Chhatre argues that bioenergy is not just important but “extremely critical” to India's decarbonisation journey. He explains why forest lands—covering 23% of India—must be re-integrated into the production economy in a sustainable, community-driven way. 

He makes a strong case for forest lands—especially degraded lands with little or no tree cover—to be repurposed for bamboo plantations, which offer carbon sequestration, flood control, and community income. 

Chhatre also discusses the need for community ownership to prevent overexploitation of forest resources and ensure long-term sustainability. Drawing on decades of research and active policy work, he calls for reforms in subsidies, outdated regulations like transit permits, and a mindset shift away from a narrow focus on farmers to a broader recognition of India’s diversified livelihood economy. 

Nayyar traces the roots of this degradation to the Green Revolution and excessive use of chemical fertilisers and pesticides. He explains how this has created a vicious cycle of deteriorating soil health, rising input costs, and declining yields, pushing farmers into debt. The alarming decline in soil organic carbon—from 2–3% to just 0.6–0.9%—could render Indian soil unfit for agriculture within 10–15 years. 

He goes on to talk about the need for a middle ground between chemical and organic farming through the promotion of “safe” or “health” food categories, revised soil quality ratings, and better market linkages for naturally grown produce. He advocates for a new pricing and certification system, practical standards, and incentives such as dedicated marketplaces and integration with delivery platforms. 

The episode also explores innovative approaches like converting agricultural residue into organic manure, reducing dependence on chemical imports, and tackling issues like stubble burning. Nayyar calls for a complete overhaul of outdated policies like the 1985 Fertiliser Control Order and stringent regulation of organic manure production. 

This comprehensive discussion highlights the urgent need for sustainable, scalable reforms to preserve India’s soil health and secure its agricultural future. 

Kumar provides a clear-eyed view of inflation trends across key food commodities include pulses, dairy, vegetables, and edible oils and their impact on pricing and profitability. He highlights the double-edged nature of low inflation, questioning whether it reflects healthy supply or weak consumption in India’s largely rural economy. 

The discussion covers everything from the effects of currency depreciation and global fuel trends to the risks of diverting food crops for fuel. Kumar also weighs in on the challenges posed by unpredictable import duties and the need for a stable policy to ensure better business forecasting. 

Is rising demand during festive seasons set to push prices higher and what’s the role of logistics in price escalation? 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

While copper prices globally are experiencing a bearish phase, India’s domestic demand is on an upward trajectory, driven by construction, infrastructure, and industrial growth. Karmarkar explains that India saw over 1.8 million tonnes of copper usage in the last fiscal year—an 8% increase—and anticipates a similar trend this year. The driving force? Rising capital formation in both private and public sectors, growing electricity needs, and more resource-intensive buildings. 

The conversation also explores sunrise sectors that are accelerating copper demand. Electric mobility, particularly in EV battery and motor manufacturing, is creating new investment avenues. India has already announced 118 GWh of battery production capacity, and products like EV foils are gaining traction.  

Karmarkar raises long-term concerns about copper supply security, especially given China’s dominant position in processing and refined copper production.  

(Host: Subramani Ra Mancombu, Producer: Amitha Rajkumar)  

About the State of the Economy podcast   

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem to set to fire on all cylinders. 

The conversation dives into Operation Sindhoor, where Zen’s counter-drone systems played a vital role in India’s air defence against threats from Pakistan. From autonomous drone warfare and indigenous defence tech development to post-quantum threats and India's strategic push for defence self-reliance, this episode explores the cutting edge of modern military technology. 

They discuss the evolving global perception of Indian defence manufacturing. Once mocked as a major importer, India is now seen as an innovator, particularly in drones and simulators. He shares how foreign delegations were impressed by India's containerised tank simulator, even calling it more advanced than US systems. 

Atluri stresses the need to shift from being mere suppliers in the defence chain to creating complete, world-class products. He advocates for nurturing innovation-driven Indian companies and reforming policy to support them. The conversation closes with reflections on national security, intelligence, and technological preparedness. 

(Host: Dalip Singh Producer: Prethicshaa Gurumoorthy)  

About the State of the Economy podcast   

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem to set to fire on all cylinders. 

Jain outlines the opportunities and challenges facing the sector — from record production in key crops like wheat, rice, and maize to shifting cultivation trends driven by rising demand for pulses, oilseeds, and maize due to both consumption patterns and industrial use, including ethanol.  

The episode discusses how government schemes, technological integration, and targeted missions are reshaping production, while also tackling key issues like infrastructure gaps, market access, and MSP-related crop distortions. 

Listeners will also gain insights into the broader rural economy — how initiatives like PM-KISAN, rural banking, and micro-enterprise funding are boosting consumption and demand in India’s heartland. With climate variability, policy decisions, and global trade dynamics in the mix, this episode offers a comprehensive outlook on what lies ahead for one of India’s most vital sectors. 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)  

About the State of the Economy podcast   

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem to set to fire on all cylinders. 

In this episode of the State of the Economy podcast, businessline’s  Abhishek Law talks to Adarsh Narahari, Founder & Managing Director, Primus Senior Living, about India’s evolving real estate landscape with a focus on senior living.  

Narahari explains how senior living is often misunderstood, thanks to outdated stereotypes. Far from being just real estate, Primus focuses on improving “health span” over “life span,” drawing inspiration from global longevity models like Blue Zones.  

Narahari shares market insights, citing research from CII, PwC, and JLL that estimates a growing demand — from 4 lakh to potentially 40 lakh homes over the next decade. 

The conversation explores who is buying these homes (mostly the seniors themselves), how it differs from traditional housing, pricing dynamics, and the additional services offered — from on-site healthcare and nutrition to curated social experiences. 

The sector still grapples with deep-rooted stereotypes—often shaped by Bollywood portrayals and societal misconceptions. Narahari addresses these concerns head-on, explaining how first-hand exposure to senior living communities breaks those biases. Rather than being isolated, these communities empower elders by enhancing their health span, social engagement, and mental stimulation.  

Narahari concludes by noting the growing interest from real estate and institutional investors, confirming that senior living is a rising sector with substantial demand and immense potential — provided the operational needs of elder care are truly understood.  

(Host: Abhishek Law, Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode begins with a look at the PMI manufacturing data hitting a three-month low and whether it signals any real slowdown. Nayar provides a nuanced view on the surge in GST collections, linking it to high crude oil imports and steady domestic demand.  

The episode also explores urban versus rural consumption patterns, the impact of softer inflation and expected rate cuts, and how these may influence household spending. With global uncertainties like tariff hikes and geopolitical tensions in the background, the conversation turns to their likely impact on private CapEx and India’s growth outlook for FY26.  

Tune in for clear, data-driven insights into the state of India’s economy and what lies ahead. 

(Host: Shishir Sinha Producer: Amitha Rajkumar, Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The discussion explores key highlights of the deal, including tariff reductions on whisky, greater market access for Indian textile and leather exports, and provisions aimed at easing the movement of professionals. Das notes that while the FTA signals political cooperation and commitment to rules-based trade, its actual impact remains uncertain until the legal text is fully disclosed. 

The conversation also touches on areas of concern, such as possible concessions in government procurement and the automobile sector, and the risks posed by non-trade clauses related to labor and environmental standards. 

 Das warns that these elements could create challenges for Indian industry in the long term. The episode further examines how the India-UK FTA could influence ongoing trade negotiations with the European Union and the United States, especially in light of potential US tariff threats.  

Concluding with a reflection on the future of the WTO and India’s role as a voice for the Global South, the episode offers valuable insights into the evolving global trade environment and India's strategic choices. 

(Host: Amiti Sen Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The conversation touches on key developments, including the Indian government's incentives, the influence of Prime Minister Narendra Modi’s high-profile gift of a lab-grown diamond, and the implications of natural diamond giant DBRS exiting the lab-grown market.  

Vasandani explains why lab-grown diamonds are becoming a compelling alternative, offering the same sparkle and certification as natural ones at a fraction of the cost. 

They also explore how rising gold and silver prices, tariff shifts, and seasonal trends like Akshaya Tritiya are shaping demand. With prices stabilising and consumer confidence increasing, lab-grown diamonds are moving from niche to mainstream. 

Vasandani offers insights into future risks, growth potential, and why the market for larger stones and diverse jewellery styles is expanding. Tune in to discover how lab-grown diamonds are transforming the jewellery industry and what lies ahead for this innovative and accessible luxury. 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Kanwar emphasises the increasing resilience and adaptability of Indian farmers, who are shifting toward shorter-duration, water-efficient crops and making more informed decisions based on weather and market data. The digitisation of agriculture and rising literacy are also playing a vital role in transforming farming practices. He notes a growing awareness of sustainability, with farmers adopting regenerative agriculture techniques, focusing on soil health, and organic fertilisers. 

Fertiliser companies now play a crucial role in promoting balanced crop nutrition and reducing overuse of inputs. Kanwar stresses the importance of using the right nutrients at the right crop stages, especially micronutrients like zinc and boron, to enhance soil health and productivity sustainably.  

(Host: Subramani Ra Mancombu, Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

 From banking and healthcare to IT operations, AI is moving from pilot projects to full-scale deployment. The discussion covers AIOps, intelligent automation, and the rise of agentic AI—digital agents that make autonomous decisions. With a focus on enterprise readiness, governance, and real-world use cases, this episode offers key insights for businesses aiming to harness AI's true potential. 

(Host: Sanjana B, Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode begins with Paul unpacking the nuances of Mumbai's ₹3 lakh crore redevelopment market, explaining how older cooperative housing societies are being transformed into premium high-rises with modern amenities—without upfront land acquisition. It's a capital-efficient strategy that offers lower risk, staggered investment, and significant returns for investors. 

From society redevelopment models to the impact of regulatory frameworks and FSI (Floor Space Index) norms, Paul explains why this niche segment, though challenging, presents a unique opportunity. He also sheds light on the broader real estate investment climate, the shifts from equity to structured credit, and the cautious optimism surrounding foreign investments amid global uncertainties like Trump-era tariffs. 

Listeners will gain rare insights into how redevelopment differs from conventional residential projects, what makes Mumbai so uniquely suited for it, and whether this model can scale to other Indian cities. Paul also touches on the current state of commercial real estate, the rising influence of GCC demand, and the evolving interest of global PE giants like Blackstone in India’s housing market. 

(Host: Abhishek law Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Som begins with a bold statement: “Mobility in India, all over the world according to me, will change more in the next 5 years than it’s changed in the last 50.” He unpacks the trends behind this shift—from the rise of alternative fuels and electrification to the way people are rethinking car ownership.

Traditional models of owning vehicles are being replaced with more flexible approaches like leasing, subscriptions, and shared mobility. As Som explains, “There’s a fair amount of people who may want to buy car for usage rather than buy car for just ownership.”

The episode also explores why India is unlikely to rely on a single fuel source. Instead, a mix of electric, CNG, ethanol, hydrogen, and hybrid options will coexist to suit different needs and geographies. But challenges remain—especially when it comes to infrastructure and user confidence.

“If there were no challenges, we wouldn’t be only at 2%, we would be at a much higher percentage anyway,” Som notes, referring to the current uptake of electric vehicles.

From the growing influence of rural consumers to India’s potential as a global automotive exporter, this episode paints a realistic picture of where mobility in India is heading—and what it means for the road ahead.

Listen in!

(Host: S Ronendra Singh, Producer: Siddharth MC)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Together, they explore the shifting landscape of Global Capability Centres (GCCs), the transformational impact of AI on Business Process Management (BPM), the rising strategic role of Engineering R&D (ER&D), and the policy-level catalysts needed to unlock further innovation and scale.

Setting the tone, Srikanth Srinivasan emphasises the cooperative nature of the ecosystem:

“GCC’s and IT services companies, nobody’s posing a threat to anybody. It’s a very symbiotic relationship. It is a relationship of 1 + 1 is greater than two.”

Mamatha Madireddy elaborates on the evolution of GCCs, observing: “Now GCC’s have moved away from being this traditional back-office operations to now GCC’s are centers of innovation. They are centres of research and centres of development.”

On the engineering side, Ajay Prabhu highlights how India is gaining global recognition:

“It just puts you on the engineering map of the world, brings that kind of credibility because engineering is very core.”

Meanwhile, addressing the buzz around AI in BPM, Jitender Mohan reflects on the narrative shift: “Will AI eat BPM for breakfast? That’s where the joke started... But today, we are truly able to create transformation solutions and value differentiation offerings.”

Host:Sanjana B; Producer: Siddharth Mathew

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast highlights how geopolitical tensions and concerns about the global economy have driven precious metals like gold and silver to new highs. Ramaswamy explains that medium to long-term factors, such as a potential economic slowdown and anticipated interest rate cuts, support his optimistic outlook for gold. 

The discussion also touches on the impact of rising gold prices on Indian demand, particularly in the jewellery sector, where price hikes are expected to dampen consumer appetite. In contrast, silver has been experiencing gains alongside gold, but Ramaswamy suggests that its performance may be more volatile due to its reliance on industrial demand. He points out that while physical shortages could push silver prices higher, factors like weak manufacturing activity and the global economic slowdown may limit its growth. 

Finally, the podcast shifts to copper, which faces a subdued demand outlook due to weakness in China's real estate sector and broader industrial slowdown. Ramaswamy suggests that while supply constraints might support prices, the overall demand in key economies will likely keep copper's growth limited in the near term.  

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Srivastava notes, “Both considered together, there may be some overachievement of the fiscal deficit target. However, it comes at the cost of sacrificing some growth.” He highlights the expected shortfall in government capital expenditure and the potential consequences for the overall economy.

On inflation, Srivastava shares an optimistic view, stating, “So I see the CPI inflation as a positive movement which is preparing ground for interest rate reduction.”

Listen in to this podcast for a detailed analysis of how India’s economy is performing across key indicators and what these trends mean for future growth.

(Host: Shishir Sinha; Producers: Renil S Varghese, Siddharth Mathew Cherian)

Amrit highlights that the growth of contract manufacturing in India has been fuelled by a combination of favorable macroeconomic conditions and the government’s GST reforms. He emphasises the shift in global manufacturing patterns, with India emerging as a key alternative to traditional hubs. The domestic market’s size is also a significant factor in attracting companies to set up operations in India.

Nikhil Rao, noting that Flex India has benefitted from government initiatives like the “Make in India” campaign and the Production-Linked Incentive (PLI) schemes. These moves have accelerated domestic manufacturing, particularly in consumer products, and attracted more global customers. The company has also focused on diversifying its markets and strengthening its workforce to stay competitive.

Both of them address the impact of recent US tariffs on imports from Southeast Asian countries, particularly how contract manufacturers must diversify their portfolios to mitigate risks. Nikhil emphasises the importance of having a diverse market strategy, both domestically and internationally, to stay resilient during trade disruptions.

Listen in to know more about US tariffs and whether it will affect India’s contract manufacturing sector.

Host and Producer: Aishwarya Kumar

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders

The country is home to over 60 million cows—three times more than Europe—but despite its scale, the dairy sector remains fragmented, unorganized, and lacking technological advancements. 

Kesavan discusses the slowing growth in milk production, highlighting that while cow milk production is increasing, buffalo milk production—which accounts for nearly half of India’s milk—is stagnating. This has contributed to a slowdown in the overall growth rate of milk production from a 10-year CAGR of 5.5% to 3.5% in recent years. 

Additionally, Kesavan addresses the recent increase in milk prices, explaining that the rise in prices is in line with inflation and the increasing cost of production. Despite these price hikes, he emphasises that the dairy industry has been seeing price stability for a long time, and recent price increases are necessary to maintain balance in the market. 

A major issue facing Indian dairy farmers is the low milk yield per animal, especially compared to global standards. Kesavan highlights that while some farmers are beginning to adopt better breeding practices, the cost of quality feed remains a significant barrier. He suggests that improving feeding practices is crucial to increasing milk yield, with balanced diets and concentrated feed essential for boosting productivity. 

The discussion also touches on the evolving consumer behavior in India. As consumers become more health-conscious, there is a noticeable rise in demand for nutritious dairy products such as probiotic buttermilk and paneer. Kesavan points out that urban dairy consumption is still relatively low, but with the increasing availability of organized retail and higher spending power, dairy consumption is poised for substantial growth. 

Looking to the future, Kesavan is optimistic about the dairy sector’s potential. With organised retail penetration still below 30% in India, there is significant room for growth. As consumption per capita increases and new dairy products find their place in the market, India’s dairy sector is expected to continue growing, driven by both supply-side improvements and changing consumer preferences. 

(Host: Subramani Ra Mancombu, Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast delves into India’s emergence as a key exporter of frozen potato products such as French fries, hash browns, and chips, an industry that has grown significantly since 2007. As the demand for processed potato products increases both domestically and internationally, Karamchandani shares insights into the ongoing growth of the sector, including the shift of Indian farmers to process-oriented potato varieties due to assured pricing, and the increasing focus on production for export markets. 

The conversation goes on to talk about the role of innovation and research and development in improving the quality and yield of potato crops. Karamchandani highlights the contributions of government bodies like the Central Potato Research Institute (CPRI), which is working on creating more resilient potato varieties that can withstand changing climate conditions. He also shares the initiatives I Fund Forbes has taken to support farmer education, such as their Vignan Shala and Pathshala programs, which demonstrate best agricultural practices and help farmers reduce cultivation costs while improving yields. 

The podcast also discusses India’s potential to become the leading producer of potatoes and the largest exporter of frozen potato products globally by 2050. With increasing investment in both production and processing technologies, Karamchandani predicts that India will continue to play a pivotal role in feeding the growing global demand for frozen potato products. 

(Host: Subramani Ra Mancombu Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast begins by highlighting the strong performance of gold, which has gained over 10% since the start of the year, and 40% over the past year. Narne explains the factors behind this surge, including geopolitical tensions, global economic uncertainties, and rising demand for safe-haven assets. Despite the strong rally, he suggests that while gold’s upside potential is uncertain, it might reach a ceiling of $3200 per ounce. He also discusses the broader market factors, such as interest rate cuts in 2025, that could continue to influence gold’s movement. 

Narne addresses the trend of paper gold, particularly ETFs, and how it has gained traction in Western markets but not as much in Asia. He further discusses consumer reactions in India, where high gold prices have led to lower footfall in jewelry stores, although the wedding season might bring some recovery.  

The episode also explores silver, which follows gold's bullish trend but is also driven by increasing demand from electric vehicle (EV) and green technology sectors.  

Narne wraps up by discussing the risks and potential for both gold and silver, including the influence of the dollar and US interest rates.   

(Host: Subramani Ra Mancombu Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode starts with Banerjee discussing the latest GDP growth numbers for Q3, which show a 6.2 per cent growth, a slight improvement over Q2, but still below last year’s figures. They explore the impact of base effects, the government’s capital expenditure (CapEx) strategy, and its balancing act between maintaining growth and fiscal discipline. With rising expectations for Q4, the podcast takes a closer look at whether the country can achieve a projected 7.6 per cent growth rate in the final quarter of the fiscal year. 

The conversation also looks at the challenges the government faces in meeting ambitious CapEx targets, the shift from government spending to private consumption, and the impact of tax relief for middle-class households. Banerjee discusses the broader consumption patterns in India, highlighting the importance of income tax cuts and favourable agricultural conditions in supporting growth in both urban and rural areas. 

The episode goes on to analyse the ongoing GST rate rationalisation process and its potential effects on the economy. They also touch on the risks posed by weather conditions, particularly in relation to food inflation, and explore the country’s inflation dynamics, which remain a critical factor in shaping the economic outlook for FY25 and beyond. 

Tune in for a detailed discussion of India’s economic growth prospects, the fiscal challenges the government faces, and the various factors that could shape the India’s economy in the coming year.

(Host: Shishir Sinha; Producer: Siddharth Mathew Cherian, Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

After an impressive run, with gold surging to nearly $3,000 an ounce, we now face a period of price volatility. What impact will the changing political landscape, especially U.S. tariffs and President Trump’s policies, have on gold’s performance? Could the strengthening of the U.S. dollar push gold prices back to $1,600, or will gold see another spike? 

They go on to discuss about the economic situation in India, where softer consumption and slow government spending are impacting the market. With India being a major player in the global gold market, Shah provides an expert view on how these economic factors could affect the demand for gold in India in 2025. Also, they discuss the potential for a recovery in Indian gold jewellery exports and how central bank policies may influence the global gold market this year. 

Whether you're an investor, a gold enthusiast, or someone looking to understand the larger economic forces at play, this episode offers crucial insights into the future of gold and its role in the global economy. 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Jaipuriar explains that the coffee market has been facing persistent inflationary trends due to crop shortages and the ongoing impact of climate change, which has caused a disruption in the supply chain. Despite high prices, global demand for coffee remains strong, further driving up the cost. 

 For Indian coffee growers, these developments have meant higher prices for their produce, benefiting them with record prices for their crops. However, Jaipuriar notes that this trend may last for another year or so, as it takes time for the supply chain to correct itself due to the long coffee crop cycle. 

The conversation also delves into the future outlook for the Indian coffee industry, particularly in terms of exports. Jaipuriar explains that while the volume of exports has remained relatively stable, the value of coffee exports has surged due to higher prices. To truly capitalise on this opportunity, Jaipuriar emphasises the need for India to increase its coffee plantation acreage and enhance the visibility of Indian coffee globally, as the country is not as well-known for its coffee as it is for tea. 

Another key topic covered is the potential for expanding domestic coffee consumption in India, which currently exports two-thirds of its coffee. Jaipuriar notes that the younger generation is increasingly turning to coffee, especially in cafes and vending machines, and predicts that coffee consumption will grow significantly in the coming decades. 

However, he also highlights the challenge of rising input costs, particularly labour costs, which could impact the pricing and accessibility of coffee in the domestic market. Tune in to gain a comprehensive look at the dynamics of the coffee market and how India can adapt to global trends to enhance its position in the coffee industry. 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast begins with discussing about India's rapidly expanding warehousing market. Singhal provides a comprehensive overview of the market, highlighting the impressive 15-19% CAGR in demand, and suggests that the real numbers, especially in Tier 2, 3, and 4 cities, could be closer to a staggering 25%.  

He discusses the projected growth of the real estate sector, from $300 billion to a trillion by 2030, and how warehousing plays a crucial role in this expansion. Singhal emphasises the connection between consumer behaviour and warehousing demand, explaining how the rise of e-commerce, quick commerce, and omni-channel retail has fueled the need for efficient logistics solutions. 

The conversation also touches upon the Indian budget and its impact on the warehousing sector. Singhal shares his positive outlook on the budget's investment-friendly reforms, particularly those related to infrastructure spending, and simplified land acquisition. 

 He addresses concerns about flattish infrastructure investment numbers, explaining that warehousing's unique position between infrastructure and real estate allows it to adapt to market fluctuations. 

Also, Singhal discusses the ease of raising funds for warehousing projects in India, citing the impressive $10 billion invested in the sector over the past three to five years, and reveals Welspun One's plans to double its portfolio and raise ₹4,000 crore through a mix of international and domestic funds. Tune in to gain valuable insights into this booming sector and understand how warehousing is shaping the future of Indian business. 

(Host: Abhishek law Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The experts explore critical aspects of the bill, including its primary objective of simplifying the Income Tax Act and its likely impact on the economy. With provisions aimed at reducing redundant sections and making tax calculations easier, they assess how the bill will influence tax filing and compliance in India. The episode also covers key changes such as the removal of the term "notwithstanding" and the introduction of "tax year" terminology, offering a clearer understanding of tax calculation periods. 

The conversation further goes on about the bill's approach to crypto taxation, the residency provisions for non-resident Indians (NRIs), and how litigation related to tax issues might be reduced under the new law. Despite the new bill's efforts to simplify tax provisions, there are areas where experts feel further reform could have been incorporated. They also discuss the ongoing challenges with the current tax system and the potential for future improvements. 

This episode provides a comprehensive breakdown of the new Income Tax Bill and helps understand what the proposed changes mean for their finances and the broader economy. Tune in for an informative and accessible discussion on this pivotal piece of legislation. 

(Host: Shishir Sinha; Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Ganesh, drawing from his BigBasket experience, explains how quick commerce addresses India's urban challenges, including population density and supply chain issues. He notes the shift in consumer behavior towards convenience, particularly for groceries and niche products, driving the model's growth despite initial skepticism. Shivakumar adds insights from his FMCG background, emphasising technology's role in connecting brands and consumers. 

The conversation goes on about evolving consumer habits, with both guests acknowledging their shift away from traditional kirana stores. This trend towards digital convenience and smaller pantries potentially impacts future kitchen designs, even suggesting a shift towards smaller refrigerators. 

 The discussion also covers the rise of D2C brands, which have capitalised on niche markets in a fragmented landscape. Shivakumar notes that larger FMCG companies often acquire these smaller brands for their capabilities and market presence, but cautions that cultural clashes can lead to acquisition failures.  

Ganesh adds that D2C brands struggle with high customer acquisition costs and low brand loyalty, creating a more transactional marketplace compared to the brand loyalty of previous generations. 

The podcast further examines the evolution of branding and retail. Shivakumar describes the shift from traditional branding to shorter, digitally focused campaigns. He notes the increased ease of brand building in the digital age. The discussion also highlights the growing importance of private labels, as diminishing brand loyalty allows store brands to compete on quality. Ganesh connects this trend with quick commerce and personalised offerings, which have further reshaped consumer preferences. The episode concludes with a look at the future of retail, emphasising the importance of omnichannel strategies and seamless experiences across all platforms.  

Listen in to know more. 

(Host: Chitra Narayanan, Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Hiranandani shares his insights on the current state of affordable housing, which has experienced an unexpected 25% drop in numbers, something he has never seen in his 40+ years of experience. This decline is seen not only in major cities but across the country, creating a shock for both developers and the government. 

The discussion delves into the reasons behind the slump, with Hiranandani highlighting factors like the exhaustion of the PMAY (Pradhan Mantri Awas Yojana) interest subsidy scheme and the persistence of high RBI interest rates. He suggests that the government needs to expedite the new affordable housing policy and reduce interest rates to stimulate demand.  

The conversation also touches upon the gap in the market for large-scale affordable housing projects, especially from major developers. High land prices and taxes, such as stamp duties and development charges, are making it difficult to build affordable homes, with 50% of a home’s cost in Mumbai going towards taxes.  

Hiranandani draws attention to the global norm of rental housing, pointing out that in developed countries like the United States, 50% of the population lives in rented homes. He urges the government to introduce policies that incentivise the development of rental housing, just as they have for commercial properties, to accommodate the growing demand for flexible living spaces. 

(Host: Abhishek law Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast highlights the gap between current defence spending and the Standing Committee on Defence’s recommendation of 3% of GDP. General Aggarwal offers insights on the lack of domestic absorptive capacity in defence manufacturing and the challenges of increasing indigenous production. He also discusses the crucial role of R&D in defense, emphasising the need for more investment from both public and private sectors. 

With a focus on strategic reforms, the episode sheds light on the necessary policy changes to boost self-reliance in defence and the broader economic impact of a more robust defence sector. 

General Aggarwal shares valuable insights into India's defence budget and modernisation strategies, emphasising the importance of capital expenditure (CapEx) to sustain operational maintenance while enhancing the nation's military capabilities. He explains that, with rising salary and pension costs, it is essential to focus on domestic defence manufacturing and indigenisation, which require robust research and development and the expansion of production capacity.  

The conversation goes on about the early stages of the Agneepath recruitment scheme, exploring its potential savings in salaries and pensions in the long run, though immediate financial benefits are still in the future. 

General Aggarwal addresses the concerns of the private defence industry regarding the dominance of public sector undertakings in major contracts. He concludes by stressing the importance of strategically blending the strengths of both sectors to ensure India’s operational readiness and long-term defence self-sufficiency. 

(Host: Dalip Singh; Producer: Prethicshaa )

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

With strong growth forecasted at 4-5% compared to the previous year's less than 1.5%, industry experts discuss how favourable weather, improved monsoons, and increased credit availability have bolstered the sector.  

The conversation also covers important topics such as financial inclusion for farmers, the impact of direct benefit transfers, and the push for better infrastructure and market linkages to ensure efficient growth.  

Ranganathan shares his insights on the need for more focus on new crops like millets and horticulture, as well as the potential for scaling up food processing capabilities in India to tap into global demand. The discussion also goes onto talk about the importance of farmer producer organisations (FPOs) and urban farming to increase consumption and improve efficiency in the sector. 

As the government prepares for the next fiscal budget, Ranganathan offers recommendations on how budgetary allocations could further support agricultural growth, including higher financial support for farmers, improved crop varieties, and incentives for food processing businesses.  

Host: Subramani Ra Mancombu; Producer: Amitha Rajkumar

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

In this episode of the State of Economy Podcast, businessline's Rishi Ranjan Kala speaks with Naveenn Khandelwal, CEO of BrightNight India, a leading renewable energy company based in the U.S. with a strong presence across India, Australia, and Bangladesh. Under his leadership, BrightNight has developed a portfolio of over 7 gigawatts of renewable energy capacity and raised over $3 billion for various renewable projects. 

The episode starts with Khandelwal discussing India's role in achieving the goal of 500 gigawatts of non-fossil fuel power by 2030. He highlights the country's growing energy demand, electrification of industries, and adoption of green technologies such as green hydrogen and green ammonia. He stresses the importance of U.S.-India collaboration in clean energy, focusing on technological exchanges, supply chain cooperation, and financing. 

Khandelwal addresses the challenges in India’s renewable energy sector, including land acquisition, policy stability, and infrastructure development, while also noting the vast opportunities available. He discusses how Bright Night's AI and machine learning tools can optimise large-scale renewable projects throughout their lifecycle, continuously evolving to meet high-quality standards. 

The conversation shifts to the complementary strengths of India and the U.S., with technology and financing from the U.S. and India's skilled workforce and low-cost engineering. Khandelwal emphasises integrating innovation to accelerate the energy transition. 

He suggests key areas for improvement: enhancing storage solutions, optimising capital flows, boosting distributed solar, and promoting value-added manufacturing. He advocates for more private sector participation in transmission infrastructure and calls for an ambitious renewable energy target, noting the global need for 4000 GW of renewables by 2045. 

(Host: Rishi Ranjan Kala; Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Bhattacharyya traces the evolution of India’s IT sector, noting, “We are actually poised at almost the leading edge of the technology... our guys, our people are at the forefront, whether sitting in India or whether sitting outside of India.” He discusses how the country’s shift from basic coding to developing cutting-edge technology is contributing not only to global growth but to India’s own economy. 

Reflecting on the changing landscape of India’s role in tech, he adds, “At this point of time, if you look at technology and with generative AI and other things coming in, we find that many of these things, the low-end jobs, are going to be taken over. In fact, today we have software that actually takes design and converts it into optimised software.” 

Bhattacharyya also explains why India has emerged as a top destination for global companies, saying, “Cost is definitely one of the factors... but even more than cost, our knowledge of English, our pool of STEM-educated graduates, and our ability to look at larger canvases and drive down to the actual requirement of the application are key contributors.” 

He concludes with an insight into the future of tech talent, acknowledging the rapid pace of technological change: “What I learned today is going to be obsolete tomorrow. Unless I keep upskilling... the way of learning is changing, particularly when you are trying to keep abreast or ahead of technology.” 

Listen in to know more. 

(Host: Sanjana B, Producer: Siddharth MC)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

 The episode starts with Srivastava explaining the key factors behind the slowdown include insufficient capital expenditure by the government, a contraction in investments, and global economic conditions. The conversation shifts to inflation, income growth, and employment trends, with Srivastava predicting the necessity of maintaining a 6.5% growth rate to keep the economy on track and avoid negative impacts on urban incomes and employment. 

The discussion touches on the vital policy measures, including fiscal consolidation, the Reserve Bank of India’s (RBI) role, and government actions to manage food inflation. Srivastava specifically discusses microeconomic interventions such as the Pradhan Mantri Garib Kalyan Anna Yojana, a food security scheme extended until 2029, and its potential for reducing poverty and improving welfare for low-income households. 

However, Srivastava argues that the government’s focus should shift from short-term subsidies to addressing structural unemployment challenges. He believes the key to long-term welfare improvements lies in creating sustainable, productive employment, rather than relying on temporary welfare benefits.  

Looking ahead to 2025, Srivastava stresses the importance of structural reforms, particularly in skill development and education, to match the needs of India’s evolving economy. He also highlights that while fiscal policies and interventions like controlling fuel prices can offer short-term relief, meaningful price reductions will depend on long-term supply-side improvements, such as investments in non-conventional energy and domestic reserves. 

In summary, while immediate relief may be limited, Srivastava emphasises that long-term reforms are essential to fostering sustainable growth and improving the overall economic well-being of India’s citizens. 

(Host: K R Srivats; Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The year 2024 proved to be a mixed bag for the plantation sector. While commodities like tea, coffee, cardamom, and rubber saw bullish price trends, several external factors created hurdles. Erratic climate patterns, geopolitical tensions, and rising costs deeply affected production and profitability. 

Abraham highlights how global conflicts, including those in Ukraine, Russia, and West Asia, disrupted maritime trade routes like the Suez Canal, compounding logistical costs. He remarks, "Price increase was largely a supply side phenomenon rather than a demand side sector, as there has been a decline in production due to the adverse impact of climate change, which is indeed not a very encouraging scenario." 

The discussion also underscored that higher commodity prices did not translate to higher profits due to escalating input costs. Wages, fertilizers, fuel, and pesticides have seen significant price hikes, further straining margins. Abraham explains, "The present price rise therefore mostly gets nullified and as a matter of fact, in real terms, the commodity prices are still on a decline." 

Looking ahead, Abraham acknowledges a mixed short-term forecast. While coffee and spices show positive price trends, commodities like tea and rubber are expected to face more challenges. He stresses the need for structural changes to overcome hurdles and sustain growth. 

"Importantly, what needs to be done is to have a holistic approach for all plantation commodities to enable the sector to be cost competitive in the marketplace by optimizing mechanisation while simultaneously also investing in long-term field developmental programs," Abraham notes. He emphasises the importance of government subsidies, R&D investments for climate-resilient clones, and marketing efforts to boost global demand for Indian plantation products. 

Listen in! 

(Host: Vishwanath Kulkarni; Producer: Rowan Barnett, Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Singh delves into cutting-edge solutions, including climate-resilient crop varieties, biofortified foods, and advancements in smart agriculture technologies like AI, IoT-based irrigation, and precision farming. 

 The podcast also discusses critical topics such as the role of public-private partnerships in driving agricultural innovation, genome editing as a non-GM alternative to enhance crop productivity, and the need for a centralised agricultural knowledge management system to empower farmers.

The conversation goes on to discuss the agricultural challenges and technological solutions for small and marginal farmers are explored in depth. A significant concern is the economic viability of adopting advanced agricultural technologies for farmers with small landholdings.  

Singh illustrates how technologies like drones can be highly efficient for targeted pest control, reducing costs and pesticide residues. He explains that even small-scale farmers can benefit from such advancements through collaborative systems like Farmers' Producer Organizations (FPOs) and custom hiring centers. These entities enable farmers to share resources, such as drones and other machinery, ensuring cost-effectiveness and accessibility without the need for individual ownership. 

He further explores the need for linking Minimum Support Price (MSP) with the nutritional profile of biofortified varieties. This would incentivise farmers to adopt these crops and ensure their economic sustainability.  

Singh advocates for aligning policy mechanisms, such as those by the Commission for Agricultural Costs and Prices (CACP), to support this integration. 

The conversation begins with a broad overview of the current economic climate. Shah emphasizes the mixed signals emerging from high-frequency indicators like GST collections and the Purchasing Managers’ Index (PMI). While GST collections show year-on-year growth, month-to-month numbers indicate a slowdown, reflecting consumption trends and seasonality. PMI data, meanwhile, points to sluggishness in manufacturing activity, largely attributed to underwhelming capital expenditure (CapEx).

Shah elaborates on India's economic crossroads, stating, "The Indian economy is at a crossroads where growth can be reignited, but it requires bold fiscal policies and a conducive environment for investments." He stresses the importance of bold measures to spur growth and restore investor confidence in the economy.

Shah underscores the importance of capital expenditure for long-term growth, pointing out, "What we are seeing is a slowdown in both corporate and government capital expenditure, which is concerning because CapEx is the backbone of long-term economic growth." This slowdown in spending on infrastructure and development projects is a key factor in the current economic challenges.

Shah also notes the impact of inflation on the economy, explaining that "Inflation has become stickier than expected, and this will force central banks, including the RBI, to reconsider their stance on interest rates in 2025." As inflationary pressures persist, central banks will likely need to reassess monetary policies to balance growth with price stability," Shah adds.

Host: Shishir Sinha; Producer: Siddharth Mathew Cherian.

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Malpani explains that inflation has been a significant challenge in 2024 and to deal with rising costs, FMCG companies had to increase prices or reduce product sizes (shrinkflation). Food inflation has been the key factor that has led to sluggishness in urban demand.Malpani points out that while urban demand has been stagnating but recovery was visible in rural demand in the country on the back of good monsoon and government spending push.

Urban markets, Malpani notes, have been under pressure due to stagnating demand driven by inflation and reduced discretionary spending among middle- and lower-middle-income groups. While affluent consumers continue to demand premium products, spending from middle-income households has been impacted. This has created a challenging environment for FMCG companies in urban regions.

As the sector looks ahead to 2025, Malpani expects urban demand to remain subdued in the first half of the year, with a potential gradual recovery in the latter half. With the budget around the corner, there are expectations of rationalisation in the tax structure to stimulate demand. Stablisation in commodity prices will also help FMCG companies focus on volume growth.

Another emerging opportunity in the FMCG space is the rise of quick commerce. While the global success of quick commerce has been mixed, it has been particularly successful in India. "Globally, quick commerce has not been a great success, but it has been a very good success story in India," Malpani explains. This success is largely driven by widespread internet penetration and the growing demand for convenience among urban consumers. Quick commerce companies are expanding their product offerings and increasing basket sizes for better margins. 

Finally, Malpani highlights the importance of managing costs effectively. He points out that to achieve better growth in 2025, keeping prices stable, investing on technology and leveraging e-commerce including quick commerce channel will be key for FMCG companies. 

Listen in! 

(Host: Meenakshi Verma Ambwani; Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

As the world’s pharmacy, India continues to make a global impact, providing medicines to over 200 countries. Jain outlines key highlights of the year, including the country’s progress toward self-reliance in Active Pharmaceutical Ingredients (APIs) and the success of government initiatives like the Production Linked Incentive (PLI) scheme. 

Jain discusses the critical issues such as the need for enhanced quality standards and innovation in the pharmaceutical sector, the ongoing efforts to tackle counterfeit drugs, and India’s role in supplying affordable medicines globally. Jain emphasises the importance of quality control, the introduction of new medical technologies, and the growing role of Indian companies in the development of biosimilars and mRNA vaccines. 

Looking ahead to 2025, Jain shares his perspective on how India can strengthen its export market amidst geopolitical shifts and increasing global demand for affordable healthcare solutions. He also talks about how the pharmaceutical industry can contribute to government programs aimed at improving access to medicines, such as the Janaushadhi Scheme, and ensuring that healthcare reaches underserved rural areas. 

(Host: PT Jyothi Datta; Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The conversation explores the challenges and opportunities within the sector, including the impact of government investments, layoffs, and the unpredictable weather patterns on the industry's growth. 

Brar reflects on the current year, describing it as average in terms of growth due to a lack of investment and certain market challenges. However, he forecasts a more positive outlook for 2025, with growth expected between 5-10% driven by increased government investment, a rebound in the labour market, and more favorable monsoon conditions. 

The discussion also delves into the strong performance of the SUV segment, which has grown significantly over the past few years, and how this trend is expected to continue into 2025. In contrast, the sales of hatchbacks and sedans are declining, as consumers increasingly opt for more versatile and spacious SUVs. 

Despite some progress, the EV segment remains relatively small, making up only around 2% of the market. Brar advocates for continued subsidies at both the central and state levels to stimulate long-term growth in the EV sector. He also highlights the importance of state policies, noting how tax incentives have had a significant impact on EV sales in some regions. 

Finally, the conversation concludes with a look at the future of alternative fuels, particularly flex-fuel vehicles and hydrogen fuel cells. Brar emphasises the need for a focused approach, urging the industry to prioritise the development of EVs before exploring other alternatives like hydrogen-powered vehicles. 

(Host:  S Ronendra Singh; Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The discussion begins with a focus on residential real estate, highlighting how the sector has experienced remarkable growth post-COVID. Runwal sheds light on the surge in urban demand, particularly in Mumbai and Pune, and explains how genuine end-user interest, rather than speculative bubbles, is driving this trend. He predicts robust double-digit growth in volume, backed by a strong appetite for upgrades in lifestyle and quality living spaces. 

The conversation then shifts to Pune’s growing prominence as an IT and GCC (Global Capability Center) hub. Saurabh identifies pockets of growth fueled by infrastructure development, including metro lines, the new airport, and increased IT absorption. He contrasts Pune’s affordability-driven market with Mumbai’s luxury-centric dynamics, offering a detailed analysis of price trends and buyer behavior in both cities. 

On the commercial front, Runwal expresses optimism about the office space market, citing significant transactions and an uptick in foreign investments. He highlights the ripple effect of commercial growth on residential demand and overall livability in key urban centers. 

The discussion also touches on retail real estate amidst the rise of e-commerce and quick commerce. While acknowledging the challenges posed to smaller retailers and kirana stores, Runwal remains confident about the resilience of organized retail spaces like malls, emphasising their ability to adapt and thrive. 

Sethi sheds light on the challenges faced by the cement sector in FY25, including adverse weather conditions, delayed infrastructure projects, and muted government spending. Despite these setbacks, the long-term growth outlook remains promising, with demand expected to align with GDP growth or exceed it in FY26 and FY27. 

The episode explores the pricing dynamics within the sector, examining the impact of cost pressures and demand fluctuations. Sethi also discusses the operational costs, highlighting the industry’s ongoing shift toward green energy solutions like solar and WHRS to mitigate fuel price volatility. 

Listeners gain valuable perspectives on how macroeconomic trends, election-year policies, and infrastructure projects such as the National Infrastructure Pipeline, Bharat Mala, and Shakti are shaping the cement sector’s trajectory. 

 The country has added an impressive 30 gigawatts of new generation capacity, a key step toward reaching the 500 GW of non-fossil fuel-based power target by 2030. Dwivedi also highlights important policy measures, such as the success of the Surya ghar Muft Bijli Yojana, a scheme that aims to provide free electricity to households in India. 

Dwivedi discusses the financial viability concerns of power distribution companies, the underutilisation of gas-based plants, and the need for more robust transmission networks. With the growth of renewable energy, particularly intermittent sources, there’s a growing demand for enhanced grid stability and investment in transmission infrastructure.  

Looking forward, Dwivedi shares key trends and events to watch for in 2025, from the ramping up of domestic manufacturing under the PLI initiative for solar to increased private sector participation in power distribution. The government’s efforts to address transmission bottlenecks and the success of schemes like rooftop solar are also discussed as vital components of India’s energy future. 

The episode concludes with valuable insights into what has been achieved and what lies ahead in the rapidly evolving energy sector , with a particular focus on how India is navigating its energy transition. 

(Host: Rishi Ranjan Kala; Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The conversation begins Dhar explaining how the 1970 Patents Act focused on process patents, fostering a thriving generic pharmaceutical industry and making India a global supplier of affordable medicines by the 1980s. However, the 2005 shift to product patents under WTO’s TRIPS agreement reversed this trajectory, reintroducing concerns about market monopolies and the affordability of essential medicines. 

The discussion extends to India’s recent free trade agreement with the European Free Trade Association, raising concerns about potential amendments that could hinder pre-grant oppositions and undermine the original objectives of the patent framework. 

The episode also scrutinises India’s increasing patent numbers, with over one lakh granted in a single year. Dhar argues that quantity alone is not a benchmark of success, emphasising the need to evaluate patents against robust R&D spending and genuine inventive activity. 

As the conversation concludes, listeners are left with a nuanced understanding of the successes and shortcomings of India’s patent regime and its implications for public health.  

(Host: PT Jyothi Datta; Producer: Amitha Rajkumar)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

"The pace of AI innovation is growing, and in India, there are almost 240 plus generative AI startups," says Sangeeta, highlighting the rapid evolution of the AI sector in India and the growing prominence of generative AI within the industry. 

Gupta also discusses the impact of global macroeconomic uncertainties on India's IT sector, noting that "almost 70% of the industry revenues are export-led, and hence the global macroeconomic uncertainties impacted decision-making in large global businesses that outsource work to India." 

Addressing the cautious pace of AI adoption, Gupta states, “While we are seeing a lot of action from building out proof of concepts, the real adoption at scale is still lagging, determined by multiple factors including global slowdown and data silos within enterprises.” This reflects the challenges companies face in integrating AI into their operations despite the excitement around the technology. “The real AI opportunity in terms of revenues is probably still 12 to 18 months away, but there is a gradual uptick,” Gupta adds.

On the growing demand for AI-related skills, she stresses the importance of a multi-skilled workforce, saying, "We need multi-skilled professionals as one specific skill will become redundant very quickly in this fast-paced technological environment." This insight sheds light on how IT companies are evolving their workforce to meet the demands of emerging technologies. 

Looking ahead to 2025, Gupta is cautiously optimistic, noting, "While we expect a slow recovery in 2025, we are hopeful that the segmented growth across different sectors will drive positive momentum for the industry." 

Listen in. 

(Host: KV Kurmanath; Producer: Siddharth Mathew Cherian.)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode begins with how the funding environment evolved in 2024, touching on sectors that gained traction like AgriTech, climate solutions, and rural sustainability. Shah also highlights the growing interest in startups emerging from smaller towns and cities, and the significant role government policies have played in supporting innovation. 

Looking ahead, Shah shares his thoughts on where the startup ecosystem is headed in 2025, emphasising the focus on sustainability, the resurgence of manufacturing, and a continued push towards solving real-world problems. With new trends emerging and VCs becoming more selective, the conversation touches on the evolution of funding stages and the risk appetites of investors, particularly in a year when valuations are expected to remain more stable. 

For entrepreneurs and startup founders looking to capitalise on new opportunities, Jinesh offers invaluable advice: stay focused on creating value for your customers and stakeholders, build sustainable business models, and avoid getting swayed by external pressures. By doing so, startups can navigate the changing economic environment and thrive in 2025 and beyond. 

(Host: Jyoti Banthia Producer : Prethicshaa Gurumoorthy)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Kochhar highlights how telecom has become a foundational industry supporting all sectors. “This year has shown that the telecom industry is the foundational industry, and it is emerging as a supreme foundational industry with every other industry now relying on telecom. Therefore, it has become a horizontal rather than remaining a vertical,” says Kochhar. 

While the rapid rollout of 5G has been a major achievement, Kochhar also addresses the challenges that still lie ahead, such as spectrum shortages, the slow implementation of telecom regulations, and revenue losses due to policy constraints. He points out, “The Telecom Act has been enacted, the rules have been pronounced, but the adaptation of these rules by all concerned is a little bit slow.” Despite these hurdles, Kochhar remains optimistic about the future, noting that the sector has made significant strides, and he expects positive developments moving forward. 

One critical issue Kochhar highlights is the need for more spectrum to ensure effective 5G rollout. “Scientifically, it has been proven that in India we require 2 gigahertz of spectrum in the mid band to roll out effective 5G networks. Unfortunately, we have got just about 800 megahertz of spectrum, which gives us a deficit of about 1200 megahertz. That is something going forward that will cause a lot of problems,” he explains. He also emphasises the need for improved fibre infrastructure to support network expansion.

As the conversation shifts to the potential of 5G in rural and industrial areas, Kochhar sees a transformative role for non-standalone 5G networks, especially in rural areas. “Lower frequencies using 5G... which is almost 100 times more aggregation,” Kochhar explains, pointing out that this would enable quicker, more cost-effective rollouts to underserved regions. He also delves into the role of AI in the telecom sector, discussing its potential to enhance network management and foster new business models. “AI reduces time and increases the area of operations with least cost overlays, and AI comes in two flavours. One is embedded in, the second is generative AI. Embedded AI is coming into the networks in a very large way because the networks are getting increasingly defined by software,” says Kochhar. 

Finally, Kochhar discusses India’s role in the development of 6G. He highlights the country’s proactive approach to 6G standards, use cases, and manufacturing. “The way India is proceeding scientifically and with a mission, I think it’ll happen. India has already laid down a 6G roadmap... India may be one of the few territories where 6G will get germinated and then it’ll take off,” he says confidently, positioning India as a key player in global telecom advancements. 

(Host: S Ronendra Singh, Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

According to industry data, India's cybersecurity market is expected to grow from $6 billion in 2023 to $22.6 billion by 2032, with a compound annual growth rate (CAGR) of 18%. This marks a significant shift in the digital landscape, as the BFSI sector, due to its sensitive data, becomes a prime target for cybercriminals. 

Kumar begins by emphasising that phishing is the most common form of cyberattack, responsible for over a third of incidents in India. Cybercriminals often impersonate legitimate entities like banks to steal sensitive customer data. He also explains the growing danger of ransomware, where attackers encrypt data and demand a ransom, sometimes using double extortion tactics to threaten both the victim’s data and privacy. Advanced persistent threats, often backed by state-sponsored actors, have also increased, especially targeting Indian financial institutions. These attacks are difficult to detect and pose a significant risk over long periods. 

Kumar also highlights the increasing dangers of supply chain attacks, where attackers target third-party vendors to breach the systems of large institutions. Insider threats, where employees or contractors misuse their access to steal funds or data, continue to be a concern as well. 

Vaidya adds that post-COVID, digital identity security has become a crucial issue. As India underwent a massive digital transformation, particularly in banking and payments, the risk of stolen digital identities has skyrocketed. Cybercriminals can use stolen credentials to carry out fraudulent transactions without detection, making identity security a top priority for organisations. 

(Host: Sanjana B; Producers: Amitha Rajkumar)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

As gig work grows, the need for structured welfare measures is becoming increasingly urgent. The conversation explores the progress made in 2024, key developments in India’s gig economy, and what the future holds for this expanding workforce. 

India’s gig economy, which now includes millions of platform-based workers, has seen significant policy changes aimed at improving welfare. The Code on Social Security 2020 recognises gig and platform workers and includes provisions for life and disability insurance, health benefits, and old-age protection.  

“The government has implemented several initiatives, including the Code on Social Security 2020, which recognises gig workers and provides provisions for their welfare, including insurance and health benefits.”, Rishi explains. 

 The discussion then moves to global comparisons, with Rishi analysing how countries like the United States, China, and Southeast Asia are addressing gig worker security. He highlights China’s regulatory efforts for its 200 million gig workers, California’s AB5 law, and models emerging in countries like Singapore and Indonesia.  

“In China, the government has introduced regulations to ensure fair treatment, minimum salaries, and participation in insurance programmes for gig workers.”, Rishi notes. 

At the state level in India, Rajasthan and Karnataka are leading the way with progressive laws such as Rajasthan’s Platform-Based Gig Workers Registration and Welfare Act (2023) and Karnataka’s Gig Workers Welfare Bill (2024). 

Looking ahead, Rishi discusses the future of India’s labour codes, particularly the Labour Ministry’s Social Security Policy. With health insurance, pension benefits, and unique identity numbers in the pipeline for 2025, he warns that successful implementation depends on effective execution. “The key is the successful implementation of the Code on Social Security 2020... It aims to streamline access to benefits and reduce financial vulnerabilities for gig workers.”, he adds.

(Host: KR Srivats; Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast also touches on the larger context of biofuels in India, including the government’s initiatives to blend ethanol with petrol and the use of biomass in power generation. Suhas is optimistic about the future, emphasizing the country’s potential as a global leader in biofuels and bio-based materials, as well as its strong policy framework and investments in technology. 

The discussion also covers the government’s initiatives, such as ethanol blending and biomass co-firing with coal, and how these efforts are contributing to India’s biofuel growth. The introduction of compressed bio-gas projects and sustainable aviation fuel are additional avenues Baxi highlights for biomass utilisation. 

Baxi also explains how Biofuel Circle's "biomass bank" program is working to provide farmers with financial benefits for supplying agricultural waste, turning them into active participants in the biomass ecosystem. The program not only helps reduce stubble burning but also empowers rural communities by creating additional income streams for local tractor drivers and small businesses. 

Baxi believes that biomass has the potential to not only contribute to biofuel production but also revolutionise other industries through innovative applications like biochar and bioplastics. 

(Host: Subramani Ra Mancombu Producers : Amitha Rajkumar )

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode starts with discussing pressing economic issues—from private equity’s role in India’s growth, to the shifting dynamics of mergers and acquisitions in a fluctuating market. Shah talks about how large firms and smaller startups navigate challenges in securing funding, the impact of global events on business, and what trends are likely to define the coming years.  

Shah addresses the challenges faced by both larger and smaller private equity firms. He discusses how large firms like Blackstone are successfully raising funds, while smaller entities are facing difficulties due to a competitive market environment. Despite these challenges, Shah points out that younger professionals in the industry are still optimistic and entrepreneurial, pushing forward with fresh perspectives. 

On the topic of valuations, Shah suggests that the growth of public markets may be spilling over into the private market, leading to inflated valuations that could make some deals harder to close. This situation is contributing to a more cautious approach to private equity investments, as firms reassess the potential returns and risks of certain deals. 

Looking ahead, Shah predicts that sectors such as consumer goods, pharmaceuticals, and healthcare will continue to attract private equity interest, particularly as India’s middle class grows and demands more products and services. However, he also cautions that competition in these sectors will intensify, and firms will need to strategically navigate these challenges to achieve long-term success. 

The episode also touches on the outlook for M&A deals, where he expresses optimism that activity will pick up in the coming year, despite the current slow pace. He believes that strategic planning and long-term vision will be key for firms involved in M&A transactions, and that new opportunities will arise in the near future. 

 (Host: Janaki Krishnan Producers : Rowan Barnett , Prethicshaa Gurumoorthy )

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Against the backdrop of a slowing economy and a revision in the RBI’s GDP growth forecast, the banking sector faces challenges, particularly with regard to credit growth and liquidity. 

"Credit growth expectations for FY25 are likely to be revised closer to 10.5% to 11% due to a deceleration in key segments like retail and services," notes Karthik Srinivasan. He explains that a slowdown in these important sectors would likely temper overall credit growth in the coming year. 

However, Srinivasan adds that despite this moderation, banks are "pretty well capitalised" and should be able to meet credit demand over the next 12-24 months without the need for immediate capital raises. He also points out that public sector banks might still be required to raise capital due to government shareholding regulations. 

The discussion also touched on the impact of the RBI’s measures, such as increasing risk weights on unsecured consumer credit and bank credit to non-banking financial companies (NBFCs). "The credit growth to the NBFC sector has slowed quite significantly," points out Srinivasan, with year-on-year growth dropping to just 6% in October 2023. He further highlights that while banks had been managing deposit rates to bridge the credit-deposit gap, "margins for banks and, for that matter, even NBFCs, are expected to shrink" in the coming months due to increased competition for deposits and pressure from lower lending rates. 

Looking ahead to FY25, Srinivasan indicates "this year’s estimates of about 10.5% to 11% on credit growth and possibly around 11% on deposits are likely to remain similar next year," suggesting that the banking sector would experience moderate growth. He also acknowledges that "stress is building up" in certain sectors, particularly in retail and SME portfolios, but remains confident that the banking system is robust enough to absorb these challenges. 

Srinivasan concludes that the outlook for FY25 remains steady, with manageable risks, as banks are well-positioned to navigate potential headwinds. 

Listen in!

(Host: K Ram Kumar, Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Dhar analyses India’s export resilience despite global uncertainties, such as the Russia-Ukraine war and the West Asia crisis. While noting impressive export growth in sectors during October, he emphasises the patchy performance across industries. He highlights the underwhelming recovery of India’s garment sector, especially in light of opportunities presented by economic disruptions in Bangladesh. 

The conversation also turns to the implications of U.S. President-elect Donald Trump’s policies, which are poised to impact global trade. Dhar emphasises the potential benefits of a "China Plus One" strategy, particularly in electronics, but warns of challenges due to domestic logistical bottlenecks and behind-the-border trade barriers. He stresses the importance of government and industry collaboration to capitalise on emerging opportunities. 

The podcast also reflects on the significance of India leveraging local manufacturing capabilities and expanding its footprint in global markets, particularly in the U.S. and Europe. The conversation also touches on the role of global agencies and logistics companies in predicting a positive trade trajectory for 2025. 

(Host: Amiti Sen Producer: Amitha Rajkumar)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode starts with Varma discussing some of the major disappointments of 2024, including the persistent challenge of stagflation and the growing concern around slowing consumption. While pent-up demand from the pandemic years fueled consumption in recent times, we’re now seeing a shift as growth in consumer credit and income levels slow, leading to a moderation in consumption patterns. 

Varma talks about the recovery in high-frequency indicators such as the Purchasing Managers’ Index (PMI) and manufacturing growth from October onwards. Despite some concerns about the sustainability of the growth in retail demand, the discussion offers a balanced outlook on the prospects for India’s GDP in fiscal year 2025, with expectations of 6% growth, amid mixed economic indicators. 

As India approaches the 2025 Union Budget, the episode shifts to discuss how fiscal policy could help address the slowdown in consumption. With the government’s emphasis on capital expenditure (CapEx), Varma suggests that while the government has significantly increased its CapEx to GDP ratio in recent years, the key challenge will be how to maintain the momentum without overstretching fiscal targets. 

The conversation also touches on the external economic environment, with particular attention on the implications of the Trump administration taking office in 2025. The discussion concludes with Varma’s forecast for 2025, highlighting both risks—such as the potential for slower-than-expected growth—and positive developments, including potential disinflation due to lower commodity prices. 

(Host: Shishir Kumar Sinha Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode starts with discussing the current trends in copper demand. Karmarkar talks about how copper is playing an essential role in India’s economic development, particularly in the post-pandemic era, where demand has surged by 21% between 2021 and 2024. He explains how sectors such as building construction, industrialisation, and power generation are significantly contributing to this growth. 

Karmarkar talks about the challenges and opportunities within the copper supply chain, by refining copper scrap rather than simply melting it, India could enhance its domestic copper supply and reduce its reliance on imports. 

With the growing focus on electric vehicles and the greening of the economy, copper is becoming an essential component for future growth. He discusses how this demand will continue to rise, especially with India’s efforts to modernise its infrastructure and build a greener economy. 

The episode also touches on the role of scrap copper, the potential for new smelting capacities in India, and how future trade dynamics might impact the supply and demand landscape. As the country looks towards 2025 and beyond, Karmarkar offers his perspective on the projected growth in copper demand and how the industry is preparing to meet these needs. 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode starts with Nutula highlighting the significant opportunity for India to meet both its own SAF needs and export substantial quantities, especially given the country's agricultural surplus and its strategic location near key international markets like the Middle East and Singapore. 

Nutula addresses the challenges, including early-stage feedstock conversion technology and the logistical issues involved in collecting and storing agricultural residues. Nutula stresses the importance of robust infrastructure, policy support, and incentives for farmers and companies to scale SAF production. He believes that with technological advancements and clear government roadmaps, India can overcome these hurdles and drive growth in the biofuel sector. 

The episode also touches on India’s role in meeting global SAF mandates, such as the CORSIA, which will become mandatory for Indian airlines in 2027. With initial blending targets of 1% in 2027 and 2% in 2028, Nutula suggests that a long-term strategy will be needed to scale production, benefiting both the aviation sector and Indian farmers by increasing their income through agricultural residues. 

(Host: Rishi Ranjan Kala, Producer: Prethicshaa )

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode starts with how nations are increasingly using space for military purposes, such as satellite communication, intelligence gathering, surveillance, and navigation. General Bhatt also addresses India's space defence roadmap, emphasising the government's strategic investments, including satellite-based surveillance programs and growing collaboration with the private sector.  

The discussion touches on the competition with global powers, particularly China. “China is aspiring not to compete in space with India, but to compete with USA and their concerns for ASR, for communication, for navigation are global. They want to protect and have visibility in the first chain of islands and 2nd chain of islands“ 

General Bhatt emphasises the importance of space situational awareness (SSA), a system that tracks satellites and debris to prevent accidents and potential threats from adversarial actions. This growing need for global cooperation in space defence, as highlighted by Bhatt, is crucial for maintaining space security. 

General Bhatt goes on to explain how the new form of space warfare can disrupt communication systems and affect the overall operational integrity of a nation's space infrastructure. General Bhatt points out a critical shift : Space warfare is no longer confined to government-controlled entities, and private players have become essential in providing support during conflicts.  

In conclusion, General Bhatt stresses the importance of a diversified approach to space defence. India is making strides in this area by expanding its satellite constellations and developing non-kinetic weapons for space protection. 

(Host: Dalip Singh, Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast begins with Bhardwaj diving into the surprising GDP growth number for Q2, which came in at 5.4%, well below expectations. She explains that the GDP slowdown is primarily driven by a weak industrial sector, with manufacturing and mining showing significant weakness. While consumption demand has also been subdued, some high-frequency data for October and early November suggest a potential slight pickup, likely due to the festive period.  

However, Bhardwaj emphasises that a broader recovery remains uncertain, with both global demand and domestic factors such as weak capital spending and regulatory constraints on lending posing challenges. 

The conversation then shifts to other economic indicators like GST collections, which showed an 8.5% year-on-year growth in November, but with a monthly decline, likely due to fewer working days during the festival season. Despite some moderation, Bhardwaj notes that GST growth is now in line with nominal GDP growth, indicating that there is no significant disparity between these two indicators. 

The discussion also touches on inflation, with Bhardwaj forecasting a retail inflation rate of around 5.7% for the upcoming month. She explains that this is higher than the Reserve Bank of India's (RBI) earlier projections, which could influence their upcoming policy decisions. She suggests that the possibility of an interest rate cut, previously expected only in the next fiscal year, might be brought forward to February, especially as the RBI faces a challenging trilemma involving inflation, growth, and liquidity concerns. 

The podcast begins with a look back at the challenges faced by the Indian rice industry over the past few years, primarily due to weather disruptions that impacted rice production. In response, the Indian government-imposed export restrictions in 2022 and 2023, which included bans on certain rice varieties and the introduction of export duties. These measures were aimed at controlling food inflation but also led to a significant decline in exports. 

Gupta discusses the impact of these developments on the agricultural community, particularly rice farmers. With the easing of export restrictions, farmers, especially those cultivating basmati rice varieties like 1509, are benefiting from better market conditions and higher prices. The podcast also touches on the effects of these policy changes on non-basmati rice exports, where previous restrictions have been removed, except for the export ban on 100% broken rice. 

The conversation also delves into the crop dynamics for the current season. Gupta explains how the area under rice cultivation has increased by 10-15% due to favorable weather conditions, which is expected to continue into the rabi season. This growth in production is providing more opportunities for farmers to sell their rice, both in domestic markets and for export. 

Gupta shares his perspective on the future of India’s rice industry, highlighting the need for continued government support in areas such as research on high-yielding rice varieties. He argues that improved research and development could significantly increase yields and make India more competitive globally.  

(Host: Subramani Ra Mancombu Producer: Amitha Rajkumar)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

 The podcast starts with the impact of this waste on the environment, public health, agriculture, and the economy. Anant talks about finding microplastics in everyday items like salt, sugar sachets and their far-reaching consequences on human health, agriculture, and marine life. Anant shares his insights into the reasons behind India's plastic crisis and discusses the importance of creating awareness among consumers about the environmental and health risks associated with plastic use.

 He stresses the importance of shifting towards eco-friendly alternatives and highlights the role of bamboo, a versatile, sustainable material, in replacing plastic in various industries. Anant goes on to discuss India’s stance in global discussions on plastic waste management. He supports the view that managing plastic waste effectively is more important than banning plastic outright, a position that aligns with India's approach at the international level. The episode concludes with a call for more sustainable solutions and greater public awareness of plastic's harmful effects on health and the environment. 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Vigneshwar offers insights into the growing role of electric vehicles, challenges related to inventory levels, and the outlook for the coming months as the year draws to a close.

“We are looking at this momentum continuing, and we are looking at a fairly good couple of months from now,” says Vigneshwar, expressing optimism about the continued momentum in the automobile sector.

Retail sales growth in October 2024 was impressive, with overall sales increasing by 32% year-on-year, with two-wheelers leading the charge with a 36% increase. Passenger vehicle sales also saw a 32% boost, as the festive season brought a surge in consumer demand.

Vigneshwar highlights the significant role rural markets are playing in this recovery, noting that “55.5% of two-wheeler sales and 39% of passenger vehicle sales came from rural areas.” This marks a strong revival from rural India, which has been instrumental in driving sales this year. He further adds, “Rural India slowly started climbing back the charts in terms of contribution,” emphasising that rural demand has returned with strength.

Regarding the challenges of managing high inventory levels across dealerships, Vigneshwar states, “We were at about 75 days of inventory at the start of the month,” which was unsustainable. He hopes that manufacturers will take action to optimise inventory levels and reduce discounts in the coming months, further boosting profitability for dealers. According to him, the industry has been “hoping this would reduce further in the next month,” with expectations for a smoother inventory flow by December.

As the industry embraces new technologies, the shift to electric vehicles (EVs) is becoming more prominent. Vigneshwar points out that “the two-wheeler segment, especially in the scooter segment, is primed for the change to EVs and is changing very quickly.” He notes that while government subsidies have fluctuated, the EV market is steadily gaining momentum, with dealerships preparing for even more rapid adoption in the future.

Vigneshwar also discusses the impact of the government's vehicle scrappage policy, calling on state governments to take more action: “State governments have to probably start working harder at this because most of the states... have not implemented the policy.” He advocates for a clearer, more efficient system to allow customers to take advantage of scrapping incentives and help accelerate the transition to newer, more efficient vehicles.

Looking ahead, Vigneshwar is optimistic about the future of the automobile industry, noting that “the next couple of months are going to be strong in terms of retail,” driven by the marriage season and ongoing consumer confidence. The industry is poised for continued growth in 2025, with strong sales expected to carry through into the new year,” he adds.

Listen in!

(Host: S Ronendra Singh; Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The conversation begins with an overview of the funding landscape, noting that while the industry saw a significant downturn from the peak of 2021, the momentum has picked up in recent months. Funding for fintech startups in India dropped more than 60% from 2021, with about $1.5 billion raised in 2023, but the latest quarter (Q3 2024) has seen some recovery. Fintech continues to be one of the top three sectors for investment in the Indian tech landscape, alongside retail and e-commerce. 

Singh discusses the regulatory environment, highlighting the role of the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) in ensuring compliance. The RBI’s actions, such as licensing payment aggregators, aim to enhance consumer protection, a critical focus for the sector. Batra adds that the regulatory steps, though seemingly stringent, are well-researched and provide a necessary framework for a rapidly growing industry. He stresses the importance of a company-wide approach to compliance and the changing dynamics of data handling, product building, and customer protection. 

The conversation concludes by considering how fintech startups can coexist with traditional financial institutions. Both Batra and Singh agree that the lines between fintechs, banks, and non-banking financial companies (NBFCs) are blurring. Banks are becoming more tech-savvy and are forming partnerships with fintechs, while some fintechs are moving into more traditional banking roles. This collaboration, alongside the evolving regulatory framework, is expected to shape the future of India’s financial ecosystem.

(Host: Sanjana B; Producers: Amitha Rajkumar)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Recent policy changes, such as the extension of Ayushman Bharat to individuals aged 70 and above, and the removal of the 65-year age cap by the Insurance Regulatory and Development Authority of India (IRDAI), have created new opportunities and challenges for the sector. 

Amit Chhabra highlights the significance of these developments, noting that "The 70-plus population is extremely underinsured right now... not having health insurance is a serious issue because that will open them up to large financial exposure." 

The discussion delves into how insurers are adapting to cover specific conditions such as Parkinson’s, Alzheimer’s, and other age-related illnesses, while also accommodating pre-existing conditions.  

"The regulator is actually promoting or encouraging insurers to give some kind of offer to that customer. This may not be the standard product... but at least they get something, some sort of coverage.", adds Chhabra. 

The dialogue also explores the challenges within the ecosystem, including the complex relationship between hospitals and insurers which is “a push-and-pull relationship... but both parties realise they can’t coexist without each other.", adds Chhabra. 

Listeners will also benefit from practical advice, as Amit stresses the importance of transparency and full disclosure when purchasing insurance "One must make sure that your medical history is disclosed properly and in full detail when you're buying a policy... If these two things are taken care of, there can be no denial of claim.", he points out. 

(Host: PT Jyothi Datta; Producers: Rowan Barnett, Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Rao's work has been instrumental in examining how climate-related factors influence asset values, investment strategies, and overall corporate financial health. The podcast starts with one of the key topic of India's ambitious green energy transition, which aims to add 500 gigawatts of non-fossil fuel energy capacity. Rao explains that while the potential of green energy markets is immense, the biggest challenge lies in securing adequate financing.  

 He emphasises the need for mechanisms like a national green sovereign wealth fund, green banking systems offering low-interest loans, and a carbon credit exchange to instill investor confidence and accelerate the transition to a cleaner energy future.  

The discussion also dives into the hurdles faced by retail investors, particularly how they can be educated and encouraged to participate in green energy markets. He suggests that transparency, better communication, and innovative investment products such as fractional ownership of solar panels and local charging stations could help foster trust and participation from retail investors.  

 Rao goes on to offer valuable insights into the role of natural gas as a transition fuel for India. While acknowledging that natural gas is not a completely clean energy source, he argues that it can serve as a bridge to greener alternatives, especially for a country like India that relies heavily on coal for its energy needs.  

The podcast highlights the lower costs and infrastructure advantages of natural gas as part of the strategy to reduce carbon emissions while transitioning toward more sustainable energy sources.  

(Host: Rishi Ranjan Kala, Producer: Prethicshaa , Amitha Rajkumar )

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast starts with Al Khatib highlighting the unique investment opportunities available in Expo City, which include residential, commercial, and hospitality sectors.  He explains that the city’s strategic location and state-of-the-art infrastructure make it an attractive destination for businesses, offering seamless access to global markets.

Al Khatib discusses how Indian investors are leading the charge in this thriving real estate market, with Expo City offering competitive pricing and attractive payment plans. Prices for residential units range from AED 1.8 million for one-bedroom apartments to AED 4.9 million for three-bedroom townhouses, with many investors purchasing for both personal use and long-term returns.  

Al Khatib also shares how Expo City’s development aligns with Dubai’s ambitious vision for 2040, ensuring it remains a vital part of the city’s economic and urban transformation. With world-class tenants like Siemens, Emirates Airlines, and DP World, Expo City is becoming a dynamic ecosystem for businesses and families alike.   

The discussion goes on to talk about the growing interest from Indian investors in both residential and commercial properties within Expo City. He highlights the unique selling points of Expo City, such as its complete infrastructure, proximity to major international trade routes, and an emphasis on sustainability and smart technologies. 

The discussion leads to Expo City’s development on the role as a logistics and trade hub, particularly considering India’s growing economic ties with the UAE. The city’s proximity to major shipping routes and ports makes it a strategic location for warehousing and shipping companies.   

Finally, Al Khatib also touches on Expo City’s future events, such as the Asia Pacific Cities Summit in 2025, which will bring global leaders together to discuss sustainable urban development highlighting the Expo City’s commitment to shaping the future of cities worldwide. 

(Host: Abhishek Law , Producer: Amitha Rajkumar, Prethicshaa )

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The discussion starts off by sharing insights on how deep tech start-ups can better position themselves to secure global investments and scale their businesses internationally.  

The panel discusses how India’s deep tech start-ups are attracting attention from global investors and partners, especially in the early stages, with a focus on building credibility and leveraging key factors like a strong product, reputation, and educational backgrounds. They highlight the importance of strategic partnerships in unlocking international markets, particularly in regions like the Middle East and the US, where local networks and trust are paramount. 

Balbir emphasises the importance of showcasing cutting-edge technology and IP as a tool for securing funding, especially in highly competitive sectors. However, the panel also stresses that while IP is important for protection, its real value lies in building a product that differentiates itself in the market. 

Narayan also touches on the rapid growth of AI and how Indian start-ups are leveraging the technology to compete with global giants. With India’s deep tech ecosystem maturing, the discussion reflects on the progress made in the last decade and share optimism for the future. They highlight key enablers like venture capital, government support, and mentorship, which have transformed the Indian start-up landscape into a thriving, globally competitive environment. 

As India continues to emerge as a hub for innovation, the discussion highlights the need for scalable solutions, agile business strategies, and strong global networks to propel Indian start-ups onto the world stage.

(Host: Sanjana B, Producer: Amitha Rajkumar.)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Professor Dhar highlights a key concern for India: Trump’s protectionist trade policies. “Trump has been sounding extremely protectionist in his election campaign,” he notes. “The main focus of his economic plan is to use tariffs to protect the US manufacturing sector.” This continuation of Trump’s tariff-heavy approach, which was a hallmark of his first term, could have far-reaching consequences for India. Dhar warns that India, which has US as its largest export destination, could face serious challenges if Trump raises tariffs on goods like electronics, pharmaceuticals, and medical devices. “India’s exports to the US have not been doing very well,” he points out. “If Trump carries through his narrative, it will be bad news for India.” 

Trump’s well-known fondness for tariffs, expressed in his famous statement, “I love tariffs,” spells trouble for India’s trade ambitions, particularly in key sectors where India has been hoping to increase exports to the US. Dhar cautions that a protectionist US under Trump could limit India’s access to its largest market. 

Another significant topic of discussion is the uncertainty surrounding India’s semiconductor ambitions. Despite recent collaboration between the US and India in this sector, Professor Dhar remains sceptical about the future of these plans under Trump. “India is planning to become a semiconductor manufacturing hub,” he says. “But with Trump’s protectionist stance, I think there are serious doubts. The US will likely prioritise its own domestic manufacturing over partnerships with India.” This uncertainty could stall India’s efforts to become a key player in the global semiconductor market, despite its potential for growth in the sector. 

Professor Dhar also addresses the weakening of the World Trade Organisation’s (WTO) dispute resolution mechanisms during Trump’s first term, making it more difficult for countries like India to address trade injustices. He warns that Trump’s preference for bilateral deals over multilateral agreements could lead to a world of “unilateralism,” where countries are left to navigate trade disputes without the protections that multilateral forums like the WTO traditionally offer. “The WTO is already losing relevance,” Dhar observes. “Trump has made it clear that he doesn’t want to work through multilateral organisations.” 

On immigration, Professor Dhar highlights the potential impact of Trump’s stance on work visas, especially H1B and L1 visas, which are crucial for India’s services sector. “Trump has been very vocal about wanting to bring jobs back to America,” he says. “This could directly affect India’s technology and services industries, which rely heavily on skilled professionals moving to the US.” With Trump’s rhetoric focusing on reducing immigration and boosting domestic employment, India could face significant hurdles in sending talent to the US to support its burgeoning services sector. 

Listen in to this insightful discussion on how Trump’s second term could reshape the global economy. 

(Host: Amiti Sen, Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Although Bajaj Finserv AMC has been a late entrant, Nimesh says that the fund house has a “ late mover advantage”, explaining his unique approach to investing, focusing on "Mega Trends" that can shape the future of various sectors. "Buy and hold has become buy and watch. We need to keep track of changes driven by technology, regulation, and economic shifts to make informed investment decisions”, he notes. 

 Nimesh explains his investment philosophy, which combines information edge, quantitative models, and behavioral finance to create a competitive advantage.

 On markets, he emphasises on looking at the intrinsic value rather than a PE multiplestating that the market is now coming back to the number that they have as the fair value for the Nifty.

 He gives his take on consumption stocks, following the slowdown in urban areas reported by most FMCG majors. He also answers questions on investor minds about the impact of MFI loan delinquencies on banking stocks.

 Finally, even as he tells us of three big risks to watch out for today’s markets, he highlights the potential for lucrative opportunities, asserting, "Some of the best investments by marquee investors are made when certain companies, which have a very strong long-term growth outlook, go through a temporary downturn." 

 Listen in! 

(Host: Parvatha Vardhini C, Producer: Siddharth Mathew Cherian.)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

India's pharmaceutical landscape is a double-edged sword. On one side, it boasts a vast ecosystem of compliance, with over 69,000 unique regulations governing pharmaceutical companies. On the other hand, the regulatory enforcement capacity struggles to keep pace with industry demands, resulting in significant gaps in oversight. 

Agrawal highlights the importance of regulatory compliance and the responsibility of manufacturers in maintaining quality control. He emphasised that while counterfeit drugs are manufactured with the intent to deceive, not of standard quality (NSQ) drugs may originate from legitimate sources yet fail to meet required standards due to various factors like poor storage or inadequate testing. 

Agrawal advocates for a more robust regulatory framework, emphasising the need for a targeted approach to enforcement. He suggests that the 10% of manufacturers engaged in illegal practices should face stringent consequences, while the remaining 90%—the law-abiding companies—should not be burdened with excessive compliance demands.  

As consumers navigate the choices between local chemists and online pharmacies, the podcast highlights the need for assurance in the quality of medications regardless of the purchasing avenue. Agrawal firmly asserts that the onus of accountability lies with regulators and manufacturers to ensure that all medicines meet safety and efficacy standards, regardless of price. 

(Host: Jyothi Datta, Producer: Amitha Rajkumar)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The discussion highlights the need for relatable metrics to track the cost of a basic meal for the average Indian household. Pushan elaborates on the rationale behind the Roti Rice Rate, saying, "This index connects statistical data with the real-life expenses of households." 

As inflation remains a concern for both governments and consumers, Pushan points out, "Food accounts for around 50% of consumer price inflation, so it’s vital to monitor the costs faced by everyday people." 

Key commodities driving inflation include tomatoes, onions, and potatoes, which frequently see large price changes. Pushan notes, "Tomatoes and onions are especially volatile, driving inflation in certain seasons." He explores the seasonal factors that influence these prices, particularly during the kharif and rabi harvests, and explains why food costs can rise sharply in specific months. 

The discussion also highlights the government's role in managing inflation through various policies. Pushan explains that while government interventions can temporarily stabilise prices, the long-term solution lies in enhancing food storage infrastructure. This improvement is essential for reducing volatility in food prices and ensuring a more stable supply. 

Looking ahead, Pushan offers insights into potential trends. He suggests that, although the immediate outlook seems stable, we can expect fluctuations as we enter the new year. He concludes with a poignant reminder: "Understanding inflation isn't just about numbers; it's about recognising how these figures impact citizens' daily lives." This underscores the importance of considering the real-world effects of inflation on people's everyday experiences. 

Listen in! 

(Host: Subramani Ra Mancombu; Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The sector saw a robust 12% year-on-year growth in overall vehicle sales, with two-wheelers leading the charge. However, passenger vehicle (PV) sales faced a slight setback, raising questions about the factors affecting this key segment.

September saw a 1.4% decline in PV sales, attributed in part to a high base from last year and seasonal factors. Chandra explains: “It’s a high base effect combined with an inauspicious period that dampened sales, but we expect a strong recovery with the ongoing festive season.” He remains optimistic about the upcoming months, anticipating that the festive demand will drive a surge in retail sales.

The Indian automobile market is witnessing a significant shift towards SUVs, a trend that has grown over the past five years. Chandra highlights that this shift is here to stay, driven by consumer preferences and manufacturer strategies: “The SUV segment is a structural shift; it has consistently grown, and the portfolio focus of manufacturers is naturally gravitating toward it.” As buyers increasingly opt for larger, feature-rich vehicles, SUVs are expected to maintain their dominance in the market.

While passenger vehicles faced challenges, two-wheelers surged with a 16% year-on-year growth in September. Chandra attributes this growth to rising rural demand and favorable market conditions: “With the festive season and strong agricultural output, we foresee a continued upswing in two-wheeler sales, especially in rural areas.” He further points out that both urban and rural markets are contributing to this upward trend, which is likely to continue in the months ahead.

Electric vehicles (EVs) are a key focus area, with the government’s policies playing a crucial role in shaping their future in India. Although the demand incentives for electric four-wheelers have been reduced, the government’s efforts to expand charging infrastructure are seen as a game-changer. Chandra remarks: “The government’s focus on expanding EV charging infrastructure is a progressive step that will accelerate electric vehicle adoption.” With a significant budget allocated for building EV charging stations, the industry is set for further growth in this space.

Listen in!

(Host: S Ronendra Singh; Producer: Siddharth Mathew Cherian.)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode discusses the principles and benefits of regenerative agriculture, emphasising the importance of nurturing soil health, maximising biodiversity, and minimising environmental impact.

The discussion goes onto talk about how regenerative agriculture not only restores the land but also empowers farming communities, particularly women, to play an integral role in decision-making processes. Dhal shares groundbreaking survey results revealing that a significant majority of farmers adopting regenerative practices have experienced improved productivity and income within a short time frame.

The episode highlights the unique challenges and opportunities faced by tribal communities in India, where traditional knowledge and sustainable practices align closely with the ethos of regenerative agriculture. Dhal explains how these communities, rich in biodiversity and local resources, can lead the way in adopting innovative farming methods that respect the land and its natural systems. 

Dhal calls for a collective effort to redefine agricultural success, emphasising the need for healthy food, sustainable livelihoods, and the restoration of ecosystems.  

Host: Subramani Ra Mancombu; Producer: Amitha Rajkumar.

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

As the world shifts towards a low-carbon future, India faces the challenge of meeting rising energy demands while reducing its carbon footprint. Our guest today is  

Ali highlights the pressing need for a transition policy, stating, “India is a growing economy, and there is a strong correlation between energy consumption and any state of economy.” With 70-80% of India’s energy coming from fossil fuels, the implications are significant. He emphasises, “We can’t be dependent on other countries to satisfy our energy needs,” stressing the importance of developing homegrown solutions to ensure energy security. 

This urgency is underscored by India’s current oil imports, which total around $100 billion, draining foreign reserves that could be better utilised elsewhere. A national framework focused on accountability and actionable strategies is essential for achieving India’s net-zero targets. 

In this context, startups play a vital role. Ali notes, “By 2030, the energy transition sector offers an estimated $200-250 billion opportunity.” This encompasses key areas like transportation electrification, renewable energy, and industrial decarbonisation. He believes that “startups will play a crucial role not only in developing new technologies but also in bringing new business models.” Their agility and capacity for rapid innovation make them essential contributors to transforming India's energy landscape. 

Ali underscores the importance of deep-tech startups in creating engineering solutions that can effectively address industrial decarbonisation and the broader energy transition, reinforcing that this technological push is critical for India’s energy future. 

“We can build super fabulous systems here in India,” he asserts, highlighting opportunities in hydrogen production and storage. By concentrating on engineering-intensive projects, Indian startups can create components that meet global demands, positioning India to compete effectively on the world stage. 

Listen in! 

(Host: KV Kurmanath,Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast begins by Partovi highlighting how generative AI can significantly enhance patient literacy by simplifying complex medical records into more understandable language. This advancement aims to empower patients, enabling them to better comprehend their health conditions and make informed decisions regarding their care. 

He goes on to note that Philips has integrated generative AI into its electronic medical record systems, allowing patients to engage with their medical data through conversational interfaces. This innovation is especially vital in diverse linguistic regions like India, where patients may struggle with medical terminology. By bridging the health literacy gap, he emphasises that better patient understanding correlates with improved health outcomes. 

The conversation also explores the challenges faced by healthcare professionals. With an overwhelming amount of data, physicians often find it difficult to extract key insights efficiently. 

The podcast goes on to discuss exciting technological developments in India, particularly the introduction of mobile X-ray units that enable healthcare providers to deliver diagnostic services at the bedside. This innovation exemplifies how Philips is leveraging local talent and resources to create impactful healthcare solutions.

Host: Sanjana B; Producer: Amitha Rajkumar.

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Mahesh emphasises that “the greatest green building is the one that has not been built; existing buildings must be our focus to truly make an impact.” 

Ramanujam explains what green building certification entails, focusing on the Leadership in Energy and Environmental Design (LEED) framework. He describes green buildings as components of our lives, designed to minimise environmental impact while enhancing occupant well-being. He likens LEED certification to a nutrition label for buildings, helping consumers understand energy usage, water conservation, and indoor air quality. 

As the discussion progresses, the podcast explores the rising consciousness surrounding green buildings in India. Mahesh notes that India has transformed over the past decade, increasing the number of certified green buildings from fewer than 500 in 2014 to over 5,000 today. He highlights how green building practices are not limited to metropolitan cities but have also spread to Tier 2 cities, reflecting a nationwide shift toward sustainable construction. 

Ramanujam emphasises that India's sustainability journey is rooted in its socio-economic context, where many still lack basic resources. He shares examples of green building projects, including the Delhi Metro and major airports, underscoring the adoption of green standards across various sectors. The conversation also touches on India's position as the third-largest market for green buildings globally, trailing only the U.S. and China. 

Are buyers willing to pay a premium for green buildings. Ramanujam argues that perceptions of green as a luxury are evolving, particularly among younger generations who prioritise sustainability. He explains that the future of the market hinges on making green living accessible to all consumers, not just the elite. 

The discussion raises questions about government intervention in promoting green building standards. Mahesh advocates for regulations that set minimum environmental standards, arguing that pushing the industry beyond mere compliance can catalyse change. He links this to India’s net-zero target for 2070, asserting that the building sector, responsible for 40% of greenhouse gas emissions, plays a role in achieving this goal. 

Ramanujam highlights the challenges of retrofitting older structures, stating, “To cut emissions significantly, we can't just look at new construction; we must invest equal energy into retrofitting our existing buildings.” 

Ramanujam also discusses the importance of quality in sustainability, asserting, “If we prioritise quality in our buildings and materials, we can transform not just structures but the very fabric of our communities toward sustainability.” 

Listen in!

(Host: Abhishek Law, Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Professor Sood highlights that "GST collections were expected to slow down, particularly due to moderation in the automobile sector and a decline in government infrastructure spending." He raises urgent concerns about fiscal management, asserting, "Given the current trends in revenue and expenditure, it’s very likely that the fiscal deficit at the end of FY25 may be lower than the budget estimate." 

Professor Sood points out, "While aggregate monsoon numbers may seem normal, the distribution has been far from it, leading to uncertainty in agricultural productivity that could affect rural consumption." 

When discussing retail inflation, Professor Sood says, "Retail inflation is likely to stay at or below 4%, but food inflation poses a risk due to uncertainties in agricultural production across states." 

(Host: Shishir Sinha, Producer: Rowan Barnett, Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

“There is a strong correlation between GDP growth and power demand growth that we have observed,” highlighting the economic drivers behind this trend. As the country grapples with unprecedented climate patterns—including intense heat waves that have exacerbated electricity consumption—Sahul shares his insights on how these weather phenomena impact energy needs. He emphasises, “Temperature is very crucial and, at least in recent years, the factor that has been creating variation in power demand.” Sehul notes 

With the Power Ministry recently revising its peak demand estimates to 458 gigawatts by 2032—up from earlier predictions—it’s clear that understanding these dynamics is crucial for corporate India.   

Bhatt discusses the significant rise in electricity demand during summer months, noting, “Over the last five years, we have seen that every year the median temperature has been higher compared to the previous year.” He also addresses the challenges faced by the government in pushing for more renewable energy solutions while maintaining a reliance on thermal power to ensure grid stability. 

As India’s economy continues to grow, the demand for power is projected to increase by 6-7% annually in the coming years. Sehul explains, “Despite all efforts in terms of incremental capacities continuing towards non-fossil fuels, coal is likely to stay a strong contributor to overall generation even over the next 5-7 years.” 

Listen in! 

Host: Rishi Ranjan Kala

Jitendra Chaddah, VP and Country Head India at GlobalFoundries, discusses India’s pivotal role in the global semiconductor ecosystem. He emphasises the country’s significant strengths in engineering talent, design services, and innovation. While India has historically been a major consumer of semiconductors, Chaddah points out its potential to become a global leader in semiconductor manufacturing. He stresses that this transition requires focused investment, increased government support, and enhanced industry collaboration. 

Ritesh Tyagi, VP and Global Head of VLSI and System Design Services at Wipro Engineering Edge, speaks about India’s growing importance as a hub for semiconductor design and research and development (R&D). He elaborates on the need to develop an end-to-end semiconductor ecosystem, spanning chip design, manufacturing, and packaging. Tyagi also stresses the importance of creating more Intellectual Property (IP) in the semiconductor space, which further strengthens India's global position in the industry. 

Sanjeev Malhotra, CEO of the Centre of Excellence for IoT and AI at nasscom, focuses on how emerging technologies like IoT, AI, and 5G drive increased demand for semiconductors. He highlights that the convergence of these technologies accelerates the growth of India’s semiconductor sector. Malhotra also underlines the importance of fostering public-private partnerships and building the infrastructure needed to support semiconductor manufacturing in India. 

Giri KK, Global Delivery Head of Telecom and Hi-Tech at LTTS, addresses the challenges and opportunities in creating a semiconductor manufacturing ecosystem in India. He stresses the importance of energy efficiency and sustainability in the manufacturing process. Giri notes that although India possesses the necessary talent and demand, building infrastructure to support large-scale semiconductor manufacturing requires strong policy backing and significant capital investment. 

Host: Sanjana B; Producer: Siddharth Mathew Cherian.

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

With expectations of further cuts before the year ends, he explains why gold is seen as a safe haven, particularly amid geopolitical tensions and uncertainties surrounding the global economy. Shah also addresses forecasts that gold could reach $2,900, or even $3,000, within the next year, depending on various economic and political factors. 

The podcast goes on to cover how international events, such as the ongoing conflicts in the Middle East and challenges in the Chinese economy, are influencing investor behavior and gold's price trajectory. Shah emphasises that while small corrections may occur, the long-term outlook for gold remains strong. 

Additionally, the discussion explores the dynamics of the Indian gold market, especially as the festival season approaches. With key celebrations like Navratri and Diwali on the horizon, Colin predicts robust demand and potential price hikes, making it an opportune time for consumers to consider their purchases. 

Silver also enters the conversation as Sha explains its unique position in the market. With its industrial applications and the rising demand from sectors like electric vehicles, silver is poised to follow gold's upward trend. 

(Host: Subramani Ra Mancombu, Producer: Amitha Rajkumar)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Dr Murdia discusses the challenges of fertility in India. roughly 30 to 35 million people suffer from fertility issues. Only a quarter come forward. Why is IVF uptake low—only around 2%—despite growing awareness. The conversation highlights the stigma that surrounds infertility, making it crucial to normalise infertility as a medical condition and improve access to treatment. 

Dr Murdia emphasises, "Infertility is a disease, and there’s a medical solution for it. The stigma around it needs to go." Despite growing awareness, IVF penetration in India remains low, largely due to "a lack of awareness and deep-rooted societal taboos." 

The discussion touches on the broader implications of declining fertility rates in India. Dr Murdia warns, "If fertility rates continue to drop, we risk moving from a population crisis to a financial crisis, with an ageing population overwhelming resource." He also highlights the growing issue of male infertility: "Male infertility is rising rapidly, and it's as much a factor as female infertility. It's time we acknowledge this equally." 

Dr Murdia advocates for more accessible and affordable IVF treatment across rural and urban areas, stating, "Access to IVF must be more affordable and available across rural and urban India to truly make a difference."  

Listen in! 

(Host: PT Jyothi Datta, Producer: Rowan Barnett)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Launched with the MG Windsor, a crossover utility vehicle (CUV), BaaS is designed to make EVs more affordable by separating the cost of the battery from the vehicle. 

The MG Windsor comes at a price of ₹9.99 lakh, with customers paying an additional ₹3.5 per kilometre for battery usage, much like paying for fuel in traditional internal combustion engine (ICE) vehicles. 

 The goal is to reduce the financial burden on buyers, who can now enjoy the benefits of an EV without the heavy upfront costs. Gaurav Gupta highlights this shift: “The battery constitutes about 40% of the EV’s cost. By shifting this cost to a usage-based model, we are democratising access to electric vehicles.” 

The introduction of BaaS allows customers to rent the battery instead of purchasing it upfront, paying only for the energy they consume. This structure makes EV ownership more flexible and affordable. Gupta puts it “This is about freedom—freedom from long-term financial burdens and freedom to only pay for what you use.” The BaaS model is particularly appealing when compared to the monthly costs of owning an ICE vehicle. For instance, driving a conventional car for 1,500 KM per month costs around ₹12,000 (assuming ₹100 per liter for fuel). In contrast, the same distance in an EV under the BaaS model costs approximately ₹7,000, including the battery rental fee and electricity for charging. 

Gupta shares that MG Motor India has received overwhelmingly positive feedback on the BaaS model, especially from first-time buyers and those upgrading from two-wheelers. “We’ve received overwhelmingly positive feedback, and we’re confident that as more customers experience the benefits of this model, adoption rates will rise,” Gupta explains. 

The BaaS model is also set to expand beyond the Windsor to other electric vehicles in MG Motor’s lineup, including the Comet and ZS EV models, a move that promises to further boost EV adoption across India. However, challenges remain, particularly charging infrastructure. 

In the wake of the government's reduction of subsidies for personal EVs, the private sector is stepping up its role in driving adoption. Gupta is optimistic, believing that as battery prices fall and infrastructure improves, “the economics of EVs will continue to become more favorable.” The recent surge in EV sales, which have grown nearly 100% over the past two years, suggests that the market is ripe for further expansion, although maintaining such rapid growth may become increasingly challenging. 

Listen in to know more. 

(Host: S Ronendra Singh, Producer: Siddharth Mathew Cherian.)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

AI is a rapidly evolving technology that is poised to boost India's GDP by $500 billion by 2025, with the market expected to reach $20 billion by 2027. Patel begins by discussing how AI is fundamentally reshaping the way businesses operate in India. According to him, companies, both large and small, are increasingly adopting AI to enhance customer experiences, streamline operations, and improve productivity. 

As the conversation progresses, Patel addresses how AI is contributing to growth across various industries, including healthcare, retail, and financial services. He points out that a significant portion of Indian businesses have already implemented AI solutions, while others are in the experimental phase. Despite this progress, challenges like skill gaps, data complexity, and trust in AI models remain barriers to widespread adoption. 

Patel emphasises the importance of responsible AI. He highlights that responsible AI practices are not only essential for large enterprises but also for small and medium-sized businesses. 

(Host: Sanjana B, Producer: Amitha Rajkumar)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Awfis has garnered attention by becoming the first coworking company in India to go public within just nine years of its inception, raising ₹6,599 crore during its IPO. The company is now focusing on major markets like Bangalore, Pune, and Tier 2 cities while targeting a 30% revenue growth in FY25.

Amit Ramani shares his perspective on the current state of India's office market, emphasising the rapid growth of flexible workspaces. "Flexible workspaces now account for 65 million square feet out of India's total 850 million square feet of office space. We expect this number to surpass 100 million in the next few years, with a 20% compound annual growth rate," Ramani states, highlighting the swift evolution of this sector. He attributes the accelerated demand for coworking spaces to economic drivers such as the IT sector, global capability centers, and the growing presence of multinational corporations.

The discussion also covers how the coworking sector has evolved since the pandemic, with enterprises now at the forefront. "Before the pandemic, coworking was primarily driven by startups and SMEs, but now large enterprises are embracing flexible spaces. The need for flexibility, speed, and a multi-location presence has transformed how companies approach their office needs," Ramani explains.

Awfis has adapted to these changes by offering solutions tailored to the new demands of enterprises, including bespoke managed office spaces.

Ramani also addresses the rising significance of Tier 2 cities such as Indore, Jaipur, and Bhubaneswar. "Cities like Indore, Jaipur, and Bhubaneswar are emerging as key markets. Employees view them as viable alternatives to metros, but the challenge is the lack of supply, which is driving rental prices higher than in some Tier 1 cities," he observes, shedding light on both the opportunities and challenges in these expanding markets.

On the future of managed offices, Ramani reveals, "Managed offices now represent 25% of our business, a notable increase driven by enterprise clients seeking customised workspaces. It’s no longer just about shared space; it’s about creating tailored environments for large companies."

Ramani also discusses the resilience of India’s office market amidst global trends. "While global markets like the U.S. face challenges due to the rise of remote work, India’s office market remains resilient. With rapid urbanisation and a population of over 1.44 billion, the demand for office space here is set to continue growing."

Tune in to hear more!

(Host: Abhishek Law, Producers: Amitha Rajkumar, Siddharth Mathew Cherian.)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The episode dives into topics such as GST collections, state-wise economic performance, the Purchasing Managers' Index (PMI), and GDP growth, offering a nuanced understanding of India's economic landscape. 

Sinha begins by addressing the recent GST collections, noting a 10% year-on-year increase but a sequential dip. Nayar explains that the year-on-year figures are more reliable due to the inherent seasonality in monthly GST collections. She emphasises that the typical spikes seen post-quarter-ending months are followed by expected dips, and hence, the sequential decline should not raise concerns at this point. Additionally, she mentions the high refunds this month, suggesting the need for a few more months of data before drawing any conclusions. 

A significant portion of the discussion revolves around GDP growth. Nayar shares her observations on the Q1 growth rate of 6.7%, which, although lower than RBI’s estimates, was slightly higher than ICRA’s expectations. She attributes this to stronger-than-anticipated performance in sectors like construction, public administration, and agriculture. Looking ahead, she anticipates a temporary dip in Q2 due to high base effects but expects a back-ended recovery in H2, supported by increased government capital expenditure and a favorable agricultural outlook. 

The episode wraps up with a discussion on fiscal deficit and retail inflation. Nayar expresses cautious optimism about the government’s ability to meet its capital expenditure targets despite the challenges posed by the monsoon and compressed timelines.  

(Host: Shishir Sinha, Producer: Amitha Rajkumar)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

The podcast begins with Mehrotra sharing her experience and insights, reflecting on the evolution of her career and the challenges she has overcome. She discusses the motivations behind her interest in defence technology, particularly in underwater domain expertise, which has been a consistent focus since her PhD days. 

One of the key highlights of this episode is Mehrotra's discussion of Aikairos’s flagship project: the development of acoustic vector sensors for underwater noise measurement. These sensors, which are crucial for long-range communication and detection in naval warfare, represent a significant technological advancement in India's defence capabilities. She goes on to explain how these sensors, which passively detect and analyse underwater sounds, can differentiate between various underwater entities such as ships, submarines, and even marine mammals. She also emphasises the commercial potential of this technology, particularly in the context of marine life conservation. 

The podcast further delves into the Indo-US Defence Accelerator Ecosystem (Indus X) initiative, where Aikairos emerged as a proud winner. This joint venture between the US Department of Defence and India's Ministry of Defence aims to foster innovation and collaboration in defence technologies, underscoring the strategic partnership between the two nations. Mehrotra shares her thoughts on how this collaboration is crucial for advancing critical technologies and enhancing interoperability between India and the US. 

As the episode concludes, Mehrotra briefly touches upon other exciting projects Aikairos is working on, including an AI-based offline language translator for the Indian Navy and an anti-drone system. She goes on to exemplify how women are not only breaking barriers in the defence sector but are also leading the charge in technological innovation, contributing to the vision of a self-reliant India. 

(Host: Dalip Singh, Producer: Amitha Rajkumar)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Lingaraju Sawkar offers a comprehensive view of India's progress, highlighting the significant strides made in building a robust digital infrastructure over the years. He reflects on how India has effectively bridged gaps left by physical infrastructure through the creation of the "digital highway," which has been essential for economic growth and innovation.  

Sawkar draws an analogy to the US's historical development of railways and highways, noting that India's focus over the past two decades has been on constructing this critical digital infrastructure.  

Sawkar discusses the transformative potential of emerging technologies. He underscores the pivotal role of AI and generative AI, stating that these technologies are set to be major drivers of change.   

He also highlights the importance of human capital, pointing out that the energy and innovative mindset of Millennials and Gen Z are crucial for leveraging new technologies and addressing future challenges.  

Despite the progress, Sawkar acknowledges the challenges that remain, including the digital divide and infrastructure gaps. He views these challenges as opportunities to accelerate development and solve broader issues. Sawkar also discusses the need for skill development in emerging technologies, stressing the pivotal role IT services companies play in addressing these needs.  

Sawkar highlights how technological advancements can boost productivity in agriculture, bridge gaps in healthcare services through telemedicine, and integrate traditional knowledge with modern ed-tech solutions to drive progress in education.   

Listen in! 

(Host: Sanjana B, Producer: Siddharth Mathew Cherian.)

About the State of the Economy podcast

India's economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

 Vardhini starts the conversation by referencing one of Parekh’ s recent tweets, where he suggested a shift towards hybrid funds in his portfolio, moving away from the previously favoured flexi-cap funds. This tweet sparks an in-depth conversation about Parekh’s concerns regarding the current state of the market. He says that the valuation boundaries for Indian markets have been at around 12 times in a bear market to 25 - 27 times in a bull market peak, with the mathematical average at somewhere around 17 -18 times. He highlights the importance of asset allocation ie balancing equity investments with fixed income and other asset classes such as gold, especially when market conditions become frothy or expensive. He also discusses the role of contrarian investing and how DSP Mutual Fund has historically launched products that cater to sectors and segments that may be undervalued or overlooked by the broader market. This approach helps ride on mean reversion, which is a reality in markets, according to him. He admits that the performance of DSP MF’s midcap fund has not been up to the mark and elaborates on the mistakes and the corrective action taken on this front.

Throughout the episode, Parekh gives nuggets of wisdom on investing, underscoring his belief in the power of compounding and the value of holding quality assets over extended periods.

Listen to the podcast to know more. 

(Host: Parvatha Vardhini C, Producers: Amitha Rajkumar, Anjana P V)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The conversation starts by exploring how cutting-edge agricultural practices can improve yields, reduce costs, and contribute to long-term environmental sustainability. 

 India's agriculture sector, a significant part of the nation's economy and a primary source of livelihood, faces growing challenges due to climate change. Bansal emphasises the importance of integrating technology and innovation to tackle these issues. She highlights Avanaa Capital's focus on food systems and agriculture, noting that they are key areas for both mitigating emissions and building resilience against climate impacts.  

The discussion goes on to talk about the investment landscape for precision agriculture in India. While there is considerable interest in early-stage technologies, Bansal notes that the sector remains underfunded, especially for innovations requiring significant research and development. Despite this, she remains optimistic about the growth potential, citing the increasing support from both policy and private investment. 

The podcast highlights India's supportive regulatory environment for climate and sustainability initiatives. Policies such as the Production Linked Incentive (PLI) schemes for renewable energy and electric mobility, as well as the PM Surya Ghar Yojana for rooftop solar, are pivotal in driving market creation and adoption. Bansal points out how they have catalysed industries and created a robust framework for future developments in sustainable agriculture. 

Listen to the podcast to know more. 

(Host: Subramani Ra Mancombu, Producers: Amitha Rajkumar, Rowan Barnett)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Banerjee discusses the current trends in India’s passenger vehicle market. He addresses concerns about high inventory levels among dealers and the potential impact of these dynamics as the festive season approaches, “During COVID, semiconductor shortages led to low inventory. Ideally, it should be 30-31 days, but with the festive season, dealers need to stock up to avoid losing sales.” Banerjee said.

With the market poised for a possible revival, Banerjee sheds light on Maruti Suzuki’s strategic decisions, such as aligning vehicle dispatches with actual demand to avoid overburdening their channel partners, noting, “We’re aligning retail and wholesale numbers to avoid pushing excess stock to dealers. The true market share is reflected in actual retail sales, not just dispatches.”

Banerjee shares his perspective on the sales performance of various segments, including the rising traction of CNG vehicles. He highlights, “In Q1, we achieved sales of 4.27 lakh units with 1.2% growth, and 34% of these were CNG variants, showing strong market traction.”

He also discusses Maruti Suzuki’s commitment to innovation through limited edition launches and an enhanced warranty programme, stating, “We’ve extended the standard warranty to three years and 100,000 kilometres. With the extended warranty, customers get peace of mind for up to six years and 160,000 kilometres.”

Banerjee further touches on the company’s approach to maintaining market share in the increasingly competitive compact car segment and the potential growth areas in electric and hybrid vehicles, noting, “Our CNG vehicles account for 73% of the segment’s market share, with one-third of our total sales being CNG models—a significant achievement.”

Listen in! 

(Host: S Ronendra Singh, Producer: Siddharth Mathew Cherian.)

About the State of the Economy podcast  

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The podcast goes on to explain how adaptive retail is transforming the shopping experience by blending the best elements of online and physical shopping, creating a seamless and personalised experience for customers.  

Akhil provides insights into how Walmart engineers leverage AI to enhance customer-centric shopping. He shares examples of how AI is embedded across Walmart’s retail operations, from AI-powered inventory management to autonomous devices that streamline in-store processes. The conversation also covers the challenges of scaling AI-driven solutions to Walmart’s vast network and the importance of ensuring customer privacy and data security in the age of AI. The discussion goes on to cover the challenges of balancing cutting-edge automation with customer privacy and data security. 

Akhil also touches on the impact of automation and AI in creating more efficient and personalised retail environments, ultimately setting the stage for the future of shopping. 

(Host: Sanjana B, Producer: Amitha Rajkumar)

About the State of the Economy podcast  

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, BusinessLine brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Birla highlights the silent struggle faced by many individuals, especially women, who are hesitant to talk about mental health issues due to stigma and fear of discrimination. A study conducted by Mpower revealed that a significant number of people, despite being aware of their mental health concerns, are reluctant to seek help. 

While there has been progress in raising awareness about mental health, Indian corporates still lag behind global standards in providing comprehensive support. The report found that women are more likely to experience mental health issues and are more vulnerable to discrimination. 

Birla emphasises the importance of addressing mental health challenges to improve productivity and overall well-being. She advocates for creating a supportive work environment where employees feel comfortable discussing mental health issues and seeking help. 

The podcast also touches on the treatment gap in India, which is exacerbated by limited resources, high costs, and lack of insurance coverage for mental health services. Birla calls for increased investment in mental health infrastructure and insurance reforms to improve access to care. 

Mpower has been actively working to address these challenges through various initiatives, including government partnerships, telehealth services, and community programs. Birla's commitment to promoting mental health awareness and providing accessible support is evident in the organisation's efforts to create a more inclusive and supportive society. 

There is a great need for greater awareness and reduced stigma surrounding mental health issues. By fostering a culture of openness and acceptance, we can encourage individuals to seek help and break down barriers to accessing mental health services. 

Additionally, the podcast also highlights the importance of comprehensive support within corporate settings. By providing mental health resources and training, companies can create a healthier and more productive work environment. 

(Host: Jyothi Datta, Producer: Anjana PV)

About the State of the Economy podcast  

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

In this episode of the State of the Economy cybersecurity podcast, host KV Kurmanath discusses the various facets of internal cybersecurity challenges with Sundar Balasubramanian, Managing Director, India, and SAARC region, Check Point Software Technologies.

Sundar emphasises the importance of building a robust cybersecurity architecture, stating, "We advocate zero trust... It’s very important to have a very strong security posture from our customer’s standpoint." He highlights the critical shortage of cybersecurity professionals in the industry, noting that "there is a need for about 40,000 certified cybersecurity professionals in the country," which adds to the internal challenges organisations face.

He also sheds light on the often overlooked but crucial aspect of insider threats, saying, "Many data breaches stem from internal threats, which could be both malicious and accidental actions by employees or partners." Sundar stresses the significance of education and prevention, remarking, "The only way we can counter this is to basically educate the employees... and advocate the use of strong tools to prevent any malicious intrusion."

As organisations continue to migrate to cloud-based platforms, Sundar warns of the added complexities this brings: "We have graduated from phishing to vishing... The lack of understanding of cloud security has accelerated some of the internal threats." In addressing how to handle failures in security, he adds, "In security, failures can happen. It’s very important to have a very strong incident response team to isolate, identify, and remediate the problem before it escalates." 

Listen in!

Lodha states that fractional ownership parallels the stock market, where individuals purchase shares of a company. Similarly, investors can now acquire shares in commercial properties, becoming fractional owners of a building. This model provides an avenue for retail investors to participate in high-value, rent-yielding real estate, traditionally accessible only to wealthy individuals or large corporations. By enabling shared ownership of premium commercial assets, platforms like Strata have effectively created an "IPO for buildings," fostering greater inclusivity and liquidity in the real estate sector. 

According to Lodha, Strata offers a flexible investment platform, accommodating individual investors, partnerships, trusts, and NRIs. The platform will also soon facilitate dollar investments from foreign investors. Upon investing, individuals receive share certificates representing their ownership stake in the property. The model promises an average annual return of 13 to 16 per cent, comprising 8 to 9 per cent rental income and additional capital appreciation realised upon selling the property. Strata advocates a long-term investment perspective, emphasising the compounding benefits akin to traditional real estate investments, where properties appreciate significantly over time. 

While both fractional ownership and Real Estate Investment Trusts (REITs) offer exposure to real estate assets, they differ in structure and scope. Fractional ownership typically focuses on single properties, providing investors with concentrated exposure to specific assets or micro-markets. Conversely, REITs aggregate multiple properties, offering a diversified portfolio across various locations. As the fractional ownership market matures, it is increasingly being recognized under the Small and Medium REIT (SM-REIT) framework, offering property-specific listings that promise potentially higher returns compared to larger, more diversified REITs. 

The fractional ownership market in India has witnessed remarkable growth since its inception in 2020. With Strata alone managing assets worth over 2,000 crores, the overall market is estimated to be around 4,000-4,500 crores. This rapid expansion underscores the model's appeal, especially among affluent investors seeking to diversify their portfolios. As regulatory frameworks evolve and platforms streamline operations, fractional ownership is poised to capture a significant share of the real estate investment landscape, particularly among retail investors and NRIs who seek hassle-free asset management. 

Listen in to the podcast to know more. 

(Host: Abhishek Law, Producers: Anjana PV, Siddharth Mathew Cherian) 

About the State of the Economy podcast  

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The episode begins with a look at the performance of the basmati rice crop in the current year. Garg expresses optimism about the crop’s health and production levels, noting an increase compared to the previous year. However, he also addresses a key concern: the significant drop in basmati rice prices. While prices have decreased notably from last year, he views this as an opportunity for exporters, as lower prices could lead to a surge in international demand and export volumes. 

The conversation also delves into the importance of securing exclusive marketing rights, or Geographical Indication (GI) tags, for basmati rice in key international markets like the European Union and the United States. Garg stresses that the Indian government should be more proactive in this area to protect the authenticity of basmati rice and prevent misuse of its name by other countries. 

Looking ahead, Garg identifies significant growth opportunities for basmati rice in markets such as the USA, Europe, Russia, and even emerging markets like Japan and Vietnam. He emphasises the potential for Indian exporters to increase their market share by introducing the unique taste and quality of basmati rice to new consumers.

(Host: Subramani Ra Mancombu; Producer: Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Initially, expectations of a Chinese economic stimulus and U.S. rate cuts spurred copper prices. However, the absence of such actions from both countries led to a downturn in copper prices. The U.S. Federal Reserve's decision to maintain interest rates and China's lack of significant economic announcements disappointed the market, leading to a rally in the U.S. dollar and a subsequent fall in copper prices. 

Looking ahead, several factors will shape copper prices. The U.S. Federal Reserve's approach to interest rates and the potential for a soft economic landing in the U.S. are crucial. Recent U.S. economic indicators suggest cooling inflation and rising unemployment, making a rate cut more likely in the near future. However, China's economic recovery remains uncertain, and its weak demand for copper may limit any price increases. 

Additionally, the low treatment and refining charges (TCRC) and increasing copper inventories indicate a mismatch between supply and demand. While smelters continue to produce copper, low end-consumer demand may eventually force them to reduce output, negatively impacting copper prices. 

Other potential influences include the possibility of a deeper U.S. recession and the shift by some Chinese government agencies from copper to aluminum in infrastructure projects. However, the distinct properties and uses of copper and aluminum limit their interchangeability. In India, the copper market is more affected by global prices as India is a price taker rather than a price maker. Despite this, India's ongoing infrastructure development and electric vehicle growth will continue to drive copper demand. 

Listen to the podcast to know more. 

(Host: Subramani Ra Mancombu, Producers: Anjana PV, Amitha Rajkumar)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Dhar talks about how the political instability in Bangladesh could disrupt its economic growth and, in turn, affect Indian exports and investments. "When there is political uncertainty of the kind that we have seen in Bangladesh, there is going to be economic uncertainty that follows," he notes.

Dhar highlights the significance of Bangladesh as a trading partner for India, particularly in the context of exports.

In the fiscal year 2021–22, Bangladesh was India's fourth-largest export market, a position that has since slipped to sixth due to India's restrictions on wheat and rice exports. "India's exports to Bangladesh have been growing, but the recent political turmoil could affect this trend significantly," Dhar warns.

The discussion also touches on the impact of the unrest on the textile industry, a critical sector for both countries. Bangladesh, known for its robust garment industry, has been a key part of India's supply chain, especially for yarn and fabrics. However, the ongoing turmoil threatens to disrupt this supply chain. He explains, "The garment industry has suffered hugely in this political turmoil, and as a result, the whole supply chain is going to get disrupted.".

Beyond textiles, the podcast explores the broader implications for Indian businesses operating in Bangladesh, including those in the FMCG sector, personal care, and even IT services. Dhar points out that Indian companies have increasingly been setting up operations in Bangladesh to take advantage of lower wage costs. "Indian companies have been going into Bangladesh, and they were actually trying to piggyback on Bangladesh's success in garments to access the international market," Dhar notes.

The conversation also looks at the potential Free Trade Agreement (FTA) between India and Bangladesh, which has been in the works. Dhar is optimistic about the FTA, stating that it could be a "win-win" situation for both countries. He emphasises the need for India to maintain strong economic ties with Bangladesh, irrespective of the political changes in Dhaka. "The strong economic relations that have developed between the two countries should be a strong enough reason for the new government to continue relations with India," Dhar adds.

Listen to the podcast to learn more.

(Host: Amiti Sen; Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Sinha goes on to explain that these microgrids serve residential customers, MSMEs, and small factories, providing a critical solution to energy poverty in rural and remote areas of India and Nigeria. 

Sinha highlights that microgrids can provide high-quality, stable electricity and excellent customer service, addressing the two critical issues of reliability and quality. Additionally, microgrids can help balance the grid as more intermittent renewable energy sources are added, thereby contributing to a more stable and resilient energy system. 

The discussion also touches on the Indian government's PM Kusum initiative, aimed at promoting solar energy for agriculture. Sinha noted that while PM Kusum has had some success, integrating isolated solar pumps and microgrids into the central grid could significantly enhance its impact. This integration would require new policies and technological innovations, such as artificial intelligence-powered virtual power plants, to manage decentralised energy resources efficiently. 

Reflecting on his experiences since establishing the first microgrid in Bihar in 2008, Sinha observed substantial progress in India's energy landscape. However, he stressed that more needs to be done to achieve India’s net-zero targets. He called for systematic policy drives to reduce fossil fuel dependence and spur private capital and technology innovation. 

Host: Rishi Ranjan Kala; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The podcast starts off with Ghose elaborating on the complex nature of the crisis. He says that the issue is not only about the quantity but also the quality of water, with contaminants and arsenic posing significant health risks. 

Agriculture is identified as a major consumer of water, utilising 70%-90% of the country’s water resources. The discussion goes on to highlight the dire situation for farmers, many of whom depend on monsoon rains for their crops. The unpredictability of rainfall due to climate change has made traditional farming practices impractical. He points out that both water scarcity and flooding present significant challenges, disrupting agricultural cycles and threatening food security. 

Host: Subramani Ra Mancombu; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Rawat emphasises the importance of exploration in the oil and gas sector, explaining that it forms the foundation of the hydrocarbon industry. Exploration involves understanding the subsurface geology, tectonics, and petroleum systems to locate potential oil and gas reserves. India has 26 sedimentary basins, with ONGC responsible for significant discoveries outside Assam since its inception in 1956. The exploration process includes surface geological prospecting, geochemical prospecting, seismic studies, and drilling exploratory wells. 

She highlights ONGC's efforts to increase domestic production, noting that only 10 per cent of India's sedimentary basinal area has been appraised so far. ONGC is working to expand this appraisal, and recent major discoveries, such as those in the Mahanadi offshore basin, indicate promising potential. She also points out that exploration contributes to the nation's wealth, with ONGC having a prognosticated resource base of around 42 billion tonnes of oil and oil-equivalent gas, of which only a fraction has been discovered. 

In the context of energy transition and the growing importance of green energy, Rawat outlines ONGC's strategies to adapt. She mentions the significance of gas as a transitional fuel, noting ONGC's efforts to increase gas production and explore alternative energy sources like natural hydrogen and geothermal energy. Additionally, she discusses the potential of carbon capture and storage (CCS) and the use of gas-based power plants as cleaner energy sources. 

Rawat also discusses ONGC's partnerships with international oil and gas majors, such as Exxon, Chevron, Total, Shell, and Equinor, to enhance exploration efforts. These partnerships involve joint technical studies and data sharing, particularly focusing on the eastern and western offshore basins. She expresses optimism about the upcoming offshore bid rounds and potential amendments to the Orda Act, which could attract more international interest. 

She outlines ONGC's plans to significantly increase its exploration acreage from the current 1.92 lakh square kilometers to 5 lakh square kilometers within the next two years. This expansion will require substantial capital expenditure (CapEx) for data acquisition, processing, and exploratory drilling. ONGC aims to shorten the cycle from discovery to production and is investing in advanced technologies for deep and ultra-deep water exploration. 

(Host: Rishi Ranjan Kala, Producer: Anjana PV)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Kritika discusses the global tech talent shortage and the importance of ongoing technology training and skilling initiatives. “There is an immense opportunity to address and bridge the digital skills divide prevailing in most of the economies,” Kritika notes. “The tech talent shortage is a global phenomenon, and India’s tech talent demand supply gap, between 20 to 27 percent, is actually the lowest among some of the top tech locations,” she adds. “Organisations and individuals are prioritising ongoing technology training and skilling initiatives to ensure digital skills remain up-to-date and adaptable. Investing in employee skilling is a must-do, and there is no way we could run away from it.”

Piyush highlights the necessity of aligning talent development with business needs. He shares insights into Genpact’s learning programs and partnerships. “ Piyush explains. “At Genpact, we aim to be a growth and AI-first company, so our talent development initiatives must fulfil our growth and AI-first requirements.”

Emphasising the importance of partnerships, he says, “Partnerships become super critical with the speed at which changes are happening. If organisations try to do this alone, we will not be able to fulfil the strategic and growth needs arising. Therefore, robust partnerships with institutions are essential.”

On continuous learning, he states, “It’s essential to have a continuous, evolving learning framework that is at scale. We have upskilled to a basic proficiency level 110,000 of our employees in Gen AI in the last 12 months through our internal learning platform, Genome.”

The podcast also looks at the significance of industry partnerships and the urgency of upskilling employees to stay competitive.

Listen in!

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The podcast begins by discussing the challenges in navigating the Indian defence procurement landscape. It also explores Adani Defence's strategies for success, including exports and diversification into civilian applications.  

Rajvanshi also advocates for a clearer demarcation of domestic vs. international procurement and a 50% share for the private sector within domestic procurement.  

The podcast goes on to talk about Adani's commitment to export strategies, crucial for mitigating the sector's inherent volatility and expanding India's global defense footprint. He discusses collaborations with global partners like EDGE Group from UAE, illustrating Adani's ambition to position itself as a significant player on the international stage.  

While concluding the discussion, Rajvanshi outlines plans for future expansion and sales, underscoring their dedication to setting new standards in defence manufacturing and innovation. 

Host: Dalip Singh; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Ray elaborates on specific areas within healthcare that could benefit from the Budget. "Hospitals, both public and private, are looking for higher budgetary allocations, especially for infrastructure and skill-building. There's a noticeable shortage of nurses and doctors, and incentives in this area would be a welcome step."  

When asked about the pharmaceutical sector, Ray mentions the Production Linked Incentive (PLI) scheme. "The PLI scheme has given a boost to manufacturing, but it's somewhat restricted to certain companies. Extending the sunset date for concessional tax rates could benefit a broader range of companies and align with the Make in India initiative."  

Beyond manufacturing, research and development, Ray suggests, could also benefit from incentives. "If we can extend concessional tax regimes to companies involved in R&D, it would foster more innovation and align with our long-term goals for a Viksit Bharat by 2047."  

Health insurance is another critical topic. Ray points to the high GST rate on health insurance as a barrier. "Reducing the GST rate from 18% would lower costs for buyers."  

Finally, Ray addresses overall healthcare spending. "Developing countries like Brazil and China spend significantly on healthcare. We need to increase our budget allocation, particularly for implementing policies like the national pharmaceutical policy and R&D initiatives." 

(Host: PT Jyothi Datta; Producers: Anjana PV, Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Mercedes-Benz India recently launched the EQA+, a five-seater electric SUV priced at ₹66,00,000, positioning it as one of the most affordable EVs in the luxury segment. The demand for luxury electric vehicles is rising, prompting manufacturers to adopt diverse strategies to capture this market. A typical approach includes offering high-end models with advanced features alongside more affordable options to expand their customer base.

When discussing the industry trends, Iyer mentions the positive outlook for the luxury car market in India, driven by improved road infrastructure and increased demand for safer, more comfortable, and efficient vehicles. He emphasises the importance of continued government support for electrification, including consistent taxation policies to enable long-term planning for brands like Mercedes-Benz.

The episode concludes with a forward-looking perspective on how these developments are set to redefine luxury transportation in India.

Host: S Ronendra Singh; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Sridhar says that while the country boasts some of the world's cheapest data plans, the increase could disproportionately burden rural users with lower disposable incomes and limited access to broadband alternatives. This potential widening of the digital divide highlights the need for a nuanced approach. 

Affordability is certainly a key factor, but it cannot exist in a vacuum. The current state of mobile broadband service in India suffers from quality issues, particularly in terms of infrastructure. Upgrading backhaul connections is crucial for a robust digital economy. Additionally, high reserve prices for sub-gigahertz spectrum discourage telecom companies from expanding rural coverage, further hindering accessibility. 

The impact on social media usage and app consumption is likely to be moderate, with users potentially allocating a larger share of their budget towards internet access. However, small and medium enterprises (SMEs) that heavily rely on digital platforms could face challenges. Captive Non-Public Networks (CNNs) within enterprises might offer a solution, but a clear policy for spectrum allocation for CNNs is needed. 

He also added that the impact on cashless transactions via UPI might be felt by SMEs as well, but the effect on individual users remains unclear. Ultimately, fostering a thriving digital ecosystem in India requires a three-pronged approach: maintaining affordability, ensuring quality of service through infrastructure upgrades, and promoting widespread accessibility through initiatives like Bharat Net. Only by striking this balance can India bridge the digital divide and unlock the full potential of its digital economy. 

Listen to the podcast to know more. 

(Host & Producer: Anjana PV)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Bhatt explains that despite the increase in imports, India's steel production capacity is on the rise. Indian mills are expected to add 55 to 60 million tonnes of capacity over the next four years, which translates to a 33% increase compared to the current capacity. This growth is driven by robust demand from key sectors such as construction, infrastructure, engineering, and the auto industry. 

The podcast also explores the impact of global market conditions on India's steel industry. Bhatt mentions that while global steel demand is expected to increase marginally, the market remains competitive, particularly with Chinese producers. This has led to a mixed export strategy for Indian steel mills, which prioritise the domestic market when local prices are more favourable. 

Bhatt emphasises the importance of continued investment in green steel production and energy efficiency to enhance global competitiveness. Additionally, the government’s ongoing infrastructure push is expected to support long-term growth in the steel sector. 

Host: Subramani Ra Mancombu; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Jethmalani mentions that while the growth rate for GST collections has slowed to 7.7 per cent, the absolute numbers remain strong at 1.7 lakh crore. She attributes this to possible election-related activity slowdown.  

The PMI manufacturing index shows positive signs with a reading close to 60. She highlights that India tops the chart among 10-12 countries and mentions that new orders and export orders are picking up, suggesting a positive outlook for the coming months. 

Employment indicators show mixed results. The Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) employment numbers have significantly dropped, while the Centre for Monitoring Indian Economy (CMIE) unemployment rate has increased to 9.2 per cent. Jethmalani points out the challenge of distinguishing between seasonal and permanent employment to understand the true employment trend. 

She also notes that producer inflation has increased due to rising input costs, which have been passed on to consumers. This is reflected in the WPI, driven by global commodity price spikes. However, she believes this may be a transient phenomenon if China's economic slowdown persists. The fiscal deficit for the first two months has reduced to 3 per cent of the budget estimate, marking a monthly surplus for the first time in 22 months. Achilla attributes this to robust tax collections and reduced spending during the election phase. She expects the fiscal consolidation to continue with a fiscal deficit of around 18 lakh crore and capital expenditure remaining at 11 lakh crore. 

Retail inflation, particularly food inflation, remains a concern. Achilla expects the retail inflation number for June to be similar to May's 4.75 per cent, driven by high vegetable inflation. She predicts inflation to stay around 4.6 per cent in June, with core inflation reducing but not reaching the medium-term target of 4 per cent until at least September. 

(Host: Shishir Sinha, Producer: Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Commodore Golaya cited the success of programs like IDEX (Innovation for Defence Excellence) and its sub-initiative, Sprint. Through these programs, the Navy has fostered a vibrant ecosystem of collaboration between startups, MSMEs (Micro, Small and Medium Enterprises), and the defence establishment. The year-long Sprint Challenge yielded impressive results, with over 75 new technologies taking shape. Imagine – carbon nanotube-based firefighting foam for enhanced fire suppression on board ships, or underwater communication using blue-green lasers for a stealthier tactical advantage. These are just a few examples of the groundbreaking advancements being made.

While the Navy excels at nurturing innovation, commercialisation remains a sticking point. Commodore Golaya proposes a two-pronged approach to address this. Firstly, allowing IDEX and Sprint winners access to the Trade Receivables Discounting System (TReDS) would ease their cash flow woes. Secondly, awarding "Fit for Military Use" certificates to all qualifying firms, not just the chosen vendor, could broaden the vendor base and open doors to potential exports. This would incentivise participation and create a more robust domestic defence ecosystem.

The Navy recognises that a future-proof force hinges on a technologically adept workforce. They're taking proactive steps to bridge the skill gap. This includes recruiting officers with a minimum B.Tech qualification, leveraging the digital-native prowess of younger generations, and revamping training syllabi. Simulators, virtual reality, and a focus on continuous learning are becoming integral aspects of Navy training.

The Indian Navy doesn't shy away from the growing importance of Artificial Intelligence (AI) in modern warfare. They've established the Indian Naval Artificial Intelligence Cell in Bangalore to collaborate with startups and develop AI-powered solutions for maritime operations. However, Commodore Golaya emphasises that AI won't be a standalone initiative. Instead, it will seamlessly integrate into various aspects of naval operations, from intelligence gathering and threat analysis to logistics and combat management.

The takeaway? The Indian Navy is on a determined path to become a self-sufficient and technologically advanced maritime force. By fostering innovation, nurturing talent, and embracing AI, they are well-positioned to safeguard India's maritime interests in the years to come.

Tune in to know more.

(Host: Dalip Singh; Producer: Renil S Varghese)

 About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The conversation begins by focusing on both home sales and commercial real estate. Doshi highlights the 11,00,000 crore infrastructure spending announced in the interim budget and expresses optimism for the real estate sector. He anticipates further growth with the final budget in July, expecting favorable measures for the sector. 

Discussing commercial real estate, Doshi notes significant growth, particularly in the residential luxury segment in South Mumbai, where the demand for high-end properties remains strong. He also mentions the affordable housing segment in the MMR region, especially in areas like Vasai, Virar, and Kalyan Dombivli, which continues to see good demand. 

When asked about budget expectations, he emphasises the need for infrastructure status for the real estate sector, which would bring various benefits, including tax rate concessions. He recalls the positive impact of infrastructure status granted to the affordable housing segment in 2018 and hopes for similar support for the entire sector. He also advocates for reduced GST rates and lower interest rates to further boost the sector. 

Towards the latter half of the podcast, the conversation shifts to redevelopment projects, which Doshi believes are essential due to limited open land in cities. He highlights the importance of incentives and streamlined approval processes to make these projects viable. Addressing the future of commercial real estate and Real Estate Investment Trusts (REITs), Mr. Doshi is optimistic. He sees REITs gaining popularity among young investors and expects the market to grow, with more commercial and retail projects attracting investment. 

(Host: Abhishek Law; Producers: Amitha Rajkumar)

 About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The high cost of generation, driven by the need to rely on imported LNG, made gas power economically unviable compared to the average purchase cost of power for distribution companies (discoms). Recently, the Indian government issued directives under Section 11 of the Electricity Act to ensure these plants operate at optimal capacity, which has resulted in an increase in utilisation to 21.4 per cent in April 2024, a four-year high for that month. This policy mandates gas plants to run based on a cost-plus mechanism where energy charges are determined bi-weekly by a government committee, improving their viability temporarily. 

Despite this, gas-based power plants are primarily being used to meet peak demand and for grid balancing, particularly given the rise in demand and the limited addition of new thermal power capacity. In the broader context, India's energy landscape is evolving with a significant push towards renewable energy. By 2030, renewables are expected to account for around 40 per cent of the country's energy mix, up from the current 21 per cent, with solar power playing a major role. However, the integration of renewables into the grid poses challenges, necessitating reliable balancing sources. While the government plans to develop 60 GW of energy storage capacity through battery and pumped storage projects to manage this, progress has been slow. Pumped storage projects have long gestation periods, and India's battery storage capacity is still in its nascent stage, relying heavily on imported batteries. 

The future role of gas-based power plants hinges on several factors: demand growth, the availability and pricing of domestic gas, and the development pace of renewable energy storage projects. If energy storage capacities do not grow as planned, gas plants will continue to be essential for grid balancing. Additionally, government support through policies ensuring cost-plus pricing will be crucial to their economic viability. While gas plants are currently benefiting from policy support and high short-term tariffs during peak periods, their long-term utilisation will depend on how quickly and effectively India can ramp up its energy storage infrastructure to complement the increasing share of renewables in the energy mix. 

Listen to the podcast to know more. 

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.  

 (Host: Rishi Ranjan Kala, Producer: Anjana PV)

Regarding market valuations, Varun offers a contrarian view, suggesting that Indian markets are not expensive but rather fairly valued given the robust growth potential. He points out that the market's liquidity, fuelled by substantial mutual fund inflows and inflows from other avenues such as PF and insurance, supports the current valuations. He also argues that India's growth story justifies higher multiples, dismissing the notion of overvaluation. "The important part in the valuation matrix is the growth, be it revenue or the earnings, right? I don't think most countries in the world right now has the kind of growth we have," Varun states.

Varun identifies IT and banking sectors as particularly attractive for investors. He notes the underperformance of the IT sector over the past two years, making it a promising area for investment due to its strong fundamentals and future growth prospects. Varun also acknowledges that while some sectors, like four-wheelers and capital goods, have seen sharp rallies, they might experience a time correction rather than a severe drop. He believes these sectors will eventually align with their earnings growth over time.

Varun observes a slight shift in interest towards consumer and FMCG sectors post the elections. Saboo expresses optimism about the market continuing to climb up, driven by strong liquidity and a stable economic environment. "You look at the number of issuances which are coming up, the amount of promoters selling their some stake….that's why, despite the kind of selling by FIIs, markets are not stopping because this is getting absorbed."

Listen in!

(Host: Parvatha Vardhini C; Producers: Rowan Barnett, Siddharth Mathew Cherian)

 About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

According to the experts, Generative AI is a burgeoning field in artificial intelligence, is poised to revolutionise numerous industries. Companies are actively pouring resources into developing and implementing these models, recognising the transformative potential they hold. While generative AI will undoubtedly automate many tasks currently performed by humans, it's important to remember that it will also create new job opportunities. To prepare for this future workforce, the education system will need to adapt, equipping students with a powerful blend of technical skills and human-centered abilities. 

Shagrithayahighlights the diverse applications of generative AI. From consumer goods and retail to financial services and life sciences, this technology offers solutions to various challenges. Capgemini itself is actively involved in generative AI research, fostering partnerships and cultivating talent within the field. They understand the importance of responsible use and have implemented a governance model to ensure safe and controlled application of this powerful technology. 

Chaturvedi also echoes the transformative potential of generative AI, believing it has the power to reshape every aspect of business. Their investment strategy reflects this belief, focusing on three key areas: "AI in everything," "AI for everyone," and "everything for AI.” Companies now prioritises responsible development, ensuring that generative AI is implemented in a trustworthy and ethical manner. 

Both the speakers dismiss the notion of generative AI being a passing fad. They acknowledge the potential challenges surrounding bias, security, and environmental impact, but firmly believe that responsible development and use can mitigate these concerns. 

Generative AI has the power to disrupt not only businesses but also the workforce itself. Businesses that recognise this potential and proactively prepare for the change will be best positioned to thrive in the evolving landscape. Investing in training and development programs for their employees will be crucial in ensuring a smooth transition and maximizing the benefits of generative AI. By embracing this technology thoughtfully, businesses can unlock a future filled with increased efficiency, improved customer experiences, and a more productive workforce. Listen in to the podcast. 

(Host: Sanjana B, Producer: Anjana PV)

 About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

While the true cost of internet shutdowns on businesses is difficult to quantify, researchers have developed methods to estimate the financial toll. One challenge in measuring the impact is the lack of high-frequency data on businesses. Much of the data collected on businesses is gathered annually, making it hard to track the immediate effects of a shutdown. Additionally, some of the negative consequences are qualitative and difficult to capture in numbers. For instance, a shutdown can damage a company's reputation or erode customer trust, but these effects are not easily reflected in financial reports. Businesses themselves may also be hesitant to discuss the impact of shutdowns, fearing repercussions or not wanting to admit to vulnerabilities. 

Despite the challenges in quantifying the impact, there's no doubt that internet shutdowns pose a significant threat to businesses. The lost revenue, operational disruptions, and potential damage to reputation can all have a devastating effect on a company's bottom line. Furthermore, frequent internet shutdowns within a country can create a chilling effect on the business environment. Entrepreneurs may be discouraged from investing in online operations if they fear their businesses will be vulnerable to frequent disruptions. 

Internet shutdowns are a major hurdle for businesses, especially startups and SMEs. These disruptions can cause significant financial losses, operational challenges, and reputational damage. The lack of readily available data and the difficulty of measuring qualitative impacts make it hard to fully understand the scope of the problem. However, the negative consequences are undeniable, and efforts are needed to mitigate the use of internet shutdowns and protect the ability of businesses to operate freely online. Listen to the podcast to know more.  

(Host and producer: Anjana PV)

After a 3 per cent decline in goods exports in 2022-23, totalling $437 billion, the new fiscal year has started positively with two consecutive months of growth. In April 2024, exports grew by around 1 per cent year-on-year, and in May 2024, the growth rate was a robust 9.1 per cent, with exports reaching $38.13 billion. Imports also rose in May, increasing by 7.7 per cent to $61.91 billion. However, this led to the trade deficit widening to $23.78 billion, a seven-month high. 

Sahai starts the conversation by confirming that the May numbers were indeed expected, predicting around 9 per cent growth. He attributes this to the world adapting to issues relating to the Russia-Ukraine war and inflation pressures, which are softening. He believes that the global trade outlook for 2024 is encouraging, with inflation rates and interest rates being managed effectively by major economies. 

He mentions several factors driving this growth, including increased global demand and the China Plus One policy, which is pushing global companies to diversify their sourcing. The US tariffs in China are also making Indian products more attractive. 

Furthermore, Sahai highlights the diversification in export markets, noting significant growth in exports to the Netherlands, UK, and Malaysia. He also addresses concerns about the widening trade deficit, attributing it to high import bases and increased oil prices.

Host: Amiti Sen ; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Ravichandran Purushothaman, the President of Danfoss India, has emphasised the transformative potential of the cold chain industry in India, recognising it as a crucial element in the nation’s food supply chain. Despite its significance, Purushothaman points out that “the cold chain industry in India is still in its nascent stage with a penetration rate of only 7-8%, which is significantly low compared to countries like the US and China with penetration rates between 60-80%.”

Purushothaman underscores the broad importance of cold chain logistics, noting that they are “not just about storing food; they are crucial for vaccines, pharmaceuticals, and animal husbandry, making it a vital yet underappreciated sector.” This multifaceted importance highlights the need for a robust cold chain infrastructure to ensure the safe and efficient delivery of a wide range of perishable goods.

A significant challenge that Purushothaman identifies is the difficulty in connecting production centres with consumption centres. He states, “Connecting production centres with consumption centres is a major challenge due to disconnected supply chain models and low market linkages.” Addressing these challenges is essential for the development of an efficient cold chain system.

Purushothaman is optimistic about the growth potential of the cold chain market in India. He projects that “the cold chain market in India, currently valued at around $350 million, could grow to $1.2 to $1.4 billion by 2028, driven by increasing per capita income, changing lifestyles, and a rising demand for processed and nutritious foods in urban centres.” This expected growth indicates a significant opportunity for investment and development in this sector.

To achieve this potential, Purushothaman advocates for a collaborative approach between the government and the private sector. He suggests that “the government should play an enabling role by providing basic infrastructure and encouraging private sector participation. Successful models in the pomegranate, mango, and dairy industries show the significant contributions private players can make to the development of the supply chain.” This collaboration could create a more integrated and efficient cold chain system, benefiting producers and consumers alike.

Listen in!

Host: TE Raja Simhan; Producer: Anjana PV

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Chainani predicts that gold prices will likely reach new highs in late 2024 despite short-term corrections due to robust demand and economic uncertainties like the US elections. Central banks, particularly in emerging markets, have significantly driven gold demand, accumulating over 400 tons from January to May 2024. While China paused its gold purchases in May due to high prices, other central banks continued their acquisitions, indicating a long-term trend of de-dollarisation and diversification into gold. 

India, a major gold importer, brought in 260 tons of gold from January to May 2024, surpassing the previous year's figures. The surge in gold imports is attributed to rising inflation, economic uncertainties, and increased investment demand. Chainani says she has seen a shift towards digital gold purchases post-COVID, driven by the younger generation's preference for online shopping. Digital gold offers secure storage, ease of transactions, and low entry costs, although it lacks a regulatory framework. The festive season from August to December is expected to boost gold demand significantly, supported by rising incomes and hybrid shopping models that combine online browsing with offline purchases.  

Listen to the podcast now.  

(Host: Subramani Ra Mancombu, Producer: Anjana PV)

 In 20 years, India will transition from having one in ten people being elderly to one in five. This demographic shift necessitates significant health-oriented support, besides societal and economic preparation. Roy points out that countries like Japan and parts of Europe, which are already seeing a high percentage of elderly citizens, offer a glimpse into future challenges, and opportunities India might face. 

 One major concern is healthcare, specifically geriatric care. Roy emphasises the importance of regular check-ups and proactive care to ensure a good quality of life for the elderly. 

 He notes that many health issues, such as dementia, don't appear suddenly but progress over time. Therefore, the ability to act when people are in their late 50s, 60s, and 70s is crucial. This proactive approach can help elders age magnificently in their own homes, avoiding advanced health crises. 

 Discussing "silver economy," Roy sees vast opportunities for businesses to innovate and provide better products and services tailored to this demographic. He mentions the importance of designing products with better customer experiences and integrating various stakeholders, such as healthcare providers, insurance companies, and financial institutions, to create comprehensive solutions for the elderly. 

 Technological advancements play a pivotal role in elder care. Roy explains how Emoha leverages medical technology to link elders' homes, enabling regular health monitoring. Innovations like remote patient monitoring and emergency response systems are crucial in providing timely care and ensuring the safety of the elderly. 

 Looking ahead, Roy stresses the need for policy changes and infrastructure development to support the elderly. He suggests tax benefits and GST relaxations for elder care services to make them more affordable. Additionally, creating senior living facilities and transition models that blend staying at home with occasional daycare activities can provide a balanced approach to elder care. 

 Listen in! 

Host: PT Jyothi Datta, Producer: Anjana PV, Siddharth Mathew Cherian

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The Indian auto retail sector achieved a modest 2.61 per cent year-on-year growth, with sales reaching 20,89,603 units compared to 20,36,528 units in May 2023 of the previous year. Despite the overall growth, the passenger vehicle segment saw a slight decline of around 1 per cent. On the other hand, the two-wheeler segment experienced a year-on-year growth of 2.5 per cent, selling 15,34,856 units compared to 14,97,778 units last May. 

Singhania starts by sharing insights on the passenger vehicle market, attributing the slight decline in May to several factors, including last year’s high sales benchmark, the heat wave reducing foot traffic, and the election season’s impact on consumer spending. He notes that inventory levels have reached an all-time high of 55-60 days, causing concerns among dealers. The Federation of Automobile Dealers Associations (FADA) is in discussions with original equipment manufacturers (OEMs) to align wholesale with retail sales to manage inventory better. 

As the discussion goes on, he points out that while SUVs dominate the market, there’s potential for growth in sedans and small cars, particularly with a good monsoon improving rural sentiment. 

The discussion also touches on the electric vehicle (EV) market, with Singhania highlighting the need for continued government subsidies to support EV adoption. He emphasises the importance of the upcoming budget in providing infrastructure push and reducing GST on entry-level vehicles to make them more affordable. 

Singhania concludes by saying he is optimistic about the industry’s growth prospects for the financial year, expecting single-digit growth in passenger vehicles and double-digit growth in the two-wheeler segment, contingent on favourable conditions such as a good monsoon and stable economic policies.

Host: S Ronendra Singh ; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The Indian Meteorological Department (IMD) forecasts above-normal rainfall, and international agencies predict La Niña, which could bring abundant rains to India, though low reservoir levels remain a concern. 

Dr. Singh highlights that the monsoon is expected to be irregular. The forecast indicates normal rainfall in Western India, covering Maharashtra, Gujarat, Goa, and Karnataka, while deficits are expected in the eastern regions such as Orissa and Jharkhand, and parts of Madhya Pradesh. The monsoon's distribution might improve from July to September in the southern and western regions, but deficits could persist in the east. This irregular pattern could pose challenges for farmers during critical periods of crop growth. 

Paddy sowing has already begun, and Dr. Singh expects a good crop this year, despite initial challenges in transplantation in regions like Uttar Pradesh, West Bengal, and parts of Madhya Pradesh due to expected rainfall deficits. Cotton, groundnut, and maize are anticipated to benefit from the favourable rainfall patterns. However, soybeans might face issues due to irregular rainfall in Madhya Pradesh, which is crucial during the post-sowing germination and grain formation stages. 

Reservoir levels, particularly in the southern region, are currently low, posing a threat to water availability for both drinking and agricultural purposes. The storage capacity utilisation is notably low, with southern reservoirs at only 13 per cent capacity. Dr. Singh anticipates good rainfall in the catchment areas from July to September will help replenish these reservoirs, mitigating some of the current shortages by August. 

Despite rising input costs, particularly in northern India, farmers are likely to continue cultivating cotton due to good prices. Dr. Singh is optimistic about the cotton scenario, particularly in regions like Punjab and southern India. He also hopes that the government will allow free export of rice to ensure better returns for farmers.  

(Host: Subramani Ra Mancombu, Producer: Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The conversation starts with an analysis of GDP numbers for FY24 and Q4 FY24, which have surpassed expectations. Rishi discusses the strengths in manufacturing and services sectors while addressing concerns about data discrepancies, particularly the gap between Gross Value Added (GVA) and GDP.

Regarding mixed signals in consumption patterns, Rishi mentions that while high-end consumption is on the rise, overall consumption remains subdued. The decline in entry-level vehicle sales and the increase in higher-end vehicle sales indicate income transitions.

Examination of the revised fiscal deficit estimate for FY24 at 5.63%, down from 5.8%, and the FY25 budget estimate of 5.1%. Rishi emphasises the need for continued government spending on public welfare and infrastructure, despite potential surplus transfers from the RBI and profits from public sector banks (PSBs) and central public sector enterprises (CPSEs).

Rishi talks about the May GST collection of ₹1.73 lakh crore, following a record high in April. The conversation later shift to whether this reflects increased pricing or a shift towards higher-end consumption rather than broad-based consumption growth.

Interpretation of the PMI manufacturing figure, shows a slight dip to 57.5 but remains in expansion territory. Rishi explains why, despite the downtick, it indicates positive manufacturing activity.

Predictions for retail inflation, expected to stay around 5%, influenced by core inflation trends and volatile food prices. Rishi anticipates some volatility in food prices due to seasonal factors, impacting the overall inflation trend.

Listen in.

The episode, which is the first of a new series of podcasts on cybersecurity, looks at how and why hackers are targeting elections globally, including recent events in India, and discusses the sophisticated methods used to manipulate election outcomes and extract valuable information. Salvi outlines two primary areas of concern in election-related cybersecurity.

First, the manipulation of narratives through social media and other digital platforms, which can significantly influence election outcomes. “The manipulation and the method that threat actors use can only be countered by solutions provided by cybersecurity,” says Salvi.

The conversation highlights the evolution of cyber threats with the advancement of artificial intelligence (AI).

AI has made it easier for hackers to create sophisticated phishing emails, multilingual scams, and deepfake videos that are difficult to distinguish from real content. “Now, with the advent of AI, the way phishing emails are written is so clever that they appear more genuine than even a real email,” Salvi points out. He emphasises that AI is a double-edged sword: while it empowers attackers, while also offering tools for defenders to counter these threats.

The podcast also throws light on the use of analytical software to gauge public opinion and deepfake technology to create misleading videos. “These algorithms are so clever and so efficient that you can create a real-looking video with a fake narrative,” he notes. Salvi stresses the importance of robust cybersecurity solutions that can detect and prevent such manipulations.

Cyber threats are global now, with malware often being written overseas but executed locally, creating a complex ecosystem of cybercriminal activities. “In the digital and cybersecurity world, there are no boundaries. You don’t need a passport or a visa to enter one computer from another, and because of the internet, everything is connected,” says Salvi.

Salvi advocates for a multi-faceted approach to cybersecurity during elections, involving proactive government policies, public awareness campaigns, and advanced technological solutions. He commends the Indian government’s proactive steps before the recent elections but calls for ongoing efforts to establish a comprehensive policy framework to ensure all stakeholders, especially ISPs, are held accountable for monitoring and removing malicious content.

To conclude, Salvi calls for collective effort to address the systemic issue of cybersecurity in the digital age. He emphasises that the threat extends beyond elections and requires a combination of policy, awareness, and technology to protect against the ever-evolving landscape of cyber threats.

Listen in! 

(Host: Kurmanath KV, Producer: Siddharth Mathew Cherian)

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The podcast begins by mentioning the opportunities for Indian service providers, highlighting the global talent shortage in chip design as an opportunity for Indian service providers. 

Saithu emphasises the importance of supply chain resilience and the boom in investments across various segments of the semiconductor industry, driven by technological advancements like AI.  

The podcast goes on to mention global semiconductor industry trends, discussing the increased demand due to factors like AI adoption, supply chain disruptions leading to a focus on resilience, and increased investment in chip manufacturing across the ecosystem. 

The episode concludes with a discussion on the government's role in supporting semiconductor R&D in India. The experts propose matching grants for priority sectors, developing R&D infrastructure, and creating specialised skill development programs to address the diverse needs of the semiconductor value chain. 

Host: Haripriya Sureban; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Dwivedi explains that the daytime peak demand is largely met due to the substantial solar capacity in the country, while the challenge lies in the evening when solar power is not available. He commends the government's efforts in managing this demand through various measures, such as mandating coal and gas-based plants to be available during summer months, rescheduling plant maintenance, and increasing coal production. These steps have helped ensure that the demand is met despite the challenges. 

Renewables, particularly solar energy, have played a crucial role in managing daytime peak demand. However, evening peaks still rely heavily on thermal power. Dwivedi also discusses the potential of renewable energy combined with storage solutions to provide reliable, dispatchable power. He notes that while renewable energy tariffs are competitive, the integration of gas-based power, especially if GST is removed from gas, could further support the power sector. 

Urbanisation and economic growth are major drivers of increasing power demand. Dwivedi emphasises the correlation between development and energy consumption, predicting that as India's per capita GDP rises, so will its electricity consumption. The conversation concludes with a look at the future impact of electric vehicles and AI-driven data centers on power demand, highlighting the need for continued innovation and adaptation in the sector. 

 (Host: Rishi Ranjan Kala, Producers: Anjana PV & Siddharth Mathew Cherian)

Traditionally, the Competition Act uses asset and turnover thresholds to determine if a transaction needs to be notified to the Competition Commission of India (CCI). 

However, this approach has faced criticism, especially with the advent of digital markets where high-value transactions may involve companies with low tangible assets or revenue, potentially escaping regulatory scrutiny.

To address this gap, the Indian government introduced the concept of “deal value thresholds” (DVTs) through the Competition (Amendment) Act 2023. 

So what are DVTs? Put Simply, DVTs require transactions above a certain deal value to be notified to the CCI, regardless of the asset or turnover of the companies involved. 

This aims to capture high-value transactions in the digital and other sectors, where companies like startups might have high valuations due to data or intellectual property but low traditional financial metrics.

Implications for Digital Markets

The introduction of DVTs holds significant implications for digital markets. It would lead to increased scrutiny —High-value acquisitions, especially involving startups or tech firms with valuable data or IP, will be scrutinized to prevent monopolistic practices.

The introduction of DVTs also ensures level playing field. Smaller but highly valued companies will be subject to regulatory checks, ensuring that larger firms cannot bypass competition laws by acquiring emerging competitors.

The other implication is on Market Dynamics. Investors and companies might adjust their strategies, considering the additional regulatory requirements and potential delays in deal finalizations.

Utility of Deal Value Thresholds

DVTs can help capture High-Value Transactions: By focusing on deal value, the CCI can better oversee mergers and acquisitions that might affect market competition, regardless of traditional financial metrics.

DVTs can help in Future-Proofing Regulation. As digital and tech markets evolve, DVTs offer a flexible mechanism to adapt to new business models and market structures.

DVTs also encourage innovation. By ensuring that competitive dynamics are preserved, DVTs can foster an environment where innovation thrives without the fear of monopolistic dominance.

Challenges in Implementation

Defining Deal Value: Accurately assessing the deal value, especially in complex transactions involving stock options, earn-outs, or multi-stage investments, can be challenging.

Legal Uncertainty: Implementing DVTs might lead to legal ambiguities and disputes over valuation methods, necessitating clear guidelines and robust frameworks.

Market Reaction: Businesses might find ways to structure deals to avoid crossing the threshold, potentially complicating regulatory efforts.

While DVTs offer substantial benefits in capturing high-value, low-revenue transactions and preserving competitive market dynamics, their implementation poses challenges. 

Addressing these effectively will require clear guidelines, enhanced regulatory capacity, and continuous dialogue with industry stakeholders to ensure that the objectives of fair competition and market innovation are met.

So what are the unresolved issues and concerns around introduction of DVTs? When do the DVTs specified in the Competition law go live in the country?

What other implications would this move have for oversight of digital markets in India? Does DVT have implications for other sectors too?

To get a deep dive into world of DVTs, Listen in to the BL State of Economy Podcast with Dinoo Muthappa, Partner at Delhi Office of law firm Talwar, Thakore & Associates (TTA).

Host: Srivats KR, Producers: Rowan Barnett, Siddharth Mathew

The discussion looks at the market’s recent performance influenced by election related volatility as well as record highs. Aashish highlights that market engagement is often driven by anticipation, saying, “It’s always interesting or exciting when there is something to look forward to. That keeps the market engaged and keeps it going.” 

About the recent market rally, “My sense is that from February-March 2024 onwards, the market has become a little more discerning, with a tilt towards good governance and quality. But before that, everything was just going up unilaterally,” he explains. 

Emphasising the importance of stock selection, Aashish notes that the market’s discerning nature means that not all sectors or stocks are performing uniformly. He points out the shift in market dynamics. 

Aashish discusses the performance of hot sectors like defence, PSUs, real estate, and autos, likening market behaviour to a pendulum swinging between extremes. He finds more margin of safety in private banks now, he says.

The podcast also looks at the Q4 earnings season, with Aashish observing sustained positive trajectories and no significant slowdowns. He predicts that financial, manufacturing, and industrial sectors will drive growth in FY25, despite external economic headwinds. 

On consumption, Aashish comments on the K-shaped recovery post-COVID, where urban and discretionary spending have seen more traction. “ Unfortunately, we haven’t seen a turnaround in rural demand yet,” he notes, suggesting that broader economic stimuli are necessary for inclusive growth. 

Talking on both gold and equities touching new highs at around the same time, Aashish critiques the industry’s skew towards equities in multi-asset funds, which often undermines the intended diversification. 

Listen in! 

(Host: Parvatha Vardhini C, Producers: Amitha Rajkumar, Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

Host: Chitra Narayanan; Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

"If you look at the number of studies that were done prior to the pandemic and the number of studies that are being done currently, there's definitely an uptick in the number of studies.", says Dr. Davis. He emphasises the increasing focus on unmet medical needs in oncology, immunology, and rare diseases.

Reflecting on past and present trial numbers, Dr. Davis remarks, "The reality is that the companies who are doing studies in India are very sure that these products will be marketed in India," highlighting India's growing prominence as a hub for clinical research. 

Davis talks about the regulatory landscape, explaining the significance of the 2019 New Drugs and Clinical Trial Rules. He underscores the need for streamlined approval processes. 

"We need regulations which actually can work for these innovations when they come out," says Dr. Davis on emerging therapies, underscoring the importance of aligning regulatory frameworks with scientific advancements. 

Addressing participant safety, he highlights India's unique provisions for medical management and compensation in case of trial-related injuries. "India is probably the only unique country in the world where a clinical trial safety net is there,".

Listen in!

(Host: PT Jyothi Datta; Producers: Amitha Rajkumar, Siddharth Mathew Cherian)

The podcast starts by focusing on the employment opportunities generated by the logistics sector, particularly in Tier 2 and Tier 3 cities. Mahanta shares his background, emphasising his role in promoting apprenticeships and skill development. He discusses the vital role logistics plays in India's economy, highlighting government initiatives like the Gati Shakti plan that have boosted the sector. 

Mahanta goes on to highlight the strategic importance of cities like Chandigarh, Nashik, Indore, and Coimbatore, which serve as logistics hubs due to their geographic advantages. These cities facilitate the efficient distribution of goods, contributing to the sector's overall growth and creating numerous job opportunities. 

The discussion wraps up by emphasising the critical role of the logistics sector in India's economy and its potential to create diverse job opportunities.  

(Host: Raja Simhan, Producer: Amitha Rajkumar)    

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

ETO is used as a sterilising agent in spices but is considered carcinogenic if present beyond certain limits. This incident has sparked increased scrutiny from other countries like the US, Australia, and New Zealand, prompting significant discussions within the industry. 

Singla provides a comprehensive analysis of the situation, emphasising India's prominent role in the global spice market as the largest producer, consumer, and exporter. He explains the importance of maintaining high standards for quality and safety to protect India's reputation and market share. 

Singla addresses the specific concerns raised by the recalls, noting that regulatory frameworks and acceptable residue limits (MRLs) for chemicals like ETO vary significantly across countries. He highlights the ongoing efforts by the Spices Board of India to ensure compliance with international standards, including mandatory ETO testing for exports to Hong Kong and Singapore, a practice already in place for exports to the UK and EU. 

The conversation also explores the broader implications of such regulations on exporters, including increased costs and procedural complexities.  

The discussion sheds light on the importance of education, awareness, and collaboration in promoting sustainable development and addressing climate change in agriculture through climate-smart farming.

Dobhal highlights opportunities in scaling up climate-smart farming, highlighting real-world examples and lessons learned from pioneering initiatives.

With a focus on climate change issues and food security, the podcast goes on to discuss the solutions to implement smart-climate farming that not only heals the planet but also ensures food security for all.

The discussion concludes by advocating climate-smart practices that reduce methane emissions and enhance soil moisture retention, thus holding the key to a resilient and sustainable agricultural future.

Host: Subramani Ra Mancombu; Producers: Tanujaa Shri, Amitha Rajkumar.

The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a marginal 1.3 per cent year-on-year growth in April, with total domestic passenger vehicle sales reaching 335,629 units. 

Despite a 23.4 per cent decline in the passenger car segment, the utility vehicle segment saw a remarkable 21per cent surge during the same period. 

"In India, we're in a sweet spot, being the only top 10 global market to surpass pre-pandemic sales levels," Gupta highlights. "With a projected growth in car sales from 5 to 8 million units by 2035, India's automotive sector is poised for significant expansion." He adds. 

The podcast takes a look at India's position relative to global markets, emphasising its resilience amidst geopolitical tensions and supply chain disruptions. 

Gupta underlines India's promising market status, projecting a positive trajectory for the foreseeable future. 

"Factors like rising incomes, shifting consumer preferences, and demographic trends are driving growth," Gupta notes. 

"With India's GDP per capita expected to rise, there's immense potential for growth, especially in first-time buyers and rural markets.", he adds. 

Transitioning to the evolving landscape of powertrains, they discuss India's gradual shift towards electric vehicles (EVs) and the role of Chinese manufacturers in this transition. 

"India's transition to EVs is inevitable," Gupta says. "While the global market is dominated by BEVs and hybrids, India's shift may begin with CNG and hybrid options before moving to pure BEVs." 

"The entry of Chinese EV manufacturers could accelerate India's EV ecosystem development," Gupta adds.

The conversation concludes with a look at luxury EVs and their potential in the Indian market. 

Listen in! 

(Host: S Ronendra Singh, Producer: Rowan Barnett, Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The conversation starts with a focus on the emergence of diversified segments within the real estate market. Saraf elaborates on the significant growth observed in alternate sectors such as logistics, infrastructure, warehousing, and data centers. He attributes this surge to a confluence of factors, including supply chain disruptions, the rapid shift to online retail, and government initiatives like the Production Linked Incentive scheme.

Saraf goes onto outline the transformative impact of data centers, emphasising their critical role in enabling digital transformation and supporting India's burgeoning digital economy. He elucidates how factors like power availability and optic fiber connectivity drive the proliferation of data centers, with regions like Mumbai, Chennai, and Noida emerging as key hubs.

As the discussion goes on, Saraf explores sustainability considerations within the real estate sector, particularly in data center operations. He also elucidates on the adoption of green energy practices and measures to enhance energy efficiency, aligning with global trends towards carbon neutrality.

In the 2023-24 fiscal, India saw a significant downturn in its Gems and Jewellery Exports, experiencing a 15% decline in dollar terms from a substantial $37.64 billion to $32.02 billion. This decline comes amidst a backdrop of geopolitical tensions in West Asia, coupled with the ripple effects of inflation and tepid economic growth, painting a challenging scenario for the industry. 

As the sector prepares for further setbacks, it's important to understand the reasons for this decline and find ways to revive the industry. 

The podcast also looks at the role of policy initiatives in fostering a conducive environment for manufacturing and investment within the industry.  

Amidst the volatile gold and silver prices and the looming specter of geopolitical uncertainties, Shah offers nuanced projections for the trajectory of these commodities. 

(Host: Subramani Ra Mancombu, Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

From the enduring legacy of century-old brands like Lux, which is celebrating its 100th anniversary this year, to the intricacies of brand reinvention, Shiv Shivakumar underscores the importance of staying relevant in a rapidly changing market.  

“Brands need to adapt, innovate, and redefine their core propositions to resonate with evolving consumer preferences," says Shiv. 

Ambi advocates for a nuanced approach to brand longevity. He highlights the significance of brand authenticity and consumer-centricity, stressing that successful brands are built on timeless principles and genuine consumer connections. 

The podcast explores the delicate balance between tradition and innovation, shedding light on the challenges and opportunities facing legacy brands in today's digital age.  

They dissect case studies ranging from Nokia's struggles to adapt to changing technology to Lux's attempts at staying relevant amidst shifting consumer trends. 

Host: Chitra Narayanan, Producer: Siddharth Mathew Cherian.

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The podcast not only explores challenges but also highlights opportunities within specific sectors. With a focus on mobility, EV, AI, and cybersecurity, the experts discuss promising sectors that are weathering the storm and attracting investor attention. 

The discussion goes on to talk about India’s emergence as a hotbed for SaaS companies, echoing the success story of IT giants. Puskoor emphasises the untapped potential in Indian startups, predicting a future where Indian SaaS companies dominate the global market. 

DPIs, encompassing networks and platforms facilitating citizen access to social services, are pivotal in India's digital transformation agenda. As articulated by Ghosh, DPIs represent a tripartite structure: the infrastructure layer, the solution layer, and the digital public infrastructure layer. This layered approach depicts the interoperability and citizen-centric design, creating an ecosystem conducive to innovation and problem-solving. 

However, amidst the optimism, challenges loom, notably the need for proactive policy support and regulatory clarity. The lack thereof inhibits seamless integration and data exchange across disparate systems, hindering the full realisation of DPIs' potential. Addressing these challenges necessitates concerted efforts from stakeholders, spanning government, corporations, and startups. 

Furthermore, the podcast discussed the pivotal role of DPIs in India's ambitious economic aspirations. With projections suggesting a significant boost to GDP by 2030, driven by DPIs, the imperative for inclusive growth becomes apparent. Bridging the digital divide, enhancing digital literacy, and fortifying data privacy measures emerge as imperative steps towards fostering a thriving digital society. 

The Ayushman Bharat Digital Mission emerges as a beacon of transformative potential, poised to revolutionise healthcare delivery and contribute substantially to India's growth trajectory. Its integration with DPIs underscores the multifaceted impact of these infrastructures on various sectors. 

Ghosh points out to think globally and ambitiously about DPIs. Beyond national boundaries, DPIs hold the promise of global scalability, catalysing inclusive growth on a monumental scale. In envisioning this future, collaboration, innovation, and steadfast commitment are paramount, paving the way for a digitally empowered India and beyond. 

(Host & producer: Anjana PV, Edits: Siddharth Mathew Cherian)

The podcast initially focuses on GST collections surpassing 2 trillion for the first time and a dip in the Purchasing Managers' Index (PMI) for the manufacturing sector. This could be due to seasonality or because manufacturers are waiting to make investment decisions until the new government is formed after the elections. The discussion emphasises the complexity of interpreting these figures amidst a dynamic economic landscape, noting improvements in compliance and leakages in the GST system 

Elections' potential impact on economic activity is debated, with skepticism about a significant boost in demand. Heat waves and monsoon variations are predicted to affect sectors like travel and agriculture, albeit with some mitigating factors such as increased agricultural efficiency and government food distribution.  

Expectations for April's retail inflation hover around 4.75%, with a minimal decline anticipated. This is because the government is supplying food grains at subsidized rates. However, there could be some upward pressure due to vegetable inflation. Regarding interest rates, the consensus is that with consistent economic growth at 7.6%, any rate cuts by the RBI would be nominal.  

The conversation touches on revised growth forecasts, highlighting the unexpected strength of India's economy and the role of factors like tax policies and monsoon patterns. The speaker suggests awaiting further data post-elections for a clearer picture, signalling a cautious approach to economic projections amidst uncertainties.  

 (Host: Shishir Sinha, Producer: Anjana PV)

Vishal Jain begins by discussing his background in launching India's first ETFs in 2001 and emphasized the significance of passive investing, especially in volatile market conditions.

The conversation then looks at the role of passive investing in the current market scenario, particularly focusing on small and mid-cap segments. 

The discussion covers the potential benefits of passive investing in small and mid-cap spaces. The podcast also touches upon the recent surge in passive launches in the market and the need for a balanced portfolio approach, incorporating both active and passive strategies. 

The podcast looks at international diversification, addressing regulatory restrictions affecting overseas ETF investments and recommending US listed ETFs based on broad-based indices like S&P 500 or NASDAQ 100 through the LRS route for investors seeking exposure to international markets. 

Vishal Jain discusses Zerodha's approach to passive investing, highlighting why their choice for first fund was from the large & midcap category. The discussion also covers debt passive options, including whether target maturity funds are still attractive, and the potential for future growth in passives in the debt space.

The conversation ends with a discussion on the challenges and advantages of ETF investing, including liquidity issues and regulatory changes implemented by SEBI to improve transparency and market stability. Vishal Jain talks about how a diversified portfolio using passive products can be built to achieve long-term financial goals effectively. 

Listen in! 

Host: Parvatha Vardhini C, Producers: Anjana PV, Siddharth Mathew Cherian

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Srikanth kicks things off by painting a picture of India's impressive tech landscape, highlighting how the BPM industry is a key player, contributing billions to the economy and holding a top spot in global services rankings. 

“AI has played a significant role in enhancing productivity, ensuring high performance, enabling predictability, and advancing personalization from pure to hyper and even nano levels. Industries have leveraged technology extensively to create exceptional customer experiences,” said, Srikanth Srinivasan, Vice President & Head – Membership & Outreach, nasscom. 

Vikas helps break down how generative AI is shaking things up in BPM. “Every time there has been a new disruptive technology which has emerged, the BPM industry in India has adopted it extremely well and has also taken a leadership position in it. From automation to data and now to AI, this has been done in two ways - using new technologies to improve the existing set of services that it has and creating new sets of services based on these technologies,” said Vikas Bhalla, President, and Head of Insurance Business, EXL. 

But what about jobs? Vikas and Srikanth dive into the nitty-gritty, addressing concerns about automation while shining a light on the exciting new opportunities AI brings. They stress the importance of learning new skills and staying adaptable in a rapidly changing industry. 

Listen in to know more. 

Host: Haripriya Sureban, Producer: Siddharth Mathew

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

“AI is becoming an integral part of all industries, including the power sector. Its ability to perform high-level cognitive processes is transformative for managing large-scale power systems,” Ghosh notes.

The discussion covers various AI applications within the power sector, such as grid optimisation, predictive maintenance, and cybersecurity. Ghosh adds, “AI-driven analytics can enhance grid reliability and security, effectively mitigating cyber threats.”

Ghosh discusses AI’s role in optimising energy consumption and minimising wastage in power systems. “Energy-efficient algorithms and smart grid technologies can significantly reduce energy consumption and improve overall system efficiency,” he emphasises.

He also addresses the challenges posed by AI’s escalating power consumption and its implications for power infrastructure. “Balancing growing electricity demand with efforts to enhance energy efficiency is crucial for sustainable power management,” he points out.

Moreover, Ghosh examines the ramifications of integrating AI into power systems, advocating for leveraging AI to optimise distribution networks and augment revenue collection. “AI can help identify areas of power theft and improve revenue collection for distribution companies,” he notes.

Host: Rishi Ranjan Kala, Producer: Amitha Rajkumar, Edit: Siddharth Mathew Cherian. 

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The podcast navigates through the maze of macroeconomic data, exploring the interplay between geopolitical risks, inflationary pressures, and growth projections. Shah provides valuable insights into the bond market dynamics, shedding light on the factors influencing yields and the potential trajectory of interest rates. 

The discussion goes on to examine the ripple effects of Fed policy on global central banks. From the European Central Bank to emerging economies like China and India, they assess the different paths taken by policymakers in response to unique economic challenges.  

As the conversation draws to an end, the spotlight shines on the RBI's monetary policy stance amidst evolving global trends. Shah provides insightful commentary on how the RBI is navigating the complex terrain of interest rates, inflation dynamics, and external risks. 

As the world's largest democracy undertakes this monumental exercise, the significance of logistics becomes increasingly apparent. 

Sathyanarayanan talks about the foundational connection between democracy and logistics. With 543 parliamentary constituencies spanning diverse terrains, from plains to mountains, deserts, and islands, conducting elections emerges as a large logistical challenge. 

During the podcast, Sathyanarayanan looks at the historical evolution of India's electoral process, tracing back to the ballot-based elections during the Chola dynasty and the transition to electronic voting machines (EVMs) in modern times. Satyanarayanan highlights the logistical complexities involved in deploying EVMs and election paraphernalia to over 10.5 lakh polling stations across the country, ensuring accessibility even in the remotest corners. 

The discussion reveals the multifaceted logistics of elections, encompassing the movement of election officials, security personnel, and campaign materials. Satyanarayanan details the meticulous planning required to navigate India's diverse geography, employing various modes of transportation, from helicopters and trains to mules and boats, to reach every polling station. 

Satyanarayanan also reflects on India's electoral journey, from ballot boxes to electronic voting machines, underscoring the pivotal role of a robust multimodal logistics system in sustaining the democratic process. 

Listen in. 

Host: TE Raja Simhan, Producers: Rowan Barnett, Siddharth Mathew Cherian.

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

This burgeoning sector, while promising, confronts numerous challenges, particularly in the realm of governance. There have been several high profile governance lapses that caught the attention of global investing community, leading to sharp fall in valuations of few mature start-ups and compelled the government and policymakers to rethink the governance structures and standards. 

The governance framework for Indian start-ups is often characterised by nascent, if not rudimentary, structures. Many start-ups, initially family-owned or tightly-held, lack robust governance mechanisms typically seen in more mature corporations. This includes limited oversight roles, underdeveloped compliance procedures, and an absence of independent board members. 

Consequently, the governance in these entities sometimes struggles to keep pace with rapid growth, scaling, and the complexities of larger operations and broader investor pools.

Challenges 

The primary challenge lies in balancing agility with accountability. Startups are naturally inclined towards rapid decision-making and less bureaucratic frameworks which, while beneficial for growth and innovation, may compromise governance. Issues such as conflicts of interest, lack of transparency, financial mismanagement, and regulatory compliance are prevalent. The absence of stringent governance practices can deter global venture capital (VC) and private equity (PE) firms, who see governance as critical to investment security and operational sustainability.

Another significant challenge is the alignment of interests among founders, investors, and other stakeholders. Misalignments can lead to power struggles and strategic misdirection, affecting long-term growth and stability.

Regulatory Reforms Needed

To improve outcomes, India needs targeted regulatory reforms that reinforce start-up governance without stifling innovation. 

Some of the suggestions worth contemplating include Introducing requirements for independent directors and audit committees in start-ups that reach a certain size or investment level could ensure better oversight.

Start-ups should also be encouraged, if not mandated, to adopt higher levels of disclosure about financials, board decisions, and investor relations to build trust and accountability.

The government could consider incentives like tax breaks or funding support for start-ups demonstrating robust governance frameworks.

Global VC and PE Perception

Globally, VC and PE investors regard governance standards as a litmus test for investment decisions. The perception of India's start-up governance standards is mixed. While the market potential and the high rate of innovation attract investment, concerns about transparency, financial disclosures, and board integrity can deter it. Establishing clearer, enforced governance frameworks could not only attract more foreign investment but also improve the valuation of start-ups.

In conclusion, while India's start-up ecosystem thrives on its vibrant entrepreneurial spirit, strengthening governance standards is crucial to sustaining growth and attracting global investment. Regulatory reforms tailored to the unique needs of start-ups will play a pivotal role in shaping a more resilient and globally competitive landscape.

To get a deep dive on the governance issues around start-ups and what can be done to improve the situation, businessline spoke to Nikhil Bedi, Partner and Leader—Forensic, Financial Advisory, Deloitte India. 

Bedi, who has over 20 years of experience in fraud investigations, FCPA diligence, business intelligence and transaction diligence, has advised large private equity clients in the region on pre/post investment and operational risk mitigation strategies from a reputational perspective. 

This product, locally developed through an industry-academia collaboration, involves key players such as the Indian Institute of Technology (IIT) Bombay, Tata Memorial Hospital, and industry partner ImmunoACT, (in which Hyderabad-based Laurus Labs holds about 34 percent equity). 

Tata Memorial’s Dr Hasmukh Jain explains that CAR-T cell therapy works on a personalised approach, where a patient’s T cells are genetically engineered and re-introduced to target and eliminate cancer cells effectively.

Since its approval last October in India and launch in December, approximately 25 patients have been treated with positive results consistent with clinical trial outcomes. Differentiating CAR-T cell therapy from stem cell therapy, Dr Jain explains its potential to cure a specific type of blood cancer. He highlights the therapy's effectiveness in treating B-cell acute lymphoblastic leukemia and lymphomas, which historically had dismal outcomes with conventional treatments. 

The podcast also looks at the cost and accessibility of CAR-T cell therapy. While the locally developed version is more affordable than its international counterparts, it remains expensive for many patients. However, efforts are underway to make it more accessible through governmental assistance, CSR funds, and insurance coverage. 

Challenges such as scaling up production and managing post-infusion complications are addressed. Dr Jain explains the need for skilled manpower and continuous monitoring to ensure patient safety. 

Looking forward, Dr Jain discusses ongoing research to expand CAR-T cell therapy's application to other cancers and autoimmune disorders. Additionally, advancements in manufacturing processes aim to enhance scalability and reduce costs further.

(Host: PT Jyothi Datta, Producer: Siddharth Mathew Cherian)

The auto industry has witnessed a remarkable performance in fiscal year 2024, with passenger vehicle sales reaching 4.2 million units domestically. In March alone, there was an impressive growth of 8.9%, totaling 317,976 units compared to 292,030 units previously. 

Aggarwal highlights the industry's robust growth, with an overall increase of 12.5% in fiscal year 2024 compared to the previous year. Passenger cars have reached a new peak of 4.2 million units, with a growth rate of 8.4%. Two-wheelers have also seen significant growth, reaching 18 million units with a growth rate of 13.5%. 

He also predicts continued growth in the industry, driven by factors such as economic growth, positive monsoon forecasts, and pent-up demand. While the industry may not see double-digit growth, there is confidence in sustained growth in the coming year. 

Towards the end of the podcast, the conversation mentions that the electric vehicle segment is also showing promising signs, with steady progress in technology and increasing consumer interest.

Host: Ronendra Singh,  Producer: Amitha Rajkumar

Co-released by the DCM Shriram Foundation and Sattva Knowledge Institute, this report calls for action to tackle the critical water crisis affecting the nation’s farming sector.

The report highlights that agriculture consumes a whopping 90% of India’s water resources, with irrigation alone using up 84% of available water.

Balakrishnan emphasises the seriousness of the situation, noting that despite being home to 17% of the world’s population, India has only 4% of the world’s water reserves. With about 73% of the country already experiencing some form of water stress, the water crisis poses a significant challenge. He stresses the report’s focus on addressing groundwater depletion, a critical issue worsened by agriculture’s excessive water use.

The report identifies key crops like cotton, sugarcane, and rice as major water consumers. Balakrishnan underscores the need for targeted solutions to reduce the impact of these water-intensive crops while safeguarding farmers’ livelihoods.

One of the report’s main recommendations is to establish an engine for localised agricultural ecosystems. Balakrishnan explains that this engine would offer tailored solutions based on regional contexts, enabling stakeholders to make well-informed decisions.

The report also proposes creating a Water Vulnerability Index to guide decision-making processes, providing vital data for policymakers and businesses.

Balakrishnan also highlights the importance of building a network of stakeholders to drive collective action. By bringing together state governments, industry players, and civil society organisations, this network can facilitate concerted efforts to address the water crisis at both local and national levels.

In terms of practical solutions, Balakrishnan emphasises promoting on-farm conservation techniques. These include measures like drip irrigation and alternate wetting and drying, which can significantly reduce water usage while maintaining agricultural productivity.

Furthermore, Balakrishnan addresses the issue of food waste, noting its significant contribution to water inefficiencies in agriculture. By tackling food waste through improved storage and distribution systems, the report aims to maximize the efficiency of water usage throughout the food supply chain.

Listen in!

Host: Subramani Ra Mancombu, Producer: Siddharth Mathew Cherian.

Shiv Shivakumar highlights India’s economic, cultural, and entertainment contributions to underscore the country’s relevance on a worldwide scale. Although India has achieved progress in several areas, he believes that more can be done. 

With regard to India’s branding journey, Suthan, who had played a role in the Incredible India and India Shining campaigns gives his take on slogans like “Digital India” and “Make in India” and the ROI of such exercises. He proposes that investor sentiment and global perceptions should be used to gauge the effectiveness of these initiatives. He feels Bharat or India, a rose is a rose by another name, and there are many more stories about India that need to be sold.  

Shiv talks about the dynamics of hard and soft power in nation branding, citing examples of how India has showcased its soft power during global crises like Covid with its Vaccination Programme. 

Both Shiv and Prathap share successful branding campaigns from countries like Korea, Switzerland, and Australia, while also talking about the missed opportunities by others. 

The focus shifts to India’s USP where Shivakumar proposes a fusion of India’s rich cultural heritage with its technological advancements as the key to set it apart on the global stage. 

The podcast also highlights India’s status as a work-in-progress nation. Shiv Shivakumar underscores the critical role of credible media in shaping India’s brand narrative, urging for greater diversity and credibility within the industry. 

Listen in! 

(Host: Chitra Narayanan, Producer: Siddharth Mathew Cherian.)

Deepak and Mansi introduce the CHIPS framework, developed by ICRIER, as a comprehensive approach to measuring digitalisation in India. CHIPS stands for Connect, Harness, Innovate, Protect, and Sustainability, representing the key pillars of digitalisation. This framework offers a holistic view of digital transformation, considering connectivity, impact, innovation, protection, and sustainability factors. 

The CHIPS framework addresses the limitations of traditional indices by incorporating outcome variables and reducing the risk of double-counting, particularly benefiting developing countries like India. It emphasises the importance of understanding both linear and non-linear paths of digital development and highlights dimensions such as cybersecurity, privacy protection, and environmental sustainability. 

The CHIPS framework provides policymakers, researchers, and practitioners with a nuanced understanding of India's digital economy, enabling informed decision-making and effective policy interventions. The conversation highlights the importance of understanding the diverse pathways of digitalisation and the need for nuanced frameworks to capture its complexities. The episode offers valuable insights into the evolving landscape of digitalisation in India and its implications for economic growth and development. Tune in to learn more about the CHIPS framework and its role in shaping policy interventions and driving inclusive digital transformation. 

 (Host, producer & edits: Anjana PV)

Srivastava interprets these indicators as reflections of the Indian economy's buoyancy in the last quarter of FY24, with manufacturing PMI at 59.1 and GST collections reaching a record high of 1.78 lakh crore in March 2024. These figures suggest that the GDP growth estimates for FY24, set at 7.6%, could potentially be surpassed, hinting at robust economic performance. 

As the conversation transitions to the upcoming election quarter, the anticipation is for increased demand, especially in the MSME sector, driven by election-related expenditures. This is expected to further boost GST numbers and sustain economic buoyancy in the first quarter of FY25. 

However, concerns arise regarding the potential impact of weather forecasts indicating high temperatures and heatwaves. While this may pose challenges for the agricultural sector, which has been relatively subdued in recent quarters, it could also exert pressure on inflation, primarily through food prices. 

Expectations regarding headline inflation remain steady, with projections indicating a range of 5 to 5.4%. Despite a downward trend in core inflation, largely influenced by controlled energy prices, the overall inflation outlook remains stable. 

Regarding monetary policy, Srivastava suggests a cautious approach, with the Monetary Policy Committee likely to maintain current interest rates, given the balanced inflation and growth scenario. Any policy adjustments are expected to be gradual, possibly in the second half of FY25, after assessing the fiscal policy stance following the budget presentation. 

In conclusion, amidst positive growth forecasts for FY25, ranging from 7 to 7.5%, supported by election-driven demand and anticipated infrastructure spending post-monsoon, the Indian economy appears poised for continued expansion. 

 (Host: Shishir Sinha, Producers: Anjana PV & Amitha Rajkumar)

Host: Parvatha Vardhini C, Producer: Siddharth Mathew.

Singh kicks off the conversation by emphasising the unique perspective an academician brings to the podcast on defence. He highlights the growing importance of cross-pollination between academia and industry, especially in the context of India-US collaboration through initiatives like INDUS-X. 

Narayanan provides valuable insights into the progress and potential of the India-US Defence Acceleration Ecosystem (INDUS-X). He discusses the collaborative efforts between academia, startups, and government agencies to advance critical emerging technologies in defence and space domains. 

The discussion touches upon various aspects, including the identification of key technological areas, funding mechanisms, regulatory challenges, and the role of academia in fostering innovation. Narayanan emphasises the need for sustained investment in research and development to drive sustainable innovation and address complex defence challenges. 

Addressing the regulatory challenges, Narayanan acknowledges the enthusiasm of both Indian and US government officials to break down barriers and facilitate collaboration. He advocates for a mindset shift towards empowering individual researchers and institutions to navigate regulatory complexities effectively. 

Drawing comparisons with similar defence innovation partnerships, Narayanan emphasises the unique potential of the India-US collaboration to redefine the trajectory of bilateral relations. He underscores the shared passion and commitment of researchers and policymakers from both countries to leverage technology for the greater good of mankind. 

As the discussion draws to a close, Narayanan outlines the next milestones for INDUS-X, including the launch of shared test beds, calls for collaborations, and upcoming events to deepen defence technology discussions. He expresses optimism about the progress and invites listeners to stay tuned for further updates on this transformative collaboration. 

Host: Dalip Singh, Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Vikram highlights the key features of the scheme, including increased subsidy components, easier access to financing with low-interest rates, and defined timelines for approval processes. He emphasises the need for awareness about the scheme and the availability of qualified vendors to facilitate its implementation. 

The discussion also touches upon the challenges faced by the rooftop solar sector, such as low awareness, lack of qualified vendors, and complex approval processes. Vikram suggests that the success of the scheme depends on the cooperation of state governments and distribution companies (DISCOMS) in promoting and implementing it effectively. 

Regarding the scheme's impact on the industry, Vikram predicts a significant demand for domestic solar module manufacturers, creating opportunities for growth in the sector. He emphasises the importance of state-level monitoring and promotion to ensure the scheme's success across different regions. 

Vikram stresses the need for sustained awareness efforts and tailored approaches for different states to maximise the scheme's potential. He believes that with effective implementation and support, the PM Surya Ghari Yojana can drive substantial growth in the rooftop solar sector and contribute to India's renewable energy goals. 

(Host: Rishi Ranjan Kala, Producers: Anjana PV & Siddharth Mathew Cherian)

Ankit shares insights about drone technology and its role in logistics. He highlights how government policies, especially since 2018, have paved the way for widespread adoption, revolutionising industries beyond just delivery. From agriculture to healthcare, drones are enhancing efficiency and effectiveness across various sectors. 

One of the key discussions revolves around the critical role of drones in last-mile delivery, particularly in densely populated areas like Gurgaon. Ankit explains Skye Air Mobility’s approach, utilising autonomous drones and infrastructure like the Sky Pod for seamless, efficient delivery directly to residential areas. 

But what about safety and reliability, especially in densely populated areas? Kumar details the meticulous planning and robust fail-safe systems employed by Skye Air Mobility to ensure safe operations, including redundant systems, autonomous navigation, and emergency protocols. 

Beyond logistics, Ankit Kumar sheds light on the environmental benefits of drone delivery, including significant reductions in carbon emissions and minimising human involvement. He emphasises the efficiency of drone delivery, enabling faster, batched deliveries compared to traditional methods. 

Looking to the future, Ankit discusses the potential challenges of managing air traffic as drones become more prevalent. He outlines the need for sophisticated unmanned traffic management systems, like Skye UTM, to ensure safe and efficient drone operations nationwide. 

Listen in! 

(Host: TE Raja Simhan; Producer: Siddharth Mathew Cherian)

This draft isn’t merely a set of regulations; it’s a vision for a balanced digital ecosystem, where the behemoths of Big Tech are held in check, fostering an environment where innovation and smaller players including Startups can thrive. The essence of this proposed legislation is its proactive stance—ex-ante measures—designed to anticipate and mitigate anti-competitive behaviour before it unfurls, setting a precedent for a more equitable digital domain.

The draft Digital Competition Bill when enacted into law in current form would lead to introduction of ex-ante measures for regulating Big Tech.

The digital Panel has recommended ex-ante measures to complement the current ex-post framework by identifying large digital enterprises with a ‘significant presence’ in India in selected ‘Core digital services’ and setting pre-determined rules for their conduct.

Put simply, ex-ante measures in competition law refer to proactive regulatory actions taken by authorities to prevent anti-competitive behaviour before it occurs.

These measures are aimed at addressing market structure and dynamics to promote competition and prevent market distortions, rather than reacting to specific instances of anti-competitive conduct after they have already happened.

The report and draft Bill has recently been exposed for stakeholder comments. The last date for submission of views is April 15.

As we look at this significant piece of potential legislation, we’re joined by Dinoo Muthappa, an expert in the field of Competition Law with over 15 years of expertise. In this episode of the BL State of the Economy Podcast, Muthappa takes a look at the intricacies of the draft bill, its comparative stance to the EU’s Digital Markets Act, and the spirited debates it has ignited across the nation regarding the necessity and timing of such a framework in India’s current economic trajectory.

Listen in!

Host: KR Srivats, Producer: Siddharth MC.

The discussion begins with a focus on the increasing importance of cybersecurity in the banking sector, especially in India. Patel sheds light on the evolving threats facing the industry and the innovative solutions being implemented to address them. He goes on to highlight the significant changes in the cybersecurity landscape over the past three decades. 

Patel also mentions the role of artificial intelligence (AI) in cybersecurity, stressing the necessity of leveraging machine-scale capabilities to combat threats effectively. He outlines the emerging trends in identity protection and anomaly detection, emphasising proactive measures to mitigate risks. 

Addressing concerns about data privacy and protection, Patel highlights the importance of privacy as a fundamental human right. He discusses the need for collaboration between the public and private sectors in addressing cybersecurity challenges, highlighting the country's progress in this regard. 

Host: Hamsini Karthik, Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The UCPMP 2024 introduces a framework to regulate interactions between pharmaceutical companies and healthcare professionals, with a focus on preventing undue influence on prescription practices.

Varsha discusses key takeaways from the updated code, highlighting areas such as brand reminders, provision of free samples, and continuing medical education (CME) programs. She lays emphasis on the importance of compliance with tax laws and transparency requirements, reflecting a trend towards stricter regulatory oversight.

The conversation also explores the implications of the code on industry practices and the challenges of enforcement. Varsha addresses concerns regarding self-regulation within the industry and the need for impartial adjudication of complaints. Despite criticisms, the UCPMP 2024 represents a significant step towards promoting transparency and accountability in pharmaceutical marketing.

(Host: PT Jyothi Datta, Producer: Siddharth Mathew Cherian)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Narang starts by shedding light on the evolving consumer preferences driven by changing landscapes and growing aspirations. He also highlights the robust demand across price points, illustrating a broad-based growth trajectory. Moreover, he emphasises the role of developers in meeting the diverse needs of consumers and adapting to market dynamics.

Transitioning to the commercial real estate sector, the discussion explores emerging opportunities in segments such as warehousing, shared office spaces, and retail. Narang highlights the significance of warehousing infrastructure amidst the rise of e-commerce and logistics, presenting a compelling case for investors seeking stable returns.

The conversation touches upon the evolving landscape of commercial office spaces and retail outlets, driven by changing consumer behaviors and preferences. From co-working spaces to experiential retail, Narang outlines the key trends shaping the future of commercial real estate in India.

The conversation ends by providing valuable insights into the investment landscape within the real estate sector. With a focus on rental yields and emerging opportunities, Narang offers guidance to investors looking to navigate the dynamic market landscape.

Host: Abhishek Law, Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The agreement, named the India-EFTA Trade and Economic Partnership Agreement (TEPA), marks a significant step for India, being the first comprehensive FTA with European nations. 

The podcast explores the significance of this FTA for India, highlighting its role in diversifying India's trade partnerships and paving the way for future negotiations with Western nations. Srivastava shares insights into the evolution of India's trade policies and the strategic implications of engaging with the EFTA bloc. 

The specifics of the agreement, including investment commitments, market access given to EFTA countries by India, and the incorporation of new issues such as sustainability, labor standards, and intellectual property rights are highlighted by Srivastava. Srivastava offers an analysis of the enforceability of investment commitments and the potential implications for India's economic growth trajectory. 

The conversation looks at the implications of tariff eliminations on various sectors, ranging from chocolates and watches to smartphones and garments. Shrivastav evaluates the economic rationale behind these tariff concessions and their potential impact on India's export dynamics. 

The implications for services trade, including visa regulations, mutual recognition agreements (MRAs), and intellectual property rights (IPR) commitments are also discussed . Srivastava talks about the challenges and opportunities associated with negotiating Mutual Recognition Agreements (MRAs) for various professional services 

Srivastava highlights India's gains from the India-EFTA FTA and emphasises the importance of monitoring its implementation to assess its real-world impact on India's economy and trade relations. 

Listen in. 

(Host: Amiti Sen; Producer: Siddharth Mathew Cherian)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The conversation kicks off with Lokeshwarri probing Sandeep on the eagerly anticipated US Fed rate cuts, particularly amidst the backdrop of the upcoming US elections. Sandeep offers insights into the market dynamics, emphasising the importance of aligning with the Fed's cautious approach, given their access to robust data and expert analysis.  

 With regards to India, the discussion looks at RBI's policy stance and the potential impact of domestic factors such as inflation and consumption trends. Sandeep underscores the delicate balance between inflation dynamics and financial market stability, highlighting the need for RBI to closely monitor global central bank actions.  

 "So, it's just the opposite in India. In India, it is transitory. And the volatile inflation part, which is keeping the headline inflation high, whereas something which is much more stable and much more trending, which is core inflation, and which reflects the underlying demand of the economy, well, that's been coming down.", says Sandeep Yadav  

Yadav provides a comprehensive analysis of the Indian bond market, citing factors such as demand-supply dynamics and fiscal deficit management. He predicts a downward trajectory for Indian bond yields, driven by anticipated RBI rate cuts and sustained demand from institutional investors.  

Yadav talks about the yield curve dynamics, outlining the differential impact of RBI rate cuts on short-term and long-term bond yields. He advises investors to consider active fund management strategies to navigate the complexities of the bond market effectively.  

 Yadav also shares the importance of aligning investment strategies with evolving market dynamics, urging investors to remain vigilant amidst shifting interest rates.  

 Listen in! 

(Host: Lokeshwarri SK; Producer: Siddharth MC)

Jain emphasises the significance of scalable solutions tackling environmental challenges, while Menon discusses red flags in startup evaluation, including a lack of deep understanding of the problem.

Menon offers practical strategies for managing cash flows and securing funding in the initial stages. He stresses the importance of setting clear milestones, prudent financial planning, and leveraging customer revenues to sustain operations. He also reflects on past experiences, illustrating the risks of being ahead of the market curve.

Jain says early-stage startups must seek customer feedback and cultivating customer champions. She points out that not focusing on problem-solving but merely catering to customer requests is a common mistake startups commit.

The guests end the podcast with highlighting the need for startups to balance innovation with market readiness.

Host: Kurmanath K V, Producer: Amitha Rajkumar and Anjana P V

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The committee’s focus is on promoting trade in E-negotiable warehouse receipts (NWRs) through platforms like the Electronic National Agriculture Market (Enam) and other registered online trading platforms.

Key recommendations include the proposal to declare warehouses as deemed mandis if they adhere to State APMC laws, with the broad objective of enhancing farmers’ returns.

The committee’s recommendations were formulated through consultations with stakeholders representing State governments, small farmers, and agricultural businesses.

One recommendation put forth by the committee is the designation of warehouses as sub-market yards, simplifying the process of trading agricultural commodities stored within them.

This recommendation builds upon existing practices in States like Uttar Pradesh, where cold storages have already been declared as sub-market yards, facilitating direct trading between farmers and private entities.

Another aspect addressed in the report is the registration of warehouses with the Warehouse Development Regulatory Authority (WDRA). Hussain calls for the need for increased registration of warehouses to expand the ecosystem of E-negotiable warehouse receipts.

Challenges like grading standards and pledge financing against electronic NWRs are also examined, highlighting the need for policy interventions to address these issues immediately. The discussion underscored the importance of aligning grading norms with market realities and facilitating seamless financing mechanisms for farmers.

Hussain also said for a central law was needed to govern inter-State trading in agricultural commodities, ensuring transparency and accountability across State borders.

Listen in to know more. 

Host: MR Subramani; Producer: Siddharth MC.

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of the Economy podcast with businessline’s Subramani Ra Mancombu, Karmarkar starts by elaborating on the significance of the stock and flow model, emphasising its role in guiding data-driven decisions for industry and government. (The stock and flow model will help in projecting demand, production, secondary output and recycling. In turn, it will help all stake holders. including the government, formulate apt strategies). The discussion underscores India's remarkable recycling efficiency, with a focus on the societal and economic factors driving the high collection and remelting rates.

Karmarkar goes on to mention the measures for improving product quality, including the implementation of quality control orders and incentivising investments in refining technologies.

Karmarkar stresses the importance of prioritising quality when purchasing copper products and responsibly recycling them at the end of their lifecycle. He highlights the role of consumers in supporting a transparent and compliant recycling ecosystem.

Host: Subramani Ra Mancombu; Producer: Amitha Rajkumar.

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The BYD SEAL, launched recently, boasts of a 650-kilometre range. It has had more than 200 bookings received within days of its launch.

Gopalakrishnan pointed out that the government’s projections for penetration of EV four-wheelers are 30% by 2030, which he said was an optimistic outlook that the government was looking at. “This means you will have 30% of the six million PV sales annually - that is about 18 lakh EVs in 2030. But that is a very optimistic projection by the government. Yes, they are striving hard. All the OEMs are also in that play, striving hard. Even if 15-20% penetration occurs, still we will have almost 12-15 lakh EV sales annually for the sector.”

BYD sold more than 5.26 lakh units globally in the last quarter of 2023. It said that despite homologation issues in India, it had managed sales of approximately 22,000 units last year, introducing models such as the e6 MPV and the Atto 3 SUV.

Gopalakrishnan also said the company was open to exploring opportunities in the small car segment. Asked about the company’s aspirations in India, he said India is ‘long market’ because “the market situation is different. The economy is different. The consumer profiles are different, car density per thousand is also different compared to even some of the developing countries. So I think it’s a long term. We will definitely wait and we hope to be among the top leading players in India in the near future”.

Listen in!

Host & Producer: S Ronendra Singh

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Shiv Shivakumar, Operating Partner, Advent International and Jermina Menon, Founder of Knowetic and a seasoned retail marketing professional share their takes on these and more in conversation with Chitra Narayanan, Editorial Consultant, Businessline. They also share some fascinating brand trivia – tune in for some history on women’s day marketing and learn which was one of the first brands in India to adopt the day.

Host: Chitra Narayanan, Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The podcast begins by addressing the issue of divergences between GDP and GVA. Nayar reveals the puzzling nature of recent figures, emphasising the sharp wedge between GDP and GVA growth in the third quarter of FY24. She attributes this to a significant expansion in net indirect taxes, shedding light on the implications for government finances. 

The conversation goes onto talk about the manufacturing sector, where Sinha seeks Nayar’s insights on the ongoing growth trajectory. She elucidates on the margin expansion driving manufacturing growth, cautioning about potential challenges ahead due to commodity price fluctuations. 

Discussing GST collections, Sinha and Nayar explore the factors contributing to the uptick, including compliance, consumption, and inflation dynamics. They delve into the intricacies of GST as a consumption-based taxation system, analyzing its implications for economic growth. 

Addressing inflation concerns, Nayar offers her expectations for the upcoming retail inflation numbers, emphasising the importance of factors like base effects and food price shocks. 

As the conversation concludes, Sinha and Nayar explore the prospects for future rate revisions, dissecting the implications of recent GDP data and high-frequency economic indicators. 

Host: Shishir Kumar Sinha; Producer: Amitha Rajkumar.

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Samudrala shares insights on India’s journey towards electrification, from its inception to the current surge in momentum. From two-wheelers to commercial vehicles, he shares how EVs are reshaping mobility across the nation.

India’s aspiration to achieve net zero emissions by 2070 hinges significantly on the success of its EV sector, necessitating a robust supply chain for lithium-ion batteries. Ambitious plans by the Amara Raja group like the establishment of a sprawling giga factory spanning 265 acres in Hyderabad with a capacity of 16 GW hours is one such move.

The podcast looks at the policy landscape driving India’s EV ambitions, spotlighting initiatives like FAME (Faster Adoption and Manufacturing of Electric Vehicles) and ACC (Advanced Chemistry Cell) PLI schemes.

The challenges of building a sustainable EV ecosystem, including policy hurdles and securing critical materials like lithium and cobalt. Samudrala offers an overall view, highlighting both the opportunities and obstacles along the way.

A crucial aspect of EV adoption is the availability of charging infrastructure. Rishi and Vijayanand discuss the importance of investing in charging stations to encourage more people to switch to electric vehicles. They discuss innovative solutions for infrastructure deployment, such as small-scale charging points tailored to India’s needs.

Listen in!

Host: Rishi Ranjan Kala; Producer: Amitha Rajkumar.

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Siddharth acknowledges that the markets have remained lacklustre since the beginning of the year after a stellar run in 2023. He sees this consolidation as an opportunity for investors to re-evaluate and reshape their portfolios. He anticipates a shift from mid and small caps to larger caps in the coming weeks or months.  

When asked about earnings growth predictions for 2024, Siddharth provides a nuanced view. While he acknowledges the robust growth in 2023, he expects moderation in earnings and returns going forward. He emphasises the need for a healthier outcome for investors, considering the elevated base from the previous strong performance. 

The speaker also provides a consolidated view on the quantitative strategies he uses in investing. He states that it is important to bring in a multifaceted approach in selecting stocks, encompassing analysis of sector, style, risk, liquidity, valuation, and volatility along with fundamental and technical analysis.  Siddharth introduces the concept of the 6S framework (Include Sector Rotation, Style Alignment, Superior Fundamentals, Sound Valuations, Strong Technicals, Smart Risk Management) as the foundation of their equity strategy.  

Coming to what his quant models are telling them now, the speaker discloses their avoidance of private banks, chemicals, agrochemicals and IT in the last eight months and a significant emphasis on sectors like diversified financials, industrials, and automobiles. Currently, their allocations include energy, financials, automobiles, utilities, and healthcare. This reflects an adaptive approach to changing market conditions by moving from pro-cyclicals earlier to being somewhat defensive now.

A crucial aspect discussed is the role of quantitative techniques in risk management and the key question of when to sell a stock. Siddharth elucidates their strategy for dealing with known and unknown risks. The periodic rebalancing mechanism ensures that weaker stocks are eliminated, and the portfolio adapts to new opportunities without emotional bias of a fund manager, he concludes.

Listen to the podcast now.  

(Host: Parvatha Vardhini C, Producers: Anjana PV & Siddharth Mathew Cherian)

At the heart of this dispute lies the issue of fair competition, revenue sharing, and control over app distribution channels.

The controversy — which had its genesis in year 2020–revolves around Google's imposition of a mandatory 30 percent commission on app downloads and in-app purchases made through the Google Play Store. 

While this practice has been in place for years, it has increasingly drawn criticism from domestic startups, alleging high commissions on account of monopolistic behaviour and unfair treatment. 

These startups argue that the high commission rate (which Google calls as service fee) severely impacts their profitability and ability to compete in the market.

One of the primary concerns initially raised by domestic startups is the lack of alternative app distribution channels on Android devices. Google brought some changes to its payment policy ushering in updated User Choice Billing (UCB) from April 26 last year and brought down its service fee to maximum of 26 percent from 30 percent on the in-App purchases and other App downloads.. 

Unlike Apple's ecosystem, where users can sideload apps or use third-party app stores, Android users predominantly rely on the Google Play Store for app downloads. This gives Google significant control over app distribution and monetisation, creating a perceived imbalance of power, domestic Startups argued. 

Moreover, startups argue that Google's dominance in the app market stifles innovation and limits consumer choice. The high commission (service fees) force developers to either absorb the additional costs, thereby reducing their profit margins, or pass them on to consumers, potentially making their apps less competitive in the market. This, in turn, hampers the growth of domestic startups and discourages new entrants from entering the market.

The legal battle between domestic startups and Google has taken various forms, including antitrust investigations and lawsuits, and has now reached the doors of the Supreme Court. In some cases, startups have formed coalitions to collectively challenge Google's policies and advocate for fairer terms. These efforts have garnered attention from regulators and policymakers, prompting inquiries into Google's business practices and potential violations of antitrust laws.

A notable legal showdown has been the move of 16 Startups to move Madras High Court last year against Google on its payments policy. 

With Madras High Court division bench dismissing the Startups’ appeal,  the Startups are now before the Supreme Court in appeal against the High Court order. The apex court has already refused any interim protection for domestic Startups, leaving them exposed to possible delisting actions by Google for non compliance to tech giant’s payment policy.

In approaching the apex court directly, the Startups have ignored the directions of Madras High Court to approach CCI for legal remedy. Startups have contended that CCI has not acted upon their earlier complaint of non compliance by Google on the CCI’s October 25, 2022 order in the Google Play Store case. 

CCI had on October 25, 2022 imposed fine of ₹ 936.4 crore on the tech giant and directed it to allow third party billing system to App developers; not to restrict app developers from communicating with their users to promote their apps and offerings. 

Google was also required to set out a clear and transparent policy on data that is collected on its platform, use of such data. The outcome of the ongoing legal battle  in the Supreme Court between domestic startups and Google remains uncertain, with implications that extend beyond the realm of app billing. 

Listen in to the BL State of the Economy Podcast with Competition Law Expert M M Sharma.

Host: Srivats KR; Producer: Siddharth MC.

 To shed light on the outlook for 2024, businessline’s Subramani Rao Mancombu is joined by Anu V Pai, Commodity Research Analyst, Geojit Financial Services. Pai discusses the factors influencing spice prices, highlighting the role of supply-side constraints and export demands. While turmeric prices are expected to see a rise, uncertainties loom over jeera prices, impacted by increased production in key States. 

 As we navigate through the harvesting season and monitor export and festive demands, the trajectory of spice prices remains uncertain. Listen in to know more.  

Host: Subramani Ra Mancombu; Producer: Nabodita Ganguly

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

In this State of the Economy podcast hosted by businessLine’s Dalip Singh, JD Patil -- an industry veteran and member of the executive council of Management of L&T, and Advisor to the CEO & MD for L&T’s Defence & New Age Smart Technology businesses -- shares his candid views on this issue as well as expresses reservation over Ministry of Defence indulging in nomination of procurement orders.  

He discusses the significance of this R&D allocation for the defence sector, emphasising its potential impact on innovation and industry growth. Additionally, Patil touches upon the recent announcement of 100 per cent FDI in space and reflects on the progress made in defence reforms over the past decade. However, he highlights the challenges faced in translating these reforms into tangible outcomes, particularly regarding the regulation of defence orders and the implementation of R&D funding for private players.  

Patil also addresses concerns regarding DRDO's functioning, emphasising the need for transparency and accountability in defence projects. Moreover, he discusses L&T's role in defence manufacturing, including its involvement in submarine projects and efforts to enhance India's MRO capabilities. Despite facing obstacles such as competition from foreign players and regulatory hurdles, L&T remains committed to contributing to India's defence sector and expanding its global presence. He also adds that the company’s order book as of today is “more than 20,000 crores, and we hope to be closing the year by making it better.”  

The discussion also delves into the significance of countering space capabilities, highlighting the evolving nature of threats in space and the need for situational awareness. Patil says, “The bigger threat in the case of space objects is not about whether China will knock off our satellites or whether we'll knock off Chinese satellites." The bigger threat today is if I can hack your satellite.”  

 The conversation stretched over the necessity for capabilities to address threats in this intermediate space, highlighting the importance of technologies like theatre fighting capabilities and ballistic missile defence systems, including the Russian S-400. The emphasis shifts to the significance of safeguarding satellites against cyber threats, recognising the vulnerability of space assets to hacking. He also admits to global conflicts impacting defence business here. Listen in. 

Host: Dalip Singh, Producer: Nabodita Ganguly

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Despite the risks involved, such as overexposure and lack of effectiveness, brands continue to invest heavily in celebrity endorsements. The recent Super Bowl commercials serve as a prime example of this phenomenon. 

Shivakumar begins by highlighting the empirical evidence suggesting that celebrity endorsements often yield similar results to non-celebrity advertisements. However, he emphasises that many brands still cling to the notion that celebrities guarantee success. He provides historical context, tracing the origins of celebrity advertising back to Ginger Rogers' endorsement of Lux soap. 

Gupta echoes Shivakumar's sentiments, adding that while their agency has utilised celebrities in campaigns, they do so with careful consideration and purpose. He critiques the prevailing trend of indiscriminate celebrity usage driven by vanity and laziness within marketing teams. 

The conversation looks into the commoditisation of celebrity endorsements, citing examples of celebrities endorsing numerous brands simultaneously, leading to brand dilution and consumer confusion.  

The podcast also touches upon the narrow definition of celebrities in India, dominated by cricketers and film stars, overlooking potential endorsers from other fields. 

Both Shiv and Naresh caution against gimmicky marketing stunts such as those done by Poonam Pandey and emphasise the importance of aligning celebrities with the core values of the brand.  

But there have been good examples of brands and celebrities benefitting through an association. For instance, long-term partnerships between brands and celebrities, such as Shahrukh Khan's association with Hyundai and Aamir Khan's collaboration with Coke to cite a few. 

Listen in to know more! 

Singh provides valuable insights into how these geopolitical dynamics affect the movement of energy resources, particularly LNG, to India. 

The discussion delves into Mitsui OSK Lines' recent LNG deal with GAIL, one of India's leading natural gas companies, shedding light on the intricacies of LNG transportation and the company's role in facilitating the movement of LNG from the United States to India. The podcast goes onto explain the challenges and opportunities in India's LNG market, including the growing demand for natural gas and the government's push to increase the share of gas in the energy mix. 

The conversation also touches upon broader issues such as sustainability and the transition to green energy, with Singh highlighting the potential of green hydrogen production in India and its implications for the shipping industry. The episode offers a comprehensive exploration of the economic, geopolitical, and environmental factors shaping India's energy landscape. 

Host: Raja Simhan, Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Trivedi helps explain the world of gold, silver, and other precious metals, giving insights into why their prices move, what factors drive them, and what to expect in the future. 

He attributes recent fluctuations in gold prices to factors such as varying interest rates and speculation to geopolitical tensions. He touches upon the role of the US Federal Reserve and global economic indicators in shaping market sentiment, providing listeners with a deeper understanding of the forces at play. 

Trivedi also talks about the complexities of the Indian gold market, on currency dynamics, geopolitical developments, and domestic demand. 

Regarding silver, Trivedi paints a picture of bullish prospects, highlighting the metal's unique position amid broader market trends. Given the context of base metal cycles and anticipated shifts in interest rates, he presents a case for silver as an attractive investment opportunity in the months ahead.

The conversation begins with a focus on the current bullish phase in housing sales, prompting Law to inquire about the sustainability of this trend and its driving forces. Rathod highlights the crucial role of sentiment in real estate, attributing the positive momentum to factors such as stable governance and robust infrastructure development. 

As the podcast unfolds, Rathod offers insights into various aspects, from the impact of mortgage rates on housing demand to the emergence of luxury segments in response to evolving consumer preferences. He emphasises the importance of understanding market nuances, such as demand-supply dynamics and regional variations, in gauging future trends. 

The discussion extends beyond residential real estate to commercial and industrial sectors, including the growing significance of commercial office spaces and the increase in demand for data centers and warehouses. 

The podcast further explores the evolving landscape of Tier 2 cities and their role as emerging real estate hubs, driven by infrastructure development and changing lifestyle preferences. 

Rathod goes onto reflect on the long-term sustainability of the real estate market, particularly in light of emerging trends and industry innovations, providing a nuanced understanding of India's evolving real estate dynamics, underpinned by data-driven analysis and expert perspectives. 

Host: Abhishek Law , Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

“Lighthouses” are a beacon of sorts, when it comes to adopting advanced technologies to transform manufacturing, and globally there are 153 certified Lighthouses, across industries.

ACG Managing Director Karan Singh explains their journey in achieving the “Oscars of manufacturing”. As a supplier to every other pharma company in India and major global companies – the milestone puts it in a small and elite group that is implementing advanced manufacturing technologies and boosting productivity, sustainability and supply chain resiliency - a beacon for others in the industry.

( Host: PT Jyoti Datta, Producers: Nabodita Ganguly & Siddharth Mathew Cherian) 

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Agrawal explains that while the regulatory development may seem like a sudden reaction, it is the culmination of a series of issues dating back to 2018. 

 He highlights instances of non-compliance, including the submission of false information and violations of Know Your Customer (KYC) norms, which resulted in penalties imposed by the RBI. Agrawal emphasises the importance of KYC compliance in maintaining trust and credibility in the financial system. He discusses how lax compliance can lead to vulnerabilities, potentially enabling nefarious activities such as money laundering and terrorist financing. 

Agrawal also refers to concerns about data privacy in the fintech ecosystem, pointing out the lack of robust regulations and enforcement mechanisms. The conversation touches upon the role of fintech companies in driving innovation and efficiency in the financial sector. However, Agrawal emphasises the need for these companies to prioritise compliance and regulatory adherence alongside growth objectives.  He warns about the dangers of overlooking compliance in favour of rapid expansion, citing examples of misconduct and data breaches. In conclusion, Agrawal underscores the importance of regulatory oversight in safeguarding the financial system's integrity and protecting consumer interests. 

He advocates stricter regulations, enforcement measures, and penalties to deter non-compliance and ensure accountability within the fintech ecosystem. Listen in. 

Host: Lokeshwarri SK, Producer: Nabodita Ganguly

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

India's inflation targeting framework has been a cornerstone of monetary policy since the inception of the Monetary Policy Committee (MPC). Bajoria explains how the adoption of flexible inflation targeting was driven by the need to manage elevated inflation levels effectively, and to set the stage for more sustainable economic growth.  

Bajoria also speaks about the intricate relationship between fiscal and monetary policies, emphasising the importance of coordination between the two. He also underscores the role of fiscal policy as a counter-cyclical tool for managing inflation, illustrating how the alignment between fiscal and monetary policies has evolved over time to enhance macroeconomic stability. 

He also talks about the impact of global factors on India's inflation trajectory, and discusses the implications of rising interest rates in the US and other global markets. 

The discussion also touches upon the dynamics of private sector investment, (or Capex), and its role in driving economic growth. Bajoria shares with us his observations on factors influencing corporate investment decisions, highlighting the importance of a conducive policy environment and macroeconomic stability in bolstering investors' confidence.  

Listen in to know more. 

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Sen starts the discussion by shedding light on the pivotal issues facing India and other developing nations at MC13, while highlighting the possibility of introduction of new issues like ‘gender and environment’ into the WTO agenda.

As the conversation unfolds, the spotlight shifts to subsidies for fisheries—an issue with profound implications for sustainable development. India, blessed with extensive marine resources, faces the challenge of balancing conservation imperatives with the need to support local fishermen's livelihoods. 

The discussion also touches upon the ban on e-commerce duties and its impact on developing countries like India. While initially agreeing to extend the ban, there's growing awareness of the revenue loss and the need to develop domestic e-commerce capabilities. 

Throughout the podcast, there's an emphasis on the need for developing countries, particularly India, to protect their interests and negotiate effectively in the WTO. This involves collaborating with other developing countries and leveraging strategic positions to ensure favourable outcomes in the negotiations. 

Host: Amiti Sen, Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The conversation kicks off with an exploration of the electric two-wheeler market's performance, building upon its success in the previous calendar year. Suja acknowledges the growing interest among consumers, citing a recent survey indicating a quarter of potential buyers considering electric options. She predicts that within the next five to seven years, electric scooters and variants will dominate the streets, rendering their fossil-fuel counterparts obsolete.

The discussion then shifts to Kinetic Green's role in this transformative journey. Suja reflects on the company's legacy and its recent foray into electric two-wheelers, particularly highlighting the enthusiastic response to the reintroduction of the Luna in electric format. However, she remains realistic, recognising the need for aggressive market engagement and the importance of delivering value beyond just product offerings.

As the podcast draws to a close, one thing becomes abundantly clear: Kinetic Green's journey transcends mere business—it's a quest for a greener, more sustainable tomorrow, where every revolution of a wheel propels humanity towards a brighter future.

(Host: Ronendra Singh, Producers: Amitha Rajkumar & Nabodita Ganguly)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Kurmanath kicks off the episode by highlighting the challenges faced by startups in accessing funding, despite the growth of the ecosystem. He sheds light on the significance of the budgetary schemes aimed at benefiting startups.  

Srikanth identifies existential challenges startups encounter, including talent acquisition, product-market fit, and managing cash flows. He emphasises the cyclical nature of investment flows and the abundance of capital waiting to be deployed, particularly in deep tech startups.  

The discussion delves into the budgetary proposals, such as the allocation of ₹1 trillion for promoting research and innovation in startups. Srikanth views this initiative optimistically, anticipating its potential to encourage startups to dream bigger and invest in cutting-edge ideas. However, he cautions against delays in accessing funds, urging policymakers to streamline the process to support startups effectively.  

Shruti elaborates on the extension of tax benefits for startups, emphasising the stringent eligibility criteria and the limited number of startups that benefit from such incentives. The conversation goes on to acknowledge the need for more comprehensive support mechanisms beyond tax exemptions to aid startups in their initial years.  

In the latter part of the podcast, the experts stress the importance of targeted investments in critical sectors like AI, quantum computing, and defence technology to bolster India's startup ecosystem. They express hope that the government's initiatives will materialise into tangible benefits for startups, driving innovation and economic growth.

(Host: Kurmanath K V, Producer: Amitha Rajkumar)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Nayar commends the government's lower fiscal deficit-to-GDP ratio for FY24 and FY25, expressing pleasant surprise at the larger-than-expected capex, particularly for FY25. However, she raises concerns about the ambitious capex target of ₹11.1 trillion for FY25, speculating that the monsoon season and delayed budget presentation might hinder its realization.

The conversation shifts to private sector investment, where Nayar notes a moderate growth in capacity expansion plans across various sectors. She anticipates sustained but cautious private sector capex in the coming quarters. 

Regarding state government capex, Nayar acknowledges healthy growth for FY24 but suggests that the full capex target might be missed. 

The discussion then delves into high-frequency economic indicators, including the exuberant Services PMI and robust GST collections. Nayar cautiously discusses the possibility of GST rate rationalisation and provides insights into inflation expectations, emphasising the need for distributed rainfall to avoid spikes in perishable prices.

Nayar concludes by addressing GDP growth projections for FY25, offering a more conservative estimate of 6.2 per cent, citing uncertainties related to agricultural output, state capex timing, and export growth.

(Host: Shishir Sinha, Producer: Nabodita Ganguly, Amitha Rajkumar)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Asked about the outlook for policy rates in India, now that the Monetary Policy Committee is on a long pause, Mr Roy said that he expects rates to start their decline in the latter half of the year, on the back of stable inflation and the economy. He expects the downward move to materialise post elections, perhaps post September 2024.

On whether US yield movements are relevant to Indian investors, he observed that they are certainly a big factor. Foreign investor allocations to bonds play a big role in determining yield movements. Mr Roy believes that India has turned an attractive destination for foreign investors because of the growing economy and stable financial markets.

He expects the inclusion of Indian government bonds in the JP Morgan GBI EM Index to further contribute to the fall in interest rates in India, as global portfolio flows into the specified bonds could accelerate this year. He expects $30-50 billion of flows into the specified Freely Accessible Route government bonds as a result of this inclusion. In the long run, he sees these flows making it easier for the Indian government to conclude its market borrowings.

On whether investors in bonds should consider investing in NCDs for shorter tenors or look to lock into NCDs with 4-5 year terms, he was of the view that this call should depend both on the investor’s holding period and the nature of the entity issuing NCDs. For lower-rated issuers, he would personally prefer to take on lower duration risk and stick to shorter tenors. For longer tenors, he prefers AAA rated issuers or government bonds, which are also offering attractive yields currently. He cautions that investors should not take on too much duration risk if they cannot adhere to a long holding period.

He however believes that this is a good time for regular income seekers such as retirees to lock into long-tenure NCDs from high quality issuers, for stable income. He points out that GoldenPi offers opportunities for regular income seekers to buy government securities from the secondary market for amounts as low as Rs 100. GoldenPi charges no commission on g-sec investments and offers specific tranches of g-secs with high liquidity on the platform.

Commending SEBI for doing a creditable job on attempts to develop the Indian bond market, he sees proposed changes to regulations, such as the Rs 10000 ticket size for privately placed bonds, sharply expanding retail interest in the NCD market. NCDs were earlier considered an option mainly for high net worth investors, with a minimum ticket size of Rs 10 lakh for private placements. But successive reductions in this ticket size, to Rs 1 lakh last year and now to Rs 10000 (if the SEBI proposal goes through) will make NCDs a fixed income product easily accessible to retail investors.

(Host: Aarati Krishnan, Producer: Amitha Rajkumar)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The podcast explores the motivations behind the report, emphasising the growing significance of understanding women's financial behavior in the changing economic landscape. 

Hamsini talks about the myths surrounding women and finance. Prashant and Pushan share insights into the factors that prompted the study, such as the evolving role of women in the workforce. They debunk stereotypes and shed light on the reality that women are actively involved in long-term family decisions, challenging traditional notions about financial dependence. 

The discussion also looks at the adoption of credit cards among women, uncovering surprising trends across different metro cities. 

The podcast also addresses women's investment choices, from traditional avenues like fixed deposits and savings accounts to emerging interests in cryptocurrencies. Prashant and Pushan discuss the gender-neutral nature of risk communication and how banks tailor their wealth management strategies based on individual preferences and risk profiles. 

In the final segment, the podcast explores regional differences in financial behaviour, with a spotlight on Kolkata's unique patterns. The guests emphasize the need for geographic tailoring of conversations and products, acknowledging the diversity in financial preferences across different cities. 

(Host: Hamsini Karthik, Producers: Nabodita Ganguly, Anjana P V, Siddharth MC)

With the Finance Minister Nirmala Sitharaman slated to present her sixth consecutive budget —equalling a record set by former Prime Minister Morarji Desai— there is tremendous excitement and high expectations on how the budget (albeit a Vote on Account) will bring cheers to the country’s women, youth, poor, farmers and the middle class.

BusinessLine spoke to Upasana Bhardwaj, Chief Economist, Kotak Mahindra Bank, to get her perspective on what’s in store from the interim budget for various stakeholders including foreign investors.

One clear takeaway from the conversation with Upasna is that the aspiration of $ 7 trillion economy by 2030 is achievable given that dollar denominated growth of Indian economy over the last six years has been over 7 percent. “I think a CAGR of 7% plus in dollar terms for next six years is doable and somewhere close to $ 7 trillion can be achieved”.

The stage is set, foundation has been laid and over last six to seven years a lot of remedial measures has been taken to address the various weaknesses in the economy, she noted.

Upasna expects interim budget to present a strong message on government’s commitment to adhere to its fiscal consolidation commitment. It may even be a bit aggressive in pegging the fiscal deficit target for 2024-25 at a level below the anticipated 5.4 percent. As for the current fiscal, the Centre will stick to its earlier announced target rate of 5.9 percent and this may sound music to the ears of investing community.

After India’s inclusion in global bond indices, it has become much more important to be fiscally prudent. It gives India less headroom to be relaxed on that front given that foreign investors will now be viewing fiscal parameters closely, according to Upasna.

India’s fiscal deficit consolidation strategy for 2024-35 would be led by pruning of expenditure and toning down of growth in Capex for next year.

If you look at India’s macro fundamentals, apart from fiscal deficit, every other metric is a shining star. It’s only debt to gdp ratio and fiscal deficit that are on weak spots. It is something that government will focus attention on and therefore the expectation is to peg the fiscal deficit target at 5.4 percent or below that.

“I do believe expenditure pruning is important piece of fiscal consolidation strategy given the lower tax buoyancy this year (2023-24) as compared to last year”.

Listen in to the BL State of Economy Podcast with Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank.

(Host: Srivats K R, Producer: Nabodita Ganguly)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The podcast emphasises the crucial role of smart meters in minimising billing and collection inefficiencies, reducing aggregate technical and commercial losses, and enhancing grid operations. He highlights the target of installing 25 crore smart meters by 2025 and the potential benefits for demand forecasting and overall power sector efficiency. 

Addressing the financial challenges faced by distribution utilities, Girish explains how smart meters can contribute to lowering losses, improving cash collections, and ultimately enhancing their financial health. He emphasises the importance of a Public-Private Partnership (PPP) model, where the installation is carried out by third-party service providers with no upfront cost for utilities. 

The discussion also explains the slow progress of smart meter installation, attributing it to challenges such as state-specific variations, inadequate proactive support from state governments, and issues related to integrating smart metering infrastructure with legacy billing systems. 

He anticipates a positive outlook for the future, expecting the pace of smart meter installations to gradually increase over the next two to four years. The podcast raises the need for continued budgetary support, grants, and proactive efforts from both central and state governments to ensure the success of the smart metering initiative and address financial concerns in the power distribution sector. 

 ( Host: Rishi Ranjan Kala, Producers: Anjana PV & Siddharth Mathew Cherian)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Over the past few years, climate tech investments in India have been on the rise, albeit not yet reaching the desired growth stage. To shed light on the sector's nuances and prospects, Banthia poses the first question to Chaturvedi, acknowledging the impressive growth trajectory of funds and investments. Chaturvedi attributes this surge to a heightened awareness of the urgent need to address climate change's negative impact. She emphasises the emergence of frugal innovations in India, presenting solutions that not only cater to domestic climate challenges but also have the potential for global impact.

Daryani echoes the excitement, highlighting India as a strategic hub for building climate-tech solutions. He emphasises the unique advantage India holds in terms of unit economic oversight in manufacturing, which is challenging to achieve in China. The discussion then shifts to the challenges faced by climate tech startups in securing growth-stage investments, with both guests pointing to the need for larger checks and increased attention from investors.

The conversation unfolds with insights into groundbreaking innovations emerging from India. Daryani shares examples of paradigm-shifting technologies, such as filterless air purification and innovative battery technology, positioning India as a source of frugal innovations with global scalability.

Moving forward, the speakers discuss challenges faced by the sector, emphasising the importance of corporate partnerships and the need for scalability beyond the early stages. They highlight the role of networks and connections in navigating the complex landscape of climate tech investments in India. Listen in.

(Host: Jyoti Banthia, Producer: Nabodita Ganguly)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Narne discusses the dynamic changes witnessed in the Indian commodity markets, emphasizing the momentum gained after the introduction of options trading, particularly in crude oil and gas.

The commodities market has experienced significant shifts since the onset of the COVID-19 pandemic, and geopolitical events, such as the Ukraine war, have added further complexity.

The conversation expands to global markets, addressing the turmoil in the energy sector amidst the Russia-Ukraine conflict and the Israel-Hamas standoff. Despite these challenges, Narne explains why crude oil and natural gas prices haven't witnessed a substantial surge, attributing it to sluggish demand, particularly from China.

As the discussion unfolds, Narne provides a comprehensive overview of various commodities, including gold, silver, copper, and other metals. He reflects on the anticipated rate cuts and recessionary fears that drove gold prices to record highs, only to see a tapering off towards the end of 2023. 

Meanwhile, non-ferrous industrial metals like nickel, zinc, and copper show positive signs, buoyed by increased demand from China after the COVID-19 reopening.

The podcast explores the global economic scenario, analysing the slowdown in certain regions, such as Europe, and the potential upside and downside risks associated with these market trends. Narne emphasises the impact of the US Federal Reserve's rate decisions on the dollar and, consequently, on commodities.

Looking ahead to 2024, Narne shares insights into the expected performance of commodities in India.In the latter half of 2024, the anticipated impact of a US Federal Reserve rate cut is expected to bolster the prices of both gold and silver. Gold prices may potentially surge to ₹70,000 per 10 gm, while silver prices are likely to surpass ₹80,000 per kg.

Listen in to know more!

Host: Subramani Ra Mancombu; Producer: Siddharth MC

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Radhakrishnan reflects on the challenges and opportunities presented by the current market conditions. Radhakrishnan talks about the complexities of global market dynamics, giving insights on the volatility and expectations on the Fed rate that have defined the last few months. 

Shifting the focus to India, the discussion explores expectations around the repo rate for the year. Radhakrishnan provides a comprehensive overview and dispels notions of the RBI mimicking the Fed's approach and emphasises that India's central bank is more likely to maintain a pause, considering the country's specific growth and inflation dynamics. 

As the podcast unfolds, Rajeev discusses the impact of JP Morgan index inclusion, citing ongoing flows and potential positive factors influencing demand for bonds. This has kept yields range- bound, he reasons.

Investors seeking practical guidance will find Radhakrishnan's insights valuable.  Radhakrishnan addresses crucial questions for investors — whether to focus on duration or accrual. In the near term, Rajeev recommends exploring high-grade, shorter-term bonds for investors with a lower risk appetite. This advice aligns with his expectation of an extended pause in Indian monetary policy, coupled with a potential shift in liquidity stance later in the year. Rajeev points to the attractive spreads of AAA PSU / PFI bonds over government securities as an opportunity for investors to capitalise on.

(Host: Parvatha Vardhini, Producer: Siddharth MC)

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The podcast begins with a discussion on the government's viewpoint toward the defence industry, emphasising its role as a crucial pillar for India's strategic self-reliance. Bhatia,  who is also Chairman, Defence Business, Kalyani Group, underscores the need for a comprehensive defence industrial base, combining the strengths of both the public and private sectors to achieve the goal of Atmanirbhar Bharat. 

The conversation touches upon India's push for exports which is expected to touch Rs 20,000 crore in FY24 and for that Bhatia says the SIDM is going to set up an Export Promotion Council to facilitate that. He also informs that India is soon going to sign Security of Supply Arrangements (SOSA) with the United States of America, a step forward to get rid of regulatory hurdles for seeking access to their defence market and the strategic agreements required to integrate Indian companies into the global supply chain. The discussion also sheds light on the challenges and opportunities in European markets for defence exports.

The conversation goes on to talk about the challenges faced by the Indian defence industry, exploring topics such as the need for self-reliance in core defence technology. Bhatia shares his views on the critical role of startups in the defence sector. The conversation also touches upon the funding challenges faced by startups and the ongoing efforts to streamline the acquisition process to reduce the induction time since futuristic weapons have lesser shelf life.

Ahead of Interim Budget, he wishes the government should look into the fact that capital budget goes into addressing contractual liability and incentivises investment in R&D. The episode concludes over shifting global perception of India's military industrial capacity and capability. 

( Host: Dalip Singh, Producers: Amitha Rajkumar)

Ray acknowledges the government's focus on healthcare in recent years, citing initiatives such as the Ayushman Bharat programme and various health-related schemes. She anticipates continued emphasis on the healthcare sector in the upcoming budget, with increased spending expected, particularly in areas like health insurance and Ayushman Bharat.

The conversation touches on the importance of demonstrating increased spending in healthcare, considering the current allocation is only about 2.1 per cent of GDP, lower than in developed countries. The discussion extends to the need for investment in healthcare infrastructure and awareness programmes to effectively implement existing schemes.

Addressing concerns within the pharmaceutical industry, Ray discusses the impact of GST rates on active pharmaceutical ingredients (APIs) and formulations. The misalignment in GST rates poses challenges for companies involved in importing APIs, leading to credit accumulation and impacting working capital.

 The discussion concludes with considerations for the healthcare sector beyond tax-related issues, such as enhancing health insurance coverage, addressing the shortage of healthcare practitioners through upskilling, and leveraging technology for improved accessibility. Listen in.

( Host: Jyoti Datta PT, Producers: Nabodita Ganguly & Siddharth Mathew Cherian)

In recent times, the sugar market has been on a rollercoaster ride, with global supplies dwindling and prices oscillating. Join Subramani Ra Mancombu and Matthew Biggin, a commodities analyst from BMI based in London, as they dissect the complexities of the sugar market and provide valuable insights for businesses and investors. 

With sugar prices around $0.22 per pound, there's concern over supply shortages, particularly due to issues in India, Brazil, and the impact of El Nino on Asian supplies. The conversation then shifts to the key question: How will the sugar market behave in 2024.  

According to Matthew, despite a recent decline in prices, there's an expectation of continued elevation compared to historical averages. He attributes this to India's decision to restrict sugar cane use in ethanol production and Brazil's record-breaking sugar exports. The discussion unfolds with a focus on Brazil's dominance in the global sugar trade and the potential challenges it might face in the coming months. 

How will the market balance for 2024 be for 2024? Matthew elaborates on the global sugar surplus of approximately 0.5 million tonnes, driven by Brazil's increased production. However, he hints at a potential deficit in the 2025 season, emphasising the role of India and Brazil as critical players in determining global supply dynamics. 

Also discussed during the conversation is the impact of El Nino on sugar cane. Matthew details how this phenomenon has influenced global sugar prices, particularly in India and Thailand. While there's optimism about an easing El Nino, the repercussions on the 2024-2025 crop are already visible. 

Matthew explains the influence of policy changes, pricing dynamics, and global energy trends on the allocation of sugar cane for ethanol production, especially in Brazil.

The podcast concludes with a closer look at India's role in the sugar market, its production challenges, and the delicate balance it maintains between domestic priorities and global market influence. 

Host: Subramani Ra Mancombu; Producer: Siddharth Mathew Cherian

About the State of the Economy Podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The discussion delves into demand dynamics, with a focus on the preference for larger apartments over smaller ones. Babu projects a growth rate of 9.2 per cent for the residential real estate sector, driven by an increasing urban population and strong demand. He also addresses the question of potential price increases, pointing out that stable interest rates and already high prices might mitigate significant spikes. 

A major part of the conversation revolves around affordable housing. Babu advocates for a redefinition of affordable housing, suggesting that the government should introduce incentives for housing units under ₹35 lakh. He proposes specific measures such as GST reductions, income tax exemptions, and lower interest rates to make affordable housing more accessible and attractive. 

Furthermore, the discussion touches upon the need for industry status for small and medium-sized builders. Babu argues that granting industry status will enable these builders to access loans at lower interest rates, fostering better compliance and regulation in the sector. The conversation concludes with insights into the budget and policy recommendations. Babu calls for a proactive approach from the government in addressing the challenges faced by the real estate industry. He emphasises the importance of aligning policies with the needs of the urban population and providing effective solutions to uplift the sector. Listen in.

Host: Abhishek Law; Producer: Nabodita Ganguly.

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Dhillon sheds insights into the luxury car market's opportunities, challenges, and prospects. Audi India reported an impressive 89 per cent year-on-year sales growth in 2023, reaching 7,931 units. Dhillon also discusses the positive outlook for the industry in 2024, projecting a growth rate of 10–12 per cent while acknowledging challenges such as supply chain disruptions due to the Red Sea situation.

The conversation also delves into Audi's product lineup, expansion plans, and the company's approach to electric vehicles (EVs). Dhillon highlights the importance of a stable policy regime and addresses potential competition, emphasising the need for a level playing field.

Regarding EV infrastructure, Audi is experimenting with high-speed charging stations, especially on highways, to meet the demand for quick refills. Dhillon touches on the broader EV landscape in India and welcomes more players, believing that increased competition will benefit the entire industry.

The interview concludes with discussions on Audi's production capacity, expansion plans for workshops and outlets, and the overall growth potential of the luxury car market in India.

Tune in for a detailed conversation.

Host: S Ronendra Singh, Producer: Nabodita Ganguly

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The top-of-mind question for most equity investors today is if the market is too expensive and whether it is time to book profits in their equity portfolios, after indices have breached lifetime highs. Mutual fund houses use models based on the Nifty50 PE and Price to Book value, to make this decision.

Asked if this is the right time to be booking equity profits based on Nifty PE, Shanbhag explained that Motilal Oswal uses a proprietary model, based on many variables beyond the Nifty PE/PBV to make this call. His view is that investors can still allocate to equities because strong earnings underpin the recent market rally. He however cautions that the mid and small-cap segments are expensive relative to long-term averages while large-caps are still at long-term averages.

Stocks and bonds seldom offer investing opportunities at the same time. But today we are in a position where interest rates have climbed significantly. Long term government securities in India now offer close to a 7.4% yield, while highly rated corporate bonds offer close to 8%. Mr Shanbhag says that with interest rates likely to decline over time and Indian g-secs being included in global bond indices, long duration g-secs offer a good investment option, both as direct investments and via the mutual fund route.

But to capitalise on the flat yield curve, investors need to explore multiple regular income options ranging from g-secs to bonds and REITs or Invits. Private credit vehicles are also a good alternative right now, he feels.

On a question on why gold has not really outperformed despite crises such as Covid and the Russia-Ukraine and Israel-Hamas conflicts, he points out that gold has delivered a pretty good return of 15% in 2023. He recommends gold mainly as a portfolio hedge to investors holding high allocations to risk assets like equities. Sovereign gold bonds are the best vehicle to buy gold as their coupon of 2.5% in effect allows you to invest in gold at a discount to the prevailing market price.

Finally, asked whether the 100 minus age rule really works for asset allocation, he replies that investors need to factor in many other variables to decide on their asset allocation. He asks investors to prepare an investment charter that lists out their income, savings, financial goals etc to arrive at an asset allocation plan.

Tune in for a detailed conversation.

Host: Aarati Krishnan, Producer: Siddharth Mathew.

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The discussion kicks off with Ayushi probing Vivan about the industry's reactions to the bill, especially its exclusion of explicit references to the regulation of over-the-top (OTT) services. Vivan highlights the relief within the industry, emphasising the specialised nature of telecom laws meant to govern data carriage. 

Vivan sheds light on the distinction between content and carriage, emphasising the importance of avoiding regulatory confusion. 

Ayushi then addresses concerns about potential future regulations on internet firms and OTT services. Vivan dismisses these concerns, pointing out the clarity in the legislative intent and emphasising the need to treat different technologies differently. 

The podcast goes on to explore the complexities arising from their attempt to define broadcasting broadly. Vivan criticizes the bill's failure to recognise the fundamental differences between broadcasting services and OTT platforms. He discusses the need for specialised treatment for OTT services and critiques the lack of specificity in content regulation guidelines. 

In the latter part of the podcast, Vivan provides a detailed analysis of the shift from auction to allocation in the broadband market, examining how this change benefits new entrants, particularly satellite internet firms. He discusses the challenges of efficiently managing spectrum allocation through auctions and how administrative allocation addresses these concerns. 

The discussion concludes with insights into the impact of the bill on business rights, content regulation, and potential challenges in implementing such regulatory frameworks. 

Host: Ayushi Kar, Producer: Amitha Rajkumar

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Since November 2023, Yemen-based Houthi militia have targeted cargo ships in the Red Sea, claiming solidarity with Palestinians in Gaza.

As tensions rise, 95% of vessels have rerouted around the Cape of Good Hope, adding 4000 to 5000 nautical miles and 15 to 20 days to journeys. The implications are far-reaching, impacting freight costs, delayed deliveries, and potentially disrupting global supply chains. 

The sectors hit hardest, including refined petroleum, chemicals, plastics, and basmati rice. The rerouting affects 20-25% of India's total merchandise trade, particularly impacting cargo bound for Europe, the US East Coast, North Africa, and Russia. 

The podcast looks at the complexities and uncertainties surrounding crude oil imports, focusing on potential impacts on prices and alternatives. 

The podcast ends with a stark reminder of the uncertainties surrounding the Red Sea crisis. Will tensions escalate or de-escalate? Stay tuned for further developments. 

Host: Amiti Sen, Producer: Siddharth Mathew.

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The guests share their insights on the trajectory of social media marketing, especially in the wake of Google’s pledge to phase out third-party cookies from Chrome, a move poised to reshape the digital advertising landscape.

What sets social media apart as the preferred channel for Chief Marketing Officers (CMOs) in the coming years? How has the paradigm shifted from traditional marketing models to a focus on influencing the path to purchase?  

Shiv Shivakumar breaks down the essence of social media marketing, emphasising its real-time engagement and the constant need to stay relevant in a rapidly changing landscape. 

Vikas Chawla adds his perspective, highlighting the surge in social media usage, particularly among India’s half a billion active users.

The discussion takes one through the challenges of maintaining authenticity amidst the rise of short-form video content and the impact of consumer rebellion in the social space.  

With the rebranding of Twitter as “X” and the launch of Meta’s Threads, Vikas Chawla talks about which channel might dominate in 2024.  

The podcast also explores the commoditisation of social media and the emergence of a rebellious streak among consumers, leading to trolling and abusive posts. Shiv Shivakumar sheds light on the psychological aspects that drive such behaviour, emphasising the need for brands and marketers to navigate this delicate terrain. A case in point is the row over the Maldives—how a remark on social media has led to a flashpoint between India and the Maldives and impacted the travel industry.

The podcast concludes with the advantages of digital-first brands in the realm of social media and influencer marketing in 2024.

Host: Chitra Narayanan.

Producers: Siddharth Mathew, Renil S Varghese

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

From robust GST collections to a 50% improvement in fiscal deficit over eight months, Sinha and Bhardwaj explore the key takeaways from this. Upasna Bhardwaj emphasises the economy's resilience across different sectors, despite monetary tightness, and touches on early signs of consumer fatigue, particularly in the rural segment.  

The discussion navigates through the global economic scenario, which has proven stronger than anticipated, offering support to India's export-led sectors.  

The podcast scrutinises both sides of the economic coin, addressing concerns about potential fatigue seen in GST collections. Upasna provides insights into the Y-o-Y growth, predicting a stabilisation in the monthly run rate around 1.6 lakh crore.  

The discussion also includes recent PMI manufacturing and core sector data, exploring the impact of seasonality and a potential slowdown in manufacturing activity.  

Supply chain disruptions and geopolitical uncertainties take centre stage as potential worries for the Indian economy. Bhardwaj acknowledges the risks but maintains a balanced perspective, highlighting the ongoing global challenges.  

The podcast further unravels the fiscal deficit scenario, with Bhardwaj offering a detailed analysis of direct tax collections, excise duty, and expected windfalls from RBI dividends. 

Inflation becomes a crucial focus, with Upasna shares expectations of a peak around 6%, driven by food inflation. The discussion anticipates moderation in the coming months, with a yearly overall inflation rate of approximately 5.5%.  

At the end, Shishir and Upasana talk about whether this year we will have an interim budget or vote of account and what to expect on the policy front. 

Host: Shishir Sinha; Producer: Siddharth Mathew Cherian

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

Captain Parashar, a merchant marine and alumnus of IIM Ahmedabad, highlights the challenges faced in the initial years, emphasising the importance of the Make in India initiative. His company specialises in autonomous maritime technology, with a focus on platform-agnostic solutions for the Indian Navy. The company's achievements include developing the country's first unmanned surface vehicle and gaining acceptance from the armed forces.

The discussion delves into Sagar Defence's recent success with a contract under the IDEXX Dio's Sprint Initiative, involving autonomous weaponised boat swarms. Captain focuses on the core technology behind their platforms, such as radio control target boats and unmanned surface vehicles, enabled by platform-agnostic hardware and embedded software developed in India.

The podcast also explores Sagar Defence's expansion into different domains, including aviation and maritime, with projects like ship-based drones and underwater vehicles for mine countermeasures. Captain Parashar discusses the company's entry into the commercial sector, particularly in Europe, focusing on applications like wind farm inspection using their drone technology.

Addressing concerns about funding for startups in the defence sector, Captain Parashar acknowledges the positive steps taken by initiatives like IDEXX but at the same time stresses on the need for additional funds, possibly through alternative investment avenues.

The conversation concludes with insights into the broader defence startup ecosystem, the role of organisations like SIDM, and Captain Parashar's expectations for increased funding and support in the upcoming budget. He emphasises the importance of a robust semiconductor industry for India to become a self-reliant arms exporter, highlighting the need for collaboration between larger defence companies and startups to foster growth in the sector.

(Host: Dalip Singh, Producer: Amitha Rajkumar ) 

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

V2G technology enables EVs to offer services similar to those offered by traditional batteries, such as energy storage, power backup, and grid balancing. Sheru's patented battery vending machines allow for a bidirectional flow of energy between the grid and EV batteries, creating a global-first innovation. This unique approach brings together a large capacity of idle batteries in a battery-swapping ecosystem, offering scalable energy storage solutions. 

Mittal emphasises the three key components of V2G technology: hardware-level integration of inverters, software coordination for charging and discharging, and market mechanisms for vehicle owners to participate in grid balancing. 

Discussing the advantages, Mittal points out that V2G expedites electrification by reutilizing the capital expenditures in EVs for grid balancing, contributing to the energy transition. He estimates a potential 30 per cent reduction in the levelized cost of storage for the grid by implementing V2G, resulting in a more cost-efficient and sustainable energy system. 

Mittal also touches upon the challenges, acknowledging the early stage of V2G adoption and the need to further examine cost implications, battery life impact, and infrastructure upgrades. However, he emphasises the importance of making V2G work rather than doubting its feasibility. 

The conversation concludes with a glimpse into Sheru's plans, aiming to scale up its aggregated capacity to 1 to 1.5 gigawatts in the next two years and address India's massive energy storage requirements for achieving electrification targets. Mittal envisions a collaborative ecosystem where V2G technologies play a pivotal role in the energy transition, highlighting ongoing initiatives like the UPI-based United Energy Interface (UEI) protocol and reforms by the Ministry of Power to digitise and streamline processes in the energy sector. 

(Host: Rishi Ranjan Kala, Producer: Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this episode, they reviewed the year that went to understand how the IT sector coped with substantial headwinds due to economic slowdowns and global conflicts. Concurrently, there was a significant acceleration towards digitalisation and the adoption of Artificial Intelligence reached a new high. The IT companies responded to these opportunities and challenges differently — some investing in new capabilities, while others reduced costs and investments.

Nayar highlighted this dichotomy. He noted that companies that invested in new services and innovation, and those that adapted to the changing market dynamics were poised for potential dominance once sentiments improved. In contrast, those curtailing investments might see immediate financial gains, but could jeopardize their long-term relevance and competitive edge.

He emphasised the need for structural changes, including transforming from traditional operational models to embracing new skill sets, consulting mindsets, and talent from top universities. He noted that this would require significant adjustments in management styles, employee treatment, and organisational strategies.

Listen to the podcast to gain an understanding of why the Indian IT sector needs to transform itself to align with the evolving market demands and technological advancements.

(Host: Haripriya Sureban, Producer: V Nivedita)

In the podcast, Jain explained that investing in businesses should be based on their specific merits and potential growth, and cited the importance of earnings delivery and longevity in the market. He also predicted a decent earnings growth for the Nifty to continue in the year ahead. He acknowledged that there are multiple challenges such as global economic slowdown and rural sector issues that could play spoilsport in the short-term. However, he clarified that while the market may fluctuate, the long-term growth prospects for India appear positive.

Regarding investment strategy, Jain stressed the importance of investing in businesses with solid fundamentals, strong management and high return on capital employed, irrespective of short-term market events. He also predicted opportunities in the larger manufacturing segment, capital goods, logistics, premium consumption, and finance, aligning with India's potential for growth in manufacturing and domestic resurgence. 

The conversation also touches on the outlook for the US economy and the Chinese slowdown and its possible effects on India Inc and Indian markets in 2024. 

Listen to this podcast to gain an understanding about Jain's market outlook and his investment philosophy. 

(Host: Parvatha Vardhini C, Producer: V Nivedita)

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The focal point is the diversion of container ships via the Cape of Good Hope, a shift triggered by attacks on container ships orchestrated by Iranian-backed Houthi militants. This strategic rerouting around the southern tip of Africa raises concerns about the pivotal Suez Canal, a crucial maritime route connecting Asia, Europe, and the US.

The podcast begins as Raja touches upon the uncertainties faced by the marine world since the pandemic, citing disruptions such as the Suez Canal blockade, ongoing issues at the Panama Canal, and recent conflicts in the Red Sea.

The conversation delves into the complexities of the crisis, from the origins of the conflict involving Houthi rebels to the economic implications of rerouting container ships. Krishnan's analysis extends to the potential solutions, including international efforts like Operation Prosperity, which aims to secure safe passage for maritime trade.

The episode sheds light on the practical challenges faced by shippers, increased transit times, rising freight costs, and the domino effect on end customers. Krishnan emphasizes the far-reaching consequences for global trade and, notably, the Indian export sector, where the impact of the Suez disruption is deeply felt.

The podcast concludes with a reflection on the broader implications for maritime trade, the potential shrinkage of capacity, and the necessity for India to bolster its national shipping capacity.  

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(Host: Raja Simhan, Producer: Amitha Rajkumar)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The discussion commenced with a retrospective look at the automotive sector, which recorded high vehicle sales across segments after the lull bought by the Covid-19 pandemic. Commercial vehicles and two-wheelers faced notable setbacks due to economic activity restrictions and price hikes, while the passenger vehicle segment encountered supply constraints, primarily linked to semiconductor shortages.

The conversation pivoted towards the increasing popularity of SUVs, attributing their rise to changing customer preferences such as higher ground clearance, enhanced driving quality, and seating comfort. This shift influenced the market as the demand for sedans and small cars witnessed a relative decline.

Insights were shared on the impact of electrification trends on the market, highlighting a relatively slower growth rate in the electric vehicle (EV) segment for passenger vehicles. It was noted that while EV sales in commercial vehicles could grow, overall adoption remains relatively low due to factors like infrastructure limitations, consumer mindsets, and awareness.

The discussion also touched upon factors affecting two-wheeler sales, including significant price hikes and the impact of interest rates on financing. The conversation concluded with expectations for a sustained growth trajectory in various automotive segments, albeit with varying degrees of impact from electrification trends.

In essence, the conversation provided a comprehensive analysis of the automotive industry’s dynamics, spanning demand, trends, challenges, and prospects across different vehicle segments and their relationship with emerging electrification trends.

The podcast begins by discussing whether the RBI's move is a step towards addressing concerns in private credit. The discussion delves into the potential impact on private credit funds, especially those associated with regulated entities.

Sridharan decodes RBI's message, emphasising the central bank's concerns about structures outside its regulatory regime and the need for mark-to-market valuations. The conversation highlights the rarity of the RBI explicitly expressing worries, particularly about evergreening practices.

Hamsini and Sridharan explore the potential consequences for banks and NBFCs. Sridharan notes the urgency conveyed by RBI, requiring entities to unwind certain structures within 30 days. The podcast touches upon the harshness of the circular and its potential implications for the financial sector.

The conversation takes an interesting turn as they discuss the entry of large family offices and wealthy individuals into the private credit market. Hamsini raises the question of whether these sophisticated investors are capable of understanding the risks involved in the high-yield private credit segment.

Towards the end of the podcast, the focus shifts to the responsibility of managing non-performing assets in the private credit market. Sridharan discusses the need for a joint ownership model and questions the suitability of current market participants, suggesting that a different breed of professionals may be required to manage this complex landscape.

(Host: Hamsini Karthik, Producer: Amitha Rajkumar, Siddharth Mathew Cherian) 

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The podcast emphasised on the escalating impact of climate change on human health. Not only are extreme weather events becoming more frequent, but there's also a heightened vulnerability to infectious and non-infectious diseases. Dr. Reddy stressed the urgent need to place health at the core of climate change discussions. 

Dr. Reddy stated that there are specific health challenges posed by climate change, including the immediate impacts of excessive heat, vector-borne diseases, and waterborne diseases. He highlighted the importance of building climate-smart and resilient health systems to mitigate these challenges effectively. 

The discussion extended to the broader implications on mental health and non-communicable diseases. The rise in air pollution, exacerbated by climate change, was identified as a significant contributor to cardiovascular diseases, respiratory issues, and even cancers. 

A key recommendation from Dr. Reddy was the necessity to strengthen primary healthcare services, promoting early detection and disease prevention. He emphasised the role of technology, such as telehealth services, in making healthcare more accessible and reducing the carbon footprint associated with extensive commuting to large hospitals. 

The conversation seamlessly transitioned to the critical link between climate change and agriculture, shedding light on the impact on crop quantity and quality. Dr. Reddy underscored the need for climate-resilient crops and sustainable agricultural practices to address the impending challenges of food scarcity and nutrient deficiencies. 

Furthermore, the discussion expanded to the often-overlooked connections between climate change, deforestation, and the increased risk of zoonotic diseases. The disruption of habitats and migration patterns could lead to the transmission of infections between animals and humans, potentially triggering epidemics. 

In addressing these challenges, Dr. Reddy advocated for a holistic approach that involves reprioritising agricultural production, moving away from water-intensive and environmentally harmful crops. The need for responsible land use and reduced deforestation emerged as critical components of climate-smart food and health systems. Dr. Reddy emphasised on the proactive role that individuals, policymakers, and healthcare providers can play in building a sustainable and resilient future.  

(Host: Jyothi Datta, Producer: Anjana PV) 

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The discussion covers the recent surge in funding, emerging sectors in climate tech, government policies influencing investments, and the challenges and innovations within the industry. 

Karan Mehta highlights the significant capital inflow into sectors like renewable energy, electric mobility, and sustainable agriculture. He emphasises the growing interest from investors and entrepreneurs alike, driven by the economic opportunities in climate tech.  

Jaydip Mukherjee provides insights from E-mobility space, discussing the importance of environment-friendly solutions and the evolving landscape of technology in this sector. He emphasises the role of government policies and the need for adaptive, evolving frameworks to support heavy asset-oriented businesses like charging infrastructure. 

The conversation delves into specific areas gaining attention in climate tech, such as carbon accounting and renewable energy, with both guests expressing optimism about the sector's growth and potential for India to become a global leader in climate change mitigation.  

Karan Mehta envisions India as a hub for making innovation affordable and scalable in the global climate change mitigation story. Jaydip Mukherjee sees India becoming an innovation hub for E-mobility, anticipates consolidation opportunities in the mobility services sector, and envisions a transition from an informal to an organized industry.  

(Host: Jyoti Bantia, Producer: Amitha Rajkumar)

Amiti starts the podcast by talking about the forthcoming WTO Ministerial Conference, MC 13, scheduled for February 2024 in Abu Dhabi. She goes on to examine the ongoing negotiations in Geneva surrounding the Agreement on ending harmful fisheries subsidies. While partial agreements were reached during MC 12 in 2022, significant aspects of this agreement are still under discussion.   

According to UNCTAD, global marine fish stocks at biologically unsustainable levels have resulted in staggering economic losses. The WTO discussions aim to curb these harmful subsidies, raising complex questions about the shared responsibility of developed and developing nations and the potential for environmental carve-outs.  

The discussion goes into detail about India's active engagement in negotiations, highlighting its evolving stance on disciplining fishery subsidies. Bhatnagar elucidates India's emphasis on securing special and differential treatment for developing countries, particularly in the context of distant water fishing.  

The podcast goes on to provide a nuanced understanding of India's challenges and interests in the negotiations, emphasising the importance of special and differential treatment.  

The episode concludes by visiting ongoing discussions and future developments in global economic policies. 

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(Host: Amiti Sen, Producer: Amitha Rajkumar and Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

National Family Health Service data reveals alarming statistics: 36% of children under five experience stunted growth, 19% are at risk of malnutrition, and 32% are underweight.

HarvestPlus specialises in biofortified crops abundant in vital nutrients like iron, zinc, and vitamin E. The Health and Nutrition of School-Age Children and Farming Families in India (HaNSA) program seeks to enrich the nutritional content of government-sponsored meals for school-aged children by introducing biofortified crops such as millets, zinc rice, and red lentils.

Launching in Maharashtra and expanding to Uttar Pradesh and Rajasthan, the program targets 2 million children over the next five years.

HarvestPlus's collaborations extend beyond the government to include partnerships with the National Rural Livelihood Mission, Ministry of Agriculture, Ministry of Education, and the Food Corporation of India.These alliance can combat malnutrition and foster acceptance of bio-fortified crops.

Ravinder Grover underscores the programme's success, noting that around 7 million farmers in India are already cultivating bio-fortified crops.

Host: Subramani Ra Mancombu; Producers: V Nivedita, Amitha Rajkumar, Siddharth MC.

As the discussion progresses, the attention turns to the future, specifically the last quarter of the fiscal year and the subsequent year. Gaur anticipates high demand due to limited inventories and challenges in launching new projects. He emphasises the scarcity of clear-title land suitable for quality projects, which may contribute to sustained demand in the coming months. 

The conversation touches upon the topic of affordable housing, where Gaur points out the decline in demand for smaller apartments in metros due to increased construction and compliance costs. He suggests a revision of the definition of affordable housing to align with the economic realities of different cities. 

The podcast concludes with insights into stalled projects, legal challenges, and potential solutions being explored by the government and local bodies, expressing hope that within one to two years, many of these issues will likely be addressed.  

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(Host: Abhishek Law, Producer: Amitha Rajkumar and Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

(Host: Chitra Narayanan; Producer: Darshan Sanghvi)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

(Host: Subramani Ra Mancombu, Producer: Darshan Sanghvi) 

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Anurag Mittal begins by addressing the anticipation of interest rate cuts and the cautious approach of central banks, emphasising the need for a thorough evaluation of economic data before implementing any policy changes. He highlights the sequencing of events, indicating that a shift in policy language and liquidity management would precede any significant easing of monetary policy.

Mittal shares insights into the factors influencing the strength of the US dollar. He notes the importance of global economic conditions, particularly in the Eurozone and Japan, in determining the trajectory of the dollar.

Mittal provides a comprehensive analysis on the potential decline of the dollar’s dominance, suggesting that while there are talks, the dollar’s status remains robust due to limited alternatives for transparent and convertible currencies.

The discussion transitions to Indian bond yields, with Mittal pointing out the attractiveness of Indian bonds, especially with the expected policy easing and inclusion in the J.P. Morgan Global Emerging Bond Index. He explains the potential for a rally in bonds from a tactical perspective but cautions that the long-term trend depends on the level of disinflation.

The conversation concludes with Mittal sharing insights into the inflation scenario in India, discussing the challenges posed by food prices and the expectations for a shallow rate-cut cycle. He provides valuable insights for foreign investors, recommending moderate-duration funds for those with a longer investment horizon and suggesting short-term options for those with a shorter horizon.

Hosts: Nabodita Ganguly,Producer: Lokeshwarri SK. 

Aditya Mishra observed that the Indian tech sector was reeling under the impact of a funding winter for start-ups and global headwinds on IT services. Despite this, he noted that there is a demand for specific skills like cybersecurity, full-stack development, and analytics. Rajesh Chandran noted that the IT services sector was changing rapidly, and the focus is shifting to shorter-term projects, impacting hiring strategies and focusing on utilizing existing talent.

Both speakers highlighted the importance of upskilling for freshers and professionals, highlighting the need for continuous learning in an ever-evolving tech landscape. They also encouraged flexibility in roles, salaries, and locations to increase job prospects.

Regarding graduates' career paths, both speakers recommended exploring opportunities outside the IT sector, particularly in BFSI, pharma, engineering, and construction sectors. They encouraged graduates to grasp any opportunity for exposure through internships and to remain open to learning across domains, as digitisation impacts every industry.

Listen to the podcast to gain a comprehensive view of the current challenges and opportunities in the Indian tech talent landscape, and how people can get jobs bt broadening perspectives beyond traditional IT roles.

(Host: Haripriya Sureban, Producer: V Nivedita) 

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The discussion kicks off with an analysis of recent market trends, addressing the impact of geopolitical events like the Israel-Palestinian conflict and fluctuations in U.S. bond yields. Kapoor expresses optimism, citing a rebound in the markets fueled by resilient earnings, a ceasefire in the conflict, positive developments in oil prices, and a decrease in U.S. bond yields. 

He anticipates the positive trend to continue, supported by strong domestic flows and favourable earnings expectations.  He identifies political risk as a remote concern, emphasising the likelihood of an extended bull run if the BJP retains power. 

Kapoor also shared insights into the corporate earnings landscape. He highlights the value proposition in large-cap stocks and advises caution in mid-caps to small-cap sectors, suggesting a wait for more favourable valuations.

The focus shifts to global economic factors, particularly the outlook on interest rates in the U.S. Kapoor acknowledges the possibility of a soft landing for the US economy, expecting interest rates to remain stable until mid-2024, followed by a potential rate cut cycle. The conversation broadens to include China's economic slowdown. Kapoor identifies both positive and negative implications for India from this, focusing on the potential for increased global investment in Indian markets as an alternative. 

The podcast concludes with a glimpse into the mindset of high net worth and family office investors, focusing their institutional-like approach to investments and risk management. Kapoor also discusses the rising interest in alternative investments, showcasing the diverse opportunities available to investors in India.  

(Host: Parvatha Vardhini, Producer: Amitha Rajkumar and Nabodita Ganguly) 

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The podcast starts by emphasising the pivotal role EVs play in India's efforts to decarbonise the transport and logistics sectors, identifying them as major consumers and polluters in the country. The conversation goes on to talk about the adoption of EVs in the logistics sector. Singhal sheds light on the challenges faced by logistics companies, especially concerning the reliability of batteries and vehicles. He points out that many batteries were not designed to operate efficiently in Indian conditions, leading to quick degradation and performance issues.  

He further goes on to talk about the impact of EVs on climate change, emphasising the need to electrify the last mile segment first. He articulates the unique challenges and opportunities presented by the Indian ecosystem and the global South, advocating for a holistic approach from materials to battery packs. 

The discussion extends its focus to government policies and their execution. Singhal talks about the alignment of intent in policy frameworks but highlights the need for optimisation in execution, especially in accessing incentives and streamlining processes for private players. 

Addressing the concern of public charging infrastructure, the podcast highlights the challenges faced by logistics companies in Kerala and explores potential solutions. Singhal stresses the importance of dynamic and pragmatic approaches in government machinery to ensure the efficient setup and running of charging stations. 

The podcast concludes by Singhal addressing the issues of financing in the industry and how to tackle that in the log run.  

(Host: Rishi Ranjan Kala, Producer: Amitha Rajkumar and Anjana PV) 

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

The podcast begins by talking about the implications of living with diabetes, especially for a country like India, which houses the second-largest population of people with diabetes after China. Dr. Mohan emphasises that periodic screening is crucial to identify diabetes early and prevent uncontrolled diabetes from progressing for many years.

Dutta highlights that a significant number of people with diabetes remain unaware of their condition. The discussion continues to acknowledge this and emphasises the importance of periodic screening to detect diabetes and pre-diabetes early.

The conversation then shifts to the introduction of new developments in diabetes medications, particularly injectables like semaglutide and others gaining popularity globally. Dr. Mohan provides insights into the effectiveness of these drugs in controlling diabetes and achieving weight reduction.

Dr. Mohan explores the accessibility of these drugs in India, addressing concerns about their high cost. He goes on to acknowledge the effectiveness of these drugs but raises the issue of affordability for a common person. He suggests exploring the production of generics or biosimilars by Indian manufacturers to make these medications more accessible. The discussion expands to cover the recent launch of a biosimilar of insulin aspart in India and its significance in making insulin more affordable for patients.

As the conversation concludes, Dr. Mohan offers key messages to those living with diabetes, encouraging regular check-ups, adherence to medications, and adopting a healthy lifestyle.

(Host: Jyothi Datta, Producer: Amitha Rajkumar and Anjana PV) 

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About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

By upholding the constitutional validity of Insolvency and Bankruptcy Code (IBC) provisions related to personal guarantors' insolvency (Sections 95 to 100), the three-member SC Bench led by Chief Justice of India D YChandrachud has, in its verdict in the cases of Dilip B. Jiwrajka vs. Union of India and others, strengthened the hands of banks and other creditors efforts in using this route for loan recoveries.

In one go, the apex court dismissed 384 petitions that raised several legal challenges in the implementation of the insolvency process on personal guarantors. The quietus seen on this front in the last two years because of the legal challenges has come to an end, thanks to the SC judgement.

In this podcast, Dhananjay Kumar delves into the legal impact of the judgment and its potential as a game-changer for banks in recovering corporate dues from personal guarantors.

With this SC judgement, banks will certainly go after personal guarantors in respect of corporates, where there have been huge haircuts on corporate borrowers, according to Kumar.

It will certainly encourage banks—who were sitting on the wall—to go after the personal guarantors for recovery and file insolvency applications against them in a big way.

With this judgement and given the number of pending petitions, the time is ripe for banks and creditors to consider innovative tools for recovery from personal guarantors.

Kumar felt that a lot of opportunity for innovation has arisen in cross-border situations where money has left shores and money has been deployed in other structures.

Put simply, creditors can even reach overseas jurisdictions to recover assets held abroad by personal guarantors. There is going to be an opportunity for banks to recover more money than what has been given under the IBC repayment plan for personal guarantors, says Kumar.

Not only that, the latest SC judgement will bolster the flow of credit to the industrial sector, as banks now know they have a powerful tool at their disposal to recover money should the loan go bad.

However, Kumar felt there was also a need for the government to strengthen the DRT and SARFAESI structures so that insolvency is not the only effective tool available for creditors to recover money.

When you want to ramp up industrial credit in the economy, you must also give powerful tools to creditors for recovery. Strengthening the DRT and SARFAESI systems is also equally important, emphasises Kumar.

SC has clarified that all personal guarantees issued prior to November 2019 will also be subject to these insolvency provisions of the IBC, and creditors will be able to move against the personal guarantors to seek their recoveries, says Kumar. In essence, banks can go after personal guarantors for their past guarantees as well.

So does all this mean that the SC judgement has come as a huge setback for personal guarantors? Not really, says Kumar, who sees this IBC insolvency process as a second opportunity for personal guarantors to deal with issues in a peaceful way. This is an excellent mechanism not only for the banks' loan recovery but also for the liability management of personal guarantors. This landmark SC judgement is a win-win for lenders and personal guarantors and a game changer for the IBC landscape, for sure.

(Host: KR Srivats, Producer: Nabodita Ganguly) 

The podcast starts by highlighting the recent firmness in gold prices, hovering around $1990.00 an ounce, marking a six-month high. The journey throughout the year has been marked by volatility, with prices fluctuating between $1800 and $2050 per ounce. Various factors, including high-interest rates and geopolitical crises such as the Ukraine war and the Hamas-Israel standoff, have contributed to the swing in gold's value. 

Modi provides a comprehensive overview, discussing the impact of high-interest rates and geopolitical tensions on gold prices. He anticipates that high-interest rates will persist until the first quarter of 2024, after which central banks might initiate a shift. The Reserve Bank of India has been actively buying gold, leveraging the depreciation of the rupee. 

The conversation doesn’t limit its focus to gold; he also shares insights into silver and emphaises its high-beta nature and potential for outperforming gold.  

The conversation goes beyond gold; he also shares valuable suggestions to investors and buyers. He advises keeping a close watch on central bank policies, geopolitical events, and economic data.  

(Host: Subramani Ra Mancombu, Producer: Amitha Rajkumar) 

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

He provides valuable insights into the recent changes implemented by the Reserve Bank of India (RBI), specifically the increase in risk weights on consumer durable loans, unsecured personal loans, and credit cards. The regulatory move aims to address potential risks in these segments, signaling a proactive approach to risk management. 

Hansini raises pertinent questions about the implications of these changes on the lending landscape. She highlights concerns about whether banks will witness lower growth and if they will be able to adjust loan pricing to accommodate the increased capital requirements. The key concern is whether the additional costs will be passed on to borrowers and if there is sufficient demand to absorb these higher costs. 

Pental responds by emphasising that the regulator has provided ample time for the industry to prepare for such changes, indicating a cautious approach. He expresses that the inclusion of Non-Banking Financial Companies (NBFCs) in the regulations aligns with the regulator's goal of maintaining control over certain customer profiles. 

Addressing the issue of pricing, Pental assures that banks are adequately capitalised, and the overall return on capital is well-managed. However, he acknowledges the need for adjustments in pricing for specific products with elevated risk weights. He stresses the importance of finding the right balance between interest rates and their impact on consumer demand. 

The conversation delves into the impact on digital lending, where innovative repayment mechanisms such as Equated Daily Installments (EDI) have become popular. He believes that prudent pricing decisions need to be made for each segment, considering the associated risks. He suggests that while there may be adjustments in pricing, the fundamental structure of products is likely to remain. 

As the discussion progresses, the focus shifts to the broader perspective of the lending industry. Pental asserts that the recent years have seen a positive transformation in the banking sector, with a focus on cleaning up and moving towards retail and SME lending. He sees the shift as an opportunity for growth, particularly with more customers entering the organized economy. 

Pental provides an optimistic outlook, stating that the Indian economy is thriving with abundant opportunities for banks and NBFCs. He anticipates some temporary disruptions but believes that the long-term impact on growth will be positive.  

(Host: Hamsini Karthik, Producer: Anjana PV) 

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups 

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(Host: Abhishek Law, Producer: Darshan Sanghvi)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In the podcast, Shiv Shivakumar and Sandeep Goyal noted that sales jumped during the festive period. Goyal attributed the recent surge in sales to pent-up demand from deferred purchases during the Covid-19 pandemic, even as he noted that most firms sold more products and services during this period which spanned from August to November. He also noted that there was a shift in consumer behavior, such as increased spending on consumer durables and home renovation, due to postponed purchases during the pandemic.

Shivakumar and Goyal also discussed how the convergence of the cricket World Cup with Diwali helped boost the sale of consumer electronics. Shivakumar noted that apparel sales did not match the expectations, and said that this was possibly due to perpetual discounting done throughout the year.

The host and guests also discussed the repetitive nature of advertising during this period and pointed out the lack of creativity in storytelling. They also emphasize the expanding influence of social media and digital platforms in dictating marketing strategies. They also discuss the role of quick commerce firms and social media in influencing buying patterns.

Listen to the podcast to understand the relationship between regional festivals, and increased consumer spending.

In this episode of the State of the Economy podcast, businessline's S Ronendra Singh, talks to Ayush Lohia, CEO, Lohia Auto Industries, to understand the dynamic landscape of the segment in India. They discussed the growth in recent months and how electric two- and three-wheelers are competing with traditional internal combustion engine (ICE) vehicles in retail sales.

In the podcast, Lohia explained how the government's subsidies helped the segment grow and how the reduction in subsidies had a noticeable effect on sales. They also touched upon the urban-rural divide in EV adoption and how the urban areas will lead in the transition process. They also discussed the benefits of a battery-swapping policy and how battery swapping can reduce costs.

Listen to the podcast to gain an understanding of ongoing challenges in the EV market, and how subsidies can aid India's transition to sustainable mobility.

(Host: S Ronendra Singh, Producers: Anjana PV, V Nivedita)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The conversation begins with addressing how the smog over India’s capital, Delhi, signals the severity of stubble burning. Farmers in Punjab, Haryana, and Madhya Pradesh have resorted to this practice due to challenges in clearing their farms between the Rabi and Kharif cropping seasons, aggravated by unseasonal rains.

The podcast goes on to mention how Deloitte India recognises the gravity of the situation and has taken proactive steps to address stubble burning in Haryana. Thakker details Deloitte's 2021 pilot project in Karnal district, where they engaged with 2,500 farmers, identified challenges, and initiated a mobile application akin to an "Uber for farmers." This innovative solution facilitates equipment sharing among farmers, reducing the need for burning stubble.

In 2022, Deloitte expanded its efforts, covering 666 villages in Haryana, partnering with other private sector entities, and leveraging technology such as satellite-based images and WhatsApp support. The results are promising, with a 38% reduction in fires compared to the previous year.

The conversation goes on to address the economic viability of stubble utilisation, efforts to connect farmers with companies for stubble-based products, and the importance of addressing the environmental and health impacts of burning.

The episode concludes with Thaker sharing his lessons learned and future plans, expressing Deloitte’s commitment to extending his initiatives to other states.

(Host: Subramani Ra Mancombu, Producers: Amitha Rajkumar & Anjana PV)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

As the discussion unfolds, the guests share their perspectives on the funding momentum in the Web3 space. While macroeconomic factors impact risk capital, the speakers highlight the resilience of serious builders who continue to innovate. They discuss the challenges of onboarding users and the importance of tokenizing real-world assets.

The guests elaborate on emerging trends, including data management challenges at scale and the continued evolution of Defi protocols.

The discussion shifts towards India's global competitiveness in the Web3 space. The guests express optimism about the growing Indian developer community, foreseeing more unicorns emerging from India than ever before. Examples of innovative startups and their global impact are highlighted, showcasing India's potential in the Web3 arena.

Addressing regulatory uncertainties, the speakers acknowledge the challenges but highlight the positive direction of both Indian and global regulations. The guests commend the proactive efforts of Indian states in encouraging Web3 startups and emphasize the importance of regulatory clarity.

The industry collaborations, association initiatives, and the overall positive momentum driving India's Web3 ecosystem forward. This episode provides a comprehensive exploration of India's journey in the Web3 landscape, offering valuable insights for entrepreneurs, investors, and enthusiasts alike.

(Host: Haripriya Sureban, Producer: Darshan Sanghvi)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The conversation dives into the minutes of the RBI's Monetary Policy Committee (MPC) meeting, where the they unanimously voted to maintain status quo. Nandi explains the MPC's consensus regarding the inflation trajectory and the strategies to tackle it. They explore the interesting dynamics of food inflation, its impact on broader inflation expectations, and the RBI's role in managing these challenges. 

The podcast goes on to emphasise that the RBI is focusing on maintaining a 'Goldilocks macro situation' – where inflation is under control, and growth remains stable.

The conversation extends to the RBI's recent liquidity management strategies, including the sale of government securities to curb liquidity. He explains the intricacies of these moves and their implications on interest rates.

Listen in to this conversation as they talk about concerns such as rising vegetable prices and the baseline projections for FY 2024.

(Host: Hamsini Karthik; Producer: Amitha Rajkumar, Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The episode highlights the importance of MC13 as the top decision-making body of the WTO, where trade ministers from around the world convene to address key issues and reach consensus on global trade matters.

Professor Abhijit Das emphasizes five key priorities that India should pursue at MC13:

Reviving the Appellate Body: Given the non-functionality of the WTO's appellate body, the podcast discusses the urgency for India to prioritize its revival to ensure a rules-based system in international trade.

Permanent Solution to Public Stockholding: The episode underscores the need for a lasting resolution to the public stockholding issue for food security, which has lingered for over a decade, adversely affecting developing countries, including India.

Fisheries Subsidies: Professor Abhijit Das sheds light on the challenges and opportunities related to fisheries subsidies, urging India to advocate for strong disciplines on industrial fishing subsidies while safeguarding the interests of developing nations.

Moratorium on Customs Duties: The podcast delves into the impact of the moratorium on customs duties on electronic transmissions, emphasizing the need for lifting restrictions that disproportionately affect developing countries' revenue and policy space.

WTO Reform and Policy Space: The discussion concludes with a focus on WTO reform, urging India to actively participate in shaping the discourse to ensure the retention and creation of policy space for developing countries, especially concerning catch-up industrialization policies.

In the unfolding discourse at MC13, insights emerge on India's intricate challenges and strategic opportunities, providing a nuanced perspective on international trade negotiations. Expert analysis becomes a vital resource for policymakers, businesses, and those eager to grasp the evolving dynamics of global trade governance and its impact on India's economic landscape.

(Host: Amiti Sen; Producer: Darshan Sanghvi)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this ‘State of the Economy Podcast’, Ayushi Kar talks to Mishi Choudhary, a technology lawyer and online civil rights activist, about recent events that highlight how Indians are navigating a tough digital space, amidst increased surveillance, and data breaches. 

Choudhary emphasises the sensitivity of the data being collected in the digital age, including mobile phone numbers, Aadhaar numbers, PINs, and passport numbers. She highlights the potential for identity theft and other malicious activities when such sensitive information is exposed.   

Choudhary criticises the government's response, describing it as a non-response marked by deflection and denial. She calls for a more responsible approach to data protection, suggesting that regulations should work automatically to safeguard citizens' data without requiring individuals to navigate complex terms and conditions.   

The conversation then shifts to the Apple data breach, Choudhary stresses privacy has become luxury product, instead of the right of every citizen.  

Addressing potential government actions, Choudhary suggests that a mature conversation is needed. She calls for a balance between innovation and citizens' rights, emphasising the need for responsible use of technology.   

Choudhary suggests a time-bound, independent investigation into the recent breaches, involving experts to provide a comprehensive clarification to citizens. 

(Host: Ayushi Kar; Producer:V Nivedita, Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

It is not just retailers or e-commerce and logistics firms, companies across sectors tend to hire workers ahead of the festive season. In this episode of the State of the Economy podcast, V Nivedita talks to Kartik Narayan, CEO - Staffing, TeamLease Services Ltd, to know some of this trend and factors like digitalisation, internet penetration and increased affordability that influence it.

Data shared by TeamLease shows that demand has increased this festive season. It said that consumer goods companies have placed orders with manufacturers that are 10 per cent higher than last year for this festive season. The data also says retailers anticipated a 10-12 per cent growth over last year’s sales during this festive season. This demand was driven by many factors including increased mobile penetration, access to online channels and government support.

TeamLease noted that businesses actively recruited temporary workers to cater to the demand and that this provided a boost to the local economies. It also noted that the number of gig workers are set to rise exponentially, from 77 lakh currently to 96 lakh by the end of the year. It also noted that this year’s festive hiring was anticipated to witness a 25 per cent increase in gig jobs compared to the same period last year. It noted that e-commerce, retail, logistics, BFSI, healthcare and education sectors will attract most of the gig workforce in this period. This surge in shopping activity is projected to generate almost 7 lakh gig jobs in the second half of 2023. More broadly, the staffing company estimated that the number of gig workers could reach 2.35 crores by 2030.

TeamLease also noted that the demand for gig workers during the season has risen not only in Tier-I cities, but also in Tier-II and Tier-III cities like Vadodara, Pune, and Coimbatore.

However, it noted that not all gig workers would benefit from increased salaries -- the lower income segment could see a moderate salary increase, while other segments of gig workers could see an increase of around 20-25 per cent in salaries.

(Host and producer: V Nivedita)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The discussion commences by acknowledging the industry's slowed growth momentum, attributed to macroeconomic factors and geopolitical concerns, including global issues and client demands. While larger IT companies grapple with challenges stemming from reduced discretionary spending, mid-tier companies capitalise on their smaller client base and expedited deal execution. 

One pivotal factor contributing to the success of mid-tier companies is their smaller size, facilitating swifter deal execution and revenue growth. Furthermore, their focus on cost management, margin expansion, and aligning earnings with revenue has fortified their position in the market. 

As the conversation delves deeper, they explore the various niches that mid-tier IT companies target. It becomes evident that an emphasis on cloud transformation, automation, and digital transformation has yielded positive results for many mid-tier firms. 

The podcast also addresses the contrast between the modest guidance from larger players and the retained guidance of mid-tier companies. Sumit warns that mid-tier companies might experience some near-term challenges as they navigate fluctuations in client spending. 

They further discuss the margin expansion strategies that mid-tier IT companies are adopting. Measures for cost control, reduced headcount rates, and lowered employee costs are helping these firms maintain competitive margins.

Host: Haripriya Sureban.

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

So, what are the latest findings of the annual demand for the 2023 fiscal? To share the details and more, we have with us Mayur Karmarkar, International Copper Association India.

(Host: MR Subramani, Producer: Darshan Sanghvi)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Regarding the Innovations for Defence Excellence (iDEX) scheme, Ramaswamy expresses optimism about its potential and explains the various steps involved, from challenges and problem statements to project selection and the advantages it offers, such as funding and end-user engagement.

He also discusses his experiences with engagement across the three defence services, noting the proactive approach of the Navy and the efforts made by the Army and Air Force to collaborate with start-ups.

Ramaswamy shares his thoughts on engaging with both defence PSUs and private sector companies, highlighting the challenges faced by start-ups when working with defence PSUs. In contrast, private sector companies have been more open to collaboration, often through joint tenders.

The conversation touches upon issues related to procurement, including the need for better policies, repeat orders, and eliminating barriers that hinder start-ups' participation.

Ramaswamy discusses the challenges related to credit ratings and how they impact start-up participation in tenders. He points out the need for changes in the tendering process to promote innovation.

The discussion then turns to the importance of investing in R&D and the lack of innovation in the Indian defence sector. Ramaswamy emphasises the need for a culture of innovation and a willingness to accept failures as part of the R&D process.

Lastly, he stresses the importance of inter-ministerial cooperation between the Ministry of Defence, the Ministry of External Affairs, and the DGFT to promote Indian defence exports, facilitate customs clearance for defence goods and improve the overall defence ecosystem in India.

(Host: Dalip Singh, Producer: Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The industry has witnessed a staggering 168 per cent surge in funding during the third quarter of 2023, a significant leap compared to the previous year.  

India ranked as the world's third-largest start-up ecosystem with almost 1,00,000 startups, stands as a robust contender in the global arena, trailing only behind the United States and China. 

A prevailing trend highlighted in the podcast is the extensive use of sophisticated tools incorporating data analytics and artificial intelligence. Fintech companies are harnessing customer behaviour data to tailor financial solutions, ultimately fueling the growth of digital lending and alternative credit options, which are increasing access to credit for traditionally underserved segments. 

Furthermore, the adoption of Central Bank Digital Currency (CBDCs) is a pivotal development. India has taken the lead in this sphere, announcing plans to adopt wholesale and retail digital currencies, paving the way for their wide-scale utilisation in payment systems. 

The growing importance of regulatory technology is also evident, aiding fintech players in navigating the evolving regulatory landscape. 

The discussion extends to the transformation of fintech platforms into comprehensive financial service providers, to become one-stop solutions for a broad range of financial needs. 

This strategic approach leverages the synergy of offering multiple products to the same customer base. 

As the fintech sector matures, the focus is shifting towards profitability, enhanced corporate governance, and regulatory compliance. Investors are paying closer attention to these factors, leading to more judicious funding strategies. Notably, there is an increasing emphasis on data protection and the enhancement of consumer safeguards, with the anticipation of an upcoming data protection bill. 

Despite the escalating regulatory landscape, the fintech sector continues to be a hotbed of innovation, with the introduction of novel products, technologies, and business models constantly shaping the industry.  

The conversation also touches on the challenges of coordinating across regulatory boundaries. It underscores the need for proportional regulation that can accommodate the diverse requirements of startups and established players in the sector. Listen in.  

(Host: Jyoti Banthia, Producer: Amitha Rajkumar & Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Speaking to businessline as a guest on the State of Economy (SoE) podcasts, Rahul Prithiani, who is the Global Head for Energy and Sustainability, Consulting at CRISIL Market Intelligence and Analytics, said that in the last 10 years, India’s has clearly demonstrated its seriousness in becoming a $5 trillion economy.

On major changes India witnessed in the last decade, he opined that there has been a gradual acceleration in spending by the government. Furthermore, a lot of sector specific policy activity across sectors has taken place, which led to relatively faster execution of projects.

“I think it's very clear in terms of scale, ambition and as we move towards being a $5-6 trillion economy by the turn of the decade, we will see relatively larger investments in infrastructure on energy and transportation, two key elements in the entire piece. If you look at the energy space, the power sector is expected to see a demand growth of over 6 per cent also over the next 5 to 7 years, which is a fairly large number,” he elaborated.

To achieve this, Prithiani said the government will have to constantly review its policies to make sure that the regulations and policies continuously evolve with the changing environment, advent of green finance and the need for sustainability.

At least our expectation is that over the next 6-7 years, India is expected to grow in the region of 6-7 per cent, which would mean a need for extensive infrastructure,” he emphasised.

On whether India’s image as an investment destination has undergone any change in the past few decades, Prithiani said that there is an acknowledgement of the sincere efforts being made by the government.

“People do acknowledge (that) there are policy related challenges, but as long as there is a response to those problems and we are evolving that is something I think most people are building in their overall investment thesis,” he added.

Asked if announcing future capacity adding and bidding trajectories by the government helps investors make more informed decisions about India, Prithiani said that announcing timelines does offer better visibility about the sector. However, commitment to deliver is the key.

“The key is that you should be able to deliver on those targets and that the commitment seen will continue to remain. What we are able to deliver compared to what our plans are. So, that is something to watch out for,” he opined.

(Host: Rishi Ranjan Kala, Producer: Darshan Sanghvi)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The podcast discusses various high-frequency economic indicators that reveal a mixed picture for the Indian economy.

The podcast begins with a discussion on the recent Goods and Services Tax (GST) collections, which reached ₹1.72 lakh crore, the second highest since the inception of GST. Pant cautions against jumping to conclusions based on a single month's data and highlights the factors contributing to this growth.

The conversation then delves into the implications of this GST growth on India's fiscal deficit. The budget had estimated a deficit of 5.9%, and the discussion explores the possibility of achieving this target in light of the economic trends.

Next, the podcast examines the core sector numbers, focusing on the auto sector's dispatch and the PMI manufacturing index. Despite some fluctuations, Pant emphasises that India remains in an expansionary mode, which is crucial for sustaining economic growth.

The podcast also looks at concerns about inflation due to lower agricultural output caused by a below-normal monsoon. The discussion highlights the impact of agricultural growth on India's economy and the potential consequences for inflation, monetary policy, and overall growth. 

Pant concludes by projecting that India's inflation is likely to stabilise at around 5 per cent, emphasising the importance of the 4 per cent inflation target set by the Reserve Bank of India.

(Host: Shishir Sinha; Producer: Siddharth MC)

These programmes have proven their worth by detecting and dismantling cartels, imposing fines, and creating a culture of competition compliance within the business community. However, ongoing international cooperation and effective enforcement are essential to ensure that leniency programs continue to serve as a powerful deterrent to cartel behavior, ultimately fostering a fair and competitive business environment.

So why are cartels bad and frowned upon by Competition authorities. 

This is because Cartels result in market distortion (by artificially manipulating prices and reduce competition); bring economic inefficiency; do consumer harm (inflating prices) and stifle innovation.

WHAT IS LENIENCY PLUS?

The current Competition Act 2002 already has a leniency programme, which allows companies that provide sufficient information about a cartel in which they have participated to receive partial immunity from penalty. Such a programme helps competition authorities to discover secret cartels and to obtain insider evidence of the infringement. 

Under the existing leniency (lesser penalty rule) framework, CCI may impose a lesser penalty on a person involved in a cartel if such person has made a full and true disclosure in respect of alleged violations and such disclosure is vital.

Under ‘Leniency Plus’, a cartelist who is cooperating with CCI for leniency, can disclose the existence of another cartel in an unrelated market in the course of original leniency proceedings in exchange for an additional reduction in penalty.

Leniency Plus is a proactive antitrust enforcement strategy aimed at attracting leniency applications by encouraging companies already under investigation for one cartel to report other cartels unknown to the competition regulator. 

The benefit that would entail from such disclosure is reduction of penalty in the first cartel to the person disclosing the information, without prejudice to the company obtaining lesser penalty regarding the newly disclosed cartel.

CCI’s MOVE

Now with the CCI looking to introduce a ‘Leniency Plus’ framework, BusinessLine spoke to M M Sharma, Head of Competition Law Practice at Vaish Associates Advocates in our BL State of the Economy Podcast to get a deep dive into the proposed Leniency Plus programme and understand the shortcomings of the current Leniency regime.

Sharma came up with solid reasoning to conclude that “Leniency Plus” in India is a welcome and desirable initiative, but may not yield results in the absence of rewards and a whistleblower programme besides stressing the need for immunity from private damages.

(Host: Srivats K R, Producer: Darshan Sanghvi)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The discussion primarily revolves around the surge in gold prices due to rising geopolitical tensions in West Asia. Damani explains that such events often lead to a spike in gold prices, citing previous instances like the Russia-Ukraine conflict.

He believes that gold prices are likely to remain stable in the short term in India, but notes that factors like inflation will also have an impact on the prices. He explains that agricultural trends influence will impact gold demand.

Regarding silver, Damani highlights a potential deficit in supply globally, with Chinese demand playing a significant role. He suggests that silver might outperform gold over the next 6 to 12 months. 

He points out that the current conflict has led to a more moderate price increase for crude oil, compared to other past geopolitical events. He attributes this to a different economic and inflationary landscape. While some increase in inflation is expected, he doesn't foresee a dramatic spike akin to 2022.

Host: MR Subramani, Producer: V Nivedita.

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Rahul Singh speaks n how high interest rates are a negative for risk assets , including equities and says that he expects Indian markets to move sideways or consolidate this fiscal. The episode explores the opportunities and challenges that lie ahead for investors.

The podcast delves into the sectors that hold growth potential and emphasizes the need to remain vigilant when evaluating investment opportunities at this point in time. Rahul Singh shares his insights on choosing between largecap and mid/small caps stocks, and they discuss the significance of balancing risk and reward as well as the need to be able to buy the stock one wants at the price one wants.

The podcast also takes a look at the recent Q2 earnings results. Rahul Singh offers his analysis of these results and provides insights into what to expect for the rest of the year as everyone navigates economic uncertainties.

Rahul Singh sheds light on why India is poised to perform relatively well compared to other emerging markets, even in the face of global economic shifts.

Host: Parvatha Vardhini C, Producers: V Nivedita, Siddharth MC

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

To understand what’s on offer on such platforms and how investors should choose suitable bonds, Aarati Krishnan, Consulting Editor with Business Line, spoke to Vishal Goenka, Co-Founder at Indiabonds.com. Indiabonds is one of the largest online bond platforms regulated by SEBI. Goenka, who is responsible for driving strategic growth and innovation at the platform, was earlier Managing Director at Deutsche Bank Singapore, Global Markets, and held leadership roles with Merrill Lynch and RBS. He has over 20 years of experience in global fixed-income markets.

Vishal Goenka highlighted that investing in bonds via the exchanges has traditionally been tough for retail investors, because of the lack of ready information on the issuer, terms of the bond, the traded price (whether inclusive of interest or not) and so on. Online platforms like Indiabonds.com have made retail investments easier by presenting all the relevant information, including the information memorandum and the cash flows an investor can expect from a bond, in an easy format.

Asked how listed NCDs available on regulated bond platforms compare to other high-yield options like invoice discounting or peer-to-peer lending, Vishal cautioned that the two were not comparable at all. Invoice discounting is essentially lending to an unknown business based on its receivables and can be highly risky depending on how the underlying business fares. Characterising such products as “bull market instruments” Goenka cautioned that risks in such instruments can mount, should there be a blip or downturn in the economic or business cycle. Fixed income products such as invoice discounting are also not regulated. P2P lending is regulated to an extent by RBI, but it essentially represents lending to a pool of individuals whose risk profile may be difficult to assess. Listed NCDs bought from online bond platforms, in contrast, are SEBI-regulated products. They offer complete financial disclosures to the retail investor buying them.

Asked how investors can navigate the risks that come with high-yielding bonds, he replied that unlisted bonds and bonds rated BBB etc could be avoided by retail investors to mitigate risks. If investing in lower rated corporate bonds, perpetual bonds or subordinated bonds of banks, investors ought to demand a higher premium for the risks in terms of the yield they are earning from the bond. Goenka suggested that retail investors making a start on bond investing can start with low-risk AAA issuers and experience a rate cycle, before moving on to lower-rated or perpetual options that entail more risk.

Tune into the podcast for this and many more insights.

(Host: Aarati Krishnan)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In the podcast, the panel discuss the debate on net neutrality, especially concerning Over-The-Top (OTT) players and balancing the interests of the telecom companies and OTT players. They also discuss the financial pressures face by telecom companies, pricing models and profitability.

Rentala Chandrashekhar shares his opinion on the Personal Data Protection Act and how its impact on user privacy. He also describes how introducing regulation in this space is complex, especially due to its globalised nature, and some of the challenges associated with it.

Overall, the conversation highlights the need for nuanced approaches to regulation, considering the unique challenges and opportunities presented by the evolving digital ecosystem. Listen in to gain insights about how policymakers can strike a balance between fostering innovation and protecting user interests.

(Host: Ayushi Kar, Producers: Anjana PV, V Nivedita)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The report emphasises that generic drug manufacturers must not rest on their laurels but instead work to make drugs more accessible. It points out that 90% of medicines classified as essential by the World Health Organisation fall under the category of generics, including treatments for various critical conditions such as cancer, heart disease, diabetes, and more. However, there is a global shortage of generic medicines, preventing millions of people from accessing essential medications. 

One reason for this inaccessibility is the failure of drug makers to register their products in low and middle-income countries. This oversight can result from assumptions that other generic manufacturers are already present, low returns on investment, and a focus on high-income markets like the US and Europe. The report suggests that manufacturers have the potential to expand their reach in these countries, making essential drugs available to more populations. 

The episode also discusses adaptive research, specifically in pediatric medicines. Generic companies are engaging in research and development to tailor products to the needs of people in low and middle-income countries. These adaptations aim to improve adherence and make medicines more accessible. 

Furthermore, patient assistance programs are essential to expanding access to medicines. These programs focus on diseases treated in specialized hospitals and ensure that the cost of treatment remains affordable for patients. 

The episode also explores issues of quality control and trust in the Indian pharmaceutical industry, following incidents of contaminated cough syrups. It emphasises the need for stricter adherence to good manufacturing practices and upgrading manufacturing facilities to ensure product quality. The podcast addresses the current global crises, including wars, energy shortages, and climate change, all of which intensify the need for essential medicines.

(Host: Jyoti Datta, Producers: Anjana PV, Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In September, the retail sales of tractors in the domestic market experienced a 10% year-on-year decline to 54,492 units, compared to 60,321 units in September 2022. However, the market displayed 14 per cent year-on-year growth in the first half of the current fiscal year, reaching 444,340 units, up from 389,850 units during the same April-September period in the previous year. Despite the recent slowdown, tractor sales have contributed to the overall growth of the Indian automobile industry.

This performance not only signals strong market demand but also fosters a positive sentiment in the domestic tractor market, especially during the festive season. In contrast, export markets have witnessed declining sales over the last six months of the current fiscal year, with companies like Mahindra and Mahindra and Escorts Kubota facing a 35% year-on-year drop in sales.

International Tractors Limited, based in Hoshiarpur, has emerged as the top exporter, shipping 17,004 units during the April-September period. The company aims to double its exports in the coming years, targeting 1 lakh units by 2030. It also aspires to become the number one tractor company in 25 countries by the same year.

Regarding the domestic market, key regions such as Bihar, Madhya Pradesh, Chhattisgarh, and Maharashtra are experiencing growth, while Andhra Pradesh, Karnataka, and Tamil Nadu are becoming focus markets. The 60-260 HP segment dominates the Indian market, while exports see demand for below 30 HP and above 60 HP tractors.

As for developed markets, the USA is the largest market for tractors outside India, with other countries in Western Europe, Latin America, and South Africa also becoming focus areas.

The podcast also touches on future trends, such as autonomous tractors, which are in their early stages, and alternative fuels, including biofuels. The impact of rising raw material and parts costs on the tractor industry is discussed, with a focus on the recent drop in commodity prices and logistics costs.

The overall outlook for the tractor market in India and exports is positive, with an expected growth of 15% to 20% next year, provided global conflicts do not disrupt the industry.

The podcast begins by emphasising the significance of the festive season in India, which traditionally sees increased consumer spending. During this period, people tend to invest in various products, including real estate. Developers often provide enticing offers to motivate consumers to make property purchases. The festive season has historically been a time of high demand for housing and other consumer goods. 

The discussion also highlights the role of the Reserve Bank of India which has maintained stable interest rates for home loans. This stable interest rate environment encourages prospective buyers to consider investing in real estate. The consistency in interest rates creates a sense of financial security, driving people to make home purchases. 

Despite multiple rate hikes and the challenges posed by the COVID-19 pandemic, the real estate market has experienced strong demand. This pent-up demand is attributed to the period of uncertainty caused by the pandemic. Consumers who were hesitant to invest in property during the pandemic are now eager to make purchases, contributing to robust market growth. 

The introduction of the Real Estate Regulatory Act (RERA) has been instrumental in restoring consumer confidence in the real estate market. It has addressed concerns about property transactions and provided consumers with increased protection and transparency. As a result, more people are considering homeownership. 

The conversation also highlights a trend of people looking to purchase homes in Tier 2 cities. This shift is driven by changing post-pandemic preferences, including the desire for larger homes due to remote work and a focus on hometowns. Cities like Lucknow, Jaipur, and Indore have emerged as prime locations for prospective homebuyers. 

The podcast explores the impact of global economic conditions on the Indian real estate market. India is seen as a promising destination for foreign capital, with its strong economic growth and resilience. However, the discussion acknowledges that geopolitical instability and rising oil prices may lead to uncertainties in the global economy. Investors might hold back on cross-border investments, which could affect capital flows and potentially lead to interest rate hikes. 

The Indian real estate market is currently marked by strong demand, stable interest rates, and changing consumer preferences. The market has shown resilience, improved affordability, and increased foreign investment. However, uncertainties related to global economic conditions, including geopolitical instability and oil prices, could pose challenges in the future. 

(Host: Abhishek Law, Producer: Anjana PV, Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The podcast explores the opportunities and challenges in targeting the silver generation, or older people, in India. They discuss how this demographic, often overlooked by marketers, represents a significant market segment with great potential.

Shivakumar starts by emphasising that the world predominantly celebrates youth and youthful energy, focusing on the design of products and services primarily for younger demographics. He highlights that products have seldom been designed with the silver generation in mind, and that the lack of proper infrastructure and facilities, such as ramps for wheelchair users, further compounds the issue.

Shivakumar points out that digital marketing, which is a mainstream approach to reach people, is not effectively reaching the silver generation, as many of them are not on smartphones or the internet. He suggests that alternative marketing strategies like relationship marketing and community marketing may be more effective.

Meenakshi offers a nuanced perspective, stating that not all seniors are looking for assisted living. She emphasises that the 60-75 age group is often overlooked by marketers, even though they have significant spending power and fewer responsibilities than younger age groups. She highlights the need for better communication and products tailored to this segment.

The conversation then delves into why marketers have been slow to target this demographic. Meenakshi explains that many brands continue to focus on the mass market, where there are still untapped opportunities. However, she notes that seniors are now becoming more vocal about their needs and preferences.

The guests also discuss the potential for change in advertising, breaking stereotypes, and portraying active seniors. They mention that Amitabh Bachchan is an exception, being involved in advertising for various brands and showing that seniors can be digitally savvy.

The podcast concludes with the hosts emphasising that the silver generation has time, money, and loyalty. Meenakshi encourages marketers to build long-term relationships with this group, while Shivakumar suggests rethinking marketing approaches, creating a new playbook, and focusing on building habits with this demographic.

The podcast highlights the untapped potential of marketing to the older generation in India, the need to break stereotypes in advertising, and the importance of creating a new marketing playbook to connect with this demographic effectively.

(Host: Chitra Narayanan, Producer: Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of the Economy podcast, V Nivedita talks to authors Amit Basole and Rosa Abraham about the report, titled "State of Working India 2023". Basole, heading the Centre for Sustainable Employment, specialises in India's "jobless growth." Abraham focuses on informal work and women's employment in India's labour market.

The report presents positive shifts, including reduced caste-based segregation and gender-based earnings disparities. Yet, challenges persist, such as high unemployment rates and inadequate representation of women in the workforce. Notably, lower-caste entrepreneurs remain underrepresented.

The study highlights movements from agriculture to casual and salaried work, with distinctions in opportunities across communities. Access to quality education, social networks, and discrimination contribute to varying outcomes. Muslims, often engaged in traditional crafts, face barriers to diversifying their livelihoods.

Policies like the Mudra scheme aim to support self-employment, but their impact on expanding businesses remains limited. The gender pay gap has narrowed, attributed to increased education and women's concentration in higher-quality jobs. However, it coexists with declining female workforce participation.

The discussion underscores the need for policies addressing educational disparities, skilling, and expanding quality employment opportunities. The report emphasizes the nuanced realities of India's labor market, advocating for inclusive economic growth.

Srivatsava offers his expertise to provide insights into India's trade ties with Israel and the potential economic consequences of the ongoing conflict. Srivatsava clarifies that Israel is not a major trade partner for India, with the total trade volume amounting to $12 billion, representing a mere 0.75 per cent of India's total trade. He elaborates on India's exports to Israel, which predominantly consist of diesel and cut and polished diamonds, explaining that these two products make up 80 per cent of India's exports to Israel. 

He predicts that the ongoing conflict is unlikely to have a significant economic impact, primarily causing increased shipping and insurance costs and primarily affecting the diamond trade. 

The discussion then delves into the possibility of rising insurance costs and government intervention, with Srivatsava explaining that decisions regarding insurance costs are typically made by the Export Credit Guarantee Corporation (ECGC). While the government is not expected to intervene extensively, any potential cost-sharing discussions may occur between diamond traders and the government. 

The podcast further explores the potential impact on Indian companies and the country's arms trade with Israel. Srivatsava suggests that Indian intelligence must remain vigilant, given the potential for copycat attempts globally. 

The discussion also touches on the India-Middle East-Europe economic corridor, suggesting that the current conflict could disrupt the normalisation process between Saudi Arabia and Israel, which was a foundation for the corridor. However, it remains uncertain at this stage. 

In conclusion, the podcast addresses how Indian exporters and importers can deal with the uncertainty that lies ahead. Srivatsava believes that for India, which primarily exports diesel and diamonds to Israel, there is not much to worry about at this stage other than potential increased insurance and shipping costs. He maintains that the situation may evolve if the conflict escalates, but, for now, the impact on India's trade with Israel appears limited. 

(Host: Amiti Sen; Producer: Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In the podcast, Balasubramanian sheds light on the logistics job market. He said that the cost of logistics in India is about 14 per cent of the GDP, while the global average is around 8 per cent. However, the industry is not known for its high wages. He noted the high cost and low efficiency of the industry must be addressed. Skilling workers is another issue that must be addressed as a significant portion of the workforce in logistics is categorized as unskilled, he noted. Basic skills, like digital literacy and English comprehension, are increasingly important in the sector he noted.

He also said that technology adoption, including that of Artificial Intelligence and Machine Learning, is transforming the sector, creating new jobs in areas like data analytics, software development and automation.

In the podcast, Raja Simhan and Balasubramanian also discussed the formalisation the sector is currently undergoing. They talk about the growing trend of organized players entering the industry. This has led to increased investments in technology, improving productivity and reducing costs.

Balasubramanian observed that the demand for workforce is high at the entry-level, encompassing roles such as warehouse operations personnel, packers, movers, loaders, and last-mile delivery personnel. This accounts for the majority of the workforce in the logistics space, he noted. He also pointed out that the demand for labour increases seasonally and there is a higher demand for workers around the festive seasons.

Listen in to know more about how government initiatives like the National Logistics Policy, PM Gati Shakti scheme, and Production Linked Incentive Policy are key drivers to enhance efficiency, productivity, and competitiveness in the logistics sector.

(Host: TE Rajasimhan; Producers: V Nivedita, Siddharth MC)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this episode of the State of Economy Podcast Subramani Ra Mancombu delves into the world of food processing in India, where he explores its advantages, drawbacks, and future prospects. He is joined by Vicky Dodani, the founder of Agrizy, an agri-startup.  

India's food processing sector is a behemoth, with an expected output of $535 billion by 2025-26, making it one of the largest in the world. It provides employment for 20.3% of the workforce.  

Despite these impressive statistics, there's immense untapped potential. Vicky Dodani explains how food processing can be a game-changer for farmers and consumers alike.  

By processing perishable products during their harvest season and increasing their shelf life, India can significantly reduce wastage and provide stable incomes for farmers. Dodani gives an example of tomato processing, where a kilo of tomatoes can be transformed into tomato paste, preserving nutrient value and increasing profitability for both farmers and processors.

Moreover, the government's "One District, One Product" initiative aims to bolster specific product clusters and create a seamless link between global demand and India's abundant agricultural resources. This approach can reduce wastage, increase income for farmers, and enhance the country's overall food processing capabilities.

While there are challenges to overcome, including infrastructure limitations and changing consumer perceptions about processed foods, the future looks promising. With government support, digitalisation, and the quest for global markets, India's food processing sector is poised for growth.

(Host: Subramani Ra Mancombu; Producers: Nabodita Ganguly, Siddharth MC)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

 Over the past few years, M&A activity in India has experienced a significant surge. In 2022 alone, nearly 20 deals were completed, accounting for approximately $112 billion.

 Domestic M&A transactions dominated the scene with a total of 355 deals, while outbound transactions aggregated to about 61. Despite global headwinds like rising interest rates and elevated inflation, strategic M&A in India remains resilient, backed by robust domestic demand and healthy balance sheets.

 According to Nandini Chopra, the surge in M&A can be attributed to pent-up dry powder from private equity post-COVID recovery, which has fueled inbound transactions. While the IPO market has remained muted, private equity investments have played a significant role in capital requirements and valuations. The "China plus one" strategy has also attracted substantial foreign direct investments in India.

 Bharat Anand adds that investor confidence is driving M&A decisions, with many believing in India's upward trajectory. Sectors such as healthcare, pharma, and auto have witnessed significant M&A activity. The advent of Indian strategies consolidating and foreign sellers exiting Indian counterparts has added an interesting dynamic to the landscape.

 Looking ahead, the M&A landscape in India is up for evolution. Regulatory changes, including government disinvestments, competition amendments, and foreign direct investment rules, are expected to influence deal structures and activity. Additionally, a shift towards ESG compliance and environmental concerns is likely to reshape industries such as green energy and the circular economy.

 Despite uncertainties surrounding the upcoming elections, the overall outlook for M&A in India remains optimistic. M&A is not only driving economic growth but also contributing to job creation and innovation. As India continues to position itself geopolitically and strengthen international relationships, investor confidence in the nation's economic potential remains high.

 Listen in to learn more.

(Host: Jyoti Banthia, Producer: Siddharth MC & Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The move is very timely as the Indian system is clogged with delays sometimes running into a decade in certain competition cases, frustrating the hope for faster market corrections. 

So when the markets are dynamic and if relief comes after say ten years, then it doesn’t help anybody’s cause.

These draft regulations—issued under the aegis of Competition (amendment) Act 2023–therefore are looking to address the delay issue, giving corporates a window to quickly correct their market behaviour.

Currently, the entire process is time consuming as CCI after taking a prima facie view will order its investigation arm to investigate the matter. 

After a lengthy investigation, the DG (investigation) will submit a report and the report will thereafter be shared with  parties inviting their suggestions and objections. Thereafter all parties will be heard and rulings will be issued. This ruling will invariably be challenged before National Company Law Appellate Tribunal (NCLAT) and thereafter also further appeal is provided before the Supreme Court of India. 

So if we have look at present mechanism under the Competition Act, it takes decades for a matter to attain finality. Just to give an example, the CCI’s first intervention against a big tech issued in 2018 are still stuck at NCLAT level. 

Once the NCLAT gives a ruling, the aggrieved party will go to Supreme Court. Similarly CCI issued two high decibels orders against the same tech giant in October last year — still there is no market correction, there is no relief to consumers and there is no finality to the issue.

Considering these aspects and the delays caused in investigation and inquiry and the hierarchical appellate system, the government has decided to bring fast track system where parties can offer commitments or settlements in lieu of discounts of penalties levied by the regulator.

So Settlement & Commitment is a mechanism whereby parties will be induced for voluntary remedies to the regulator. 

Of course, the scope of the draft regulations has brought to the fore its share of controversies and uncertainties. For instance, cartels have been kept outside the scope of the Settlement & Commitment regulations. Cartel activity is considered to be a pernicious wrong. So the Settlement & Commitment regulations apply only when there is an abuse of dominance or there is anti competitive agreement other than cartel (horizontal agreements).

To get a better understanding of this proposed settlement and commitment mechanism, BusinessLine spoke to Samir Gandhi, a competition law expert with over two decades of experience and Co-founder Axiom5 Law Chambers, a law firm.

Listen in to the BL State of Economy Podcast  with Samir Gandhi to get a deep dive on proposed Settlement and Commitment regulations.

The episode begins by highlighting the recent high-frequency economic indicators released. Pant emphasises the importance of looking beyond monthly year-on-year growth figures and considering year-to-date trends. He addresses the issue of whether April should be considered as part of March or a separate month in deficit calculations. 

Analysing the first half of the fiscal year, henotes that while growth peaked in June, it is still in line with budget assumptions. However, he cautions that the real GDP growth is likely to decline in the following quarters, and inflation patterns, particularly in the wholesale price index (WPI), may affect nominal GDP growth and GST collections. 

Pant points out disparities in the consumption patterns, with higher-income groups driving consumption growth while lower-income segments lag. He also highlights variations in GST growth across different states, indicating regional disparities. 

The podcast details consumption demand and also about the recent uptick in GST collections. Pant urges caution, stating that past trends have shown short-lived growth spurts in consumption. He emphasises the need for sustainable growth and expresses concerns about potential shocks to the system if inflation remains high. 

Pant acknowledges the increase in capital expenditure in the podcast. He attributes this to governments front-loading their capital projects, leading to quicker returns on investments. However, he mentions the government's limited capacity for sustained fiscal stimulus, especially with a high deficit. 

The conversation touches on the unpredictability of corporate and income tax collections, citing fluctuations and the need to analyse longer-term trends rather than monthly variations. 

Regarding achieving the fiscal deficit target, Pant focuses on the role of disinvestment as a key factor. He notes that if disinvestment proceeds are substantial, the government may adhere to its deficit target. He also mentions the importance of cash management to avoid last-minute expenditure surges. 

Pant anticipates an inflation rate of 5.9% for September, considering factors like oil prices, fruit prices, and the pass-through effect on consumers. He highlights the persistent double-digit inflation in cereals, which affects those with a higher share of food expenses and can impact consumption and interest rates. 

Pant points out the need for sustainable consumption growth, the challenges in managing the fiscal deficit, and the impact of inflation on different segments of the population. It also highlights the significance of disinvestment and cash management in achieving fiscal targets. 

(Host: Shishir Sinha, Producer: Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Vasisht highlights how events like the Russia-Ukraine conflict have impacted global markets and sent liquefied natural gas (LNG) spot prices soaring. This led to increased prices for gas produced from legacy fields in India. The conversation delves into the implications of these price fluctuations on various sectors, such as oil and gas, fertilisers, petrochemicals, and chemicals. It also explores the impact on industries like automobiles, especially those relying on compressed natural gas (CNG), and the city gas distribution sector. The Indian government's ambitious plans for expanding city gas distribution are also discussed.

Vasisht provides insights into India's domestic gas production and consumption trends, emphasising the expected increase in domestic production in the coming years. He also discusses India's efforts to secure long-term gas contracts to meet its growing demand.

Kala and Vasisht’s conversation touches on how the shift to EVs poses challenges for CNG suppliers. Balancing both options amid financial constraints and growing EV adoption is complex. Public transport corporations invest in EVs, potentially impacting CNG’s market share as EVs become more cost-effective. This transition presents a complex challenge in the transportation sector.

The podcast also explores India's investments in floating storage and regasification units (FSRUs) for LNG imports, considering the global competition for such vessels. The challenges of expanding LNG infrastructure and the need for further development are addressed.

Finally, the podcast addresses the government's goal of increasing the share of gas in the energy mix to 15 per cent. Vasisht highlights the challenges, including infrastructure expansion, regulatory hurdles, taxation issues, and the need for uniform policies to promote gas consumption across various sectors. Listen in!

(Host: Rishi Ranjan Kala, Producer: Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Climate change has significantly affected agricultural production in India, particularly in food grains and pulses. India banned wheat exports and curbed rice exports due to these challenges. Prices of pulses have surged in recent months, and abnormal southwest monsoon patterns have added to the woes. The deficiency in monsoon rainfall, while partially addressed by September rains, has still raised concerns.

Sesh emphasizes the interconnectedness of all markets, from production to consumer markets, and the need to view them holistically. He discusses the integration of traditional physical mandis with virtual platforms like eNAM and ONDC, transforming Indian agriculture into an industry.

Regarding the upcoming crop season, Sesh expresses optimism about wheat production but highlights concerns about pulses, anticipating potential shortages. He also touches on the impact of El Nino on Indian agriculture and the global issues affecting food supply, such as the Ukraine-Russia wheat dispute.

The accuracy of crop assessments in India is questioned, with Sesh acknowledging data entry challenges and efforts to improve data quality. He also discusses the use of technology like drones, satellite imagery, and IoT in enhancing data collection and production estimation.

The conversation delves into the pricing of agricultural products and measures to ensure affordability while supporting farmers. Sesh emphasizes the shift from food security to nutritional security and the growing demand for pulses and proteins in India.

Finally, the discussion expands to the idea of a global agriculture strategy for India, involving agriculture production in other countries. Sesh suggests that India should explore opportunities for agriculture expansion beyond its borders, similar to strategies adopted by China and Saudi Arabia.

Listen in!

(Host: Subramani Ra Mancombu, Producer: Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

In this episode of the "State of the Economy " podcast, businessline's Parvatha Vardhini C talks to Vinit Sambre, Head Equities at DSP Mutual Fund, who knows this space well, about the outlook for mid-and small-cap stocks.

In the podcast, Sambre attributed the rally in these stocks to a surge in liquidity and more high-net-worth individuals entering the space and said that ultimately, if earnings growth doesn't match up to the expectation, there could then be a reality check for these stocks. He advised investors in this segment to have a long-term investment perspective. He also cautioned them about investing in microcap companies, which are known for their higher volatility. 

Though many passive fund launches have happened in the small-cap segment, Sambre advocated for actively managed in this space, asserting that select companies have the potential to outperform indices in the long run. 

Listen to this podcast to get a comprehensive understanding of the complexities and opportunities in the mid- and small-cap space.

(Host: Parvatha Vardhini C; Producers V Nivedita)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Shantanu Bhadkamkar highlights that India should focus on creating global-scale logistics infrastructure to support its growing economy. He suggests that states should compete to establish such infrastructure and cites examples from countries like Switzerland and Singapore that have successfully implemented multimodal transport systems.

Moreover, he addresses the issue of high logistics costs in India and proposes a targeted approach to optimize logistics operations, industry by industry, region by region, tailoring solutions to the specific needs of each sector.

Join us in this insightful conversation to learn more about the potential and challenges of multimodal transport and how it can contribute to India's journey toward becoming a trillion-dollar economy.

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Kumar highlights the significant progress in India's defence industry, with new private companies and startups entering the sector.  

However, he emphasises that these developments are just the beginning of India's journey towards becoming a significant player in the global defence ecosystem.  To reach this pinnacle, he identifies several areas requiring fundamental reforms:

1. Defence R&D Ecosystem: Kumar stresses the need for reform in the defence research and development ecosystem to foster innovation and technological advancements.
2. Procurement Reforms: Simplifying the complex defence procurement process, which currently leads to lengthy delays, is identified as a priority. The aim is to reduce procurement time and align it with the functional needs of the armed forces.
3. Public-Private Partnerships: Encouraging private-public partnerships to undertake significant defence projects, fostering innovation on a larger scale.
4. Civil-Military Collaboration: Promoting collaboration between the defence and civilian sectors to adapt defence technologies for broader commercial and civil applications.
5. Technological Advancements: Focusing on developing capabilities in rare earth materials and ensuring the quantum-proofing of cyber-infrastructure to safeguard national security.

 The discussion also touches upon concerns raised by the defence industry regarding taxation, protection periods, and supply chain structures. Kumar emphasises the importance of addressing these issues and ensuring that the defence sector remains vibrant and competitive. 

Regarding the defence budget, Kumar indicates that there has been substantial growth in defence allocations in recent years, and he believes that legitimate defence requirements will continue to be met. 

On the issue of the ongoing border tensions with China, Kumar highlights India's firm response and readiness to protect its interests. He emphasises the importance of dialogue and adherence to principles of non-aggression. The podcast concludes with a discussion on India's role in promoting global peace and the need for diplomatic solutions to international conflicts.  

(Host: Dalip Singh, Producer: Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of The Economy podcast, Ronendra Singh talks to Santosh Iyer, the Managing Director and Chief Executive Officer of Mercedes-Benz India, to understand the nuances of the luxury car market in India.

They delve into various aspects, ranging from the sedan vs. SUV preference to the impact of fuel choices, taxation issues, and the growing popularity of luxury electric cars, especially among environmentally conscious consumers.

As the festive season kicks off, Santosh shares his perspective on the current market performance and what to expect in the coming months. He highlights that the demand for luxury cars is on the rise, with customers eagerly awaiting deliveries during the festive period, projecting robust growth compared to the previous year.

The conversation also delves into the role of electric vehicles (EVs) in the luxury car segment and the shifting demographics of buyers. Santosh emphasises that it’s not just about age; it’s about the mindset of buyers who seek technology, sustainability, and pride in owning EVs.

The conversation shifts towards SUVs and the availability of different options, revealing that the SUV segment is gaining traction. Santosh sheds light on the ratio of SUVs to sedans and the continued demand for diesel engines in luxury cars, emphasizing the benefits they offer.

The discussion touches on government policies, including biofuels and EV incentives, and the potential impact of new entrants like Tesla in the Indian market. Santosh believes Tesla’s arrival will accelerate EV awareness but notes that they cater to different segments.

Finally, Santosh addresses the impact of higher interest rates on luxury car buyers and the industry’s efforts to provide competitive financing options. 

Read the full interview here

Public-private partnerships are driving growth in the space sector. Initiatives like privatisation of launch vehicles and collaborations with private companies are expanding opportunities. Government policies, such as the exception to GST, have further incentivised private space enterprises.

The podcast also delves into the potential benefits of the Production-Linked Incentive (PLI) scheme for the space sector, encouraging foreign companies to set up operations in India and enhancing the country’s capabilities in critical areas like satellite technology.

Despite the sector’s promise, challenges remain. Limited investor interest at later stages of development is a concern, and the talent pool for space tech startups needs to grow. Policy clarity, simplifying the foreign direct investment (FDI) process, and addressing capital-intensive requirements are other key challenges. Moreover, India needs to catch up in terms of certain space technologies that are currently lacking.

Listen in!

In this episode of the State of the Economy podcast, Lokeshwarri SK talks to Mahendra Jajoo, CIO, Fixed Income, Mirae Asset Investment Managers. Jajoo helps decipher on the implications of this move.

The discussion looks at the intricacies of this development, which marks the culmination of prolonged anticipation within financial circles. The inclusion of Indian government bonds into the JPMorgan Bond Index is a testament to India's growing prominence in global financial markets.

Mahendra Jajoo elucidates the pivotal role played by a freely accessible route introduced by the Indian government several years ago, which paved the way for this achievement. The podcast looks at the timeline for this inclusion, scheduled to commence in June 2024, with the 10% threshold expected to be reached by March 2025.

The podcast also explores the potential impact on Indian bond yields. Despite initial market volatility, Mahendra Jajoo emphasises that global economic factors, including inflation and growth rates, make a significant decline in bond yields an improbable outcome in the short term.

The conversation extends to the prospect of other index providers, such as Bloomberg and FTSE, following suit. Jajoo expresses a positive outlook, underlining the robustness of the Indian market and the geopolitical considerations that favour the inclusion of Indian sovereign bonds in their indices.

Mahendra Jajoo addresses concerns pertaining to foreign investors' past reluctance to utilize their investment limits for Indian bonds. He postulates that, as global interest rates stabilise and alternative market opportunities diminish, India's attractive yields and stable market conditions are poised to attract heightened foreign investment.

 As the telecom operators seek their share of the pie, the government is contemplating new regulatory measures to bring over-the-top (OTT) applications under the purview of the Ministry of Communications.

 In this episode of the State of the Economy podcast, businessline’s Ayushi Kar speaks to Mansi Kedia, Senior Fellow, Indian Council for Research on International Economic Relations, and Bharath Reddy, Programme Manager, The Takshashila Institution, about the various aspects of this regulatory debate.

 The telecom operators argue that they are burdened with high taxes, regulatory costs, and infrastructure expenses, while OTT platforms benefit without complying with these obligations. With revenues from calls and SMS plummeting, telecom companies rely heavily on data for their income. They argue that they need a level playing field and contributions from OTT players to invest in network upgrades, especially for the transition to 5G.

 The debate explores the sincerity of these arguments, potential alternatives for funding infrastructure, and the challenges of regulating OTT apps. Key issues such as net neutrality, selective app banning during unrest, and the appropriate regulatory authority for OTT apps are discussed.

 In conclusion, the podcast presents a nuanced discussion on the complexities of regulating OTT apps and telecom operators in the context of India's evolving digital landscape. Listen in.

(Host: Ayushi Kar, Producer: Nabodita Ganguly & Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The G20 Summit featured leaders from India, Washington, and around the world, gathering in Delhi and managing to reach a consensus on a joint communique. This was a remarkable diplomatic feat, as Indian negotiators successfully persuaded Western nations and the Russia-China duo to compromise on language regarding the Ukraine conflict. The joint communique was celebrated for acknowledging the importance of global South issues and not letting them be overshadowed by global concerns.

Dr. Dhar considers the achievement of a joint communique as a significant one. There were concerns that the summit might not produce any declaration, which would have posed a threat to the G20’s cohesion. India’s role in bringing the 55-member African Union to the table added to the complexity, making the declaration’s success crucial.

However, when dissecting the contents of the joint communique, Dr. Dhar expresses disappointment. The declaration lacks substantial provisions for developing countries, particularly in areas such as debt restructuring and financial support. Debt restructuring is vital, especially for low-income countries, many of which are members of the African Union. Addressing their debt burdens is critical to achieving sustainable development goals. The joint communique’s framework for debt restructuring is deemed inadequate, as it does not involve private creditors or multilateral development banks.

Moreover, the summit discussed issues like climate change, biofuel alliances, and phasing out fossil fuel subsidies. While these are important steps toward addressing environmental challenges, Dr. Dhar highlights the need for concrete actions beyond mere commitments.

The podcast also delves into the announcement of the India-Middle East-Europe economic corridor, which promises to boost trade between India and the European Union. However, concerns arise about the allocation of resources, as India has previously invested in infrastructure projects in its eastern flank.

One of the significant developments during the summit is the admission of the African Union as a permanent member of the G20. While this is a commendable step toward greater representation for the Global South, the key question remains: what will these countries gain from sitting at the high table, and how will India ensure their interests are properly represented?

The G20 Summit’s joint communique is seen as both an achievement and a missed opportunity. It underscores the importance of global South issues but lacks substantial provisions for developing countries. The success of the summit hinges on tangible actions to address these issues and ensure equitable representation of the Global South within the G20.

Sheth explains that online pharmacies act as intermediaries between patients and pharmacies, ensuring the safe and convenient delivery of medicines across the country. He emphasises the industry’s compliance with prescription requirements and data protection laws.

The discussion covers the challenges faced by the online pharmacy industry, such as concerns about prescription abuse and antibiotic resistance. Sheth argues that these issues exist in both online and offline formats and that the focus should be on solving industry-wide problems. He highlights the benefits of technology in addressing these challenges and ensuring a level playing field for all pharmacy businesses.

He also talks about discounts and advertising, stating that online platforms offer discounts based on partner retailers’ margins and that cross-selling and upselling contribute to patient retention. Regarding data protection, he assures that online platforms follow strict guidelines and store patient data securely within India. He calls for industry-wide solutions rather than targeting online platforms alone.

Listen in!

(Host: Jyothi Datta, Producers: Jayapriyanka J, Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The episode also talks about the recent report published by NCAER, which provides crucial insights into the gig economy. It explores how gig workers in India differ from those in developed countries and the implications for social security policies. The conversation highlights the transformation from trust-based to transactional contracts and the evolving concept of formality in the gig economy.

Professor Bandari discusses the distinctions between active, inactive, part-time, and full-time platform workers, revealing their motivations and backgrounds. The study uncovers the reasons behind workers joining the gig economy and how their tenure affects their perspectives on this evolving employment landscape.

Listen in!

(Host: Nivedita V, Producer: Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The private credit market in India has gained popularity in recent years, with significant growth following the IL&FS crisis in 2018. Foreign institutional investors initially filled the liquidity gap in the market, but domestic fund managers, family offices, and high-net-worth individuals have also become active participants in private credit investments. Over the last few years, the market has seen over $15 billion in private credit transactions, with real estate being a significant portion of it. 

The Indian real estate market has experienced an upcycle, driven by factors like increased affordability, rising salaries, and reasonable mortgage rates. This trend is expected to continue for the next few years, maintaining healthy levels of demand. 

Regarding mortgage rates, Khandelia does not anticipate a significant increase in rates, as India is in a better position compared to many other countries. Despite a 2 per cent increase in rates over the past year and a half, it has not significantly impacted demand for real estate. 

Private credit opportunities in India are evolving, with growth opportunities and special situations being prevalent. Major cities like Mumbai, Bengaluru, Hyderabad, and NCR are showing robust growth in various real estate segments, including residential, warehousing, and data centres. 

Family offices in India have become significant investors in real estate and private credit. As generational shifts occur, wealth is being converted into family offices, and they are increasingly looking for opportunities in these asset classes. 

On being asked about Certus Capital’s plan for the next five years, Khandelia says that the company aims to participate in the growth of India's alternative credit market, expanding beyond real estate to various credit categories. Listen in.  

(Host: Abhishek Law, Producer: Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

The panel analysed the evolving nature of logos and identities in today’s fast-paced world, where technology, sustainability, equality, and inclusivity play significant roles. The experts highlighted logos play an important role in creating instant brand recognition as it can help consumers identify the product and connect with brands.

They also pointed out that logo changes are often more about the internal transformation of a company and its response to changing societal and economic dynamics. They acknowledge that while some resistance to logo changes is expected, but believe that a well-executed redesign can enhance a brand’s identity and communicate its values effectively.

Listen to this podcast, to know more about why logos will stay relevant in the branding landscape and why brands need to adapt to meet evolving consumer expectations.

(Host: Chitra Narayanan, Producer: V Nivedita)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

The FinTech ecosystem in India can be broadly categorised into three segments. The initial phase of FinTech was primarily driven by payments, with innovative companies pioneering digital payment solutions. Subsequently, FinTechs expanded their horizons to lending, wealth management, and insurance, either as distributors or product manufacturers. The third segment involves FinTechs acting as enablers and service providers for established financial institutions such as banks and NBFCs.

Investment has been a vital factor fuelling the growth of FinTech in India. Over the years, the sector has attracted substantial investments, with over $25.8 billion poured into FinTech ventures since 2014. While the pace of investments may have tempered in recent times, this is seen as a temporary phase, with investors recalibrating their strategies.

Furthermore, the regulatory landscape has been crucial in shaping the trajectory of FinTech in India. The Reserve Bank of India has introduced guidelines to ensure the responsible growth of the sector. These regulations have aimed to strike a balance between encouraging innovation and safeguarding the interests of consumers and the financial system.

One notable development is the concept of Self-Regulatory Organisation. SROs could provide a collaborative platform for FinTech companies to collectively address challenges and establish industry standards, fostering a more mature and accountable ecosystem.

The FinTech sector in India is poised for sustained growth, driven by innovation, investments, and a collaborative approach to regulation. It continues to be a beacon of opportunity for both startups and established financial institutions, promising a future where technology revolutionizes financial services for the benefit of all stakeholders.

Listen to the podcast!

(Host: Jyoti Bantia; Producers: Anjana PV, Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

India, and indeed the world, is seeing a return of inflation, particularly in food crops, due to El Nino. In the long run, equities are the only asset that can beat inflation. But in the short run, can inflation damage growth and earnings? Asked her views on this, Roshi said that it is difficult to take a call on how long inflationary pressures from food can last. However, the government and RBI were working on a two-pronged approach to contain inflation. So, inflation can have a short-term impact on consumption spending. But it is possible to construct a portfolio with companies that can tide over such transient issues and equities that will beat inflation in the long run. Nothing so far, she said, has made her change her long-term projections for portfolio companies.She was among the early fund managers to spot value in corporate bank stocks, particularly PSUs. After the recent rally in these stocks, is there a runway to rise further?

Roshi said that select banks, due to their long-term competitive advantages will continue to do well, with sustained economic growth itself providing a growth runway for these banks. Bank balance sheets are well capitalized with healthy asset quality. She felt valuations were still attractive in the context of growth levers and the competitive situation. On the PSU versus private banks question, she pointed out that ownership is only one dimension of the decision to select banking stocks and there are many others. 

On the re-rating of PSU stocks, and whether structural changes justified it, Roshi talked of the need to look at both the business cycle and prospects of individual companies when it came to investing in PSUs. The business cycle being in favour of capex and infrastructure investments is playing out in favour of PSU stocks. So instead of generalizing and juxtaposing past performance with the future, we need to look at PSUs on their own merit.

Typically, in India, whenever general elections approach, equity markets turn very volatile. How does Roshi, as an equity fund manager, approach such an event?

Roshi replies that she keeps her sights firmly on long-term prospects of her portfolio companies and looks to such events as opportunities to acquire positions in good companies. Equities are a long-term instrument, and we are long term fundamental research-oriented investors. I believe that as long as we stay disciplined to our investment philosophy to our process, we should actually be able to take advantage of any short term volatility in order to create long term value for our investors. I think with that philosophy in mind, volatility actually becomes something that we can take advantage of, rather than be wary of.

(Host: Aarati Krishnan, Producers: Anjana PV, Nabodita Ganguly)

Despite the turbulence, he anticipates that gold and silver prices will continue to rise in the coming quarters, primarily driven by inflation, interest rate movements, and geopolitical factors.

Regarding gold’s outlook, Colin Shah suggests that the upside potential could reach as high as $2,100 an ounce, while the downside risk is relatively limited, with a possible correction of around $50. Factors such as inflation data, employment figures, and interest rates are crucial in determining these price movements.

Regarding silver, Colin Shah notes that it has also experienced volatility but, interestingly, gold and silver tend to follow similar patterns. The demand for silver, especially during the gift-giving season around Diwali and Christmas, is expected to remain strong, potentially leading to price gains.

Colin Shah also touches upon the impact of external factors such as ongoing geopolitical tensions, like the Ukraine crisis, which can further influence precious metal prices.

Shifting to the Indian context, Colin Shah discusses the performance of the domestic precious metal sector over the past eight months. The industry has witnessed periods of strong retail demand followed by relatively slower phases. He attributes this volatility to various factors and anticipates a more stable and positive season ahead, driven by upcoming elections and an increase in wedding-related demand.

Regarding lab-grown diamonds, which are gaining acceptance as an alternative to natural diamonds, especially in Western markets. Colin Shah highlights government support and growing consumer interest, particularly in the US, where 30 per cent of engagement rings sold recently featured lab-grown diamonds. He predicts a promising future for the lab-grown diamond industry in the coming years.

Listen in for further insights! 

(Host: Subramani Ra Mancombu; Producer: Siddharth MC)

India’s GDP grew by 7.8 per cent in the April-June quarter of FY23-24, and around 415 million people were lifted out of poverty in just 15 years. However, the challenge remains in generating sufficient jobs. Mody identifies historical factors contributing to India’s job creation issues, tracing back to Jawaharlal Nehru’s heavy industrialization strategy, which didn’t create many jobs. Meanwhile, East Asian nations excelled in labor-intensive industries like textiles and electronics. India’s lack of investment in human capital, especially education and female workforce participation, hindered its progress.

Mody emphasises the importance of mass education, good nutrition, and health in creating a skilled workforce. He criticises the focus on digital infrastructure, highlighting the necessity of human-to-human interaction in education. He calls for a system that generates quality teachers and gives them the respect they deserve, similar to Finland’s approach.

Regarding labor-intensive sectors, Mody opposes sector selection and advises creating conditions conducive to labor-intensive manufacturing. He argues for a cheaper rupee to boost exports, citing the success of East Asian economies in making their currencies attractive to international buyers.

Mody addresses the issue of women’s low workforce participation, attributing it to violence in urban areas and the mechanization of agriculture. He stresses the need for a safer environment and the importance of changing social norms.

In conclusion, India’s economic growth is promising, but job creation and education quality remain significant challenges. Addressing these issues requires a focus on mass education, quality teachers, and conditions for labor-intensive manufacturing, along with creating a safer environment for women in the workforce.

Listen in!

Host: V Nivedita; Producer: Jayapriyanka J

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

One of the central themes of the episode is India’s GDP growth rate, which stands at a remarkable 7.8% for the April-June quarter, marking a significant leap from the previous quarter’s 6.1 per cent. 

GDP, GST collections, and the fiscal deficit, collectively paint an optimistic picture, indicating that India’s economy is on an upward trajectory, but what do these mean.

This state of the economy podcast takes a look into the factors behind this robust growth. Aditi cautions against comparing year-on-year growth due to the unique circumstances of Q1 FY24, which followed the initial recovery phase from the pandemic-induced lockdown in Q1 FY23.

Nayar offers a nuanced breakdown of the GDP growth, focusing on the anticipated performance of the manufacturing sector. She says that while corporate sector margins have improved thanks to declining commodity prices, interpreting growth is complex, especially considering the role of unorganised sectors and volume indicators.

Private consumption, investment activity, and government spending are the three pillars of economic stability discussed in detail. Aditi underscores the mixed trends in these areas, highlighting the resilience of private consumption despite inflationary pressures.

With the general election on the horizon, Aditi highlights the government’s efforts to front-load capital expenditure to ensure budget targets are met. Central tax devolution and the capex loan scheme also come into focus as indicators of the government’s commitment to infrastructure investment.

The podcast takes a deep dive into high-frequency indicators like the core sector’s growth and the manufacturing PMI, providing a thorough examination of their significance and potential impact on overall industrial production.

GST collections remain steady and support the fiscal landscape. However, inflation emerges as a concern, with fluctuating food prices and erratic monsoon patterns posing challenges.

Aditi hints at a cautious approach to revising the full-year GDP forecast, maintaining a 6% growth projection while acknowledging the dynamic nature of India’s economic landscape.

(Host: Shishir Sinha; Producer: Anjana PV)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

Asked about why gold, despite being a safe haven, hasn’t really delivered blockbuster returns despite the many crises afflicting the world - from the pandemic to the Russia-Ukraine war and the current bout of inflation, Chirag explains that this could be due to some of these crises proving short-lived. In the Russia-Ukraine war, for instance, the impact has been contained because it has been restricted to the two nations without wider participation. Central banks have been in a rate hiking spree in recent times, and this has resulted in rising rates on treasuries and other instruments that compete directly with gold. He believes that gold has the potential to outperform, once central banks begin to withdraw liquidity and lower rates in response to a slowdown or recession.

Explaining how Gold Exchange Traded Funds score over Sovereign Gold Bonds (SGBs) as routes to own gold, he points out that ETFs have two attributes that help investors seeking diversification. They offer anytime liquidity which helps investors add to their exposure or reduce it depending on their asset allocation needs. They are also completely backed by physical gold, which isn’t the case with SGBs. This backing lends investors confidence that they are indeed owners of bullion.

On the question of some gold ETFs lacking liquidity and trading at market prices that are way off their NAV, he suggests that investors look at the Gold Savings Fund route to take their ETF exposure. Gold savings funds, which are open-end funds as institutions get to buy and sell gold ETF units at the right price and offer anytime liquidity to the investor. He notes that Quantum Gold Savings Fund charges very nominal fees. He believes that this is a good time to add gold ETFs to one’s portfolio as a diversifier.

(Host: Aarati Krishnan, Producer: Darshan Sanghvi)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Basu identifies the primary culprit as monetary factors, particularly rapid money supply growth in the United States, which surged in the aftermath of the COVID-19 pandemic. This monetary expansion was further exacerbated by substantial fiscal stimulus packages in late 2020 and early 2021, which fueled consumption. 

Comparing this episode to historical instances of high inflation, Basu mentions that in the early 1980s, the developed world experienced double-digit inflation. He also discusses supply-side constraints, like those caused by the oil price shocks of the 1970s, but emphasises that this time, monetary factors played a more significant role. 

Basu highlights the importance of central banks monitoring monetary aggregates and acknowledges that central banks have largely shifted their focus from money supply growth in recent years, a mistake in his view. He explains that the rapid money supply growth in the U.S. from 2020 to 2022 was unparalleled in the last 80 years, contributing significantly to the current inflationary episode. 

As central banks like the U.S. Federal Reserve grapple with inflation well above their targeted rates, they are tightening monetary policy to control it. Basu also notes the impact of fiscal policy, with the U.S. running a significant fiscal deficit, contributing to the inflationary pressure. In conclusion, while the central banks prioritise inflation containment, the impact on economic growth remains a significant concern, especially with fiscal policies adding to the mix. 

Listen to the podcast!  

In the podcast, Kumar Rakesh explains why the IT industry's growth has moderated over the past year and how the current downturn is distinct from previous cycles. He also explains the path to recovery.

Kumar also explains how the sector's growth moderation is different this time. In the past, during economic downturns, companies reduced their investments to address profitability concerns resulting from rising interest rates. He notes that corporations in the US are currently less stressed about interest rate hikes as they have significantly reduced their debt burdens over the last decade.

He notes that manufacturing industries have not cut their IT spending, indicating a decoupling of tech spending from end-market performance. This shift, he adds, shows how IT spending is becoming more strategic and long-term focused.

When asked about specific companies, Kumar highlights that Tata Consultancy Services (TCS) and HCL Technologies are likely to perform well. TCS excels in cost optimisation deals, while HCL's capabilities in the cloud space position it well to benefit from the ongoing trend of long-term technology investments.

Generative AI's role in generating revenue is also discussed in the podcast. Kumar explains that enterprises are currently in the exploratory stage, trying to understand how to best utilise generative AI tools. He believes that generative AI could become a meaningful contributor to revenue when companies transition from exploration to implementation.

NCDEX has seen increasing interest in futures trading and derivative products, with agri commodities like spices and guar performing well due to international price trends. The CEO highlighted the exchange’s role in attracting new participants, including corporate houses previously focused on other commodities.

Raste emphasised the potential of options trading as a complementary tool to minimum support prices (MSP) for farmers. He explained that options provide a form of price insurance, ensuring farmers receive a predetermined price regardless of market fluctuations. This approach allows farmers to manage risk and benefit from potential price increases. He also talked about the need for government support and private sector involvement in promoting options trading among farmers, alleviating the burden of MSP subsidies.

Regarding farmer participation, Raste discussed initial challenges and the role of Farmer Producer Organizations (FPOs) in facilitating access to options trading. He mentioned that while some FPOs initially required subsidies to participate, a growing number are now willing to engage without financial support. State initiatives in Maharashtra and discussions with NABARD (National Bank for Agriculture and Rural Development) indicate increasing interest in options trading at the regional level.

Looking ahead, NCDEX is planning to introduce new products pending regulatory approval. Proposed additions include sunflower oil and carbon credits contracts, expanding the range of trading options available on the exchange. The CEO expressed optimism about the potential benefits of these innovations for both farmers and the broader agricultural sector.

Listen to the podcast to know more about the NCDEX Commodity Exchange’s efforts to promote futures trading, derivatives, and options trading to benefit farmers and enhance the agricultural sector’s resilience.

(Host: Subramani Ra Mancombu, Producers: J Jayapriyanka, Siddharth MC)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Ekambaram highlighted in the podcast that the critical role this platform plays is in addressing the challenges of financial inclusion. In regions beyond major urban centers, these platforms act as a bridge by allowing lenders to assess creditworthiness using a wide range of alternative data points. This approach is instrumental in serving the middle class and individuals lacking robust credit histories. Unlike a traditional lending platform, it isn't a direct lender itself but rather a catalyst that empowers lenders to make informed credit decisions. Public tech platforms tap into a comprehensive database of customer data, including credit history, transaction records, and property details.

The platform's impact on customer engagement and underwriting is profound. By providing access to real-time data, it streamlines the decision-making process, reducing turnaround times and enhancing the accuracy of risk assessment. This is particularly pertinent in scenarios like evaluating secured loans, where property details and other critical information can be promptly accessed.

While the concept is still in its early stages, Ekambaram emphasises that its potential for positive change is significant. Just as the adoption of digital banking services, Aadhaar, and UPI has transformed the sector over the years, these platforms offer a promising pathway to further financial inclusion, improved underwriting, and better customer experiences. As the platform continues to evolve and more players integrate with it, it holds the promise of democratising access to credit and ushering in a new era of collaborative financial innovation.

Listen to the podcast now!

(Host: Hamsini Karthik, Producers: Anjana PV, Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

With the drive towards clean energy, battery storage has become pivotal. Altmin has partnered with the International Advanced Research Center for Powdered Metallurgy and New Materials to set up a CAM production facility in Hyderabad. This collaboration, along with international partnerships, underscores the importance of technology in bolstering India’s battery ecosystem.

The CAM licensing rests exclusively with Altmin on an international scale, highlighting the company’s pioneering efforts. Maurya discusses the challenges of sourcing battery materials, notably lithium, which is largely controlled by China due to its control over raw materials and processing. Altmin aims to address this dependency by establishing refining units in mineral-rich countries, a move that would enhance India’s lithium security and streamline the supply chain.

Amidst these challenges, Altmin’s journey showcases India’s efforts to secure critical battery materials domestically. The company’s focus on cathode materials, particularly LFP (lithium iron phosphate), aligns with the evolving market trends. Tesla’s shift to LFP and the growing awareness of thermal stability benefits have fueled interest in Altmin’s approach.

The podcast conversation also touches upon India’s strides in recycling battery materials, with various companies working to establish recycling plants. Moreover, the government’s support, including initiatives like the advanced cell chemistry PLI, aims to nurture a robust battery ecosystem.

Listen in!

(Host: Rishi Ranjan Kala, Producer: Jayapriyanka J)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Karwa provides insight into the key factors contributing to indecision among investors and how long it might continue. He notes that between March and July, Nifty, small cap, and mid cap indices experienced significant gains. Robust inflows from foreign portfolio investors (FPIs) further fuelled the rally. However, a recent change in FPI inflows has affected market dynamics, causing a shift in sectoral performance.

He notes that sectors like pharma, IT, media, and realty picking up momentum. He advises investors to focus on individual stock prospects rather than being overly concerned about Nifty’s short-term movements.

In the podcast, Parvatha Vardhini and Karwa analyse the Q1 results of Indian companies. They decode how profits are growing strongly even though revenue growth is in the mid-single digits and talk on the earnings prospects of corporate India for the rest of this fiscal year. They discuss how inflation and uneven monsoons will impact the economy and the markets.

They also talk on how external factors like rising US treasury yields and Chinese slowdown could impact the Indian equity markets and how domestic investors, SIP inflows, and domestic institutional ownership can play a balancing factor in market dynamics.

(Host: Parvatha Vardhini C; Producers: V Nivedita, Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Padmanabhan explains the vital role of transshipment in India's aspirations to become a $ 5 trillion economy.

He emphasises the importance of optimising logistics and reducing costs for trade, underscoring the strategic need for a transshipment port to facilitate these goals. The speaker also mentions the growing size of container ships, highlighting how larger vessels can significantly reduce transportation costs.

Padmanabhan acknowledges challenges such as environmental concerns, funding requirements for a greenfield project, skill development, and ecological impact. He sees the Nicobar Island project as a long-term endeavour, spanning a decade or more, to ensure it aligns with India's evolving economic landscape.

He underscores the geopolitical importance of securing trade routes and suggests that multiple ports will serve different shipping lines, each potentially adopting a specific port for their operations.

Jagannarayan analyses the feasibility of generating substantial container traffic for the new port, suggesting a gradual increase in capacity based on India's economic growth trajectory. He discusses the potential for a variety of cargo types, such as bulk and liquid, while emphasising that containers remain the primary focus due to their cost-saving and trade-securing advantages. He discusses the transformative potential of the port and sees it contributing to cost reduction, trade security, and increased containerisation of cargo. Listen to the podcast!  

(Host: T E Raja Simhan, Producers: Anjana PV & Siddharth MC)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Garodia suggests that this decline is due to the slump to a range of global challenges, such as the war in Ukraine, a slowdown in China’s economy, and the cost-of-living crisis. He highlights how these factors have disrupted international trade patterns, leading to weakened global demand and exposing vulnerabilities in the global trading system.

He stresses the need to diversify markets to mitigate risks and reduce reliance on traditional trade partners. He added that negotiations for free trade agreements (FTAs) with various regions, including Africa and Latin America, as steps towards this diversification. Additionally, he discusses India’s negotiations for FTAs with significant markets like the European Union, the UK, and Canada, which could boost demand and exports.

The discussion also explores the opportunity presented by China’s economic challenges, with a “China Plus One” strategy emerging as a global trend. Goradia explains that India should capitalise on this strategy by building its capacity, expanding supply chains, and becoming a reliable alternative to China in global trade. Garodia also explains how the EU’s Carbon Border Adjustment Mechanism could impact trade with the region.

Listen to the podcast to know more about the factors impacting India’s exports and the strategies that India can use to navigate these challenges.

(Host: Amiti Sen, Producers: J Jayapriyanka, Anjana)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The discussion covers various aspects of security provided by CISF, its scope of services, and its vision for the future. The DG elaborates on the CISF's role in safeguarding industrial installations, airports, metro systems, and more, emphasising the force's contribution to economic development and national security. He outlines the historical background of the CISF, which originated in 1969 after a fire incident, and highlights its growth to become a force of 1,80,000 personnel. 

Read: Troop Comforts Limited bags 5,000 snow boots order for Nepal armed police forces

The conversation also delves into the revenue model of the CISF. It involves providing security and consulting services to private industries and institutions, generating income based on a fixed scale set by the Ministry of Home Affairs. The fees paid by clients go to the consolidated fund of India, not CISF directly. CISF recoups around 85 per cent of its expenditures through this method. 

Discussing emerging threats, the conversation also touches on the integration of technology, including drones and cybersecurity. The DG explains how CISF is equipped to handle these challenges and collaborate with other agencies to ensure preparedness and an effective response. 

When questioned about the CISF's role in fire safety, especially in high-rise buildings and changing urban landscapes, the DG emphasises the importance of training and upskilling and mentions initiatives to enhance fire safety standards across cities.  

Read: Big revenue boost from FY25 on IAF’s Tejas order: HAL chief

The DG also highlights the importance of stress management within the force and how the CISF takes initiatives like yoga and digital detox to improve the mental well-being of personnel. The DG talks about the value of human life and the importance of not compromising security for efficiency.  

Regarding future plans, the DG discusses the possibility of introducing robotic dogs for security purposes and underlines the significance of staying adaptable to evolving security challenges.  

The podcast concludes by discussing the integration of technology, training, and disaster management in CISF's operations. The DG mentions that security is a paramount concern, especially in the face of emerging threats, and highlights CISF's role in enhancing national security and economic development. Listen in.  

(Host: Dalip Singh, Producer: Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

He emphasises that while the IMA is not against the idea of rational prescription and cost-effectiveness, the current lack of stringent quality control in the production and distribution of generic medicines raises significant concerns. Dr.Agrawal highlights the need for a robust infrastructure to ensure that generic medicines are of consistent quality and efficacy. Additionally, he raises questions about the variation in pricing for medicines with similar compositions and advocates for a standardised pricing model for both branded and generic drugs.

The conversation also explores the potential implications of the generic prescription directive on patient safety, doctor-patient trust, and the prevalence of violence against healthcare professionals. He expresses the IMA’s concerns about the adverse consequences of this directive, particularly in critical care scenarios where quick decision-making is important.

Dr.Agarwal stresses the importance of maintaining patient safety and quality healthcare. He advocates for a collaborative approach between the medical community and the government to address these concerns and find a balanced solution to ensure affordable medicines without compromising on quality.

Listen in!

(Host: Shishir Sinha, Producers: Anjana PV, V Nivedita)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

The podcast highlights a recent report by Surfshark’s Internet Shutdown Tracker, which places India second only to Iran in the number of Internet shutdowns during the first half of 2023.  

The discussion provides insights into the ground realities and policy implications of internet shutdowns. The conversation underlines that shutdowns have far-reaching consequences, including economic setbacks for gig workers, damage to identity representation, stifling of dissent, and disruption of communication networks. 

SK shares that in Manipur, shutdowns have created an information gap, leading to misinformation, violence, and even heinous crimes. The shutdown's negative impact on relief efforts, news reporting, and people's daily lives is evident. She emphasises that even alternative means of communication are not widespread or reliable enough to compensate for the loss of internet access. 

Maheshwari delves into the alarming statistics of India's internet shutdowns and emphasises the need for accountability. She refers to the Anuradha Bhasin versus Union of India case, where the Supreme Court laid out strict guidelines for shutdowns, including public disclosure of orders, proportionality, and necessity.  

The conversation touches on the potential dangers of selective app banning, where encrypted platforms might be blocked, compromising privacy and security. This approach could further exacerbate the violation of fundamental rights rather than offering a viable solution.

Overall, the podcast sheds light on the prevalence of internet shutdowns in India, their wide-ranging consequences, and the urgent need for adherence to legal frameworks and accountability measures to ensure the protection of citizens' rights and well-being. Listen in.  

(Host: Ayushi Kar, Producers: V Nivedita, Jayapriyanka J, Nabodita Ganguly & Anjana PV)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this episode of the State of the Economy podcast, S Ronendra Singh talks to Sunjay Kapur, ACMA President and the Chairman at Sona Comstar, about the shifting market dynamics, the electrification push, and global diversification. 

In the podcast, they discuss how foreign OEMs' 'China Plus One' strategy is helping Indian auto component manufacturers increase their exports. They also discuss how the segment is adapting to provide components for electric vehicles. Sanjay Kapur noted that a significant portion of ACMA's executive committee members are prepared to supply components for EVs.

He reiterated the industry's commitment to job creation, stating that as capacity expands, more job opportunities will arise, supported by collaborations in skilling and training initiatives.

(Host: S Ronendra Singh, Producer: V Nivedita)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

In the discussions, they delve into the growth and potential of the Indian healthcare market, the influence of technology on healthcare services, funding trends and the future outlook for the health tech ecosystem.

They discuss how technology can enable and enhance healthcare services across the country. They also talk about the importance of integrating technology at every level of the healthcare value chain to improve access and convenience for patients. They also discuss trends in the funding of these start-ups and they attribute the strong inflow of funds to the essential nature of healthcare services and the increasing digital literacy and access to technology in the country.

Jyoti Banthia also talks about regulations in the sector with the guests. They discuss the significance of data privacy and patient protection in this sector and the challenges and benefits of adhering to evolving regulations. The guests note that while regulatory compliance can be challenging, it ultimately builds trust and confidence in the industry, benefitting both startups and consumers.

The conversation also explores the role of government initiatives like the Ayushman Bharat Digital Mission (ABDM) and the National Health Stack. The guests highlight the potential for these initiatives to streamline healthcare delivery, improve data access, and drive innovation in the health tech sector.

(Host: Jyoti Banthia, Producer: Anjana PV)

Reflecting on the performance of FY 23, Sasalu highlighted a strong start for the year, with a growth rate exceeding 27% compared to the previous year's first quarter. He also mentioned that the industry's trajectory appears promising, with sales on the rise. Anticipating the Reserve Bank of India's upcoming Monetary Policy Committee meeting, he expressed optimism that rates would remain stable, minimising their impact on the market.

Discussing Provident Housing's projects, Sasalu unveiled plans for around 5.8 million square feet of development across five projects in Bangalore, Cochin, and Chennai, totalling approximately 2,800 units. He emphasised the importance of community living and how condominiums are expected to drive market demand, alongside plot developments.

Addressing the concept of "affordable housing," he clarified that the definition varies between the government's perspective and that of private developers. He noted that affordable housing's price range has evolved due to inflation and market dynamics, suggesting that the definition should be updated to reflect current realities.

As for future funding, he mentioned that Provident Housing is open to both project-based and platform funding approaches, maintaining an ongoing dialogue with various investors and financial institutions.

(Host: Abhishek Law, Producer: Anjana PV & Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

To explore the factors driving India’s steel demand and growth, Mr. Rajesh Mohota, CEO and Executive Director of Jindal Lifestyle Ltd., joins the podcast with Subramani Ra Mancombu. Mohota predicts a promising future for India’s steel industry, anticipating a sustained growth rate of 9 per cent to early double digits until 2025. This growth is expected to be driven by infrastructure projects, planned capital expenditures, and India’s inherent natural growth rate of 6 per cent to 7 per cent.

Mohota said that Jindal Lifestyle Ltd. is responding to the challenge by collaborating with European and American companies to acquire technical know-how and develop superior quality products to replace Chinese imports. The company’s initiatives are receiving a positive response, with many customers seeking “China plus one” alternatives to diversify their supply chains.

Furthermore, Jindal Lifestyle Ltd. is targeting new sectors for stainless steel applications. By promoting stainless steel as an eco-friendly and sustainable alternative, the company is replacing plastic products, including utensils and packaging solutions, to reduce carbon footprints and contribute to environmental protection.

Additionally, the podcast explores the use of stainless steel in railway applications. While supplying stainless steel outer shell bodies for railway coaches, Jindal Lifestyle Ltd. proposes stainless steel wagons to further reduce weight and enhance energy efficiency. The company is hopeful that railway authorities will recognize the benefits of stainless steel and increase their demand in the coming years.

Listen in to the State of the Economy Podcast for an in-depth discussion on the growth trajectory of India’s stainless steel industry and the strategies being implemented to overcome challenges and seize opportunities in the global market.

(Host: Subramani Ra Mancombu, Producer: Jayapriyanka J)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

PRICE's report on The Rise of the Middle Class and Kantar's Consumer Connections 2023 report explore the shifting dynamics, like the rise of nuclear families, and its impact on consumption patterns.

In this podcast, Chitra Narayanan examines these trends with Shiv Shivakumar and Mayank Shah, Senior Category Head at Parle Products Pvt. Ltd. They focus on the dynamic middle class and its growing influence on the market. Both guests discuss the reasons that have led to a significant change in the lives of those living in rural areas, which has contributed to the growth of middle- and upper-middle-class consumers. 

The mindset of rural and semi-urban consumers is shifting towards aspirational and premium products, leading to an increase in the consumption of premium and semi-premium items.

Shiv Shivkumar points out that the premiumization trend is expected to continue, and believes that companies must focus on maintaining quality and innovation to appeal to consumers during even inflationary times.

Mayank Shah notes that the differences between urban and rural areas are shrinking and that some premium products perform well in rural regions. The guests remark that exposure to digital media and increasing awareness have led to similar aspirations among both urban and rural consumers, even though there are some differences in preferences.

Overall, the podcast delves into the evolving consumption trends in India, driven by the growth of the middle class and the changing family dynamics, and offers valuable insights for marketers and businesses looking to tap into this dynamic market.

Podcast host: Chitra Narayanan, Producer: V Nivedita

The podcast details GST collections, which have been robust, reaching the third-highest level since its inception in 2017. Despite concerns about the pace of growth tapering off due to imported collections, Nayar remains optimistic about the economy's performance. The upcoming festive season's impact on GST collections is expected to be seen in the third quarter. 

The discussion also elaborates on indicators such as auto dispatches and PMI - Manufacturing, which indicate economic momentum being sustained, with GDP growth expected at about 8.5% in the first quarter. However, the biggest threat remains inflation, with July’s retail inflation figures projected to temporarily cross 6% due to the erratic monsoons and vegetable price shocks. Nevertheless, Nayar expects inflation to stabilise later. 

Regarding interest rates, Nayar dismisses any expectation of rate cuts in the current fiscal year and believes the inflation outlook must be below 4.5% for a few quarters before the MPC considers rate cuts. Fiscal deficit discussions revolve around the positive aspects of front-loading capital expenditure and tax devolution to States, potentially encouraging States to follow suit. 

One concern raised is the lack of private investment. Nayar said she remained hopeful, citing record project announcements last year, expecting private sector capex in various sectors such as cement, steel, electric vehicles and real estate. 

This episode also includes an in-depth discussion on GDP growth estimates. Despite the IMF's higher growth expectation, Nayar's baseline estimate for India's GDP growth remains 6%. 

Listen in!

(Host: Shishir Sinha, Producers: V Nivedita, Anjana PV)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

A young individual embarking on their financial journey might be faced with various options like opening a bank account, investing in fixed deposits (FDs), recurring deposits (RDs), investing in stocks or gold.

However, Monika cites compelling reasons for choosing mutual funds. Rather than focusing on individual financial products like endowment plans, ULIPs, FDs, or gold, young folks need to view their investments through the lens of asset classes, which include debt, equity, gold, real estate etc. Mutual funds are a ‘pipe that connects the investor’ to a variety of asset classes ranging from equity and bionds to gold and internatinal stocks. One can easily construct a diversified portfolio using mutual funds invest in different asset classes.

Monika explains how mutual funds enable sophisticated portfolio construction with ease, making them an ideal choice for investors looking to achieve their financial goals effectively.

When talking of mutual funds most investors recall the disclaimer “Mutual Funds are subject to market risks”. This makes MFs seems like a risky product. But Monika points out that market volatility, which investors are so wary of, is just one of the many risks investors can face with investment products. Market volatility can be smoothed out by a long holding period. But there is the risk of the entity vanishing with many unregulated products, there is the risk of not being to sell in time with assets like real estate. Mutual funds do not carry these risks. They offer liquidity at a transparent price and are very well-regulated by the Securities and Exchange Board of India (SEBI), with the result that there’s been no ‘vanishing’ mutual fund while there are vanishing companies. 

Whenever any event such as the Franklin Templeton issue has cropped up, SEBI has revisited its regulations to make mutual funds retail-friendly and safe for investors, she says. She sheds light on the riskometer introduced by SEBI, which now dynamically maps the risk of debt funds, based on liquidity, interest rate, and credit risks. This empowers investors to make more informed decisions about them. She says that SEBI (unlike other regulators in India) has proactively worked to eliminate fraud, improve disclosures, and reduce expenses for investors. 

Talking about choice in the mutual fund industry, where there are 37 categories of schemes even after SEBI reforms aimed at simplification, Monika explains that they exist because the mutual fund industry today caters to the needs of both first time and sophisticated investors. While the plethora of categories might seem overwhelming to a first-time investor, she recommends focusing on a few key categories, tailored to individual risk profiles and financial goals. By choosing one fund each from select categories, investors can build a well-diversified and manageable portfolio.

Listen in!

(Host: Aarati Krishnan, Producer: Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The recent reports indicate a surge in the need for gig workers, with various sectors embracing this flexible workforce. Moreover, the government has taken a significant step by passing legislation to protect gig workers, especially those in lower-skill roles.

Dr. Deepika MG, Associate Professor, School of Business (Bengaluru Campus), Amrita Vishwa Vidyapeetham, talks on the complexities surrounding gig work and its diverse workforce. She emphasises that gig workers encompass a wide range of individuals, each with unique motivations and preferences for this type of employment. Some seek stability and work-life balance, while others value the freedom from employer control.

Deepika also shares insights from her research on the gig economy, highlighting the reasons why workers in the transport and delivery sectors have gravitated towards gig work. For many, gig work offered an escape from the harsh conditions and lack of respect faced in the unorganised sector. As gig work continues to gain momentum, it becomes imperative to accurately estimate the size of the gig economy and the number of workers involved.

One of the key challenges lies in providing social security benefits to gig workers. With their contractual nature, it becomes tricky for platforms to directly offer employment benefits. To address this, the government is encouraging the establishment of Welfare Boards and grievance redressal mechanisms. Companies in the gig economy will be required to contribute to these funds to secure benefits for their gig workers. Deepika stresses that clear classification of gig workers is crucial in determining who should be covered under social security schemes.

However, the road to comprehensive social security for gig workers is not without obstacles. Defining social security for gig workers and classifying different types of gig workers remain major concerns. Nevertheless, states like Rajasthan have taken significant strides in formulating policies for gig workers, and it is expected that other states will soon follow suit.

Podcast host and Producer: V Nivedita; Editor: Siddharth MC.

Mulukutla sheds light on the progress of India’s green energy transition, focusing on the key polluting transport sector. He highlights the significant advancements made, including the adoption of nearly 4,300 electric buses, one million electric two-wheelers, and 60,000 electric cars. Moreover, Mulukutla outlines the critical role of start-ups in transforming the electric mobility landscape with approximately $1 billion in investments.

The conversation delves into the potential of the green hydrogen ecosystem, particularly in industries that are hard to abate, such as refineries, fertilizer production, cement, and steel manufacturing. Mulukutla emphasises the need to transition from conventional grey hydrogen to green hydrogen, which can serve as a vector for industrial decarbonisation.

Exploring the National Green Hydrogen Mission, Mulukutla shares how it aims to produce five million metric tons of green hydrogen annually by 2030, requiring 125 gigawatts of renewable energy. The mission also seeks to reduce more than 50 million tons of carbon dioxide, fostering sustainable growth and creating 600,000 jobs.

The podcast also talks about India’s initiatives to spur industrial decarbonisation, emphasising the significance of domestic electrolyzer manufacturing to lower costs and increase competitiveness in global markets. By incentivising both electrolyzer manufacturing and green hydrogen production, India aims to drive a cleaner and economically viable future.

Listen in!

(Host: Rishi Ranjan Kala, Producer: Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

Chaudhry talks about the significant role played by the BRO in enhancing security preparedness and socio-economic development in border areas since its inception in 1960.

Chaudhry explains how the BRO has diversified its operations over the last six decades, including the construction of roads, bridges, accommodations, border fencing, airfields, and tunnels. The organisation is renowned for its efficiency, quality, and cost-effectiveness in executing these projects.

He highlights the recent achievements of the BRO, particularly in the last two years, during which they completed and inaugurated 205 infrastructure projects.

Regarding the pace of work and the impact of the 2020 border standoff with China in Ladakh’s Galwan Valley, Chaudhry affirms that BRO’s work has accelerated significantly. The government has increased the budget allocation for infrastructure development, with a huge jump in the capital budget in just two years.

Read: DAC clears Rafale-M, submarine deals ahead of Modi’s arrival in Paris

When discussing the challenges related to environmental clearances, Chaudhry reveals that the government’s recent forest clearance bill has exempted strategic projects within 100 kilometres of the border from forest clearances. This exemption has significantly reduced the time required to initiate projects.

The interview also touches on how technology is aiding in reducing costs, time, and the execution of work in harsh conditions. The BRO is utilising innovative methods such as using steel slag and plastic waste for road construction, pre casting components, and stabilising slopes to save the environment and make the roads more durable.

Furthermore, Chaudhry emphasises the BRO’s commitment to adopting green practices, such as using carbon-neutral habitats in regions with extreme temperatures. Listen in!

(Host: Dalip Singh, Producer: Nabodita Ganguly)

The episode starts with an overview of India's Engineering and R&D Industry, which constitutes about 38% of the global engineering R&D services outsourced to the country. With a revenue of approximately $41 billion and employing around 7,00,000 people, the ER&D industry in India covers 11 different verticals, including automotive, semiconductor, telecom, aerospace, healthcare, and industrial machinery. 

The conversation emphasizes the emergence of several hubs in India, such as Bangalore, Chennai, Pune, Gurgaon, and Noida, which collectively contribute to the substantial revenue of the industry. The experts discuss how India's engineering design segment has focused more on innovation rather than cost efficiency, and the country's talent pool has become a driving force for the growth in this sector. 

The guests also highlight the key drivers of growth, including digital engineering, the presence of Global Capability Centers (GCCs), and service providers offering engineering and R&D services. They anticipate the ER&D industry to grow between 10% to 12% year on year for the next few years, with the potential to deliver around $100 billion worth of engineering services export revenue from India by 2030. 

The role of talent and skill development is another critical aspect of the discussion. While India has a robust talent market, there is a need to focus on improving the readiness of graduates for specific industry requirements. The industry is working closely with colleges to ensure relevant curriculum and conducting skilling programs to bridge the gap between academic knowledge and industry needs. 

The government's role in nurturing the ER&D industry is also explored, with initiatives such as the Karnataka government's ER&D policy and co-funding projects, setting up validation facilities, and promoting the "Make in India" campaign, leading to more opportunities for the sector. 

Overall, the podcast offers valuable insights into India's thriving ER&D industry, highlighting its potential for further growth and the collaborative efforts of industry, academia, and the government to drive innovation and achieve global recognition. Listen in. 

(Host: Haripriya Sureban, Producer: Nabodita Ganguly)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

However, achieving global acceptance for the rupee requires credibility and economic stability. Credit rating plays a significant role in determining a currency’s acceptance as an international currency. While India has been signing agreements with trading partners to settle trades in local currencies, practical challenges remain. For this approach to work, like-minded countries with balanced trade relations need to come together.

Regarding the future of the dollar as the dominant global currency, there is growing discussion about de-dollarization due to concerns about its stability. However, the dollar is expected to remain strong for the next decade or more, and alternative currencies, like the Chinese Yuan, are yet to gain widespread acceptance.

In conclusion, internationalizing the rupee is a beneficial goal for India, but it requires overcoming practical challenges and building credibility in the global economy. While the dollar’s position may face some scrutiny, it is expected to remain the leading global currency for the foreseeable future.

Listen in!

(Host: Lokeshwarri S K, Producer: Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

In the podcast, they discuss how digitisation, emerging technologies, and shifting workforce dynamics are reshaping the banking landscape and what it means for aspiring bankers in the Gen Z and Gen Y generations.

Srinath Sridharan highlights the significant changes the sector has undergone and how certain roles that were once done manually have been replaced by automated systems, leading to a reduction in the need for human resources.

They also discuss the changing dynamics of the workforce, and younger employees shift jobs seeking growth and opportunities. They also talk about the quality of talent in the banking industry and how this could impact the sector.

Listen to the podcast to know more about how banking will continue to be an essential part of the economy, and how it can provide long-term career opportunities for those willing to invest their time in the industry.

It aids in measuring, managing, and communicating an organization’s sustainable performance, considering environmental, social, and economic aspects. 

By providing stakeholders with accurate and comprehensive information, sustainability reports foster better decision-making, boost stakeholder engagement, and enhance trust in businesses.

Furthermore, sustainability reporting is a fundamental tool in the pursuit of the United Nations Sustainable Development Goals (SDGs). 

By aligning business practices with the SDGs, companies contribute to a more inclusive, equitable, and environmentally conscious world. Reporting on sustainability metrics also helps organizations identify areas for improvement, set targets, and assess their progress over time.

Strides made by India

India has witnessed significant progress in sustainability reporting across various sectors, reflecting a growing commitment to sustainable development. Several factors have contributed to this positive trajectory:

There has been a strong regulatory push from SEBI, which has over the years been enhancing the responsibility of India Inc in expanding its sustainability initiatives, measuring them and disclosing too for the benefit of stakeholders.

Now, the top 1000 listed Cos by market capitalisation have to attach BRSR reports in their balance sheets forming part of the annual reports. These reports require companies to disclose their efforts in adopting environmentally friendly practices, promoting social welfare, and upholding ethical governance standards.

There is also now special focus on ‘BRSR Core’ and even ‘reasonable assurance’ has been mandated on this front for top 150 listed Cos from this fiscal.

As sustainability reporting becomes more widespread, it is likely to drive positive change across industries, ultimately contributing to India’s journey towards a more sustainable and inclusive future. Nevertheless, continuous efforts, innovations, and collaborations between government, businesses, and civil society will be vital to further accelerate progress and address the pressing challenges of sustainability.

In this episode of the State of the Economy podcast, businessline’s K R Srivats and Sanjeev Kumar Singhal, Vice Chairman of the Sustainability Standards Board of India, discuss the sustainability reporting mandates placed by regulators and the progress made by India.

Listen in!

(Host: K R Srivats, Producer: Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

He explains that the focus on hiring pilots from the northern regions of India became prevalent as the aviation industry expanded. This resulted in a decline in interest in and support for flying clubs in the south. Additionally, he mentions a failed feasibility study for an Aviation Academy in Tamil Nadu hindered the establishment of FTOs in the state. 

Capt Ranganathan points out that the high cost of flight training and the contradictory rules and regulations imposed by the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation make it difficult for individuals, especially those from lower-income backgrounds, to pursue a career in aviation. He emphasises the need for government funding and support to encourage aspiring pilots and bridge the financial gap. 

In the discussion, he points to the neglect of the southern states by the central government in terms of aviation infrastructure and support. Bureaucratic committees lacking aviation expertise further hinder progress in this field. Captain Ranganathan suggests potential locations for FTOs, such as the unused airfield in Pondicherry, which offer suitable weather conditions and connectivity. He also stresses the importance of understanding the larger picture and investing in aviation infrastructure.  

Regarding the future of FTOs in India, he states that the growth projections made by airlines and the government should be critically evaluated. He recommends a collaborative approach between airlines, the government, and FTOs, where airlines bear the cost of training their pilots, like the model followed by Singapore Airlines. Captain Ranganathan also expresses concern over the high costs associated with flight training, which can amount to around ₹1 crore and questions whether the return on investment justifies such expenses. 

The podcast throws light on the need for government intervention and support in establishing FTOs in Tamil Nadu and the southern states. The cost of flight training, lack of job guarantees, and the complex regulatory environment pose significant challenges for aspiring pilots.  

(Host: T E Rajasimhan, Producer: Anjana PV)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

Biswajit Dhar, economist and former professor at JNU, offers valuable insights into the objectives driving both nations in their pursuit of the FTA.

Despite momentum, several contentious areas demand resolution, including standard production for Scotch whisky and automobiles, rules on intellectual property rights, financial services, mutual recognition agreements, and services.

Highlighting the decline in trade relations over the years, with the UK slipping from India’s third-largest trading partner to 14th place, Dr. Dhar emphasises the substantial market access both countries aim to achieve through the FTA.

For the UK, seeking to establish itself as a major trading power after leaving the European Union, the FTA with India presents a pivotal opportunity to secure significant market access.

However, as negotiations proceed, certain issues emerge as major hurdles. Tariff reductions, particularly in the automobile and alcoholic beverages sectors, prove to be sticking points.

The disparity in tariffs between the two countries necessitates delicate negotiations. Another area of contention revolves around rules of origin, where India’s stringent Customs Administration of Rules of Origin (CAROTAR) raises concerns among trade partners, challenging concessions made in other areas.

In the realm of services, digital regulations surface as a challenge, considering the increasing digitalisation of economies. Addressing issues like free and trusted cross-border data flows, data localization, and transfer requirements for source codes and algorithms becomes crucial for both nations. India’s insistence on maintaining red lines in these areas reflects the significance of these regulations in the country’s framework.

The podcast underscores the vital role of government procurement in India, specifically in protecting the interests of MSMEs (Micro, Small, and Medium Enterprises). The pandemic’s impact on MSMEs amplifies the need to safeguard their interests during negotiations.

Furthermore, India’s support for promoting generic medicines through intellectual property rights flexibility stands as a lifeline for the nation.

India’s new model for bilateral investment treaties, placing the onus on foreign investors to exhaust local remedies before resorting to international arbitration, is met with resistance from developed countries.

Discrepancies exist in the exclusion of specific areas from investment protection agreements, particularly in cases concerning patents and compulsory licenses.

While efforts are made to focus on areas with common ground, some of the more challenging issues, such as rules of origin and dairy product tariffs, necessitate meticulous negotiations. As the talks continue, India’s red lines on digital regulations and intellectual property rights for generic medicines remain steadfast.

With Commerce and Industry Minister Piyush Goyal’s recent talks showing considerable progress on certain difficult issues, the endgame of the negotiations may come into focus by year-end. As negotiators persist in finalizing the India-UK FTA, the stakes remain high, and both nations are poised to navigate this crucial crossroads in their economic relationship. Tune in to stay informed on the latest developments in these significant negotiations. 

(Host: Amiti Sen; Producer: Siddharth MC)

In this episode of the State of the Economy podcast, S Ronendra Singh talks to Vinod Aggarwal, President of the Society of Indian Automobile Manufacturers (SIAM), to get the overall industry perspective.

In the podcast, they discuss how various issues are affecting the sector. Aggarwal explains how people are making a shift to SUVs even in rural areas and how the ability to access cheap finance can push sales of two-wheelers up. He also talks about how the industry is meeting the BS-VI emission norms set by the government.

He also talks in detail about how the CV market and highlighted that some segments within this market have already surpassed their earlier peak levels.

He attributed this surge in demand to pent-up replacement needs and noted that these modern trucks offer enhanced productivity and fuel efficiency, making them more appealing for fleet owners. He also said that the government's infrastructure push has also contributed to the increased demand for construction trucks. He added that new-age customers, particularly e-commerce companies, require more powerful engines and specific types of trucks to improve productivity and ensure faster deliveries.

He also spoke about the high demand for luxury cars and the long waiting periods for getting new cars.

(Host: S Ronendra Singh, Producer: V Nivedita)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

The Ayushman Bharat Digital Mission (ABDM) aims to digitise the Indian healthcare landscape, providing citizens with a unique identifier called the Ayushman Bharat Health Account (ABA). Through this account, individuals can securely store and share their medical information with doctors, hospitals, and laboratories, reminiscent of transferring money using a banking app. This user-centric approach puts complete control in the hands of patients, ensuring that no data is shared without their explicit consent. Kapoor says, "Ausuhman Bharat's Digital Mission's attempt is to take away the administrative stress of healthcare."

Kapoor highlights the role of Personal Health Record apps, which act as the bridge between patients and the ABDM framework. Driftcase, allows users to create their ABA, link their healthcare providers, and facilitate the movement of health information with consent.

Additionally, the digital health locker feature within Driftcase consolidates scattered medical records, eliminating the hassle of physically searching for documents. It provides a secure environment where users can aggregate and access their health information in one place, ensuring portability and convenience regardless of geographical location.

The episode also addresses data privacy concerns, emphasising that healthcare providers are the primary custodians of original medical information. The digital health locker serves as a verified copy and a secured vault for individuals, ensuring lifetime storage and easy accessibility even after providers' data retention periods expire.

Tune in to learn more about the digital health locker revolution, which empowers individuals to take control of their medical records and revolutionize their healthcare journey. 

(Host: PT Jyothi Datta; Producer: Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

Gupta talks about the unpredictable nature of this year's monsoon, which has presented both challenges and opportunities for the agricultural industry. While India as a whole is experiencing a small surplus in rainfall compared to the average, the distribution has been highly uneven. Regions like east and northeast India are facing a rainfall deficit of 19 per cent, while northwest India sees an excess of 59 per cent. Such disparities pose a complicated situation for farmers and crop production.

They also talk about the impact of El Nino on key crops like paddy (including basmati and non-basmati varieties), cotton, maize, and soybean. The excessive rain in some areas has led to potential damage to basmati rice crops, causing prices to rise. On the other hand, non-basmati rice-growing regions are facing a deficit due to insufficient rainfall, which could impact both crop yield and prices.

Additionally, the discussion explores the potential impact of El Nino on the monsoon and agricultural production. Gupta emphasizes the need for efficient management of warehouses and addresses the government's initiative to construct cooperatively owned warehouses. He also highlights NC ml's plans to expand its capacity through silos and explore logistics support using rail transportation for food grains.

Tune in to this episode to know more about the current state of Indian agriculture, the effects of the monsoon on various crops, and the challenges and opportunities faced by farmers and the industry as a whole.

(Host: Haripriya Sureban; Producer: Jayapriyanka)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

While acknowledging the current hype surrounding generative AI, Haripriya and Siddharth examine the concerns associated with its adoption. They delve into issues such as data security, highlighting the need for careful supervision to avoid rubbish in, rubbish out scenarios. They also discuss biases that may arise from the technology’s reliance on existing data, emphasising the importance of vigilant oversight.

The conversation touches upon the parallels between generative AI and previous technological trends, like blockchain, and explores whether generative AI will live up to its promises or follow a similar path. Siddharth suggests that the full realisation of the technology’s potential may take time, similar to the progression of blockchain.

The podcast also delves into the relationship between Indian IT companies and global players like Accenture and Capgemini. While there may be some differentiation, Siddharth Pai notes that the advantage of close client interaction lies with companies like Accenture, whereas Indian IT majors excel in offshoring and IT outsourcing.

The episode concludes by addressing the impact of generative AI on job displacement and the future of work. While generative AI will automate certain aspects of work, it will not completely replace jobs. Instead, it will bring about a shift in job roles and create new opportunities. Drawing parallels to automation in the BPO world, they examine how automation has transformed specific job functions while also opening doors to reskilling and creating new employment prospects.

Gain valuable insights into the Indian IT sector’s adoption of generative AI, the potential benefits and challenges it presents, and its implications for the future of work. 

(Host: Haripriya Sureban)

He mentions that 5G adoption is happening, and people have started experiencing faster speeds and low latency in certain areas. Singhal acknowledges that there is currently no killer app driving 5G demand, but believes that as users get used to the technology and its benefits, they will not want to go back to slower speeds. He also highlights the importance of developing use cases and applications that can leverage the capabilities of 5G, such as augmented reality, virtual reality, and gaming.

Singhal notes that globally, the revenue impact of 5G has been marginal so far, with most markets still in the early stages of 5G adoption. However, he believes India has the potential to redefine the 5G landscape and generate revenue growth due to its low tariffs and large population.

Singhal also discusses the market dynamics of the telecom sector in India, noting that having three to four operators is beneficial for growth and competition. He mentions that while different operators may have different strategies regarding spectrum bands, the availability of spectrum is no longer uncertain in India.

He also talks about the opportunities for 5G in the enterprise sector, highlighting the potential for increased productivity and efficiency through applications like connected hospitals, remote surgeries, and smart manufacturing. Singhal emphasizes the importance of ecosystem development and the need for applications to fully leverage the capabilities of 5G. He believes that India, with its abundance of workforce and innovation potential, has the opportunity to lead in the development of 5G solutions and create significant revenue opportunities.

Singhal concludes by expressing his hope that India will see the real-world implementation of these use cases and applications driven by the push from telecom operators and other players in the ecosystem.

Listen in!

Host: Thomas K Thomas; Producers: Jayapriyanka J, Darshan Sanghvi

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

Somasundaram points out that while high import duties, currently at 18.5%, have contributed to the high prices, they are not the sole reason for the decrease in demand. He suggests that gold prices have risen by more than 100% in the past three years, and despite this, people still consider it a good investment. He believes that consumers should not grudge paying higher taxes on gold purchases, as the government facilitates gold imports by providing precious dollars.

Another key topic of discussion in the podcast was about how gold prices in India could be affected by the late monsoons. The speaker says that both late monsoons and the El-Nino effect could affect the demand for gold. However, the Indian government, has been able to manage such situations better over the last twenty years.

Somasundaram also speaks about the implementation of mandatory hallmarking and the unique ID system for gold. While some sections of the trade remain unconvinced and see it as a tracking mechanism, Somasundaram emphasises that these measures are aimed at consumer protection and traceability. He believes that technology has played a crucial role in the gold industry and that the adoption of the unique ID system will make recycling easier in the future.

Regarding investments in digital forms of gold, Somasundaram notes that while digital platforms and ETFs (Exchange-Traded Funds) have seen growth, they still represent a small portion of overall gold demand in India. He highlights the importance of establishing a regulatory framework for digital gold accumulation plans to further enhance investor interest in digital gold.

Overall, he believes that a comprehensive approach involving industry initiatives and government support is required to address the challenges and promote sustainable growth in the Indian gold market. 

She highlights the strong rebound in retail sales, with luxury, Indian designers, athletic leisure, and food and beverage segments performing exceptionally well. Vector discusses how the pandemic has shifted consumer behavior, with a preference for physical shopping experiences despite the rise of online retail. She also emphasizes the importance of curating programmable spaces and creating unique experiences within malls.

Additionally, Vector addresses rental rates, noting that DLF has been able to command higher rentals due to increased sales potential. She explores the potential for expansion beyond Delhi NCR and the need to generate sales to drive rental growth in new markets.

Vector also discusses the growing trend of omnichannel retail, where consumers discover products digitally but choose to shop physically for a more authentic experience. Overall, the podcast provides valuable insights into the state of the retail sector and emerging trends.

(Host: Abhishek Law; Producer: Jayapriyanka J)

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About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

In this episode of the State of the Economy, Shishir Sinha, Associate Editor, businessline and Radhika Rao, Executive Director and Senior Economist at DBS Group Research discuss the recent high frequency economic indicators to assess the state of consumer demand in India.

Radhika Rao shed light on the subject, beginning with the GST collection data. She noted that the figure of 1.6 trillion was 12% higher than the corresponding period last year, and the year-to-date monthly average was also 12% higher than fiscal year 2020. Rao attributed this growth to stronger demand, improved due diligence, and price effects reflecting inflation.

Regarding PMI manufacturing, Rao highlighted its significance as a confidence survey for manufacturers and service providers. India’s PMI has remained exceptionally strong, consistently above 54 for the past 20 months, signaling confidence and expansion. Furthermore, input prices have started to decrease, reducing the pressure to pass on costs to consumers. However, in the broader region, PMIs have been losing momentum, with five out of seven countries witnessing a decline, reflecting weaker export performance.

The conversation also takes a look at the impact of the monsoon on food and fuel prices. Rao emphasized the significance of monsoon onset and its geographic spread. The monsoon has covered ground rapidly, even surpassing previous records for early July.

Regarding GDP growth estimates for fiscal year 2024. Rao noted that agencies like S&P and Fitch have revised their projections, highlighting the resilience of the domestic economy. India’s less export-reliant and more consumption-driven economy, coupled with positive growth prospects.