OPINION, P10 FE LINES WELL BEING The soup kitchen THE UNSEEN DANGERS OF PALM OIL Gearing towards an IndiaGPT All that you need to know about one of the most common ingredients used in most packaged food products, and the health hazards associated with it Page 7 ACROSS THE AISLE, P CHIDAMBARAM While the AI race is largely led by US, India is trying to catch up Page 6 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL.NO.XIII SL.NO.66 CARRY ON, SMARTLY FINANCIAL EXPRESS ON SUNDAY C H E N N A I , Onion export ban extended indefinitely PRICE CONTROL THE GOVERNMENTHAS indef- ■ REPORT ON P14 THE US Senate passed a $1.2trillion package of spending bills on Saturday, six months into the budget year that will push any threats of a government shutdown. The Bill now goes to President Joe Biden to be signed into law. ■ PAGE 14 Volkswagen Group,MercedesBenz and BMW have still not decided whether they will opt forthenewelectricvehicle(EV) policy,which allows importing completely built units at concessional dutyin lieuof setting up manufacturing facilities at a later date, or will continue with their earlier plans. The Indian subsidiary of Vietnamese manufacturer VinFast is the only one to have made it clear so far that it will avail the benefits of the policy. On March 15, the government announced a policy to promote India as a fourwheeler EV manufacturing destination. Designed to attractinvestmentsbyreputed global EV players, it proposed reducing import duty on EVs from 70-100% to just 15%— on a maximum of 40,000 EVs over five years, on EVs priced $35,000 and above—provided the manufacturer invests `4,150crore($500million)on ■ New EV policy allows importing completely built units at concessional duty ing the fine print,andwill take a decision whether or not to take advantage of the low import taxes under the policy. Piyush Arora, MD and CEO, Volkswagen Group, Region India, Skoda Auto Volkswagen India (SAVWIPL), said the future of mobility is electric, and Volkswagen is pursuing this wherever the market demands. UNION BANK OF INDIA’S chief digital officer (CDO) Rajnish Khare quit after a nearly 18month stint, the lender informed exchanges on Saturday. Khare had joined the bank on November 2, 2022, and his last date of service would be April12,2024.Thebanksaidthe resignation was“on account of prolongedreflectiononhisprofessional journey and personal principles”.The lender said Anil Kuril,chiefgeneralmanagerand chief technology officer,will be given the additional responsibilityofheadingthedigitisation department of the bank. As per Khare’s resignation letter,seenbyFE,hethankedthe bank for providing opportunities to contribute towards the bank’s digital transformation. Continued on Page 2 Continued on Page 2 ■ Aimed to attract investments by global EV players, it proposes import duty reduction on EVs from 70-100% to just 15% ■ Import duty reduction to be on maximum of 40,000 EVs over five years ■ To be applicable on EVs priced $35,000 and above; also, company will have to invest $500 mn on setting up facility in India setting up a facility in India. On March 18, Pham Sanh Chau, CEO,VinFast India, said the policy will allow the carmakerto introduce avarietyof eco-friendly premium EVs at inclusive prices. In January, VinFast pledged an expenditure of $500 million—needed under the policy—which includes an EVmanufacturing facility in Tamil Nadu. Most other carmakers FE talked with said they are read- PIYUSH SHUKLA Mumbai, March 23 As the current financial year nears its conclusion, it's noteworthy that 75 mainboard IPOs were launched in FY2024, marking the highest number in the last 16 years. This surpasses the previous record set in FY2008.These 75 companies collectively raised `61,791 crore, representing an 18.6% increase compared to the previous fiscal year, as per data sourced from primedatabase.com In FY2023, 37 firms raised `52,116 crore through IPOs. September stood out as the month with the highest number of IPOs and the highest amount of funds raised,with 14 companies collectively raising `11,893 crore. Interestingly, May saw no IPO activity. Compiled by Kishor Kadam IPOs Issue amount (` cr) No of issues 8 24 25 45 Monthly trend 4 4 14 13 30 53 37 Issue amount (` cr) 4 8 WITH SUSTAINABILITY INTEGRATED into most companies’ DNA in present times, an increasing number of jobs are being created to manage and operate green measures.Many companies are aggressively promotinggreenskillsandtalent as well. A 2024 Capgemini report on global investment trends suggestsover52%oforganisations are expected to increase their investments in sustainabilityin the next two years. Said Sunil Chemmankotil, CEO,Teamlease Digital,which offers specialised staffing and solutions,“Sustainability and green initiatives have become top priorities across sectors, leading to consistent growth in green industries and a rising demand forskilled professionals.The employment outlook in these sectors is optimistic,with a potential for India to generate 35 million green jobs by 2047.” The TeamLease Digital’s Green Industry Outlook report found that between 2022 and 2023, the share of green talent in the workforce rose by 12.3%,while job postings requiring at least one green skill rose by 22.4%.The rising demand for green jobs saw cities like Delhi-NCRwith year-on-year (YoY) growth of 289%, Mumbai (216%) and Bengaluru (174%) driving the change. AsperVaishaliNigamSinha, co-founder and chairperson, 35 mn GROWING DEMAND No. of jobs that India has potential to generate by 2047 22.4% 52% Rise in job postings requiring at least one green skill between 2022 and 2023 Organisations expected to increase investments in sustainability in next two years sustainability,ReNew,arenewable energy company, “Some examples like engineering and technical skills can be employed in eco-building, renewable energy design, and 13.2% 12.3% energy-saving R&D projects. Scienceskills,whichareinhigh demand, are being enlisted during the early stages of the value chains and in the utility sector.Operationmanagement CAGR of gig workforce in green jobs, from 2.9 mn in 2022-2023 to 7.05 mn (projected) by 2029-2030 Rise in share of green talent in workforce between 2022 and 2023 along with monitoring skills forfirmsoperatinginpolluting sectors are some other instances where green skills can be utilised to a great effect. With companies increasingly transitioning to clean energy, the need for developing these skills and nurturing talent is critical. As governments and businesses around the world race to meet their climate 75 No of issues 11 5 11 5 0 2 Apr May Jun 7 14 Jul Aug Sep Oct Nov Dec Jan Feb Mar* 2023 2024 *up to March 22, 2024 Source : primedatabase.com With sustainability serious business, green jobs on the rise VAISHALI DAR New Delhi, March 23 61,791 announced policy to promote India as four-wheeler EV manufacturing destination ■ On March 15, govt 2023-24* GLOBAL AUTOMAKERS LIKE 2,226 US SENATE PASSES $1.2-TRILLION FUNDING PACKAGE THE ROAD AHEAD 75 mainboard IPOs hit in FY24, highest in 16 years 52,116 EXTERNAL AFFAIRS minister S Jaishankar dismissed China's repeated claims on Arunachal Pradesh as "ludicrous" and asserted that the state was a "natural part of India". In probably his first public comments on China's frequent claims on Arunachal Pradesh and its opposition to Indian leaders visiting the state, Jaishankar said it was not a new issue. ■ PAGE 14 VIKRAM CHAUDHARY New Delhi, March 23 Continued on Page 2 2022-23 'LUDICROUS': EAM Union Bank CDO quits within just 18 months videoviewswererecordedonthe platform for the opening day of thetournament,JioCinemasaid, which led to 660 million minutes of watch time.TV viewership numbers are likelyto come nextweek.DisneyStaristheofficialTVbroadcasteroftheIPL. “Thenumbersindicatethat there is no better way to expe- 7,499 NEWS Volkswagen,Mercedes-Benz, CHINA'S CLAIMS BMW in wait & watch mode ON ARUNACHAL andGujaratTitansattheNarendra Modi Stadium in Ahmedabad. That match was won by GujaratTitanbyfivewickets. On Friday, Chennai Super Kings squared off against the Royal Challengers Bangalore at the MAChidambaram Stadium inChennai,beatingthelatterby six wickets. Over 590 million 1,11,547 OPTING FOR NEW EV POLICY (IPL’s)digitalbroadcaster,JioCinema,part of the Viacom18 network, saw 113 million viewers log into the first match of the tournamentonFriday,ayear-onyear growth of 51%.The record numbers come on the back of the IPLfree streaming initiative by JioCinema,which is happeningforthesecondyearinarow. Lastyear,75millionviewers had logged into the JioCinema application toviewtheopening match, which was played between Chennai Super Kings 2021-22 Continued on Page 2 log into opening match on JioCinema; 75 mn log-ins last year THE INDIAN PREMIER League’s rience the IPL than digital,” a Viacom18 spokesperson,said, adding:“Benchmarks could be resetthroughthecourseofthis season.”A total of 449 million viewers had watched the IPL 2023 season on JioCinema, with connected TV adoption also growing, the broadcaster had said. This year,JioCinema began itsIPLcampaignwith18sponsors and over 250 advertisers. This includes Dream11, Charged by Thums Up, Parle Products,Britannia and HDFC Bank,among others. 3,265 are currently ruling at `30/kg against `20/kg reported a year ago. 113 mn 31,268 ■ Say current prices don't even cover cost of production VIVEAT SUSAN PINTO Mumbai, March 23 2020-21 demanding lifting of ban as supplies up 8,339 ■ Farmers 9,165 ban likely to bring down domestic prices 20,350 ■ Extension of IPL digital viewership up 51% 2019-20 March 31 4,986 ■ Ban was valid till 14,719 imposed in Dec 2023 2018-19 IN THE P U N E ■ Onion export ban was 11,893 How being an FM is not easy, despite leading the most powerful ministry D E L H I , People lay flowers at a makeshift memorial in Moscow on Saturday. The Russian government said it had arrested 11 people, including four suspected gunmen, in connection with a shooting rampage that killed 143 people in a concert hall near the capital city on Friday, the deadliest attack in the country in 20 years. REUTERS 81,553 The myth of a powerful FM N E W ● CARNAGE IN RUSSIA; 143 DEAD 2017-18 ■ WORDS WORTH, P4 M U M B A I , 4,759 While the impact of AI on the upcoming polls remains a concern, parties are trying their hands on the new tech, integrating it into electioneering in novel ways L U C K N O W , 28,225 The AI factor in elections K O L K A T A , 2016-17 ■ SPOTLIGHT, P5 initely extended the ban on onion exports imposed last year, which is likely to bring down domestic prices of the keyvegetable.“The export prohibition on onions valid till March 31 has been extended until further orders,” said a Directorate General of Foreign Trade notification. InDecember2023,thegovernment had banned exports of onion after the modal retail prices of the key agricultural commodities doubled to `60/kg from `30/kg reported in September last year. The export of onions to countries is allowed on a case-to-case basis after approval from the interministerial group. Sources said despite the arrival of rabi crop harvest, prices have not softened yet. According to the department of consumer affairs, the modal wholesale prices of onion on Fridaywere `2,500/ quintal against `1,500/ quintal a year ago. Correspondingly, the modal retail prices K O C H I , 2,223 SANDIP DAS New Delhi, March 23 H Y D E R A B A D , 14,500 WHAT'S INSIDE C H A N D I G A R H , 2015-16 B E N G A L U R U , 2,246 F R O M : A H M E D A B A D , 2,770 P U B L I S H E D READ TO LEAD 2014-15 SUNDAY, MARCH 24, 2024, 14 Pages, `12 5,191 CHENNAI/KOCHI In an age of experiential travel, smart luggage is making journeys hassle-free Page 9 goals, recruiting talent equippedwith green skills will be the need of the hour.” The LinkedIn Global Green Skills Report 2023 suggested a shift to green skills and jobs is underway on the platform, based on the activity of more than 930 million LinkedIn users worldwide. The share of green talent increased from 9.6% in 2015, to 13.3% in 2021 (a growth rate of 38.5%). The LinkedIn 2023 Global Green Skills Report shows that the share of green talent across 48 countries grewbyan average of 12.3% between 2022 and 2023, but the proportion of job postings requiring at least one green skill was up by 22.4%. In green sectors,the TeamLease report showed opti- mistic findings, with the potential to create 35 million green jobs by 2047, doubling thecurrentcountof18.52million green jobs in India. A significantdriverof this growth is thegigworkforceingreenjobs, whichsawacompoundannual growth rate (CAGR) of 13.2%, surging from 2.9 million in 2022-2023 to an anticipated 7.05 million by 2029-2030. Aluminium producer Vedanta Aluminium is committed to achieve net zero by 2050, adopting a two-fold strategy of reducing and offsetting carbon footprint. For the brand, green skills take on several forms, ranging from engineering and science skills to operations and analytics. Continued on Page 2 CHENNAI/KOCHI