INTERNATIONAL | PAGE 10 BRANDWAGON | PAGE 9 TrumpexemptsMexico fromtariffsforamonth INTERNATIONAL | PAGE 10 Reid &Taylor needs to get rid ofheritage tag LUCKNOW, FRIDAY, MARCH 7, 2025 ECB cuts rates, leaves door ajar for more easing FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 82, 18 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: 74340.09 ▲ 609.86 NIFTY: 22544.70 ▲ 207.40 NIKKEI 225: 37,704.93 ▲ 286.69 HANG SENG: 24,369.71 ▲ 775.50 `/$: 87.12 ▼ 0.15 `/€: 94.08 ▼ 0.91 BRENT: $69.59 ▲ $0.29 GOLD: `85,468 ▼ `524 IN THE NEWS FM: Will protect exporters’ interest in talks with US AMIDTHE DONALD Trump administration’s threat to impose reciprocal tariffs fromApril 2, FM Nirmala Sitharaman said onThursday that commerce minister Piyush Goyal will seek to protect Indian exporters' interest. ■ PAGE 2 Markets rally for second straight session BUOYED BY FALLING prices of crude oil and a positive global sentiment, the Sensex rose 609.86 points onThursday, the second consecutive day of gain, reports Kishor Kadam. ■ PAGE 7 Blackstone, Sattva Group file papers for REIT IPO KNOWLEDGE REALTYTRUST, a real estate investment trust backed by Blackstone and the Sattva Group has filed a DRHP for a `7,000-8,000 crore issue, reports Raghavendra Kamath. ■ PAGE 13 Taxpayers declare foreign assets worth `29,000 cr AS MANY AS 30,161 taxpayers voluntarily declared foreign assets worth `29,208 crore for the assessment year 2024-25 to the income-tax department under a special campaign, reports Priyansh Verma. ■ PAGE 2 FE S P EC I A L Why govt wants $2.81 billion from Reliance The Delhi HC order against RIL may impact India’s oil & gas sector ■ EXPLAINER, P9 Techleadersatstartupsget Made-in-India GPUs in 3-4 yrs aheadinpaystakesby80% Countrywill be MEITYLAUNCHESAI DATASET& COMPUTE PLATFORMS ● WORK-IN-PROGRESS among top 5 tech nations:Vaishnaw JATIN GROVER New Delhi, March 6 THE COUNTRYWILL develop its own graphics processing units (GPUs) within the next three to four years,marking a major milestone in technological advancements, electronics and IT minister Ashwini Vaishnaw said on Thursday. “We are working on developing our own chipsets. Extensive consultations with experts are underway. In the coming three to four years, India will have its own GPUs, ASHWINI VAISHNAW ELECTRONICS AND IT MINISTER The initiative to build indigenous GPUs is significant as the global AI chip industry is dominated by US companies ■ The Centre is also focusing on developing its own foundational AI models ■ The government has invited private companies to contribute to the datasets platform ■ competing globally and securing a place among the top five technology nations in the world,” Vaishnaw said at the launch of the IndiaAI Datasets – AI Kosha and AI compute platforms. The initiative to build indigenous GPUs is signifi- Weareworkingon developingourown chipsets.Extensive consultationsare underway cant as the global AI chip industry is currently dominated by US-based companies. Additionally, with potential US restrictions on AI chip exports, India’s capability to develop indigenous GPUs will be crucial for technological self-reliance. The government is also focusing on developing its own foundational AI models within the next eight to ten months, a move that will further strengthen the country's AI infrastructure. Continued on Page 10 ● Outdofinance& HRcounterparts AYANTI BERA Bengaluru, March 6 TECH AND PRODUCT leaders in startups are pulling ahead in the pay scale, while CFOs are increasinglybeing evaluated on their ability to secure funding, according to the latest Total Rewards Benchmarking (TRB) reportbyxto10x.Thereportsays thatpaydisparityisdrivenbythe growing importance of engineering, product, design and data science roles, which can command up to 80% higher compensationthanHR,marketing,andfinancecounterparts. SALARY BENCHMARKING Role ChiefTechnology Officer Median fixed pay `1.77 crore Senior VP - Product `1.72 crore VP - Data Scientist `1.47 crore Senior CS Director `68.3 lakh VP Sales (B2B SaaS) `85.1 lakh CHRO `95.2 lakh VP/Chief Financial Officer `1.1 crore Brand Marketing Head `80.6 lakh Source: Evolving Compensation Trends - Indian Startup Ecosystem Accordingtothereport,chief technology officers (CTOs) and senior vice presidents (SVP), Product, command a median fixed salary of `1.77 crore and `1.72crore,respectively. Continued on Page 6 SUCwaiverlikelyfortelcos JATIN GROVER New Delhi, March 6 CALL WAITING THE GOVERNMENT IS considering a proposal to waive outstanding spectrum usage charges (SUC) for telecom operators on airwaves acquired before the 2022 auctions, sources said. If approved, this move could provide telecom operators with a financial relief of around `5,000 crore. According to sources,Cabinet secretary TV Somanathan is expected to hold a meeting on March 10 with senior officials from the department of telecommunications (DoT) and the ministry of finance to deliberate on the waiver proposals. The potential waiver is significant ■ The DoT had earlier removed the SUC on all spectrum bought after 2022 auctions ■ Cabinet secretary TV Somanathan will likely meet officials of DoT & finance ministry to discuss the waiver on March 10 ■ If approved, this move could provide telecom operators with a financial relief of around `5,000 crore as the DoT had earlier removed the SUC on all spectrum bought after 2022 auctions.However,telecom firms continue to pay SUC, ranging from 1-3% of their adjusted gross revenue, for spectrum acquired in previous auctions. Spectrum auctions ■ Telcos still pay SUC for spectrum acquired in previous auctions started 2010 onwards. Prior to that spectrum was given based on subscriber-linked criteria – higher the user base, higher the spectrum, and accordingly the SUC also rose. Continued on Page 6 IndiGomakeslong-hauldebut withManchester,Amsterdam FE BUREAU Mumbai, March 6 PIETER ELBERS, INDIA'S LARGESTAIRLINE by market share, IndiGo, announced on Thursday that it will launch direct long-haul flights to Manchester and Amsterdam starting in July. The routes will be operated using the wide-body Boeing 787-9 aircraft, recently acquired on a damp lease from Norse Atlantic Airways. The Manchester service will be India’s only non-stop connection to the city, as all other options CEO, INDIGO Today,weunlocka newandveryexciting chapterinIndiGo’s growthjourney, connectingIndiato theheartofEurope include at least one stopover. These two will be the farthest destinations served by IndiGo. The low-cost airline, which has been rapidly expanding its international network with recent additions like Seychelles and Krabi, has so far relied on codeshare agreements with other airlines to connect to larger global destinations. Earlier this year, IndiGo entered into a damp lease agreement with Norse Atlantic Airways for a Boeing 787-9 aircraft, which began operations on March 1,2025. The agreement was recently expanded to include three additional aircraft, set to join the fleet in the second half of the year. Continued on Page 6 Leading players see medium- to long-term demand intact Automakerspushcapacity additiondespiteflatforecast SWARAJ BAGGONKAR Mumbai, March 6 DESPITE A FLATTISH growth projection for FY26, auto majors are going ahead with their expansion plans as they feel the medium- to long-term demand in the country remains intact. »INSIDE« The passenger vehicle (PV) POOR industryisanticiSENTIMENT pating a mere 1DRAGS FEB AUTO SALES 2% growth in FY26 to 4.28PAGE 4 4.33 million units from an expected 4.24 million at the close of FY25. But even with the muted projection,the top fourcar& SUVmakers have eitherlaunched newfactories or are readying new capacity to be brought on stream in the next 12-15 months. With the new manufacturing capacity,Maruti Suzuki,Tata Motors, UPBEAT OUTLOOK ■ The passenger vehicle (PV) industry is anticipating a mere 1-2% growth in FY26 to ■ Maruti’s new plant in Kharkhoda, Haryana, has started with a capacity of 250,000 units per annum in the first phase 4.28-4.33 mn units from an expected 4.24 mn at the close of FY25 Hyundai and Mahindra & Mahindra (M&M) are not only hoping to boost volumes domestically through new launches in FY26 but are are also chasing markets outside India.These four players control 80% of the domestic market. The largest carmaker in the country, Maruti Suzuki India (MSIL), has ■ Tata Motors Sanand facility has added 300,000 units per annum to its capacity ■ Hyundai Motor will soon start production of 170,000 units per annum at its new plant started commercial production at its greenfield facility in Kharkhoda, Haryana lastweek.The newplant has started with a capacity of 250,000 units per annum in the first phase, whichwill go up to 1 million units per annum by 2030. Continued on Page 6 Lucknow