OPINION, P10 WELL BEING FE LINES ACROSS THE AISLE, P CHIDAMBARAM Docs warn against extreme fitness routines, especially for beginners Page 9 Homegrown messaging app Arattai is making all the right noises Page 6 GYMMING SHOULD BE FUN, NOT FATAL Up the down staircase Vol. 18 No. 32 Is WhatsApp finally meeting its match? SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM HAUTE SOUTH FINANCIAL EXPRESS ON SUNDAY MUMBAI SUNDAY, OCTOBER 12, 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 , WHAT'S INSIDE C H A N D I G A R H , ■ WORDS WORTH, P4 When Aisha received her death certificate DURINGYTD 2025, realty shares have declined by up to 30.7% as investors turned cautious amid a slowdown in housing sales. BSE Realty Index has fallen 15.41% so far in 2025, compared with a 5.58% rise in BSE Sensex.All 10 constituents of the BSE Realty Index delivered negative returns, led by Oberoi Realty, which fell 30.7%, followed by Godrej Properties (down 24.9%) and Signature Global (down 24.5%). DLF and Lodha Developers declined 10.22% and 16.84%, respectively. Compiled by Kishor Kadam Relative performance 105.58 Sensex 110 100 84.59 BSE Realty Index 90 80 70 Dec 31, 2024 Base: Dec 31, 2024 = 100 Oct 10, 2025 Top losers (YTD 2025 % loss) -30.7 Oberoi Realty -24.9 Godrej Properties Signature Global -24.5 Brigade Enterprises -24.2 -18.5 Anant Raj L U C K N O W , ■ EaseMyTrip offering travel-friendly items like headphones, power banks, tech accessories Mobility partners with platforms like Giftabled that supports persons with disabilities Diwali gifts. Taking note, companies are turning to more personalised gifting, and even using ■ ObserveNow gifting staff a 'Planet First' wellness kit, which includes clay idols, indoor plant rewards platforms likeAdvantageClub.ai offering customisation. The platform has a flagship Diwali campaign called‘My Gift,My Choice’for enhanced flexibility and gifting options, moving away from the one-size-fits-all pol- ABHINAYA HARIGOVIND New Delhi, October 11 AHEAD OFTHE start of the Fall semester atAmerican universities, the number of Indian studentarrivalsintheUnitedStates inAugustfelltothelowestsince theCovidpandemic(2020),registeringanover44%decreaseas comparedtothecorresponding period lastyear. As per data maintained by theInternationalTradeAdministration—a US government agency under the Department of Commerce which records international visitor arrivals— 41,540IndiansarrivedintheUS on student visas (F and M categories) in August this year.This is the lowest since 2020,when travel restrictions were in place due to the pandemic. In 2021, there were over 56,000 Indians who arrived on student visas in the US,which increased to 80,486 in 2022, and 93,833 in 2023.The number dipped in August 2024 to 74,825 (see chart). Pre-pandemic, Indian student arrivals in the US were N E W D E L H I , P U N E icycommonlyfollowed in corporate gifting.From gift cards and curated products to global brand vouchers, employees can choose from a range of options. “We’re bringing the power of personalisation to festive recognition. From gift cards and curated products to global brand vouchers—employees have the freedom to choose what matters most to them,” said Sourabh Deorah, cofounder & CEO, AdvantageClub.ai. “For HR teams, it’s a seamless,fully-managedexperience at scale.” The platform launched the Diwali campaign for the first time in 2024 with a 92% redemption rate. Continued on Page 2 US-CHINA TIES ON THE BRINK WITH EXTRA 100% TARIFF Fears of trade turmoil as tariffs on China rocket CHINA ■ New port fees slapped on ships owned, operated, built by US from October 14 130% on Chinese goods raised to from Nov 1 ■ Export controls on 'any launched into Qualcomm over its acquisition of Israel's Autotalks and all critical software' ■ Threat of export restrictions on airplanes and parts ■ Cargo handling equipment from China could be subject to extra tariffs of up to ■ Fresh efforts to restrict flow of rare-earth minerals from Nov 1 them,” Trump said in a social media post. The gambitwill revive fears of a global disruption in trade that could see the world’s two largest economies effectively cut off ties, and dramatically raisesthestakesforTrumpand Xi as they navigate high-stake trade negotiations. AMERICA ■ Import taxes ■ Antitrust investigation US PRESIDENT DONALD Trump said he would impose an additional 100% tariff on Chinaaswellasexportcontrols on “any and all critical software” beginning November 1, hours afterthreatening to cancel an upcoming meetingwith thecountry’sleader,XiJinping. “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by »INSIDE« VS 150% But Trump acknowledged Friday that he could retreat from his massive tariff escalation if the Chinese backed down from threatened restrictions on rare earths,while saying that it was still possible that he could meet Xi laterthis month.“That’s why I made it Nov.1st,”Trumpsaid.“We’llsee CHINESE NEW RARE EARTH CURBS TO HIKE PRICES OF EVs, CHIPS PAGE 3 what happens.” Trump’s announced tariffs would raise import taxes on many Chinese goods to 130% starting next month. That would be just below the 145% level imposed earlier this year, before both countries ratcheted down the levies in a truce to advance trade talks. Continued on Page 2 ReliancePowerCFO held under PMLA RBI HAS appointed Sonali Sen Gupta as executive director effective October 9. She has over three decades of experience across financial inclusion, HR, banking regulation, and supervision. ■ PAGE 3 ‘India to drive 20% of global GDP growth’ INDIAIS poised to drive one-fifth of global GDP growth on back of domestic demand and policies, enabling it towithstand ‘external shocks’, Shaktikanta Das, principal secretary-2 to PM, said. ■ PAGE 3 PM to farmers: Reduce import dependency PRESS TRUST OF INDIA New Delhi, October 11 Sonali Sen Gupta appointed RBI ED PM NARENDRA MODI on Saturday urged farmers to reduce their dependency on global markets and work towards achieving self-sufficiency in pulses, similar to the progress madeinriceandwheat,reports SandipDas.“Indiamustaimto reduce imports and increase exportswithoutfallingbehind,” Modi said, while launching agriculture and allied sector projects worth `42,000 crore. “The country imports a large quantity of pulses from other countries.Withanallocationof over `11,000 crore, this mission will greatly help farmers,” he added. ■ PAGE 3 THE ENFORCEMENT DIRECTORATE (ED) has arrested the CFO of industrialist Anil Ambani's group company Reliance Power in a money laundering case linked to issuance of an alleged fake bank guarantee of `68 crore, official sources said Saturday. The CFO, Ashok Pal, was taken into custody on Friday night under the provisions of the Prevention of MoneyLaunderingAct (PMLA) afterhewas questioned bythe agency,they said. He was produced before a magistrate on Saturday and sent to two days in ED custody. The agency will produce him before a special PMLA court on October 13 after the expiry of the remand period, according to the sources. Ashok Pal Reliance Power CFO Continued on Page 2 Over 44% drop in Indian students to US in August ● Govt data shows this is lowest since pandemic (2020) M U M B A I , coins, kitchenware for outsourced cleaning and security staff ■ Greaves Electric BLOOMBERG October 11 Realty shares underperform K O L K A T A , ■ NoBroker’s gifts include silver rewards platforms like AdvantageClub.ai for gifting customisations ● Trump to retreat if China relents before November 1 Excerpts from Snigdha Poonam's new book Scamlands about the fraud economy K O C H I , ■ Companies using RARELYDO DIWALIgiftsfrom employersmeetstaffapproval, dissed for being indifferent, repetitive and useless.A 2023 survey by loyalty and rewards platform, Almonds AI, across 800 companies revealed that 73% of corporate employees were not satisfied with their Artist duo Jiten Thukral and Sumir Tagra pivot people’s anxieties about a crisis-ridden contemporary society in the second version of their Games People Play exhibition H Y D E R A B A D , FESTIVE RECOGNITION VAISHALI DAR New Delhi, October 11 Game of throes READ TO LEAD Indifferentnomore,IndiaIncrethinksDiwaligifting ● Focus now on green, customised, objects of utility ■ LEISURE, P7 C H E N N A I , How chefs are infusing innovation into south Indian cuisine Page 5 ARRIVALS TO US FROM INDIA: STUDENT VISAS 2025 2024 2023 2022 2021 2020 2019 2018 41,540 63,112 113,541 136,384 110,612 64,461 4,347 59,838 Total* 59,911 74,825 93,833 80,486 56,099 2,908 40,911 40,710 Aug Source: International Trade Administration (US Dept of Commerce) *in June, July, Aug higherinthelasttwoyearsofthe second Obama administration as compared to this August —49,797 in August 2015, and 44,722 in August 2016. It dropped to 41,192 in August 2017, the first year of Donald Trump’sfirsttermaspresident, andremainedcloseto41,000in 2018 and 2019. As data for previous years show, with the Fall semester beginning in August/September, arrivals on student visas typicallypeak inAugust. Thisyear,June and July,too, recorded a drop of over 40% each in Indian student arrivals as compared to the corresponding periods last year, with the figure for both months being the lowest since 2022. In July, Indian student arrivals dropped to 13,027, from 24,298 in the corresponding month last year; in June,the numberfell to 8,545, from 14,418 last year. The total number of Indian student arrivals for June, July and August was 63,112 this year, the lowest for these months since the pandemic. Continued on Page 2 PM Narendra Modi (right) with US Ambassador-designate Sergio Gor in New Delhi on Saturday X AMBASSADOR-DESIGNATE IN INDIA Gor:USgreatlyvalues relationswith India PRESS TRUST OF INDIA New Delhi, October 11 “THE US GREATLY values its relationship with India,” US Ambassador-designate Sergio GorsaidonSaturdaynightafter meeting PM Narendra Modi. Gor is on a six-dayvisit to India after the US Senate confirmed his appointment as the American Ambassador to India. He is accompanied by Deputy Secretary for Management and Resources Michael J Rigas. “Ihadanincrediblemeeting with Prime Minister Modi.We discussed bilateral issues, including defence, trade and technology,” he said. “We also discussed the importance of criticalminerals,”hesaid,adding President Donald Trump considers PM Modi as a great and personal friend. Modi said he was confident that India-US ties will further strengthenduringGor’stenure. “Glad to receive Mr Sergio Gor, Ambassador-designate of the US to India. I'm confident that his tenure will further strengthen the India-US Comprehensive Global Strategic Partnership,” Modi said onX. Gor, who arrived in New Delhi on Friday, said he had a great series of meetings, includingwithExternalAffairs Minister S Jaishankar,NSAAjit Doval and Foreign Secretary Vikram Misri. Jaishankar also held talks with Gor. “Pleased to meet Ambassador-designate Sergio Gor of the US today in New Delhi. Discussed the India-US relationship and its global significance,” Jaishankar said on social media. Continued on Page 2 PM,Qualcomm CEO discussAI,innovation PM Narendra Modi (right) with Qualcomm President and CEO Cristiano R Amon in New Delhi on Saturday PRESS TRUST OF INDIA New Delhi, October 11 PRIME MINISTER NARENDRA Modi met US-based chip maker Qualcomm President and CEO Cristiano R Amon and discussed India’s strides in artificial intelligence (AI) and innovation. “It was a wonderful meeting with Mr Cristiano R Amon and discussing India’s strides in AI, innovation and skilling,” Modi said in a post on X. “Great to see Qualcomm’s commitment towards India’s semiconductor and AI missions. India offers unmatched talent and scale to build tech- X nologies that will shape our collective future,”he said. Amonmettheprimeminister at his official residence on Friday.“ThankyouPM@narendramodiforthegreatconversationonfosteringabroaderpartnership between @Qualcomm andIndiainsupportoftheIndiaAI and India Semiconductor Missions, as well as the transition to 6G,” Amon said in a post onXon Friday. “We are encouraged by the opportunities to develop an Indian ecosystem across AI smartphones, PCs, smart glasses, auto, industrial and more,” the Qualcomm top executive said.