai Creta (nearly 15,000 units per month), Maruti Suzuki Grand Vitara (over 10,000 per month),and Kia Seltos (around 7,000 per month). So,have the buyers rejected `200 cr Revenue of Fratelli Wines for the current fiscal Share of wines in Moet Hennessy's India business 85,695 Apr 1, 2024 L U C K N O W , 40% CAGR at which Sula Vineyards' revenues rose from FY21 to FY24 (`420 cr to `616 cr) Feb 21, 2025 (` per 10 gram) K O L K A T A , Cases of wine sold in 2022, as per World Spirits Alliance I&B TO SUBMIT NOTE ON FRAMEWORK SOON ● Concern over obscene content shown on OTTs Gold returns all set to reach multi-year highs Anticipated growth of Indian wine market in next 3-5 years 14% KUNAL DOLEY New Delhi, February 22 MCX spot gold prices K O C H I , 2.8 bn ROSÉ OUTLOOK ● Premium, new products keep sales afloat record highs, driven by robust demand amid geopolitical and trade tensions. Returns from gold are likely to reach multiyear highs in the current fiscal year. So far in FY2025, MCX spot gold prices have surged 27.9%, H Y D E R A B A D , M U M B A I , N E W D E L H I , P U N E Indian wines stay robust amid global concerns WHAT'S INSIDE GOLD PRICESARE hitting C H E N N A I , Around 2,000 pilgrims from India expected Page 9 READ TO LEAD SUVcoupésoutright?Automotiveanalystssaidit’stoosoonto tell. Gaurav Vangaal, associate directoratS&PGlobalMobility, believes that the design will take time to gain traction.“It’s a new concept, and customers need time to warm up to it. When market leaders like MarutiSuzukienterthisspace, SUV coupés could see wider acceptance,”he said. On Basalt’s particularly poor sales performance, he pointed to multiple factors— lack of brand recognition, a perceivedlackofpremiumfeatures despite aggressive pricing, and a limited dealership network.“Curvv, on the other hand,is holding upwell,which is a positive sign. Moreover, new-age EVs like Mahindra’s BE 6 and XEV 9e—both SUV coupés—recently secured nearly 30,000 bookings. That indicates there’s potential for this design in India.” Another analyst argued that Basalt’s struggle is not a rejection of the body style but a failure of strategy. Continued on Page 2 foralmost 80% of its portfolio, up from 65% four years ago, driven by successful launches like The Source,Rasa,and Sula Vineyards Dindori Reserve. “The Source has been one of the most successful wine collectionsofthelastdecade,continuingtoshowrobustdoubledigit growth,” said Rajeev Samant,CEO,Sula Vineyards. WhileFY25hasbeenachallenging year with softer demand, taking a longer-term perspective, Sula Vineyards’ revenues increased at a 14% CAGR over the last three years (FY21 to FY24), from `420 crore to `616 crore.“Looking ahead,wearetargetinghealthy double-digit growth as wine consumption expands across the country,”added Samant. Fratelli Wines, the second largest player in the country, expects the industryto growat 10-15% in the next 3-5 years. “Indiawillseeagrowthofwine consumption, largely backed by lifestyle changes, Indians travelling abroad and being exposed to wine culture, and the acceptance of wine as a social beverage,” said Jayanth Bharathi, GM, marketing, Fratelli Wines. Fratelli has been doing well in the last few years, beating industry growth rates. Continued on Page 2 FROM RBI TO PMO IN 2 MONTHS Chouhan gets ‘broken & sunk’ seat onAI flight Das appointed principal secy-2 UNION AGRICULTURE MINISTER Shivraj Singh Chouhan on PRASANTA SAHU New Delhi, February 22 PLUM POST SHAKTIKANTA DAS, WHO has with PM term/until further orders Saturday slammed Tata Group-owned Air India for allotting him a “broken and sunk”seat,promptinghisministerial colleague K Rammohan Naidu to instruct the airline to take“necessary action”. Chouhan described the incident as an“unethical”practice. Continued on Page 2 Reciprocal tariffs 'soon' for India, China: Trump US PRESIDENT DONALD Trump has said that his administration will “soon” impose reciprocal tariffs on countries such as India and China, reiterating what he had said during PM Narendra Modi's recent visit to US. ■ PAGE 14 excelled both at the North Block and Mint Street, has been appointed as principal secretary-2 to PM Narendra Modi,bringing him back in the thick of policymaking. The appointment committee of the Cabinet has appointedDas,68,(IASretired, TN80) to the key post in the Prime Minister’s Office (PMO) which will be coterminous withtheprimeminister’sterm oruntilfurtherorders,thegovernment said. Das’s high-profile posting comes barely two months after his six-year spectacular stint as Reserve Bank of India governor. He will work along with principal secretary Pramod Kumar Mishra, a trusted aide of Modi since he »INSIDE« ■ Appointment coterminous ■ Das to work alongside principal secretary PK Mishra ■ Posting barely two months after end of six-year stint as RBI guv became PM in 2014. With his rich experience in the finance ministry and the RBI, Das has been regarded as onewho is in perfect syncwith the policy priorities of the Modi government to pursue policies to make India a developed nation by 2047. Continued on Page 2 ‘LIQUIDITY IS LIKE A CHAKRAVYUH’ PAGE 3