ECONOMY, P3 COMPANIES, P4 INTERNATIONAL, P7 AMONG HIGHEST IN THE WORLD LOOKING BEYOND DELHI, MUMBAI BOLSTERING BUSINESS India’s income inequality at historic high, top 1% holds 40% of wealth India's aviation boom can support more hubs, says Campbell Wilson Mustafa Suleyman to head Microsoft’s new AI division BENGALURU, THURSDAY, MARCH 21, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL NO. XXXVI 290, 22 PAGES, `12.00 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 WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 72,101.69 ▲ 89.64 NIFTY: 21,839.10 ▲ 21.65 NIKKEI 225: 40,003.60 ▲ 263.16 HANG SENG: 16,543.07 ▲ 13.59 `/$: 83.17 ▼ 0.13 `/€: 90.15 ▼ 0.16 BRENT: $86.22 ▼ $1.16 GOLD: `65,446 ▲ `97 IN THE NEWS EXIT LOAD: MFs GET GST NOTICES THE DIRECTORATE GENERAL of Goods and Services Tax Intelligence has sent show-cause notices to a number of mutual fund companies in recent weeks, seeking to recover a tidy sum from them as GST on exit-load charges, reports Priyansh Verma. ■ PAGE 2 FACT CHECK UNIT UNDER PIB NOTIFIED THE MINISTRY OF electronics and information technology (MeitY) on Wednesday notified the fact check unit under the Press Information Bureau (PIB). ■ PAGE 3 ZOMATO DROPS ‘GREEN’ UNIFORM A DAYAFTER rolling out its “pure veg mode” service and a dedicated delivery fleet that will serve orders only from vegetarian restaurants, Zomato has decided to roll back the green uniforms meant for them after social media backlash, reports Ayanti Bera. ■ PAGE 4 EXPLAINER How SM REITs can boost fractional investment in real estate ■ PAGE 9 JV CHALKS OUT `5,000-CR PLAN Celebrating women achievers JSW, MG Motor look to create a ‘Maruti moment’ To roll out EVs and ICE vehicles; first car coming in Sept SWARAJ BAGGONKAR Mumbai, March 20 JSWMG MOTOR INDIAwill launch a new car every three-four months starting September,including new energy vehicles, JSW Group chairman Sajjan Jindal said on Wednesday.“Togetherwith MG,we will create a Maruti moment.Forty years ago, in 1983, Maruti came to India and it changed the auto industry. It brought lightweight, efficient cars and the Ambassador and Fiats went into oblivion, and today Maruti has a 50% market share,”Jindal said. “At JSW, we believe in building scale. We are going to churn the automotive industry,wewill create some sort of disruption and our idea is to bring one car every threefour months. These will also be exported to the most developed markets. With MG, we will be an unmatched combination,” he said,announcing the road map for the joint venture. In November last year, China’s EXPRESS PHOTO: NARENDRA VASKAR SAJJAN JINDAL, CHAIRMAN, JSW GROUP WE WILL CREATE SOME SORT OF DISRUPTION AND OUR IDEA IS TO BRING ONE CAR EVERY 3-4 MONTHS The break-up JV (%) Winners of the third edition of the Express Awards for Women Entrepreneurs with guest-of-honour Gaur Gopal Das, chief guest Ronnie Screwvala, and The Indian Express Group executive director Anant Goenka, in Mumbai on Wednesday ■ WINNERS’ LIST ON P2 35 JSW Group 49 SAIC Motor, MG Motor parent 8 Indian financial institutions 3 MG Motor dealers 5 to be earmarked for employees INSIDE Aim to have 33% market share in EVs by 2030: Parth Jindal ■ PAGE 4 largest automaker SAIC Motor had inked a joint venture agreement with JSW Group to accelerate the transformation and growth of MG Motor in India. Continued on Page 10 PM hints at steps to boost startup funding MUKESH JAGOTA New Delhi, March 20 PRIME MINISTER NARENDRAMODI onWednesdaysaidmoreinnovativewaystofinancestartups are being explored and hinted that the full Union Budgetfor2024-25,to be presented afterthe Lok Sabhapolls,couldincludeproposalsinthisregard. The country is trying to build a better mechanism forfunding startups andwhateversteps are requiredtopromotethesectorarebeingtaken,he said,addressing the Startup Mahakumbh here. PRIME MINISTER NARENDRA MODI "I AM CONFIDENTTHE SPIRIT OF 'INDIAN SOLUTIONS FOR GLOBALAPPLICATIONS' WILL BE A FORCE" The PM exhorted entrepreneurs and startups to work on“Indian solutions for global applications”,while stressing that the country’s thriving startup community would strive to meet the challenges faced by nations across theworld.Modi said a world of opportunities is being created for innovators and investors with the advent of the artificial intelligence (AI) industry,and to support it,the government has announced the India AI Mission,the National Quantum Mission and the Semiconductor Mission. Continued on Page 10 BENGALURU
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