OPINION, P10 WELL BEING Is there a particular age when you can start to experience a noticeable decline in mental abilities? What are the signs to watch out for? Page 9 Opposition and opportunity MIND & GAMES Words are for communicating, not reasoning, argue experts Page 11 Do we actually need language to think? AGEING & BRAIN HEALTH ACROSS THE AISLE, P CHIDAMBARAM WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XX, NO. 43 ONE FOR FREE TRADE KOLKATA SUNDAY, JUNE 23, 2024, 12 Pages, `12 (NE States & Andaman `13) P U B L I S H E D F R O M : A H M E D A B A D , OLYMPICS FINANCIAL EXPRESS ON SUNDAY B E N G A L U R U , SPECIAL India’s Olympic dream With a little over a month left for Paris Games, we look at who or what’s at stake, the medal hopefuls, preparations of athletes, and the battles they are overcoming, both mental and physical, as India looks to better its tally after a record haul in Tokyo 2020 C H A N D I G A R H , C H E N N A I , READ TO LEAD H Y D E R A B A D , K O C H I , GST Council eases compliance norms MINUTES OF MEETING ● Anti-profiteering mechanism only till FY25-end ■ Rate rationalisation to be taken up in August meet PRIYANSH VERMA New Delhi, June 22 INSIDE ●Aiming for gold,hockey team all pumped up PAGE 5 ●Neeraj Chopra sets sights on another gold K O L K A T A , TAKES STEPS TO BOOST CASH FLOW OF FIRMS ■ Issue of 28% THE GOODSAND ServicesTax (GST) Council on Saturday announced several steps to easethe compliance burden of taxpayers and reduce litigation, tweaked the rates for a few items and set a sunset date of April 1, 2025, for the controversial antiprofiteering mechanism. Finance minister Nirmala Sitharaman said after the 53rd meeting of the Centre-state Council,also the first in the tenure of the newgovernment at the Centre,that the Council would take up important agenda of rate rationalisation at the next meeting, likely in levy on full face value of bets in online gaming not taken up ■ Centre’s intent Finance minister Nirmala Sitharaman chairs the 53rd GSTCouncil meeting in New Delhi on Saturday PTI August.There-constitutedGroupof Ministers on this, headed by Bihar deputy chief minister Samrat Choudhary, would make a detailed presentation on the work done so far and the unfinished agenda in the next meetingof the Council,the to bring petrol, diesel under GST reiterated minister said. However, the issue of 28% levy on“full face value of bets”in online gaming did not feature in Saturday's discussions. Continued on Page 2 ●Mirabai Chanu all set to lift India’s medal hopes ●Thriving under pressure,shooters gun for glory ● BOOSTING BILATERALTIES ●Shuttlers keep medal prospects high PAGES 6-7 ●Afight on the mat after a fight in the court ●Boxers ready to pack a punch PAGE 8 NSE cash market hits record average daily turnover in June THE NATIONAL STOCK EXCHANGE (NSE) has witnessed a record average daily turnover (ADT) of `1.55 trillion in the cash market in June so far. The previous record ADTwas `1.17 trillion in February. On election counting day (June 4), the NSE had a record turnover of `2.71 trillion in the cash segment. Meanwhile, the cash market ADT at the BSE reached over a seven-year high at `11,800 crore. On June 4, the exchange reported a turnover of `21,722 crore, which was its fourth largest. Compiled by Kishor Kadam 154,795 112,179 106,010 97,739 113,235 103,980 70,615 67,176 83,540 76,568 72,687 62,334 NSE 117,032 Cash market - Average daily turnover (` crore) 11,800 7,709 7,638 9,072 10,527 9,811 9,694 5,299 5,002 6,207 6,878 4,650 5,157 BSE Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun* 2023 2024 *up to June 20 L U C K N O W , M U M B A I , THE NEW OFFICE complex of global payments company American Express in Gurugram has a ‘quiet room’ to relax and rejuvenate, outdoorgreen spaces to promote movement and recreational rooms for activitiesemployeescanengagein.“It is a modern, energy-efficient workspace that enables staff to continue driving innovation,” said Sanjay Khanna, CEO & country manager, AmericanExpress,India. PepsiCo India’s headquarters in Gurugramisalsodesignedtobemore than just an office. Under its PepFit programme,whichisaboutwork-life balance,thecompanyorganisesrunning,yogaanddancesessionsforstaff to stay active and break away from routineworkdays. “Acycle track,treadmills and stationary cycling workstations promote movement,creativityand productivity at office. Employees can choose their work settings—when andwheretheworkgetsdone.Dueto this flexibility, many employees are choosing to work from the office to engagewith theirteams on a regular basis.Weunderstandtheimportance of balancing personal and work life and strive to support our employees in achieving this balance,” said PavitraSingh,chiefhumanresourcesofficer,PepsiCoIndia & SouthAsia. More and more companies are realising the need to focus on building employee-friendly office spaces. Workplaces are building a compas- D E L H I , P U N E PRE-BUDGET EXPECTATIONS States seek hike in untied capex loans from Centre PRASANTA SAHU & NARAYANAN V New Delhi/Chennai, June 22 STATES CHORUS FOR... MANY STATE GOVERNMENTS on ■ Inclusion of Saturdaydemanded that the Centre increase the untied component of interest-freecapexloans,mergecess andsurchargewiththedivisiblepool ofcentraltaxesandallocatefundsto each state under centrally-sponsored schemes in a timelymanner. In the pre-budget meeting of state finance ministers with Union finance minister Nirmala Sitharaman in Delhi, West Bengal and Tamil Nadu pointed out that the cesses and surcharges being levied by the Centre have adversely affected the transferof resources to the states. States including Odisha,Chhattisgarh andWest Bengal demanded that the untied 50-year interestfree capex loan amount should be enhanced from `55,000 crore earmarked for FY25 in the interim budget to `1 trillion. Tamil Nadu finance minister Thangam Thennarasu alleged that the Centre is continuing to divert its revenue collections away from the divisible pool of taxes. Cesses and surcharges went up from 10.4% of the Centre’s gross tax revenue in 2011-12 to 20.28% in 2022-23, he noted. “Cesses and surcharge should be part of the divisible tax pool,” West Bengal finance minister Chandrima Bhattacharya told FE. ■ Allocation of cess in divisible funds in timely tax pool manner ■ Enhancing untied 50-year interest-free capex loan amount to `1 trn ■ Advance indication of annual allocation for each state “This(higheruntiedcapexloans) would expedite betterutilisation of funds and timely achievement of project milestones,”Odisha deputy chief minister KV Singhdeo said in his submission. Kerala has demanded a special package of `24,000 crore over two yearstotideover‘liquiditystress’for the state. Kerala finance minister KN Balagopal also sought a special capital investment of `5,000 crore for Vizhinjam port development and another `5,000 crore for financing infrastructure projects such as Calicut-Wayanad tunnel road and early clearance of semihigh speed railway line.“With the electoral outcome, we expect the central government to have a more federal approach to considering states’concerns,”Balagopal said. Continued on Page 2 NATIONAL TESTING Agency (NTA) director general Subodh Kumar Singh was on Saturday removed from his post and put on "compulsory wait" in DoPT amid the controversy over irregularities in competitive exams. India Trade Promotion Organisation chairman and MD Pradeep Singh Kharola has been assigned additional charge of NTA DG. NEET-PG examination was also postponed; a fresh date will be announced. The education ministry on Saturday also set up a seven-member committee chaired by former Isro chairman K Radhakrishnan to recommend reforms in testing procedures and data security protocols, and to review the structure and functioning of the NTA, which is at the centre of a storm. ■ PAGE 3 Midsize sedan sales drop 26% in Jan-May Hindujas say no imprisonment of four family members PM Narendra Modi with his Bangladeshi counterpart Sheikh Hasina at Hyderabad House in New Delhi on Saturday. The two sides signed agreements to bolster ties in a range of areas such as digital, maritime sphere, blue economy, railways, space, green technology, health & medicine ■ REPORT ON PAGE 3 ANI VIKRAM CHAUDHARY New Delhi, June 22 all-newHyundaiVerna fading,sales of midsize sedans have started dropping. According to Society of Indian Automobile Manufacturers (SIAM) data, midsize sedan sales dropped 26%—from 42,407 units inJanuary-May2023tojust31,412 in January-May 2024. Defined by the SIAM as sedans between 4,250 and 4,500 mm in length,andpriced between`10lakh and `20 lakh, their surge was led by the Verna—launched on March 21, 2023—whosesalesgrew63%during April-December 2023 (from 14,972 units to 24,459 units), but have HOW THEY FARED (Unit sales, Jan-May 2024) Midsize sedans (overall) Hyundai Verna Honda City Maruti Suzuki Ciaz Volkswagen Virtus Skoda Slavia 31,412 8,520 5,301 3,031 8,150 6,419 tapered since Januarythisyear. During January-May 2024, the Verna has sold just 8,520 units. “The all-new Creta SUV— launched on January 16 this year —has demolished the entire midsize sedan segment,” industryexecutives told FE.“This single midsize SUV—in the similar price range as midsize sedans—hassoldawhopping75,055 units during January-May 2024, which is more than double the five sedansput together.” These five sedans are Honda City, Hyundai Verna, Maruti Suzuki Ciaz, VolkswagenVirtus and Skoda Slavia. There are few takers for legacy sedanmodels,thatwereonceconsidered to be so aspirational. For instance, the City sold just 5,301 unitsduringJanuary-May2024,and the Ciaz just 3,031 units. But industry analysts feel that even new-age sedans such as the Virtus and the Slavia not doingwell is of particular concern for the sedan segment. The Virtus, for example,sold just 8,150 units during January-May 2024, and the Slavia did even less,6,419 units. MORE THAN JUST A WORKPLACE ■ American Express' new office complex in Gurugram has 'quiet room', outdoor green spaces, recreational rooms ■ Dabur India, Bharti Airtel, InMobi, Zomato, SAP India addressing burnout, career stagnation through mentoring programmes ■ At its headquarters in Gurugram, PepsiCo India organises running, yoga, dance sessions sionate, ‘happy’ environment to reduce stress,encourage team interaction,andcoachingtoaddresswellbeing of employees returning to workplaces post-pandemic. DaburIndia,BhartiAirtel,InMobi, Zomato, SAP India are some corporates working towards capability building, upskilling, wellbeing, addressingburnout,andcareerstag- nation of employees through supportive mentoring programmes. “We engage with specialised externalpartnerstoconductassessmentcentresatourleadershiplevel, FE BUREAU New Delhi, June 22 THE FOUR SWISS-NATIONAL mem- deploy external coaches to groom our leadership candidates,” said Biplab Baksi, CHRO, Dabur India, which has a dedicated employee assistance programme. Companies are also assisting employees in finding fulfillment in theirwork,thinkingbeyondcreating a cheerful atmosphere, enhancing employees’personalandprofessional growthandengagingcoachestofight thegreattalentwar.“Techniqueslike meditative exercises and mentoring programmescultivatetransparency, team cohesion,stress management, emotional intelligence, and alignment of strengths and aspirations,” said Sahil Mathur, CHRO of mobile advertising platform InMobi Group. bersofthe Hinduja Family,Kamal & Prakash Hinduja, Namrata & Ajay Hinduja,have not been subjected to anyimprisonment,conviction,sentence or detention, a spokesperson oftheHindujafamilysaidinastatement on Saturday evening. The statement said as per Swiss law procedures, the lower court’s judgment is “rendered ineffective and inoperative as the presumption ofinnocenceisparamountuntiland unless a final judgment by the highest adjudicating authority is enforced”.Thestatementcomesaday afteraSwisscourthandedastunning verdict for the familywhose fortune is estimated at $47 billion. The most serious of the charges, humantrafficking,againstthemwere completelydismissedbythecourton Friday.The Hindujas say the case has no complainants left anymore and they had declared in the court that theywereledintosigningstatements thattheydidn'tevenunderstand.They had neither intended to nor initiated suchproceedings. According to the spokesperson, all of them furthertestified thatthe four Hinduja family members treated them with“respect,dignity and like family”. The four family membershavefullfaithintheSwiss judicial process and remain confident that the truth will prevail. Continued on Page 2 Continued on Page 2 Continued on Page 2 How office is getting to be a 'happy place' for back-to-work staff VAISHALI DAR New Delhi, June 22 N E W NTA CHIEF SACKED; NEET-PG POSTPONED; PANEL SET UP FOR EXAMINATION REFORM WITH THE NOVELTY factor of the Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun* 2024 2023 *up to June 21 Arvind Panagariya’s views on free trade and investment issues Page 4 Kolkata