OPINION, P10 WELL BEING FE LINES FAIRWAY FILES, RAHIL GANGJEE What you should know about the second leading cause of sudden death among Indians under 45 years Page 9 Apple's affordability push meets pricing reality in India Page 6 Is the Neo Apple big enough to bite? STROKES STRIKING EARLY, BUT LIFESTYLE CHANGES CAN HELP Golf and gadgets LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXV NO. 22 MONUMENTAL MAKEOVER FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, MARCH 29, 2026 22 Pages, `12 (Patna `12, Raipur `12, Srinagar `15) 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 , ● Gaming studios eye $1-bn market for ‘eastern myth’ ■ SPOTLIGHT, P5 All eyes on the lehenga KUNAL DOLEY New Delhi, March 28 MOVE OVER, GOD ofWar and Prince ofPersia.Developers are now increasingly focusing on video games rooted in Indian culture and mythology, which is a significant slice of what theycall the $1-billion'eastern myth'market. How one particular attire came to become a power move, continuously circling the industry’s core and anchoring a significant share of India’s wedding revenue H Y D E R A B A D , COMING SOON Reminiscing the mayhem and tragedies induced by the lockdown of March 24, 2020 FE BUREAU New Delhi, March 28 Marketcap:India4thin worstperformers’list with its market capitalisation declining 13.2%. South Korea, the UK, Canada, Japan, and India were among the other major laggards, each recording losses of over 10%. — Compiled by Kishor Kadam 72,035 67,994 14,844 13,784 8,854 7,919 5,105 4,583 3,718 3,229 3,916 3,432 4,549 4,068 4,208 3,758 7,538 7,280 3,994 3,743 Top 10 countries by market cap Market cap ($ billion) % change 6.3 Taiwan Hong Kong UK Canada China South Korea 7.1 10.6 10.2 13.2 12.4 10.6 10.7 3.4 France 5.6 US Mar 26, 2026 Source: Bloomberg AshokKumar Panda’snamefor SAILCMD’spost PESB has recommended Ashok Kumar Panda, director (finance), for the post of chairman and managing director at Steel Authority of India. Nepal:Ex-PMOli arrestedoverSept protestdeaths NEPAL Police have arrested ex-PM KP Oli over the deaths of people during violent protests in September that toppled the government. ■ PAGE 18 L U C K N O W , M U M B A I , THE MINISTRY OF Finance on Saturdaycautionedthatthereis ‘considerable downside’ to the country’s upgraded growth forecastforFY27duetotheconflict in West Asia, underlining India’s position as a major energy importer with strong trade, investment and remittance linkageswith the region. OnFebruary27,theministry upgradedrealGDPgrowthestimate for FY27 to a range of 7.0% to 7.4%. The near-term outlook remains uncertain,with external shocks posing downside risks to growth through higher input costs and supply constraints, even as domestic demand may help cushion the impact, the ministry said in its monthly economic review report forMarch. Chief Economic Adviser V ■ Action-adventure game being developed by Tara Gaming ■ Set amidst culturally rooted universes ■ Powerful ‘Forest Warden’ defends his homeland against Rakshasas (demons) He uses traditional weapons, spiritual powers to overcome foes ■ “For too long, India has let others tell its stories... Look at what happened with Kung Fu PandaorTheJungleBook.West- ■ Robust macroeconomic fundamentals, sustained policy efforts provide resilience ■ Need to redouble reform efforts to enhance competitiveness, preparedness AnanthaNageswaransaidhighfrequency data for April and possibly May may give a better handleonthelikelygrowthrate for FY27,as data for March will not reveal much, as businesses aretryingtomeettheirfull-year targets forFY26. “On February 27, we upgraded India’s growth estimate (at constant prices) for FY27 to a range of 7.0% to 7.4%. Clearly, there is considerable downside to this number. Similarly, the current In Modi-Trump call, MEAsays no Musk SOUMYARENDRA BARIK, SHUBHAJIT ROY & ANIL SASI New Delhi, March 28 BILLIONAIRE BUSINESSMAN ELON Musk, according to two USofficials,hadparticipatedin a phone call on Tuesday with US President Donald Trump and Prime Minister Narendra Modi, the New York Times reported on March 27. This was “notable because it is rare for a private citizen to be on a call between two heads of state duringawartimecrisis”,itsaid. Responding to the NYT report, the Ministry of Exter- Raji: Kaliyuga ■ First-person shooter game being developed by Shortgun Games The Age of Bhaarat ern studios took Eastern culture, sanitised it, and sold it back to theworld,”said Nicolas Granatino,executivechairman ● But domestic SOME ASSURANCE demand may help ■ Forex reserves comfortable, enough to cover over 11 months cushion impact of goods imports Feb 27, 2026 K O L K A T A , Project Takedown Govt sees downside to growth estimates Posts from the pandemic SINCE THE US-IranIsrael conflict began, India has lost $523 bn in market capitalisation, making it the fourth worstperforming market after the US, China, and Japan, according to data sourced from Bloomberg. The US recorded the steepest losses, with market capitalisation eroding by $4 trn, followed by China ($1 trn) and Japan ($935 bn). In percentage terms, France emerged as the worst performer, K O C H I , FINMIN REPORT ON WEST ASIA FALLOUT ■ WORDS WORTH, P4 India C H E N N A I , READ TO LEAD N E W D E L H I , P U N E Indian folklore being retold,one game at a time WHAT'S INSIDE Japan C H A N D I G A R H , India’s heritage conservation efforts may get a fresh lease of life from corporates Page 7 nal Affairs said Saturday “the telephone conversation on March 24 was between Prime Minister Modi and President Trump only”. “We have seen the story. The telephone conversation on March 24 was between Prime Minister Narendra Modi and President Donald Trump only. As has been stated earlier,it provided the opportunity for exchange of views on the situation in WestAsia,”MEAspokesperson Randhir Jaiswal said. Continued on Page 2 2 LPG tankers exit Hormuz: P18 V ANANTHA NAGESWARAN CHIEF ECONOMIC ADVISER In Feb, we upgraded India’s growth estimate for FY27 to 7.0%-7.4%. Clearly, there is considerable downside to this number account deficit too will widen significantly in FY27,” Nageswaran said in the Monthly Economic Review. India’s current account deficit widened to 1.3% of GDPin Q3 of FY26,from 1.1% of GDP in Q3 FY25. The increase was mainly driven by a larger merchandise trade deficit, notwithstanding continued strong performance in the services sector. Continued on Page 2 Houthis join thewar, strike Israel YEMEN'S IRAN-ALIGNED HOUTHISlaunchedmissilesat Israel on Saturday, their first such attack since the start of the Iran war, heightening the risk that a conflict that has entered its fifth week could expand further across the region.Speaking earlier,Secretary of State Marco Rubio said the US expected to conclude military operations within weeks but the Houthis said they would continue their operations until the "aggression"on all fronts ended. Continued on Page 2 ■ Upcoming sequel to Nodding Heads Games' Raji:AnAncientEpic(2020) ■ Gameplay portrays India's diversity, cultural values ofTara Gaming,a studio that is making The Age of Bhaarat, a ‘fantasy’gamedeeplyrootedin a historical epic. The Age of Bhaarat is currently pre-revenue, as it is in the production phase,but Granatino said the market poten- tial is massive.“The recent success of Black Myth: Wukong (the action game developed by Game Science,a Chinese game company,generated $1 billion revenue in just a few weeks of its launch in 2024) provedthat the world is starving for nonWesternmythology,”headded. Just to give an idea, if The Age of Bhaarat were to generate even a fraction of what Black Myth: Wukong did, it would still make over $150$200 million in revenue, as per Granatino. Continued on Page 2 WTO reform should not strike at its foundations,says Goyal MUKESH JAGOTA New Delhi, March 28 INDIA HAS SAID the foundational principles of the World Trade Organisation (WTO) of consensus-based decisionmaking,MostFavouredNation (MFN) rule-based trade, and Special & Differential Treatment (S&DT) must be upheld whileworkingonthereformof the trade regulating body. In a meeting with WTO reform minister-facilitators Norway’s minister of foreign affairs Espen Barth Eide and UK minister of state for trade policy PIYUSH GOYAL, COMMERCE & INDUSTRY MINISTER Foundational principles must to ensure equity, balance in global trade Chris Bryant, commerce and industry minister Piyush Goyal reiterated India’s support for reforms. But Goyal said the foundational principles are essential for ensuring equity and balance in global trade. The meeting happened on the sidelines of the 14th Ministerial Conference at Yaounde in Cameroon. Continued on Page 2 DIGITAL »INSIDE« WORLD’S FIRST BASELINE ONPAGE 18 INDIA SIGNALS SHIFT ON E-COMM TARIFF MORATORIUM PAGE 18 TRADE RULES INTRODUCED PM Narendra Modi with UP CM Yogi Adityanath and other dignitaries during the inauguration of the first phase of the Noida International Airport, on Saturday PTI Viksit Bharat needs unity of 1.4 bn citizens,says PM ● Inaugurates first phase of Noida Airport YARUQHULLAH KHAN New Delhi, March 28 PM NARENDRA MODI on Saturday urged citizens to work with dedication and unity to tackle global challenges, and said the government prioritises securing India’s interests and safeguarding “families and farmers”.Referring to the ongoing conflict in West Asia, while addressing a gathering at the inauguration of the Noida InternationalAirport in Jewar,the Prime Minister said achievingViksit Bharat would require collective effort and unity among 1.4 billion citizens to face global challenges. He also stressed that the government’s priority is to enhance citizens’ convenience by saving time and reducing costs. “I once again appeal to the people of the country that we must face this crisis calmly, with patience and unity.This is a global crisis,butwe must prioritise India’s interests.That is our greatest strength,”he said. Continued on Page 2 A breeze for flyers: P3 Emergency at IGI as IndiGo engine fails A DELHI-BOUND IndiGo flight from Visakhapatnam, carrying 160 passengersonboard,madean emergency landing at Delhi’s IGIAirport on Saturday. “Full emergency wasdeclaredatIGIAirport at 10.39 for IndiGo Visakhapatnam-Delhi flight due to one engine failure,”a source said. Continued on Page 2 Maruti’s 42-year reign as king of small cars ends in FY26 ● UVs to beat hatchbacks for the first time VIKRAM CHAUDHARY New Delhi, March 28 FY26 IS OFFICIALLY the year when Maruti Suzuki ceased to be a hatchback car company. Sales data sourced from the Society of Indian Automobile Manufacturers (SIAM) shows that,in the 11 months of FY26, the carmaker has sold 689,631 utility vehicles (SUVs plus MPVs), which is 60,673 units more than the 628,958 hatchbacks it sold during the same period. Just two years ago, in FY24, the carmaker’s hatchbacks (805,593 units) had a healthy lead of 163,297 units over UVs (642,296), but this reducedto11,302unitsinFY25 (731,486 hatchbacks versus 720,184UVs).FinallyUVsareset to beathatchbacks in FY26. Automotive analysts noted that the small car has defined thecompany’sidentity,butthat era is now coming to an end. GauravVangaal,associatedirector, Light Vehicle Forecasting, S&PGlobalMobility,toldFEthat the carmaker has successfully pivoted to SUVs and MPVs. RIDING THE NEW CONSUMER SHIFT (Sales,inunits) Hatchbacks UVs(SUVsplusMPVs) FY24 FY25 Source: SIAM FY26 (11months) “Maruti Suzuki may have been late in recognising the SUV opportunity, but it has since delivered the right mix of prod- 805,593 642,296 731,486 720,184 628,958 689,631 ucts—from the Brezza to the GrandVitaraandnowtotheVictoris. What’s notable is that despite not offering diesel vari- Maruti has delivered right mix of products, from Brezza to Grand Vitara ■ Many new UV launches in pipeline, well-positioned to ride on the success ■ ants,the carmaker has successfully sustained volumes throughCNG,petrol,andhybrid options,”hesaid.“Withmultiple newUVlaunchesinthepipeline, the companyiswell-positioned toridethecontinuedconsumer shift towards SUVs and MPVs.” While the Brezza has been among top-selling compact SUVs, the Fronx—a crossover basedontheBaleno—hasbeena runawaysuccess,regularlyoutselling the Baleno.In fact,since its launch in April 2023, the Fronx has sold 457,774 units— slightly less than the 518,936 unitssoldbytheBaleno,despite the Fronx being almost a lakh rupee pricier,variant tovariant. Apart from these two models,theVictorishasbeenanother successstoryforMarutiSuzuki. Since its launch in September New Delhi 2025,thismidsizeSUVhassold 64,528units,atamonthlyaverage of more than 10,000 units. What has also helped the carmakeristhecontinuingsuccess of the Ertiga. In the 11 months of FY27, the MPV sold 181,804 units, at a monthly average of over16,000 units. It’s not that the carmaker’s hatches aren’t doing well—the Wagon R,Swift,and Baleno are consistentlyamongIndia’stop10 cars—but they aren’t able to match the success of the company’s UVs. With the Brezza facelift coming in mid-2026, and the Fronx hybrid shortly after that, the sales share of MarutiSuzuki’sUVsissettorise.