OPINION, P10 WELL BEING From anti-ageing creams to hair regeneration oils, a lot of products are making tall claims. But can they replace medically-approved treatments? Page 9 Collective action than dosti NEWS POINT The outsider at Versace Page 16 DARIO VITALE REALITY OF VIRAL WELLNESS PRODUCTS ACROSS THE AISLE, P CHIDAMBARAM WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XXI, NO. 30 INTERVIEW: MK RANJITSINH FINANCIAL EXPRESS ON SUNDAY KOLKATA SUNDAY, MARCH 23, 2025 12 Pages, `12 (NE States `13 & Andaman `20) 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 , READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , GEN-Z TREND ● Mango to tea, brands offering unique flavours IN A BID to capture the market that matters – the younger generation – beer brands are pushing boundaries to introduce unique and refreshing flavours. From mango to tea, lemon to chocolate, the new offerings might even ■ SPOTLIGHT, P5 A micro monster ■ Geist Kala ■ UB Group recently launched two new variants – ‘lemon masala’ & ‘mango berry twist’ KUNAL DOLEY New Delhi, March 22 Namak Jamun Ale pairs tangy, salty notes of black salt with jamun change your opinion about the popular alcoholic beverage and summer hotseller. Recently, United Breweries, India’s largest beer manufacturer, expanded its Kingfisher portfolio In an era where loneliness feels like the default setting, some social media-led communities are helping people to level up their social lives and make new companions (From left) Kolkata Knight Riders' Rinku Singh, Bollywood actor Shah Rukh Khan and Royal Challengers Bengaluru's Virat Kohli during the opening ceremony of Indian Premier League 2025, in Kolkata on Saturday REUTERS Gold returns at 13-year high; silver at 4-yr high MCX spot prices Silver 100,000 (` per 1 kg) 97,198 80,000 70,000 87,821 ld (` per 10 gram) Mar 29, ‘24 Mar 21, ‘25 Return in % Silver 80 31 31.3 31 31.1 27.4 .4 40 Source: Bloomberg FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 0 -40 IPLfever on, as is tax heat on online gaming ● 357 illegal gaming GST CRACKDOWN ■ Govt cautions public against sites blocked,2,400 engaging with offshore accounts attached gaming platforms 90,000 Gold bottled ‘tea beer’, Maka di OoLong Blanche coming to market soon by launching two new variants – ‘lemon masala’ and ‘mango berry twist’. Offering consumers a unique PRESS TRUST OF INDIA Mumbai, March 22 110,000 up to March 21, 2025 PRESS TRUST OF INDIA New Delhi, March 22 EVEN AS THE Indian Premier League’s 18th edition got off to a rousing start on Saturday, the finance ministry said GST intelligence officers have blocked 357 websites of illegal offshore online gaming firms and attached about 2,400 bank accounts. The ministry also cautioned the public against engaging with offshore gaming platforms, even though many Bollywood celebrities and cricketers, besides social media influencers, are found to be endorsing these platforms. High-voltage tourneys like IPL also breed heavy online gaming alongside,with gamers using several offshore gaming sites, lured by lucrative monetary rewards. Several of these offshore sites have been linked with financial frauds in the past. About 700 offshore e-gaming Three arrested so far; probe against more individuals on ■ About 700 offshore e-gaming firms under directorate general of GST intelligence scanner ■ DGGI so far blocked 166 mule accounts with MeitY help; freeze on nearly `126 crore companies are under the Directorate General of Goods and Services Tax Intelligence (DGGI) scanner, as these entities are evading GST by failing to register, concealing taxable pay-ins, and bypassing tax obligations. Investigationsalso revealed that these offshore companies operated through 'mule' bank accounts to process transactions, the ministry said,adding the DGGI blocked 166 'mule'accounts. "So far, 357 websites/URLs of illegal/non-compliant offshore online money gaming entities have been blocked by the DGGI, in coordination with the ministry of electronics and information technology (MeitY)," the ministry said in a statement. In two other separate cases, DGGI collectively blocked nearly 2,400 bank accounts and put a freeze on nearly `126 crore. In another operation against a few Indian nationals who were running online money gaming platforms from outside India, it revealed that these individuals were facilitating online money gaming to Indian customers through various such online platforms, including Satguru Online Money Gaming Platform, Mahakaal Online Money Gaming Platform and Abhi247 Online Money Gaming Platform, and are using mule bank accounts to collect moneyfrom Indian customers. Continued on Page 2 SECURITIES AND EXCHANGE Board of India (Sebi) chairman Tuhin Kanta Pandey on Saturday said there is no point unsettling the current taxation, and the foreign portfolioinvestorsneedto'livewith' the system. Pandey, who took over as the Sebi chief threeweeks ago,also said some companies are making 'blatantlyfalsedisclosures'andthecapital marketsregulatordoes not'hesitate' to act against such malpractices. On the issue of taxation, Pandey listed out a slew of advantages that India offers, including delivering superior returns,stable policy environment and inflation being under control. "If some certainties have already come in terms of taxation, let us notunsettleit,"hesaid,listingout TUHIN KANTA PANDEY, CHAIRMAN, SEBI If some certainties have already come in terms of taxation, let us not unsettle it IT’S NOT JUST affordable sub-4 metre SUVs (priced under`10 lakh) that are eating into the small car space, but even higher-value SUVs have outsold small cars, latest data from the Societyof IndianAutomobile Manufacturers (SIAM) shows. The April-February FY25 sales data shows that big SUVs – priced from `11 lakh to `60 lakh – sold 1,274,445units,whichwas127,174 units more than 1,147,271 small cars (priced `4-10 lakh) sold during the period. The charge was led by Hyundai Creta,whose salesgrew21% –from 146,315 units in April-February FY24 to 176,812unitsinApril-February FY25 – followed by models D E L H I , P U N E twist on beer, the new flavours draw inspiration from the vibrant energy of Indian cuisine and street culture."India is at an exciting stage where consumers, especially Gen-Z, are looking for new experiences. Flavoured beers tap into this curiosity and openness to experimentation," said Vivek Gupta, managing director and chief executive officer of United Breweries, which delivered a solid performance in Q3 FY25 with total volumes accelerating to 8%. Continued on Page 2 BIG IS BETTER ■ Leading the charge ■ Big SUVs – priced from `11 lakh to `60 lakh – sold 1,274,445 units during April-February FY25 ■ It is 127,174 was Hyundai Creta, whose sales grew 21% – from 146,315 units in April-February FY24 to 176,812 units in April-February FY25 units more than 1,147,271 small cars (priced `4-10 lakh) sold during the period such as Mahindra Scorpio, Maruti Suzuki Grand Vitara, and Toyota Urban Cruiser Hyryder. Sales of small cars – including sedans and hatchbacks – however, have been under pressure. For example, sales of the entire Maruti Suzuki premium small carportfolio – including big names such as the Baleno,Dzire,Swift,andWagon R – dropped 7.2%,from 758,171 units in April-February FY24 to 703,831 ■ Sales of the entire Maruti Suzuki premium small car portfolio dropped 7.2% ■ The drop was much sharper in the entry-level small car space (`4-6 lakh) units in April-February FY25. The drop was much sharper in the entry-level small car space (`46 lakh).For instance,sales of Maruti Suzuki’s Alto and S-Presso dropped 12.4% – from 130,265 units in April-FebruaryFY24tojust114,115 units inApril-FebruaryFY25. Analysts told FE that with highvalue purchases on the rise,this was bound to happen. Madan Sabnavis, chiefeconomist,BankofBaroda,said assoonasonestartsworking,thereis a desire to own a big car — a vehicle that stands out — and not a small car merely for travelling from point A to B. “Banks and NBFCs provide the nudgebyofferingeasycreditfacilities. WithESOPsandhighlevelsofsalaries, especiallyintheBFSIindustryandthe services sector, young people have high purchasing power, and that’s gettingreflectedinrisingsalesofpremiumcarsandSUVs,”hesaid.“Inaddition,people with higher incomes are in a better position to purchase cars, and lower-income people have been facing a challenge on account of positives with India like delivering over11% perannum returns on the MSCI overthe past fiveyears,fastest growinglargeeconomy,stableinflation,and fiscal consolidation. Consumption is picking up,and there is an upswing in capital formation both by the government and private companies, he said, speaking at a media event. Pandey said the tax system has actuallyresponded to the problems of these investors and facilitated moves even in the latest Budget. Therewere concerns of FPI pullouts after a government clarification declaring that FPIs will have to pay long-term capital gains tax at 12.5% from April 1 as against the earlier rate of 10%. The FPIs segment has seen outflows in 2024, a trend that is being attributed to global events. The career bureaucrat-turnedregulator said materiality should decide the level of disclosures, and added that the Industry Standards Forum (ISF) constituted by Sebi has defined the same and frequency of making the disclosures. Continued on Page 2 `14,020crdisbursed under10PLIschemes FE BUREAU New Delhi, March 22 THE PACE OF disbursement of incentives under the production linked incentive (PLI) scheme is picking up with `4,299 crore released to companies, taking the total to `14,020 crore. Inthefirsttwoyearsofthescheme, only `9,721 crore was disbursed — `2,968crorein2022-23and`6,753 crore in 2023-24.This fiscal,the disbursement target is `11,037 crore, Small cars become also-rans in passenger vehicle race VIKRAM CHAUDHARY New Delhi, March 22 N E W FPIs should live with the current taxation: Sebi chief Forging friendships, one meetup at a time 10 108.0 ■ India’s first roasted malt profile with hints of coffee, chocolate ■ LEISURE P7 120 M U M B A I , ■ Simba Stout comes with While recycling aims to reduce plastic waste, the practice itself could be making matters worse by producing an even more dreaded environmental menace — microplastics 60,000 L U C K N O W , Asweet & tangysummerin store forbeerlovers WHAT'S INSIDE GOLDAND SILVER prices have skyrocketed over the past year, delivering strong returns for investors. Gold prices have risen 31.1% in the current financial year so far, marking a 13-year high. It is currently trading at `87,821 per 10 grams, according to MCX data. Similarly, silver has delivered a 31.3% return in FY25 so far, with prices crossing the `1 lakh mark per kg recently. Silver is currently trading at `97,198 per kg. Compiled by Kishor Kadam Save forests, or you’ll only have captive animals, not the wild ones Page 4 higher inflation and therefore they havelowerpurchasingpower.” TarunGarg,whole-timedirector& chiefoperatingofficer,HyundaiMotor India, told FE that for Indian customers,aspirations are taking precedenceoverfunctionality,andfeatures such as sunroof andADAS (advanced driver-assistance systems) have been driving carsales.These features don’t exist in the entry-level small car segment. For example, while the Creta SUVstartsat`11.11lakh,it’stheSX(O) variant–pricedstarting`17.46lakh, and almost `20 lakh on-road – that has contributed to over 30% Creta sales.“In addition,in the Creta,70% sales are coming from variants with sunroof,and almost 40% from variantswithADAS,”hesaid. Continued on Page 2 while for the next financial year the targetis76%higherat`19,500crore. “Projects are implemented over a timeperiodrangingfromtwotothree years, depending on the nature of manufacturing,and claims are usually made after the first year of production.Hence,most projects are at implementationstageandwillbefiling incentive claims in due course,” ministry of commerce and industry saidinastatement. Continued on Page 2 IN THE NEWS Govt removes 20% export duty on onion as supply improves TO BOOST EXPORTS and ensure stability in prices, the government has withdrawn the 20% duty on onion export from April 1. PAGE 3 Delimitation: ‘Freeze LS seats by another 25 yrs’ AJOINTACTION Committee, led by Tamil Nadu chief minister MK Stalin has sought “freeze on Parliamentary constituencies based on 1971 Census Population should be extended by another PAGE 2 25 years”. Kolkata