BRANDWAGON | PAGE 9 THE BIG IDEA | PAGE 4 Akshayakalpa building credible income model COMPANIES | PAGE 4 JioHotstar to dominate cricket telecast space BENGALURU, MONDAY, APRIL 13, 2026 L&TN-energy revenue seen rising 3 times FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXVIII 305, 18 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E IN THE NEWS ECONOMY PAGE 2 INDIA-UK FTA TO COME INTO FORCEBYMID-MAY THE CETA BETWEEN India and the UK is likely to come into force from the second week of May, as the ratification process and completion of other legal requirements have entered the final stage, an official said, reports FE Bureau. COMPANIES PAGE 5 JEWELLERS BET ON RUSHAS GOLD PRICE EASES ATIMELY correction in gold prices ahead of Akshaya Tritiya may spur jewellery demand for the wedding season, top retailers have told FE, as cautious consumers rush to book their orders. Akshaya Tritiya this year falls on April 19. » INSIDE « TMC BACKS ‘TUKDE-TUKDE’ GANG: MODI BACK PAGE MAMATA: CENTREWANTSTO TRIFURCATE BENGAL PAGE 18 COMPANIES PAGE 4 We think and work like an IT company says Amul MD Jayen Mehta IRANIANSWOULDRETURNTOBARGAININGTABLE,SAYSUSPRESIDENT Trump vows to blockade ‘AI-led deals are coming Strait after talks stumble at higher price points’ REUTERS Miami/Islamabad, April 12 PRESIDENTDONALDTRUMP said on Sunday the US Navy would start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardising a fragile two-week ceasefire. Trump also said in a post on Truth Social that the US would take action against every vessel in international waters that had paid a toll to Iran, and begin destroying mines that he said the Iranians had dropped in the strait, a choke point for about 20% of global energy supplies that Iran has blocked. "Effective immediately, the United States Navy, the Finest in the World,will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," he said. "I have also instructed our Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran.Noonewhopaysanillegal toll will have safe passage on the high seas,"Trump added. US Vice President JD Vance walks to board Air Force Two after attending talks on Iran in Islamabad (Pakistan) on Sunday AT LEAST 200 people are feared dead after Nigerian military jets struck a village market while pursuing Islamist militants in the northeast of the country on Saturday night, a councillor for the area and residents said on Sunday. Nigeria's Air Force said it had killed Boko Haram militants in the Jilli axis in Borno state, but in a statement released to Reuters on Sunday it did not mention hitting a market. Avaada lines up `22,000 crore for expansion SAURAVANAND New Delhi, April 12 A BREAKDOWN IN US-Iran peace talks has reignited global oil jitters, pushing crude prices backintothespotlightandraising the spectre of a renewed energy shock for India. With Brent crude hovering near $95 per barrel,the failed diplomacy has caused fresh uncertainty, With a `22,000crore combined investment across solar generation, battery storage and pumped hydro projects, Avaada Group is scaling up capacity as India’s renewable penetration deepens and gridbalancing requirements intensify, reports Saurav Anand. ■ PAGE 5 Meat delivery cos log growth, step up expansion OMNICHANNEL MEAT AND seafood startups are reporting a pickup in growth, supported by repeat consumption, expansion into new markets and continued investment in supply chains, even as some players remain in a high-burn phase, reports S Shanthi. Licious closed FY26 with net revenue of `1,166 crore, up 47% yearon-year, and is targeting `1,800 crore in FY27. ■ PAGE 5 threatening to inflate import costsforoneoftheworld’smost energy-dependent economies. “Ongoing uncertainty aroundtalksislikelytokeeprisk premiums elevated in crude markets,with spillovers to LPG andgasprices,” saidSunilMani, policy advisor at the International Institute of Sustainable Development. He added that “forIndia,dependenceonflows Partialcreditguaranteesoon for`5L-croreinfraprojects DEBT COMFORT THE CENTRE IS working on a partial credit guarantee scheme to de-risk infrastructure financing, with plans to cover projects worth up to `5 lakh crore over the next few years, sources told FE. The proposed mechanism would offer a limited guarantee – likely in the range of 510% of project costs – to improve lender confidence and ensure smoother funding flows during vulnerable execution phases, sources said. At the core of the plan is the proposed Infrastructure Risk Guarantee Fund, which will support projects facing cost overruns or temporary liquid- 5-10% ■ Limited cover aims to improve lender confidence during execution ■ Risk ■ Initial corpus may be `10,000-15,000 cr for scheme rollout ity stress during construction and the initial stabilisation period after completion. The guarantee cover is expected to be available for a short tenure of around 2-3 years, targeting precisely the phase where risks are MUKESH JAGOTA New Delhi, April 12 simultaneous filings for intellectual propertyrights in multiple countries. Domestic patent filings through the Strait of Hormuz means even perceived supply risks could keep import costs elevated in the nearterm.” “SustainedhigherLPGprices couldalsoslowthecleancooking transition by affecting affordability for low-income householdsandincreasingfiscalpressureonsubsidies,”Manisaid. Continued on Page 11 IMF,World Bank'sspring meetings begintoday BLOOMBERG April 12 Guarantee Fund to support overruns and liquidity stress phases ■ Scheme targets roads, power, renewables, data centres and social infrastructure highest, and revenues are yet to materialise. The government is considering an initial corpus of about `10,000-15,000 crore to operationalise the scheme. Continued on Page 11 Patentfilingssurgeover30% PATENT FILINGS IN India surged 30% year-on-year to 1,43,729 in 2025-26, with domestic filings accounting for almost all of the rise. This signals newfound enthusiasm amongthecountry'sacademic institutions and firms to ringfence their inventions and research output. These applications are filed under the Patent Cooperation Treaty (PCT), which allows AP Failedtalkscouldfueloilshock:Analysts PRASANTA SAHU New Delhi, April 12 Nigerian airstrike hits market, 200 feared dead ● K KRITHIVASAN, CEO & SAMIR SEKSARIA, CFO, TCS jumped to 99,721 last financial year from 68,201 the year before, increasing their share in the total to 69.4% from 61.8%,Commerce and Industry Minister Piyush Goyal said in a social media post. With this,India is ranked theworld's 6th largest patent filer by the World Intellectual Property Organisation,he added. Thefilingshavebeencontinuously increasing since 201617,when theywere 45,444. Continued on Page 11 ECONOMIC POLICYMAKERS ARE about to gather in Washington to assess the damage President DonaldTrump’swar onIranhascausedtogrowthin West Asia and beyond. For many attendees of the International Monetary Fund and World Bank’s spring meetings, to be held April 13-18 in theUScapital,thetripwillbring a sense of déjà vu, after last year’s event was dominated by punitivetradetariffs—another shock brought on byTrump. The 2026 edition is set to focus on reading the tea leaves after the US and Iran failed to reach an agreement after marathon weekend talks in Pakistan aimed at turning a two-week ceasefire into lasting peace, and on how governments and central banks can best support their economies without creating new problems. Ahead of the meetings, which will be attended by finance ministers and central bankers from around the world, IMF chief Kristalina Georgieva warned that the international community is becoming less able to respond to shocks. Fiscal space is lacking, policies that protect one countrymayharm others,and great-power politics are more likely to fuel conflicts than resolve them. AI-led deals are being priced at a premium even as client confidence shows signs of recovery,Tata Consultancy Services CEO KKrithivasan said,indicating that demand for technology modernisation anchored in artificial intelligence is strengthening across sectors.The company reported steady deal momentum,risingAIlinked revenues,and continued investment in infrastructure and partnerships,while maintaining its capital return policy.Krithivasan and ChiefFinancial Officer SamirSeksaria spoke to UrviMalvania.Excerpts: You’veseensequentialgrowth overthepastthreequarters, butadeclineonaconstant currencybasisannually.How shouldthecurrentgrowth trajectoryberead? Krithivasan:The first quartersawa sharp decline for known reasons,but since then, we have delivered sequential growth.The orderbook remains strong,client metrics have improved,and overall confidence levels are better than before.We are seeing morewillingness among clients to initiate new engagements,which had been muted forsome time.Direct exposure toWestAsia is limited forus.The impact so farhas been largelyconfined to travel and transportation.Beyond that,we have not seen any material disruption.If the situation escalates and begins to affect global economic activity,it could have a broader ❝ WHEN DIGITAL TECH EMERGED, INITIAL REVENUES WERE MODEST BUT SCALED OVER TIME ❝ WE CONTINUE TO FOLLOWA SHAREHOLDERFRIENDLY CAPITAL ALLOCATION POLICY & »INSIDE« 8,000 JOBS CUT IN TCS WORKFORCE RESET P4 impact across supplychains, manufacturing,and technology,which maythen flowinto othersectors.At present,we are not seeing that playout. Cooperatingwith policeinNashik case,saysTCS URVI MALVANIA Mumbai, April 12 How are AI engagements evolving,particularly in terms of movement from pilots to revenue? Krithivasan:Froma revenuestandpoint,annualised revenuefromAI-ledprojectsis about$2.3billion,upfrom$1.8 billioninthepreviousquarter. Theseareprogrammeswhere AIisintegraltotechnology modernisationorembeddedin theendsolutiondelivered toclients. FIVEDAYSAFTERtheissuefirst came to light,Tata Consultancy Services (TCS), in a statement, saiditiscooperatingwithpolice in the ongoing investigation into allegations of sexual harassment at its Nashik office. “TCS has a long-standing zero-tolerance policy towards harassmentandcoercionofany form.We have always ensured the highest standards of safety andwell-beingofouremployees at the workplace.As soon as we were made aware of the matter in Nashik,we took swift action. Continued on Page 11 Continued on Page 11 Udan: New flight,but old headwinds persist NITIN KUMAR & AKBAR MERCHANT New Delhi/Mumbai, April 12 WHENTHE UDE Desh kaAam Nagrik (Udan) scheme was launched in 2016, it aimed to widen access to air travel by connecting smaller towns through subsidised routes. Nearly a decade later, the government has unveiled Modified Udan with an outlay of `28,840 crore, extending viability gap funding (VGF) and targeting 100 new airports and 200 helipads over the next decade. The expanded allocation marks a shift in approach. Unlike the first phase, which focused largely on routebased subsidies and fare caps, the modified scheme allocates 42% towards airport development, 35% to VGF, and introduces dedicated support for airport operations and maintenance, helipads and indigenous aircraft acquisition, according to Crisil Intelligence. The redesign signals a move from CAUGHT IN AN AIR POCKET ■ It is targeting 100 new airports and 200 helipads over the next decade ■ The number of ■ The Ude Desh ka Aam Nagrik (Udan) scheme was launched in 2016 ■ Nearly a decade later, the government has unveiled Modified Udan with an outlay of `28,840 cr a connectivity scheme to a broader aviation infrastructure programme. The first phase did deliver measurable expansion. The number of operational airports rose to 163 in FY26 from 77 in FY16, with Udan airports accounting for 58% of the total, up from 21% a decade ago, according to operational airports rose to 163 in FY26 from 77 in FY16, with Udan airports accounting for 58% of the total Crisil.Connectivity improved across the North-East, hill states and parts of eastern India, bringing several remote locations onto the aviation map. However,thisexpansionhas nottranslatedintoproportional traffic orroute sustainability. Continued on Page 11 AshaBhosle,whoserangeredefinedBollywoodsinging,diesat92 SUANSHU KHURANA New Delhi, April 12 FROMTHE SULTRY allure of a cabaret to a flirtatious number to the delicacy of a classical ghazal, with none of them everout of place and absorbed into her voice with effortless conviction, noted playback singer Asha Bhosle, who passed away at Breach Candy Hospital in Mumbai on Sunday, leaves behind a body of work that perhaps cannot be easilycategorised.Shewas 92. Her sonAnand Bhosle confirmed the singer’s demise to reporters outside the hospital. Asha Bhosle grew up in Kolhapur, where the Mangeshkar family moved from Pune after the family patriarch Dinanath Mangeshkar’s demise, so that the elder daughter, Lata, 13, could work in the robust Marathi film industry of the city. Bhosle, nine then,was fascinated by English films such as Gone with the Wind (1939), For Whom the Bell Tolls (1943) and Fred Astaire films, besides the sultry voice of PortugueseBrazilian actor and samba singer Carmen Miranda. She would come home, drape a dupatta, and sing Mama yo quiero while dancing like Miranda. “My mother thought I was crazy,” says the ASHA BHOSLE 1933-2026 singer in Asha (1986). Ayear after moving to Kolhapur,Bhosle made her debut in the Marathi industry at 10 with Chala chala in Majha Bal (1943). But her Hindi solo came in director Jagdish Sethi’s Raat Ki Rani (1949). The way her voice glided confidently, delicately dealing with the complicated composition Do chaar idhar, was a glimpse into what was to come in the future. Asha Bhosle came to an exquisite film industry with some of the finest composers, filmmakers and singers joining forces, of course, to make a living, but also for the sake of high art.Even though Noor Jehan had left for Pakistan after the Partition, singers such as Geeta Dutt, Shamshad Begum and, more recently, Mangeshkar had come to dominate the film industry. At this time, Bhosle would usually get the leftovers, mostly bawdy pieces picturised on the vamp, ones that were unwanted and ones where budgets were low. “Back then the women characters weren’t as liberated. Therefore, through several decades, Lata Mangeshkar sang for the righteous and pure Indian woman on screen,while Asha Bhosle was the voice of the vamp or the cabaret singer. BENGALURU Puraane zamaane ki heroine dabi huyi thi. The romance of those days required your heroine to be coy. If you wanted a flirty or sensuous voice, you called in Asha,”said Anandji of the legendary musical duo KalyanjiAnandji in an interview to this reporter in 2013. In 1953,Asha Bhosle sang for Bimal Roy’s Parineeta starring Ashok Kumar and Meena Kumari followed by the song Nanhe munne bacche in Raj Kapoor’s Boot Polish (1954),and Chhod do aanchal with SD Burman (Paying Guest, 1957). Continued on Page 11