businessline's State of the Economy Podcast

In this episode of the State of Economy Podcast, businessline’s Subramani Ra Mancombu talks to Sanjiv Kanwar, Managing Director, Yara South Asia, about the state of India’s crop input industry amidst climatic challenges and growing sustainability trends. The sector experienced a difficult phase from late 2022 to mid-2024 due to prolonged drought and weak monsoons, which severely affected farmer demand for fertilizers and other inputs. However, with the onset of a normal monsoon in July 2024, the situation improved significantly, especially during the rabi season. 

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.

In this episode of  State of the Economy podcast, Businesslines’s Sanjana B speaks with Siddesh Naik, Country Leader, Data & AI Software, IBM India & South Asia and Rajesh Ganesan , CEO, ManageEngine to unpack how AI is transforming Indian industries. 

 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.

In this episode of The State of the Economy podcast by BusinessLine,  Abhishek Law speaks with Bamasish Paul, Co-founder, Managing Partner and CEO of Ethonhurst Capital Partners discussing the evolving landscape of India’s real estate sector.  

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.

In this episode of BusinessLine’s State of the Economy Podcast, host Ronendra Singh is joined by Som Kapoor, Partner and Leader for Future of Mobility and Retail at EY India, for a conversation on how India’s mobility sector is rapidly evolving.

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.

In this episode of the State of the Economy Podcast, host Sanjana B is joined by a distinguished panel of industry leaders—Ajay Prabhu, President, Technology Services, Quest Global; Mamatha Madireddy, Managing Director and Head of HSBC India Global Service Centres & Chairperson, Nasscom GCC Council; Jitender Mohan, Business Unit Head, Travel & Hospitality, WNS; and Srikanth Srinivasan, Vice President and Head of Membership & Outreach, Nasscom—for an insightful deep dive into India’s evolving IT sector.

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.

In this episode of the State of Economy Podcast, businessline's  Subramani Ra Mancombu speaks with NS Ramaswamy, Head - Commodity desk & CRM, Ventura Securities offers his insights into gold's performance, noting a 35% return over the past 15 months and forecasting a minor short-term correction before a continued bullish trend. 

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.

In this episode of State of Economy podcast, Shishir Sinha speaks with DK Srivastava, Chief Policy Advisor at EY India, on the latest high-frequency economic indicators and their implications for India’s growth. They dive into the recently released GST collection numbers, which reveal a seasonal pattern of spikes, especially driven by rural demand. As Srivastava explains, “Subject to some adjustment or the seasonality pattern, consumption expenditure appears to be picking up on average and is being driven largely by rural demand.” He emphasizes that while consumption shows signs of recovery, it’s essential to consider the seasonal fluctuations when interpreting these figures.

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)

In this State of the Economy podcast, Aishwarya Kumar discusses the rapid rise of contract manufacturing in India and its connection to global trade shifts, particularly US tariffs. Amrit Acharya, co-founder, Zetwerk, and Nikhil Rao, VP - Operations, Flex India share their insights on the evolving landscape.

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

In this episode of the State of the Economy podcast, businessline's Subramani Ra Mancombu talks to Srideep N Kesavan, CEO of Heritage Foods Ltd. talk about the dairy sector in India, a key industry that is vital to the rural economy but faces several challenges. India is the world’s largest milk producer, generating nearly 240 million tons of milk annually.

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.

In this episode of the State of the Economy podcast, MRS talks to Haresh Karamchandani, MD and CEO of HyFun, about the impressive rise of India as the second-largest producer of potatoes in the world, having surpassed expectations with 60 million tonnes of potatoes produced, despite some weather-related challenges earlier in the planting season. 

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.