OPINION, P10 WELL BEING Cockroaches of the world have united FE LINES WEAR YOUR TECH WITH CARE To listen or to read? Ever wondered the effect of having a source of energy and radiation in constant contact with your body? Doctors warn of the potential risks of our wearable devices Page 9 ACROSS THE AISLE, P CHIDAMBARAM We no longer just ‘read’ books, we ‘listen’ to them too as audiobook apps grow in popularity Page 8 WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 19 NO. 21 RUSKIN BOND INTERVIEW LUCKNOW 52 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, MAY 31, 2026 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 , INDIA’S LUXURY REAL estate market is no longer just about bigger apartments and better clubhouses. It is also increasingly about brand alliances. From couture houses and high-jewellery labels to global lifestyle names, Indian developers are entering strategic ■ SPOTLIGHT, P7 Counting India, one door at a time As the world’s largest census gets underway, we get down to what it looks on the ground, how tech is advancing the cause & whether India still needs a massive physical census at all in today’s digital age ■ LEISURE, P6 Meat the new sweet dish From mutanjan to ande ka halwa, how forgotten non-vegetarian desserts from Mughal and Awadhi kitchens are returning through chefs, historians and culinary memory Multiplier effect of capital goods exports EXPORTS OF CAPITAL goods have a multiplier effect across the broader economy as they boost high-value manufacturing, reduce trade deficit and support job creation. India's share of capital goods exports in its total shipments is half of many Asian countries such as Taiwan, Thailand, China and Japan, which affects its position as a major player in the global value chains. India is a net importer of capital goods. —Compiled by Saikat Neogi 32 18 Asia Indonesia a India a a Malaysia Philippines s a Korea Japan n China a Thailand d 9 Taiwan n NAVIGATING 2026-27 WILL require agility across monetary, fiscal and structural dimensions to preserve growth momentum and keep inflation under control amid an increasingly uncertain global environment, the Finance Ministry said in its May monthly economic report. The report said India’s macroeconomic position reflects cautious resilience, supported by strong services exports, adequate foreign exchange reserves and a stable labour market.However,it warned that elevated global energy prices, a depreciating rupee, rising input costs and the prospect of a below-normal monsoon warrant continued policy vigilance. PRESS TRUST OF INDIA New Delhi, May 30 Data till March 2026; Source: Morgan Stanley Research THE NATIONAL STEERING Committee (NSC) has approved the strategic investment plan for the Visakhapatnam ITI cluster in Andhra Pradesh submitted byArcelorMittal Nippon Steel India under the `60,000-crore PMSETU scheme,the government said on Saturday. The approval marks the first-everstrategic investment plan to be cleared under the scheme. Continued on Page 2 DK Shivakumar totakeoathas KarnatakaCM KARNATAKA GovernorTGehlot on Saturday invited newly-elected CLP leader DK Shivakumar to take oath as the CM of the state along with other team members on June 3. ■ PAGE 20 VineshPhogat failstoqualify forAsianGames VINESH Phogat's return to competitive wrestling ended in a bitter note after she failed to qualify for theAsian Games in the selection trials. ■ PAGE 20 K O L K A T A , house Elie Saab to launch Elie Saab Signature Residences in Gurugram & Noida, with `3,500-cr investment collaborations with international luxurybrands to repositionpremiumhousingasgloballybenchmarkedassets.These ■ In Oct 2025, M3M joined hands with Swiss luxury watch and jewellery house Jacob & Co to launch L U C K N O W , M U M B A I , tie-ups are commanding 2040% price premiums and are reshaping the top end of the residential market across NCR, ■ Growth momentum steady with e-way bill generation, PMI readings, electricity consumption in expansionary territory ■ Moderation in 8 core industries index, fuel consumption indicate global headwinds affecting domestic activity consumer & wholesale prices; retail inflation at 3.48%, wholesale inflation at 8.3% The recent hike in petrol and diesel prices might activate both direct and indirect transmission channels, and any further escalation in Italian wine producer Bottega spa announced collaboration with Atmosphere Living for luxury suites in India ■ Earlier, Tribeca Developers brought Trump brand to India with Trump Towers Gurugram project in Noida ECONOMIC REPORT ■ Widening gap between ■ In June 2025, `2,100-cr MoF flags inflation risks, policy agility ArcelorMittal Nippon Steel gets 1st nod underPM-SETU 27 K O C H I , MACRO SITUATION REFLECTS CAUTIOUS RESILIENCE FE BUREAU New Delhi, May 30 28 H Y D E R A B A D , PREMIUM PARTNERSHIPS ● Luxury labels lend extra appeal ■ M3M India, Smartworld Developers have tied up via collaborations with Lebanese couture SUGANDHA MUKHERJEE New Delhi, May 30 30 READ TO LEAD N E W D E L H I , P U N E Realtyups luxe quotientwith premium brands WHAT'S INSIDE Capital goods exports % of merchandise exports 40 38 36 35 ‘If my stories encouraged youngsters to love books, it is reward enough’ Page 4 ■ Any significant rainfall deficit coupled with geopolitical conditions could weaken rural demand, aggregate growth energy prices could narrow the existing cushion more quickly than anticipated. Continued on Page 2 20-40% price premiums that indicate major capital inflows into branded living are the main drivers of this trend,” said Kumar,adding,“Yes,it can be seen as a structural evolution in India’s luxury residential market. Such collaborations show real shifts in preferences for curated lifestyles over status symbols. That said, it is also true that marketing differentiation does play a big role when it comes to absorption of such properties in competitive cities like NCR and Pune.” Mumbai,Bengaluru and Pune. Santhosh Kumar, vicechairman ofANAROCKGroup, said the trend is being driven by deeper structural shifts. “Rising HNWI wealth, aspirational buyer demand for global prestige signalling,and BrahMosdeal withVietnam final,soonwith Indonesiatoo HEGSETH IN SINGAPORE PRESS TRUST OF INDIA Singapore, May 30 DEFENCE SECRETARY RAJESH Kumar Singh on Saturday said that he understood a BrahMos missile deal with Vietnam had already been signed, though it was probably yet to be publicly announced, while a similar pact involving Indonesia was in the final stages. “My understanding is that with both Indonesia and Vietnam, the deal is in the final stages. That, in fact, for Vietnam, I understand that it has already been signed, probably not publicly announced,” Singh said in Singapore at the Shangri-La Dialogue on Saturday. Continued on Page 2 Continued on Page 2 India helps maintain balance of power: US AMRITA NAYAK DUTTA New Delhi, May 30 IN AN EXPANSIVE articulation of American strategic intent in the Indo-Pacific, US Defence Secretary Pete Hegseth on Saturday described India as a ‘critical anchor’ to ‘hold the line’ in South Asia and that a ‘powerful’ India, acting in its own self-interest, “advances our shared goal of maintaining a balance of power across the region”. Speaking at the Shangri La Dialogue in Singapore Saturday, he framed balance of power in Asia as one “in which no state, including China, can impose its hegemony and hold the security or prosperity of our nation and our allies in question.” At the same time, though, he struck a softer note on Beijing, saying Washington was not seeking confrontation US Defence Secretary Pete Hegseth despite concerns over China’s military build-up. And that under US President Trump, US-China relations were “betterthan they’ve been inyears.” Continued on Page 2 Centreexemptscotton importdutytillOct31 FE BUREAU New Delhi, May 30 THECENTRALGOVERNMENT on Saturday announced a temporaryexemptionofallcustoms duties on the import of cotton foraperiodoffivemonths,from June1toOctober31. The move is aimed at augmenting the availability of cotton for the Indian textile sector. The Ministry of Finance notified the decision stating that cotton imports undertariff heading 5201 will be exempt from customs duty and the agriculture infrastructure and development cess during the specified period. Officials stated that the exemption will provide targeted relief to manufacturers Move will augment availability of cotton for India’s textile sector and consumerswhile carefully safeguarding the interests of domestic farmers. The measure is designed to ensure a balanced approach that supports industry needs without long-term disruption to local cotton growers. No new hatchbacks on horizon ● Few entry-level models could be phased out too VIKRAM CHAUDHARY New Delhi, May 30 THE PASSENGER VEHICLE industry is unlikely to see any all-newhatchback launches as carmakers continue to prioritise higher-margin SUVs, according to analysts, even though hatchbacks still account for more than a million annual sales. “We don’t see any new ICE hatchback in development for at least the rest of this decade,” HITTING A ROADBLOCK ■ Every hatchback currently under development either a replacement for existing model or an EV version ■ Tata Motors, which launched new Tiago recently, says demand for hatchbacks remains intact if customers are offered modern features, tech said GauravVangaal,associate director,lightvehicle forecasting, S&P Global Mobility. “In fact,weexpectafewentry-segment hatchbacks to phase out of the market entirely in the 55 % 22 % Share of SUVs, crossovers in passenger vehicle sales (2.48 mn) in 2025 Share of hatchbacks in passenger vehicle sales (1.06 mn) in 2025 10-15% Margins typically generated by SUVs, crossovers next fewyears.” According toVangaal,every hatchback currently under development is either a replacement for an existing model or an electric version of REUTERS 3-5% Margins generated by mass-market hatchbacks an existing nameplate. “A totally new hatchback nameplate is simply not on the cards,”he said. Continued on Page 2 Lucknow