OPINION, P8 MIND & GAMES WELL BEING Wake up to transactional government The vanishing islands that failed to vanish NOT JUST ANY OTHER ‘MOOD SWING’ Many of the expected ‘early victims of rising seas’ are stable Page 9 Why it’s important to spread awareness and know the treatment options available for bipolar disorder Page 6 ACROSS THE AISLE, P CHIDAMBARAM WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXIII NO. 40 A LEAP INTO THE FUTURE FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, JULY 28, 2024, 22 Pages, `12 (Patna `12, Raipur `12) 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 , SHUBHANGI SHAH New Delhi, July 27 through makeup, Forest Essentials, Plum Goodness, Mamaearth-parent Honasa Consumer Limited, Organic Harvest and WOW Skin Science are some brands that have delved into the space despite starting as just skincare specialists. Honasa launched theircosmetic line Staze in April, on which chairman and CEO Varun Alagh commented: “With the colour cosmetics segment boasting a remark- COLOUR ME RED,pink,mauve, brown and nude...This is what the beauty market’s mantra is, given the high demand for colour cosmetics.Attracted by the growth rate, even brands thatstartedoutasjustskincare have ventured into make up. Tapping into consumers’ demand for cleaner, healthier products and GenZ’s want of greater self-expression ■ SPOTLIGHT, P5 Weaving the tribal narrative H Y D E R A B A D , TONE OF THE MARKET `4,000 cr Estimated size of colour cosmetics market in India (data collected from 10 cities), as per Kantar able CAGR of 12% and a substantial size of `15,000 crore, it became evident that there was a gap in the market.These ● Modi calls on states to work along with Centre A country on a canvas INDIA'S AIM FOR 2047 $30-trillion economy HARRIS MAKES IT OFFICIAL; TAPERS GAPWITH TRUMP VICE-PRESIDENT Kamala Harris on Saturday officially signed her forms, declaring her candidacy for the post of President of the US. Harris had also closed the gap with Donald Trump by 6 or 7 percentage points. ■ PAGE 16 ■ Per capita PRASANTA SAHU New Delhi, July 27 A new exhibition of paintings on India by foreign artists between the Uprising of 1857 and Independence in 1947 reveals a changing perspective about the country MANU BHAKER stormed into the 10m air pistol finals at the shooting range while shuttler Lakshya Sen and paddler Harmeet Desai dazzled on debut in India's sedate start at the Olympic Games on Saturday. ■ PAGE 16 K O L K A T A , L U C K N O W , 8-10% 79% Projected growth of colour cosmetics market in India over next 5 years factorspavedthewayforStaze, which represents a strategic move for Honasa’s unique house of brand strategy to income $18,000 pa THE CENTRE AND states will ■ Investment to be 35% of GDP work together to set up an investor-friendly charter for states to attract foreign investment, abolish poverty and link rivers for shared prosperity to make India a developed nation by 2047, Prime Minister Narendra Modi said on Saturday. Amid a boycott by some ■ Multidimensional poverty less than 1% of population PM Narendra Modi addresses the NITI Aayog Governing Council meeting in New Delhi on Saturday PTI INSIDE Was muted, alleges ■ PAGE 2 Mamata chief ministers, a walk-out by Mamata Banerjee and absence of 10 CMs in all at the ninth Governing Council meeting of Niti Aayog, Modi urged all states to increase productivity and diversification in agriculture and provide market linkages to farmers. He also emphasised skilling and training of youth to make them employment-ready. As per the approach paper for‘ViksitBharat@2047’,India will have to strive to be a $30trillion economy by 2047 with apercapitaincomeof$18,000 per annum, from the current $3.36 trillion and $2,392 per annum,respectively. Continued on Page 2 (%) Jun 2024 Mar 2024 Kotak Mahindra Bank SACHIN KUMAR Mumbai, July 27 ICICI BANK, THE country’s second-largest private lender, on Saturday announced a 14.6% year-on-year increase in net profit to `11,059 crore forthe June quarter,helped by strong loan growth. The lendersurpassed street expectations as Bloomberg estimates had pegged the profits at `10,739 crore. Net interest income rose 7% to `19,553 crore in the June quarter of current fiscal from`18,227croreinthesame quarter of the previous fiscal. HDFC Life Insurance 3.4 Adani Enterprises 2.7 BPCL 1.8 Apollo Hospitals Change 4.4 35.9 31.5 30.0 26.6 1.7 14.4 11.7 16.8 15.0 45.6 43.9 Top companies where FPIs raised stakes (%) Mar 2024 Jun 2024 Cipla 2.0 Divi's Labs 1.5 Grasim Inds 1.0 Change 0.9 Bajaj Finance 0.6 14.7 16.2 12.7 13.7 17.1 17.8 25.8 27.8 28.9 29.9 Source: Capitaline 1,731 2,500 3,277 3,464 3,184 3,610 4,586 2,862 4,376 Exports May Jun 129 4,755 180 4,957 Oct Nov 2023 India sales 2,151 4,108 Sep (Units) 1,553 4,051 Aug 0 39,077 20,932 24 5,685 2,822 HONDA ELEVATE SALES/EXPORTS Total D E L H I , P U N E Dec Jan Feb Mar Apr 2024 Source: SIAM (while the Elevate is exported to many countries, a majority share goes to Japan) firstHondamodeltobemadein India and sold in Japan. Elevate is also the secondonly made-in-India car to be exportedtoJapan—afterMaruti Suzuki Baleno in 2015. But while the Baleno couldn’t find successinJapan,theElevatehas. A Honda Cars India spokesperson told FE that the decision to export the Elevate was built in the SUV’s lifecycle plans, but during the naming research,itwasdecidedtoname itastheWR-Vtoeasilyrecallthe SUV as part of the global RV series of Honda—the WR-V is short for Winsome Runabout Vehicle.“InJapan,itwasthought that winsome (fun, cheerfulness) would be the right fit for this car’s positioning, so we decided to call it the WR-V,” he said.“However,it’sonlyinJapan where it’s called the WR-V. For example,it’s exported to South Africaas the Elevate.” WR-V in Japan is similar to in the age group of 18-24. “Since the market penetration is still low, colour cosmeticsremainanoverallfast-growing segmentwithin the beauty space,” said Shankar Prasad, founder and CEO of Plum Goodness, a vegan beauty and personal care brand that entered the make up segment in 2022 with a full range of products for face, nails, lips, eyes,and even accessories. Continued on Page 2 ICICI Bank net profit up 14.6% Top companies where FPIs reduced stakes Hero Motocorp 4 THE ELEVATE SUV,launched by Honda in India on September4 last year, has been a moderate success locally, but has found a solid buyerbase in Japan,where it is sold as theWR-V. Honda Cars India has sold 39,077 units of the Elevate in India in 10 months, averaging 3,900 units a month, but in Japan,salestopped4,000unitsa month in Mayand June. According to an article published in Nikkei—citing data from the Japan Automobile Importers’ Association—the numberof imported Honda car registrations reached 3,472 unitsinApril,4,204inMay,and 4,319 in June, which is more than20timesthemonthlyaverageof173unitsin2023.Almost all of these imports are of the WR-V(Elevate),whichhitshowrooms in India in August last year,anddebutedinJapanasthe WR-V in March, becoming the N E W STRONG LOAN GROWTH FPIs offload stakes in 35 Nifty companies in Q1 FPIs have offloaded stakes of up to 4.43% in 35 companies from the Nifty 50 Index during the April-June (Q1) quarter. The top companies where FPIs have reduced stakes include Kotak Mahindra Bank, HDFC Life Insurance,Adani Enterprises, BPCL, and Apollo Hospitals. During this quarter, FPIs turned net sellers of Indian equities amounting to $726 million (`6,140 crore). Compiled by Kishor Kadam Women in 18-44 age group who bought a colour cosmetic product in past 1 year enter the colour cosmetics market.” Offering products at affordable price points, the focus is reportedly on women Japan in love with made-in-India Honda VIKRAM CHAUDHARY New Delhi, July 27 M U M B A I , ■ Some skincare brands delving into colour cosmetics Forest Essentials, Honasa, Organic Harvest, WOW Make investment charter: PM ■ LEISURE, P7 PARIS’24: MANU, SEN OFFTO SOLID STARTS ON DAY 1 K O C H I , VIKSIT BHARAT @2047 How homegrown brands are celebrating indigenous communities by incorporating their traditional textiles to create modern, sustainable clothing and bringing their rich cultural heritage to the forefront N E WS READ TO LEAD Beauty brands brushing it up with colour cosmetics WHAT'S INSIDE IN THE Excerpts from Krishnamurthy Subramanian’s latest book India@100 Page 4 Elevate in India.It has the same gasoline engine and technical specifications, but there are minordifferencesonaccountof customer preferences like interiorcolourschemes. The spokesperson said the decisiontoexporttheElevateto Japan was taken after considering the Japanese market’s need for a low-cost,high-quality and comfortable SUVin Japan. Continued on Page 2 New Delhi SANDEEP BATRA, EXECUTIVE DIRECTOR, ICICI BANK WE ARE HAPPY WITH THE PROGRESS... OF COURSE, WE CAN DO BETTER INSIDE PNB Q1 PAT up 159% ■ PAGE 3 Continued on Page 2