MARKETS | PAGE 6 INTERNATIONAL | PAGE 11 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXII 250, 22 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 , 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 , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E MULTINATIONAL FIRMSREMAIN committedto Indiadespite amixed December quarter,withexecutives optimisticabout2026after weatherdisruptions,GST issues,andgradually improvingurbanandrural demand,reportsViveat SusanPinto. MARKETS PAGE 6 RBI FRESH NORMS LIKELY TO AFFECT BANKS’ FEE INCOME THE RESERVE BANK of India's (RBI) new guidelines on mis-selling of financial products and broker funding are expected to hit banks' fee income, said bankers and analysts, reports Christina Titus. Capital-intensive firmsrethinktaxes afterMATrevamp THE PROPOSED CHANGES to the Minimum Alternate Tax (MAT) regime in the Union Budget for FY27 will significantly affect capital-intensive sectors, including infrastructure, SEZ units, and tax-holiday startups, reports Kuldeep Singh. Electronics manufacturing, power, renewables, and automobile firms will also need to revise their tax planning. Greenlandsays‘no, thanks’toTrump’s UShospitalboat GREENLANDHAS SAIDitdoesnot needmedical assistancefrom othercountries,afterDonald Trumpsaidhewassendinga hospitalshiptothe autonomousDanishterritoryhe wantstoacquire.TheUS presidentsaidhewould dispatchthevesselinasocial mediapostonSaturday, claimingthatGreenlanders werenotgettingthehealthcare theyneeded. Agencies India,USdefermeeting oninterimtradepact MUKESH JAGOTA New Delhi, February 22 deal framework now faces renewed uncertainty nents. He added that US companies, which had not fully passed on tariff costs to consumers,may also benefit. Gupta believes that there is some uncertainty in global trade again after the US Supreme Court order. That is why the US market has not reactedsignificantlytotheruling.“In India, the concern was notsomuchaboutthetariffsin themselves but about the state of bilateral relations with the US,”he said. THE DEPARTMENT OF Telecommunications (DoT) has informed Yamuna International Airport Private Limited (YIAPL),operatoroftheupcoming Noida InternationalAirport at Jewar, that it qualifies as a “public entity” under the TelecommunicationsAct,2023, and must process Right of Way (RoW) applications from telecom service providers in accordancewith the law. InaletterdatedFebruary19, which FE has seen a copyof,the DoT said the Telecommunications Act, 2023, read with the Telecommunications (Right of Way) Rules, 2024, provides a statutory framework for grantingRoWpermissionstolicensed telecom operators and other facility providers for the establishment,operation and maintenance of telecom networks. The communication also clarifiesthattheobligationsprescribedforpublicentitiesunder theActapplytotheJewarairport operator, including fair, transparentandnon-discriminatory processing of RoWapplications within prescribed timelines. “Inviewoftheabove,youare requestedtoensurecompliance with the provisions of the TelecommunicationsAct,2023 and the Telecommunications (RightofWay)Rules,2024while processing applications for grant of RoW permissions withinyourpremises...” Continued on Page 17 Continued on Page 17 TARIFF TURMOIL INDIA AND THE US have decidedtopostponeascheduled three-daymeetingoftheirchief trade negotiators at the last minute because the US Supreme Court's abrogation of country-specific reciprocal tariffs and subsequent developmentsrequiredbothsidestoreevaluate theiroptions. The Indian teamwas scheduledtostartthemeetingonFebruary23 in the US. “With regards to the visit of the Indian team of negotiators to the US for the India-US trade deal,thetwosidesareoftheview that the proposed visit of the Indian chief negotiator and the team be scheduled after each sidehashadthetimetoevaluate the latest developments and theirimplications.“Themeeting will be rescheduled for a mutuallyconvenientdate,"Commerce Ministry sources said on Sunday. Immediately after the court order, Trump imposed 10% extra tariff on all imports over MFN rates,and a few hours later,heraiseditto15%. Continued on Page 11 »INSIDE« EDIT: TRUMP’S TARIFF TYRANNY PAGE 8 EU MAY FREEZE US TRADE DEAL PAGE 11 ■ Interim trade ■Indiachecking negotiation stanceamid shiftingtariff landscape ■ Joint statement allowed tariff changes to reopen commitments ■ Experts debate broader bilateral trade agreement implications ■ Volatile global trade environment complicates April deal rollout ■ Exporters report buyers returning to wait-and-watch mode ■ Proposed 18% tariff reduction yet to take effect Renewed uncertaintyformarkets CHRISTINATITUS,ANJANA THERESEANTHONY, KUSHAN SHAH & MAHESH NAYAK Mumbai, February 22 THE INDIAN MARKETS are set forafreshroundofuncertainty after the US Supreme Court on Friday struck down President Donald Trump’s global tariff order.Mostexpertsbelievethat the market will cheer the new tariff and open with a gap over Friday’s close though they do not expect any material directional change. While the Gift City Nifty was up 320 point or 1.25% on Saturday, Pratik Gupta, CEO and co-head,Kotak Institutional Equities and Sudeep Shah, head – technical & derivatives research, SBI Securities believe that the optimism will be tempered by realism and any change is likely to be short lived. A Balasubramanian, CEO, Aditya Birla Sun LifeAMC,said the ruling is “a positive development from the emerging markets point of view,” especially for sectors like textiles, chemicals, and auto compo- URVI MALVANIA & YARUQHULLAH KHAN Mumbai/New Delhi, February 22 AYANTI BERA Bengaluru, February 22 EVEN AS VENTURE capital flows into startups pick up, more than $10 billion in committed capital is still sitting on the sidelines. The paradox underscores a shift in investor behaviour rather than a funding slowdown. Investors, industry executives say, are becoming far more selective about where theydeploycapital.Manyprefer late-stage companies with visible traction,or are placing early bets at the pre-seed stage. Meanwhile, emerging sectors such as artificial intelligence and deep tech are cornering a disproportionate share of fresh money. As Abhishek Prasad, managing partner, Cornerstone Ventures,says thatwhile there are opportunities,strong business models remain central to their investment decisions. Industry executives point out that with foreign investors turningmoreconservativeand domestic funds becoming more selective, competition for capital has intensified. Deal activity in 2026 has kickedoffonareasonablygood note, in terms of funding, but investors are crowding into a handful of high-performing startups. Around $2.6 billion has been invested between January 1 and February 19 compared with $2.2 billion in IDFCFirstBankreports `590-crsuspectedfraud FE BUREAU Mumbai, February 22 IDFC FIRST BANK has disclosed a suspected fraud of about `590 crore at its Chandigarh branch involving accounts linked to departments of the Haryana government, prompting the bank to suspend four officials and initiate a forensic audit. The private sector lender said,in a stock exchange notification, it detected discrepancies after receiving a request from a department of the Haryana government to close its account and transfer funds to another bank. During the process,differences were observed between Haryana govt de-empanels IDFC FIRST, BALANCE CHECK AU small bank the amount mentioned in the request and the balance reflected in the account. THE HARYANA GOVERNMENT has de-empanelled IDFC FIRST Bank and AU Small Finance Bank for government business in the state with immediate effect, until further orders. The Finance Department has directed that no government funds be parked, deposited, invested, or transacted through the two lenders. Continued on Page 17 Continued on Page 17 ■ Thebanksaw discrepancies afterarequest fromaunitof Haryanagovtto closeits account ■ Thelender hasfileda complaintwith thepoliceand willsoon appointan externalagency Youngtravellersblendspiritualandwellness Save the soul & soothe the spine, India’s newtravel itinerary S SHANTHI Bengaluru, February 22 SACRED RESET WHEN IT COMES to holidays, Indians are no longerchoosing between salvation and spa vouchers.They want both.The new travel mantra? Save the soul,soothe the spine. As more Indians pack their bagstorejuvenatethemindand reset those office-weary bones, spiritual travel is increasingly merging with wellness breaks. The result is a curious but compelling hybrid: the pilgrimagecum-pranayama getaway. Travel tech firms,never ones to miss a trend,are nowredesigning retreatswhere a dawn temple visit can be followed by a deep-tissue massage. Industryexpertssayretreats offering meditation, yoga, ayurvedaandmindfullivingcan no longer operate in splendid isolation from the pilgrimage circuit. If there is a revered shrinenearby,itmightaswellbe part of the package. Destina- meditation, yoga, ayurveda and mindful living must also be on the pilgrimage circuit ■ The religious tourism market witnessed a healthy doubledigit growth in customer participation ■ Retreats offering facilities for ■ Destinations such as Rishikesh and temple towns across South India, especially in Kerala ■ Given the spending power of the youth, experts say this could be a big business opportunity tions such as Rishikesh and temple towns across South Indiaarefastemergingasholisticspiritual-wellnesshubs.Here, one can chant in the morning, detox by afternoon, and contemplate life choices bysunset. Interestingly, it is young travellers who are driving this shift.Acrossthecountry,theyare seeking journeys that promise both inner peace and physical revival — a weekend that calms ■ Pilgrimage is becoming a multigenerational experience, with families travelling together for festivals, rituals themindwithoutpunishingthe back. And given their rising spendingpower,thisisnosmall opportunityfortraveltechplatforms.“They must curate wellness facilities with options for touriststovisitpopularreligious spots,” said an industry insider, tactfully suggesting that enlightenment and earnings need not be mutuallyexclusive. Thespiritualtravelmomentumshowslittlesignofslowing. According to a Markets and Datareport,India’saddressable tourism opportunity is projected to cross $440 billion by FY32, expanding at a compound annual growth rate of just over 10% between FY25 andFY32.Thereligioustourism marketitselfwasvaluedat$220 million in FY2024 — proof that faith,quite literally,pays. Continued on Page 11 HYDERABAD CAPITAL PILES UP Total funding ($ bn) Number of rounds Total: 19.96 449 483 427 494 Total: 2,776 663 260 2026 MIXED QUARTER FAILS TO DENT MNC CEOs' OPTIMISM VCs playthe waiting game, sit on $10 bn 2025 PAGE 4 Jewarairport askedtoclear telecomRoW 2024 COMPANIES SEIZETHEMOMENTTOMAKEDEALTERMSEQUITABLE,SAYEXPERTS 2023 IN THE NEWS 2022 HYDERABAD, MONDAY, FEBRUARY 23, 2026 XigainsedgebeforeTrump meetingaftertariffU-turn 2.45 7.74 2.63 2.2 2.28 2.65 Easingcycleexpectedto continue: MPC’sRamSingh Zappfreshleadssupplychain resetinIndia’smeatmarket 2021 BIG IDEA | PAGE 22 *between Jan 1 & Feb 19 Source: Tracxn the same period of 2025.However, the number of funding rounds, data from Tracxn shows, has fallen well below levelsseeninthelastfiveyears. About 260 funding rounds were recorded between January1andFebruary19thisyear, compared to more than 400 roundsduringthesameperiod in each of the past five years. Continued on Page 17