OPINION, P10 WELL BEING To avoid weight gain, people substitute sugar with other sweeteners such as honey or brown sugar. But are they any better? Page 7 The dazzle of affluent India MIND & GAMES Parts of the Northern Hemisphere are warming too much Page 11 Climate change driving a drop in snow levels THE BITTER TRUTH ABOUT OUR SWEET OBSESSION ACROSS THE AISLE, P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM Vol. 16 No. 47 UNITED BY HERITAGE FINANCIAL EXPRESS ON SUNDAY MUMBAI SUNDAY, JANUARY 21, 2024, 22 Pages, `12 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 , emonyjustadayaway,thespirit of Ram Mandir is being felt across the world.While the fervourisatfever-pitchinAyodhya and spread across the country, the Indian diaspora abroad is buoyed up aswell. Even as the consecration ceremonywillbelive-streamed attemplesandprominentlocationsindifferentcountries,festivities have been planned globally, from Washington DC ■ SPOTLIGHT, P8-9 Uttar Pradesh on the heritage revival route Brands bank on ‘Brand Ram’ to mark opening P16 Advisory on fake news P16 to Paris to Sydney. Hundreds of temples dotted across the US are gearing up to celebrate the historic event, with thousands of Indian Americans likely to attend a series of events beginning this week. In New York City, the iconic Times Square billboard will live stream the Continued on Page 2 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 Preparations in full swing ahead of the consecration ceremony of Ram Mandir in Ayodhya on Saturday EXPRESS PHOTO BY VISHAL SRIVASTAV 8,312 Tatas retain IPL NEWS title rights for EPFO ADDS 1.4 M NET MEMBERS record `2,500 cr DURING NOV 2023 IN THE group had extended its sponsorship for another five years, starting 2024, for `2,500 crore.This made it the “highest-ever sponsorship amount in the league’s history”,ahead ofVivo’s five-year sponsorship commitment of `2,199 crore in 2018 (`440 crore per year). The BCCI had set a base price of `1,750 crore for 74 matches over five years for the IPL title rights, which works out to `350 crore per year. This implies that the Tata group is paying nearly 43% more than the base price set by the board. VIVEAT SUSAN PINTO Mumbai, January 20 THE TATA GROUP has retained the title rights of the Indian Premier League (IPL), matching the competitive offer of `500 crore per year made by the Aditya Birla group last week. In a statement on Saturday, the Board of Control for Cricket in India (BCCI) said the Tata Net interest income (` cr) (` cr) ICICI BANK, THE country’s second-largest private lender, on Saturday reported 24% rise in net profit to `10,272 crore in the third quarter of the current financial year, aided by strong loan growth. The lender surpassed street expectations, as Bloomberg ● The deal is for five years, starting 2024 Q3 FY23 Net profit SACHIN KUMAR Mumbai, January 20 An optimistic view of climate capitalism’s potential to steer market forces under environmental stewardship 13.4 Non-interest income (` cr) 19.8 23.6 analysts expected the bank to post `9,950 crore net profit in the the quarter. Net interest income, the difference between interest earned and paid, increased 16,465 18,678 4,987 5,975 13.4% to `18,678 crore in the third quarter of the current fiscal from `16,465 crore in Q3 FY23. Continued on Page 2 Q3 FY24 y-o-y % chg Fee income (` cr) 19.4 4,448 5,313 Net interest margin (%) 4.65 4.43 INSIDE Kotak Mahindra Bank’s net profit rises 8% P3 Union Bank PATup 60% P3 ● WOMEN POWER ON R-DAY A team of Sashastra Seema Bal Daredevils rehearse for the Republic Day parade in New Delhi on Saturday. As per officials, this R-Day celebration will largely be women-centric, with the parade commencing with 100 women artistes playing music, and including a 144 personnel tri-service women contingent for the first time PTI Continued on Page 2 ■ This means ■ Tata group base price of Tata group is paying nearly for 74 matches over 5 years (`350 cr per year) more than the base price `1,750 cr event to a huge audience. Festivities and rallies have been planned in over20 states,with celebrations already happening in many places. In Paris, a Ram rath yatra willbecarriedoutfromPlacede la Capelle to the Eiffel Tower, culminating in cultural programmes and prasad distribution at the location. In Australia,celebrationswill happen in Sydney and Melbourne, besides Brisbane, Perth, Adelaide and New SouthWales. QUARTERLY PERFORMANCE ● Private lender surpasses street expectations Waiting for a green industrial revolution ■ BCCI had set a K O L K A T A , ICICI Bank net up 24% ■ WORDS WORTH, P4 RECORD HIGH K O C H I , AIDED BY STRONG LOAN GROWTH UP is on an ambitious drive to convert some of its havelis and forts into hotels, giving a big boost to tourism. Will it become the next Rajasthan? THE STEEL ministry has suspended two board-level officials of steel PSU SAIL and one director of iron ore major NMDC for alleged misconduct, according to exchange filings by the companies. SAIL also has suspended 26 other officials for violation of its code of conduct, the steel PSU said in a filing to BSE. H Y D E R A B A D , INSIDE FE BUREAU New Delhi, January 20 WITHTHECONSECRATION cer- GOVT SUSPENDS 3 DIRECTORS OF SAIL, NMDC READ TO LEAD NYC to Paris, mandir opening catches world’s fancy WHAT'S INSIDE RETIREMENT FUND body EPFO added 1.4 million net members in November 2023, as per the latest payroll data released on Saturday. Cumulative net addition of members during the current financial year continues to remain higher than that of the corresponding period of the previous year, a labour ministry statement said. ■ PAGE 3 C H E N N A I , 10,272 P U B L I S H E D Why India deserves more than just 42 World Heritage Sites Page 5 43% had paid `670 crore for the IPL title rights in 2022 and 2023 (`335 crore per year) Govt norms in offing to check AI robustness ● Firms using AI to be rated on various factors JATIN GROVER New Delhi, January 20 THE GOVERNMENTIS working on devising a standardised set of norms forAI (artificial intelligence) systems and their response in times of crisis or breakdown of systems in sectors like connected cars, drones, Metaverse, satellite broadband and healthcare. Once the norms are devised,companies deploying AI technologieswould be rated on various parameters like the time taken to restore the system in the event of any hacking, malware or breakdown. Official sources said initially firms might be asked to selfcertify their systems and provide ratings. A standardised set of norms is required since AI technology is gradually being used in almost all sectors that have consumer interface and there is always a dangerof systems getting hacked and providing erroneous results, causing harm to users. For instance, driverless cars depend on real-time decisionmaking like identifying traffic signals,when to stop,when to start, etc. Similarly, automated car parkings are heavily dependent on AI connectivity. Several systems connected to telecom networks,if hacked,can throw all operations out of gear.In such scenarios, there is a need for uniform standards to assess the time taken for recovery and arrangements needed in the interim. Atpresent,theTelecommunication Engineering Centre (TEC) is working with the industry to come up with a report on how the standards will be formulated, what kind STATUS CHECK ■ At present, Telecommunication Engineering Centre (TEC) is working on how the standards will be formulated ■ TEC is expected to come up with an initial report in 2-3 months ■ After this, stakeholders will be consulted for final decision ■ Meanwhile, TEC has released procedures for accessing and rating AI systems for fairness of applications are expected in telecom and digital infrastructure networks going forward, what metrics should be considered to evaluate AI system robustness, what role can the government play in ensuring AI robustness of systems, among other things. The TEC is expected to come up with an initial report on the subject over the next two-three months,afterwhich public consultations with the stakeholders will take place. Meanwhile, TEC has released procedures for accessing and rating artificial intelligence systems for fairness.The AI fairness score will check how much bias exists in the systems for preferring a particular seller or product by a particular seller to the users. However, the TEC standards are notyet mandatoryforplatforms to follow. Luxury car sales in top gear in 2023; this year expected to be even better VIKRAM CHAUDHARY New Delhi, January 20 LUXURY CAR MANUFACTURERS reported one of their best sales in 2023 at 47,000 units, and expect to surpass the 50,000-units mark in the current calendaryear. Saleswere ledbyMercedesBenz (17,408 cars, 10% growth), BMW (14,172 cars, 18%growth),Audi(7,931cars, 89% growth) andVolvo (2,423 cars,31%growth).JaguarLand Rover,part of Tata Group,sold 3,582 units during AprilDecember 2023,and industry sources told FE that its CY23 numbers would have crossed 4,000 units. The othertwo carmakers in the luxury segment—Porsche and Lexus—haven’tyet shared salesnumbers,butsourcessaid both put together did about 1,500 units in 2023. While there’s no official definition, seven carmakers are considered‘luxury’in India —Mercedes-Benz, BMW,Audi, Jaguar Land Rover, Volvo, Porsche and Lexus.Exshowroom prices start at `43.81 lakh (Audi Q3) and go up to `4.2 crore (Land Rover Range Rover LWB SV).As per analysts, 99% of the luxury car market is formed by these seven companies. Then there is high-end luxury (Bentley and Rolls-Royce; 7,931 LUXURY CAR SALES 17,408 MercedesBenz Audi 3,582* JLR 14,172 these are made to order and pricesstartupwardof`5crore) and performance luxury (Aston Martin at `3-5 crore).A niche segment is sports luxury 2,423 Volvo (In units, 2023) 103 Lamborghini BMW *(April-December 2023) (Lamborghini, Ferrari and McLaren at `4 crore and above). These carmakers form 1% of the luxury market. Even in this 1%, sales are rising. Of these carmakers, only Lamborghini has official presence in India (others operate via dealerships), and in 2023 it sold a record 103 cars. Although 103 seems a small number, Sharad Agarwal, head of Lamborghini India,told FE that the average ex-showroom price of a Lamborghini in India is a little over `4 crore.“But most buyers opt for customisation that can run into `1 crore or more per car. Buyers want to make a Lamborghini their ‘own’—and love to splurge on customised interiors and exteriors, according to their taste,” Agarwal said. “That list (of changes to be done on a new car) is sent to the Lamborghini manufacturing plant in Bologna, Italy, and customisation can take months, depending on the changes.” In December 2023, it launched the `8.89 crore Revuelto, which has been sold out in India until 2026. As per analysts, it’s not just numbers, but the value of luxury cars also rose in 2023. While BMW and Audi haven’t shared the average ticket size of their models,market leader Mercedes-Benz said it launched 10 cars in 2023 at an average ticket size of `1.66 crore, ex-showroom. Of these 10,the most expensivewas the AMG G 63 Grand Edition (`4 crore) and the most affordable was the A 200 Limousine (`45.8 lakh). Santosh Iyer, MD & CEO, Mercedes-Benz India, told FE that in 2023 almost 30% sales for the German carmaker come from top-end luxury cars priced `1 crore and above,which is more than double the 12% share these cars had in 2018. Madan Sabnavis, chief economist, Bank of Baroda, said there is a clear move towards purchase of premium cars. “We have seen that as soon as one starts working, there is a desire to own a big car. Banks and NBFCs know this, and provide that little nudge by offering easy credit facilities,”he said. Continued on Page 2