MUMBAI, NEw dELHi, bENGALURU, kOLkATA, CHENNAi, AHMEdAbAd, HydERAbAd, CHANdiGARH*, PUNE*, LUCkNOw* VOL. 7 NO. 48 Rs. 10.

Rs. 10.00 16 PAGES

SATURDAY, FEbRUARy 24 2024
ART ON A SHIRT,
ROSE FOR A BAG
A collection of items inspired
by the Fall-Winter 2024
fashion weeks—from a rose-
shaped handbag in pebble
grain leather and a shirt in
fluid silk with artwork
printed on it to a handmade
gown with wispy feathers
SEE PAGE 4

EGM OUSTS FOUNDER, BUT BYJU’S UNFAZED | PAGE 16

MORE THAN
LIPSTICK THE INDIAN BEAUTY MARKET IS EXPLODING, DRIVEN
BY YOUNG CONSUMERS WHO VIEW MAKE-UP AS SELF-CARE
AND ARE WILLING TO SPLURGE AND EXPERIMENT

TASTE
Bengaluru’s new fuss-free wine bar

ZOOM
Climbing Mount Kilimanjaro
CULTURE
Raghu Rai’s black-and-white analogue world

PAUSE
The white sands of island cousins
02 Saturday, 24 February 2024
MuMbai FIRST

PLAN THE WEEK

A NOTE FROM
THE EDITOR
NEW ON SCREENS AHEAD
A boy who must learn to ‘bend’ the elements, Don Palathara’s
SHALINI UMACHANDRAN film on a community, and other things to watch
FAMILY
Don Palathara is a prolific independent

The new beauty filmmaker from Kerala with a distinc-

tive voice. His latest is Family, which
debuted at the International Film Festi-
val of Rotterdam 2023. It’s a tense film

contours about a close-knit Christian commu-

nity that’s forced to confront rumours
about one of its members. (In theatres) BEAUTY IN ABSTRACTION

A
bstract paintings, domi-
ISTOCKPHOTO nated by shades of blue
and tinged with ochre
and earthy colours, will be on
display at the Bikaner House,
Delhi, Saturday onwards. These
works by Italian artist Francesca
Amalia Grimaldi present a snap-
shot of her three-and-a-half-
decade-long artistic practice.
Her training as a geologist too
comes to the forefront as she
excavates landscapes to juxta-
pose inner workings of the earth
with that of the human mind.
Paintings created between 2020
and 2024 are being presented in
ALL INDIA RANK India for the first time by Masha
Vivek (Bodhisattva Sharma), a promis- Art as part of the exhibition,
ing student, is enrolled in coaching Metamorphosis. The show has
classes in Kota for the IIT entrance been curated by Uma Nair. The
examination. This film, set in the 1990s, exhibition will be on view at
For years, most Indian women used a few lines of kajal and is the directorial debut of Varun Bikaner House, Delhi, from 24-27
eyeliner and added a dash of lipstick before they went out. Grover, himself an IIT graduate. February, 11am-7pm
That was the extent of their make-up routine. Now, though, Grover has worked as a lyricist for doz-
putting on one’s make-up isn’t routine; it’s art. It is an art I ens of films. (In theatres)
have never been able to master and—much like I did as a
child when my great-grandmother did her hair—I watch
fascinated as friends stare into a mirror and carefully con-
tour, pat, brush and dab to look just as lovely as they did
before. I have to admit that, for me, make-up is very much
like cricket—baffling despite the hours I spend trying to
understand why people obsess over it. And that’s why this
week’s cover story is a particularly interesting read.
We try to decrypt the puzzle that is the booming beauty AVATAR: THE LAST AIRBENDER
business in India. Everyone from Deepika Padukone to This beloved American animated series was made into a notably unsuccessful
Masaba have established beauty brands, not just lending film by M. Night Shyamalan in 2010. Netflix will be hoping the new series about
their names or funds to them but actually getting their fin- a boy who must learn to “bend” the four elements will fare better than most
gers sticky, working out formulations and textures. When live-action adaptations of animations. Starring Gordon Cormier, Dallas Liu,
did we become so image conscious? Is it being fed a stream Kiawentiio and Daniel Dae Kim. (Netflix) LIVES OF WOMEN
of perfect images on social media? Is it about confidence, as

J
brands make us believe? Or is it an artful cover-up of inse- ayeeta Chatterjee, who has
curity? Based on people-watching and our story, I’d say it MEAN GIRLS trained as a printmaker,
can be joyful and relaxing, making people feel like they’re The first trailer of Mean focuses on minute details
spending time on themselves. Girls was coy about the fact from the everyday domestic
Beyond beauty, there’s more art in this issue: We’ve that it’s a musical. But after lives of women, particularly
reproduced a lovely collection of photographs by Raghu the success of Wonka, the those from lower income groups
Rai, courtesy Kiran Nadar Museum of Art, where he is Hollywood musical is back, in small towns. And now she is
showing his work from 1965 to 2005. You’ll find an essay by and Samantha Jayne and showing a series of works based
Sujoy Das, recently back from climbing Mount Kilimanjaro, Arturo Perez Jr’s film will on this as part of her solo, An Eye
the tallest free-standing peak in the world. He’s also shared be hoping for a warm Inside: Woodcuts And Thread, at
his stunning photographs of extraordinary, larger-than-life reception from viewers Chemould Prescott Road, Mum-
landscapes. Our monthly world cinema column revisits the probably unaware of the bai. As part of her practice, Chat-
gritty 1970s’ crime film, The Harder They Come, that brings popularity of the original, terjee prepares large wood
Jamaica and reggae to life far more realistically than the non-musical version of blocks and uses them to print
recent Bob Marley biopic One Love. And, you could book- Mean Girls, written by Tina that composition on old saris
mark all the songs in the column to create a lovely playlist— Fey. This one stars collected from the women, who
to add to the rest of the suggestions we have for how to Angourie Rice (The Nice go on to be represented in her
spend your weekend. Guys), Reneé Rapp, Aulii work. These are overlaid with
Cravalho and Christopher elements from the nakshi
Write to the editor at shalini.umachandran@htlive.com Briney, and some familiar kantha tradition from Bengal.
@shalinimb faces from the first film. (In On view at Chemould Prescott
theatres) Road, Mumbai, till 30 March,
Monday to Saturday (10am-6pm
Compiled by Uday Bhatia —Complied by Avantika Bhuyan

LOUNGE READ LIVE WATCH DINE

ONLINE
A promising new
YOUR season of WPL
FAVOURITE
WEEKEND READ
T G
he much-anticipated Season 2 of
the Women’s Premier League has
NOW THROUGH begun with last year’s finalists
Mumbai Indians and Delhi Capitals
THE WEEK opening the proceedings. This season is
being played in Bengaluru and New
Delhi, and will run till 17 March. Sports-
The best of Mintlounge.in from writer Deepti Patwardhan
explains how the new
the week gone by and what to venues will draw new fans
look forward to in the one ahead as well as give players the
ideal platform to showcase
their craft and test their
mettle under pressure. Since women’s
domestic cricket in India is not as well-
structured as the men’s, the WPL can
function as the much-needed bridge
between the national and international
cricket.
Togetherness in
emotional healing
roup therapy may be one of the
less explored modes of emo-
tional healing in India, but it is
slowly finding its place. This form of
therapy involves 8-12 people gathering
under the guidance of one or more
trained psychologists, psychotherapists
and/or psychiatrists to
explore particular issues.
While individual therapy
focuses on one person’s
emotions and behaviours,
group therapy considers
the collective, and leverages the dynam-
ics of the group to facilitate individual
learning and growth. Such models help
destigmatise mental issues and foster a
sense of community among participants,
explains Malika Noor Mehta.
Richie Mehta on his
new series, ‘Poacher’
W I
hen writer and director Richie
Mehta opted not to helm the
second season of his hit 2019
Netflix show Delhi Crime, there was curi-
osity about what he would take up next.
It later emerged that Mehta had been
working on another fiction series based
on true events, Poacher, in
which he trains his lens on
the issue of elephant
poaching. The eight-epi-
sode series looks at an ele-
phant poaching ring in
Kerala and the larger illegal ivory trade.
Mehta tells Udita Jhunjhunwala about
how he chanced upon this story that led
to the series, and the challenges of fol-
lowing up Delhi Crime with a different
sort of procedural.
How to eat like a
local in Goa
t might come as a shock to find that the
insanely popular ros omelette—a
fluffy two-egg masala omelette
doused in a coconut-laced, xacuti-adja-
cent gravy served with paõ—is not a tra-
ditional Goan dish. Most Goan food tra-
ditionalists, writes Raul Dias, would
undoubtedly blame the
“outsiders” for its inven-
tion. Yet “outsiders” have
always influenced Goan
food habits, starting with
the Portuguese who
arrived in the 1500s. Dias picks the best
places to find the tastiest street food in
Goa, whether it’s the “traditional” choriz
paõ, the sweet and tangy coconut toddy
niro, or the gadbad from Mangaluru
that’s now a staple at street food carts.

lounge@livemint.com In News >> Big Story In Health >> Wellness In How To Lounge >> Movies & TV In Food >> Dine
@mint_lounge
@livemintlounge

ON THE COVER: PHOTOGRAPH FROM ISTOCKPHOTO


The price and passion of getting better
GAME
THEORY
ROHIT
B R I J N AT H
J
ack Dempsey was too damn good for
his own good. So good he needed to
fight two men for one payday. This is
over a century ago and Dempsey,
not yet heavyweight boxing champion,
knocks out his rival, Kid Hancock, in 12
seconds and asks for his winnings.
All $5 of it.
Forget it, says the promoter, and
hands him $2.50. “You put your rival
away too fast.” So a deal is struck. To get
the full money, he must fight Kid Han-
cock’s brother. He does. This takes sec-
onds, too.
It’s 2024 now and life in sport
remains testing. In January, tennis
player Sumit Nagal is telling me about
aeroplane seats. When times are tough,
he won’t pay to buy one, but just arrive
at the airport and hope he’ll get a good
one. Because for him, too, these saved
dollars matter.
There’s a struggle out there we rarely
see. Not just the sweating but the
accounting. The harsh arithmetic of
sport. The borrowing from dad, the cut-
ting back, the cheap-food diets, the red-
eye flights. We don’t see it because it
isn’t sexy and anyway we are blinded by
the bling of record football transfer fees
and $300 million LIV golf seductions.
On the Forbes Rich List you’ll never
find a shooter, an Olympic sailor, a
judoka, a swimmer. They are mostly
unfamiliar with prize money but shrug
at this lopsided world. You don’t choose
a sport by what you can earn, but by how
intensely it calls you. Like tennis did for
the boy from Jhajjar in Haryana.
Just for fun I asked Nagal, ever been
on a private jet?
“Nope.”
Sport is better off than it was when
Jesse Owens raced greyhounds to feed
himself and boxer James J. Braddock,
the “Cinderella Man”—as his biogra-
pher Jeremy Schaap wrote— unloaded
ships and offered “to clean basements,
sweep floors, shovel snow”. Still part of
Medium Talk
‘Love Storiyaan’ tells the real-life tales of six couples
The love story as resistance
A TV show and a book
provide an alternative
narrative for couples
seeking the autonomy to
love in India
Shrabonti Bagchi
shrabonti.b@livemint.com
L
ove is so hazardous and so political
in the India of today that the pros-
pect of a lion named “Akbar” being
mated with a lioness called “Sita” is
enough to cause a meltdown. Policing
love is not new in India—Bollywood’s
entire oeuvre would be halved if you took
away stories about love being opposed
and censored—but what was once done
by families alone is now also the State’s
concern. Just this month, the Uttara-
khand assembly made it mandatory for
couples to register live-in relationships.
In 2023, Gujarat chief minister Bhupen-
dra Patel said that his government would
examine the viability of making parental
approval for love marriages compulsory.
The Uttar Pradesh Prohibition of Unlaw-
ful Religious Conversion Ordinance
(2020) effectively polices inter-religious
the story of sport never changes.
There’s only place for so many and
there’s only prize money of so much.
Great players joust to rule the world,
lesser players fight for the chance to
keep playing. Despite the deluge of
data, you will rarely find a number on
how many athletes give up. Not because
of talent, but funds. After Jannik Sinner
won the Australian Open, his coach,
Darren Cahill, told the podcast, The Run
Home With Andy & Gazey, that “we see a
lot of players drop out of the game when
you get to 22-23 years of age because
you just can’t afford it”.
We witness privilege constantly,
marriages—a prime example of the State
boldly entering the realm of conspiracy
theorists.
In this environment, a new show that
centres on love stories that do not adhere
to the strictly patriarchal and endogamous
rules of marriage and relationships in
India, where a superhit Hindi film por-
trays an upper-caste Bengali girl marrying
an upper-caste Punjabi boy as transgress-
ive, is nothing short of revolutionary. But
Love Storiyaan on Amazon Prime, pro-
duced by the same studio that made the
aforementioned superhit film, is not inter-
ested in revolution. It is a gentle, loving,
intimate look at six relationships—their
highs and heartbreaks; their moments of
joy and of romance, struggle and chal-
lenge—adapted from real-life stories
shared with the digital platform India
Love Project (ILP).
None of the relationships are the kind
that are widely accepted by Indian soci-
ety—a divorced woman with two children
marrying a single man; two cross-border
love stories; an inter-religious one that
includes themes of addiction and support;
the inter-caste love story of two political
activists; and one between a transgender
man and woman—but the storytelling
consistently emphasises the personal over
the political. “These are real people,” it
FIRST
often advertised in the entourages
which trail a player. Coaches, trainer,
physio, parent. The first in the list is
essential and expensive. Cahill in your
corner is going to raise your ranking but
he’s going to come at a cost. Nagal can’t
afford someone like him, but any coach
takes a chunk out of winnings.
Last year Nagal made $116,402. This
year, because of raised prize money for
early-round victories at the Australian
Open, he’s made $146,510. It might
appear a fair sum, till he starts explain-
ing his world. “For me, the coach is the
biggest expense for any player,” he
says. How much? “Perhaps €70,000
More than small talk
COURTESY AMAZON PRIME
says. “They are not ‘types’, they are human
beings.”
“I call it positive news as resistance,”
says Priya Ramani, one of the founders of
the India Love Project and a former
Lounge editor and columnist who runs it
along with journalists Samar Halarnkar (a
Lounge columnist) and Niloufer Venkatra-
man. “We have created a little corner of
the internet where people feel safe to
share their love stories and, in turn,
inspire younger couples to do the same.”
Interestingly, a new book, Love Jihad
And Other Fictions: Simple Facts To Coun-
ter Viral Falsehoods by another bunch of
journalists, Sreenivasan Jain, Mariyam
Alavi and Supriya Sharma, aims to
debunk, through robust reportage, the
very basis on which these laws were
passed. Both projects undertake the same
task—that of providing an alternative nar-
rative to the dominant one of the State’s
necessary interference in private lives—
but via different approaches. While Love
Jihad And Other Fictions takes the data
and fact-based route, ILP and by exten-
sion Love Storiyaan take us into the hearts
and minds of real people. “I don’t know
how much of an impact our love stories
will make, but I know we are already a bea-
con of hope in a country that hates young
lovers,” says Ramani.
Nagal is hardly a hero in the
conventional sense, but
doing something vaguely
heroic. By believing that in
that next city, on a new court,
there will be greater days
Saturday, 24 February 2024
Sumit Nagal during the semi-
final match of Bengaluru Open
2024 ATP Challenger Tour in
Bengaluru, on 17 February. PTI
-100,000 (around $75,000-108,000) a
year. And the higher you go, the more
they charge. Perhaps even a 5-10% cut
from your prize money. It depends on
how much you are making. Then you
need a fitness trainer or a physio.”
The costs only mount. Roughly 60-70
flights a year, he estimates. For him and
them, too. At events he gets a room but
for his coach, he has to pay. And so two
pursuits in sport are occurring at once:
to make a living and to search for per-
sonal greatness. One feeds the other.
“If you are not in the top 50-60,”
Nagal says, “this is in everyone’s mind.
The expenses are so high you have to
MuMbai 03
keep performing. The thought is always
in the back of your mind. But how much
do you let it affect you? Some days it
overtakes you, some days you enjoy and
play. It’s a constant fight of telling your-
self ‘I need to win’ and yet telling your-
self ‘I need to play tennis and not think
win, win, win’.”
I have never met Nagal, only chatted
on the phone and exchanged texts, but
I like his breed of athlete. The believers
who fill the smaller courts. The guys in
airports who don’t always turn heads.
The names in the draw whose stories
are relatively unknown. The players
who compete for $18,230 winners’
cheques (as he did at a Challenger
recently in Chennai) while Sinner
takes home AU$3.15 million for win-
ning in Australia.
Nagal is hardly a hero in the conven-
tional sense, but doing something
vaguely heroic. By taking his dream as
far it can go. By wearing all the little
indignities sport will bring. By not let-
ting hard days define him. By believing
that around the corner, in that next city,
on a new court, there will be greater
days. By still finding joy in all this.
In the podcast, Cahill, almost poeti-
cally, said: “If you’re not in the top 100,
it’s a brutal sport and it’s tough to make
a living out of it. So there has to be real
purpose to what you’re doing. You have
to love the sport, have to be playing it
for the right reasons. You have to be
able to love to travel, love the competi-
tion and get up every morning and go
ah, what are we going to do today? How
are we going to get better?”
Nagal is getting better. He beat a seed
at the Australian Open. He won that
Challenger in Chennai. He broke into
the Top 100 (No.98) for the first time
ever this year (he’s now No.101). In a
world consumed by victorious million-
aires you might shrug but it’s a feat, it’s
membership of a rare group, it’s him
inching ahead in an overcrowded, com-
petitive planet.
Cool, really.
Priceless, actually.
Rohit Brijnath is an assistant sports
editor at The Straits Times, Singapore,
and a co-author of Abhinav Bindra’s
book A Shot At History: My Obsessive
Journey To Olympic Gold. He posts
@rohitdbrijnath.
04 Saturday, 24 February 2024
MuMbai
Source
Stylish objects inspired by the Fall-Winter ’24 fashion weeks
A ROSE IS A
ROSE IS A...
Thom Browne
Pebble Grain
Rose Bag
Celebrate flower
power with this
rose-shaped bag in
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rounded top han-
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HEART FOR ART
S.S. Daley Giles Long Sleeve Shirt
Get with the trend of tailored shirts sporting
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PATCH IT ON
Kapital Straight-Leg Appliquéd
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Ace the patchwork denim style code in
this pair of straight-leg denim shorts.
Available on mrporter.com; ₹2,23,488.
Compiled by Mahalakshmi Prabhakaran
Things to watch, read, hear, do—and other curated experiences from the team
GIVE YOUR IMAGINATION WINGS
I R
magine if dreams can really happen/
Imagine you have a penguin in your
pocket/ Can you Imagine? I can!” The
song resounded across the amphithe-
atre at Delhi’s India Habitat Centre, as
adults and children chimed in. Kurt
Hunter, the puppeteer, turned Pied
Piper of sorts as he led the audience on
a journey through a tropical forest
where a penguin—an intern scientist
on a jetpack—crash-lands and is
helped by an artistic monkey to find
the way back to the South Pole. Pen-
guin In My Pocket, a solo performance
by US-based The Kurt Hunter Mario-
nettes, is touring India as part of the
Ishara International Puppet Festival,
and combines concepts of science and
art effortlessly. The show, which will
be staged in Tripura on 26 February, is
a must-watch for Hunter’s masterful
skill as a puppeteer and musician, and
for the way he interacts with the audi-
ence. —Avantika Bhuyan
HOW TO LOUNGE
IN FINE FEATHER
‘Violette’ Feather and Grosgrain-
trimmed Silk-organza Gown
Handmade Huishan Zhang gown deco-
rated with wispy feathers. Available on
net-a-porter.com; ₹4,21,209.
IT GIRL MODE
‘Fiona’ Black
Leather Dress
The “Fiona” maxi dress
from Altuzarra has a
deep V-neck with ruch-
ing and folds and a waist-
cinching tie. Available on
saksfifthavenue.com;
₹2,50,035
BUCKLE UP!!
Alaïa Crystal-embellished Patent
Leather-trimmed Mesh Ballet Flats
Crafted from mesh, go glam with these
Alaïa ballet flats covered in crystals.
Available on net-a-porter.com; ₹87,073.
LOUNGE LOVES
THE YUMMIEST SANDWICH
S
lices of thick buttered bread, eggs
cooked with a bit of sugar and crisp
lettuce come together for a Korean egg
drop sandwich. I discovered it at a food stall by
Sliders and Fries at a drinks festival in
Mumbai. The chef, Amal Farooque, gave me
extra napkins saying I’d need them. And, was I
grateful! The cream from the egg can be a
messy affair. Every bite is rich with flavours
and textures. The downside: It’s part of the
menu of their sister brand, Sage and Olio,
which does only catering. I tried looking for it
on the Instagram page, @slidersandfries, to
no avail. It seems like I will have to seek them
out at another festival in the city. Waiting
makes the heart grow fonder.
— Jahnabee Borah
ARE YOU FOOTLOOSE?
A
new teenager, Ren, is in town, and on
his first day in school, he walks in
wearing a tie, à la David Bowie. He’s
unable to fathom why this town has banned
dancing. It’s been 40 years of Footloose this
month, and here I was, watching it for the first
time, on a particularly dreary day. This was
Kevin Bacon’s breakout film—and his energy,
and that of the supporting cast, is infectious.
There’s a young Sarah Jessica Parker too. The
premise is too simple—when was the last time
someone changed the world, or a small town,
with dancing?—but to watch Ren teach
Willard (Chris Penn) how to dance on the
soundtrack of Let’s hear it for the boy is
perhaps be the most joyous thing I have seen
in recent times. Some evenings, I need a hero
to make things feel better. —Nipa Charagi
SOFT POWER
Jacquemus La Veste Titolo
Oversized Blazer
Exude boss vibes in this over-
sized dark green blazer. Availa-
ble on mytheresa.com;₹1,25,700.
A SPOT OF JOY
ecently, I came across a tiny,
green blob singing and cooking
away on my Instagram feed. I
had discovered The Tiny Chef. He
dances, raps, speaks in a charming lan-
guage one can vaguely understand
(comments call it “blenglish”), and
most importantly, he cooks. He whips
up plant-based dishes in his miniature
kitchen, usually singing along to what
might be one of your favourite tunes.
Before I knew it, I’d been watching
him for half an hour and had to stop,
only because I was laughing so hard
that I was weeping and couldn’t
breathe. He has his own show on Nick-
leodeon, and is also on YouTube.
Updates from Tiny Chef generally
make my day now. Last week, he came
up with his own lyrics to a Lizzo song
(Balency-nighties, anyone?), but one
of my favourites is him singing along
to Freddie Mercury.
—Dakshayani Kumaramangalam
BAFTAS—the
STREAM OF
STO R I E S
RAJA SEN
new Globes?
The charismatic David Tennant hosted this year’s BAFTAs. REUTERS
T
hey had me with the first bad joke.
The British Academy of Film and Television Arts (BAFTA) has always
hosted a typically British award night: chummy, understated, with that
peculiarly British blend of pompous and self-effacing. Yet they have been an
oddity, something the British do for their own amusement—hosted for years
by the venerable Stephen Fry, giving out awards tastefully in a function that
lasts less than two hours. It feels basically like a particularly star-studded show
of long-running trivia series QI, and while the awards are always credible, the
world hasn’t really been watching.
This year’s ceremony—held on 18 February and streaming in India on
Lionsgate Play—was a glossier, more immediately memorable affair. These
BAFTAs reminded me of the now irrelevant Golden Globe Awards: a place for
the shiniest people in entertainment to let their hair down, wear cool outfits,
tell some jokes. A few nudges, a few winks, and Bob’s your uncle. The BAFTAs
used to reward excellence in film and British television on the same night, but
now, rebranded as The BAFTA Film Awards, they may be poised to be the
new Globes: a pre-Oscar party the world watches (and makes Instagram reels
from).
This year’s host was David Tennant. You may know the charismatic, rub-
ber-faced but handsome actor from Doctor Who, Staged, Good Omens and
Daredevil, and I’d love to recommend a particularly superlative audiobook of
On Her Majesty’s Secret Service (available on Audible) where Tennant reads
out Ian Fleming’s words with true secret-agent brio. He kicked off the cere-
mony with a lovely gag about dog-sitting and then went on to the famous
faces.“Tonight,” he promised, as the camera cut to Barbie star Ryan Gosling,
“is going to go smoother than Ken’s chest.”
“It has been a tumultuous time in the film industry with the Writer’s Strike
and the Actor’s Strike,” Tennant forged on, “but I’ve been chatting to BAFTA
and asking: is the future for screenwriters and actors looking rosy? And they
said ‘Aye!’” He paused briefly for applause that didn’t come, and explained:
“Although they do spell that AI, so…” The camera cut to an unamused Rosa-
mund Pike, and that groan-worthy pun instantly endeared the ceremony to
me. The best thing about British panel shows is that no matter how well-oiled,
there is still a hint of amateur hour to them. And here it was.
I must here personally confess that this year, after decades of setting
unearthly Monday morning alarms to watch Sunday night award shows held
on the other side of the world, award season has lost something for me. Last
year, you see, felt particularly heart-in-
mouth. My cousin Shaunak Sen’s film
All That Breathes (streaming in
India on JioCinema), was nom-
inated for an Oscar for Best STREAMING TIP
Documentary. I wasn’t pre-
pared for how suddenly
OF THE WEEK
British comic Jack Whitehall’s new
personal it would make
Netflix special Settle Down is a
the awards feel—even
suitable accompaniment to the dry-
more than rooting for
witted celebrity teasing of the
Birdman over Boyhood.
BAFTAs. “I can’t watch Titanic
Cheering on mostly
anymore,” Whitehall says, explaining
white strangers, I must
that his girlfriend used to date
say, doesn’t quite feel the
Leonardo DiCaprio. “It gets to
same.
the end and I’m cheering
Yet I will always get behind
on the iceberg.”
a good-natured movie themed
party, particularly one with a
somewhat sloshed vibe. The BAFTAS
were casual yet, in this world of memes and iso-
lated moments, immediately memorable: the image of the night may have
been Gosling in the audience, winking exaggeratedly at his La La Land
co-star Emma Stone, as she approached the stage to pick up her Best Actress
trophy for Poor Things.
The arthouse champs were as memorable. Justine Triet—picking up the
Best Original Screenplay award with Arthur Harari for the remarkable Anat-
omy Of A Fall—said she had been thanked by a woman who watched the film
and called her ex to watch it to understand why she dumped him. “You never
know, really, why you make a movie,” Triet said, “but I don’t think it was our
intention to encourage people to share their intimacy with us, no?” Harari,
who has been in a relationship with Triet for years, said he had recently found
himself near the attic of a house—a perilous position within the film. “I
thought, initially, this film is not an auto-fiction, but what if it’s becoming
one?”, he asked the crowd. “I want this room to be my witness if anything hap-
pens to me.”
The legendary Michael J. Fox took the stage to a standing ovation, and it’s
overwhelming to see the man still smiling, still raising money for Parkinson’s,
still bright-eyed. The best lines of the night belonged to the increasingly cur-
mudgeonly Hugh Grant, who spoke like the rhyming Oompa Loompa in trib-
ute to the undersized character he played in the disappointing Wonka:
“Oompa Loompa doompety dee,” he said, deadpanning the rhyme sardoni-
cally, “Now the Best Director cat-e-go-ree. Oompa Loompa doompety dong,
Most of these films were frankly too long.” Saving the most condescension for
the end, he said “Oompa Loompa doompety dah, but for some reason the
nominees are…”
Smashing.
Great award shows demand unpredictability. While Cillian Murphy win-
ning Best Actor for Oppenheimer was not in the least bit surprising, none of us
expected the gaunt actor to gigglingly address his crewmembers as his
“Oppenhomies”. That sense of casualness permeated the awards, making
them feel reassuringly inviting. So inviting, in fact, that a YouTuber wearing a
black suit sneaked his way on to the award stage alongside the Oppenheimer
crew when they picked up their Best Picture prize. This was a bonkers Cosmo
Kramer moment, sure, and an absolute security hazard, but it indicated that
these awards literally made room for the viewer. And the awards go to… us.
Raja Sen is a screenwriter and critic. He has co-written Chup, a film about
killing critics, and is now creating an absurd comedy series. He posts @rajasen.

100 years of Bengali comics—100 years of history
CULT
FRICTION
SANDIP
ROY
hen I was young I subscribed
W to a popular Bengali chil-
dren’s magazine, Anandam-
ela, in Kolkata. My parents thought it
might help to add some Bengali fibre to
a literary diet that had too much Enid
Blyton, Richmal Crompton’s William
Brown, and Tintin.
But the Bengali magazine also carried
Tintin. In Bengali.
“I think the golden age of Bengali
comics came to an end when magazines
started to carry translated comics like
Tintin and Tarzan,” says Abhijit Gupta,
professor of English literature at Jadav-
pur University, Kolkata, and comics col-
lector and researcher, at the opening of
a new exhibition, Comics In Bengal, in
the city about Bengali comics from the
1920s to the present day.
Gupta isn’t dissing the translations.
Tintin in Bengali caused a sensation
when it first appeared in 1975. The
renowned Bengali writer Nirendra-
nath Chakraborty did the translation,
the first one in an Indian language.
Even now translators marvel at how he
rendered Captain Haddock’s “billions
of blue blistering barnacles” into “jotto
shob gneri guglir jhaank” (all those
swarms of clams and molluscs). Sophis-
ticated Bengalis regarded gneri-gugli
as lowly food that poor people
scrounged from river banks, giving
Haddock’s outburst a piquantly Ben-
gali punch while preserving the crusta-
cean flavour of the original.
“It was great,” says Gupta. “But did it
happen at the expense of homegrown
comics?”
The homegrown Bengali comics
struggled to compete against the cos-
mopolitanism of Tintin and Asterix.
Gupta’s own nickname testifies to their
cultural footprint. It’s Tintin.
Tintin was not the first international
comic to make landfall in India. In 1958,
THE SACRED AND
THE PROFANE
Yamini Narayanan’s
‘Mother Cow, Mother
India’ demolishes the
notion of milk
consumption being
benign & non-violent
Ambika Aiyadurai
I
n India, it is not rare to see the
veneration of the cow on one
street corner, and the same ani-
mals feeding on trash at the next.
The contradictions of “sacred-
ness” attached to cows exist comfortably
with the violence against them in our soci-
ety. Yamini Narayanan’s Mother Cow,
Mother India asks crucial questions to help
us understand this paradox.
Narayanan is well known for her
research in animal studies and multispe-
cies research, and she brings her fascinat-
ing work to bear in this book on cows,
dairies and their linkages to nationalism
and capitalism. This is challenging
research and not an easy book to write,
considering the sensitive nature of the
themes embedded in issues of caste and
religion in contemporary national politics.
Her book is rooted in field-based research
on cow protectionism and the multiple
perspectives of the politics of milk pro-
duction, while focusing on the lived reali-
ties of bovines and humans who are part of
the dairy industry.
Narayanan’s central claim is that the
framing of the cow as a mother obscures
her commodification for dairy production
and simultaneously weaponises her in the
bid to create a Hindu state. Through eight
brilliant chapters, she unveils the complex
politics of identity, religion and caste in
India, the world’s largest milk producer.
She asks whether it is possible to sustain
dairying without slaughtering the “use-
less” males, and the females beyond the
milk-producing age. Narayanan calls this
“a blind spot” in the discourse of India’s
cow protectionism. The cow, the book
shows, is more than an economic
An exhibition aims to gain old Bengali comics some new respect, but it seems like an uphill
task as most contemporary artists prefer to work in English rather than Bengali
Phantom Of The Jungle got an autho-
rised Bengali translation as Aranyadev.
But long before that, Bengali comic
book artists were happily “borrowing”
international comic book characters
and sending them on local adventures.
The exhibition shows Laurel and
Hardy heading off on a nautical jaunt in
the 1940s. Characters that look very
much like Mickey Mouse pop-up in
1938. The chipmunks Chip n Dale get
Bengali avatars in 1961.
“The European or American influ-
ence is clear,” says Pinaki De, illustrator
and member of the group Comics Cul-
ture Collective that put together the
exhibition. “But the ethos is very Ben-
gali.” The Mysterious Robin Hood owes
its name but little else to the outlaw of
Sherwood forest. Brishchik looks like
Batman’s long-lost brother, but his Got-
ham City is very much Kolkata.
At first De did not know if there was
enough quality material to fill a gal-
lery. After the group worked for over a
year and half on the project, scanning
thousands of comics and whittling
them down to about 230, De realised
there was far more to the story than
just haha heehee.
“There has never been a serious
archive,” he says. Biswadeb Gangopad-
hyay, one of the collective, ran a maga-
zine called Bishoy Cartoons for 35 years.
Another member, Debasis Gupta, col-
lected hundreds of periodicals dating
back to the 1920s as a passion project.
Their collections form the bedrock of
the show and it includes what’s
regarded as the first full-fledged Bengali
comic strip complete with pictures and
speech balloons.
Shukhalata Rao was Satyajit Ray’s
aunt, his father Sukumar’s sister. In
December 1921, she drew a strip for the
magazine Sandesh—Jemon Kormo
Temni Phol (As you sow, so you reap). It
shows a little boy trying to douse Sidhu
the milkman with water to punish him
for adulterating his milk. Instead, he
drenches his own schoolteacher by mis-
take. But De says as they went through
the silverfish-riddled collections, they
found even older strips that could well
be the “first Bengali comic”.
But that is ultimately just historical
trivia. What’s more interesting about
Mother Cow, Mother
India: A Multispecies
Politics Of Dairy In
India: By Yamini
Narayanan, Navayana
Publishing, 424 pages, ₹599
resource. The animals become sacred and
political, often entering the debates on
competing nationalisms which link cow
protection to India’s protection.
Unlike the commodification of meat,
which requires the killing of animals, con-
suming products like milk is considered
benign and non-violent because it is from
living animals that produce milk natu-
rally. She demolishes this claim with pow-
erful ethnographic details of her visits to
numerous gaushalas (shelters for old and
abandoned cows) and interviews with ani-
mal activists, dairy farmers, political
workers, government representatives and
Dalit students in universities by sensi-
tively acknowledging how the lives of
humans and non-humans are entangled
in the politics and violence of sustaining
milk production. This book is the result of
seven years of fieldwork in Tamil Nadu,
Uttar Pradesh, Andhra Pradesh, Odisha,
Gujarat and other sites across the country,
which makes it a rare and compelling one.
Placing the Indian cow in the context of
other species, such as the jersey cow and
the buffalo, she conducts insightful inter-
views with temple managers and Brahmin
priests. They reveal that the jersey cow is
non-native and, therefore, cannot be
accepted in temple shelters that provide
shelter to only native or desi cows. Buffa-
THINK
A Narayan Debnath comic strip on the Bangladesh War.
100 years of comics is what they show
(and what they don’t show) about 100
years of history.
The 1940s and 1950s were years of
great social upheaval—the Bengal fam-
ine, World War II, independence. The
happy-go-lucky world of comics seems
immune to those changes, though polit-
ical cartoons of the period did not pull
their punches. “Comics were always
playing catch-up with cartoons,” admits
De.
Shukhalata Rao was the “mother” of
Bengali comics but women are missing
in action, both as creators and protago-
nists. The prolific Narayan Debnath
loes are considered “inferior and low-
caste” animals, not worthy of shelter along
with the “holy” cows. This is also reflected
in the narratives of political workers asso-
ciated with raiding trucks carrying cattle
and those who work in gaushalas: They
take pride in “rescuing cows” that are
“pure”, but if the truck contains buffaloes
or jersey cows, they don’t think twice
before sending them to butchers.
LIVING WITH ANIMALS
This highly readable book reveals how the
cow becomes the “living material land-
scape” for dangerous, volatile discourses,
and the lives of individual animals are lost
in the larger contestations about nation-
building and development. While the
book is about bovine politics, she also
reminds us frequently about people from
marginalised communities whose lives
are impacted by violent forms of cow pro-
tection. This is a profoundly self-reflexive
account of a researcher sensitive to the
way Dalits and Muslims are treated in a
non-humanised way in dairy farms and
slaughterhouses. “Can we talk about cow
protection without considering the hor-
rific violence against casteized humans?”
she writes.
Most of the workers in the dairy econ-
omy are poor, landless, Dalits and Adivasi,
while the privileged castes own animals,
tabelas (cattle sheds) and land. She frames
the lives of the animals and the workers in
tabelas and slaughterhouses against the
Brahminical, nationalist and commercial
worlds of the dairy industry to explain
how caste, religion and class hierarchies
are deeply entrenched. Narayanan’s visits
to various slaughterhouses, both industri-
alised and municipal-run, were most dis-
turbing to read. Both humans and animals
suffer—one of the butchers tells Naraya-
nan that they have to “get blind drunk” to
kill the animal.
Intertwined narratives run through the
book, demonstrating how the sacredness
of the cow can lead to volatile politics.
Multiple forms of violence sustain the
dairy industry: separating calves from the
mother at the time of birth, conditioning
cows to be in a constant state of lactation,
and deeming cows beyond the milking
years as worthless. Caring for Mother Cow
COURTESY COMICS CULTURE COLLECTIVE
started a series about two girls called
Shutki and Mutki (Skinny and Fatty) but
the backlash was so severe that it shut
down quickly. Meanwhile, his male
characters, Bantul the Great with his
barrel body and chopstick legs, and
Handa Bhoda (Dumb and Dim), happily
revel in stereotypes but readers relished
them. It was like a reverse patriarchy
where women had to be protected from
a cartoonist’s pencil.
The real world sneaks in between the
lines. One strip featuring women mocks
Bengalis for their obsession with caste
and class. Another shows a union leader
leading a strike of demons in hell
An urban dairy farm in
Amritsar. GETTY IMAGES
This book is the result of
seven years of fieldwork in
Tamil Nadu, Uttar Pradesh,
Andhra Pradesh, Odisha,
Gujarat and other sites
across the country
Saturday, 24 February 2024
demanding better pay. In the Dressing
Room Of Europe, artist Kafi Khan only
needed a few strokes to transform the
same figure from Mussolini to Hitler to
Stalin. The same Kafi Khan (whose real
name was Prafulla Chandra Lahiri)
drew a strip where Muhammad Ali Jin-
nah and Jawaharlal Nehru build a wall
while Mahatma Gandhi looks away and
asks, “Have minds ever met by building
a wall?” While Debnath’s Bantul and
Nonte Phonte stick to schoolboy antics,
Bantul does have a cameo in the 1971
India-Pakistan war. But Abhijit Gupta
says the Bengali comic heroes were by
and large not co-opted into a nationalist
project the way a Captain America
became part of the Cold War and a
Superman came from an alien planet
but became more red-white-blue Amer-
ican than most Americans.
Instead of selling ideology, Bengali
comic heroes are used to sell products.
A famous science fiction writer and an
artist team up to sell Benzytol soap
through the story of a fierce demon
queen trying to find a soap that will pro-
tect her precious daughter from germs.
Miss Bose, a schoolteacher, gets her
groove back thanks to Horlicks, while
one-page adventures of Ram and
Shyam promise readers one Amar
Chitra Katha comic for every 20 Pop-
pins candy wrappers.
All this is not surprising. The artists
were no-nonsense commercial work-
horses. Kafi Khan, the pithy political
commentator, also has a strip selling
Cookme spice pastes. Narayan Debnath
produced so many comics in so many
styles, from thrillers to comedy to adver-
torials over decades, that he lost track of
his own work. Sometimes the same
characters were done by different artists
as publications tried to see what would
click with readers.“They were entirely
driven by the market and whatever the
print magazines were demanding,” says
De. “The agenda was entertainment.”
For that reason we sometimes look
askance at comics, regarding them as a
lesser art. The fact is most of us spend
our lives looking for entertainment,
not social change. Comics delivered
that in spades. The artwork feels cine-
matic, going in for extreme close-ups
and chiaroscuro mid-shots and then
obscures the violence against the Dairy
Cow, she explains.
The recent “hyper-politicization of
beef” is part of public discourse, but the
book highlights the silence around the
casteised and racialised nature of milk
production and consumption. It places
dairy industries and slaughterhouses par-
allel to each other, claiming that both
thrive in caste and religious dominance.
The vulnerability of and violence against
cows in the dairy business is not much of
a debate in the country, unlike the contro-
versy over beef. She asks why beef alone
becomes the focus of violence and vigilan-
tism and not the milk economy, where
cows and calves are subjected to violence.
Narayanan, therefore, exposes the false
and dangerous propaganda that frames
beef consumers as villains and solely
responsible for cow slaughter. “Can a beef
economy function without a milk econ-
omy? Both economies,” Narayanan
argues, “are a conjoined continuum.”
A WORLD WITHOUT DAIRY
Towards the end of the book, she dwells
on the envisioning of post-dairy futures.
Narayanan offers a provocative alterna-
tive—embracing animal rights as a core
and fundamental part of progressive poli-
tics. She asks if either the majority or the
MuMbai 05
panning away as if giving the readers a
movie on the page. The exhibition
shows that everything is ultimately
comic book fodder. History, whether
it’s Alexander the Great or the exploits
of revolutionaries Benoy, Badal and
Dinesh, can turn into comic book story
(with liberal doses of fictionalisation).
A svelte woman in a sari brandishes a
revolver and thunders “You dirty fox”
in full pulpy splendour. Andho Makor-
sha (The Blind Spider) begins on a
bone-chillingly cold midnight in
December when even the jackals are
silent. In one of the most famous Ben-
gali comics, Mayukh Choudhury’s
Agantuk (The Stranger) from the 1960s,
the alien hero has retractable talons
long before the Wolverine.
Choudhury died in poverty, a lonely
and forgotten man. Few of these artists
are household names anymore. Comics
are hard work and time-consuming,
says artist Debasish Deb. Each frame has
so much detail, and each character has
to be painstakingly hand-drawn to look
like the same person in terms of features
and proportions, no matter the angle.
Few artists could afford to stick to com-
ics in Bengali as a full-time profession.
While newer artists like Sankha Baner-
jee and Sambaran Das tackle more
“adult” issues like gender, sexuality and
climate change, most contemporary
artists prefer to work in English rather
than Bengali. Bengali feels too limiting
and has scant web presence.
The show and a forthcoming book on
Bengali comics by the collective hopes
to give old Bengali comics some new
respect. But as I wander around the
show, I realise it’s an uphill task. The
exhibition comes with a little bookshop
stocking comics. But there’s only one
Bengali comic available—Chakrapurer
Chakkar. More titles are coming soon,
the store attendant assures me.
But until then there’s shelves and
shelves of manga.
Comics In Bengal is on till 9 March at
the Kolkata Centre for Creativity.
Cult Friction is a fortnightly column on
issues we keep rubbing up against.
Sandip Roy is a writer, journalist and
radio host. He posts @sandipr
minority communities can provide any
ethical justification for their treatment of
animals. She suggests veganism as a way of
living yet struggles to convince us that this
is a viable alternative. By invoking collec-
tive planetary and individual responsibili-
ties, and the Constitution, she reminds us
of our fundamental duties to protect
nature and have compassion for other liv-
ing creatures. Her idea of veganism needs
a more extensive debate: What would
veganism look like if seen from the social
and geographic margins of India, consid-
ering the pluralistic understanding of
human-animal relations among Dalits,
nomadic and Adivasi communities? This
is a question that is not adequately
addressed while suggesting veganism.
That said, with sharp arguments on the
politics of dairy in India, Mother Cow,
Mother India is guaranteed to lead us to
view cows as key political subjects. Nara-
yanan’s ability to weave in narrative, fact
and lived experience across time and
space makes this book highly engaging.
Readers will find it difficult to see the cow
as merely sacred anymore.
Ambika Aiyadurai is associate professor
of humanities and social sciences at the
Indian Institute of Technology, Gandhina-
gar.
06 Saturday, 24 February 2024
MuMbai TASTE

NO SNOBBERY HERE,
WINE IS THE HERO PHOTOGRAPHS COURTESY PRARTHANA SHETTY

A small, new wine bar

with big ambitions
opens in Bengaluru.
The menu is simple
but it plays second
fiddle to the drinks
Ruma Singh Chef Vanika Choudhary (left) and Jeong Kwan. ANURAG BANERJEE

W
ine in Progress.
That’s not just the
name of Benga-
luru’s newest, lit-
tlest wine bar but its
Cooking, eating and
raison d’être. The 12-seater bar boasts of a
small, frequently changing wine list and
champions the cause of the “wine curi-
ous”, people who are not necessarily wine
savvy but have a keen interest in exploring
the path to nirvana
wine.
For the uninitiated or the timid, wine
Jeong Kwan, who made Korea’s temple cuisine
appears to come with baggage often famous, was in a India for a special dinner
regarded as intimidatory—complicated
technical jargon, a bewildering array of
choices and protocols, and a propensity of Jahnabee Borah
catering only to those who know their jahnabee.b@livemint.com
Sauvignon from the Savagnin. Even in

wine-friendly Bengaluru, where there are
several restaurants that serve wine or have
suitably impressive wine programmes,
there is a dearth of places where one can
order a fuss-free glass of wine without a
five-course meal attached.
So, Wine in Progress (WIP)—which
opened end-January and is located in the
Courtyard, a hive for buzzy culture-based
communities, centered around food, art
and culture—may be a game changer. The
Courtyard has multiple nooks, cran-
nies and floors,
including an open-
to-sky courtyard,
and in one corner
has sprung up WIP,
all of 250 sq. ft.
“I have always
wanted to do some-
thing with wine,” says
Akhila Srinivas,
Courtyard’s owner
and WIP co-founder.
Srinivas is an architect
and urban planner,
who has, since 2018,
conceptualised vari-
ous cultural events,
including successful
culinary pop-ups featuring visiting chefs.
Beverage specialist and co-founder Ari-
jit Bose, with over 30 bars to his name in
five years, has designed the format and
conceptualised the space. His other bars
include hits like Goa’s Bar Tesouro, Singa-
pore’s 28 Hong Kong Street and Benga-
luru’s buzzy cocktail bar Spirit Forward.
The idea of translating the energy of a
cocktail bar into the wine space was an
attractive one. “My job was to create a vibe
and let it grow,” Bose says.
Heading wine operations is qualified
wine professional Tarini Kumar, wine
curious since her first ever sip of wine, a
(From left) Tarini Kumar, Karan Upmanyu, Akhila Srinivas and Arijit Bose; and (below) beets with whipped goat cheese.
glass of New Zealand’s fragrant Cloudy
Bay Sauvignon Blanc with her father in
2016. In May 2023, she founded Wine in
a Million (WIAM), organising twice-
weekly events at the Courtyard. It’s from
this wine community that the idea for WIP
grew—after a two-year debate before
starting the project.
“Really, just a handful of
people are familiar with
wine; most just want to
chat and learn.” WIAM is
currently a 130 member-
strong community, many
of whom are WIP regulars.
Bose compares the
small space to a “Japanese
drinking alley”, where the
buzz is palpable yet nei-
ther conversation nor
music so loud that you
cannot speak. He
describes it as a “low-in-
trusion model”—just a
handful of staff can run
things efficiently.
Naturally, everything in the bar is con-
structed with the idea of practicality first.
On my first visit, my eyes were drawn to
the back bar—open shelves stacked with
books, vinyl records and wine bottles. The
ice-well built into the countertop can cool
10 bottles and provide easy access to staff.
Bose points out that the 18ft-long bar con-
sists of a single piece of wood, dominating
the space but also exuding warmth. The
walls, painted black, double as a black-
board for specials and the occasional wine
graffiti. The frosted glass doors open out-
wards, allowing larger gatherings to spill
on to the open courtyard.
Occupying pride of place behind the bar
Raising the bar:
rosés to reds
The wine list at the time of
the launch
u By-the-glass listing of 17
wines: five white, five rosés, five
reds, two ports; all 150ml pours,
priced without taxes.
u Indian wines are not ignored:
KRSMA Sauvignon Blanc and
Reveilo Chardonnay make the
cut at ₹500 and Sula’s The
Source rosé at ₹700.
u The Austrian biodynamic
Grüner Veltliner by Loimer, a
surprise hit, is ₹950.
u Reds include the crowd-
pleasing Killibinbin Sneaky
Shiraz and Jacky Marteau
Gamay at ₹800.
u Topping the pricing heap are
the AIX rosé from Provence and
Clarendelle rosé from the Haut-
Brion stable, both at ₹1,100.
u 25 by-the-bottle listings
is the large wine cooler Bose has dubbed
“Sexy Karen”, that holds up to 75 wine bot-
tles. At WIP, bottles are stashed upright,
against conventional wisdom that dictates
bottle storage on the sides to prevent their
corks drying out. With a tight inventory of
just 150 bottles, this is not an issue and
Bose prefers that the bar staff be able to
pick bottles easily off shelves.
FOOD, THE CROWD PLEASER
The brain behind the cleverly conceptual-
ised small-plate menu is chef Karan
Upmanyu, who is happy to let his food
play second fiddle to the wine and ditch
the concept of wine pairing. “Wine should
be the hero here,” he says. “The accompa-
nying food should not distract from that.”
Upmanyu’s menu looks simple but is
well thought through. Besides standard
wine bar offerings of cheese, charcuterie
and dips, are crowd favourites grilled koji
prawns with chilli jam and remoulade,
and pork and shrimp wontons with green
chilli nam jim, even gourmet popcorn.
There is something for everyone, but no
recommended pairings are offered. “Peo-
ple walking in should not worry about the
techniques behind the food on their
plate, just about having a good time.
Wine needs to have the snobbery
removed, be taken out of the fine dining
scene,” Upmanyu says.
The bar’s inventory covers multiple
regions and styles. “We want to champion
multiple brands and wine companies.
Also, to introduce people to new grapes
they might not have tried,” says Kumar. “I
love when people are open and curious.”
Ruma Singh is a Bengaluru-based wine
and travel writer.
O
n a hot afternoon in Mumbai, Jeong Kwan is at the restaurant, Noon, to
host a 10-course dinner menu. The Korean Buddhist monk—from the
Chunjinam Hermitage in the Baegyangsa temple in South Korea, where
her primary responsibility is to look after the kitchen, feed the resident monks
and those who visit the temple—is no ordinary chef.
Her food piqued the curiosity of New York chef Eric Ripert, owner of the three
Michelin-starred Le Bernardin in 2015. He had visited the temple as a practising
Buddhist, and to learn more about Korean food. In 2017, she gained worldwide
attention when Netflix featured her in the series Chef’s Table.
Vanika Choudhary, chef-owner of Noon and Sequel in Mumbai, had invited
Kwan to collaborate with her and create an intimate dinner for 15 guests. Choud-
hary considers Kwan her “biggest mentor” for her deep knowledge of fermenta-
tion. A master of culinary techniques, Kwan teaches the basics of preparing tem-
ple cuisine. At the temple, Kwan is the custodian of large vats of soy sauce, some
of which has been fermenting for more than 30 years. The two are busy planning
the menu with ingredients like lotus stem, seaweed and potatoes that the monk
has brought from Korea.
My expectation—that of a monk with a perpetual serene smile—doesn’t meet
reality: Kwan appears focused with a red pen in hand, a notebook on a table placed
beside some crockery and fresh vegetables. I wait for an hour, before she gives me
her full attention. With the help of a translator—a young chef Yejin Jeong who
spent more than a year at the temple to learn Korean vegan cooking—Kwan
explains her cooking philosophy and speaks of her connection to India.
For her, preparing food is akin to practising Buddhism. A Buddhist seeks to
answer the question: Who am I? This enquiry, according to Kwan, can be applied
to understand ingredients. “Find out what the ingredient is, where it comes from
and what it can be; that is the journey. In that sense, an ingredient and I are one.”
At the dinner, the ethos of preserving the nature of an ingredient and building
on it becomes clear. It is reflected in techniques like tempura frying, blanching,
tossing ingredients with a bit of soy sauce and serving them with complementary
condiments. The vegan menu encompassed each of these aspects, complete with
a 10-year-old gochujang in a chocolate mousse served with fermented strawber-
ries. The dish that was eaten in revered silence was mushrooms cooked in soy
sauce. The fleshy shiitake mushrooms were served with cherry tomatoes sun-
dried and preserved for a year. The tomatoes were slow cooked with the fruit gin-
jinha that has all the five tastes: sweet, sour, bitter, salty and umami .
Yejin explains in Korean temple cuisine, sauces that end with the suffix jang,
like ganjang, doenjang and gochujang, are ubiquitous. They help breakdown plant
protein and make them easy to digest. Dishes served at the Chunjinam Hermitage
are vegan, seasoned with fermented sauces and devoid of garlic, onion and chives,
and Kwan grows her own vegetables.
“Food—whether I am cooking or eating it—is a way to enlightenment,” she says.
Kwan has visited India several times and explored places sacred to Buddhists,
including Bodh Gaya. “This is where Buddha was born. For me, it’s like coming
home.”

Ginger lilies, king chillies and a Manipuri dish

Manipuri home-cooked meals (you can match up? We loved her pork, obvi- which helps tenderise the meat. Add the
OUR find them on Instagram or WhatsApp ously, but we are now waiting for the Schezwan peppercorns and mix well.
D A I LY them at 8798394538) that you are
unlikely to find in any restaurant. I got
river snails. Let it all cook on low to medium heat,
stirring occasionally.
BREAD to know of Lomba Kitchen—named LOMBA KITCHEN’S Add the fermented bamboo shoot
after a citrusy Manipuri herb and SMOKED PORK and the finely chopped U-morok chilli.
SAMAR plant—when her husband started Serves 8 Be careful. Wash your hands after cut-
HALARNKAR sending me their weekend menus on ting or handling the chilli and do not
WhatsApp. Ingredients rub your eyes or face while doing so.
Their suti numit ki mathel, or home- 1 kg smoked pork, chopped into 1-inch Mix well and cover with a lid, so you

F
or someone who cooks the best
pork I have ever eaten, Akoijam
Sunita confesses that she didn’t
cook very much all her life.
“I never really had to cook,” says Akoi,
as she is known. “I was never considered
the person to be cooking.” When she
was younger, her mother ran the
kitchen, and when she was at university
in Delhi, she lived with her two brothers
who did the cooking.
Akoi’s first serious foray into the
kitchen came when she wanted to intro-
duce her Manipuri Metei food and cul-
ture to her then-boyfriend and now
husband Nitin Sethi, a journalist. She
wanted to endorse what she talked
about in action, and there was no better
way to do that than to cook, for what
better expression of culture is there
than food.
That, I suppose, is how cooking comes
to those of us, such as myself, who are
not compelled to do it—by happen-
stance or along a bend in the river of life.
Today, Akoi and two friends, Bido-
tama Aribam and Mardza Akham, run
Lomba Kitchen in Delhi, a supplier of
made meal for Sunday, included every-
thing that I loved but especially smoked
pork with bamboo shoot, although
there were many ingredients I was unfa-
miliar with, and a meat I had not eaten
before—river snail. I have often used the
fiery king chilli, called U-morok in Met-
eilon, but I did not know of, among oth-
ers, wild coriander or ginger lily.
North-eastern food has spread to
most major cities, but the cuisine that
has predominated has been from the
various Naga tribes. Apart from some
memorable meals in Manipur some
years ago, Manipuri food was largely
unfamiliar, which is why those What-
sApp texts from Sethi were slowly driv-
ing me nuts.
When he told me that Akoi was think-
ing of a pop-up in Bengaluru, I was
delighted and offered our house, which
is why one balmy evening in December,
I was very pleased to watch her cook in
my kitchen and explain to more than 20
excited guests what she was producing
for our dinner.
The centrepiece was the amazing
smoked pork that you can read about
Lomba Kitchen’s smoked pork.
below.
The idea for Lomba Kitchen emerged
last year when Bidotama and Mardza,
escaping the unrest in Manipur, came to
stay with Akoi and her husband in Delhi.
When Akoi first mulled the idea of pro-
moting her home food, she thought of
writing a book. “But,” as she says, “no
one can taste the book.” It all came
together when the three of them sat
down to eat.
Each meal, she says, used to last a
couple of hours, as they talked about
home and the food of home. Their food,
COURTESY LOMBA KITCHEN
she tells me, “is planned around memo-
ries of growing up, not the exact food
but memories of the food”.
That is what they did, selling their
low- or no-oil food to people open to
new food and experiences. Some orders
came from Ghaziabad or Gurugram,
with delivery charges sometimes equal-
ling or exceeding the cost of the meal.
The pop-up in omnivorous Benga-
luru was different because she could for
the first time see and hear her fans,
oohing and aahing. In any case, I told
her, how could chicken-loving Delhi
or 2-inch pieces
8-10 Schezwan peppercorns
1 or half dried, or 2 fresh, U-morok or
king chilli (raja mirchi), finely chopped
6 tbsp ginger (a palmful, roughly),
pounded
15 cloves of garlic, pounded
200g (or two hands fulls) of fermented
bamboo shoot, shredded or finely
chopped
100-200g French beans, cleaned and
cut into three pieces
5 bok choy leaves
Salt to taste
Jar of hot water
Method
Drop five pieces of pork fat in a heavy-
bottomed vessel, and on medium heat
swirl it around as it melts, so that it coats
the vessel. Do this for about five min-
utes, then add the rest of the pork. Sauté
and mix well for about 10 minutes. Add
salt and mix. Let it all simmer for about
10 more minutes so that the fat melts
some more.
Now, add the fresh, pounded garlic
and half the fresh pounded ginger,
do not inhale the fumes of what is one of
the world’s fieriest chillies. Cook on
medium heat for about 20 minutes.
Now, add the boiling water, just
enough to reach the top of the pork.
Stir occasionally, cover, keep flame
low, and cook for an hour. Check the
water level, and add in dribbles when
needed, depending on how much
sauce you want.
Once the pork is tender enough, add
the French beans and the rest of the
crushed ginger. Mix them both in,
cover, and cook for 10 minutes.
Add any leafy vegetables of your
choice. I used bok choy but you can use
mustard greens, amaranth leaves, or
fresh pea shoots. Give it another 10 min-
utes, taking care to see the bok choy
does not lose its crunch.
Serve hot with Manipuri sticky rice or
any other rice.
Our Daily Bread is a column on easy,
inventive cooking. Samar Halarnkar is
the author of The Married Man’s Guide
To Creative Cooking—And Other Dubi-
ous Adventures. He posts @samar11.

Beware, it’s the season of
deception and deepfakes
Nitin Sreedhar
nitin.s@htlive.com
A
rtificial intelligence (AI) is a
double-edged sword. On
one hand, it is powering
useful tools and apps on our
smartphones and comput-
ers, making many daily tasks easier; on the
other, it is being leveraged by scammers
and cybercriminals to con individual users
and organisations.
Earlier this week, Meta launched a ded-
icated fact-checking helpline on What-
sApp with the Misinformation Combat
Alliance (MCA), a Delhi-based body, to
combat AI-generated misinformation in
India, where the general election is due
later this year. A Meta statement said the
initiative would allow MCA and its associ-
ated network of independent fact-check-
ers and research organisations to address
viral misinformation. Users will be able to
flag deepfakes by sending it to a What-
sApp chatbot, which will offer support in
English, Hindi, Tamil, and Telugu.
Reports from both IBM and McAfee
have highlighted that 2024 is going to be
a “busy year” for cybercriminals with elec-
tions in India, the US and Europe.
THREATS POWERED BY AI
Earlier this month, Microsoft and OpenAI
published research on emerging threats in
the age of AI. Over the last year, “the
speed, scale and sophistication of attacks
has increased alongside the rapid devel-
opment and adoption of AI. Defenders are
only beginning to recognize and apply the
power of generative AI to shift the cyber-
security balance in their favor and keep
ahead of adversaries,” it noted.
Voice-cloning, deepfakes (artificial
media), new types of malware and mali-
cious websites are just the tip of the ice-
berg. “AI is constantly learning, which
means it can analyse vast amounts of data,
far more than human cybersecurity pro-
fessionals, making it the perfect tool for
cybercriminals,” says Pratim Mukherjee,
senior director of engineering, McAfee.
Mukherjee explains how scammers
now use tools to create fake links sent via
email or SMS. A single click can give them
total access to your personal data. “Cyber-
criminals are also crafting fake photos to
assume the physical likeness of another
with the help of generative AI,” Mukher-
jee says on email, giving the example of
Taylor Swift’s likeness being used in
explicit photos across social media. In
India, cricketers Virat Kohli and Sachin
Tendulkar have been its victims.
McAfee’s 2024 Cybersecurity Predic-
tions report says that with the help of AI,
REVIEW | SAMSUNG GALAXY S24 ULTRA
AI gimmick or landmark phone?
At its worst, it’s another
expensive phone. At its
best, it offers a glimpse
of how much fun life with
an AI smartphone can be
Shouvik Das
shouvik.das@livemint.com
I
n September last year, I reviewed the
Google Pixel 8 Pro. The headline was:
The right idea for the future of smart-
phones. The reason for this was, of course,
artificial intelligence (AI), which head-
lined as the key new feature on Google’s
latest smartphone. It was, to be fair, quite
fun, although the AI features that included
live transcriptions and magical editing of
photos to remove background photo-
bombers were not consistent.
A month ago, Samsung introduced the
Galaxy S24 Ultra. Its biggest flagship
phone makes it to many lists, ranking it as
one of the best smartphones every year,
alongside the latest of Google and Apple.
But this year, Samsung too went the AI
way—going so far as to market this phone
as “the world’s first AI phone”.
Two weeks into using the Samsung Gal-
axy S24 Ultra, I realised there are still
plenty of hurdles to cross. But the S24
Ultra swings both ways—at its worst, it’s
just another expensive smartphone. At its
very best, it offers a glimpse of how fun,
convenient and drastically different life
with an “AI smartphone” could really be.
Any new technology is greeted with
scepticism. With the Galaxy S24 Ultra,
that new tech is AI. In the present format,
all the AI prowess of the phone undenia-
bly feels surplus. You don’t need ChatGPT
to write your emails or Imagen to create
wallpapers. So, is the S24 Ultra’s innova-
A DIGITAL
CHECKLIST
u Keep your operating system
and programs up to date.
uUse strong passwords.
uOnly shop on secure websites
with “https://” URL.
uNever submit financial informa-
tion when using public Wi-Fi.
uUse multifactor authentication.
uThink before you click and
share.
cybercriminals can manipulate social
media platforms and shape public opinion
in ways that were not possible before.
AN EVENTFUL YEAR
IBM experts say 2024 will be the year of
“deception”. A recent example of this was
seen in the US, where AI robocalls mim-
icked President Joe Biden’s voice to dis-
courage people from voting in the New
Hampshire primary election in January.
In an IBM report on cybersecurity
trends, predictions for 2024, Charles
Henderson, global head of IBM’s X-Force
team of cybersecurity experts, writes:
“It’s a perfect storm of events that’s going
to see disinformation campaigns on a
whole new level.” This was in reference to
the elections coming up and the Paris
Olympics.
In India, mobile malware campaigns,
where malicious apps impersonating
banks and government services were dis-
tributed via social media platforms, are
prevalent, according to Check Point Soft-
ware’s 2024 Cyber Security Report.
The technology industry is slowly mak-
ing moves as well. Earlier this month at the
Munich Security Conference, a host of
technology companies, including Adobe,
Amazon, Google, IBM, Meta and Elon
Musk’s X, signed a pact to voluntarily
adopt “reasonable precautions” to prevent
AI tools from being used to disrupt elec-
tions around the world. Executives from
the companies also announced a new
framework to tackle AI-generated deep-
fakes, which deliberately trick voters.
The other big event that could attract
plenty of email and phishing scams is the
Summer Olympics in Paris. As McAfee’s
report warns, scammers capitalise on the
excitement around such events and “take
a chunk out of your wallet and steal per-
sonal info” at the behest of tickets, mer-
The S24 Ultra bets big on AI features.
tion truly beneficial for consumers?
It can live-translate your calls, transcribe
voice recordings and summarise them,
remove unwanted objects from photos,
generate wallpapers based on keywords,
and selectively summarise webpages. The
result is a phone that feels haute couture—
when all features work as intended, the
S24 Ultra is a bespoke device.
This makes it feel new. Creating wallpa-
pers based on keywords feels refreshing,
and live-translating phone calls is helpful
for cross-continent corporate teams. Edit-
ing unwanted items in photos is likely to
be the first mainstream AI feature within
the next year, and is already baked into
Samsung’s Gallery app. This is key for
Samsung has integrated most of these fea-
tures into the native interface. Hence, no
AI feature feels retrofitted or third-party.
The S24 Ultra could turn out to be a
landmark smartphone but some gaps
remain. For instance, transcriptions are
far from accurate even in American
SMART LIVING Saturday, 24 February 2024
MuMbai 07
With elections in India,
Europe and the US, and
the Paris Olympics,
cybersecurity experts
warn that 2024 will be a
’year of deception’
ISTOCKPHOTO
chandise, and other promises. there is no way you can spot errors. Scan-
ning fake QR codes could give scammers
IN THE ‘SCAMVERSE’
Experts have coined a term that could
define the cybersecurity threat land-
access to other functionalities on smart-
phones such as payment apps, contacts,
messaging or making a phone call.
THE WEEK IN TECH
scape—“scamverse”. Mukherjee warns
that these new scams are unlike anything FAKE LOVE
seen before. “Cybercriminals are getting Indians are also having a tough time on
smarter at lightning speed and their scams dating apps, thanks to AI. McAfee’s recent
are becoming harder to distinguish and Modern Love study revealed that 39% of
easier to fall for,” he says. Indians’ potential love interests turned
In the past, it was easy for users to spot out to be scammers and 77% of Indians
such scams—a wrong logo, poor grammar came across fake profiles/photos that
or fake websites would give it away. That looked like they had been generated by AI
has changed because of generative AI, on dating platforms and social media.
which is being used by cybercriminals to Dating platforms seem to be paying
remove these traditional red flags. “Gen- heed. Earlier this week, dating platform
erative AI scams are better at impersonat- Tinder announced that it is expanding its
ing real humans... it utilises a person’s identity verification programme in the
unique traits like appearance and voice US, the UK, Brazil and Mexico though
extracted from social media to scam users. there are no plans for India. The ID verifi-
Generative AI also allows scammers to cation system has been tested in Australia
custom create phishing websites in differ- and New Zealand, where people who had
ent languages to target individuals based been verified saw a 67% increase in
1
on location,” says Mukherjee. matches compared to those who didn’t. FUJIFILM ANNOUNCES X100VI—THE SEQUEL TO
A simple example of a modern-day scam No matter where you are, be vigilant A HIT SENSATION
revolves around bogus QR codes. QR code when you share or swipe. Trouble could
scams work almost like doctored links, and just be a click away. Japanese company Fujifilm announced the launch of the X100VI
camera on 20 February. Available for pre-order for $1,599 (around ₹1.3
lakh), the X100VI is a successor to the X100V, which has been described
by many as the best compact camera to date. The X100VI serves as the
latest model in the X100 series, first launched in 2011, of high-end com-
pact digital mirrorless cameras. It features a back-illuminated 40.2 MP
sensor and the latest processor. Fujifilm says it is the first model in the
series to incorporate an in-body image stabilisation function in pursuit
of even higher image quality and performance. The X100V still remains
popular among photography enthusiasts for its ability to mimic a film
camera and its hybrid viewfinder.
2
NEURALINK’S FIRST PATIENT ABLE TO CONTROL MOUSE
AI aside, the S24 Ultra is an able flag- CURSOR THROUGH THINKING: MUSK
ship. QualComm’s latest chip—the 4nm,
AI-friendly Snapdragon 8 Gen 3—powers SpaceX and Tesla founder Elon Musk said on 20 February that
it. The processor doesn’t break a sweat in the first human patient with a brain
any mainstream task. The 6.8-inch implant from his Neuralink startup
Amoled display hits the right sharpness was able to move a computer
and vibrancy, and its 120Hz smoothness mouse with thought. The neuro-
makes all animations on screen feel fluid. technology company installed the
The main 200-megapixel camera has implant in the patient last month. In
improved over time. Low-light and warm- an interview streamed on X, Musk
light photography feels effortless. You can said: “The patient seems to have
still also go up to 100x in digital zoom to made a full recovery with no ill
capture moon shots. However, effects... We’re trying to get as many
the quality of such photos, button presses as possible from
despite all the AI, hasn’t thinking.” According to an AFP
SAMSUNG improved since the S21 report, Neuralink’s technology works through a device that is placed
GALAXY Ultra. inside the human brain through invasive surgery.
You can now
S24 ULTRA record 4K HDR vid-
Display: 6.8-inch eos at 120 frames per
SAMSUNG RAM: 12GB; Storage: Up to 1TB second, which look
Processor: Snapdragon 8 Gen 3 rich and are well-
English (AI’s pri- OS: Android 14, One UI 6.1 textured, even on
mary training lan- Battery: 5,000 mAh editing timelines.
guage). Webpage Samsung lacks Apple’s
Price: Starting
summaries work pro colour profiles—a
only on Samsung’s own ₹1,29,999 factor pros won’t ignore.
browser, which nobody For all the AI and feel-good
uses anymore. Even then, it design, you pay a hefty premium
failed to show summaries in eight out of 10 of up to ₹1.6 lakh for the Samsung Galaxy
occasions. S24 Ultra. Such pricing is hard to justify
Live translation of calls, from Hindi to for phones—gadgets that you will likely
English, seemed consistent—as did “gen- replace in two-three years.
erative edit” in photos. However, you’d Is the phone worth buying for the AI it
3
need more than one edit to remove offers? To be fair, the S24 Ultra does feel SIGNAL APP LAUNCHES ‘USERNAMES’ FEATURE
objects with finesse, and cluttered back- exciting when the AI works, and a lot of its
grounds easily break the algorithm. Gen- features will likely improve with future Privacy-first messaging app Signal said on 20 February that users
erative wallpapers, meanwhile, feel software updates as Samsung collects and will now be able to keep their phone numbers private with “user-
restrictive and are limited to select pre- processes more data over time. names”. Signal said a user’s phone number will no longer be visible to
loaded keywords. If you are an enthusiast, you will likely everyone they chat with by default. The “username” is a way to initiate
This makes you wonder if AI is still a find the S24 Ultra a worthy splurge. It contact on Signal without sharing your phone number. A username is
gimmick. But using Apple’s iPhone 15 feels newer than Apple’s latest, and far not the profile name that’s displayed in chats, it’s not a permanent han-
alongside it does show a difference—the more premium than Google’s. But, if you dle, and not visible to the people you are chatting with, a post on Signal’s
lack of transcriptions and generative edits are not, you would want to consider the website said. This new feature is optional and users will still need a
on iPhones are glaring misses. Samsung, Galaxy S24—or less expensive options phone number to sign up for the app.
it seems, is on the right track. from OnePlus or Samsung itself. —Compiled by Nitin Sreedhar
08 Saturday, 24 February 2024
MuMbai
What
keeps
India
glowing?
The Indian beauty market is exploding,
driven by young consumers who view
make-up as self-care and are willing to
splurge and experiment
Pooja Singh
pooja.s@htlive.com
t started as a joke. Niraj Mehta was watching his
I wife follow a make-up tutorial video on “how to
give face definition”, mimicking every move of a
blonde woman on the mobile phone. The result
was “quite good”, Mehta recalls telling his wife.
It was 2020, the first year of the covid lockdown, there was
not much to do. Just for fun and to break the monotony of
being cooped up at home, he decided to experiment with
his wife’s contouring stick as well.
“It felt cathartic,” says Mehta, now 40, referring to the
little boost of self-esteem it gave him. “I used a little bit of
make-up. I had always been the type who thought ‘men
don’t use make-up’, but for a minute I forgot about the
(covid) virus.”
Today, the marketing executive, who works with a mul-
tinational in Gurugram in Haryana, contours his face
whenever he steps out for get-togethers, weddings and
meetings. His efforts to define his features with the con-
touring stick are “hardly noticeable” but enough for his
self-confidence.
He’s added another routine to the start and end of his
day: cleanse, exfoliate and moisturise. Mehtas’s spend on
international and homegrown beauty products is around
₹30,000 every three-four months. His explanation is
simple: “I am not trying to look 20. I am just trying to feel
good at 40.”
Mehta might belong to a small group of Indian males
who have integrated make-up and skincare into their
lives, but his sentiments reflect a subtle but significant
shift in the way consumers, regardless of gender, across
the country view beauty products. They want their water-
proof foundation, nude brown lipstick or creamy peach
blush not just to give them a flushed look, but also nourish
the skin with natural or active ingredients.
The shift towards skincare-first make-up, which started
becoming visible during the pandemic, has made the
beauty shopper more willing to spend and experiment. So
has exposure to beauty filters and trends on social media
(plump lips are in, 3D lips are out; #don’tagelikemilk; rice
water toner works for dry skin, but oh, wait, it might not),
making them far more conscious about fine “stress”
lines and something as natural as ageing. Embracing
this shift in perception becomes all the more attract-
ive for beauty brands when they consider the rise
in the tech-savvy population with more disposa-
ble income.
A 2023 report by BMI, a Fitch Solutions
company, says within the next three years,
India’s consumer market will jump two
spots up to become the world’s No.3,
behind China and the US. India’s
household spending will spill over $3
trillion by 2027, with over a quarter
of households touching $10,000
in disposable
income annually.
The Indian
beauty market
grew from $12.3 bil-
lion in 2018 to $15.6 bil-
lion in 2022, according to
market research firm Euro-
monitor International. It is
expected to hit the $30-billion
mark within the next three years,
according to a report by Redseer
Strategy Consultants in collaboration
with Peak XV, a venture capital firm.
Within this space, the Indian male
grooming products market is also growing: It
reached $2 billion in 2022, according to the
International Market Analysis Research and Con-
sulting Group. The market research group predicts
THE TOP
FIVE
Revenue of the beauty & personal
care market worldwide by country
in 2023 (in billion dollars)
US
97.81
China
67.18
Japan
45.96
India
30.54
Brazil
Source: Statista
24.56
it to reach over $3 billion by 2028. Small wonder then over
the past four years there’s been an influx of established
international brands and new homegrown names. They
are selling everything from chemical-based formulations
to herbal- and Ayurveda-backed wellness cosmetics, all
highlighting ingredients for the health of the skin.
CHANGING PERCEPTIONS
In its 2023 report, The Beauty Market In 2023: A Special
State Of Fashion report, McKinsey mentioned the rise of
wellness as one of the disruptive themes for the global
beauty industry. “... the lines between beauty and well-
ness are expected to continue blurring, with the com-
bined opportunity representing close to $2 trillion glo-
bally for brands, retailers, and investors,” it states. “Well-
ness-inspired products—such as skincare and make-up
with probiotic and Ayurvedic ingredients, ingestible
supplements, and beauty devices like LED face masks—
have already captured the attention of consumers
embracing greater self-care and mindfulness in their
post-pandemic daily routines. The melding of wellness
and beauty will only become more pronounced in the
years ahead, in line with an expected CAGR of 10% to
2027 for the wellness industry.”
While there’s no official India-specific research on the
changing buyer perception, a quick glance at the latest
offerings by established as well as emerging brands reflect
how, for shoppers, beauty products now qualify as self-
care. There’s a range of offerings at all price points: a ₹299
kohl stick with castor oil, ₹499 lipstick rich in jojoba,
₹2,999 ashwagandha moisturiser, ₹1,300 snail mucin
serum, ₹5,500 hyaluronic acid-rich foundation. Whether
it’s a celebrity-owned brand like Katrina Kaif’s Kay Beauty
(see interview), a legacy name like Lakmé or an interna-
tional label like Hermès, the messaging is clear: make-up
wants to be synonymous with wellness.
“Beauty is now a holistic concept that encompasses
overall well-being. It’s not just about external appearan-
COVER
ces,” says Falguni Nayar, the founder of multi-beauty and
lifestyle brand Nykaa, which has brought international
There has been an influx of
international and homegrown
brands like Charlotte Tilbury and Pat McGrath Labs to
India. “Consumers, especially millennials and post-mil-
lennials, are now increasingly interested in make-up
products that promote skin health, self-care and mental
well-being.”
beauty brands in the past four
years. ISTOCKPHOTO
It also helps that online platforms like Nykaa, Tira
Beauty, Sephora and Shopper’s Stop have made online
shopping quick, easy and more accessible.
India is likely to emerge as a new global hot spot for all
things beauty, McKinsey predicts in its The Beauty Market
In 2023: A Special State Of Fashion report. “... Many
brands will align their geographic strategies to this new
world order, which will require a variety of localized play-
books,” it says.
At present, India is the world’s fourth largest beauty
market in terms of revenue, according to Statista. How-
ever, when it comes to per capita BPC (beauty and per-
sonal care) consumption, India is at a nascent stage, with
only $15 spent, versus developing markets like Vietnam India is the world’s fourth
($30) and Thailand ($100). Developed regions like the US
and Europe have per capita BPC spends of more than
$200. By 2030, given India’s GDP per capita growth pro-
largest beauty market in
terms of revenue, but its BPC
jections (it currently stands at $2,500 and is likely to reach
$5,500 in the next six years), the BPC spending per capita
is estimated to reach $50.
The size of the market makes up for the country’s per
capita consumption—and that’s what makes the Indian
is still at a nascent stage. What
makes it an attractive market
is the huge Gen Y population
shopper attractive to beauty brands across the world. Mil-
lennials (Gen Y) and post-millennials (Gen Z), the ones
armed with more knowledge, interest and money to
spare, make up 52% of the country’s population; the global
average is 47%.
FROM HIDING TO EMBRACING
“We are living in the era of skinification of make-up,” says
Rohan Vaziralli, the general manager at ELCA Cosmetics,
the India affiliate of Estée Lauder Companies. “They (mil-
lennials and post-millennials) want variety and quality
products that also work on their skin. Make-up and skin-
care is not frivolous for them; it’s an investment.”
The phenomenon of “skinification of make-up” started
gaining momentum during the pandemic. With time to
spare, a desire to experiment with grandma’s remedies,
and a plethora of videos to watch, out came DIY face
creams and hair masks made with turmeric. By the end of
the pandemic, skincare enthusiasts—mostly millennials
and post-millennials—had become more informed and
demanding. Brands could no longer just serve a product
with a celebrity endorsement slapped on the bottle.
Brands scrambled to find a new marketing strategy that
focused on celebrating the self rather than chasing a
beauty ideal. In a world of filters, where Botox is as com-
mon as brow threading, customers had become aware
that there’s no serum that can make a 50-year-old’s skin
as soft as a baby’s. They wanted products that shifted the
idea of beauty from hiding to embracing. Ironically, the
age-old insecurities and anxieties over wrinkles and sag-
ging skin also became louder, especially on social media.
Ankush Bahuguna has seen India’s attitude to beauty
shift, albeit slowly. In one of his recent videos, Bahuguna,
a millennial content creator in the beauty space, for
instance, did a collaboration with one of his one million-
plus followers, which included a make-up session.
“Priya (Vig) had white patches on her face (vitiligo), and
she said to me, ‘I don’t want to hide them. I want to know
how to use make-up to enhance my skin and features.’ I
R STORY
was honestly surprised,” he says over a phone call. “We
still live in a society where we are constantly reminded
that being dark (skinned) is a curse. People still ask me in
DMs if there’s a way to become fair, and we still see prod-
ucts in the market that cater to such demands,” he says.
While Hindustan Unilever renamed its popular skin-
care brand Fair and Lovely to Glow and Lovely in 2020
after facing flak for promoting negative stereotypes, there
are millions of people who are still enamoured with fair
and clear skin. Some aspire to enhance their looks
through treatments to resemble their Instagram filter ver-
sions in real life—all insecurities exploited and promoted
by beauty brands and social media.
Renuka Shah, 16, is certain she wants to be a fashion
content creator, believing it to be a “quick way to make a
lot of money and lead a glamorous life”. She has her fam-
ily’s support but there’s a “serious hurdle”: her acne-
prone skin. In the past year, since the class XI student in
Bihar’s Darbhanga decided on the goal, she has used her
father’s credit card to buy and use products worth over
₹50,000, the ones she came across on social media.
“I want to start my Instagram page, but I fear people will
troll me (for her acne),” says Shah. “I have tried Korean
serums, rice water toners, masks. Nothing works. People
are talking about glass skin; I just want clear skin that I see
on my (Instagram) filter.” Shah is considering using more
products. If they don’t work, she says she will opt for a
chemical peel.
Ankush Bahuguna,
a millennial
content creator.
Whether the definition of beauty is changing depends
on who you ask. For Mehta, beauty is self-care. For Bahu-
guna, beauty is “about how you feel” and make-up is a
“meditative exercise” that makes him feel in control of his
life. For Shah, beauty is make-up that “shields” her and
“offers joy”. One thing is certain, though, there’s a lot of
room for beauty players, national and international, to
cater to consumer demands, whether by addressing their
sense of comfort in make-up or by exploiting their fear of
not looking good enough.
THE IDEA OF BEAUTY
Like content creator Bahuguna, Vineeta Singh has also
seen the change in the idea of beauty from close quarters.
When she co-launched SUGAR Cosmetics nine years ago,
wearing pink eyeliner was considered a “bold move”.
“Even red lipstick for that matter. Only if you were going
for a family wedding or if you were married, were you
allowed the dark colour. We were very traditional in our
approach towards make-up,” she says. “India has seen 10
years’ worth of growth in a span of two-three years
because of the pandemic. Women have become more
financially independent. Another big change that has
happened is how social media is dictating the way we
spend money on beauty.”
Spending time watching content creators review prod-
ucts or simply seeing ads on social media is also influenc-
ing buying patterns. To understand the impact, Meta
conducted a study of over 2,000 people last year. It found
that 80% of the beauty shoppers and 76% of the fashion
shoppers discover beauty and fashion brands on social
media platforms. What’s more, seven out of 10 beauty
content viewers and two out of three fashion content
viewers watch Indian influencers, which has a big impact
on their buying decisions.
That’s one of the reasons you see several influencers in
brand promotions. SUGAR, too, takes that route.
In the financial year 2023, SUGAR Cosmetics posted an
overall income of ₹428.4 crore (after taxes), up from
₹223.8 crore the previous year. “People say India has
become a saturated market, but I believe there’s still a lot
of playground,” says Singh, one of the sharks on the busi-
ness reality TV show Shark Tank India. “In tier II and III
cities, people are still focused on moisturisers. They are
just getting introduced to the concept of make-up meets
wellness now. It’s going to be a permanent shift when it
happens because beauty and skincare is a market that’s for
everyone, no matter who and where you are.”
That’s what brands like SOKU Cosmetics are hoping
for. Launched earlier this month, the Hyderabad-based
brand offers eyeliners, lipsticks, compact powders, face
washes, face moisturisers and sunscreens, starting at an
accessible price point of ₹199—mostly aimed at consum-
ers in tier II and III cities. “They are as much exposed to
social media as those in metro cities, but they have been
slow in adapting,” says Orooj Fareena, brand head at
SOKU Cosmetics. “Breaking away from traditional ideas
of beauty is harder in non-metro cities. When I was grow-
ing up in Gaya (in Bihar), my parents didn’t allow me to
step out of the house with make-up. Now I encourage my
child to wear it. Make-up is just not about looking pretty;
it’s also a way to express yourself and feel good. There’s
nothing wrong with it.”
Plus, the sense of familiarity it offers at the end of the
day. Like Mehta says, “At night, when I feel like nothing,
work or life, is going according to plan, I have my (skin-
care) routine. It assures me some things will remain the
same.”
Saturday, 24 February 2024
MuMbai 09
When Katrina Kaif launched Kay Beauty in 2019, it was India’s first such celebrity-owned brand.
‘If it’s not good, it won’t
work,’ says Katrina Kaif
styling or clothes, make-up was something that fascinated me.
The actor and founder of Kay Beauty While starting as a model, I was working with the best make-up
discusses her entrepreneurial journey, artists in the industry, and I was forever playing with the products
on the table. “What is this?”; “Why do you use it?”; “Why is this
the learnings along the way, staying better than that one”… And I saw the tricks—how they used
ahead of the competition and her make-up to transform you.
One of my favourite tricks: before you use kajal near the water
long-standing love for beauty products line, apply a bit on the upper lid along the lash line and smudge
it to make your eyes pop. If you smudge it more and tap eye-
shadow on top, it gives a softer, layered look. I also learnt that if
Pooja Singh you want to wear a dark lipstick, take a tissue, put it on top of your
pooja.s@htlive.com lips and apply loose powder—it will stay put day and night.
I took all these tricks with me to the film set. If you see songs
S
tanding out in the crowded beauty market is like finding a like Sheila Ki Jawani (from Tees Maar Khan, 2010) or Chikni Cha-
foundation shade that’s a perfect match for your skin. meli (Agneepath, 2011), I have done my own make-up. Make-up
There’s always a newer brand, promising better coverage has always been a very big part of my life.
at an even better price. That’s one of the reasons actor Katrina Even while growing up?
Kaif says she has kept a razor-sharp focus on innovation while Yes, especially during my teenage years, once I started seeing
building her beauty brand Kay Beauty. “Product is king,” she says, images in newspapers, posters, TV, of women or girls wearing
repeating a line written in almost all entrepreneurship and mar- make-up. Whenever I went to the mall, the first thing I would do
keting books, over a Zoom call. “You can attach whatever big was go to a make-up counter. I grew up with many sisters and
name to it, advertise it, market it as much as you want; if it’s not make-up came up a lot in conversations. During birthdays and
good, it won’t work.” Christmas, our home bathroom would have so many of us crowd-
When Kaif launched Kay Beauty towards the end of 2019, in ing the space, trying to put on make-up, and I used to be like, “let
partnership with beauty retailer Nykaa, it was India’s first such me do the liner for you”; “I’ll do your mascara”. I first started shar-
celebrity-owned brand. Her lip, eye and brow products predicted ing the tips I learnt while modelling with them. And now, I am
a trend that was two or three years in the sharing them with Indians across the world.
future: make-up that caters to all Indian skin In a way, Kay Beauty was a progression and
tones, with side benefits of skincare. It was a dream I always had.
also a smart business opportunity. The What were the challenges along the
beauty and wellness market in India was val- way?
ued at over ₹900 billion in 2018 and I had some knowledge of I have had my share of frustration with
expected to grow, according to the Indian buying some best-selling product and later
Beauty & Hygiene Association. make-up but the business regretting it because it didn’t suit my skin.
Since then, several other celebrities have side of it is something I am Before starting Kay Beauty, I was very clear
launched their own beauty and make-up aggressively and studiously that I wanted to build a product that works
brands—Deepika Padukone’s 82°E; Sonak- on all Indian skin tones. That’s why we
shi Sinha’s press-on nails with Soezi; Pri- learning (by understanding) ended up spending more time than antici-
yanka Chopra’s haircare line Anomaly; Mas- how different brands were pated creating our products; it took two
aba Gupta’s LoveChild. built and following beauty years to complete the launch range. Our
It’s a line that international celebrities bullet lipstick, for example, is one of our
have found success in for decades. Selena
industry websites best-selling products. Throughout my
Gomez (Rare Beauty), Hailey Bieber career, I have had a pet peeve: I don’t like my
(Rhode), Ariana Grande (R.E.M. Beauty), lipstick too shiny or drying and making fine
among others, have long been packaging lines on the lips visible. I wanted the perfect
their ideas of beauty for their ready cus- formula that was creamy, pigmented, mois-
tomer base—their millions of fans. Earlier turising, had several shades and gave the
this week, Beyoncé launched a haircare line Cécred, which lips a lush look. It took us a long time to figure it out.
includes shampoos, scrubs and conditioners made with butters, And learnings?
oils, honey and fermented rice water. Some celebrity brands I had some knowledge of make-up and ingredients but the
have flopped too, like Know Beauty by Vanessa Hudgens and business side of it is something I am aggressively and studiously
Madison Beer. learning (by understanding) how different brands were built, fol-
In India, it’s not easy to say how the celebrity-led brands are lowing beauty industry and business websites, subscribing to
performing as they don’t reveal revenue numbers. Kaif provides newsletters. There are so many wonderful examples that inspire
her gross merchandise value or the total sales, though it’s diffi- me like Falguni (Nayar, the founder-chief executive of Nykaa),
cult to fact-check the claim: “In a span of four years, Kay Beauty Gwyneth Paltrow who built (wellness and lifestyle brand) Goop,
is now almost at an annualised GMV (gross merchandises value) and Rihanna (and her Fenty beauty brand). Nothing pierces
run rate of ₹1.5 billion.” She plans to launch more products— through all the noise like truth and authenticity.
from kohl, blush and foundation to lip oil, tints and eye shadow— Do you take any your learnings from the film set to the Kay
and look at international expansion. Kaif talks to Lounge about beauty office and vice versa?
the challenges of running a business and her love for make-up. I think your personality applies to all the different aspects of
Edited excerpts: your life. The qualities that have worked for me as an actor are
similar to the ones that have helped drive me as an entrepreneur:
What prompted you to start Kay Beauty? Perseverance, resilience and clarity of what I want to see as the
I was always drawn to make-up. Just as people are drawn to outcome.
10 Saturday, 24 February 2024
MuMbai ZOOM

Dawn breaks over a sea of clouds on the final summit ridge of Mount Kilimanjaro. PHOTOGRAPHS BY SUJOY DAS

UP A VOLCANO
IN AFRICA
Climbing Mount
Kilimanjaro is a unique
experience of
navigating different
climate zones, terrain (above) Mushrooms cling to the bark of a dead tree in the rainforest; and helichrysum
blooms on the trail from Shira 1 to Shira 2 camps, at around 3,500m with Mount
and vegetation Kilimanjaro in the background.

Sujoy Das

M
ount Kilimanjaro, at
5,895m, is the tallest
free-standing mountain
in the world, rising from
the grasslands of Tanza-
nia. It is also the highest peak in the conti-
nent and one of the fabled “seven sum-
mits”. Though it is often touted as a non-
technical climb, Kilimanjaro poses its own
challenges, making it harder than the
Everest Base Camp trek at 5,365m. The
summit camps on Kilimanjaro are usually
around 4,650- 4,700m, making the final
push to the top a relentless ascent of
around 1,200m that does not end until you
reach Stella Point. To make the climb Forest fires in the dry season are always a danger and below the Millennium camp at 3,800m, there has been large-scale destruction.
more difficult, teams usually begin at mid-
night with headlamps to illuminate the
trail, and the cold, and sometimes snow,
pose further challenges to reaching the
summit.
It is often said that to climb Kilimanjaro
you pass through four seasons in four days,
such is the scale of the mountain. In fact,
unlike other mountains, which are mainly
rock and snow climbs, Kilimanjaro offers
an amazing range of climate zones and
vegetation—including animal and bird
life—which makes it a unique summit.
There are seven different approaches to
the top, which take between five and nine
days, each presenting its own level of diffi-
culty. The longer routes have a better
chance of success as they offer more time
for acclimatisation, which is a vital part of The colobus monkey (‘Gureza colobus’) are found in the rainforest to the upper reaches
a Kilimanjaro ascent. After much of the montane forest.
research, we—there were six of us doing
the hike in January—chose the eight-day tiens kilimanjari in orange, and protea plants like a yellow ranunculus and the
Lemosho, which gave us a chance of good flowers (with the malachite sunbird feed- white alpine rock cress. On the ice cap
acclimatisation and has an 80-85% suc- ing on the nectar) are a common sight. above 5,000m, nothing survives—it is
cess rate. The Lemosho is one of the most The moor and heather zone is between mainly rock, scree, boulders and ice.
beautiful routes and passes through the 2,800-4,200m, and this is home to the The final summit push starting at mid-
four climactic zones: the rainforest, the helichrysums, with dry-looking flowers night is the hardest part of the entire
heather and moorland, alpine desert and growing in large clumps over the moor- climb, and the ascent takes 7-9 hours. The
the arctic summit. land. This is also home to the most distinc- eerie blackness, the ghostly white snow
The rainforest, that stretches up to an tive trees on the entire mountain: the slopes and the relentless climb hour by
altitude of around 2,800m, receives most giant groundsels, which grow in abun- hour certainly pushed us to our limits.
of Kilimanjaro’s rainfall, and huge trees dance around 4,000m, and are seen pro- Finally, as dawn broke, we crested Stella
dominate the landscape, like camphor, fig, fusely on the trail, from the Barranco Point at 5,745m. Ahead was a gentle snow (above) Giant groundels near the Barranco camp at an
avocado and wild mango. Near the Mkewa camp to Lava Tower. The distinctive Lobe- slope—the final summit ridge. The last altitude of around 4,200m; and (left) a dusky turtle dove at
gate (1,800m), enormous tree ferns flour- lia deckenii, which takes eight years to 150m took us about an hour, and at around Shira 2 camp, 3,800m.
ish, while on the highest branches of the flower, is also part of this terrain. At most 7am, the team was on top. The clouds were
tallest trees, the raucous call of the colobus of the camps in this altitude, common visi- far below us covering the savannahs of
and blue monkeys are often heard. The tors are the white-necked raven as well as Africa—truly a top of the world feeling.
flashing red underwings of the dark-green the dusky turtle dove.
Hartlaub’s turaco are also seen. In this The alpine desert above 4,200m or so Sujoy Das is a Kolkata-based writer and
zone, fireball lilies in bright red, the Impa- sees only tussock grass and a few hardy photographer.

Raghu Rai and
his ways of seeing
An exhibit of 40 years of Raghu Rai’s analogue
photography captures his multilayered look at India
‘Feeding Seagulls on the Jamuna’, Delhi, 1995.
‘Tyre Shop’, Old Delhi, 1976.
Vangmayi Parakala
vangmayi.parakala@htlive.com
A
recurring thought when Raghu Rai reflects
on photography and his six decades of
practice, is that of seeing god.
Bhagwan toh kabhi bhi darshan de sakte
hain na, woh aapke assignments pe thodi
baith ke intezaar kar rahe hain (God can present himself
anytime, he does not wait to do so over an assignment), he
says, when disagreeing with the way many photojournal-
ists tend to work today. When explaining why he, at 81,
still keeps a camera on him at all times, he says: Kya pata
bhagwan kahan baithein hain?
Okay, let’s try a different track. His secret to a good
shot? Invest your body and soul into it, he says. “It’s like
what they say, kan kan mein bhagwan hain (god is in every
cell)”. Again. “What it really means is that you cannot
ignore anything,” he says. “There is something about
everything—if you can connect with that, toh tab darshan
hoga (that’s when you see god)”.
For Rai, photography is not just a craft or a career—it is
prayer. It is daily ritual by which he sees and captures
‘Debris of Posters’, Calcutta, 1984; and ‘Bangle Seller’, Varanasi, 2006
PHOTOGRAPHS COURTESY RAGHU RAI & PHOTOINKCOLLECTION: KIRAN NADAR MUSEUM OF ART
divinity. Roobina Karode, director and chief curator at
the Kiran Nadar Museum of Art, in Delhi, calls his photo-
graphic engagement with the world, an “intense practice”
resulting in “prolific output which is rather difficult to
contain in a single exhibition”.
Yet, that’s precisely the challenge that she and Devika
Daulet-Singh, the founder of Delhi-based photo gallery
Photoink, have done with the ongoing show, A Thousand
Lives: Photographs From 1965-2005. With approxi-
mately 300 black and white images from 40 years of
Rai’s pre-digital days, this is a “curated slice from his
extensive archives,” Karode says. “Instead of choosing
to go chronological, we chose ‘simultaneity’ to express
the breadth of Rai’s vision in capturing India, its land and
people, emphasising extraordinary details, contradic-
tions and juxtapositions,” she continues, explaining the
nature of the show.
The exhibit features shots that Rai is known for, those
which, with a characteristic sense and understanding of
movement and momentum, capture extraordinary
moments in ordinary life. This includes the striking
Confessions Of A Wall series, in which Rai turns his eye
on a long wall that runs between Daryaganj and Jama
CULTURE
His Holiness the 16th Dalai Lama, Leh, Ladakh, 1975.
Masjid in Delhi, which bore witness to the lives of different
people who took shelter near or passed by it. There are
also Rai’s iconic portraits of leaders, specifically, two
spiritual and two political ones: Mother Teresa, whom
Rai photographed closely for over five decades; the
Dalai Lama, whom he first met in 1975 and who he says
is his “favourite subject to photograph”; former prime
minister Indira Gandhi and the Gandhian socialist
leader, J.P. Narayan.
“These pictures capture rare moments and bring
forth the view of an insider rather than…a mere
observer,” says Karode. “The power of Rai’s photo-
graphs transport us to another time and space, to lesser
known realities, to revelations yet not registered. They
unveil many truths that a thousand words might fail to
convey.”
The exhibition is on till 30 April at the Kiran Nadar
Museum of Art, Saket, Delhi
Saturday, 24 February 2024
MuMbai 11
‘’The Harder They Come’ helped introduce the world to reggae
Pressure drop:
‘The Harder
They Come’
‘The Harder They Come’ is a film of constant
challenges and clashes, but it’s a musical at heart
Uday Bhatia
uday.b@htlive.com
W
atching Bob Marley: One Love last week, I was distracted by a stray men-
tion of Jimmy Cliff. The biopic was already exasperating me with its
safety-first approach. I spent the rest of One Love intermittently dream-
ing of The Harder They Come. Same era, same Jamaican patois, but this 1972 film
starring Cliff is as rough and exciting as One Love is polished and inert.
By 1972, Cliff was already a hit artist, with a handful of reggae standards—Many
Rivers To Cross, the protest number Vietnam—to his name. Filmmaker Perry Hen-
zell approached him with a script inspired by a gangster named Rhygin, who was
a local sensation when Cliff was a schoolboy. They hit it off, and decided to work
together. Their central character, Ivan-
hoe, was changed to a musician who
takes up the gun. They had a certain WORLD VIEW
type in mind—“an anti-hero in the way
that Hollywood turns its bad guys into A look at what’s making waves
heroes,” Cliff recalled. on the global cinema scene
The Harder They Come opens with a
near-bus collision, albeit a comic one. It’s a fitting start, for this is a film of constant
disagreements and challenges and clashes. The Jamaica we see is an endless series
of shanty towns, where corrupt cops receive cutbacks from marijuana traders and
all but a select few live in grinding poverty. Into this comes Ivan, a young man from
the country. He’s a singer with no money or belongings, a hair-trigger temper and
a taste for expensive toys.
Ivan manages to cut a record with a producer named Hilton (Bob Charlton), but
is disgusted with the pittance he’s offered. He goes to jail after slashing a man with
a knife, is humiliatingly flogged as punishment. He becomes a runner for ganja
traders—even here he’s dissatisfied with his cut. Once he gets hold of a gun, you
know it’s just a matter of time before he’s an outlaw. Ironically, as he gets deeper
and deeper in trouble, his song becomes a sensation across the island.
There’s a clue to the kind of film Henzell is making in the early scene where the
streetwise José takes Ivan, newly arrived in town, to the pictures. Sergio Cor-
bucci’s Django is playing, the audience delighting in the bloody action. “The hero
can’t die till the last reel,” José admonishes one of them. Though it isn’t as pitiless,
The Harder They Come has some of the down-and-dirty spirit of a
Corbucci western. The hero isn’t
a moral man, or even particularly
likeable, there’s barely any rule of
law, and everyone’s desperate (“a
hungry mob is an angry mob,” Bob
Marley would sing a few years
later). It’s also likely Henzell had
his eye on the first rumblings of
Blaxploitation in the US. Ivan’s
taste for cars, nice clothes, women
and guns is more in line with Sweet
Sweetback’s Baadasssss Song and
Shaft, both released in 1971, than
the western outlaws he models
himself on.
For all its debts to the gang-
ster film and the western, The
Harder They Come is at heart a
musical. The soundtrack is
blessedly Marley-free. You
have Pressure Drop by The
Maytals, a track so electrify-
ing it’s used several times
through the film. There’s
007 (Shanty Town) by Des-
mond Dekker, who had one
of the first reggae hits, in
1968, with the haunting
Israelites. There’s Cliff’s
previous hits You Can Get It
If You Really Want and
Many Rivers To Cross, and
he sings the title track too.
The deepest cut, though,
might be Scotty’s Draw
Your Brakes, a dub version of a 1967 rocksteady track. It’s
cavernous, atmospheric, druggy and irresistible.
Reggae is mostly characterised as good-time music, but as Lester Bangs wrote
in a 1976 piece, this belies the underlying violence. “Many of these records may
be little more than a rhythm with a guitar chopping out two or three chords, no
solos except a guy hollering things you can barely understand over the whole
thing; but that rhythm is rock steady, the guitars chop to kill, and the singer is,
often as not, describing class oppression or street war.” Keep this in mind and
you’ll find Dekker singing “dem a loot, dem a shoot, dem a wail” or even something
as simple as Toots Hibbert accusingly going “It is youuuuuuu” assume a great
urgency.
The Harder They Come isn’t a smooth film, but it doesn’t matter because it’s
exhilarating. Henzell has an eye for striking images and the quicksilver editing
feeds on the chaotic energy of the lead character. It’s on a short list of films—
Black Orpheus and Buena Vista Social Club are two others—that introduced the
world to an entire musical culture. While this is a wholly deserved reputation,
it tends to underrate the effectiveness of the film itself. In moments like the
ecstatic church scene with a few mischievous inserts of human desire, or the
chase through the ghetto with a group of children cheering on a pistol-bran-
dishing Ivan, The Harder They Come isn’t just a great reggae film but a great film,
period.
12 Saturday, 24 February 2024
MuMbai
Of white sands and
ISLAND
COUSINS
The Maldives and
Lakshadweep share a
natural history and
owe their beaches to
the same fish that
munch on coral
Pranay Lal
W
e are standing on a
beach rather
unique to these
islands. How this
sand was created is
a remarkable story, and quite different
from what we left back home. Most beach
sand of continents is quartz and feldspar
rich, formed by the degradation of ancient
rocks like granite and quartzite. The
beach sand here in the Maldives is white,
powdery and vastly different from what’s
found on continents. So how did this
island beach come to be?
Until 88 million years ago, the eastern
margin of Madagascar was melded to
India’s west coast. An abrupt volcanic
event tore Madagascar from India and
broke off a small triangular piece from its
north to create what we now know as
Seychelles.
About 20 million years ago, when India
drifted 900km away from Madagascar,
another volcanic event was triggered
under the sea. This created Reunion
Island, which is now roughly 3,300km
south-south-west from the Maldives as
the albatross flies. This event marked the
first of three episodes of what geologists
label the “Deccan volcanic event”, which
created Mumbai and Pune with its dra-
matic layered-cake plateaus.
The volcanoes under the sea pushed the
Indian plate further east. When India
reached the spot where Chagos Islands (a
corrupted version of the Portuguese word
for chaos) are today, it tripped on another
weak spot in the crust under the ocean,
causing more lava to flow into the ocean.
The roiling lava cooled in the presence of
water and formed funnel-shaped struc-
tures that emerged from the sea. Each of
these dark grey basalt cone-like structures
spewed smoke and gas, and often lava. As
India migrated northwards, volcanoes
popped up and created a near-straight
underwater ridge. This ridge, the 73 East
Ridge, about 1,200km south of the Mal-
dives, starts with Chagos Islands and ends
with the Lakshadweep Islands (about
900km north of the Maldives).
For about three million years, the
underwater volcanoes, where Chagos, the
Maldives and Lakshadweep are today,
poured out magma. Together these
nudged and pushed the Indian Plate
northwards. Thus, in a short geological
time, the Chagos-Laccadive ridge, with the
Recreating covers of books banned through history
In his new series, Rohit
Chawla shows how the
subject of banned books
is relevant in the context
of cancel culture
Avantika Bhuyan
avantika.bhuyan@htlive.com
T
he history of the written word has
long been intertwined with that of
censorship. Whenever authors
have chosen an idea which seems even
slightly provocative for the times, they
have faced a backlash from religious,
political and legal authorities. It is to
emphasise the kind of censorship
authors and books face these days that
Goa-based photographer Rohit Chawla
has recreated covers of banned books for
his recent project.
The subject of banned books is a layered
one. First, there is the content of the book
in itself, and added to that is the layer of
censorship, which makes the book even
more significant as a symbol of resistance.
For Chawla, books and publications have
been central to his practice. “I have done
Maldives sitting in the centre, was created.
Under the widening Indian Ocean,
another straight-lined ridge, the 90 East
Ridge, was formed along the eastern mar-
gin of India on which the Andaman
Islands emerged. Viewed from space, the
Chagos-Laccadive and 90 East ridges
appear like “draglines” or tracks on which
the India Plate journeyed north, until it
docked inside Eurasia. While the Anda-
man Islands are still seismically active, the
Chagos-Laccadive are dormant. The only
threat to the Maldives archipelago is a
small active fault, which lies to its west—
one needn’t worry too much about it. So,
the Maldives and Lakshadweep, geologi-
cally, are cousins once removed. They
were birthed and berthed at the same
time—and both these islands are so similar
because of their shared natural history.
BUBBLING BENEATH
Between 60-48 million years ago, the vol-
canic activity subsided. Islands like the
Maldives and Lakshadweep were a chain
of small volcanic vents, a few of which rose
about 400 covers for important news
magazines and books. The subject of
banned books is particularly relevant
today, given the ‘cancel culture’ that
threatens our daily social discourse,” says
Chawla, who debuted the series at a recent
art exposition at the India Habitat Centre
in Delhi, after which the series moved to
the Stir Gallery in Chhattarpur Farms. The
recreated book covers will travel to
numerous literature festivals in the com-
ing months.
For the project, which started six
months ago, he has chosen 30 books such
as J.D. Salinger’s Catcher In The Rye,
which was banned in the US between 1961
and 1982, Alice In Wonderland, George
Orwell’s Animal Farm, Aldous Huxley’s
1931-dystopian novel Brave New World,
Alice Walker’s The Color Purple, and
many more.
For Chawla, recreating or reimagining
these book covers offers a sense of
abstraction that stems from his first
memory of having read them. “I have
tried to stay true to that while hopefully
creating an image that could draw a
reader to revisit that book again. A cover
image needs to have that pull factor
besides trying to distill the essence of the
writing itself,” he says.
PAUSE
above sea level. Small spurts of volcanic
activity leached out nutrients and gases
from the young porous basalt. This helped
marine life to colonise the rocky rim. In a
short time, giant coral reefs emerged
along the rocky rims and slopes of the vol-
cano. As the level of magma receded, the
chamber which supported the top of the
volcano (or the dome) sagged and caved
in. Seawater invaded this hollow space
and copious colonies of corals filled this
void. We can see the hollow domes in
these islands as deep blue lagoons, as one
flies over these islands. It took about 12
million years or so for marine creatures to
produce enough shelly calcium carbonate
that it filled up these hollows. The white
sands you see are the crushed, pulverised
and powdered coral and shelly creatures.
Scientists who study these islands have
found that the calcium-producing com-
munities prospered in three distinct pha-
ses. The first phase was from 46-35 mil-
lion years ago when the volcanic activity
was receding. The second episode
between 14-2 million years ago saw
Rohit Chawla has chosen 30 books for the project.
In his recreations, one can see a mix of
existing images, which he has shot over
the years, and some new photographs
taken especially for the series. “I particu-
larly find the recreation of the Persepolis
cover powerful, which is essentially a
graphic novel. By using a photo as the
(clockwise, from left) A resort
and a coral reef in the
Maldives; and Kavaratti Island,
Lakshadweep.
PHOTOGRAPHS FROM ISTOCKPHOTO
Human colonisation will stop
nature’s process of
colonisation and evolution.
These pristine islands are
young and are still evolving
and need to be left alone
PHOTOGRAPHS COURTESY ROHIT CHAWLA
cover was a contradiction of sorts to its
very content. The image that I have cre-
ated is a tribute to Mahsa Amini, who died
in 2022 in Iranian police custody,” he
elaborates. “And since Salman Rushdie
has become a symbol for all things
banned, I chose my portrait of him in an
marine creatures reach the height of their
productivity. The third, when the South
Asian monsoon intensified, it flushed
sediments down the Indus river to reach
as far as these islands. New minerals
spurred the growth of new life forms. All
this helped create more calcium carbon-
ate, which filled the deep, hollow lagoons
of these volcanic islands. The coral reefs
along the fringe acted as props for more
carbonate.
Around 2.6 million years ago, when the
Americas merged, it changed the ocean
currents between the Atlantic and the
Pacific. As new ocean currents formed, the
Earth cooled, and ice caps reached the
interiors of the northern continents.
Only around 14,000 years ago, after the
ice cover had receded, did the oceans
begin warming up. Between 11,000 to
4,000 years ago, conditions became ideal
for coral and other marine creatures to
resume their frenetic activity. The coral
ring-fence accumulated more carbonate
inside and around the lagoons, and these
were filled by denuded carbonate.
The islands of the Maldives and Lak-
shadweep are just 5,000-3,000 years old,
roughly the time when the Mesopotamian
civilisation was getting established, which
makes it among the youngest landmasses
in the world.
So what has created all this sand? We
see coral strewn on the beach here and
imagine that it is this that degrades and
becomes sand. This is partly true, but not
oblique way to show the price he has paid
for his literary freedom.”
The subject of censorship of the written
word has been a matter of concern to indi-
viduals and organisations across the
world. And each has been doing its bit to
nudge people to commit to freedom of
expression. The website of Freedom to
Read Week, an annual event in Canada
which prompts people to think about
intellectual freedom, shares a list of book
bannings and burnings throughout his-
tory. The earliest such instance of intellec-
tual violence dates back to 259-210 BC
when the Chinese emperor Shih Huang Ti
is said to have buried alive 460 Confucian
scholars to control the writing of history in
his time, and in 212 BC he burned all the
books in his kingdom, retaining only a sin-
gle copy each for the Royal Library. Since
then, one has seen books being routinely
censored around the world—be it the
original version of William Shakespeare’s
Richard II in 1597, George Eliot’s Adam
Bede in 1859, or Alice In Wonderland by
Lewis Carroll, which was banned in 1931
by the governor of Hunan province in
China as “animals should not be using
human language”.
This unfortunate trend has only
strengthened in the past few decades,
quite. One fish, in particular, the parrot-
fish, eats mature coral and excretes cal-
cium carbonate. This excretion appears
like snowflakes in water. Parrotfish graze
and munch on polyps of mature coral, and
excrete so much sediment that they have
created several Hawaiian beaches.
Off the tiny island of Vakkaru in the Mal-
dives, geologists estimate that these fish
excrete about 685 tonnes of sand each
year. There are also some sponges and
algae which bore into the coral, causing
them to break and become beach sand. Not
all coral-laced volcanic islands produce the
same type of sand. In Kiribati island in the
Pacific, the beach sand is made up of 37%
coral fragments, 30% mollusc shells, 12%
foraminifera, and 20% calcareous algae. In
the Maldives, there is more coral (70%),
calcareous algae (roughly 8% from the
genus Halimeda), and a few shelly mol-
luscs on its beach sand. Thus, each carbon-
ate island has its own characteristic white
sand, created by its own set of corals and
creatures that feed on them.
Over the past 4,000 years or so, these
islands have been colonised by seafaring
plants like palms and Pandanus (a screw
pine which produces aromatic kewra)
whose seeds came ashore with tides and
currents. A few creatures rode in as flot-
sam like shrews, geckos, and millipedes.
The process of colonisation is still in
progress. Life forms that arrive on these
islands will evolve new survival strate-
gies, albeit too slowly for our mind’s eye
to perceive.
Human colonisation, especially lavish
resorts, will stop nature’s process of colo-
nisation and evolution. These pristine
islands are young and are still evolving
and need to be left alone. As sea levels rise
and threaten these islands the world over,
there are creatures like the parrotfish
whose significance transcends all life on
sea and land. Preserving the parrotfish
and corals are crucial not only for future
island building. They are the embodi-
ment of how little we know about how
nature works and what lies beneath its
immense beauty.
Pranay Lal is a biochemist, a public
health specialist, a natural history writer,
and the author of Indica: A Deep Natural
History Of The Indian Subcontinent and
Invisible Empire: The Natural History Of
Viruses. He is passionate about ecological
restoration and reversing climate change.
with Salman Rushdie’s Satanic Verses
banned by select governments around
the world. In 2010, students, in the name
of nationalism, burned copies of Rohin-
ton Mistry’s Such A Long Journey at the
gates of University of Mumbai. Such has
been the spate of book bans in recent
times that the Banned Books Week—an
event launched in the US in 1982 in
response to a sudden surge in resistance
to books in libraries and bookstores—has
had to keep adding to the list of most chal-
lenged books year after year.
For Chawla, the 30 books he has cho-
sen and their censorship continue to be
relevant today. For him, Animal Farm
stands as a contemporary metaphor for
political practices of the times. He
believes that literature has the uncanny
ability to both record and predict socie-
tal mores, and some of these banned
books do that even now.
“The sense of outrage over the inconse-
quential and the personal is the prevailing
public comedy of our times. To resurrect
these banned books is an attempt to hold
a mirror to society, and hopefully have
people reflect on how ludicrous some of
these bans were in retrospect, and how
even innocuous literature could be vilified
for little or no reason,” he says.
LIVEMINT.COM NEWS Saturday, 24 February 2024
MuMbai 13

Banks raise
m MINT SHORTS
‘No non-trade issues at WTO talks,
costly funds Sugar mills allowed to sell
India to engage with EU on CBAM’
New Delhi: India has decided to take up the Carbon Border
Adjustment Mechanism (CBAM) issue ‘very strongly’ during
bilateral dialogue with the European Union (EU), Union com-
as liquidity
crunch bites potash made from molasses
merce minister Piyush Goyal said on Friday. The minister also
said New Delhi would not rush into signing free trade agree- FROM PAGE 16
ments unless they were fair and equitable. CBAM is a tariff on
carbon-intensive products such as steel, cement and some elec- large state-owned bank, len- The central government’s move is aimed at reducing fertilizer imports using waste chemical
tricity imported by the EU, and is meant to encourage cleaner ders are trying to raise some
industrial production in non-EU countries. A part of the Euro- short-term funds and hoping
pean Green Deal, it takes effect in 2026, with reporting having that when inflation is under Puja Das ₹114,005 crore of ₹122,735 crore.
started in 2023. DHIRENDRA KUMAR control, RBI will take care of puja.das@livemint.com The Centre has ensured the supply of
the liquidity. Demand for CDs New Delhi fertilizers at a reasonable rate, Chopra
has shot up, he said. In fact, added.

PM to inaugurate world’s banks have issued CDs for
₹44,657 crore in the fortnight
largest grain storage plan ended 9 February, showed RBI
PTI
data. These were issued in the
7.23–8.02% interest rate range,
compared with ₹20,013 crore
issued in the previous fortnight
at 7.07–8.02%.
“Indian banking liquidity
remains constrained in
Q4FY24 even though govern-
ment spending has come back,
but RBI remains hawkish,”
analysts at Goldman Sachs said
in a note on Friday.
However, the analysts said
New Delhi: Prime Minister Narendra Modi on Saturday that as spending by the govern-
will inaugurate the World’s Largest Grain Storage Plan ment is expected to pick up
along with other key initiatives for the cooperative sector, ahead of the elections, RBI
according to an official statement. The World’s Largest expects the excess contraction
Grain Storage Plan in the cooperative sector is being done in system liquidity to correct by
in 11 primary agricultural credit (PAC) societies of 11 states. itself in the near term.
The prime minister will also lay the foundation stone for Others said that deficit is
an additional 500 PACs across the country for the con- likely to continue till the end of
struction of godowns and other agri infrastructure under March, when it would improve
this initiative. PUJA DAS on increased spending.
“Till 15 March, there will be
advance tax payments and
Govt eyes ₹95,000 cr investment, there might be more variable
rate repo auctions from the
2.25 million jobs in textiles RBI. By the end of the year, the
New Delhi: The textiles ministry hopes to attract investments government would also be in a
worth ₹95,000 crore and the expected fund flow will create hurry to exhaust its budgets
about 2.25 million new job opportunities in the next 4-6 years, and start spending,” said
a government official said on Friday. The ministry expects Madan Sabnavis, chief econo-
₹25,000 crore investments under the PLI scheme and another mist, Bank of Baroda.
₹70,000 crore investment under the PM-MITRA park scheme
in the next 4-6 years, textiles secretary Rachna Shah said. The
PLI scheme in textile sector will create 250,000 new jobs and
the expected fund flow in seven PM-MITRA parks will gener-
ate direct and indirect employment for two million people,
Shah added.
India Inc scrambles for CAs
DHIRENDRA KUMAR
S
ugar mills can now sell potash Distilleries produce a waste chemical
derived from molasses (PDM) called spent wash during ethanol pro-
to fertilizer companies and duction, which is burned to produce
receive subsidies on their ash. This ash can be processed to pro-
manufacture, food and public duce PDM, which has 14.5% potash con-
distribution secretary Sanjeev Chopra tent and can be used by farmers as an
said, amid efforts by India to reduce its alternative to MOP, which is 60% pot-
fertilizer imports. ash.Data from the department of chemi-
The Union government said a mutu- cals and fertilizers showed that India’s
ally agreed price of ₹4,263 per metric fertilizer requirement ranges from 58 to
tonnes (mt) has been fixed for PDM sold 63 mt a year, but it produces only about
by sugar mills to fertilizer companies for 43 to 46 mt. The rest is imported.
the current year. India, the second-highest consumer
PDM manufacturers can also claim a of fertilizers after China, is entirely
subsidy at ₹345 per tonne at current The Centre said it has facilitated a mutually agreed price of ₹4,263 per mt for the dependent on imports for MOP, and also
rates under the Nutrient Based Subsidy sale of PDM by sugar mills to fertilizer companies for the current year. MINT imports 4.3 to 4.7 mt of phosphate rock,
scheme (NBS) of the department of fer- 9.1 to 9.8 mt of urea, 5.3 to 5.4 mt of
tilizers. Sugar mills and fertilizer compa- replacing demand for 2.5 mt with alter- make India atmanirbhar (self-reliant) in diammonium phosphate, and 1.2 to 1.4
nies will now discuss how they can enter natives such as nano urea and urea gold. the production of PDM. The goal is to mt of nitrogen, phosphorus and potas-
into long-term sale and purchase agree- The target could be achieved by set- produce 1 to 1.2 mt of potash ash from sium fertilizers. The government
ments for PDM. ting up new plants with attractive incen- ethanol distilleries and use it in the spends a hefty amount on this. India’s
PDM, a potassium-rich fertilizer, is a tives for manufacturers, Union chemi- farming sector,” Chopra said. fertilizer import bill was ₹2.2 trillion in
by-product of the sugar- “At present, about 2022-23. It also spends a huge chunk of
based ethanol industry, BUIlDING BASE 500,000 tonnes of potash the Union budget on fertilizer subsidies.
derived from ash in ash generated from etha- In 2022-23, the government spent
molasses-based distiller- PDM makers can SUGAR mills and INDIA’S fertilizer nol distilleries is being about ₹2.55 trillion, a record high, on
ies. India currently also claim a subsidy
of ₹345 per tonne at
fertilizer companies need ranges from 58
will discuss how they to 63mt a year, but it
sold domestically,” he said fertilizer subsidies.
imports all of the potash it current rates under can enter into long- produces only about and added that manufac- Finance minister Nirmala Sithara-
needs for fertilizers, in the the NBS scheme term SPAs for PDM 43 to 46mt turing and sale of PDM is man, in her budget speech earlier this
form of muriate of potash going to be another reve- month, said the government would
(MOP). nue stream for sugar mills reduce the allocation for fertilizer subsi-
The government has been trying to cals and fertilizers minister Mansukh to add to their cash flows and to make dies by 13% to ₹1.64 trillion in FY25 from
make India self-sufficient in fertilizers. Mandaviya told Mint in a recent inter- payment to farmers in timely manner. the revised budget estimate of ₹1.89 tril-
It aims to achieve self-sufficiency in view. About ₹118,271 crore of ₹118,156 crore lion for FY24. The original allocation for
urea by 2025 by increasing its produc- “Production of PDM domestically will cane dues were cleared in the 2021-22 fertilizer subsidies for FY24 was ₹1.75
tion from 30 mt to 31–31.5 mt and reduce import dependency and will season and in the 2022-23 season, it was trillion.
Booster for rooftop EGM ousts
founder,

India in touch with Russia for

FROM PAGE 16
early ‘discharge’ of citizens from assurance and taxation to
tech consulting and manage-
AP
ment consulting domains.
“Given the multi-functional
capabilities that CAs carry, and
their analytical and decision-
making abilities, they are a
high-demand workforce that
must be retained. We actively
encourage our CAs to build
integrated functional capabili-
ties by broad-basing their expe-
riences in non-traditional parts
of the business,” said Sandeep
Kohli, EY India Talent Leader
New Delhi: India on Friday said it was in touch with Mos- and Partner. Many CAs are also
cow for early “discharge” of Indians working as support snapped up by global capability
staff to Russian Army and urged its nationals to stay away centres, which are captive inn-
from the conflict zone in Ukraine. The comments by exter- ovation and technology devel-
nal affairs ministry spokesperson Randhir Jaiswal came fol- opment centres of multina-
lowing a report that some Indians are working as support tional companies, experts said.
staff to the Russian army in the conflict zone. “We are aware “When you are looking at
that a few Indian nationals have signed up for support jobs global organizations who are
with the Russian army,” Jaiswal said. PTI going to lean on the teams here
for planning, analytics, book
closure and global reporting,
RBI permits banks, NBFCs to issue they want the best skill and are
ramping up their hirings of
prepaid instruments in transport CAs,” said Shalini Pillay, India
Mumbai: The Reserve Bank of India (RBI) on Friday permitted leader-global capability centres
banks and non-banking institutions to issue prepaid instruments at KPMG in India. “The highest
for making payments across various public transport sys- demand from the GCC space is
tems.With the introduction of these instruments, commuters in emerging technology areas
will have more options to pay for tickets besides cash mode. The and also deep finance skills,
instrument will provide convenience, speed, affordability, and which pulls CAs,” Pillay said.
safety of digital modes of payment to commuters for transit servi- Recruiters note that among
ces, RBI said in a notification. PTI sectors, BFSI (banking, finan-
About 22,000 students clear
the CA finals every year, as per
Icai. ISTOCKPHOTO
cial services and insurance) has
among the highest dem-and for
CAs. The attrition in CA roles is
largely in junior and middle
management, often fuelled by
long and stressful work hours.
A senior HR executive in one
of the largest Mumbai-based
conglomerates said his emplo-
yer is picking up CAs with
barely a couple of years of work
experience at flat rates from the
Big Four as many workers com-
plain of exhaustion.
“The CA mandates have inc-
reased by about 50–60% from
previous years, specifically for
the 0–5 year work experience
bracket. Companies are willing
to pay ₹20–25 lakh for just a few
years of audit experience and
are hiring from multiple chan-
nels,” said Manu Saigal, dire-
ctor, general staffing at Adecco
India, a recruitment firm.
Also contributing to the
attrition is a big gap between
demand and supply. According
to The Institute of Chartered
Accountants of India (Icai),
there are about 400,000 mem-
bers who are registered with
Icai. This registration is given to
students who clear the final
exams and then take the mem-
bership of the statutory body
that works under the ministry
of corporate affairs.
The pace of supply is difficult
to increase simply because
aspirants often work over years
and appear for the exams mul-
tiple times to get through.
About 22,000 students clear
the CA finals every year, as per
Icai. That supply appears way
too short to meet future growth
in demand.
Ranjeet Kumar Agarwal,
president, Icai, said in a confer-
ence on Wednesday that for
every $1 trillion growth in GDP,
100,000 additional CAs are
needed. The current vision is
for India to become a devel-
oped country by 2047 with a
GDP of $30-35 trillion. “So,
when this country has a $30
trillion economy, India has to
have 30 lakh (3 million) char-
tered accountants,” he said.
solar, power for EVs
FROM PAGE 16
8 January about this planned
waiver.
For systems above 10 KW,
the timeline to complete the
feasibility study is cut from 20
days to 15. In case the study is
not completed by then, the
approval will be deemed to
have been given. Also, for roof-
top solar PV systems up to 5
KW capacity, the distribution
company will have to
strengthen the distribution
system at its own cost. The
timeline for the distribution
licensee to commission roof-
top systems stands reduced
from 30 days to 15.
Union power minister R.K.
Singh said the amendments
also reduce the timeline for
getting new electricity con-
nections and that they simplify
the process of setting up roof-
top solar installations.
“Amendments have been
made in the rules, to facilitate
faster installation and enhance
the ease of setting up rooftop
solar PV systems at the prem-
ises of prosumers,” a ministry
statement said.
The amendments come
close on the heels of govern-
ment launching the PM Surya
Ghar Scheme to help 10 mil-
lion households install rooftop
projects with incentives.
“With this welcome change,
residential rooftop installation
will become easier faster and
hassle-free. Since the time-
frame for system feasibility is
also fixed, net metering
approval will be easier and
faster and consumer will start
getting benefit of prosumer
very fast,” said Shriprakash
Rai, chief revenue officer
(CRO), commercial and indus-
trial business, AmpIn Energy
Transition.
The amended rules also
provide for separate electric
connections for EV charging.
“Consumers can now obtain
separate electricity connec-
tions for charging their elec-
tric vehicles (EVs),” the state-
ment said.
The amendment has also
reduced the time period for
obtaining a new electricity
connection from seven days to
three days in metropolitan
areas, 15 to 7 in other munici-
pal areas, and 30 to 15 in rural
areas. However, in rural areas
with hilly terrain, it will remain
at 30 days.
but Byju’s
remains
unfazed
FROM PAGE 16
such, the resolutions lack the
necessary authority to impose
any obligations on Byju’s or its
directors,” a Byju’s spokesper-
son said.
The investor consortium has
also sought a court direction to
Byju’s to not take any “corpo-
rate actions that will prejudice
the rights of the investors”, and
to conduct a forensic audit of
the company. A spokesperson
for Byju’s said it had not recei-
ved a notice on the NCLT plea.
“The company has not
received any formal intimation
of any such petition being filed
in the NCLT. Indian regula-
tions stipulate due process for
conducting an EGM, intima-
tion of petitions being filed in
NCLT, etc. But certain share-
holders prefer to manufacture
a media spectacle as opposed to
following due process,” the
spokesperson said. “If such a
petition has been filed, the
company shall respond to the
same as per applicable law and
due process.”

Ajay Singh, Busy Bee What will Warren Buffett do with $150 bn in cash? “Investors have sought relief
(from NCLT) on declaring the
rights issue as void and declar-

jointly bid for Go First
FROM PAGE 16
tions swiftly, ensuring GoFirst
takes to the skies without
delay,” Pitti said.
Go First owes ₹6,521 crore to
lenders, including Bank of Bar-
oda, Central Bank of India,
Deutsche Bank and IDBI Bank.
“Busy Bee Aviation sees
potential in the land assets of
Go First, which are estimated to
be worth around ₹10,000 crore
and the expected compensa-
tion from engine manufacturer
Pratt & Whitney for engine
grounding will also be key in
the revival plans. SpiceJet will
help in the operations while
Busy Bee will focus on funding
requirements,” an industry
executive said on the condition
of anonymity.
The second bid was submit-
ted by Sharjah-based aviation
company Sky One, which spe-
cializes in a wide array of avia-
tion services such as cargo
charters, asset trading, pilot
training, and maintenance,
repair, and overhaul (MRO)
among others. Shares of Spice-
Jet ended up 0.64% at ₹67.41 on
the BSE on Friday.
The two bids were submitted
on 16 February to the resolu-
tion professional (RP) for con-
sideration by the CoC as per the
insolvency process. On 13 Feb-
ruary, the National Company
Law Tribunal (NCLT)
approved a 60-day extension to
Go First to resolve its insol-
vency woes. The extension was
granted after the RP Shailendra
Ajmera, had informed the court
that the airline has received
interest from three potential
buyers, all of whom have
already deposited funds.
This is the second time in
five years that there has been
potential interest in reviving a
grounded carrier in India.
FROM PAGE 16
Stone, chief investment officer
at Glenview Trust in Louis-
ville, Kentucky, which holds
Berkshire shares. “Now of
course we’re going to see it
boost quite a bit of earnings.”
Berkshire’s insurance oper-
ations had $4.2 billion in inter-
est and other investment
income in the first nine
months of 2023, up from
about $790 million in the same
period in 2022. The increase
was primarily because of a rise
in short-term interest rates,
the company said in its third-
quarter report.
Still, Buffett admitted
greater ambitions when asked
at last year’s annual meeting
about prospects for the cash.
“What we’d really like to do
is buy great businesses,” he
said. “If we could buy a com-
pany for $50 billion or $75 bil-
lion, $100 billion, we could do
it.” The S&P 500 has plenty of
companies with such market
values, ranging from Marriott
International to CVS Health ,
Chipotle Mexican Grill to
Estée Lauder. But Buffett
described buying a public
company as a difficult and
lengthy process.
“It would be easier to do
with a private company,” he
said. “And there aren’t very
many that are big. On the other
hand, there’s nobody else that
can quite make a deal like we
can, under the right circum-
stances.” In the first nine
months of 2023, Berkshire was
a net seller of stocks, according
to the company’s most recent
quarterly report. The S&P 500
advanced 12% through Sep-
tember before a fourth-quar-
ter rally propelled it to a gain of
24% for the year.
One stock the company did
like: its own. Berkshire used
about $7 billion to repurchase
shares in the first three quar-
ters of last year. Both Class A
and Class B shares closed at
records Thursday. Class B
Berkshire’s insurance operations had $4.2 billion in interest and
other investment income in the first nine months of 2023.
shares are up 16% in 2024,
compared with a gain of 6.7%
for the S&P 500.
Shareholders tend to focus
on the opportunity Berkshire’s
war chest provides.
“Berkshire has such a good
track record at allocating capi-
tal wisely,” said James Arm-
strong , president of Henry H.
Armstrong Associates, a mon-
ey-management firm in Pitts-
burgh. “I think it’s a mistake to
be impatient. The fact that
they’re willing to wait for an
attractive bargain on a good
stock or a good company is one
of their strengths.”
Buffett has often written
about the importance of Berk-
shire’s financial strength. In a
February 2022 letter to share-
holders, he wrote that he and
Munger had pledged that
Berkshire, along with its sub-
sidiaries other than BNSF and
Berkshire Hathaway Energy,
would always hold more than
$30 billion in cash and equiva-
lents. Some observers note
that the company needs sub-
stantial cash for more than
investing. Berkshire’s insur-
ance operations include busi-
ness that carries the risk of big
losses.
Ajit Jain, who heads Berk-
shire’s insurance operations,
said at the annual meeting in
May that a hurricane in Florida
could lead to a loss of as much
as $15 billion. No loss, by con-
trast, would mean several bil-
lion dollars in profit, he said.
“If it wasn’t for the insur-
ance business, they wouldn’t
need to hold such a huge
amount of cash,” said Darren
Pollock , portfolio manager at
Cheviot Value Management in
Beverly Hills, California.
“They need to be prepared for
those events. That’s a big rea-
son why many of those billions
of dollars are sitting there.”
©2023 DOW JONES & COMPANY, INC.
ing the founders and the man-
agement as unfit to run the
company,” said one of the per-
sons mentioned earlier.
The EGM saw several of
Byju’s employee-shareholders
joining the meeting link. Some
of them implored the investors
to not move against Raveen-
dran, a person familiar with the
EGM proceedings said.
The EGM began 90 minutes
late owing to the long queue of
unknown persons waiting to
enter the meeting. Eventually,
seven resolutions were put to
vote. These included a “request
for the resolution of the out-
standing governance, financial
mismanagement and compli-
ance issues at Byju’s; the recon-
stitution of the board of direct-
ors so that it is no longer con-
trolled by the founders of
(Byju’s parent company Think
and Learn Pvt. Ltd); and a
change in leadership of the
company”, Prosus said in its
statement.
ranjani.raghavan@live-
mint.com
14 Saturday, 24 February 2024
MuMbai NEWS LIVEMINT.COM

Health ministry
expands scheme for
Mediation Act to yield to IBC Govt sees
record road
pregnant women on debt resolution matters building in
FY24
Somrita Ghosh
somrita.ghosh@partner.livemint.co Subhash Narayan
m subhash.narayan@livemint.com
NEW DELHI The current process can be confusing, with multiple laws dealing with the same subject NEW DELHI

T T
he health ministry has he government expects
expanded its list of cate- Gireesh Chandra Prasad to end the financial year
gories of high-risk preg- gireesh.p@livemint.com 2023-24 with the high-
nancies to ensure that more NEW DELHI est ever capacity addition of
women have institutional highway projects, surpassing

T
deliveries and reduce deaths he government is likely to levels seen in the pandemic
during or after childbirth. shift the process of media- year 2020-21.
As per a notice issued by the tion for debt resolution to According to Anurag Jain,
family planning department The government launched the Insolvency and Bank- secretary in the ministry of
under National Health Mission PMSMA in 2016 MINT ruptcy Code (IBC) so that road transport and highways,
and sent to all state mission negotiations between creditors and the ministry expects to com-
directors on 14 February, the try launched extended defaulting businesses are exclusively plete 9,500km of new road
number of high-risk pregnancy (e-PMSMA) to further determined by bespoke provisions of projects that would add fresh
categories has been increased strengthen high-risk preg- the IBC, two people informed about the capacity to the country’s high-
from 10 to 24. nancy tracking. development said. way network.
“This step has been taken to The notice said, “Further- These matters currently fall under The government has set an
save more lives—both mother more, for tracking individual the purview of the Mediation Act of aspirational target to construct
and the new-born. The addi- high-risk pregnancy and provi- 2023. For the IBC to cover the process, 13,814km of highways in FY24
tion (of new categories) means sion of additional PMSMA ses- however, it will have to be tweaked. and had reached 7,685km till
a covid- positive woman will be sions, the ministry has devel- The ministry of corporate affairs is January.
covered under the pro- oped additional features in the likely to propose to the law ministry to Jain said construction
gramme,” said a senior official existing PMSMA portal: name notify the IBC that the debt mediation should reach 12,500km to
aware of the matter. based line-listing of high-risk process will not to be covered under 13,000km this year, of which
As per the health ministry, pregnancies (HRP), individual the purview of the Mediation Act. 9,500km would be actual
states where the highest num- tracking of HRP up to healthy That will enable a mediation regime This will let IBC’s bespoke provisions to exclusively determine negotiations between creditors and defaulting businesses. capacity addition and the rest
ber of pregnant outcome (till 45th to be built into the IBC ecosystem with will be road strengthening
women in their As per a notice, day after deliv- a focus on meeting the goals of debt said the second person, who also spoke in the schedule of proceedings dealing with resolution of stressed projects.
2nd or 3rd trimes- the number of ery), HRP catego- resolution—revival of the distressed on condition of not being named. excluded from the Act’s purview or by assets. This would be the highest
ter received ante- high-risk ries has increased businesses in the shortest possible time The Mediation Act of 2023, framed issuing a notification. Proceedings Daizy Chawla, senior partner at S&A ever level, even higher than
natal care under pregnancy from 10 categories and salvaging the value of the assets. to promote alternative dispute resolu- before bodies like the Competition Law Offices said that even if the parties fiscal year 2020-21 when a new
the Pradhan Man- to 24 categories, The current process can be confus- tion, says that any party before filing Commission of India, the Appellate settle financial debts through media- record of overall highway con-
categories has
tri Surakshit additional tab for ing for stakeholders, with multiple laws any suit or any civil or commercial Tribunal for Electricity, Petroleum and tion, it is still not clear whether the tag struction was created with
Matritva Abhiyan been increased pregnant women dealing with the same subject. court proceeding, may voluntarily Natural Gas Regulatory Board and its of ‘wilful defaulter’ or other consequen- 13,327km being built. How-
(PMSMA) in Janu- from 10 to 24 check-up and In addition to excluding debt resolu- explore pre-litigation mediation. appellate tribunal and the Securities ces due to default which promoters or ever, it had only 8,400km of
ary are: Uttar Pra- HRP detection in tion -related talks from the Media- guarantors face will be cleared. new capacity addition while
desh (153,766), other than 9th of tion Act, the government has to MEDIATION MEASURES “With respect to operational the remaining 4,900km
Andhra Pradesh (29,085), every month, provision of addi- tweak the IBC to enable a 30-day debt, mediation can be considered was road strengthening pro-
Bihar (24,446), West Bengal tional PMSMA session over and mediation window that stakehold- PROCESS of FOR the IBC to MEDIATION regime gOVT has to tweak as a good initiative as the opera- jects.
(16,202) and Karnataka (16,122). above 9th day of every month ers can voluntarily opt for. mediation for debt cover mediation to be built into IBC IBC to enable 30-day tional creditor would like to pro- “Capacity augmentation
resolution currently process, however, ecosystem will aim window that
So far, 47.34 million women (max four times in a month), “The Central government has to falls under the Act will have to to meet the goals of stakeholders can ceed with mediation -- as they are projects are the ones that add
have been covered under the ASHA profile generation, sta- amend the IBC, make the rules and Mediation Act 2023 be tweaked debt resolution voluntarily opt for well aware that if the case is admit- fresh road capacity to the net-
programme. tistical representation of vari- create the facilities for mediation ted under IBC, they will either get work and is the right barome-
The government launched ous services under PMSMA/ attached to the National Company very little or nothing,” said Chawla. ter to measure what kind of
PMSMA in 2016 to provide e-PMSMA, sms alert to benefi- Law Tribunal. Regulations will be An expert panel recommended and Exchange Board of India and its Operational creditors like suppliers work is being done in the sec-
fixed-day, free-of-cost, assured, ciary as well as to the ASHA for made by the bankruptcy rule maker mediation in a 31 January report as a appellate tribunal are excluded from to businesses tend to settle the case and tor,” Jain said.
comprehensive and quality registration of HRP and follow Insolvency and Bankruptcy Board of way of smoothening debt resolution the Mediation Act’s purview. collect their dues rather than pursuing “Beyond this, there are
antenatal care on the 9th day of up visits.” India,” said one of the persons cited under the IBC. It suggested that for Experts pointed out that in many bankruptcy proceedings. highway strengthening pro-
every month to all pregnant An email sent to the Union above, who spoke on condition of ano- clarity and to reduce the scope for con- cases lenders and borrowers usually Queries emailed to the ministry of jects that don’t add fresh
women in their second and health and family welfare seek- nymity. fusion, IBC proceedings may be specif- make attempts to settle the issue before corporate affairs on Thursday seeking capacity but repair and
third trimester. ing response was unanswered The legislative changes are expected ically excluded from the Mediation Act. invoking the IBC, including under the comments for the story remained remodel the existing net-
In January 2022, the minis- at press time. after the national polls in April-May, This can be done by specifying IBC notifications of various RBI circulars unanswered at the time of publishing. works.”

UAE dropped Trai’s new rules will mandate telcos to identify callers Zee board forms
from financial
crime watch
Shouvik Das
shouvik.das@livemint.com
advisory panel tion for it was held in March ble to the full range of services
last year, following which the and functionality that True-
NEW DELHI final recommendations have caller offers to our more than
list of nations now been released. 374 million users. With our Lata Jha Agarwal and P. V. R. Murthy.

T
he Telecom Regulatory The release of the recom- technology and AI capabilities, lata.j@htlive.com “The committee will inde-
Reuters Authority of India (Trai) mendations brings the intro- Truecaller goes beyond just NEW DELHI pendently provide guidance
feedback@livemint.com on Friday released its duction of default caller ID providing a basic number on the measures and future

Z
final set of recommendations services one step identification ee Entertainment course of action that the

T
he United Arab Emirates to introduce caller identifica- closer to being The CNAP feature service,” a True- Enterprises Ltd is board is required to take in
(UAE), home to the tion (caller ID) as a default fea- introduced. Once is likely to caller spokesper- establishing an advi- order to protect the interests
financial hub of Dubai, ture across domestic telecom- launched, the compete son said. sory committee to help it pro- of all the stakeholders of the
has been dropped from a munications networks, nearly feature is likely to with caller However, it tect the interests of stake- company,” Zee said.
global watchdog’s list of coun- two years after the Depart- compete with remains to be holders amid what it said were Over the past few weeks,
identification
tries at risk of illicit money ment of Telecommunications caller identifica- seen how such a misinformation and rumours according to media reports,
flows, a win for the nation that (DoT)’s initial proposal for the Trai floated a consultation paper for Calling Name Presentation tion providers providers such as feature could be resulting in negative public the Securities and Exchange
could bolster its international same. in November 2022. BLOOMBERG such as True- Truecaller rolled out across opinion about the company. Board of India (Sebi) has
standing. The final set of recommen- caller—with the the country—and “The board has approved to unearthed a financial discrep-
The Financial Action Task dations proposed that all tel- and the regulatory body has when a phone call is received. latter working on how the offering constitute an ancy exceeding
Force (FATF), a body that cos “should provide Calling recommended the govern- The service is likely to work as an ad-supported and subscrip- of commercial caller identifi- i n d e p e n d e n t The move aims to $240 million or
groups countries from the US Name Presentation (CNAP)” as ment issue orders for all telcos an on-request feature for tion model for customers. cation services work in tan- advisory com- help Zee protect around ₹2,000
to China to tackle financial a “supplementary service” to to start the service in a certain users. Telecom operators did not dem with the Digital Personal mittee that will the interests of its crore, in the
crime, on Friday, dropped the customers “upon their time. The recommended After DoT’s March 2022 immediately offer a statement Data Protection (DPDP) Act, enable it to stakeholders accounts of Zee
UAE from its ‘grey list’ of request.” CNAP model will see phone proposal to introduce the ser- on Trai’s recommendations. 2023—which is set to be intro- review and take Entertainment
amid
around two-dozen nations A technical model to roll out calls in India show the name vice, Trai floated a consulta- “With regards to CNAP, we duced following the notifica- cognizance of the Enterprises. This
considered risky. caller identification has been on which a number was regis- tion paper for CNAP in do not see that it would be a tion of DPDP rules later this widespread cir- misinformation amount is nearly
The Gulf country, a magnet outlined by Trai to the Centre, tered with a telecom operator November 2022. A consulta- competitive service compara- year. culation of mis- and rumours 10 times what
for millionaires, bankers and information, Sebi investiga-
hedge funds, was placed under market rumours, tors had initially
closer scrutiny in 2022, when and speculation that has led to estimated.
the FATF highlighted the risk
of money laundering and ter-
rorist financing involving
Pernod to build malt spirit distillery in Nagpur the formation of negative The development came
public opinion about the shortly after the collapse of
company and consequent Zee’s proposed merger with
banks, precious metals and erosion of investor wealth,” Sony Group Corp.’s India
stones as well as property. Suneera Tandon The investment will be ones such as Chivas Regal, Bal- the company said in a state- unit.
The delisting is a coup for suneera.t@htlive.com deployed in phases over the lantine’s, Glenlivet and Jame- ment on Friday. Further, Zee also had to
the one-time regional pearl NEW DELHI long-term, Touboul said. son. The committee will be pre- issue a clarification denying
and fish trading hub which is “We're talking about a decade Once complete, the new dis- sided by Satish Chandra, a reports of restarting discus-

now one of the world’s wealth-
iest nations after the discovery
of oil in Abu Dhabi in the late
1950s.
It had made getting off the
list a priority, bolstering its
anti-money-laundering efforts
in a drive spearheaded by the
minister of foreign affairs and
brother of President
Mohamed bin Zayed Al
Nahyan.
John Kartonchik, a director
at UAE think tank Re/think,
said the move could boost con-
fidence in the country and
attract more money from
overseas. “Investors ... may feel
more secure,” he said.
T
he Indian arm of French
spirits company Pernod
Ricard has signed a
memorandum of understand-
ing with the Maharashtra gov-
ernment to set up a malt spirit
distillery in Nagpur. It will
invest up to €200 million
(₹1,794 crore) for this over the
next decade.
Once complete, the distill-
ery in the industrial suburb of
Butibori in Nagpur will be one
of the largest in India, capable
of producing up to 60,000
litres of malt spirit a day.
“For us, it's really the
moment to reinforce that
India is one of the key strategic
for this investment to roll out
in phases,” he added. The dis-
tillery will take at least two-
and-a-half years to build.
The company has identified
India as a priority market. In an
interview with Mint in Decem-
ber, Touboul said Pernod
Pernod Ricard operates 24 facilities in India—some fully owned Ricard was on track to tripling
by it, some through joint ventures, and some are leased. REUTERS its net sales in India over the
coming decade.
markets for Pernod Ricard. Touboul, CEO, Pernod Ricard In fiscal year 2023, India
We are the second-largest India, said in an interview with surpassed China as the sec-
market for Pernod Ricard by Mint. Pernod Ricard operates ond-largest market by net
net sales and it's obviously very 24 facilities in India. Some of sales for the company, after
important for the group to these are fully owned by the the US. Pernod Ricard India
succeed in India and to fully company, some are through sells mass-market brands such
benefit from the long term joint ventures, and some are as Royal Stag, Blenders Pride
potential of this market,” Jean leased. and 100 Pipers, and premium
tillery will employ between
700 and 800 people, the com-
pany said, and produce spirits
such as Longitude 77, Royal
Stag, Blenders Pride and 100
Pipers, among others. Pernod
Ricard India aims to procure
up to 50,000 tonnes of barley
a year from farmers for this.
India’s liquor industry is set
to record revenues of ₹4.45
trillion in FY24, according to a
2023 report by ratings firm
Crisil. Pernod Ricard India
posted a consolidated revenue
from operations of ₹25,039
crore in FY23, up from ₹22,741
crore in FY22, according to
data sourced from Tofler.
former judge of the Allahabad sions with the Sony group to
High Court, and will comprise revive their $10 billion merger
two independent directors of that was terminated on 22
the company, Uttam Prakash January.
CORRECTIONS AND CLARIFICATIONS
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LIVEMINT.COM NEWS Saturday, 24 February 2024
MuMbai 15

Vodafone Idea
NPCI told to review Paytm’s Yulu raises $19 mn
starts pilot for
radio access from two investors
network tech application for UPI services Samiksha Goel
samiksha.goel@livemint.com
BENgaluru
the company is looking to raise
its Series C funding this year.
He said Yulu aims to
Gulveen Aulakh strengthen the mobility-as-a-

E
gulveen.aulakh@livemint.com lectric mobility startup service segment by deepening
NEw DElhi Yulu has raised $19.25 existing business lines and
Payment service providers in the country need a third party application provider licence million in equity funding expanding into new use cases

V
odafone Idea (Vi) has
started a pilot project to
deploy commercial
Open RAN technology in col-
laboration with Mavenir, a pro-
vider of open radio access net-
Gopika Gopakumar may see settlement accounts opened
gopika.g@htlive.com with one or more PSP banks other
MuMBai than Paytm Payments Bank.
The regulator has reiterated that
from existing investors Magna and geographical areas.
and Bajaj Auto Ltd. “Hence, we will look to raise
“The additional capital additional funds to power our
raised will enable Yulu to main- growth. We are gratified to see
tain its growth streak and a lot of inbound interest from
strengthen its market leader- institutional investors and will

work technology.
Open RAN technology helps
telecom operators to source
hardware and software from
different suppliers, thus ending
dependence on single vendors.
Mavenir is in advanced com-
mercial phase of this deploy-
ment, the two companies said
in a statement.
The deployment, which
started in September, is cur-
rently handling live commer-
cial traffic across key sites.
Jagbir Singh, chief technol-
ogy officer, Vi, said the Open
RAN technology is transforma-
tive and will contribute to net-
work enhancement, cost effi-
ciency and the introduction of
open interfaces, which are
poised to propel the industry
forward.
Unlike Reliance Jio and Air-
tel, which opted for traditional
5G technologies from Nokia
and Ericsson, Vi is the only car-
rier to look at deploying Open
RAN technology for commer-
cial purposes.
T
he Reserve Bank of India on
Friday announced more
measures to ensure UPI
customers using the
@paytm handle operated by
Paytm Payments Bank continue seam-
less digital payments even after the 15
March deadline to halt further credits
to the accounts and wallets of the
bank's customers.
RBI has instructed the National
Payments Corporation of India (NPCI)
to review One97 Communication's
(OCL) request to become a third party
application provider (TPAP) for the
UPI channel on the Paytm app.
"It has been further advised that in
the event of NPCI granting TPAP sta-
tus to OCL, it may be stipulated that
‘@paytm’ handles are to be migrated
in a seamless manner from Paytm Pay-
ments Bank to a set of newly identified
banks to avoid any disruption. No new
users are to be added by the said TPAP
until all the existing users are
migrated satisfactorily to a new han-
dle," said RBI in its press release.
These directives apply to only those
customers and merchants who have
@paytm UPI handle.
those customers with underlying
account/ wallet with Paytm Payments
Bank should make alternative
arrangements with other banks well
before 15 March.
Holders of FASTag and National
Common Mobility Cards (NCMC)
issued by Paytm Payments Bank have
also been instructed to make alterna-
tive arrangements before the dead-
line.
With RBI asking Paytm Payments
Bank to wind down operations and
shut its nodal accounts by 15 March,
the TPAP licence is crucial for Paytm
to continue its operations, amid con-
Paytm is presently not classified as a TPAP due to UPI transactions being routed cerns of RBI revoking the payments
through Paytm Payments Bank. MINT bank licence once customers and mer-
chants have migrated to other plat-
Payment service providers (PSPs) routed through Paytm Payments forms or linked their accounts to other
need to obtain a TPAP license from Bank. banks. The regulator had earlier
NPCI to run UPI services and facilitate In order to mitigate concentration rejected Paytm's request for a pay-
merchant transactions through part- risk, RBI has also directed NPCI to cer- ment aggregator licence.
ner banks, as per the current regula- tify four-five banks as payment service Last week, RBI asked OCL to shift its
tions. Twenty-two entities, including provider banks capable of handling nodal accounts to Axis Bank from
Amazon Pay, Google Pay, Mobikwik, high volume UPI transactions to part- Paytm Payments Bank, which will
PhonePe, and WhatsApp, currently ner with Paytm. This is in line with allow the company to continue oper-
have a TPAP licence. NPCI norms for minimising concen- ating Paytm QR, Soundbox and card
Paytm is presently not classified as tration risk, it said. machines even after the 15 March
a TPAP due to UPI transactions being Merchants using Paytm QR codes deadline set by the RBI.
ship as it expands in terms of raise additional capital later
vehicles, operational locations, this year,” he added.
and product and technology Bajaj Auto, in a regulatory fil-
innovation to keep up with the ing on Thursday, said it has
rise in demand raised its stake in
from users,” Yulu Co-founder and Yulu to 18.8% of
said in a statement CEO Amit Gupta the paid-up share
on Friday. said the equity capital with an
C o - f o u n d e r infusion will help additional ₹45.75
and chief execu- crore investment.
the company
tive officer (CEO) Yulu currently
Amit Gupta said fast-track its runs 30,000 EVs
the equity infu- growth plans across Bengaluru,
sion will help the Mumbai, Navi
company fast- Mumbai, Delhi
track its growth plans. and Gurugram. It competes
“Yulu has seen demand with startups like Zypp Electric
speeding up in the last couple and Vogo in the e-bike market.
of quarters. In particular, our The company gained promi-
shared EV (electric vehicle) ser- nence via partnerships with
vices have transformed the players in the delivery and
urban delivery landscape by e-commerce landscape such as
increasing the share of green Swiggy, Zomato and Zepto.
deliveries while enabling liveli- Mint had reported in Janu-
hoods through disruptive ary that Yulu aims to go public
product features, technology- in 2026. The company is work-
powered operations, and a ing towards improving its reve-
superior customer experi- nue, and expects to reach its
ence,” he said. profitability targets by the first
Gupta also confirmed that half of this year.

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BRIHANMUMBAI MUNICIPAL CORPORATION Toll free No.19121 OR 1800 233 155 335
TREE AUTHORITY E-Tender Notice:UGVCL/Project/Solar/PM-KUSUM-C-FLS/ TN-111
-PUBLIC NOTICE- UGVCL invites Request for Selection of Solar Power Generators for
In accordance with the provision under section 8 (3) (C) of the Purchase of Solar Power through 'On-line' competitive bidding process
Maharashtra (Urban Areas) Protection & Preservation of Trees Act 1975 (followed by reverse e-auction) for Solarization of various 11 KV
(As modified upto January 2019) 01 proposal form ‘L’ Ward, Agricultural feeders of selected 66 / 11 KV Sub-stations in supply area of
01 proposal form ‘M/E’ Ward, in Zone - V & 01 proposals from ‘N’ Ward, UGVCL under RESCO mode of PM-KUSUM Component-C Feeder
03 proposal from ‘S’ Ward 01 Proposal from ‘T’ Ward in Zone - VI, i.e. level Solarization Scheme of MNRE, covering 86 Substations with
Total 07 Proposals are received requesting approval of Maharashtra aggregate Solar plant capacity of 170.5 MW. Interested Bidders are
State Tree Authority / BMC’s Tree Authority / Municipal Commissioner, requested to visit web-site https://tender.nprocure.com (for RfS
Chairman, Tree Authority (BMC) for removal of dead / dangerous trees. documents view, down load and on line submission) and web-site
The information of the trees for cutting / Transplanting of trees in www.ugvcl.com (for view & down load only). Interested bidders are
in above mentioned proposals is available on BMC website requested to regularly visit the above websites to check for amendment, if
https://portal.mcgm.gov.in --> About us --> ward / Department --> any in the Tender.
Department manuals --> Gardens & Tree Authority --> Tree Authority Date:-24/02/2024 Chief Engineer (P&P)
--> 649 - Public notice 7 days -->
Objections / suggestions from citizens for aforesaid proposals, if
any, are invited in prescribed format within 7 days from the date of
published of this notice in the office of Supdt. Of Gardens & Tree Officer.
You can also submit your suggestions / objections in prescribed
format on dysg.ta@mcgm.gov.in this email-ID. Your suggestions/
Objections in prescribed format received in stipulated time will be noted.
Emails or written suggestions / Objections received after the said date
will not be entertained. Hearing for the objections/ suggestions obtained
will be given on 01/03/2024 at 04.30 p.m at the office of Supdt.
Of Gardens & Tree Officer. Those who find it necessary to attend this
hearing can remain present with a copy of their e-mail,
suggestions/objections.
Supdt.of Gardens & Tree officer of the Tree Authority
Humboldt Penguin Building, 2nd Floor,
Veermata Jijabai Bhosale Botanical Garden, Sant Savta Mali Marg,
Byculla (East), Mumbai-400 027.
Tel. No. 23742162
Email - dysg.ta@mcgm.gov.in
Sd/-
PRO/3044/ADV/2023-24 Supdt.of Gardens & Tree Officer
Let’s together and make Mumbai Malaria free.
 MUMBAI, NEw DELHI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCKNOw* VOL. 7 NO. 48 Rs. 10.00 16 PAGES

Saturday, February 24, 2024

Review Paytm application for Pernod to build malt spirit

livemint.com TPA provider, NPCI told uP15 distillery in Nagpur uP14

SENSEX 73,142.81 15.43 NIFTY 22,212.70 4.75 DOLLAR ₹82.95 ₹0.10 EURO ₹89.72 ₹0.19 OIL $82.55 $0.61 POUND ₹104.98 ₹0.02

EGM ousts founder, Go First gets ₹7K cr Booster for DON’T MISS
MINT

rooftop solar,
joint bid from Ajay power for EVs
but Byju’s unfazed Singh, Busy Bee at home
Rituraj Baruah
Investors move NCLT citing mismanagement by co leadership Anu Sharma rituraj.baruah@livemint.com
anu.sharma@livemint.com NEw DELHI
NEw DELHI Mediation Act to yield powers to
Ranjani Raghavan & Sneha Shah

Q
uicker installation of bankruptcy code on debt issues
lEARNING PANGS
S
MUMBAI piceJet boss Ajay Singh rooftop solar projects, The government may shift mediation for debt
and Busy Bee Aviation dedicated power con- resolution from under the Mediation Act of

T
he emergency meeting
called by Byju’s investors
began with chaos but
turned out as expected:
with shareholders voting
to oust CEO Byju Raveendran and
revamp the board, and the online
tutor dismissing the resolutions as
Jun 2023*
BOARD members, including
investors representing Peak XV
(Sequoia), Prosus and CZI resign.
Jan 2024*
BYJU’S proposes a $200 million
Jul & Dec 2023*
INVESTORS call for an EGM to
propose forensic audit and
ouster of CEO. Denied each time.
have submitted a joint nections to charge 2023 to the Insolvency and Bankruptcy Code
₹7,000 crore rescue plan for electric vehicles at home, and (IBC) so that negotiations between creditors
bankrupt airline Go First, two speedier grant of electric con- and defaulting businesses are exclusively
people aware of the develop- nections to households may be determined by provisions of the IBC. >P14
ment said. a reality soon, with the govern-
Go First’s committee of cred- ment tweaking key rules in
itors (CoC) on Friday discussed this respect. Sugar mills free to sell potash
this bid, as well as a rival bid largest trade partner overall.
perio
to $4.54 billion during the same period
year.
high sugar content, packaged
processed food (with high con-
from molasses, get subsidies
attracting zero duty in Israel, the FTA of the previous VOL. NO. 7
18 preserv-

invalid. Friday’s extraordinary gen- from Sky One, the people cited
in GazaPUNE*,
CHANDIGARH*, tentLUCkNOw*
of salt, sugar and

1 Feb 2024 Go First’s CoC on Friday

CHENNAI, AHMEDABAD, HYDERABAD,
campaign
Israel’s military

rights issue to tide over liquidity

kOLkATA,
in other
NeW DelHI, MUMBAI, BENGALURU,
h diamonds from with Israel will
benefit trade atives), fast food etc with diets

re, Indian exports

lready declining in FTAJanuaryhave moved
than diamonds.

slowly since starting

eral meeting was attended by 27
sells back in a pol- commodities more and India on an Diplomatically, India has had to bal- rich in fresh
Talks between Israel
crunch at 0.1% of last valuation. above said on condition of ano- discussed this bid, as well as a
Monday,
to a slowdown in the back in 2010. demand
et and supply con- included an Indian
2024
8, Key
INVESTORS representing 30% the move-
s when the war for allowing
broke. ment of Indian IT profes-
has created other challenges for India.
ance its relationship between Israel and
its partners in the Arab world. lets,
fruit and vegeta-
bles, healthy juices, nuts, mil-
whole grains etc”.
Sugar mills can now sell potash derived from
issues
The crisis can have an impact
on ambitious connectivity cipals
The 1 January letter to prin-
and deans said non-
molasses to fertilizer companies and receive
diseases
initiatives like the India communicableof all deaths in
$3.51 bn Middle East Economic account
for 63%

investors, including Prosus, General nymity.

with cardiovas-
wever, former sionals to Israel. Corridor, which will con- the country, leading with

of the shareholders call for an rival bid from Sky One. REUTERS C chairman and
Kama Jewelry MD Colin
Further, the Indian
side has
said diamond that Israel was
voiced concerns
likely to
more from an FTA,
India’s export to
Israel during
Apr-Nov 2023
nect India to the Middle cular diseases chronic respi-
East and beyond
Europe.
to 27% followed by
ratory diseases (11%), cancers
(3 %) and others
subsidies on their manufacture, food and
exports from India haven’t gain far Meanwhile, attacks on (9%), diabetes

Atlantic, Sofina, and Peak XV Part-
21 Feb 2024 EGM to be held on 23 Feb 2024. “The joint bid by Singh is en impacted much, given the mismatch
are now buying dia- size of the two
i or Antwrep, where
in the
economies.
But in May 2023 Israel’s foreign min-
global shipping by Yemen’s
Houthi militants, due to Israel’s mili-
pushed the FTA saying tary actions,
(13%). He said NCDs are driven
by four risk factors: tobacco

ful use of
inactivity, harm-
have also jeopardized vital use, physical alcohol and
public distribution secretary Sanjeev
ond shipments are ister Eli Cohen

ners. higher than the other party investors.

a trade deal was essential to strengthen
t with diamonds economic relations. livemint.com
Red Sea trade routes.
shashank.mattoo@ livemint.com unhealthy diets.
Chopra has said, amid efforts by India to
BYJU’S moves Karnataka HC for DOLLAR p solar reduce its fertilizer imports. >P13
Norms may be eased for roofto
EURO
Earlier on Thursday, these inves- stay on EGM, gets order in favour. 22 Feb 2024 (Sky One). The committee of “The joint-party bid hasent ₹83.16 ₹0.00

ble capacity of 500 GW by

tors, with support from Tiger Global creditors will announce their made an upfront payment of
Rituraj Baruah 2030.
The second person said the
Investors go ahead with plan. rituraj.baruah@livemint.com
NEW DELHI national portal for rooftop
solar may be revamped to pro-

FOUNDERS say they will

rabies
he slow growth in roof- vide more relevant informa-

and Owl Ventures, filed a petition decision in 15 days after further ₹300 crore. As per their pro-
to pre-
bites.
had T top solar projects for
homes is prompting the
tion and datasets along with
making it user-friendly.
Queries mailed to the minis-
boycott EGM; investors move owl-
fying
power ministry to look at new
norms to boost adoption and tries of power and new and

before the National Company Law

23 Feb 2024 NCLT against rights issue discussion and assessment,” posed plan, they are likely to pled
acili-
ted in
cted.
speed up installation.
The need for technical feasi-
bility and prior permissions
may be removed, said a person
renewable energy remained
unanswered at press time.
The Centre also provides
financial assistance for resi-
dential solar rooftop projects.
Show caller’s name in incoming
Tribunal against Byju’s $200-mil- one of two people said. Sky monetize the land assets of Go
aware of the developments.

calls on user’s request, says Trai

ment
l One “There is no need for tech- In another effort to make it
inis- nical feasibility and prior per- for installations with less more attractive for homeown-
Relaxation in norms may be allowed ers, the union ministry for new
areas of mission for setting up rooftop BLOOMBERG

health solar at homes. That require- than 10 KW capacity. & renewable energy on Friday

lion rights issue, citing alleged sup-
EGM votes out founders, calls for One’s bid amount could not be First for the amount owed to mple-
arious
is ment may not remain manda-
tory. Further, after the instal-
lation of panels, people from
a consultation paper but no
decision has been taken so far,
said another person.
2022, only 5.87 GW of rooftop
solar projects has been
installed, less than 15% of the
revised the Central Financial
Assistance (CFA) for residen-
tial solar rooftop projects.
New beneficiaries can get
Mobile phone users in India may soon get to
revamping board. Resolutions *Dates not known pro- discoms are required to visit
and set net metering. There Net metering is needed for target, Parliament’s standing
additional financial assistance

pression of investor rights and mis- ascertained. the banks,” the second person
m e s
rooftop solar installations con- committee on energy said in
CDC, should be a timeline for that. May. Currently of ₹10,000 to ₹22,000 under

management of the company, a per-
son with knowledge of the develop-
ment said, declining to be identified.
The developments signal a ratch-
eting of the increasingly acrimoni-
ous relationship between Byju’s and
its investors, which has spiked after
the troubled edtech company
announced the rights issue, which
dilutes the shareholding of non-par-
ticipating investors by 99%.
“At today’s extraordinary general
meeting shareholders unanimously
passed all resolutions put forward for
vote,” the Netherlands-based Pro-
not binding, says Byju’s
sus, the second-largest stakeholder
in Byju’s with more than a 9% share,
said in a statement.
“As shareholders and significant
investors, we are confident in our
position on the validity of the EGM
meeting and its decisive outcome,
which we will now present to the
Karnataka high court in line with
due process,” it said.
Byju’s, which said on Wednesday
that it had secured a favourable
Source: Bloomberg
order from the high court staying
any outcome from the EGM, said the
resolutions were invalid and not
binding on the company.
“These resolutions merely
request the board to “consider” the
recommendations passed at the
EGM. They do not have any binding
effect whatsoever on the company or
its decision-making processes. As
TURN TO PAGE 13
The Go First rescue attempt
received a fresh lease of life last
week after receiving two bids.
The carrier, which has been
grounded since May 2023, has
been undergoing an insolvency
process since then. SpiceJet
chairman and managing
director Singh submitted his
bid jointly with Busy Bee Avia-
tion. Nishant Pitti, co-founder
of online travel platform Ease-
MyTrip, has a 51% stake in Busy
Bee Aviation, while the remain-
ing 49% stake is held by local
WE BROKE see the name of the caller - not just their
cited above said. phone number - with the telecom regulator
Queries sent to SpiceJet, THE NEWS asking companies to make this a
Ajay Singh, and Sky One supplementary feature available to users on
remained unanswered. When mint DATED 8 JAN 2024 request. >P14
contacted, Pitti said the bid
remains “confidential”. Rooftop solar installations
“Our bid for launching the with a capacity of up to 10 KW Govt eyes record road building
airline remains confidential, will not need a technical feasi- by end of the ongoing fiscal year
guarded by the committee of bility study anymore after the
The government expects to end the financial
creditors until a successful bid- government amended the year 2023-24 with the highest ever capacity
der is announced. With a clear Electricity (Rights of Consum- addition of highway projects, surpassing
objective in mind, we are ers) Rules, 2020 on Friday. levels seen in the pandemic year 2020-21. The
poised to commence opera- Mint was the first to report on ministry expects to complete 9,500km of
new road projects in the period. >P14
TURN TO PAGE 13 TURN TO PAGE 13

Scramble for CAs ‘Expect interest rate to normalize Banks raise costly funds as
sparks pay hikes, as inflation approaches 4% goal’ credit jump beats deposits
retention steps Cash crunch
Gopika Gopakumar
gopika.g@htlive.com
MUMBAI
the target of 4%. The pace of
this normalization depends on
the evolution of inflation pro-
Shayan Ghosh
shayan.g@livemint.com
MUMBAI
Banks’ liquidity deficit stood at
Banks tap the central bank’s
MSF window when money
turns scarce in the interbank or
Devina Sengupta ₹2.6 trillion as on 22 February.
jections ahead. call market. The weighted
Liquidity surplus in banking system

M T
devina.sengupta@livemint.com onetary Policy Com- Talks are on about a poten- he frenzy for credit is (in ₹ trillion) average call rate stood at 6.55%
MUMBAI mittee (MPC) member tial MSP hike. If that hap- forcing banks to issue 4 as on 22 February, cooling off
Jayanth R. Varma, the pens, would you be chang- costly certificates of from the 6.7% levels seen ear-

I
n the engine rooms of
finance, chartered account-
ants have always had a spe-
cial place. Now, they are more
valuable than ever before.
Top professional services
companies and dedicated CA
firms are offering pay hikes of
as much as 50% for lateral hires,
multiple industry executives
said. Plus, on offer are options
to work in consulting divisions
if auditing and taxation become
too cumbersome, and training
in artificial intelligence-led
programmes to retain CAs who
are trained to sift through com-
pany details with a hawk eye.
Rising compliance require-
ments in a growing economy
are fuelling demand for those
well-versed in goods services
and tax (GST), corporate taxes,
initial public offerings (IPOs)
and audit work.
Even as long work hours and
stress prompt many to jump
ship, employers cannot freely
dial up hiring as in other sec-
tors, since only a limited num-
ber of candidates qualify to be
CAs every year. The result:
Every industry is scrambling to
hire CAs, led by financial insti-
Dedicated CA firms are
offering pay hikes up to 50%
for lateral hires. ISTOCKPHOTO
Meanwhile, the ‘Big Four’—
commonly used to refer to
audit firms KPMG, EY, Deloitte
and PwC—are at the receiving
end as well. To retain their CAs,
some of these firms are offering
to move them away from pure
vanilla audit roles, and open up
areas of work in business strat-
egy, AI, and financial transfor-
mation for clients.
“The role of CAs has evolved
well beyond traditional doma-
ins, and they now play a role in
business and financial transfor-
mation and work in strategy-
related roles,” said Deepti
Sagar, chief people and experi-
ence officer, Deloitte India.
only member of the six-mem- ing your views? deposit and tap a central bank 2 lier this month.
ber panel to call for an interest The current forecasts window for money, at a time of Banks have raised deposit
rate cut at the its February already incorporate a high level scarce liquidity and weak rates to attract funds, but net
0
meeting, says he is not worried of food inflation that is being deposit growth. inflows have not kept pace with
0.3
if the Reserve Bank of India offset by moderation of core The government’s cash bal- the kind of credit demand
(RBI) announces a rate cut inflation. So, reasonable ances with the central bank -2 banks are witnessing. While
before the US Federal Reserve. Jayanth R. Varma. increases in MSP would not be stood at about ₹3.8 trillion on deposit growth stood at 13.6%
In an interview a day after the a matter of concern from a Thursday, and bankers hope -4 -2.6 year-on-year (y-o-y) as of 9 Feb-
22 Feb 2023 22 Feb 2024
release of the MPC minutes, cient monetary autonomy to monetary policy perspective. the situation will improve ruary, growth in non-food
Negative figures denote a liquidity deficit.
Varma said he expects normali- base its monetary actions on Is the current liquidity defi- when government spending credit was at 20.4% y-o-y in the
Source: Bloomberg
zation of interest rates and that the needs of the domestic econ- cit a concern for policy deci- picks up, and money finds its same period.
SATISH KUMAR/MINT
his views regarding an interest omy. Moreover, the statutory sion making? Would you be way into the banking system. Bansal said it is cheaper to
rate cut will remain unchanged mandate of the MPC covers okay with a deficit of Liquidity deficit stood at ₹2.6 director, IDBI Bank. “Banks are borrow from MSF than issue
even if there is the possibility of only inflation and growth. around ₹1.5 trillion? trillion as on 22 February, dipping into their SLR securi- CDs. “Bulk deposit and CD
a hike in mini- External sector When the call rate breaches slightly lower than ₹2.8 trillion ties—government securities rates have gone quite high. In
mum support
price (MSP) in
m INTERVIEW considerations
are completely
the upper end of the corridor,
that represents serious frictions
on 21 February, as per data from
Bloomberg, but has nonetheless
and other sovereign papers—
and given that everyone is sit-
the shortest tenure of bulk
deposits—46 days to 91 days—
the future. outside the (if not failure) in the process of stayed in deficit since 8 Decem- ting on surplus SLR, it can be the rates are at 7.20–7.35%;
Edited excerpts: MPC’s mandate. monetary policy transmission ber. used in such situations to bor- three-month CDs ending in
Since you are the first one to Do you expect a series of from the policy rate to the over- “Because credit offtake is row funds through tri-party March are trading at
suggest an interest rate cut, rate cuts or just one? night rate. Like other transmis- quite strong, banks are manag- repos at 6.3–6.8% and at 6.75% 7.80–7.90%,” said Bansal.
do you worry about pre- I do expect a normalization sion frictions, this also ing the shortfall in deposits from the marginal standing According to a banker at a
empting a Fed rate cut? of interest rates in the medium increases the difficulty of mon- with short-term borrowings,” facility (MSF) window,” Bansal
I think that India has suffi- term as inflation converges to etary policy making. said Arun Bansal, executive added. TURN TO PAGE 13
A $150 billion question: What will Buffett do with all that cash?
Karen Langley economy and markets. Many guessed that Berkshire bought yields mean that money is
feedback@livemint.com are also eager to read any a financial stock because of an earning much more than in
reflections Buffett might share increase in the third quarter in the recent past.

tutions, startups and global
capability centres.
“With the economy opening
up, compliance needs have
shot up as companies now are
working on both domestic and
international clients. Behind
each IPO of a mid-sized firm,
there is a team of 30–40 CAs
working on the listing,” said
Ashok Shah, founding partner
of NA Shah Associates, that
offers auditing, accounting ser-
vices and employs 100 CAs
working alongside 400 train-
ees who are yet to get their
degree. “The Big Four often
recruit our talent at 40% hikes
when it would have been 25% a
year ago,” Shah said.
B
“There are 3,000–5,000 CAs
working with us, and we esti-
mate a growth of 20–25% this
year.”
The audit firm noted that to
retain CAs, “vertical and lateral
growth” need to be on offer so
that as employers, they remain
a preferred choice in a dynamic
environment that also includes
startups. “Over the last one
year, we are leveraging the core
skills that CAs have, such as
attention to detail, and offering
opportunities in non-conven-
tional advisory services,” Sagar
added.
Rival EY has seen the shift
TURN TO PAGE 13
erkshire’s tally of cash
and equivalents has
marched skyward for
five consecutive quarters,
reaching a record $157.2 bil-
lion at the end of September.
Whether it
finished
2023 at
new heig-
hts is one question investors
will look to answer when the
Omaha, Nebraska, company
releases its annual report Sat-
urday.
Followers will parse Buf-
fett’s accompanying letter for
any plans the famed investor
might have for that money as
well as his thoughts on the
on the life and contributions of
Charlie Munger , his longtime
partner and friend who died
28 November 2023.
Investors got their most
recent look at Berkshire’s sto-
ck-market
m o v e s
when the
company
disclosed it had trimmed its
flagship position in Apple in
the fourth quarter while
boosting its stakes in Chevron
and Occidental Petroleum .
One tantalizing mystery:
Berkshire wrote for a second
consecutive quarter that it was
requesting confidential treat-
ment from the Securities and
Cash and equivalents at Warren Buffett ’s Berkshire Hathaway has
grown for five straight quarters to a record $157.2 billion. REUTERS
Exchange Commission for one
or more holdings it omitted
from its public 13F filing. One
reason institutional investors
can ask the SEC to keep a hold-
ing private is that disclosing it
the company’s cost basis for Berkshire had more than
stock investments in the cate- $125 billion in short-term
gory of banks, insurance and investments in US Treasury
finance. bills on 30 September. Yields
Meanwhile, the tower of on such short-term govern-
cash leaves Buffett equipped ment debt rocketed higher as
to pounce should he spot an the Federal Reserve raised
attractive business to add to interest rates in a bid to tame
the Berkshire empire, which inflation. The yield on six-
includes insurer Geico, BNSF month Treasury bills, for
Railway and Dairy Queen. The example, was 5.35% Thursday,
cash also helps maintain what up from 0.71% in February
Buffett described in a Febru- 2022, according to Tradeweb
ary 2009 letter to sharehold- ICE closes.
would reveal a continuing pro- ers as Berkshire’s “Gibraltar- “A while back, when you
gram of buying or selling a like financial position.” could only earn zero, the cost
security. Investors can initially Many shareholders say they of holding that cash seemed
ask the SEC for confidentiality aren’t worried that so much like it was high,” said Bill
for up to one year. investing firepower is sitting in
Some observers have cash—especially since higher TURN TO PAGE 13