OPINION, P10 WELL BEING FE LINES While monsoon sees an uptick in cases, declining gut health is otherwise becoming a perennial problem Page 9 When ChatGPT ‘user-friendliness’ comes under question Page 6 DON'T IGNORE YOUR 'GUT FEELINGS' Military boldness, political timidity ACROSS THE AISLE, P CHIDAMBARAM How safe is your bot? LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXII, NO. 14 WALKING A THIN LINE FINANCIAL EXPRESS ON SUNDAY SUNDAY, AUGUST 3, 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 , C H E N N A I , H Y D E R A B A D , K O C H I , ●Easy credit driving ON A BUYING SPREE premiumisation 40% for youngsters of smartphones in India are bought through EMIs KUNAL DOLEY New Delhi, August 2 BINITA SARMA (NAME changed), a banker in her early thirties based in Guwahati, Assam, wants to buy the top-end model of the latest iPhone, but falls short of the requirement by a huge ■ SPOTLIGHT, P5 70% of iPhones in India are bought through EMis ■ 1 out of 4 spends this Amazon Prime Day (July 12-14) was on EMI amount. She doesn’t fret; she just opens the Amazon app, chooses the desired product and gets it financed through a no-cost EMI option provided by a leading private bank online, and the iPhone is purchased in a May Jun 60.2 39.8 63.0 37.0 63.5 36.5 63.5 36.5 64.1 35.9 64.3 35.7 62.4 37.6 Apr Continued on Page 2 deal, now pegged around October, could be brought forward if fresh negotiations are positive Jul Apple CEO tells staffAI is ‘ours to grab’ in pep talk APPLE CEO Tim Cook, holding a rare all-hands meeting following earnings results, rallied employees around the company’s AI prospects and an “amazing” pipeline of products. “Apple must do this. Apple will do this. This is sort of ours to grab,” Cook said, adding: “We will make the investment to do it.” ■ PAGE 18 Continued on Page 2 CCI orders probe against Google over adtech charges CCI HAS ordered a detailed probe into Google's conduct in the online display advertising market on a complaint filed by the Alliance of Digital India Foundation (ADIF). The regulator has directed the director general to carry out a consolidated probe into Google's conduct in the adtech ecosystem. ■ PAGE 3 concessions in public procurement & agri provided these are matched by other side aware of discussions at the highest levels told The Indian Express.In fact,itwas an external crisis that had forced the reforms of 1991. Most importantly, the sources said, an unnecessary show of bravado in countering some ofTrump’s assertions,howeverridiculous they may be,should be avoided. India was one of the first countries the Trump administration had expected to sign a dealwith,but slowprogress has been a source of frustration forWashington DC. Continued on Page 2 India to continue buying Russian oil: Government ● Denies policy change, asserts own sourcing will SHIVAM PATEL & CHANDNI SHAH New Delhi, August 2 INDIA WILL KEEP purchasing oil from Russia despite US President Donald Trump’s threatsofpenalties,twoIndian government sources said, not wishing to be identified due to the sensitivity of the matter. “These are long-term oil contracts,”one of the sources said. TOP CRUDE OIL SUPPLIERS TO INDIA June 2025 July 2025 m-o-m change in % Import volume (1,000 barrels per day) -24 Russia 10.9 Iraq 21.2 3.7 Saudi Arabia UAE 20.1 US 62.5 195 PMNARENDRAMODIonSaturday called on citizens to adopt thespiritof“Swadeshi”andsupport locally-made products, stressingthattrueservicetothe nationliesinpromotingindigenous goods, especially amid “globaleconomicuncertainties”. Addressing a public meet- ing in his parliamentary constituency Varanasi, Modi said, “As we talk about economic progress, I want to draw your attention to the current global scenario.Theworldeconomyis facing instability and uncertainty.In such times,countries are focusing solely on their own interests. India, too, is on the path to becoming the world’s third-largest economy and must remain alert to its ■ Govt willing on 120 PRESS TRUST OF INDIA Varanasi, August 2 INDIA SHOWED ITS 'RUDRA ROOP' DURING OPERATION SINDOOR: PM PAGE 2 own economic priorities.” The Prime Minister’s renewed push for ‘Swadeshi’ (indigenous) comes amid the US announcing tariffs on exportsfromabout70nations, including India. According to the White House order, India nowfaces tariffs of 25% forits exports to the US. Emphasising that farmers, small industries and employment for youths are the topmost priorities for the government, Modi said, “The government is doing everythingpossibleinthisdirection.” ■ India willing to import more from the US, especially defence equipment, fossil fuels, nuclear 364 »INSIDE« ● Urges vocal for local when making buying decisions ANI FOLLOWING US PRESIDENT Donald Trump’s tariff sledgehammer, the government has kicked off an exercise to thrash out concessions across sectors that can be offered in the tariff negotiations later this month. Key economic ministries have been asked to seewhat theycan still afford to offer to sweeten New Delhi’s deal when the US team is here on August 25. To reach an agreement,theTrump administration has been demanding much more than what the government has offered in its market access commitments,including loweringof tariffs across the board and removal of non-tariff trade barriers. As policymakers grapple with Trump’s announcement of a 25% tariff on goods from August 1,alongside an additional but unspecified “penalty” for its defence and energy imports from Russia,economic ministries have started sending directives on sectoral tariff concessions in their jurisdictions. Thereareindicationsoilrefinershavestarted reducing Russian oil purchases. Some of these concessions, if calibrated well, could ensure an opening up of the domestic economy, sources 303 Jul BSE Mar per industry estimates,about 40% of smartphones in India are bought through EMIs. When it comes to iPhones,the 446 Jun 5,277 3,488 4,573 2,690 4,642 2,669 4,363 2,633 4,249 2,444 3,689 2,062 4,416 2,448 BSE Feb P U N E figure goes up even higher— close to 70%. EMIs or equated monthly instalments are spurring aspirational buying, especially among GenZs and millennials, allowing them to purchase products they wouldn’t have otherwise been able to afford. “EMIs have been instrumental in pushing up sales, both in the offline and online mode,”said Madan Sabnavis, chief economist at Bank of Baroda. 430 comparison, NSE registered a 15% rise in its F&O notional turnover to `5,277 lakh crore. Compiled by Kishor Kadam F&O notional turnover - market share (%) Jan matter of minutes. Sarma is not the only one availing of the quick credit option to buy luxury items.As 702 PM Narendra Modi presents a pair of spectacles to a girl while distributing more than 7,400 assistive aids to divyangjan and elderly beneficiaries in Varanasi on Saturday F&O notional turnover in ` lakh crore Source: NSE, BSE particularly millennials & Gen Z, now use app-based banking 579 BSE’S MARKET SHARE in NSE 65% of lower-middle-class buyers, 835 F&O notional turnover doubles to 40% for BSE May Prime Day were driven by no-cost EMI for purchase of smartphones, electronics, large appliances ANIL SASI New Delhi, August 2 An omnibus suggesting India’s economic path in a volatile world Apr ■ 9 out of 10 EMI purchases this 926 Policy and priorities Mar D E L H I , ALL FOR UNCLE SAM ● Focus on upping energy, defence buys; lowering duties ■ Outer limit for US ■ WORDS WORTH, P4 Feb N E W AdoptSwadeshiamid Depts told to find extra globaluncertainty:PM sops to sweeten US deal How regional OTT platforms—once considered niche players—are gaining ground, not only in content volume but also in loyalty, cultural resonance and, increasingly, reach Jan M U M B A I , DIRECTIVE TO NOT COUNTER TRUMP’S CLAIMS The desi Netflix NSE L U C K N O W , Gen Z now affording luxury,one EMI at a time WHAT'S INSIDE the F&O segment’s notional turnover doubled from 19% in April 2024 to 39.8% in July 2025. Last month, the stock exchange recorded a 30% month-on-month surge in F&O notional turnover to a record `3,488 lakh crore. In K O L K A T A , 1,599 P U B L I S H E D READ TO LEAD 2,104 HYDERABAD 18 Pages, `12 Size zero is again a matter of debate globally Page 7 Nigeria Source: Kpler “It is not so simple to just stop buying overnight.” Trumplastmonthindicated in a Truth Social post that India wouldfaceadditionalpenalties for purchases of Russian arms and oil. On Friday,Trump told reportersthathehadheardthat India would no longer be buying oil from Russia. Continued on Page 2 Safety first: Maruti takes the lead in six-airbag car sales VIKRAM CHAUDHARY New Delhi, August 2 WITH SAFETY NOW playing an increasingly important role in purchase decisions, Maruti Suzuki India is emerging as the country’s top seller of vehicles equipped with six airbags. Following the launch of the six-airbag-equipped Alto in early March, the company now sells nearly 97% of its vehicles with six airbags as standard. In the April-June quarter, Maruti Suzuki sold 393,572 cars, of which nearly 380,000 units were equipped with six airbags. This figure puts it far ahead of rivals Mahindra & Mahindra and Tata Motors. Mahindra sold close to 93,000 such cars during the same period, accounting for 61% of its total sales of 152,067 units. Tata Motors sold around 65,000 six-airbag-equipped vehicles, which comprised 51% of its 129,369 units sold in the quarter. Of Maruti’s 16 models on sale, only S-Presso and Ignis are yet to get six airbags. Mahindra, meanwhile, offers six airbags as standard in just four of its 12 models—XUV 3XO, Thar Roxx, BE 6, and XEV 9e. Tata Motors’ sixairbag list includes eight of its 13 models, with five entrylevel offerings (Tiago, Tigor, and Punch in ICE; and Tiago, ADDED ADVANTAGE Sales (Q1FY2026) Maruti Suzuki Mahindra & Mahindra Tata Motors Models on sale 16 12 13 Cars with 6 airbags 14 4 8 Total cars sold 393,572 152,067 129,369 Cars with 6 airbags sold 380,000 Tigor in EV) still sold with fewer airbags. Industry observers said Maruti Suzuki’s strategy goes beyond regulatory compliance. “The company is 93,000 65,000 actively trying to change its brand perception,” said one automotive analyst. “When Global NCAP started its ‘safer cars for India’ campaign, many Maruti models scored poorly, raising questions about their structural integrity. That didn’t impact sales dramatically because buyers are price-sensitive. But as Tata Motors and M&M began marketing their GNCAP 5-star ratings, Maruti had to respond.” That response, analysts say, has come in the form of more investment in safety. The Dzire’s recent 5-star Bharat NCAP rating, along with the rapid rollout of six-airbag variants across its portfolio, is seen as a clear effort to signal change. Until recently, most Maruti cars came with only two front airbags. Additional HYDERABAD airbags, such as side and curtain units,were available only on top trims. Now, six-airbag protection is becoming standard, even on small cars. This significantly improves occupant safety in side impacts.“Side airbags protect the torso and pelvis in a collision, while curtain airbags help prevent head injuries,” an analyst explained. “It’s a meaningful upgrade.” However, this push for safety has come with added costs.The Alto’s price went up by `6,000-`16,000 depending on variant when it was updated with six airbags. While the increase seems modest, it can be significant in a segment where afford- ability is critical. RC Bhargava, Maruti Suzuki’s chairman, has cautioned about this trend. He recently said that basic cars are becoming unaffordable for many, and while regulatory improvements are essential, their disproportionate impact on entry-level car pricing is worrying. “Making small cars safer is necessary,” he said, “but the cost of doing so is making them less accessible to the people they’re meant for.” Sales numbers reflect this tension. In the April-June quarter,combined sales ofAlto and S-Presso dropped 37% year-on-year, from 30,816 units to 19,522 units.