businessline's State of the Economy Podcast

In this episode of the State of the Economy podcast, Suresh P Iyengar talks to Ravleen Sethi, Director, CareEdge Ratings, about the ever-evolving landscape of the cement sector. The discussion provides a comprehensive analysis of the industry’s performance in FY24 and projections for FY25 and beyond. 

Sethi sheds light on the challenges faced by the cement sector in FY25, including adverse weather conditions, delayed infrastructure projects, and muted government spending. Despite these setbacks, the long-term growth outlook remains promising, with demand expected to align with GDP growth or exceed it in FY26 and FY27. 

The episode explores the pricing dynamics within the sector, examining the impact of cost pressures and demand fluctuations. Sethi also discusses the operational costs, highlighting the industry’s ongoing shift toward green energy solutions like solar and WHRS to mitigate fuel price volatility. 

Listeners gain valuable perspectives on how macroeconomic trends, election-year policies, and infrastructure projects such as the National Infrastructure Pipeline, Bharat Mala, and Shakti are shaping the cement sector’s trajectory. 

In this year-end episode of the State of the Economy podcast on renewable energy, M. Ramesh, Associate Editor, businessline, examines the remarkable milestones achieved by India's renewable energy sector in 2024. From record-breaking additions in solar and wind capacity to the growing prominence of open access markets and hybrid auctions, 2024 has laid the foundation for a greener future. The podcast also covers government policies like the PM Suryagarh Muft Bijli Yojana and the PM E-Drive scheme, while looking ahead to 2025 as India approaches critical renewable energy benchmarks.

In this episode of the State of Economy Podcast, businessline's Rishi Ranjan Kala speaks with Anujesh Dwivedi, Partner at Deloitte India, who brings over two decades of experience in consulting and the power sector. Dwivedi provides an in-depth look at the major achievements of 2024, including India’s record-breaking peak power demand of 250 GW and significant strides in renewable energy. 

 The country has added an impressive 30 gigawatts of new generation capacity, a key step toward reaching the 500 GW of non-fossil fuel-based power target by 2030. Dwivedi also highlights important policy measures, such as the success of the Surya ghar Muft Bijli Yojana, a scheme that aims to provide free electricity to households in India. 

Dwivedi discusses the financial viability concerns of power distribution companies, the underutilisation of gas-based plants, and the need for more robust transmission networks. With the growth of renewable energy, particularly intermittent sources, there’s a growing demand for enhanced grid stability and investment in transmission infrastructure.  

Looking forward, Dwivedi shares key trends and events to watch for in 2025, from the ramping up of domestic manufacturing under the PLI initiative for solar to increased private sector participation in power distribution. The government’s efforts to address transmission bottlenecks and the success of schemes like rooftop solar are also discussed as vital components of India’s energy future. 

The episode concludes with valuable insights into what has been achieved and what lies ahead in the rapidly evolving energy sector , with a particular focus on how India is navigating its energy transition. 

(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 the State of the Economy podcast, businessline’s Jyothi Datta talks to Biswajit Dhar, Professor, Jawaharlal Nehru University (Retd) and Distinguished Professor Council for Social Development to reflect on two decades of India’s product patent regime and its profound impact on the pharmaceutical landscape and public health.  

The conversation begins Dhar explaining how the 1970 Patents Act focused on process patents, fostering a thriving generic pharmaceutical industry and making India a global supplier of affordable medicines by the 1980s. However, the 2005 shift to product patents under WTO’s TRIPS agreement reversed this trajectory, reintroducing concerns about market monopolies and the affordability of essential medicines. 

The discussion extends to India’s recent free trade agreement with the European Free Trade Association, raising concerns about potential amendments that could hinder pre-grant oppositions and undermine the original objectives of the patent framework. 

The episode also scrutinises India’s increasing patent numbers, with over one lakh granted in a single year. Dhar argues that quantity alone is not a benchmark of success, emphasising the need to evaluate patents against robust R&D spending and genuine inventive activity. 

As the conversation concludes, listeners are left with a nuanced understanding of the successes and shortcomings of India’s patent regime and its implications for public health.  

(Host: PT Jyothi Datta; 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 year-ender Podcast, KV Kurmanath discusses the challenges and opportunities AI brings to the IT sector with Sangeeta Gupta, Senior VP & Chief Strategy Officer of Nasscom.

"The pace of AI innovation is growing, and in India, there are almost 240 plus generative AI startups," says Sangeeta, highlighting the rapid evolution of the AI sector in India and the growing prominence of generative AI within the industry. 

Gupta also discusses the impact of global macroeconomic uncertainties on India's IT sector, noting that "almost 70% of the industry revenues are export-led, and hence the global macroeconomic uncertainties impacted decision-making in large global businesses that outsource work to India." 

Addressing the cautious pace of AI adoption, Gupta states, “While we are seeing a lot of action from building out proof of concepts, the real adoption at scale is still lagging, determined by multiple factors including global slowdown and data silos within enterprises.” This reflects the challenges companies face in integrating AI into their operations despite the excitement around the technology. “The real AI opportunity in terms of revenues is probably still 12 to 18 months away, but there is a gradual uptick,” Gupta adds.

On the growing demand for AI-related skills, she stresses the importance of a multi-skilled workforce, saying, "We need multi-skilled professionals as one specific skill will become redundant very quickly in this fast-paced technological environment." This insight sheds light on how IT companies are evolving their workforce to meet the demands of emerging technologies. 

Looking ahead to 2025, Gupta is cautiously optimistic, noting, "While we expect a slow recovery in 2025, we are hopeful that the segmented growth across different sectors will drive positive momentum for the industry." 

Listen in. 

(Host: KV Kurmanath; 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 Banthia speaks with Jinesh Shah, Managing Partner of Omnivore to discuss the major trends that have shaped the startup world throughout the year, and what the future may hold for 2025. Jinesh, with his extensive experience in venture capital, provides expert commentary on standout funding trends, emerging sectors, and the shifting dynamics of the VC landscape. 

The episode begins with how the funding environment evolved in 2024, touching on sectors that gained traction like AgriTech, climate solutions, and rural sustainability. Shah also highlights the growing interest in startups emerging from smaller towns and cities, and the significant role government policies have played in supporting innovation. 

Looking ahead, Shah shares his thoughts on where the startup ecosystem is headed in 2025, emphasising the focus on sustainability, the resurgence of manufacturing, and a continued push towards solving real-world problems. With new trends emerging and VCs becoming more selective, the conversation touches on the evolution of funding stages and the risk appetites of investors, particularly in a year when valuations are expected to remain more stable. 

For entrepreneurs and startup founders looking to capitalise on new opportunities, Jinesh offers invaluable advice: stay focused on creating value for your customers and stakeholders, build sustainable business models, and avoid getting swayed by external pressures. By doing so, startups can navigate the changing economic environment and thrive in 2025 and beyond. 

(Host: Jyoti Banthia 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 yearend podcast on the telecom sector, S Ronendra Singh speaks to Lt. Gen. Dr. S.P. Kochhar, Director General of the Cellular Operators Association of India (COAI), on the performance and challenges of India’s telecom industry in 2024, as well as its outlook for 2025. 

Kochhar highlights how telecom has become a foundational industry supporting all sectors. “This year has shown that the telecom industry is the foundational industry, and it is emerging as a supreme foundational industry with every other industry now relying on telecom. Therefore, it has become a horizontal rather than remaining a vertical,” says Kochhar. 

While the rapid rollout of 5G has been a major achievement, Kochhar also addresses the challenges that still lie ahead, such as spectrum shortages, the slow implementation of telecom regulations, and revenue losses due to policy constraints. He points out, “The Telecom Act has been enacted, the rules have been pronounced, but the adaptation of these rules by all concerned is a little bit slow.” Despite these hurdles, Kochhar remains optimistic about the future, noting that the sector has made significant strides, and he expects positive developments moving forward. 

One critical issue Kochhar highlights is the need for more spectrum to ensure effective 5G rollout. “Scientifically, it has been proven that in India we require 2 gigahertz of spectrum in the mid band to roll out effective 5G networks. Unfortunately, we have got just about 800 megahertz of spectrum, which gives us a deficit of about 1200 megahertz. That is something going forward that will cause a lot of problems,” he explains. He also emphasises the need for improved fibre infrastructure to support network expansion.

As the conversation shifts to the potential of 5G in rural and industrial areas, Kochhar sees a transformative role for non-standalone 5G networks, especially in rural areas. “Lower frequencies using 5G... which is almost 100 times more aggregation,” Kochhar explains, pointing out that this would enable quicker, more cost-effective rollouts to underserved regions. He also delves into the role of AI in the telecom sector, discussing its potential to enhance network management and foster new business models. “AI reduces time and increases the area of operations with least cost overlays, and AI comes in two flavours. One is embedded in, the second is generative AI. Embedded AI is coming into the networks in a very large way because the networks are getting increasingly defined by software,” says Kochhar. 

Finally, Kochhar discusses India’s role in the development of 6G. He highlights the country’s proactive approach to 6G standards, use cases, and manufacturing. “The way India is proceeding scientifically and with a mission, I think it’ll happen. India has already laid down a 6G roadmap... India may be one of the few territories where 6G will get germinated and then it’ll take off,” he says confidently, positioning India as a key player in global telecom advancements. 

(Host: S Ronendra Singh, 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 podcast, businessline’s Sanjana B talks to Ravi Kumar, Assistant Vice President of IT at CDSL and Rohan Vaidya, Area Vice President, SAARC & India at CyberArk about the rapid growth of cybersecurity in India and the specific threats faced by the Banking, Financial Services, and Insurance (BFSI) sector. 

According to industry data, India's cybersecurity market is expected to grow from $6 billion in 2023 to $22.6 billion by 2032, with a compound annual growth rate (CAGR) of 18%. This marks a significant shift in the digital landscape, as the BFSI sector, due to its sensitive data, becomes a prime target for cybercriminals. 

Kumar begins by emphasising that phishing is the most common form of cyberattack, responsible for over a third of incidents in India. Cybercriminals often impersonate legitimate entities like banks to steal sensitive customer data. He also explains the growing danger of ransomware, where attackers encrypt data and demand a ransom, sometimes using double extortion tactics to threaten both the victim’s data and privacy. Advanced persistent threats, often backed by state-sponsored actors, have also increased, especially targeting Indian financial institutions. These attacks are difficult to detect and pose a significant risk over long periods. 

Kumar also highlights the increasing dangers of supply chain attacks, where attackers target third-party vendors to breach the systems of large institutions. Insider threats, where employees or contractors misuse their access to steal funds or data, continue to be a concern as well. 

Vaidya adds that post-COVID, digital identity security has become a crucial issue. As India underwent a massive digital transformation, particularly in banking and payments, the risk of stolen digital identities has skyrocketed. Cybercriminals can use stolen credentials to carry out fraudulent transactions without detection, making identity security a top priority for organisations. 

(Host: Sanjana B; Producers: 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 Economy Podcast, businessline’s Dalip Singh speaks with Major General (Dr) Ashok Kumar (Retd.), Director General of the Centre for Joint Warfare Studies, about the year’s defining moments for India’s defence sector. As Director General of the Centre for Joint Warfare Studies, General Kumar provides invaluable insights into the recalibration of India’s defence strategy amidst global geopolitical shifts. 

General Kumar discusses the delicate balancing act India faces between its defence relationships with Russia and the West, particularly with regard to the ongoing Russia-Ukraine conflict. 

He highlights the positive developments in India’s military ties with China, with key agreements reached in October 2024, signaling a step towards peace and stability at the borders. As India seeks to bolster its defence capabilities, General Kumar emphasises the importance of preparing for future conflicts by ensuring self-reliance in defence manufacturing and maintaining a strong, indigenous military force. 

Looking ahead, General Kumar forecasts an era of significant transformation in India’s defence sector. In 2025, India is expected to announce the much-anticipated military theaterisation, further enhancing its operational efficiency 

Also, the focus on indigenous production is expected to grow, with India aiming to produce more of its defence equipment domestically. The burgeoning defence export sector, including high-demand products like BrahMos missiles, is poised for substantial growth, with exports anticipated to reach between 50 – 50,000 crore in the coming year. 

Whether it’s the transformation of defence forces or the ongoing pursuit of technological innovations, the episode offers a comprehensive view of India’s defense outlook for 2025 and beyond. 

(Host: Dalip Singh; Producer: Prethicshaa )

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 year-end episode State of the Economy podcast, Srivats KR is joined by Rishi Agrawal, Co-founder & CEO of TeamLease Regtech, to discuss the critical issue of Social Security for Gig Workers in India.  

As gig work grows, the need for structured welfare measures is becoming increasingly urgent. The conversation explores the progress made in 2024, key developments in India’s gig economy, and what the future holds for this expanding workforce. 

India’s gig economy, which now includes millions of platform-based workers, has seen significant policy changes aimed at improving welfare. The Code on Social Security 2020 recognises gig and platform workers and includes provisions for life and disability insurance, health benefits, and old-age protection.  

“The government has implemented several initiatives, including the Code on Social Security 2020, which recognises gig workers and provides provisions for their welfare, including insurance and health benefits.”, Rishi explains. 

 The discussion then moves to global comparisons, with Rishi analysing how countries like the United States, China, and Southeast Asia are addressing gig worker security. He highlights China’s regulatory efforts for its 200 million gig workers, California’s AB5 law, and models emerging in countries like Singapore and Indonesia.  

“In China, the government has introduced regulations to ensure fair treatment, minimum salaries, and participation in insurance programmes for gig workers.”, Rishi notes. 

At the state level in India, Rajasthan and Karnataka are leading the way with progressive laws such as Rajasthan’s Platform-Based Gig Workers Registration and Welfare Act (2023) and Karnataka’s Gig Workers Welfare Bill (2024). 

Looking ahead, Rishi discusses the future of India’s labour codes, particularly the Labour Ministry’s Social Security Policy. With health insurance, pension benefits, and unique identity numbers in the pipeline for 2025, he warns that successful implementation depends on effective execution. “The key is the successful implementation of the Code on Social Security 2020... It aims to streamline access to benefits and reduce financial vulnerabilities for gig workers.”, he adds.

(Host: KR Srivats; 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.