businessline's State of the Economy Podcast

In this episode of the State of Economy Podcast, businessline's Rishi Ranjan Kala speaks with Naveenn Khandelwal, CEO of BrightNight India, a leading renewable energy company based in the U.S. with a strong presence across India, Australia, and Bangladesh. Under his leadership, BrightNight has developed a portfolio of over 7 gigawatts of renewable energy capacity and raised over $3 billion for various renewable projects. 

The episode starts with Khandelwal discussing India's role in achieving the goal of 500 gigawatts of non-fossil fuel power by 2030. He highlights the country's growing energy demand, electrification of industries, and adoption of green technologies such as green hydrogen and green ammonia. He stresses the importance of U.S.-India collaboration in clean energy, focusing on technological exchanges, supply chain cooperation, and financing. 

Khandelwal addresses the challenges in India’s renewable energy sector, including land acquisition, policy stability, and infrastructure development, while also noting the vast opportunities available. He discusses how Bright Night's AI and machine learning tools can optimise large-scale renewable projects throughout their lifecycle, continuously evolving to meet high-quality standards. 

The conversation shifts to the complementary strengths of India and the U.S., with technology and financing from the U.S. and India's skilled workforce and low-cost engineering. Khandelwal emphasises integrating innovation to accelerate the energy transition. 

He suggests key areas for improvement: enhancing storage solutions, optimising capital flows, boosting distributed solar, and promoting value-added manufacturing. He advocates for more private sector participation in transmission infrastructure and calls for an ambitious renewable energy target, noting the global need for 4000 GW of renewables by 2045. 

(Host: Rishi Ranjan Kala; 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, Sanjana B speaks with Debashish Bhattacharyya, Chairman of PanIIT Alumni India, about India’s rise as a global powerhouse in tech talent. 

Bhattacharyya traces the evolution of India’s IT sector, noting, “We are actually poised at almost the leading edge of the technology... our guys, our people are at the forefront, whether sitting in India or whether sitting outside of India.” He discusses how the country’s shift from basic coding to developing cutting-edge technology is contributing not only to global growth but to India’s own economy. 

Reflecting on the changing landscape of India’s role in tech, he adds, “At this point of time, if you look at technology and with generative AI and other things coming in, we find that many of these things, the low-end jobs, are going to be taken over. In fact, today we have software that actually takes design and converts it into optimised software.” 

Bhattacharyya also explains why India has emerged as a top destination for global companies, saying, “Cost is definitely one of the factors... but even more than cost, our knowledge of English, our pool of STEM-educated graduates, and our ability to look at larger canvases and drive down to the actual requirement of the application are key contributors.” 

He concludes with an insight into the future of tech talent, acknowledging the rapid pace of technological change: “What I learned today is going to be obsolete tomorrow. Unless I keep upskilling... the way of learning is changing, particularly when you are trying to keep abreast or ahead of technology.” 

Listen in to know more. 

(Host: Sanjana B, 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 Economy Podcast, businessline's K R Srivats speaks with Dr. D.K. Srivastava, Chief Policy Advisor at EY India, to discuss the economic challenges currently facing India, with a focus on both macro and microeconomic policies and their effects on the common man.  

 The episode starts with Srivastava explaining the key factors behind the slowdown include insufficient capital expenditure by the government, a contraction in investments, and global economic conditions. The conversation shifts to inflation, income growth, and employment trends, with Srivastava predicting the necessity of maintaining a 6.5% growth rate to keep the economy on track and avoid negative impacts on urban incomes and employment. 

The discussion touches on the vital policy measures, including fiscal consolidation, the Reserve Bank of India’s (RBI) role, and government actions to manage food inflation. Srivastava specifically discusses microeconomic interventions such as the Pradhan Mantri Garib Kalyan Anna Yojana, a food security scheme extended until 2029, and its potential for reducing poverty and improving welfare for low-income households. 

However, Srivastava argues that the government’s focus should shift from short-term subsidies to addressing structural unemployment challenges. He believes the key to long-term welfare improvements lies in creating sustainable, productive employment, rather than relying on temporary welfare benefits.  

Looking ahead to 2025, Srivastava stresses the importance of structural reforms, particularly in skill development and education, to match the needs of India’s evolving economy. He also highlights that while fiscal policies and interventions like controlling fuel prices can offer short-term relief, meaningful price reductions will depend on long-term supply-side improvements, such as investments in non-conventional energy and domestic reserves. 

In summary, while immediate relief may be limited, Srivastava emphasises that long-term reforms are essential to fostering sustainable growth and improving the overall economic well-being of India’s citizens. 

(Host: K R Srivats; 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, Vishwanath Kulkarni sits down with K. Mathew Abraham, President of the United Planters Association of Southern India, and Managing Director & CEO of Kanan Devan Hills Plantations Company (P) Ltd . Together, they explore the current state of India’s plantation sector in 2024, discussing its challenges, opportunities, and what the future holds for this vital industry. 

The year 2024 proved to be a mixed bag for the plantation sector. While commodities like tea, coffee, cardamom, and rubber saw bullish price trends, several external factors created hurdles. Erratic climate patterns, geopolitical tensions, and rising costs deeply affected production and profitability. 

Abraham highlights how global conflicts, including those in Ukraine, Russia, and West Asia, disrupted maritime trade routes like the Suez Canal, compounding logistical costs. He remarks, "Price increase was largely a supply side phenomenon rather than a demand side sector, as there has been a decline in production due to the adverse impact of climate change, which is indeed not a very encouraging scenario." 

The discussion also underscored that higher commodity prices did not translate to higher profits due to escalating input costs. Wages, fertilizers, fuel, and pesticides have seen significant price hikes, further straining margins. Abraham explains, "The present price rise therefore mostly gets nullified and as a matter of fact, in real terms, the commodity prices are still on a decline." 

Looking ahead, Abraham acknowledges a mixed short-term forecast. While coffee and spices show positive price trends, commodities like tea and rubber are expected to face more challenges. He stresses the need for structural changes to overcome hurdles and sustain growth. 

"Importantly, what needs to be done is to have a holistic approach for all plantation commodities to enable the sector to be cost competitive in the marketplace by optimizing mechanisation while simultaneously also investing in long-term field developmental programs," Abraham notes. He emphasises the importance of government subsidies, R&D investments for climate-resilient clones, and marketing efforts to boost global demand for Indian plantation products. 

Listen in! 

(Host: Vishwanath Kulkarni; Producer: Rowan Barnett, 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.

In this State of the Economy podcast, businessline’s Prabhudatta Mishra talks to Ashok Kumar Singh, former Director of Indian Agricultural Research Institute, New Delhi, about the unique perspectives on India’s agricultural landscape and the challenges ahead as the nation aims to achieve food grain self-sufficiency by 2047.  

Singh delves into cutting-edge solutions, including climate-resilient crop varieties, biofortified foods, and advancements in smart agriculture technologies like AI, IoT-based irrigation, and precision farming. 

 The podcast also discusses critical topics such as the role of public-private partnerships in driving agricultural innovation, genome editing as a non-GM alternative to enhance crop productivity, and the need for a centralised agricultural knowledge management system to empower farmers.

The conversation goes on to discuss the agricultural challenges and technological solutions for small and marginal farmers are explored in depth. A significant concern is the economic viability of adopting advanced agricultural technologies for farmers with small landholdings.  

Singh illustrates how technologies like drones can be highly efficient for targeted pest control, reducing costs and pesticide residues. He explains that even small-scale farmers can benefit from such advancements through collaborative systems like Farmers' Producer Organizations (FPOs) and custom hiring centers. These entities enable farmers to share resources, such as drones and other machinery, ensuring cost-effectiveness and accessibility without the need for individual ownership. 

He further explores the need for linking Minimum Support Price (MSP) with the nutritional profile of biofortified varieties. This would incentivise farmers to adopt these crops and ensure their economic sustainability.  

Singh advocates for aligning policy mechanisms, such as those by the Commission for Agricultural Costs and Prices (CACP), to support this integration. 

In this episode of BusinessLine’s State of the Economy Podcast, Shishir Sinha speaks to Rashesh Shah, Chairman of Edelweiss Group, to explore the key economic trends shaping India and the global landscape.

The conversation begins with a broad overview of the current economic climate. Shah emphasizes the mixed signals emerging from high-frequency indicators like GST collections and the Purchasing Managers’ Index (PMI). While GST collections show year-on-year growth, month-to-month numbers indicate a slowdown, reflecting consumption trends and seasonality. PMI data, meanwhile, points to sluggishness in manufacturing activity, largely attributed to underwhelming capital expenditure (CapEx).

Shah elaborates on India's economic crossroads, stating, "The Indian economy is at a crossroads where growth can be reignited, but it requires bold fiscal policies and a conducive environment for investments." He stresses the importance of bold measures to spur growth and restore investor confidence in the economy.

Shah underscores the importance of capital expenditure for long-term growth, pointing out, "What we are seeing is a slowdown in both corporate and government capital expenditure, which is concerning because CapEx is the backbone of long-term economic growth." This slowdown in spending on infrastructure and development projects is a key factor in the current economic challenges.

Shah also notes the impact of inflation on the economy, explaining that "Inflation has become stickier than expected, and this will force central banks, including the RBI, to reconsider their stance on interest rates in 2025." As inflationary pressures persist, central banks will likely need to reassess monetary policies to balance growth with price stability," Shah adds.

Host: Shishir Sinha; Producer: 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.

In this State of the Economy year-end podcast on FMCG, businessline's Meenakshi Verma Ambwani speaks to Naveen Malpani, Partner and Consumer Industry Leader at Grant Thornton Bharat, to discuss the sector’s performance in 2024 and its outlook for 2025. FMCG industry is facing key challenges of inflation and urban slowdown. At the same time, green shoots in rural demand and rise in quick commerce channel have emerged as key opportunities for the industry. 

Malpani explains that inflation has been a significant challenge in 2024 and to deal with rising costs, FMCG companies had to increase prices or reduce product sizes (shrinkflation). Food inflation has been the key factor that has led to sluggishness in urban demand.Malpani points out that while urban demand has been stagnating but recovery was visible in rural demand in the country on the back of good monsoon and government spending push.

Urban markets, Malpani notes, have been under pressure due to stagnating demand driven by inflation and reduced discretionary spending among middle- and lower-middle-income groups. While affluent consumers continue to demand premium products, spending from middle-income households has been impacted. This has created a challenging environment for FMCG companies in urban regions.

As the sector looks ahead to 2025, Malpani expects urban demand to remain subdued in the first half of the year, with a potential gradual recovery in the latter half. With the budget around the corner, there are expectations of rationalisation in the tax structure to stimulate demand. Stablisation in commodity prices will also help FMCG companies focus on volume growth.

Another emerging opportunity in the FMCG space is the rise of quick commerce. While the global success of quick commerce has been mixed, it has been particularly successful in India. "Globally, quick commerce has not been a great success, but it has been a very good success story in India," Malpani explains. This success is largely driven by widespread internet penetration and the growing demand for convenience among urban consumers. Quick commerce companies are expanding their product offerings and increasing basket sizes for better margins. 

Finally, Malpani highlights the importance of managing costs effectively. He points out that to achieve better growth in 2025, keeping prices stable, investing on technology and leveraging e-commerce including quick commerce channel will be key for FMCG companies. 

Listen in! 

(Host: Meenakshi Verma Ambwani; Producer: 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.

In this episode of the State of Economy Podcast, businessline's Jyothi Datta speaks with Sudharshan Jain, the Secretary General of the Indian Pharmaceutical Alliance (IPA), as they reflect on the achievements and challenges of India's pharmaceutical industry in 2024.  

As the world’s pharmacy, India continues to make a global impact, providing medicines to over 200 countries. Jain outlines key highlights of the year, including the country’s progress toward self-reliance in Active Pharmaceutical Ingredients (APIs) and the success of government initiatives like the Production Linked Incentive (PLI) scheme. 

Jain discusses the critical issues such as the need for enhanced quality standards and innovation in the pharmaceutical sector, the ongoing efforts to tackle counterfeit drugs, and India’s role in supplying affordable medicines globally. Jain emphasises the importance of quality control, the introduction of new medical technologies, and the growing role of Indian companies in the development of biosimilars and mRNA vaccines. 

Looking ahead to 2025, Jain shares his perspective on how India can strengthen its export market amidst geopolitical shifts and increasing global demand for affordable healthcare solutions. He also talks about how the pharmaceutical industry can contribute to government programs aimed at improving access to medicines, such as the Janaushadhi Scheme, and ensuring that healthcare reaches underserved rural areas. 

(Host: PT Jyothi Datta; 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, S Ronendra Singh talks to Hardeep Singh Brar, senior VP, Marketing & Sales, Kia India , to discuss the outlook for the automobile industry in 2024 and beyond.  

The conversation explores the challenges and opportunities within the sector, including the impact of government investments, layoffs, and the unpredictable weather patterns on the industry's growth. 

Brar reflects on the current year, describing it as average in terms of growth due to a lack of investment and certain market challenges. However, he forecasts a more positive outlook for 2025, with growth expected between 5-10% driven by increased government investment, a rebound in the labour market, and more favorable monsoon conditions. 

The discussion also delves into the strong performance of the SUV segment, which has grown significantly over the past few years, and how this trend is expected to continue into 2025. In contrast, the sales of hatchbacks and sedans are declining, as consumers increasingly opt for more versatile and spacious SUVs. 

Despite some progress, the EV segment remains relatively small, making up only around 2% of the market. Brar advocates for continued subsidies at both the central and state levels to stimulate long-term growth in the EV sector. He also highlights the importance of state policies, noting how tax incentives have had a significant impact on EV sales in some regions. 

Finally, the conversation concludes with a look at the future of alternative fuels, particularly flex-fuel vehicles and hydrogen fuel cells. Brar emphasises the need for a focused approach, urging the industry to prioritise the development of EVs before exploring other alternatives like hydrogen-powered vehicles. 

(Host:  S Ronendra Singh; 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 businessline’s Abhishek Law talks to Saurabh Runwal, Director, Runwal Realty, about the evolving real estate landscape of 2024.  

The discussion begins with a focus on residential real estate, highlighting how the sector has experienced remarkable growth post-COVID. Runwal sheds light on the surge in urban demand, particularly in Mumbai and Pune, and explains how genuine end-user interest, rather than speculative bubbles, is driving this trend. He predicts robust double-digit growth in volume, backed by a strong appetite for upgrades in lifestyle and quality living spaces. 

The conversation then shifts to Pune’s growing prominence as an IT and GCC (Global Capability Center) hub. Saurabh identifies pockets of growth fueled by infrastructure development, including metro lines, the new airport, and increased IT absorption. He contrasts Pune’s affordability-driven market with Mumbai’s luxury-centric dynamics, offering a detailed analysis of price trends and buyer behavior in both cities. 

On the commercial front, Runwal expresses optimism about the office space market, citing significant transactions and an uptick in foreign investments. He highlights the ripple effect of commercial growth on residential demand and overall livability in key urban centers. 

The discussion also touches on retail real estate amidst the rise of e-commerce and quick commerce. While acknowledging the challenges posed to smaller retailers and kirana stores, Runwal remains confident about the resilience of organized retail spaces like malls, emphasising their ability to adapt and thrive.