OPINION, P8 WELL BEING Things are not what they seem to be MIND & GAMES Earth’s climate tipping points SMART CONTACT LENSES, ANYONE? Amid all the advancements and innovations, we look at what they mean in terms of early detection, monitoring and treatment of numerous eye disorders Page 6 ACROSS THE AISLE, P CHIDAMBARAM The planet’s warming could trigger sweeping changes Page 9 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XX, NO. 51 HIGH ON MOCK ALCOHOL KOLKATA SUNDAY, AUGUST 18, 2024, 16 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 , FINANCIAL EXPRESS ON SUNDAY 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 , These spirit alternatives may not be the real thing, but are full of fun & flavour Page 7 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , 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 Mental health becoming a crisis for young adults WHAT'S INSIDE ● Up to 30% rise in emergencies, hospital admissions ■ SPOTLIGHT, P5 The healthy munch In this age of consumer consciousness, FMCG brands are responding with offerings that don’t tip the guilt scales but score high on taste and texture KUNAL DOLEY New Delhi, August 17 FOR YOUNG ADULTS and working professionals, mental health is no longer a concern, it’s a crisis. Data indicates that healthcare institutionsinIndiaarereportinganalarming rise—by as much as 30% in the past 3-4 years—in the number of emergency cases or hospital admissions of those suffering from some sortofpsychiatricdistress,especially among theyouth. “There has been a 20-30% rise GROWING CONCERN 30% Increase in mood disorders like depression 31% Rise in anxiety disorders 35% 29% 37% Increase in sleep disorders Hospital admissions for psychiatric emergencies among 30-40 age group Hospital admissions for psychiatric emergencies among 20-30 age group (Source: Kokilaben Dhirubhai Ambani Hospital, Mumbai; Cadabams Hospitals, Bengaluru) (of such cases) compared to earlier times,” said Dr Rituparna Ghosh, consultant,psychology,Apollo Hospitals, Navi Mumbai. Kokilaben DhirubhaiAmbani Hospital,Mumbai,too,hasseena20-25%increase insuchnumbersatitshospitalsince the pandemic, as per consultant psychiatrist Dr Shaunak Ajinkya. “Mood disorders like depression have increased from 10% to 30%; anxiety disorders have increased from 15% to 31%; and sleep disorders have increased from 15% to 37%,”he added. Incidentally, young adults and working professionals are seeing the most numberof admissions for psychiatric emergencies. As per a newstudyconducted byCadabams Hospitals, a private mental health hospital based in Bengaluru, the age group of 30-40 years saw the highest number of admissions, accounting for 34.6% of the total number. This was closely followed by the 20-30 age group,representing 28.8% of admissions.The study was undertaken over a sevenmonth period among individuals aged 20 to 60 years. Dr Sunil MR,director facilitator at Cadabams Hospitals, said,“The rise in psychiatric emergencies among young adults is a cause for serious concern. The pressures of work-life balance, financial anxieties and societal expectations are likely contributing factors to the rise in mental health emergencies among young adults and working professionals. It’s crucial to raise awareness and encourage early intervention to prevent escalation.” Continued on Page 2 India to collaborate PM proposes more with IMF: FM Development GLOBAL SOUTH SUMMIT ■ WORDS WORTH, P4 Doomsday meets rebirth INDIA IS OPEN to “exploring more At a time of catalytic change globally, is the old dying and the new unable to be born? FPI equity inflows from Japan see sharp jump FOREIGN PORTFOLIO INVESTORS' (FPIs) equity inflows from Japan witnessed a sharp jump of 42% during January-July 2024.According to NSDL data, the assets under custody (AUC) of FPIs from Japan (equity segment) rose from `1.53 trillion in December 2023 to `2.18 trillion in July 2024. Ireland, Norway and Singapore recorded a 32.5%, 29.6%, and 23.5% increase, respectively, in equityAUC during the same period.The USA, the top country by FPI equityAUC, saw a 22.6% gain from `25.7 trillion to `31.5 trillion during the first seven months of 2024.The total equityAUC of FPIs has risen 21.6%, from `61.3 trillion in December 2023 to `74.6 trillion in July 2024. — Compiled by Kishor Kadam 29.6 23.5 22.6 21 16.2 16.1 14.4 1.8 1.5 1.7 1.9 3.2 3.7 3.4 3.9 2.1 2.7 3.3 4.4 ways” to increase its collaboration with the International Monetary Fund (IMF), finance minister Nirmala Sitharaman said during a meeting with IMF’s first deputy managing director Gita Gopinath on Saturday. During the meeting, Gopinath congratulated Sitharaman on policy continuityonthefiscalconsolidation path,andappreciatedthestrengthof India’s relationshipwith IMF,which, she said, is “valuable to both India, IMF,and to theworld at large”. SpeakingataneventattheDelhi School of Economics, Gopinath mentioned that the multilateral agency is now addressing “newer forms of crises” across the world. She said the IMF is providing longterm financial support to lowincome countries to help them tackle climate change, reduce poverty, and restructure debt. And forthat purpose,India,China,Saudi Arabia are among some countries that are providing financial support,whichwas not the case earlier. On the country’s fiscal consolidation roadmap,Gopinath said the right approach for that would be to increase revenues and not necessarilyreduceoverallspending.However, she mentioned the need to provide targeted fertiliser subsidy, as it has a high outlay. On taxes, she mentioned that revenue as a percentage of GDPcan increasebybroadeningthetaxbase, both on personal income tax and ● FM says $4 trn a year needed to achieve SDG goals FE BUREAU New Delhi, August 17 Finance minister Nirmala Sitharaman with first deputy MD of IMF Gita Gopinath in New Delhi on Saturday GITA GOPINATH, First deputy MD, IMF INDIA WILL HAVE TO CREATE 60-148 MN ADDITIONAL JOBS TO BECOME ADVANCED ECONOMY BY 2047 PTI GST.“If you simplify the GST rates and broaden thebase…youcanraise 1% of revenue as a percentage of GDP,” she said, adding that exemptions given in personal income tax should be cut down further. Also,structural reforms need to go on all the time to improve the fiscal situation without constraining growth, noted the IMF’s deputy MD. Continued on Page 2 21.6 % change q-o-q 1.5 2.2 25.7 74.6 4.5 5.5 Total July 2024 4.5 5.6 61.3 31.5 FPIs’ equity AUC (` trn) Dec 2023 Compact for trade, financing FE BUREAU New Delhi, August 17 41.8 32.5 Japan Norway US Mauritius Canada Ireland Singapore Luxembourg UK France 17 FPIs: Foreign portfolio investors; AUC: Assets under custody; Source: NSDL Panel to suggest measures for Committed to hold free and fair healthcare professionals’ safety elections in Bangladesh: Yunus THE UNION health ministry on Saturday said a committee will be formed to suggest all possible measures for ensuring the safety of healthcare professionals. Representatives of all stakeholders will be invited, it added. ■ PAGE 2 THE CARETAKER government in Bangladesh is committed to ensuring a transition to democracy and creating an environment in which "free, fair and participatory elections" can be held, its head Mohammad Yunus said. ■ PAGE 16 PRIME MINISTER NARENDRA Modi onSaturdayproposedacomprehensive‘GlobalDevelopmentCompact’ to provide a package of solutions that will focus on trade,sustainable growth, technology sharing and concessional financing of projects for the Global South countries. “I would like to propose a comprehensive Global Development Compact on behalf of India. The foundation of this compact will be based on India’s development journeyandexperiencesofdevelopment partnerships,”ModisaidattheIndiahostedvirtualGlobalSouthSummit. The needycountrieswill not be burdened with debt in the name of developmentfinanceandtheDevelopment Compactwill be inspired by thedevelopmentprioritiessetbythe countriesofthegrouping,hesaid.To strengthen trade-promotion activities,India will start a special fund of $2.5 million. India’s new initiatives assume importance as Modi said the global governance and financial institutions formed in the last century have been unable to fight the challenges of this century. India is the leading voice of the Global South, which comprises underdeveloped and developing countries. Modi called on the countries of theGlobalSouthtoworkunitedlyin dealing with food and energy security crises and challenges of terrorism as he flagged concerns over SOUTH SOLIDARITY ■ Development Compact to be inspired by development priorities set by nations ■ Focus on sustainable growth, technology sharing and concessional financing of projects ■ To strengthen tradepromotion activities, India to start special fund of $2.5 mn consequences of ‘uncertainties’ around the world. India will make an initial contribution of $25 million to the‘Social Impact Fund’that aims to develop digital public infrastructure (DPI) in the Global South, he said. Addressing the Global South Finance Ministers’ session, finance ministerNirmala Sitharaman drew attention to a pressing challenge that hinders developing economies from achieving their development goals—inadequate access to development finance. Continued on Page 2 An Indian lifeline for global auto brands on the verge of death VIKRAM CHAUDHARY New Delhi, August 17 WHEN MAHINDRA-BACKED Classic Legends launched British motorcycle companyBSAin India onAugust 15, it became yet another example of a defunct global motorcycle brand getting reborn—a trend that started in 1994,and continues. In 1994, the Eicher Group acquired Royal Enfield—the British motorcycle company that had stopped operations in England.For 15 years, Eicher pumped in money to revive the brand, and in 2009 were born the Classic 350 and Classic 500.“The Classic was launched in 2009, and its success turned Royal Enfield into a global company,” B Govindarajan, CEO, Royal Enfield, told FE. “In 2009, we were selling about 50,000 motorcycles peryear,but thanks to the Classic— andmultiplemodelslaunchedafter that—we have reached 850,000 units peryear now.” Since 2009, Royal Enfield has sold almost 7.5 million motorcycles, and of these, 4 million are the Classic. On August 12, it launched the all-new Classic. In 2015, Anupam Thareja, the founder of private equity firm Phi Capital, started Classic Legends with support from Mahindra. The idea was to revive global motorcycling icons, and three brands were chosen—Jawa,Yezdi and BSA. Jawa—a Czech companythat got discontinued in the 1970s—was brought back to life in 2018.So far, Classic Legends has sold almost 140,000 Jawa motorcycles. On In 2020, TVS Motor FRESH IMPETUS Company acquired iconic British motorcycle brand Norton; six new models likely to be launched in next three years In 1994, Eicher Group acquired Royal Enfield, a British bikemaker that had stopped ops in England; launched Classic in 2009—its success turned Royal Enfield into a global company In 2015, Anupam Thareja of Phi Capital started Classic Legends with support from Mahindra; helped revive global icons such as Jawa, Yezdi and BSA August 13, it launched the new Jawa 42 motorcycle. Yezdi—whichstoppedoperations in 1996—was reborn in 2022, and In 2013, TVS inked deal with BMW Motorrad to develop & produce sub500-cc bikes for global market in Tamil Nadu Classic Legends has sold almost 60,000 units of these bikes. BSA shut shop in 1973, but was revivedbyClassicLegendsin2021in In 2023, Hero MotoCorp came to the rescue of struggling Harley-Davidson; X440 comes into the picture the UK, and launched in India on August 15.It will soon enter the US, Australia and Japan. In 2020, TVS Motor Company acquiredtheiconicBritishmotorcycle brand Norton for `153 crore. It has been working on developing modernbikes,andsixnewmotorcycles are likely to be launched in the nextthreeyears,withthefirstmodel coming in 2025. Thareja said it isn’t a mere coincidence that Indians are reviving global brands, but possibly it’s love for motorcycling, and respect for the original brand.“Classic Legends not only bought these brands, but more importantly, it is staying authentic to the promise that the brand once stood for. Classic Legends owns BSA, but it remains an authentic British brand—I call it ‘original Brit, Indian grit’. Indians have mastered the art of cost and quality,”hesaid.“Itelltheworldthat we are making it in India, but BSA remains a British brand at heart.” Abrand expert told FE that altering the brand value can backfire. “Look at the Chinese.They bought theBritishcarmakerMG,butinstead of keeping true to MG’s traditions and the kind of cars they used to make, the Chinese developed their own set of cars and placed an MG stickeron them.In today’s polarised business world, MG is struggling to telleveryonethatit’saBritishbrand,” hesaid.“That’snotthecasewithTata Motors.TheyownJaguarLandRover, but haven’t diluted its luxury, performance,orBritish traits.” In 2023, Hero MotoCorp came to the rescue of struggling HarleyDavidson, and developed the X440 motorcycle. Continued on Page 2 Kolkata