OPINION, P10 LEISURE We welcome the strange voice FE LINES LUGGAGE TO FLAUNT Print-a-gadget Offering smart features like USB ports, anti-theft zippers, and more, baggage options for travel are now moving from ‘nice to have’ to ‘must have’ Page 9 ACROSS THE AISLE, P CHIDAMBARAM VOL.NO.XVI SL.NO.43 3D printing is increasingly being adopted by companies, Apple being the latest Page 6 WELL BEING Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM THE CARB CONUNDRUM BENGALURU 18 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, NOVEMBER 23, 2025 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 , $1.5 tn Investments required by India to address climate change, boost energy transition by 2030 KUNAL DOLEY New Delhi, November 22 ■ SPOTLIGHT, P5 The social media dilemma While many nations are enforcing bans on underage use of social media, with no clear policy or enforcement, how can India deal with the issue, especially as concerns over online safety mount ■ WORDS WORTH, P4 How a brisk history of AI helps us see the future more clearly Enter Ecofy, a green-only non-banking financial company (NBFC) that provides financialsolutionsfortheelec- tricvehicle (EV),solar,and SME sectors. “Ecofy assisted me with financing to install solar panels on my rooftop. Their Nifty Vs Nifty IT Nifty Relative performance Base: October 21, 2025 = 100 NiftyIT 104.49 102 100 100.77 Oct 21, 2025 K O L K A T A , L U C K N O W , M U M B A I , Nov 21, 2025 SHARES OF INDIAN IT $200-250 bn National commitments Investments required to reach target of 500 GW of non-fossil capacity by 2030 $21 bn Issuance of green bonds in India in 2023, up from $1.2 bn in 2013 loan process was seamless— simple and fullydigital.With a very quick approval process, I faced no issues in getting the ■ Achieve net-zero emissions by 2070 ■ Reduce carbon intensity by 33-35% from 2005 levels by 2030 ■ Generate 50% of electricity from renewables by 2030 loan approved,”Apte said. Platforms like Ecofy are focusing on ‘green finance’— which essentially represents VIKRAM CHAUDHARY New Delhi, November 22 SEDANSAREDYING,exceptfor Dzire. The January-October 2025 sales data shows that the compact sedan by Maruti Suzuki has outsold all sedans puttogether.Duringtheperiod, Dzire sold 174,334 units,while nine other sedans put together could manage 142,456 units. This wasn’t the case in calendaryear2024,when Dzire— though still the leader,byfar— D E L H I , P U N E theallocationofcapitaltoward projects and technologies that benefit the environment— building on the belief that climate action and financial growth can go hand in hand. It’s a ‘necessity’ that even the government is accepting. At a conference earlier this year,Union Environment,Forest and Climate Change Minister Bhupender Yadav acknowledged that green finance is no longer a niche sector, as it now forms the “backbone of resilient, competitive economies”. Continued on Page 2 Trilateral tech partnership FLAGGING THE ISSUE of drug trafficking including that of fentanyl,PrimeMinisterNarendra Modi told the G20 leaders’ summitSaturdaythatitposesa serious challenge to global securityandisamajormeansof financing terrorism. To effectivelyaddressthisglobalthreat, heproposedthe“G20Initiative on Countering the Drug-Terror Nexus” to “weaken” the “drugterroreconomy”. Modi, who reached Johannesburg Friday for the summit where he was welcomed by South African President Cyril Ramaphosa, reached out to Africa by proposing a G20AfricaSkillsMultiplierinitiative thatwill train one million certified trainers in Africa over the next 10 years.He also proposed setting up of a G20 Global PM Narendra Modi with his Australian and Canadian counterparts, Anthony Albanese (R) and Mark Carney (L), respectively, on the sidelines of G20 Summit ANI ANEWTRILATERALtechnology and innovation partnershipwas announced by Prime Minister Narendra Modi on Saturday after a meeting with his Australian and Canadian counterparts on the sidelines of the G20 Leaders’Summit. “We are delighted to announce anAustralia-CanadaIndia Technology and Innovation (ACITI) Partnership today,” Modi said in a social media post after meeting Australian Prime Minister Anthony Albanese and Canada’s Mark Carney.“The initiative will deepen collaboration between democratic partners acrossthreecontinentsandthree oceans...,”he said. ----PTI »INSIDE« REFRAIN FROM THREAT OR FORCE FOR TERRITORIALACQUISITION: G20 + OTHER REPORTS P17 HealthcareResponseTeam,and creation of a Global Traditional Knowledge Repository. In the joint declaration, sources said India ensured“ter- rorisminallitsformsandmanifestations”is condemned. Modi, in his statement at the opening session, said, “Another major issue is drug trafficking. Extremely lethal drugs, especially fentanyl, are spreading rapidly. Continued on Page 2 of fossil fuels REUTERS Belem (Brazil), November 22 WORLD GOVERNMENTS AGREEDonSaturdaytoacompromise climate deal at the COP30 conference in Brazil that would boost finance for poornationscopingwithglobal warming but omit any mentionofthefossilfuelsdrivingit. In securing the accord, countriesattemptedtodemonstrateglobalunityinaddressing climate change impacts even aftertheworld’sbiggesthistoric emitter, the United States, declined to send an official delegation.“We should support it because at least it is going in the right direction,” the European Union’s climate commissioner, Wopke Hoekstra, told reporters before the deal was gaveled through. The Belem deal launches a voluntary initiative to speed up climate action to help nations meet their existing pledges to reduce emissions. Italsocallsforrichnationsto at least triple the amount of TEPID STEPS ■ Speed up climate action ■ Call for efforts to at least triple ■ Review adaptation related trade finance barriers by 2035 money they provide to help developing countries adapt to a warmingworld by2035. Scientistshavesaidexisting commitmentstocutemissions havecutprojectedwarmingsignificantly,butarenotenoughto keep world temperatures from breaching1.5Caboveindustrial levels, a threshold that could unleash the worst impacts of climate change. Continued on Page 2 Aggregators hail social US court orders Byju to pay securityforgigworkers over $1 billion for default DIVERSION OF ALPHA FUNDS 4.79 4.93 ● Raveendran to appeal, says not allowed to defend TCS Infosys LTIMindtree PRESS TRUST OF INDIA New Delhi, November 22 HCL Tech Persistent Systems 6.56 8.21 8.56 Top IT gainers 1-month returns (%) A US COURT has ordered BYJU’s co-founder Byju Raveendran to pay back default amount of $1.16 billion to BYJU’s Alpha and USbased lenderGLASTrust Com- Byju Raveendran pany.As per a judgment dated November 20, the Delaware Bankruptcy Court found that Raveendran failed to comply with its discovery order and continuedtobeevasiveonseveral occasions. The judgment was given based on the petition filed by BYJU’s Alpha and GLAS Trust Company. “The court will enter default judgment against DefendantRaveendran...inthe amount of $533,000,000,and on counts II, V and VI in the amount of $540,647,109.29," the judgment said. Continued on Page 2 ANEES HUSSAIN Bengaluru, November 22 WELCOME STEP INDIA'S PLATFORM ECONOMY spanning e-commerce, quick-commerce,andride-hailing, has largely welcomed the Centre’smovetooperationalise the Code on Social Security (CoSS),2020,termingitanecessarysteptowardformalisingthe country’s gigworkforce. The notification mandates aggregatorstocontribute1-2% oftheirannualturnover,capped at 5% of the amount paid or payabletosuchworkers,toward ■ Aligns with ■ A major systems existing priorities reform that of safety, security, supports the welfare: Amazon ecosystem: Eternal ■ A transformative step: Swiggy asocialsecurityfund.Theindustry’s immediate response has focusedonthelong-termbenefits of regulatory clarity and workforce resilience.“The new codesprovideaclearerandmore A compact sedan holds fort in market ruled by SUVs ● Dzire outsells all the other sedans combined N E W G20 needs to counter global COP30outcome skips mention threat ofdrugs & terror: PM SHUBHAJIT ROY New Delhi, November 22 IT shares outperform Nifty in past month companies have gained up to 8.56% over the past month, supported by betterthan-expected Q2 earnings growth, margin expansion, and healthy deal wins.The Nifty ITindex surged 4.49%, significantly outperforming the benchmark Nifty, which recorded a modest rise of 0.77% during the same period. Optimism over an imminent India–US trade deal also boosted sentiment in the sector. -— Compiled by Kishor Kadam MAHESH APTE (NAME changed), owner of a PunebasedMSME,hadbeenconsidering a rooftop solar installation for quite some time now, but faced limitations due to a lack of financial service providers and time-consuming disbursal processes. ● Modi moots global healthcare response team Thinking machines among humans 98 K O C H I , THE ROAD AHEAD ● Issuance of green bonds up 20x in 10 years 104 READ TO LEAD GreenmoneyspreadingrootsinIndianeconomy WHAT'S INSIDE 106 Indian diet is more carb heavy than desired.Time to rethink your meals? Page 7 sold 167,988 units, almost 10,000 units less than 177,857 units sold by the other nine sedans. This year, Dzire is followed by Hyundai Aura (51,295 units), Honda Amaze (26,730 units), Volkswagen Virtus (18,241 units), Skoda Slavia (11,643 units), Tata Motors’ Tigor and Tigor EV (11,596 units), Hyundai Verna (9,942 units), Honda City (6,561 units), the now-discontinued Maruti Suzuki Ciaz (4,521 units), and Toyota Camry (1,927 units). “The sedan market isn’t dead, but has turned into a monopoly,” a former Maruti SuzukiexecutivetoldFE.“Dzire GROWING NUMBERS 2024 sales Jan-Oct 2025 sales 167,988 177,857 174,334 142,456 Dzire All other sedans Dzire All other sedans hasn’t just sold more than all sedans put together, it’s the largest-selling single model in India this year, in a market ruled by SUVs.As far as overall salesareconcerned,theDzire’s 174,334 units are followed by Hyundai Creta (170,624 units),Maruti SuzukiWagon R (165,044units),MarutiSuzuki Ertiga (159,242 units), and Tata Nexon (158,752),but I’m sure they won’t be able to catch-up, and a sedan will end up becoming India’s largest selling car in 2025.” The fourth-generation Dzire, launched in November 2024, has been a success both with personal buyers and fleet customers. Late last year, it received 5-starcrash safetyrating from Global NCAP(NewCar Assessment Programme), followed by 5 stars from Bharat NCAPinJune,makingthesedan popularwithpersonalbuyers for whom safety has started taking centre stage.And its CNG variants are popular with fleet customers—while Maruti Suzuki doesn’t sharesalessplit,asourcetoldFE that 30-35% Dzire sales come from the fleet segment. In fact, the fourth-generation Dzire is so popular that it beat its ownyearlysales record of 167,988 units in 2024, in BENGALURU just 10 months of 2025 (174,334 units). In addition,within sedans, the gap between number one and number two is unprecedented.The closest competitor isAura—whose 51,295 units is a respectable number in isolation, but less than a third of Dzire’s volumes. Amaze, once a solid rival, sits at a distant thirdwith 26,730 units.Automotive experts said that Amaze doesn’t come with a factory-fitted CNG kit (you can get a dealer-fitted CNG kit, though) and that has led to its falling demand, in a market where CNG cars are getting increasingly popular. Continued on Page 2 predictableframeworkforbusinesses and workers,” said Rajneesh Kumarof Flipkart. Continued on Page 2 ■ Trade unions protest: P3 Bill on nuclear sector inwinter session A BILL seeking to open up the civil nuclear sector for private players is among the 10 new proposed legislations listed for introduction in the winter session of Parliament, beginning December 1. ■ PAGE 3 Prez Trump praises Mamdani at meet AFTER months of trading insults, US President Donald Trump and New York City Mayor-elect Zohran Mamdani swapped compliments and pledged collaborations at a meeting in White House. ■ PAGE 17