OPINION, P10 WELL BEING The average Indian consumes twice the amount of salt they should — the damage remains invisible until it's too late Page 9 A new sheriff in town FE LINES With new launches, you can look forward to advanced tools Page 11 A camera just for vlogging delight A PINCH TOO MUCH! ACROSS THE AISLE, P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 19 NO. 1 TRADITION WITH ATWIST LUCKNOW 20 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, JANUARY 11, 2026 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 , ● Shift led by higher incomes, focus on wellness VAISHALI DAR New Delhi, January 10 DIY urbanism How residents are cleaning, greening and reclaiming their cities, one filthy river, dumping ground, or neglected corner at a time ■ WORDS WORTH, P4 Democracy in decay Ireland, Canada, US lead rise in FPIs’ India assets 1.8 1.9 December 2025. Canada witnessed a 9.6% rise over the same period, with the US seeing its holdings rise 7.65%. Compiled by Kishor Kadam 12.1 9.6 US Norway Ja Japan 2.7 2.9 2.1 2.2 Mauritius India, EU reaffirm resolve for FTA 3.1 3.6 3.4 3.2 3.0 Si Singapore 7.6 7.4 Luxembourg UK % change 30.3 32.6 5.4 5.5 LEADERS of India and the European Union (EU) have reaffirmed strong political resolve to address pending issues in the free trade agreement talks and renewed determination to conclude the pact at the earliest. ■ PAGE 20 1.6 -4.3 -4.8 5.3 4.8 L U C K N O W , -9.6 Source: NSDL 5-8% $3 bn 3–3.5% Average prices of luxury homes in top 7 cities as of 2025 incomes and growing focus on wellness andwork-life balance collectively fuel this growth. As per Kotak Private Luxury Index released in December, luxury second homes in vaca- reallyfollowinguptoonT+0as therearealotofchallenges.We have made it optional and not THE SECURITIES AND many people are taking it ExchangeBoardofIndia(Sebi)is eitherway,”Pandey said. T+0 settlement refers to a likely to issue by the end of this month a no-objection certifi- mechanism where trades are cate(NoC)fortheNationalStock settledonthesamedaytheyare Exchange’s(NSE)proposedpub- executed,aimedatfasterliquidlic issue, bringing the ityforinvestors. InNovemberlast much-anticipated year, Sebi extended IPO closerto reality. TUHIN KANTA the deadline for “We have to proPANDEY, qualified stock brovide them with NoC SEBI CHAIRMAN kers(QSBs)toimpleand then NSE will ment systems and have to follow on processes required with other processes Possibly, for the optional of filing, including NoC will T+0 rolling settleDRHP,etc.Possibly,it be issued by ment in the equity (NoC) will be issued this month cash market. The by this month,” Sebi deadline had earlier Chairman Tuhin been extended Kanta Pandey said till November 1, on Saturday. 2025, from the Addressing the original timeline of media in Chennai, May1,2025. Pandeysaid the capi“I don’t know tal market regulator is not whether the actively pursuing the option will implementationof work also T+0 rolling settlebecause ment in the it will creequitycash marate big ket, citing sevconfusion,” eral chalPandey said. lenges and limited adoption. Continued “We are not on Page 2 How the ideals of the Constitution fail to percolate down to the masses Ca Canada K O L K A T A , Rental yields commanded by luxury second homes, compared to the usual Size of luxury second-home market in India, growing at over 20% annually NARAYANAN V Chennai, January 10 4.2 4.8 K O C H I , HOUSE THAT Sebi nod to NSE IPO by month-end ■ SPOTLIGHT, P7 FPIs equity assets in India (` lakh crore) Dec 2024 Dec 2025 H Y D E R A B A D , `20,300 per sq ft MORE INDIANS ARE now opting for residential properties that serve as second homes and become lifestyle and investment assets. Destinations such as Goa, Alibaug, Kasauli are some preferred spots, as factors like improved connectivity,rising disposable FOREIGN PORTFOLIO INVESTMENTS (FPIs) from Ireland, Canada and the US recorded a sharp rise in their Indian equity assets during calendar year 2025, NSDLdata showed. Ireland’s equity holdings rose 12.1%, increasing from `4.2 lakh crore as of December 2024 to `4.8 lakh crore as of READ TO LEAD M U M B A I , N E W D E L H I , tion-friendly destinations are becoming increasingly popular among ultra-HNIs,with three out of four now owning secondary or vacation homes. These homes serve a dual pur- PLACES IN DEMAND Goa, Alibaug, Kasauli, Gurugram poseaslifestyleretreatsandpremium short-stayrental assets. Market data by real estate consulting firm ANAROCK Group states the luxury second-home market segment is GROWTH FACTORS Improved connectivity, rising incomes, focus on wellness, work-life balance valued at over$3 billion,growing at more than 20% annually. Prices of luxury homes in the top 7 cities averaged around `20,300 per sq ft as of 2025.Delhi-NCRledthissurge Budget likely to focus on debt goals & fiscal deficit ● More investment, efficiency for high growth: EAC head AGENCIES New Delhi, January 10 THE UNION BUDGET 2026 is expected to focus on fiscal deficit control and debt sustainability as part of the government's broader Viksit Bharat roadmap, Mahendra Dev, chairman of the Eco- ‘Strong turnaround for banking’ THE DEPARTMENT OF Financial Services under the MinistryofFinancereported significantprogressinbanking reforms, digital payments, and financial inclunomic Advisory Council to the Prime Minister (EAC-PM) said on Saturday. “The budget is part of the Viksit Bharat roadmap and the drafters will stick to the fiscal sion during 2025,marking a year of strengthened financial stability and improved governance, according to a year-end review released on Saturday. ■ PAGE 3 with a remarkable 72% jump, moving from nearly `13,450 per sq ft in 2022 to `23,100 persqfttoday.MumbaiMetropolitan Region followed with 43% growth,closely trailed by Bengaluru at 42%. Anuj Puri, chairman, ANAROCK Group, said post-pandemic lifestyle shifts are driving the boom. “The luxury second-home market is thriving because the wealthy want retreats from urban chaos,homes that focus on health and wellbeing and allowthem towork seamlessly from home,”he said. Continued on Page 2 LemonTree bifurcates businesses FE BUREAU Mumbai, January 10 deficit.The debt to GDP is the mainindicator,sotheywillstick to that,” Dev said on the sidelines of an event in the capital. LEMONTREE HOTELS on Saturday announced a reorganisation, leading to bifurcation ofitsbusinessesundertwodifferent entities. After the reorganisation,LemonTree Hotels will be a pure-play, asset-light hotel management and brand platform,while Fleur Hotels, a subsidiaryof the company,will own and develop the hotels. Continued on Page 2 Continued on Page 2 Greenland leaders reject US control GREENLAND'S party leaders have rejected US President Donald Trump's repeated calls for the US to take control of the island, saying that Greenland's future must be decided by its people. ■ PAGE 20 EV push to electrify market in ’26 Sales (in units) Tata Motors JSW MG Mahindra Hyundai ing to data from the government’sVahan dashboard.That surge was led bynew launches and steady volumes from the segment’s early movers, but 2025 % chg 104.6 3,114 6,370 685.9 946 7,435 395.9 7,622 143.6 2024 37,796 18.4 23,586 57,454 THE ELECTRIC PASSENGER vehicle market is set to move closer to the mainstream in 2026 as the country’s largest carmakers enter the segment and existing leaders widen their portfolios, building on the sharp expansion seen last year. Industry executives and analysts expect the year to mark a shift from earlyadopter growth to wider customer acceptance, driven by a deeper model pipeline and more competitive pricing. The inflection follows a breakout 2025, when electric car sales rose 85.6% year-onyear to 197,098 units,accord- GROWING ADOPTION 65,075 77,021 VIKRAM CHAUDHARY New Delhi, January 10 P U N E Demand for luxury second homes on the rise WHAT'S INSIDE Ireland C H E N N A I , Fusion fashion will be popular this wedding season Page 6 BYD Source: Vahan 85.6 106,184 197,098 Total 2026 is expected to see the competitive landscape change materially with fresh entrants and higher capacity commitments. A key development will be the entry of Maruti Suzuki into the electric car market. The country’s largest passenger vehicle maker is set to announce pricing and begin customerdeliveries of the eVitara later this month.Close on its heels, Toyota Kirloskar Motor will launch the Urban Cruiser EV on January 20, a model based on the same platform. Analysts said the arrival of these two brands, with their scale and dealer reach, could alter market dynamics that have so far favoured early EV specialists. The incumbents, however, are not standing still. Continued on Page 2 Lucknow