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App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 18 NO. 12 THE GAMCHHA REIMAGINED FINANCIAL EXPRESS ON SUNDAY SUNDAY, MARCH 2, 2025 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 , ● Sales up 3%, on back of new models alone SWARAJ BAGGONKAR Mumbai, March 1 ■ SPOTLIGHT, P5 An issue of academic uninterest Sharp increase in dropouts, dent in student performances, and glaring infrastructural gaps— what’s ailing our public educational institutions? ■ WORDS WORTH, P4 Belling the cat MAHINDRA & MAHINDRA (M&M) is all set to overtake Tata Motors by volumes in FY25 to become the country's third-largest passenger vehicle manufacturer, behind only Maruti Suzuki and Hyundai. This shift comes on the back of Mahin- lakh crore in the primary markets (IPOs) during the current fiscal year, marking a 117% increase from `54,806 crore in fiscal 2024. Compiled by Kishor Kadam FY22 151,039 FY23 -241,957 -68,974 -201,281 25,031 54,806 Secondary market 71,642 211,569 K O L K A T A , 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 Feb 2024 1,60,271 1,60,791 Maruti Suzuki Hyundai Motor India Tata Motors Mahindra & Mahindra Toyota Kirloskar Kia India 201 50,201 727 47,727 267 51,267 46,435 435 42,401 401 50,420 420 23,300 26,414 20,200 25,026 Source: Companies PVsmoreinFebruarythanthesame monthlastyear,clockinganincrease of 0.3% y-o-y in domestic volumes to160,791units.Theminisegment comprising Alto and S-Presso models continued to be weak for the company,leading to flat growth. Partho Banerjee, senior executive officer, marketing and sales, MSIL,said,“In February,Brezza and Fronx continued to see strong Feb 2025 % Change hange 0.32 -5 -9 19 13 24 Domestic sales only demand with Fronx achieving its highest-ever monthly sales of over 21,000 units. Our CNG vehicles maintained theirdemand momentum with a 37% growth rate.” Mumbai-basedM&Mjumpedto the second spot from fourth on the back of new model dispatches and weak performance by its peers. Continued on Page 2 FY24 dra’s soaring SUV sales,powered by runaway successes like XUV 3XO and Thar Roxx. According to data from the Society of Indian Automobile Manufacturers (Siam), Mahindra sold 453,019 units during April-January FY25,leadingTataMotorsby34,028 units, with its rival managing 418,991units.Withjusttwomonths FY25* THE GROSS GST collections in February came in at `1.84 lakh crore, up 9.1% on year, data released by the finance ministry on Saturday showed.InJanuary,thegrosscollections were `1.96 lakh crore. ThegrosscollectionsinApril-February of FY25 stood at `20.13 lakh crore, up 9.4% on year. Gross GST mop-up so far this fiscal has grown below the 10% mark, largely due to decline in collections from imports. In April-February, collections from imports have grown 7.2% to `4.86 lakh crore, but from domesticsources,themop-upgrew10.1% to `15.26 lakh crore. MS Mani, partner, Deloitte India, commented: “The trend of GST collections on domestic transactions growing at a healthy 10% plus seen during the current year has continued this month as well. However, the GST collections on imports during the month have slowed down to 5.4% (February). This needs to be correlatedwith the GDP data on domestic consumption and imports,”he said. apparel market in 2023 VAISHALI DAR New Delhi, March 1 $9,111.35 mn WHEN H&M CELEBRATED20years of iconic guest designer collaborations over the years with fashion houses such as Karl Lagerfeld,Versace, Stella McCartney, Comme des Garçons,Isabel Marant,Mugler last year, it did with a special preloved collection. H&M Group owns 80% of pre-loved marketplace Sellpy, a bigplayerinsecond-handfashionin 150 No. of orders per month processed by preloved seen by Confidential luxury platform Couture post-Covid My Almari, up from 8-10 in 2023 (2021-23) Estimated size of India's secondhand apparel market by 2032 Europe with access to 24 markets, but the brand has no plans to introduce preloved apparel in India. “Whilewerecognisethepotentialof the Indian market, we currently Timeless icons 'Pre-owned Timeless Icons' launched by Tata CLiQ last year have no plans to introduce preloved into our assortment in India. However,wearekeepingaclosewatchon this evolving space,” said a global spokesperson for the brand. Continued on Page 2 PRIME MINISTER NARENDRA Modi asserted on Saturday that his “vocal forlocal”campaignisbearingfruitas Indianproductsaregoingglobaland makingtheirpresencefeltacrossthe world. Speaking at a media event in Delhi,ModisaidIndiawasbecoming thelandofinfiniteinnovations,findingaffordablesolutionsandoffering them to the world. “The world is keenlywatching21st-centuryIndia. People from around the globe want tovisit and understand India,” Modi said. He said that the country was now emerging as a manufacturing hub and a“factoryof theworld”. “For decades,the world referred to India as their back office. Now, India is becoming the new factory of the world.We are no longer just a workforce but instead becoming a world force,” Modi said. The Prime Minister said India's rising defence products showcase the strength of its engineering and technology to the world.“From electronics to the automobile sector, the world has witnessed India’s scale and capability.India is not onlyproviding products to the world but is also becoming a trusted and reliable partnerin the global supply chain,”Modi said. He said India’s leadership invarious sectors was a result of years of »INSIDE« NARENDRA MODI, PRIME MINISTER India is not only innovating but also ‘Indovating’, meaning innovating the Indian way hard work and systematic policy decisions. “A few years ago, I presented the vision of 'vocal for local’ and ‘local for global’ to the nation and today,we are seeing this vision turn into reality,”he said. Modi said the country is manufacturing semiconductors and aircraft carriers and its superfoods like makhana and millets,Ayush products and yoga are being embraced across the world. ThePM saidIndiashould bepresented to the world as it is,without any bias. Continued on Page 2 ‘IMPLEMENT BUDGETARY PROPOSALS FOR AGRI’ PAGE 3 ● NEW SEBI CHIEF VOWS TRUST, TRANSPARENCY HEALTHY TREND GST collections (in ` lakh cr) The GDPdata released on Friday showedIndia’s economygrowingat 6.2%inQ3FY25,asagainst5.6%in Q2. The private final consumption expenditure (PFCE) grew 6.9% in Q3 (from 5.9% in Q2), driving the overall growth during December. Continued on Page 2 In India’s preloved fashion market, premium is the showstopper ● Startups shutting GROWING ACCEPTANCE shop citing low scale, $3,003.65 mn 40% but luxuryfares better Size of India's second-hand Y-o-y jump in sales remaining in the fiscal year, M&M's dominance appears inevitable. “Mahindra’s rapid sales growth is largely due to models like the XUV 3XO and Thar Roxx, which together contribute nearly 16,000 units per month,” an automotive analyst told FE. PRESS TRUST OF INDIA New Delhi, March 1 2.1 FE BUREAU New Delhi, March 1 FPI net equity investments in ` crore 64,571 UNIT SALES FebGSTmop-uprises 9.1%to`1.84lakhcr 118,889 FOREIGN PORTFOLIO INVESTORS (FPIs) have offloaded a record `2.42 lakh crore in the secondary markets during the current fiscal year so far, surpassing the previous high of `2.01 lakh crore in fiscal 2022. In contrast, during the previous fiscal year, they bought shares worth `1.51 lakh crore in the secondary markets. Although FPIs were net sellers in the secondary markets, they invested a record `1.19 -50,234 INDIA’S TOP SIX passenger vehicle (PV) brands, which control nearly 95%ofthedomesticmarket,posted a3%y-o-yriseinwholesalevolumes in February to 3.56 lakh units.This growth largely came from companies that introduced new models in the market.Kia,forinstance,cashed in on the incremental volumes of Syros,while Mahindra & Mahindra (M&M) added dispatch numbers of battery electric vehicles, BE 6 and XEV9e.Forotherbrands,thereportingmonthwasnegativeorflaty-o-y. Maruti Suzuki (MSIL),the country’slargestcarmaker,soldonly520 VIKRAM CHAUDHARY New Delhi, March 1 FPI’s secondary market ouflow at a record high 43,033 K O C H I , M&M rides high on SUVsales An informative exploration of how privatisation unfolded in India FY20 FY21 *up to February 27 H Y D E R A B A D , New, bright and shiny India emerging as factory of the drive Motown in Feb world,says PM WHAT'S INSIDE Primary market C H E N N A I , READ TO LEAD 1.73 1.74 1.82 1.74 1.73 1.87 1.82 1.77 1.96 1.84 P U B L I S H E D Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb LUCKNOW 24 Pages, `12 The utilitarian gamchha as a symbol of resilience and cultural pride Page 7 In January this year, New Yorkbased Kirti Poonia, co-founder of resale technology startup Relove, wrapped up India operations with its last clearance sale. In an Instagram post, she said,“... it was difficult to grow and innovate.We tried for three years to truly give it our best shot. So many brands came togetherto build circularityin fashion, but it remains to be a small market, with very small loyal demand and complex operations.” Relove is not alone. US-based socialshoppingplatformPoshmark exited India in November 2023, almost two years after it expanded its operations in India. Continued on Page 2 Tuhin Kanta Pandey (middle), who took charge as the 11th chairperson of Sebi, is welcomed by the four whole-time members—Ashwani Bhatia, Amarjeet Singh, Ananth Narayan and Kamlesh Varshney—at the Sebi headquarters in Bandra Kurla Complex, Mumbai, on Saturday. Pandey, who replaced Madhabi Puri EXPRESS PHOTO BY AMIT CHAKRAVARTY Buch, will lead the market regulator for three years WORLD LEADERS SUPPORT UKRAINE Russia for flexibility in talks,Turkey offers to mediate AGENCIES New York/Ankara/ Moscow, March 1 FORMER RUSSIAN PRESIDENT Dmitry Medvedev said on Saturday Russia is ready for flexibility in talks on Ukraine, but only in accordance with the Russian constitution and realities on the ground, state news agency RIA Novosti reported. Medvedev said Russia was ready to discuss a settlement of the Ukrainian crisis, but onlywith those“who are ready to communicate”. Meanwhile, Turkey’s foreign minister will reiterate at Sunday’s meeting of European leaders in London an offer from Ankara to host peace talks between Ukraine and Russia, a Turkish diplomatic source said on Saturday. »INSIDE« VOLODYMYR ZELENSKY, UKRAINE PRESIDENT Our relationship with the American President is more than just two leaders. We want only strong relations with America and I really hope we will have them Continued on Page 2 TRUMP-ZELENSKY CLASH DIVIDES US REPUBLICANS P16 ED notice to Paytm for FEMA violations New Delhi, March 1: The Enforcement Directorate has sent a notice to fintech firm Paytm owner One97 Communicationsforallegedviolation ofcertainFEMArulesbythecompany in relation to the acquisition of two subsidiaries,asperanexchangefiling. Paytm clarified that the alleged breach pertains to a period when the two companies were not its subsidiaries. One97 Communications (OCL),which owns Paytm,informed BSE that it received a notice from the EDonFebruary28foritssubsidiaries, Little Internet Private Limited and NearbuyIndiaPrivateLimited. “Thisisinrelationtoallegedcontraventions for the years 2015 to 2019 of certain provisions of the ForeignExchangeManagementAct, 1999 (“FEMA”) by the Company, in relationtoitsacquisitionoftwosubsidiaries namely Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL) erstwhile Groupon, along with certain Directors & Officers,”the filing said. Continued on Page 2 Lucknow