businessline's State of the Economy Podcast

Over 160 million people in India lack access to safe drinking water, aggravated by extensive groundwater usage and contamination. One way we try avoiding this is by introducing budgeting exercises with the farmers, says Bishwadeep Ghose, Country Head, Water For People (WFP) India, in conversation with businessline’s Subramani Ra Mancombu, in this State of the Economy podcast.  

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 

The oil and gas sector is one of the eight core industries in India. India’s economic growth is closely tied to its energy demand, which is projected to rise. This increasing need for oil and gas makes the sector highly attractive for investment. businessline’s Rishi Ranjan Kala speaks to Sushma Rawat, Director (Exploration) at Oil and Natural Gas Corporation (ONGC), in this State of the Economy podcast on the importance of oil exploration to boost India’s economic growth.  

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

In this episode of the State of the Economy podcast, Sanjana B. speaks with Kritika Murugesan, Senior Director of Nasscom Deep Tech & Startups, and Piyush Mehta, Chief Human Resources Officer and Country Manager of Genpact India, about the future of work and fostering innovation and productivity through collaborative approaches to talent development.

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 Indian private sector defence exports is predicted a significant rise, potentially reaching 60-70% of the total by 2028-2029, says Ashish Rajvanshi, CEO of Adani Defence & Aerospace, in conversation with businessline’s Dalip Singh in this State of the Economy podcast.  

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 

 As the Union budget approaches, every sector, including healthcare, has its own set of expectations and demands. In this State of the Economy Podcast, businessline’s  PT Jyothi Datta talks to Shuchi Ray, Partner at Deloitte India, on the current state of healthcare in India, and the sector’s expectations from the upcoming Budget.  

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

Could the lower prices of luxury electric vehicles (EVs) be spurring demand for these automobiles in India? Could this also indicate a growing market segment where affordability and luxury intersect? In this episode of the State of the Economy podcast, Santosh Iyer, MD and CEO, Mercedes-Benz India talks to businessline’s S Ronendra Singh about the growing demand for such vehicles, and how the company aims to capitalise on this trend.  

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 

Telecom operators Reliance Jio, Bharti Airtel and Vodafone Idea recently increased their mobile tariffs. This sudden surge in charges could impact customers and businesses. In this State of the Economy podcast, businessline’s Anjana PV speaks to Dr. V.Sridhar, Professor, Centre for IT and Public Policy at IIIT, Bengaluru to know more about the impact of the increase in mobile tariffs. 

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 

In this episode of the State of the Economy podcast, Subramani Ra Mancombu from businessline talks to Sehul Bhatt, Director-Research at CRISIL Market Intelligence and Analytics about the current state of India's steel industry. 

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 

In this State of the Economy podcast, businessline’s Shishir Sinha and Achala Jethmalani, Economist, RBL Bank, discuss various high-frequency economic indicators and their implications on the macro economy. The conversation covers several key areas including GST collections, PMI manufacturing, employment trends, wholesale price index, fiscal deficit, and retail inflation. 

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.

In this episode of The State of the Economy Podcast, we take a glance into the Indian Navy's strategic shift towards self-reliance and innovation in the defence sector. Our guest, Indian Navy Commodore Arun P Golaya (retd.), who sheds light on the exciting initiatives propelling the Navy forward, along with the hurdles they're working to overcome.

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.