businessline's State of the Economy Podcast

Diwali is over, but is festive shopping is over? Trends suggest that festive sales really boomed this year. Estimates from the Confederation of All India Traders show that on Diwali retail markets across India did a record trade of Rs 3.75 lakh crore. Shopping during festivals is a norm, but is India Inc. over-reliant on this season to boost sales? In this episode of the State of the Economy podcast, Chitra Narayanan talks to Shiv Shivakumar and Sandeep Goyal, Chairman and Managing Director, Rediffusion, to find out.

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.

The Centre has ambitious plans to increase the adoption of electric vehicles (EVs) in India. It wants to increase the its share by increasing sales -- 30 per cent for private cars, 70 per cent for commercial vehicles and 80 per cent for two and three-wheelers by 2030. The government introduced incentives -- the FAME scheme -- to achieve this. However, it has rolled back some of these subsidies recently. How will this affect the segment?

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)

--------

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 Subramani Ra Mancombu talks to Viral Thakker, partner and sustainability leader at Deloitte India, about the issues of stubble burning in North India and how Deloitte India focuses on combating this problem.

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)

-----------

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

Welcome to the latest episode of Businessline, State of the Economy podcast, where we delve into the evolving world of India's web3 startup ecosystem. In this insightful discussion, Haripriya Sureban, host and reporter, explores the landscape with Rohit Jain, MD, CoinDCX Ventures and Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

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)

-----------

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 Hamsini Karthik speaks to Dr. Aurodeep Nandi, Indian economist and Vice president at Nomura, about India's inflation data and how the RBI is navigating through these economic challenges. 

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.

In the latest episode of the businessline's State of the Economy podcast, experts delve into the pressing issues facing India at the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) scheduled in Abu Dhabi, UAE. The podcast features Abhijit Das, Expert on international trade and former head, Centre for WTO Studies, providing valuable insights into the critical economic priorities India should focus on during this significant global event.

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.

On October 31 the database of the Indian Council of Medical Research allegedly experienced the biggest case of data leak in the country, leaking crucial identity details for nearly half of the Indian population. This news was followed by an attempt to breach the iPhones of the top brass of the political opposition. 

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)

------

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.

Are you done with your festive shopping? If yes, chances are that the person who helped you in-store, or delivered your goods to your home was hired to meet the festive demand.

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)

------

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 Haripriya Sureban talks to Sumit Pokharna, a Research Analyst and Vice President at Kotak Securities, regarding the growth prospects of mid-tier IT companies in India. 

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.

------

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.

Copper is a crucial metal for the Indian economy with the red metal being used across from electricity to construction to motor pumps and infrastructure. Recently, the International Copper Association released its annual copper demand for 2023. The report has various features, including the fact that the metal’s uses for infrastructure are increasing. The metal’s use in agriculture and construction is also increasing.

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)

----------------

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.