businessline's State of the Economy Podcast

In this episode of the State of the Economy podcast, Dalip Singh, interviews Lieutenant General Rajiv Chaudhry, VSM, Director General of the Border Roads Organisation (BRO). The podcast delves into the state of India’s border infrastructure development and the challenges faced due to hostile topography.

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)

In this episode of the State of the Economy podcast, businessline’s Haripriya Sureban is joined by KS Viswanathan, Vice President, Industry Initiatives, Nasscom and Vijay Guntur, President, Engineering and R&D Services, HCL Technologies. They discuss the growth and prospects of India's engineering research and development (ER&D) industry.  

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. 

In this episode of the State of the Economy podcast , Madan Sabnavis, Chief Economist, Bank of Baroda, explains the concept of internationalizing the Indian rupee, aiming for its acceptance as a hard currency globally. Internationalization would mean that the rupee becomes widely acceptable for trade and payments across countries, similar to major currencies like the US dollar or euro. This move would benefit India, particularly as it faces trade deficits and requires foreign exchange to support imports. By using the rupee for international transactions, India could save foreign exchange reserves and reduce exchange rate pressures.

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. 

There is a growing concern that is affecting the business of money – attrition in the banking sector. In This episode of the State of the Economy podcast, Hamsini Karthik and Srinath Sridharan, Author, policy researcher and corporate advisor, delve deep into the reasons behind this phenomenon and its impact on the industry. 

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.

Sustainability reporting has evolved from being a voluntary practice to a crucial component of corporate governance. 

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. 

In this episode of the State of the Economy podcast, businessline’s TE Rajasimhan talks to Captain Mohan Ranganathan about the lack of Flying Training Organisations in South India and its impact on aspiring pilots and the airline industry.  

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. 

In this State of the Economy podcast, we delve into the intricacies of the proposed Free Trade Agreement (FTA) between India and the UK, shedding light on the current state of negotiations and the critical issues at play. With both the Indian and UK governments committed to concluding the FTA talks by year-end.

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 June, Indian automakers witnessed growth in the overall market and domestic sales. The passenger vehicles, two-wheeler segments and three-wheelers saw a rise in sales in June.

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. 

In this episode of the State of the Economy podcast, Sohit Kapoor, co-founder of Driftcase, talks about the world of digital health lockers and their role in the Indian healthcare ecosystem. 

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. 

In this episode, Subramani MR, Commodities Editor, businessline talks to Sanjay Gupta, MD and CEO, NCML, about the current state of the Indian agriculture sector amidst the erratic monsoon season.

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.