OPINION, P10 WELL BEING All that you need to know about an often-overlooked reality that is leading to a silent yet severe reproductive health crisis in India Page 9 Of diapers,drivers and dad remorse FE LINES How a tiny Bluetooth adapter can become a useful tech tool Page 6 THE MALE INFERTILITY BURDEN FAIRWAY FILES, RAHIL GANGJEE The gadget making long flights bearable LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XX NO. 34 THE ART FAIR PREVIEW L U C K N O W , 33,578 Continued on Page 2 KNOW YOUR LIQUOR JINRO Another soju brand brought to India by Monika Alcobev; available in variants such as chamisul fresh, green grape, plum, strawberry, grapefruit, peach $ million 4,000 2,000 Net FPI investments Equity ($ bn) Jan 2025 ● Writes to Noel Tata before term ends on Feb 11 PRAMIT JHAVERI, FORMER CEO of Citibank India and current trustee of Sir Dorabji Tata Trust (SDTT), has written to Tata Trusts chairman Noel Tata expressing his wish to not be considered for reappointment when his term ends on February 11. In a letter dated January THE CHOYA : A brand of umeshu, a traditional Japanese liqueur, now in India; uses 100% premium Nanko-ume (a tart, plum-like fruit) from Japan’s Kishu region ROKU: Sakura Bloom Edition: AJapanese gin released by Suntory Global Spirits recently; features delicate, sweet floral aromas of cherry blossom 7 5.2 7.8 7.1 68.6 June 2025 85.2 91 Sept 2025 Dec 2025 Source: NSDL 92.2 Source: CMIE Rupee vs dollar CPI Quarterly; % chg, y-o-y 8 86.62 84 6.2 2 91.96 91.9 86 88 4 0.8 0. 2 0 81.1 March 2025 -9.2 -14.6 Retail inflation 6 62.6 Dec 2024 Nov -17.1 2025 *Up to January 23 Source: RBI FY26* Source: MoSPI (%) Sept 2024 FY26* -6.0 FY25 Private sector share in new projects 25.0 FY22 0 -2,000 FY24 Mar 2023 Dec 2025 Source: CMIE 90 92 94 Inverted scale Jan 2025 * Up to January 23 Pramit Jhaveri to move on from Dorabji Trust URVI MALVANIA Mumbai, January 31 Maruti’s advantage. The Creta alone sold 67,740 units in the same period, nearly matching the combined volumes of Maruti’s two models. 6,000 FY23 TRUST COMPOSITION Noel Tata chairman Venu Srinivasan vice-chairman Pramit Jhaveri (former Citibank CEO) Vijay Singh (former defence secretary) Darius Khambhata (senior legal counsel) Neville N Tata (head of Zudio at Trent) Bhaskar Bhat (former Titan MD) 31, a copy of which FE has seen, Pramit Jhaveri noted that he had discussed the issue with Noel Tata some days back and was now formalising it. Continued on Page 2 Jan 2026* Source: Bloomberg Sunetra Pawar takes oath as deputy CM SUNETRA PAWAR, wife of deceased NCP president Ajit Pawar, was sworn in as the first woman deputy CM of Maharashtra. Earlier, she was elected as state NCP legislature party leader. ■ PAGE 2 India a mystery for the world: Banerjee NOBEL LAUREATE Abhijit Banerjee has warned that political polarisation in India is eroding transparency and making it a ‘mystery’ for the world, even as the growth numbers remain robust. ■ PAGE 22 Continued on Page 2 Indices fall most in run-up to Budget since FY2017 BENCHMARK INDICES HAVE recorded their worst one-month run-up to the Budget since FY2017. The Sensex fell 3.5% and Nifty50 declined 3.1%. Since 1992, there have only been 11 announcements when the Sensex fell more than 3% in one month to the Budget. The most it gained was 27% in Manmohan Singh’s FY1993 Budget and the biggest fall was 9% in the run-up to the 1999 Budget. The scope of influence of the Budget has become relatively narrower over the years. Data show that on the day of last three announcements, the Sensex has moved between -0.15% and 0.01% compared to -2.42% and 5% in the five announcements before that. In the one month after the last Budget was announced, the Sensex had fallen 5.7%. Compiled by Ananya Grover 1-month return (%) on a day prior to Budget Sensex Nifty 2026-27 Toyota Hyryder Net FDI FY22 -3.5 -3.1 67,740 FY26* 2025-26 Hyundai Creta FY22 *First advance estimates -0.8 -0.6 72,310 8 7.4 7. 9.8 8 4.3 4.3 Total Maruti Suzuki 6 2024-25 36,043 10 2024-25* Maruti Suzuki Grand Vitara 14 % chg, y-o-y At present, returns on deposits attract taxation as per ataxpayer’staxslabwhichmay go up to 30%, while returns made on listed equities have lower or concessional rates witha12.5%taxationonlongterm capital gains of over `1.25 lakh and 20% on shortterm capital gains. 0.0 36,267 18.9 Govt consumption -0.7 NARROW LEAD ● Hyundai Creta Sep-Dec 2025 sales still single-most selling car in space Maruti Suzuki Victoris Pvt consumption Fixed investment Real Nominal Globally, we have not seen special treatment for deposits, no extraordinary benefits given to equity instruments either 2023-24 MarutiSuzukiaces midsizeSUVrace, butit’saclosecall 18 Consumption and investment % chg, y-o-y P U N E STATE BANK OF INDIA -2.1 -2.4 A former Tata employee narrates the Ratan Tata way of doing things GDP 22 -0.4 2022-23 -0.1 Learnings from the doyen MACRO INDICATORS ONTHE EVE of the Union Budget, State Bank of India ChairmanCSSettyexpressedhopefor alevelplayingfieldacrossfinancialsavingsinstruments,stressing that fiscal prudence and consolidation will remain centraltothegovernment’sagenda. Speaking at the launch of SBI’s Chakra initiative—a centre of excellence for financing sunrise sectors such as semiconductors, green hydrogen and data centres—Setty said the banking system cannot rely solely on deposit-driven capital to fund India’s next phase of infrastructure and technology expansion. “There should be parity between bank deposits and other financial instruments. Globally,we have not seen special treatment for deposits,nor have equity instruments been givenextraordinarybenefits.In India’sevolvingequityenvironment, it is time for a level playing field,” said Setty. He hoped thefinanceministerwouldconsiderremovingtaxationonsavingsdepositsintheBudgettobe presented on Sunday. 2021-22 ■ WORDS WORTH, P4 Finance Minister Nirmala Sitharaman, MoS for Finance Pankaj Chaudhary, and other officials pose for a photograph on the eve of presenting the Budget, in New Delhi on Saturday PTI 7.2 The global push to phase out ‘forever chemicals’ may just be scratching the surface, with India at an early stage of addressing the challenge, but experts say that the time to act is now 2.3 Poisons in our lives that refuse to die FINANCE MINISTER NIRMALA Sitharaman will unveil the Budget FY27 in Parliament on Sunday against the backdrop of an unusuallyvolatileexternalworldandrelative domestic resilience. She is widelyexpectedtoremainconservative on the fiscal front, given the need to maintain buffers for global shocks amid heightened geopolitical competition. Yet, a recalibration of the fiscal policywiththedebt-GDPratioasthe main anchor may slow the pace of fiscalconsolidationcomparedtothe sharp tightening of the immediate post-pandemic years. This would allow reasonable growth in budgetary capital expenditure in the next financial year, besides the rollingoutofnewschemesorhigher outlays to support exports and assortedmanufacturingsectors.The Budget may also signal the government’s resolve to continue with structural and governance reforms and prepare the economy for the long haul to achieve the Viksit Bharat goal.Tax policy rationalisationislikelytoremainontrack.Customs duties,which tend to jack up exportcosts,maybetrimmedacross tarifflines,andCustomsprocedures substantiallyeased. A few Budget announcements wouldbeaimedatattractingforeign capital,which has turned cautious aboutIndiaoflate,causingtherupee to “punch much below its weight”. TheBudgetmayalsopayheedtothe Economic Survey and lay down a long-term policy roadmap, envisioning India as a country producing sustained external surpluses. Higher support to MSMEs, more initiatives to boost youth employment, and a streamlining ofrurallivelihoodprogrammesare also expected. 5.6 8.1 8.8 ■ SPOTLIGHT, P5 D E L H I , CS SETTY, CHAIRMAN, -2.5 FE BUREAU New Delhi, January 31 FE BUREAU Mumbai, January 31 -3.1 ● Customs rejig, continued focus on job creation likely N E W Taxparityforbank deposits,equity needed:SBIchief 2020-21 Fiscally prudent Budget to persist on reforms' course M U M B A I , 2019-20 K O L K A T A , -0.4 -0.6 K O C H I , 0.5 WHAT'S INSIDE SEOULMATE: Korean soju brand launched by Nuvola Spirits recently; available in five variants—pink guava chilli, watermelon bubblegum, strawberry mint, peach iced tea and black grape H Y D E R A B A D , -0.3 TODAY PICK YOUR COPY OF FE ON MONDAY, FEB 2 MARUTI SUZUKI HAS finally wrested the top spot in the fiercely contested midsize SUV segment,ending nearly a decade-long dominance of Hyundai’s Creta, but the lead remains narrow and vulnerable as rivals line up fresh launches that could quickly alter the pecking order. Sales data for September to December 2025 shows Maruti Suzuki selling a combined 72,310 units of its two midsize SUVs—the Victoris and the GrandVitara—edging past Hyundai’s Creta.The Victoris accounted for 36,267 units during the four-month period,while the GrandVitara added 36,043 units, giving the country’s largest carmaker its first clear leadership position in the segment. However, the numbers also underline the limits of C H E N N A I , TO SQUARE UP TO GLOBAL HEADWINDS 2026-27 Don't miss the FE special 2026-27 Budget edition on Monday, which will bring decisive insights into the proposals put forth by the Finance Minister. Understand the impact on consumers, investors, companies and the economy as our editors and distinguished voices, including Kumar Mangalam Birla, NK Singh, Kalyan Krishnamurthy, Nilesh Shah, Sajjid Chinoy and many more, decode the fine print. Plus, get theAI edge with our in-house expertAIfa offering a sector-wise summary VIKRAM CHAUDHARY New Delhi, January 31 C H A N D I G A R H , 7.5 4.3 8.4 BUDGET B E N G A L U R U , 2019-20* F R O M : A H M E D A B A D , 17.5 P U B L I S H E D READ TO LEAD -1.3 -1.7 FINANCIAL EXPRESS ON SUNDAY SUNDAY, FEBRUARY 1, 2026 11.6 22 Pages, `12 0.1 AHMEDABAD Anish Kapoor to Subodh Gupta and Korean art,what to look out for this year Page 7 *Interim Asian spirits cheer up Indian markets ● Soju to umeshu, consumers develop taste for the exotic KUNAL DOLEY New Delhi, January 31 AMID A GROWING demand for artisanal and premium offerings, and a rising urban consumer base that’s becoming more experimental, regional Asian spirits are increasingly finding a ready market in India. Recently, Monika Alcobev, an importerof premiumwines and spirits, partnered with Jinro, a South Korean liquor brand, to bring soju, a popular alcoholic beverage, to India. “Known for its smooth taste and cultural legacy, Jinro has become a symbol of Korean community and celebration. Today,the brand reaches more than80countries,carryingthe authentic taste of Korea across the globe,” said Kunal Patel, managing director of Monika Alcobev, adding that in 2024 alone, Jinro sold 96.8 million cases of soju worldwide. Around the same time, Nuvola Spirits, a homegrown alco-bev company, launched another soju brand Seoulmate in India, initially in Goa, with plans to expand it to the markets in the Northeast, Haryana andMaharashtrainthenextsix months.“Sojuhasseenasteady rise in global popularity,driven by Korean culture, cuisine, and entertainment, and we saw a clear opportunity to bring an authenticyetapproachablesoju brand to the Indian market,” said Aakriti Kochhar, cofounder of Nuvola Spirits that also sells Mikiamo limoncello, an Italian liqueur,in India. Currently, Seoulmate is available in fivevariants—pink guava chilli, watermelon bubblegum, strawberry mint, peach iced tea and black grape, priced at `550 for a 375-ml bottle in Goa. Jinro’s popular soju variants, on the other hand, include chamisul fresh, green grape,plum,strawberry, grapefruit,and peach,catering to both existing soju enthusiasts and first-time consumers discovering Korean spirits. They are priced at `830-`850 in Maharashtra. Given the increasing interest in regional and globally inspired spirits, Kochhar of Nuvola Spirits sees strong potential for soju to emerge as a mainstream category in India over time. Continued on Page 2 Ahmedabad