OPINION, P10 MIND & GAMES Smart machines are dreaming up unrealities that help scientists track cancer, design drugs, and even win Nobel Prize Page 11 Defiant push to change Constitution BACK PAGE ‘A tragic incident that occurred in Russian airspace’ Page 12 HALLUCINATORY AI MAY NOT NECESSARILY BE A BAD THING ACROSS THE AISLE, P CHIDAMBARAM VOL XXIV NO. 9 Putin apologises for Azerbaijan crash OPINION Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM OUT-OF-FORM ROHIT SHARMA FINANCIAL EXPRESS ON SUNDAY B E N G A L U R U , K O L K A T A , RAISING THE BAR ● Over 50% prefer cocktails; innovative 32% 55% flavours to AI in mix KUNAL DOLEY New Delhi, December 28 These two terms describe almost everythingconsumerswant.Sowhy not in the drink of your choice? From fruity, sweet and spicy concoctionstoAI-drivenrecommendations, from premium offerings to sustainable flavours, liquor enthusiasts are exploring cocktails in new favour cocktails over champagne to celebrate special occasions prefer cocktails over beer 39% andmeaningfulways,asperleading bar owners, bartenders and beverage experts across the country. “Cocktails have become a uni- versal language, a way to connect people through flavours and experiences.In India,the growing popularityof cocktails reflects the evolv- FE BUREAU New Delhi, December 28 ELON MUSK, THE world’s richest man, owner of Tesla, X and SpaceX, and a key ally of US President-elect Donald Trump, waded into the debate around hiring H-1B visaholders meant for skilled professionals, and said he “will go to war”ontheissue,andasked right-wingers to “take a big step back”. “The reason I’m in America along with so many critical people who builtSpaceX,Teslaandhundreds of other companies that made America strongisbecause of H1B. Take a big step back and **** ********in the face. I will go to war on this issue the likes of which you cannot possibly comprehend,” said Musk. He was earlier in November appointed by Trump to lead the Department of Government EfficiencyinthenewUSadministration. Musk’s colourful language and weighinginisseenascrucialsincehe hasbeenanextremelyclosepartner and confidant of Trump in the election campaign, and is also said to have an outsized influence on the Republican President-elect.Settoassumeoffice onJanuary20,Trumphasmanagedoneofthebiggestpolitical comebacks in US history. ALL36 STATES and Union territories (UTs) are expected to complete“harmonisation and pre-publication” of draft rules under the four labour codesbyMarch31,2025,areleaseby thelabourministrysaidonSaturday. Sofar,barringfivestatesandUTs, all others have pre-published the rules,settingthestageforthemuchawaited rollout of the four codes— CodeonWages,CodeonSocialSecurity, Code on Industrial Relations, and Code on Occupational Health & Safety—bynextyear. The labour ministry has been consistently working for harmonisation of rules under the four codes across the states, said the release. This year, six regional meetings were held between August and October to facilitate the states and Union territories for framing the rules. To be sure,labourlaws fall under the concurrent list of the Constitution. Hence, both the Centre and states are empowered to make rules. But in the event of a conflict betweenstateandcentrallaws,central legislation generally takes precedence, unless the state’s law has obtained presidential assent. The four labour codes are a judicious combination of reforms Continued on Page 2 FROM THE KING of Bhutan to the Continued on Page 2 Former prime minister Manmohan Singh’s funeral procession, in New Delhi on Saturday ■ See also P12 April 2023 FE BUREAU Mumbai, December 28 VODAFONE IDEA HAS been granted waiver of bank guarantee for spectrum auctions held in 2012, 2014, 2016,and 2021,the telco informed theexchangesonSaturday.“Recently, the DepartmentofTelecommunication further extended its support to the telecom industry by dispensing with the requirement of bank guarantee to be submitted for spectrum auctions held prior to reform pack- age,that is for spectrum auctions of 2012,2014,2015,2016and2021,”it said in a notification to the BSE. Thiswaiverisapplicableonlyifthe pro-rated value of spectrum used fromthedateofallocationtilltheend ofthreemonthsaftertheduedateof payment of next instalment is less than the value of payment made by thetelecomoperatoronanetpresent value basis, it added.As per the telecom reform package of 2021, no bank guarantee was required to be provided for the spectrum auction July-Nov 2024 68,487 68,461 14,049 14,286 16,180 8,784 can be gauged from the fact that when Maruti Suzuki gave its Baleno hatchback a crossover-car treatment inApril lastyear,and branded it as a compact SUV called Fronx, sales shot up. But possibly Maruti Suzuki itself didn’t realise that within a year of launch,Fronx would outsell Baleno—a 10-year-old brand.Over the past five months (July-Novem- April 2024 ber), Fronx—priced `80,000 more than Baleno—has sold 68,487 units,a shade more than the latter’s 68,461 units. Itwasn’talwayslikethis,though. First month sales of Fronx (April 2023) were 8,784 units—almost halfofBaleno’s(16,180units).Sales ■ Codes aimed Code on Wages, Code on Social Security, Code on Industrial Relations, and Code on Occupational Health & Safety at easing labour market rigidities, reinforcing workers’ rights and welfare 44 labour-related Acts in total consolidated into the four codes in 2019-20 ■ Several minor offences decriminalised via codes; skill development, dispute resolution accorded priority aimed at easing labour market rigidities, and reinforcing workers’ rights and welfare. As many as 44 labour related Actswereconsolidatedintothefour codesin2019-2020withtheobjective of reinforcing trade and investment, facilitating ease of doing business and easing compliance. Continued on Page 2 Relief forVi; DoTwaives bank guarantee Retail investors pump in ● Rebranding works GROWING NUMBERS Unit sales Fronx Baleno for company, more than it bargained for INDIAN BUYERS’ CRAZE for SUVs ■ Stage set for REUTERS held post-reform package. Prior to this,Vodafone Idea was required to pay bank guarantee aggregating to `24,800 crore for the auctions held in the years mentioned above.It also said it is in discussion with DoT to determine the final amount of partial shortfall for the 2015 auction. “This stepwill ensure that exposure of the banking system is utilised bytelcos towards proliferation of 4G and 5G networks in India,”Vodafone Idea added. Within a year, Maruti Fronx outsells sibling Baleno VIKRAM CHAUDHARY New Delhi, December 28 ACCELERATING REFORMS rose gradually—May (9,863 units),June (7,991), July (13,220), August (12,164), September (11,455), October (11,357), November (9,867), and December (9,692). In April, sales of Fronx (14,286 units) overtook Baleno’s (14,049 units) for the first time, and have been more than the latter for the past five months.In October,Fronx (16,419 units) became Maruti Suzuki’s fourth-highest selling car after Ertiga,Brezza and Swift. A former Maruti Suzuki executive told FE that Fronx is a smart movebythecarmaker.“It’snota4x4 SUV such as Jimny, but is a softroader,anurbanSUV,”hesaid.“With Fronx, Maruti Suzuki has been able to cater to a vast majority of buyerswhosimplywantan‘SUVlook’, and not ‘SUV capability’. Fronx meets the needs of such buyers.” He said that while Fronx and Baleno have the same engine, gearbox and chassis,Fronx has a bigger grille resembling that of Grand Vitara (Maruti Suzuki’s flagship SUV), plastic cladding for off-road appeal,sporty split headlamps and shark-fin antenna, and 20-mm higher ground clearance of 190 mm. Continued on Page 2 `1.5 L cr into cash market IN LINE WITH domestic institutional investors, retail investors also pumped in a record `1.55 lakh crore into the cash market during January-November, as per NSE data. During the same period, domestic institutional investors invested a record `4.92 lakh crore, while foreign institutional investors were net sellers, offloading shares worth over `18,000 crore. The previous record for cash market investments by retail investors was `1.43 lakh crore in 2021. In 2022, they net bought equities worth `88,300 crore, while in 2023, their net purchases amounted to `5,145 crore. Compiled by Kishor Kadam Retail investors turnover on the NSE (` crore) F&O Cash 2021 142,800 63,700 2022 88,300 49,200 2023 5,145 63,425 154,824 123,087 2024* *up to Nov Monthly trend in retail investors turnover on the NSE (` crore) Cash F&O Jan Feb New Delhi Mar Apr May Jun Jul Aug 15,574 2,012 SHUBHAJIT ROY & AGGAM WALIA New Delhi, December 28 All states,UTs to draft labour code rules by March 29,594 32,281 Will go to war on it,says Elon Musk Continued on Page 2 2,868 H-1B VISA DEBATE P U N E -4,731 Take a peep into the coming year, on Big Tech and on the personal front PAGE 9 ing palate of drinkers who are curious and eager to experiment,” said noted bar and beverage expert Giancarlo Mancino, who recently 14,236 12,260 Find out if you remember everything that happened this year in a fun quiz PAGE 8 willing to pay premium for traditionally aged spirits Source: 2025 Bacardi Cocktail Trends Report Hundreds line up to bid adieu to Dr Singh Palestinian envoy to the Congress worker from Rae Bareli who took a bus and train to reach Delhi,people camefromfarandwidetobidafinal farewell to former prime minister Manmohan Singh. Singh’s mortal remains were consigned to the flames at the NigambodhGhatSaturday.Hiswife Gursharan Kaur and their three daughters were present as people paid their last tribute. Dignitaries there included President Droupadi Murmu,VicePresident Jagdeep Dhankhar, Prime Minister Narendra Modi, defence minister Rajnath Singh, home minister Amit Shah, Lok Sabha Speaker Om Birla,and Leaders of Opposition Mallikarjun Kharge and Rahul Gandhi. In the morning, Singh’s final journey began from his house on Motilal Nehru Road,stopping at the AICC headquarters on Akbar Road. drawn to uniquevenues that inspire them to snap, share cocktail moments 91% eager to celebrate special moments with family and friends over cocktails SAMAN HUSAIN & LALMANI VERMA New Delhi, December 28 Tech trends & new year resolutions D E L H I , launchedthe new‘signatureskyline cocktail menu’at Cirrus 9,a rooftop bar at The Oberoi,New Delhi. In fact, the cocktail culture is booming in India. As per the sixth annual Bacardi Cocktail Trends Report released recently, over half (55%) favour cocktails over champagne (41%) to celebrate special occasions,while 45% are looking forward to exploring new bars and restaurants. The rise of cocktails is also evident in the increasing preference for them over beer, with 32% of respondents drinking more cocktails,the report added. cited multi-sensory cocktails as key reason for spending more 54% ● King to envoys to workers pay tribute to ex-PM Pop quiz 2024 N E W 8,306 17,369 The good, the bad, the ugly—a visual recap of the year that's about to end PAGES 6,7 M U M B A I , 37% ROW OVER CREMATION SITE, MEMORIAL Photo finish L U C K N O W , India to toast new year on a cocktail high EXPERIMENTAL AND INNOVATIVE. AI friends are fast becoming popular, so we test one out. We also look at how this shrinks our social circle, leaving us to interact with mirror images of ourselves PAGES 4,5 K O C H I , 15,004 Hello, imaginary friend H Y D E R A B A D , -26,909 In this New Year special,we look back at the year gone by and how 2025 is expected to roll out C H E N N A I , 10,504 26,372 The NewYear ISSUE C H A N D I G A R H , 13,769 12,540 F R O M : A H M E D A B A D , 1,601 P U B L I S H E D READ TO LEAD -8,862 SUNDAY, DECEMBER 29, 2024 16 Pages, `12 (Patna `12, Raipur `12, Srinagar `15) 36,383 30,921 25,047 11,772 NEW DELHI What does the future hold for the Indian captain? Page 10 Source: NSE Sep Oct Nov