businessline's State of the Economy Podcast

In the latest episode of the State of the Economy podcast, Ayushi Kar is joined by Chinmayi SK, Founder and Member, The Bachchao Project, and Namrata Maheshwari, Asia Pacific Policy Counsel at Access Now. They delve into the topic of the Indian government's use of internet shutdowns to control conflict and ethnic violence, particularly focusing on the situation in Manipur. The discussion reveals concerning trends and their impact on various aspects of society. 

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 its latest performance report, the Automotive Component Manufacturers Association of India (ACMA) has said that the industry registered a growth of 32.8 per cent over the previous year. It also showed that sales to domestic OEMs and exports are on the rise, despite the threat of a recession in the US and the Russia-Ukraine war.

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 this episode of the “State of Economy” podcast, businessline’s Jyoti Banthia talks to Mayank Singh, Partner at Khaitan & Co, and Mayank Banerjee, CEO and Co-founder at Even Healthcare, about the Indian healthcare industry and the role of health tech 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)

In the recent State of the Economy podcast, Mallanna Sasalu, CEO of Provident Housing, shared insights into the real estate industry's current state, growth prospects, and market dynamics.

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

According to recent data, global steel production in the first 5 months of the year was marginally lower, down by one per cent compared to the same period last year. Weak demand from the manufacturing and construction sectors in advanced nations is putting pressure on major steel producers worldwide. However, the picture is entirely different for India, where steel growth witnessed a 3.2 per cent year-on-year increase during the same period.

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

The rise of India's middle class is the focal point in this episode of the State of the Economy podcast. 

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

In this episode of State of the Economy podcast, businessline’s Shishir Sinha discusses various high-frequency economic indicators and their implications on India's economy with Aditi Nayar, Chief Economist, ICRA. 

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.

In this episode on Personal Finance State of the Economy podcast, Aarati Krishnan, Consulting Editor, businessLine, is joined by Monika Halan, one of India’s most respected names in personal finance for a discussion on mutual funds. Monika, a sought-after speaker and the author of the bestselling book “Let’s Talk Money” and its sequel, “Let’s Talk Mutual Funds”, is also the Chairperson of the SEBI Advisory Committee for the Investor Protection and Education Fund. They discuss about mutual funds and why they stand out as an excellent investment option for young people. 

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.

In the latest episode of “The State of the Economy Podcast,” V Nivedita delves into the world of gig workers and the rising demand for their services in India.

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.

In this episode of the State of the Economy podcast, Rishi Ranjan Kala talks to Pawan Mulukutla, Director - Integrated Transport, Electric Mobility & Hydrogen at WRI India, about the promising green hydrogen ecosystem that could drive India’s clean energy transition.

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.