Fear and Despair: in Covid Country
Fear and Despair: in Covid Country
Fear and Despair: in Covid Country
www.mintasia.com SINGAPORE/KUALA LUMPUR MCI (P) 084/01/2021 April 30 - May 6, 2021, (Weekly) Vol. 9 No.17 PPS 1868/09/2015(025601) PRICE: SGD 6/RM 6
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Business.
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INSIDE mintasia
The covid crisis is a wake-up call Refining margins improve, but virus-led demand
concerns weigh on OMCs > Page 24
for even India Inc.
The current healthcare crisis is a sign that
Corporate India should change, and a portent that
it needs to indulge in corporate activism of a NOTE TO READERS
different kind, writes Rajrishi Singhal > Page 14
It was in April 2013 that HT Media launched
The second covid wave could mark MintAsia to cater to the global business reader
rooted in Asia. For the last eight years, it has been
a new beginning for India a privilege to keep our readers abreast of the
India has an opportunity to attract global capital trends shaping the Indian economy and markets.
with its political stability, reasonable tax rates and Now, in deference to the changing habits and
structural reforms, write V. Anantha preferences of readers amid a global pandemic,
India Inc offers balm amid viral disaster Nageswaran & Rahul Bajoria > Page 15 MintAsia is discontinuing its print edition. From
Indian companies are stepping in to fill the gaps in India’s healthcare infrastructure, crumbling under an explosion of next week, MintAsia will continue to be available
covid-19 cases, supplying medical oxygen, cryogenic vessels and oxygen concentrators > Page 4
We can’t afford to let vaccine as a digital publication. All future editions will be
scepticism get in the way available at https://epaper.livemint.com/asia.
Even if vaccines are found to be doing less than We look forward to your continued patronage and
we expected, they remain our best hope against engagement with us in the digital format.
Banking regulator caps terms of MD Prices of essential goods climb covid, writes Rahul Matthan > Page 15
and CEOs at private lenders Mini lockdowns across India have disrupted supplies and
The Reserve Bank of India has capped the tenure of pushed up prices of some essential goods > Page 8
managing director and chief executive officers (MD and
Demat account openings at a record high Corrections & Clarifications
CEOs), and whole-time directors of private banks at
15 years from the date of appointment > Page 5 Indian investors opened a record 14.2 million new demat
accounts in FY21, nearly three times the figure in the
MONEY feedback@livemint.com
Airlines brace for more turbulence previous fiscal year amid a robust market rally > Page 9
Things to consider before going for MintAsia welcomes comments,
Countries such as US, UAE, UK have placed restrictions
on travel and banned flights from and to India as covid DII holdings fall to a seven-quarter low a guaranteed insurance plan suggestions or complaints about errors.
It’s a good option for investors with a low-risk Readers can alert the newsroom to
infections continue to climb > Page 6 DIIs’ stake in 318 of the BSE 500 firms showed that
appetite and long-term horizon, but there are any errors in the paper by emailing us,
aggregate holdings stood at 13.64%, the lowest since Jun
better alternatives > Pages 18-19 with your full name and address, to
Maruti Suzuki India steps on the gas 2019 quarter > Page 10
feedback@livemint.com
despite second covid wave Franklin Templeton’s debt investors It is our policy to promptly respond to
Maruti Suzuki India Ltd is planning to increase production Blackstone commits $2.8 billion all complaints.
by 200 cars per day from May, as the country’s largest for majority stake in Mphasis see year of pain, with silver linings Readers dissatisfied with the response
carmaker bets that demand for personal mobility will Move will help global private equity major Blackstone, They have been able to recover some money, but or concerned about Mint’s journalistic
continue amid the resurgence of the pandemic > Page 6 which owns 56% of the firm, hold on to the stake for the asset management company’s very existence integrity may write directly to the editor
longer period. > Page 13 is under scrutiny > Page 20 by sending an email to
Rising caseload poses biggest threat Power Point | China’s recovery offers a good bet asktheeditor@livemint.com
to India rebound: monetary policy panel Jagdish Khattar: In memoriam for investors > Page 21 Mint’s journalistic Code of Conduct
RBI governor Shaktikanata Das said the surge in cases Jagdish Khattar, the former managing director of Maruti that governs our newsroom is available
and its impact on economic activity needs to be Udyog (Maruti Suzuki India Ltd), breathed his last on Money Matters | Sebi should lay down rules to at www.livemint.com
monitored, minutes of the meeting show > Page 7 Monday, 26 April. He was 78. > Page 13 offer adequate protection to investors > Page 21
COVER PHOTOGRAPH FROM REUTERS
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04 April 30 - May.6, 2021, SINGAPORE/KUALA LUMPUR www.mintasia.com
News mintasia
HEALTH CRISIS
RISING CASELOAD
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mintasia NEWS 05
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Banking regulator caps terms of 1 January this year for a period of three years,
which means his tenure will now end on 1
January 2024. Dipak Gupta, joint MD, may
also not be eligible to succeed Kotak as he
+ ADVERTISEMENT
Experts including
Deepayan Mohanty, MD, SUPPLY CHAINS: BECOMING
Hemera group offered specific
https://theospas.com/2021/04/23/security-and-the-supply-chain-is-full-resilience-restored/
Author: Drishti Rangi, Intern, Corporate Communications, Hemera Group | email: srijla@hemeraglobal.com www.hemeraglobal.com
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06 NEWS
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mintasia
STRINGENT CURBS
Amex, Diners
Club barred Airlines brace for more turbulence
from adding new
customers amid a fresh wave of travel bans AP
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mintasia NEWS 07
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GLOOMY MINUTES
Banks asked to
Rising caseload poses biggest report taxpayers’
interest income
threat to India rebound: MPC PTI
B Y R E N U Y A DAV
renu.yadav@livemint.com
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RBI governor Shaktikanta Das NEW DELHI
UNINTERRUPTED SUPPLY
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mintasia
TRANSPORTING JABS
Serum eyes early
nod for Covovax Vaccine cargo lifts prospects for
airlines as passenger traffic sinks
B Y L EROY L EO
leroy.d@livemint.com
········································
NEW DELHI
SUPPLY DISRUPTION
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mintasia NEWS 09
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0.3
of 5paisa.com, an online discount brokerage
firm.
Policy changes like easier know-your-cus-
tomer (KYC) norms, greater internet penetra-
tion and affordable devices and technology
gramme, tier-2 and tier-3 cities have surprised
us with the rate at which they are adapting to
the digital journey,” said Arora.
Even as the raging coronavirus pandemic
has spread to smaller towns in the second
nities. 0 enabled easy access to services and increased wave, analysts believe trading will continue to
FY10-11 FY20-21
In contrast, 4.9 million demat accounts were the financialization of savings, analysts said. attract more investors.
Source: Sebi, NSDL and CDSL
opened in FY20, with a three-year average of A gradual decline in stock markets in recent “Coronavirus has rather been a factor that
PARAS JAIN/MINT
4.3 million in the three fiscal years starting weeks, with the Sensex down nearly 7% from has changed the approach of people towards
FY18, data from National Securities Depository tives like stocks. its record high, is not expected to shake retail investment. They are now looking at high
Ltd (NSDL) and Central Depository Services A dematerialized or demat account is investors’ confidence, market experts told returns investment options to have a cushion-
Ltd (CDSL) showed. opened by an investor with a depository par- Mint. ing amount that would support them at the
In March 2021 alone, 1.9 million demat ticipant to invest in securities such as stocks “The markets are always cyclical in nature. time of crises or help them recover the money
accounts were created, the highest monthly and bonds. The securities are held in digital Thanks to the huge amount of information lost. At present, over 80% of the total consumer
increase ever, indicating investors shifted their format. available on the internet, new-age investors base of 5paisa comprises consumers from the
savings from traditional instruments such as As markets made a robust rally in FY21 after and traders who are entering the markets are tier-2 and tier-3 cities and we only see this
gold, real estate and bank deposits to alterna- the crash following the national lockdown in well aware of market ups and downs, volatility. increasing in the near future,” Gagdani added.
+
Insolvency cases face delays Axis Bank warns of slowing
amid spike in virus infections collections in coming weeks
MINT
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mintasia
NRI MATTERS
Business. Class.
PRINT WEB APP MOBILE To get your MINT copy, give a missed call on 7039035039 or visit www.mintreaders.com or write to us at subscription@livemint.com
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mintasia NEWS 11
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REDEMPTION PRESSURES
CoinSwitch EV ECOSYSTEM
Warburg Pincus
Kuber’s valuation Ola Electric to invest $2 bn buys HDFC’s
hits $500 mn in battery charging network stake in student
B Y TA RU S H B H A L L A
tarush.b@livemint.com
·······································
BENGALURU
B Y M ADHURIMA N ANDY
BLOOMBERG
housing startup
madhurima.n@livemint.com
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12 NEWS
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mintasia
A MAYDAY PLAN
TO VACCINATE INDIA
Instead of trying to inoculate 600 million people in the midst of shortages, here’s a better way to beat covid-19.
AFP
B Y P A R T H A M U K H O PA D H YAY &
S HAMINDRA R OY
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NEW DELHI
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mintasia NEWS 13
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+ and India’s automotive industry from 1 April. The first dose has been adminis-
tered to about a 100 million people from this
Beyond vaccination centres
To do this, we must go beyond the current
RAMESH PATHANIA/MINT eligible category as on date. approach of expecting people to come to the
B Y M A LYA B A N G H O S H The spread of vaccination has been largely vaccination centre. The low share of vaccina-
malyaban.g@livemint.com proportional to the eligible population across tions till now shows that there are many vul-
······································· states, with some states like Rajasthan doing nerable and eligible people who are finding it
NEW DELHI exceedingly well. But while states have bat- hard to access vaccination centres or are hesi-
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14 VIEWS
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mintasia
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mintasia VIEWS 15
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theirview
The second covid wave could deadweight loss from containment,
testing and treatment of covid-19 is
several times the cost of vaccines.
The government’s assumptions on
mark a new beginning for India economic growth, tax and non-tax
revenues, and expenditures for
2021-22 are likely to withstand the
second wave of infections, in our
BARE
TALK
V. Anantha Nageswaran &
E arlier this month, less than 100
days into India’s vaccination
drive, the government made
important changes to the process. In
a single stroke, it removed restrictions
frontline and healthcare workers have
been vaccinated fully, and only about
half of those aged 60 and above have
received at least one dose.
Even with such a large segment of
of local lockdowns in the current
wave is at least `80,000 crore and ris-
ing, which makes recurring lock-
downs and mobility restrictions far
costlier than the vaccination drive
view. The current three-tier pricing of
vaccines—one for the Centre, another
for states and yet another for the pri-
vate sector—has the potential to
cause confusion, arbitrage, diversion
Rahul Bajoria on eligibility, pricing and distribution, the vulnerable population not yet vac- itself. and leakage. The country could have
are, respectively, a member opening it up more broadly to states cinated, the decision to liberalize eli- A major constraint in this regard is just two prices: one for the govern-
of the Economic Advisory and the private sector as well, freeing gibility was the right one. The govern- the supply of vaccines. Raw material ment and another for the private sec-
Council to the Prime up the inoculation effort. While some ment did well throughout 2020, man- shortages, low pricing, and export tor. This would allow the Centre to
Minister and chief India have reservations over the timing of aging the economy by responding commitments are limiting India’s procure and distribute vaccines to
economist at Barclays. the move, especially since near-term flexibly to evolving circumstances. To ability to increase domestic coverage. states, actively supporting their
supply constraints appear somewhat manage the economic fallout, given Infrastructure has been prepared to efforts. It will be a good gesture of
binding, it is still a very welcome step. the unknowns surrounding the virus do over 7 million jabs a day, but in federalism in these times. Nationwide
India’s earlier success in containing (its spread and effects), it made sense recent days, several states have had vaccination, facilitated and financed
covid infections in 2020 was not to wait and respond appropriately to halt vaccine distribution or have by the Union government, would be
based on rationing. One of the pri- with fiscal measures. Recently, the rationed supplies, especially for the the equivalent of its stimulatory fiscal
mary reasons why India was able to government reintroduced free food first dose. Bibek Debroy, chairman of response to the first wave. States
contain the earlier covid wave and rations that will be made available to the Prime Minister’s Economic Advi- would continue to be responsible for
reopen its economy was its liberal over 800 million people, for two sory Council, recently noted that making sure vaccines are not diverted
testing policy. This helped to reduce months, to mitigate their pain. India will only be able to scale up to the black market.
the fear of contracting covid, However, with vaccinations, the vaccinations to around 5 million per More importantly, with the US
improved treatment protocols, and opposite response is needed. High day by September. apparently leaning towards higher
encouraged wider testing, thereby levels of vaccination are the way to The new vaccine procurement taxes and with a realignment of sup-
promoting early detection. open up the economy sustainably. rules also introduce an element on ply chains away from Asia, India has
Similarly, the government needs to The government has provided resour- one-upmanship between states and an opportunity to attract global capi-
do all it can to address vaccine hesi- ces in its annual budget for vaccina- the Centre on providing free doses. tal with its political stability, reasona-
tancy, which has been obscured amid tions, setting aside about `35,000 Ultimately, the Union and state gov- ble tax rates and structural reforms.
+ the noise around evolving vaccine crore for the drive. According to some ernments lose revenues when high- For that to materialize, India must get
protocols. While the absolute number estimates, the total burden on states contact services are restricted. This is its second covid wave under control,
of doses given in India is high, the to vaccinate those aged between 18 especially true with cities being the and this will require the combined
percentage of the population vacci- and 44 will be `46,300 crore, or 0.2% worst affected by covid. As such, the and cooperative efforts of the Union
nated is low. Only slightly over 8% of of gross domestic product (GDP). most logical strategy here would be and state governments.
the population has received one dose Together this amounts to `81,300 to channel all resources towards These are the authors’ personal
of the vaccine, and just 1.3% has been crore, just 0.36% of India’s projected securing as many doses as fast as views
fully vaccinated. Even within priority nominal GDP. In contrast, the esti- possible, without worrying too much Comments are welcome at
groups, so far only about 50% of all mate of one of the authors of the cost about burden sharing, since the theirview@livemint.com
We can’t afford to let vaccine here) around the world, very few have
suffered from clots, which has made
the connection between the vaccine
complications is worth it if their bodies
have an innate ability to overcome the
disease.
scepticism get in the way and the clotting side-effect “plausible
but not confirmed”. According to UK
data, there is only a one-in-a-million
Unfortunately, anecdotal evidence
seems to suggest that India’s second
wave is an equal opportunity offender,
EX
MACHINA
T he last time I saw my dad was
through a plexiglass porthole on
the door of the ambulance that was
Much has also been written about
how we got here—tales of compla-
cence, ineptitude and misplaced politi-
chance of death among the vacci-
nated. This means that even if every
last person in India were to get the
putting the young and old alike into
hospital. Doctors I spoke to told me
that, if anything, this time around more
taking him to hospital. For over a dec- cal priorities. But now is not the time shot, just over 1,300 people will have young people are dying than old.
Rahul Matthan ade-and-a-half, my father had stoically for post-mortems. Our medical infra- fatal side-effects. Which means that when the govern-
is a partner at Trilegal and suffered various ailments, silently put- structure is crumbling and we need to That said, of all my friends who got ment opens up vaccines for everyone
also has a podcast by the ting up with pain that our best medical find a way to stem the rot. If our only themselves vaccinated, one suffered a over the age of 18 on 1 May, I hope the
name Ex Machina. His science could only dull but not elimi- effective strategy to survive covid in micro-stroke and another experienced youth show up in large numbers.
Twitter handle is @matthan nate. When the pandemic descended India is not to get it in the first place, an inexplicable burning sensation in None of this is meant to divert atten-
on us, given his other medical condi- we need to focus our energies on his chest that he has been forced to tion from all that must be done imme-
tions, he was extra-vigilant about ensuring that those who are not yet treat with blood thinners. Though they diately, such as procuring supplies of
masking and staying indoors. So it was infected remain safe, so that they don’t can’t confirm a causal link, doctors are oxygen and life-saving drugs and ramp-
a shock to us when he tested positive. put any more strain on our already- reasonably certain that both episodes ing up the establishment of covid care
Still, since he was just one dose short of battered infrastructure than is abso- are vaccine-related. If I myself know facilities, both intensive care for serious
complete vaccine immunity, we were lutely necessary. two people who have reported serious cases as well as isolation facilities, apart
hopeful that he’d come back home Unlike last year, when the virus first vaccine side-effects, then the risk must from telemedicine and home health-
after no more than a short stint at the hit us, we have vaccines that will pro- surely be greater than advertised. care for mild to moderate cases. But as
hospital. vide us immunity at best, and, at worst, At the end of the day, every time we work to buttress our battered infra-
The second wave was just beginning blunt the full force of the disease. And your body is presented with a portion structure to help the sick and the dying,
when my father was admitted to hospi- yet, the country’s vaccine uptake in the of a virus to build immunity—as hap- we must not forget that it is just as
tal. Even then, hospitals were dealing initial months was disappointingly pens with the AstraZeneca vaccine— important to keep the healthy out of
with rising numbers of patients that weak. Even though the second wave there is always a risk of immune dys- hospital. We can’t allow vaccine scepti-
would turn into a tidal wave and over- has spurred more people to join vacci- function. But we have to keep remind- cism to come in the way of this.
whelm them, depleting our national nation queues, many remain sceptical, ing ourselves that this is nothing My father never made it back home.
stocks of medical oxygen and straining trotting out excuses that range from compared to the risk of exposing our His weakened body couldn’t weather
supplies of critical drugs. Much has conspiracy theories about the avarice bodies to the full-blown pathogen. the ravages of the disease. In his case,
been said about this catastrophe, so I of Big Pharma to fears of rare blood But there are also other factors to not only did he get all the medical help
will not spill any more ink on the sub- clots. Since this column has never consider. We’ve always known that he needed, I have only gratitude for all
ject—except to say that unless you’ve stooped to debunking conspiracy theo- covid disproportionately affects the that his doctors at Ramaiah Hospital
had a loved one go through the dis- ries, I am going to skip right past that elderly. The youth, on the other hand, did for him.
ease, it’s impossible to understand how and focus on the blood clot risk. have, for the most part, been able to Still, I cannot help wonder how dif-
brutal it can be. And to remind you that According to the World Health Orga- fight off the disease with minimal ferent things might have been had he
as bad as things might seem, having nization’s Global Advisory Committee medical assistance. That being the caught the infection after he had taken
stood at ground zero, it’s clear to me on Vaccine Safety, of the over 200 mil- case, we have to ask ourselves whether his second dose.
that things will get worse before they lion people who have received the the risk of exposing young people to Comments are welcome at
get better. AstraZeneca vaccine (called Covishield vaccine-related blood clots and other theirview@livemint.com
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16 April 30 - May.6, 2021, SINGAPORE/KUALA LUMPUR www.mintasia.com 17
April 30 - May.6, 2021, SINGAPORE/KUALA LUMPUR
Cover mintasia
MintAsia examines the had beaten back the virus, felt “overwhelmed,
extremely helpless and angry”, said a senior
covid, especially because recovery rates are
good with nearly nine out of every ten recover-
doctor of his younger colleagues. ing. “It’s important to find this balance amidst
psychological cost of These are words not expected from doctors.
As covid-19 rampages across India in the
the doomscrolling. It does help to keep a posi-
tive mindset,” said Dr Parikh.
+ India’s unfolding second wave clocking the world’s highest daily
caseloads of over 300,000 and 2,300 deaths,
Other important alleviation measures
include accepting that some degree of anxiety
healthcare tragedy turning the health emergency into a massive
humanitarian crisis, mental health issues are
and depression is par for the course now, cut-
ting family members and friends slack for their
wreaking havoc with lives in a way that psychi- emotional ups and downs; accessing profes-
atrists and therapists had not seen last year. sional help given that mental health care is
Feelings of stress, fear, anxiety and depres- now available online; practising meditation
sion related to the pandemic emerged last year, and other calming techniques, forming online
subsided a wee bit early this year, only to support groups; and not discussing covid-19
return with a vengeance this March. From statistics all the time.
erratic behaviour and anger on social media to These measures work well if organisations
frantic calls for help and support, the signs of have professional mental care facilities to fall
this malaise are all around us. While there is a back on. The better endowed schools and col-
glimmer of reversal in Mumbai, the recent, leges brought trained psychologists on board
tragic images from Delhi in particular have cast and offered counselling sessions for students.
a pall of gloom on the nation’s collective psy- When a cohort of post-graduate media stu-
che. Mental health practitioners are calling it a dents of a premier institute wrote to their
parallel and silent pandemic that deserves department head asking for an unprecedented
urgent attention once the crisis for oxygen and two-week leave and suspension of all deadlines
ICU beds tapers off. Those who have the band- because “the pandemic (was) taking a toll on
width to address it—formal workplaces, corpo- us”, their request was not only honoured but
rate offices, better-off schools and colleges— the college also organised one-to-one therapy
have begun to take note, but just about. Work- sessions for those interested at no cost to stu-
places are introducing new measures to deal dents.
with the deepening mental health fallout Corporates worked with mental health pro-
among employees in the second wave of the Hard times: From erratic behaviour and anger on social media to frantic calls for help and support, the signs of this malaise are all around us. fessionals to offer similar sessions to employ-
pandemic. But for informal sectors, mental ees. The helpline run by MPower, Aditya Birla
health issues are not even on the table yet. and 74% showed moderate stress; these must their conditions, and there are large new sets of OCD behaviours have spiked, especially pared for that,” remarked Dr Chavda. challenge. The constantly changing protocols Education Trust, saw a staggering 75,000 calls
“What we are going through now, after what have spiked in the second wave, practitioners people without previous mental health issues. because covid-19 protocols demand repeated of restrictions and quasi-lockdowns that each last year (they do not yet have numbers for the
we went through last year, is leaving deep emo- reckon. That a pandemic has mental health ramifica- hand-washing and sanitisation. “People are The workplace state is enforcing in the second wave have second wave).
tional and mental scars on people, even on All psychiatrists, psychologists and counsel- tions is known. “Whether it was the Influenza working with new protocols of distancing, India Inc’s human resources departments added to the weariness. “This wave is bigger. We are getting more
those directly unaffected by the virus. We will lors Mint spoke to said their appointment cal- epidemic of 1918-19 or the Calcutta plague, Work from Home types feel isolated, older peo- are witnessing a marked change from the “Employee wellness which was a low-level calls now even from people whose test report is
collectively carry them for a long time. No endars are full despite working longer hours. there are references to depression in ple feel cut-off within their homes. The behaviour of last year: employees are breaking activity has become a central piece of the positive and need hand-holding,” said Dr
doubt at all that it’s a parallel pandemic,” Dr “I’m seeing at least 50 patients a day which is the records,” Chinmay Tumbe, isolation-cum-depression has down and asking for more me-time; the free- workplace,” remarked organisational develop- Ambrish Dharmadhikari, head of psychiatry at
Rajesh Parikh, noted psychiatrist and medical huge for a hospital in Bhopal, and I’m feeling economist and author of Age of escalated,” said a renowned Del- dom and flexibility that came with WFH last ment expert Dr Shalini Lal. “Wellness doesn’t MPower, to Mint.
director of Mumbai’s Jaslok Hospital told Mint. the strain now,” said Dr Rajni Chatterji, psychi- Pandemics told Mint. “There hi-based psychiatrist on con- year has been replaced with loneliness and dis- only mean programmes on mindfulness any- The organisation proactively worked with
India’s frontline healthcare workers are at atrist at Bhopal Memorial Hospital. used to be collective or com- The constantly dition of anonymity. connectedness; the ‘doomscrolling’ of dismal more but transactional things like leadership Mumbai’s frontline workers in civic services
high risk. Dr Kersi Chavda, noted psychiatrist The range of mental illnesses has expanded munity solidarity practices changing protocols of Additionally, women are news is dominating official meetings; and taking the time out to do non-work meetings, and police since the pandemic began. “Hun-
and consultant at Hinduja Hospital said, in the second wave of covid, so has the type of such as bhajans at crema- restrictions and qua- exhibiting a burnout and downscaling of organisations has meant either offering covid-support to employees, and so dreds of them have died, their colleagues are
“Those who are out there have been soaking people calling in. Anxiety, fear and depression toriums to address the fatigue after a year of jug- job losses or pay cuts which exacerbate uncer- on. Company leaders are learning from best stressed out and their trauma unbelievable. I
up unbelievable stress for a year. A doctor were the three most commonly seen disorders emotional fallout.” si-lockdowns that gling professional work and tainty. practices of one another,” she added. believe we made some difference,” he added.
friend called me the other day to have me last year, say psychiatrists. The brutal second Grief is complicated by each state is enforcing housework, younger chil- “We thought last year was challenging Corporates do not want to come across as For all the gains, the discipline of mental
counsel his son, around 24 years old, who’s wave has added a layer of direct or complicated covid death protocols. “The dren are confused and una- enough but we find that the second wave has insensitive. Among the concepts and practices health does not have all the tools to compre-
been a resident doctor at a covid-19 centre grief, anger born out of helplessness, despair most difficult part was to have added to the ble to process the world cracked our employees who coasted last year,” that organisations have embraced in the sec- hensively address this unprecedented parallel
since last year. He’s burnt out.” and intense hopelessness. “Women have conduct final rites of my weariness around them—a four-year-old said a senior HR manager of a FMCG multina- ond wave are covid leave, vaccination leave, pandemic. But we live in hope.
another layer of abuse or violence, so do chil- mother all alone and not even believed that school meant tiny tional on the condition of anonymity. More care-giving leave, softening of KRAs, moving The last word goes to a journalist, Parth MN,
The stage dren. We aren’t even talking about that,” touch her one last time,” said windows on his mother’s laptop than in the first wave, executives across hier- beyond productivity benchmarks, and asyn- who has reported on the pandemic for national
There was a three- to five-fold rise in the remarked Dr Chatterji. Chennai-based Meera Gurunath who while young adults are exhibiting a archies have seen covid-19 complications or chronous work. “Empathy is now acceptable in and international publications from across
number of mental health cases last year from Clinics and online consultations are record- lost her mother last week and is nursing her range of anxiety disorders emanating from the death up close this year in their families or our corridors. There has been a fundamental India since March last year. “It’s excruciating,
the pre-pandemic norm. Mental health practi- ing three distinct categories of patients in the husband through covid complications. Her uncertainties that lie ahead of them. Of course, among friends and colleagues. shift in work culture,” said Dr Lal. one breaks down seeing all the misery and
tioners say they are seeing many times more second wave: many with history of mental ill- children fear she will “crumble” any day now. senior citizens are experiencing acute vulnera- Counselling and, particularly grief counsel- While some organisations have stepped up mismanagement. I’ve lost sleep but I cope
patients now. In a survey that the Indian Jour- nesses are seeing recurrences or relapses of ail- Depression, which psychologists say was bility and thought spirals of their mortality. ling, is the latest practice that a few organisa- their HR practices, a few have gone through somehow.”
nal of Psychiatry conducted last year, nearly ments, those with mild forms of mental ill- more typically seen in 20-year-olds and “The scale and enormity of what we are tions have taken to since working through down-sizing staff without warning, increasing Smruti Koppikar is a senior journalist and
48% respondents showed anxiety or depression nesses have experienced an exacerbation of 50-year-olds, is now across all demographics. grappling will unfold as a crisis. We aren’t pre- shock and grief, even indirectly, became a the stress and depression levels among those urban chronicler.
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asia www.money.mintasia.com
IS TOCKPHOTO
BETTER RETURNS
Bharti Axa Life Guaranteed Income Pro-Long Term Income 25 5.77 My friend has a share in some fam-
*Income starts after policy term for 10, 25 or 35 years. Source: www.policybazaar.com ily property in Delhi purchased by
+ his father. My friend has three broth-
PHOTOGRAPH FROM ISTOCKPHOTO; GRAPHIC BY PARAS JAIN/MINT
ers. Two of them are Canadian citi-
It’s a good option for investors with a Co. Ltd. zens and the other is an Indian citi-
low-risk appetite and long-term horizon, For example, SBI’s five-year FD is giving 5.40% interest, zen. Now, they are selling the prop-
WEEKLY SENSEX CHART NON-RESIDENT EXTERNAL TERM DEPOSITS ( Deposits up to R1 crore; all figures in %)
50,500 Bank 1 year 1 to <2 years 2 to <3 years 3 to <4 years 4 to <5 years 5 years >5-10 years
49,733.84 SBI 5.00 5.00 5.10 5.30 5.30 5.40 5.40
49,500 HDFC Bank 4.90 4.90 4.90-5.15 5.15-5.30 5.30 5.30 5.50
ICICI Bank 4.90 4.90-5.00 5.00-5.15 5.15-5.35 5.35 5.35 5.50
48,500 Bank of Baroda 4.90 5.00 5.00-5.10 5.10-5.25 5.25 5.25 5.10-5.25
48,080.67
PNB 5.20 5.20 5.20 5.20-5.30 5.30 5.30 5.30
47,500
22 Apr 2021 28 Apr 2021
Source: BSE
FOREIGN CURRENCY NON-RESIDENT DEPOSITS (all figures in %)
NON-RESIDENT ORDINARY DEPOSITS (all figures in %) Bank 1 to <2 years 2 to < 3 years 3 to < 4 years 4 to < 5 years 5 years
Bank 1 to <2 years 2 to <3 years 3 to <4 years 4 to <5 years 5 year >5 to 10 years US $ Euro US $ Euro US $ Euro US $ Euro US $ Euro
SBI 5.00 5.10 5.30 5.30 5.40 5.40 SBI* 0.73 0.01 0.80 0.01 1.02 0.01 1.28 0.10 1.53 0.15
HDFC Bank 4.90 4.90-5.15 5.15-5.30 5.30 5.30 5.50 HDFC Bank 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.2 0.01
ICICI Bank 4.90-5.00 5.00-5.15 5.15-5.35 5.35 5.35 5.50 ICICI Bank 0.23 NA 0.3 NA 0.52 NA 0.78 NA 1.03 NA
Bank of Baroda 4.90-5.00 5.00-5.10 5.10-5.25 5.25 5.25 5.10-5.25 Bank of Baroda 0.58 0.00 0.65 0.00 0.87 0.00 1.13 0.02 1.38 0.10
PNB 5.20 5.20 5.20-5.30 5.30 5.30 5.30 PNB 0.98 0.04 1.05 0.06 1.27 0.11 1.53 0.17 1.78 0.25
Top three public banks and top two private banks by number of branches Note: Data taken from respective bank’s website Rates as on 26 April 2021; *wef 10 April 2021 Source: BankBazaar.com
GRAPHIC BY SARVESH KUMAR SHARMA/MINT
Disclaimer: The articles and data in Mint Money aim to help readers with their money-related decisions. Each person will have a unique solution that would fit his personal situation and we advise you to consult a certified financial planner before buying a product.
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mintasia MONEY 19
April 30 - May.6, 2021, SINGAPORE/KUALA LUMPUR ° WWW.MINTASIA.COM
MICHAEL HOLLAND/EMBASSY REIT 1:1 trading lot size. We would strongly support
such a measure. The principle behind bring-
Reit should be a core component ing down the trading lot size is to enhance
liquidity and make the instrument more
accessible for all investors to be able to trans-
act at efficient market-clearing prices.
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20 MONEY
April 30 - May.6, 2021 , SINGAPORE/KUALA LUMPUR° WWW.MINTASIA.COM
mintasia
CRISIS MODE about the exit of managerial talent from the
embattled fund house.
I
7.38
t has been a year since the shock freezing entrants in the Indian mutual fund industry
of six debt mutual fund schemes of Frank- Franklin India Dynamic 6.49 and have remained a part of the industry
Accrual Fund 46
lin Templeton Asset Management (India) 5.19 even while many other global asset managers
Pvt. Ltd on 23 April 2020. Post the freeze, Franklin India Credit 11.7
decided to leave. We have no plans to exit our
investors in the schemes had to deal with Risk Fund 33 India business and any speculation suggest-
5.01
almost a year of uncertainty about when they ing otherwise, or any rumours around the
will recover their money. Franklin India Short Term 4.40 sale of our business in India are incorrect and
Income Fund 21
Various cases related to the freezing, partic- 3.11 simply that—rumours,” said a Franklin Tem-
ularly on the matter of whether investor con- Franklin India Income 4.15 pleton spokesperson in response to a Mint
sent is a precondition for winding up, made Opportunities Fund 7 query on the subject.
3.89
their way through the courts. A winding-up Other experts have taken a more measured
Data as of 20 April; cash returned data as of 16 April NAV: Net asset value Source: Value Research, Franklin Templeton Asset Management
vote was finally held in December 2020 and view. “Take a scheme-specific call. For exam-
PARAS JAIN/MINT
investors gave their consent. ple, if you are comfortable with the growth
This was followed by a Supreme Court recent interview. Franklin India Prima. style of the Franklin US Opportunities Fund,
order to start distributing the accumulated If only a small fraction of illiquid papers Prime Investor, a mutual fund research there is no reason to exit because of events in
cash in February. So far, out of the roughly remain, a move by Franklin to take them on portal, asked investors to exit these schemes India. Similar is the case with their other
`26,000 crore that was wound up, investors its own books may provide closure on the on 7 April. On the equity side, it pointed to equity funds—exit if there is sustained under-
have received `12,084 crore in cash (`9,122 matter to investors as the asset management underperformance in the past few years, performance and not otherwise,” said Vishal
crore in February and `2,962 crore in April). company had done with debt papers of JSPL which saw a concentrated rally in the stock Dhawan, founder, Plan Ahead Wealth Advis-
The apex court also appointed SBI Funds in 2016. market. ors.
Management Pvt. Ltd to dispose of the assets “We are confident that the According to Prime Inves- “As for fund house risk, the asset size is so
in the schemes and oversee the distribution
of the money received, thereby bridging the
portfolio investments
remain sound and can be
SBI Funds remains tor, the past year saw a
catch-up by Franklin Tem-
large that a sale to another AMC is more likely
than a wholesale exit and return of money to
+ trust deficit for investors who were sceptical monetized at a fair value confident of pleton, which broadly fol- investors. If this actually happens, you can
of winding up by Franklin Templeton itself. given appropriate time lows a value style of invest- make a decision at that point rather than now
Amid a difficult year for Franklin investors under normal market condi- disposing of most of ing, but the catch-up was based on who they are selling to,” he said.
who have been deprived of access to their tions. We are, however, not not strong enough. Kaustubh Belapurkar, director - fund
own money, there are a few silver linings. The in a position to make any the Franklin On the debt side, a loss of research at Morningstar Advisor India, drew a
net asset values (NAVs) of the schemes have forward-looking statements investor confidence can trig- distinction between existing and new inves-
not dipped significantly due to defaults or with regard to the monetiza- Templeton assets ger panic and spark tors.
downgrades, with defaults by Future Group tion,” said a spokesperson redemptions in schemes “On the equity side, if you are an existing
firms in September 2020 being a notable for the fund house in other than the six being investor, redeeming at this point would be
exception. Investors on aggregate have been response to a Mint query. wound up. This can force the affected premature. The judicial process is still on and
paid around 46% of their money so far, A heated debate has broken out among schemes to sell highly rated holdings to meet the equity team continues to be stable, with
although the recoveries vary from scheme to industry experts over whether investors redemptions, Prime Investor pointed out. the funds being run with a consistent style. If
scheme (see table). should exit the remaining Franklin schemes Alternatively, it can force the fund house to there are any team changes in the future, you
SBI Funds remains confident of disposing (other than the six debt funds being wound hold a large amount of cash to meet such an can look at this question then. New investors
of most of the Franklin assets over the next up). The AMC retains around `60,000 crore of eventuality and this eats into returns, the may want to look at other options till there is
couple of months despite the second covid such assets and funds with large brand recog- research portal noted. greater clarity on the ongoing issues,” he
wave, its CEO Vinay Tonse told Mint in a nition such as Franklin India Bluechip and Prime Investor also expressed concerns added.
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mintasia MONEY 21
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BOUNCING BACK
higher and investors are willing to pay a premium as well,
steep market multiples can be fairly sustainable in the
long run.
In recent times, news pertaining to the government’s
squabbles with tech giants has been surfacing. This may
Consumption, tech and financial sectors exhibit strong signs of
signs of recovery among other emerging markets (EMs) as earnings recovery. continue to impact their valuations in the short term.
attributed by its gross domestic product (GDP) growth of EPS % y-o-y China Leading Indicators Index (right-hand scale)
However, the importance of technology in strengthening
18.3% for the first quarter of the year. 108
the Chinese economy and markets cannot be overlooked
60
Despite a correction in the previous month due to by the regulators in the long run.
reports of regulatory scrutiny in tech companies and Given the vagaries of international markets in general,
probable tightening of financial conditions, we believe 40 104 we suggest investing in them through mutual funds. This
China is poised for a steady recovery, with strong funda- gives investors the benefit of professional fund manage-
mentals for long-term investors. ment and risk diversification. Investors can invest in
China’s key economic indicators such as purchasing 20
100 China through the Greater China-focused (China, Hong
managers’ index, index of industrial production, retail Kong, Taiwan) Axis Greater China Equity Fund-of-Fund.
spending and fixed asset investments have shown remark- The mother fund of this feeder funds has been outper-
able improvement year-on-year. Unlike most other 0 96 forming its benchmark over the long term.
nations, China’s covid crisis is under control. While the Investors who don’t wish to take concentrated exposure
rest of the world contracted due to the covid outbreak, to China can consider a fund like Edelweiss Emerging
China registered a positive GDP of 6.5% in Q4FY21. We -20 92 Markets Opportunities Equity Offshore Fund. It currently
expect China’s real GDP growth for 2021 to be close to invests 50-60% of its assets under management in Greater
8.5%. China equities, along with other EMs such as South Korea,
Chinese companies, represented by the MSCI China -40 88 Russia, Brazil and Mexico.
Mar 2006 Mar 2021
Index, derive approximately 87% of their revenue domesti- EPS: Earnings per share Source: Bloomberg Finance, iFAst compilation
Rachana Makhija is senior research analyst, iFast Finan-
+ cally. This number is significantly higher than that of cial India Pvt. Ltd.
PARAS JAIN/MINT
accredited investors.
To comment on the accredited investor framework, we
first need to know what can be exempted. The US Securi-
ties Exchange Commission (SEC) has a framework for
VIDHU SHEKHAR exempted securities that can be offered to accredited
investors. According to the SEC, its exempt offering
MONEY MATTERS
We welcome your comments at mintmoney@livemint.com
framework “will promote capital formation and expand
investment opportunities while preserving or enhancing
important investor protections”.
Instead of an exempt offering framework of the type
that exists in the US, Sebi’s framework provides two pos-
Sebi should lay down rules to offer sibilities: a) of lower ticket size or b) of flexibility in regu-
latory requirements.
The proposal seems to be a tacit admission that Sebi’s
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SLOWING AGAIN
SBI Cards and Payment Services saw its card
spends decline sequentially, hinting at a
slowdown amid second wave jitters.
APARNA IYER Retail Corporate Spends (in ₹ crore)
35,000
14,000
TOUGH RACE (CASA ratio at 46%) and retail loan growth of 20% year-on-year. Inter- 0
ICICI Bank’s March quarter numbers compare well with HDFC
estingly, these compare well with HDFC Bank’s 27% y-o-y growth in Q4FY20 Q4FY21
CASA and 7% growth in retail loans” wrote analysts at Jefferies India Source: Company presentation
Bank’s growth metrics.
Pvt. Ltd in a note.
SBI Card’s Q4
ICICI Bank HDFC Bank Year-on-year growth in Q4 (in %)
CASA stands for current account, savings account.
27 Indeed, ICICI Bank’s loan growth at 14% is not only higher than
24 the industry but also that of peer HDFC Bank. The growth was broad-
20 21 20 based with both retail and corporate loan books showing healthy
expansion. Sequentially, retail loans grew 6.6%, while the corporate
reflects slowdown;
14 14
7
book showed growth of 3.9%. The lender has also benefited from the
troubles of HDFC Bank on credit cards. In a call with analysts, man-
agement said that the bank has seen market share gains and sharp
second wave could
Retail loans Total loans Core operating
profit
Current and
savings account
growth in this segment.
That said, one metric where ICICI Bank is yet to give complete make it worse
confidence to investors is asset quality. The silver lining here is that
S
Source: Jefferies report
for the fourth quarter, it has reported an improvement in asset qual- BI Cards and Payment Services Ltd’s
SATISH KUMAR/MINT
ity metrics. To be sure, the lender has one of the highest contingency fourth-quarter performance showed tell-
I CICI Bank Ltd has hit all the right notes with its performance for
the March quarter. Apart from healthy operating metrics, the
management’s message exuded confidence for the coming quar-
ters. Not surprisingly, the company’s shares rose over 3% on Monday.
To be sure, analysts had pencilled in a smart recovery from the
provisions for the pandemic-related risks in the industry. Overall
provisioning coverage ratio is the highest in the industry. To that
extent, analysts said that incremental provisioning needs would be
lower leading to a steady improvement in profitability. This is behind
the re-rating of stock recently and the upgrades in earnings per share
tale signs of a slowdown in business growth
and pressure on asset quality. Credit card
spends dropped sequentially, albeit the fall
was marginal. Both retail and corporate
spends showed a decline, indicating that there
pandemic’s impact in FY21, which the lender seems to have deliv- by some brokerages. Those at Nomura expect credit costs to taper off is a broad-based loss of momentum.
+ ered. ICICI Bank’s operating profit grew by 15.5%, on the back of from here on. Total card spends stood at `35,943 crore for
16.8% growth in its core interest income during the fourth quarter. But what investors may also fret about is that the bank’s fastest the March quarter, registering a 11% growth
But what is working for ICICI Bank is not just better performance growing loan segment was that of small and medium enterprises. from the year-ago period. This growth rate is
but one that seems to have caught up with the most valuable lender These are the most vulnerable during lockdowns, and the second far lower than the pre-pandemic trend, a
HDFC Bank Ltd. This single factor has meant that ICICI Bank is on wave has increased instances of curbs in the country. What’s more is reflection of covid’s impact on the firm. But
the path to bridge the valuation gap with the latter. that retail stressed loans are still higher compared with pre-pan- what investors should note is that the steady
Analysts said in terms of both deposits and loan growth, ICICI has demic levels. ICICI Bank may deserve the boost to its valuations improvement in spends every quarter has lost
given tough competition to HDFC Bank. “We are encouraged to see recently, but the lender would have to navigate stress for these valua- its footing in the March quarter. This has
the bank report healthy growth of 24% in average CASA balances tions to stick. come even as arch rival HDFC Bank Ltd has
not been able to add credit card customers
due to a regulatory ban. Perhaps, SBI Card has
not been able to take full advantage of this.
Rallis shows margin Tech Mahindra lags behind on Another factor behind lower spends could
also be the fact that the company has had to
rely on spending on essentials by customers.
uptick in Q4 amid
price headwinds revenue, races ahead on deals Its tie-ups with e-commerce platforms, rail-
ways and other utilities have been focused
towards this.
However, as analysts at Motilal Oswal
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mintasia MARK TO MARKET 23
April 30 - May.6, 2021, SINGAPORE/KUALA LUMPUR ° WWW.MINTASIA.COM
M&M Financial
Services’ results
For Indian stocks, 2nd back after bottoming out in March last year.
So we don’t expect investors to offload equi-
ties in a big manner this time because, largely,
the expectation is that with vaccination pick-
% of country’s GDP
Active cases
(% of country total)
stocks in the Nifty500 index showed that more
than 400 stocks have risen more than 50% from
their March 2020 lows, and 247 stocks have ral-
Maharashtra 13.5 30.44 lied more than 100%.
SHIELDING UP Uttar Pradesh 8.09 10.57
Besides the feel-good factor from global
markets, investors are hoping that India’s
Mahindra & Mahindra Financial Services jacked up Karnataka 7.8 7.69
its provisioning in the March quarter even as central bank would keep its accommodative
Kerala 4.09 5.93 stance longer, given the risks from the second
incremental stress reduced slightly.
Chhattisgarh 1.65 5.36 wave. The minutes of the Reserve Bank of
Provision coverage ratio (in %)
60
Gross bad loan ratio (right-hand scale) 57.9 12 Rajasthan 4.79 4.21 India’s (RBI’s) April policy show that mem-
Delhi 3.98 3.73 bers of the monetary policy committee are
50 9 10 Tamil Nadu 8.84 3.68 very worried about growth. “We feel RBI will
Gujarat 7.9 3.67 be as accommodative as possible for the fore-
40 8 Madhya Pradesh 4.49 3.59 seeable future. The market is pricing in a
5.9 Source: Ministry of health and family Welfare, CEIC, Nirmal Bang Institutional Equities Research
laxed monetary policy stance for now, which
30 6 is preventing a steep fall. At the most, we
SATISH KUMAR/MINT
could see a 10% correction from the top,
T
20 19.2 4 he second wave of coronavirus infec- the performance of their global peers. Global unless there is complete lockdown, and we
tions has hit India harder, with new equity markets, especially in the US, have don’t think India can afford a complete lock-
10 2 cases rising every day. To curb the been in good shape, courtesy of improving down,” said Amit Shah, head of India equity
resurgence, state governments have imposed economic data. The S&P500 and Dow Jones research, BNP Paribas.
0 0 stricter restrictions. These curbs, though Industrial Average index hit an all-time high Be that as it may, there is no better stimulus
Mar 2019 Mar 2021 milder than last year so far, have begun to of 4,195 and 34,200, respectively, earlier in for the equity market than a faster pace of vac-
Source: Company presentations
limit mobility and affect business activity. this month. cination. The latest official data shows that
SATISH KUMAR/MINT
The impact would be reflected in India’s “Global equity markets are doing well, and India’s vaccination count currently stands at
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24 MARK TO MARKET
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mintasia
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www.mintasia.com 25
April 30- May.6, 2021, SINGAPORE/KUALA LUMPUR
mintasia Leisure
COMING HOME
Four professionals who left the metros they worked in to escape the pandemic find that they may
not return—they have grown used to the rhythms and charms of smaller cities and towns, and a
slower way of living, and have finally discovered a sense of home
ple,” says Corey Stixrud, principal of the Kodai-
kanal International School, India’s first Interna-
tional Baccalaureate school and my alma mater.
Originally from Portland, US, Stixrud returned
to the town he had grown up in, nine years ago.
“You see the deterioration of Kodai as a beauti-
ful hill station,” he says. “But during the lock-
down it was a bucolic town again; there was a
wonderful return to the 1970s.”
“Kodai usually does not change this much,”
says Naveena Selvaraj, 30, a stylist who
returned seven years ago, describing its
strange stillness and “ghost town” feel last
summer. She opened a restaurant this year
with her husband, who owns the hotel which
houses it, and works on the occasional film
shoot. “To see wildlife passing through what
was a busy town was extraordinary.”
“My first trip down the Ghats, with leaves
strewn and covering the road as there had
been no movement, took me back,” says
40-year-old Hari Shanker Mani, a friend who
runs Kodai Cheese, the well-known dairy busi-
ness. He describes how those dependent on
+ tourists for income started farming the lands
they had left. “The agri-business thrived during
this time,” he says. “I spotted farmers selling
not through the designated wholesale outlets
but on the periphery of their farms.” In Kodai,
around 10,000kg of butter and 3,000kg of ghee
went unsold last summer, leading to losses of
`5 lakh locally, but overall profits soon went up
by 20% after the company “pivoted into the
retail segment” nationwide, he says.
“The lockdown created a wonderful oppor-
tunity to slow down and get to know others in
the community,” recalls Patti Tower, managing
trustee of the Aeon Center of Cosmology, who
Perched in the skies: Kodaikanal is a shola sky island, a geographically-isolated, high-elevation region full of valuable evergreen forests in the Western Ghats. describes how her team helped neighbours
pick up groceries when transport was halted
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26 LEISURE
April 30 - May.6, 2021 , SINGAPORE/KUALA LUMPUR° WWW.MINTASIA.COM
mintasia
IS TOCKPHOTO
AMBLING TOWARDS
METRO-HOOD NEIL BORATE
B Y N E I L B O R AT E
neil.b@livemint.com
·······································
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mintasia LEISURE 27
April 30 - May.6, 2021, SINGAPORE/KUALA LUMPUR ° WWW.MINTASIA.COM
ISTOCKPHOTO
ON THE
RAMZAN
BREAD TRAIL
IN DELHI
This is the time of year when the national capital’s
‘roti galis’ usually come to life with locals and visitors
feasting on treats such as ‘baqarkhani’ and ‘sheermal’
—rarely do the small shops turn away a diner
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28 LEISURE
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mintasia LEISURE 29
April 30 - May.6, 2021, SINGAPORE/KUALA LUMPUR ° WWW.MINTASIA.COM
A STITCH OF THAT
WARM, FUZZY FEELING
Through covid, quilting and
ISTOCKPHOTO
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30 LEISURE
April 30 - May.6, 2021 , SINGAPORE/KUALA LUMPUR° WWW.MINTASIA.COM
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Nikhil Ranjan
THE PERFECT PENMANSHIP The founder of William Penn shares the ups and downs of running a premium stationery
business in the digital age—and why it is here to stay in spite of the pandemic
BY S OMAK G HOSHAL Mont Blanc, Cross, Sheaffer, Waterman and
somak.g@livemint.com Sailor in the Indian market. Today, it offers
······································· something for every price point, ranging from
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Mind
+
field.
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Upwardly.
Mobile.
+
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