businessline's State of the Economy Podcast

In this episode of the State of the Economy podcast, businessline’s Jyothi Datta talks to Rishi Agrawal, CEO and Co-founder of TeamLease RegTech, about the Indian pharmaceutical industry, sparked by a recent report from the National Drug Regulator revealing a concerning number of substandard-quality drugs. 

India's pharmaceutical landscape is a double-edged sword. On one side, it boasts a vast ecosystem of compliance, with over 69,000 unique regulations governing pharmaceutical companies. On the other hand, the regulatory enforcement capacity struggles to keep pace with industry demands, resulting in significant gaps in oversight. 

Agrawal highlights the importance of regulatory compliance and the responsibility of manufacturers in maintaining quality control. He emphasised that while counterfeit drugs are manufactured with the intent to deceive, not of standard quality (NSQ) drugs may originate from legitimate sources yet fail to meet required standards due to various factors like poor storage or inadequate testing. 

Agrawal advocates for a more robust regulatory framework, emphasising the need for a targeted approach to enforcement. He suggests that the 10% of manufacturers engaged in illegal practices should face stringent consequences, while the remaining 90%—the law-abiding companies—should not be burdened with excessive compliance demands.  

As consumers navigate the choices between local chemists and online pharmacies, the podcast highlights the need for assurance in the quality of medications regardless of the purchasing avenue. Agrawal firmly asserts that the onus of accountability lies with regulators and manufacturers to ensure that all medicines meet safety and efficacy standards, regardless of price. 

(Host: 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 State of the Economy Podcast, Subramani Ra Mancombu speaks to Pushan Sharma, Director of Research at Crisil Market Intelligence and Analytics, to discuss the innovative Roti Rice Rate (RRR), a vital tool for understanding the monthly fluctuations in food prices, the issue of inflation, and its direct impact on the cost of food in India. 

The discussion highlights the need for relatable metrics to track the cost of a basic meal for the average Indian household. Pushan elaborates on the rationale behind the Roti Rice Rate, saying, "This index connects statistical data with the real-life expenses of households." 

As inflation remains a concern for both governments and consumers, Pushan points out, "Food accounts for around 50% of consumer price inflation, so it’s vital to monitor the costs faced by everyday people." 

Key commodities driving inflation include tomatoes, onions, and potatoes, which frequently see large price changes. Pushan notes, "Tomatoes and onions are especially volatile, driving inflation in certain seasons." He explores the seasonal factors that influence these prices, particularly during the kharif and rabi harvests, and explains why food costs can rise sharply in specific months. 

The discussion also highlights the government's role in managing inflation through various policies. Pushan explains that while government interventions can temporarily stabilise prices, the long-term solution lies in enhancing food storage infrastructure. This improvement is essential for reducing volatility in food prices and ensuring a more stable supply. 

Looking ahead, Pushan offers insights into potential trends. He suggests that, although the immediate outlook seems stable, we can expect fluctuations as we enter the new year. He concludes with a poignant reminder: "Understanding inflation isn't just about numbers; it's about recognising how these figures impact citizens' daily lives." This underscores the importance of considering the real-world effects of inflation on people's everyday experiences. 

Listen in! 

(Host: Subramani Ra Mancombu; 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, Host S Ronendra Singh speaks to Shailesh Chandra, President of the Society of Indian Automobile Manufacturers (SIAM) and Managing Director of Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited on the automobile market.

The sector saw a robust 12% year-on-year growth in overall vehicle sales, with two-wheelers leading the charge. However, passenger vehicle (PV) sales faced a slight setback, raising questions about the factors affecting this key segment.

September saw a 1.4% decline in PV sales, attributed in part to a high base from last year and seasonal factors. Chandra explains: “It’s a high base effect combined with an inauspicious period that dampened sales, but we expect a strong recovery with the ongoing festive season.” He remains optimistic about the upcoming months, anticipating that the festive demand will drive a surge in retail sales.

The Indian automobile market is witnessing a significant shift towards SUVs, a trend that has grown over the past five years. Chandra highlights that this shift is here to stay, driven by consumer preferences and manufacturer strategies: “The SUV segment is a structural shift; it has consistently grown, and the portfolio focus of manufacturers is naturally gravitating toward it.” As buyers increasingly opt for larger, feature-rich vehicles, SUVs are expected to maintain their dominance in the market.

While passenger vehicles faced challenges, two-wheelers surged with a 16% year-on-year growth in September. Chandra attributes this growth to rising rural demand and favorable market conditions: “With the festive season and strong agricultural output, we foresee a continued upswing in two-wheeler sales, especially in rural areas.” He further points out that both urban and rural markets are contributing to this upward trend, which is likely to continue in the months ahead.

Electric vehicles (EVs) are a key focus area, with the government’s policies playing a crucial role in shaping their future in India. Although the demand incentives for electric four-wheelers have been reduced, the government’s efforts to expand charging infrastructure are seen as a game-changer. Chandra remarks: “The government’s focus on expanding EV charging infrastructure is a progressive step that will accelerate electric vehicle adoption.” With a significant budget allocated for building EV charging stations, the industry is set for further growth in this space.

Listen in!

(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 Subramani Ra Mancombu talks to Nityananda Dhal, The Lead, Centre of Excellence - Sustainable Agriculture, PRADAN, about the urgent need for transformative agricultural practices, particularly regenerative agriculture, which aims to heal our planet’s ecosystems while enhancing farmers’ livelihoods.

The episode discusses the principles and benefits of regenerative agriculture, emphasising the importance of nurturing soil health, maximising biodiversity, and minimising environmental impact.

The discussion goes onto talk about how regenerative agriculture not only restores the land but also empowers farming communities, particularly women, to play an integral role in decision-making processes. Dhal shares groundbreaking survey results revealing that a significant majority of farmers adopting regenerative practices have experienced improved productivity and income within a short time frame.

The episode highlights the unique challenges and opportunities faced by tribal communities in India, where traditional knowledge and sustainable practices align closely with the ethos of regenerative agriculture. Dhal explains how these communities, rich in biodiversity and local resources, can lead the way in adopting innovative farming methods that respect the land and its natural systems. 

Dhal calls for a collective effort to redefine agricultural success, emphasising the need for healthy food, sustainable livelihoods, and the restoration of ecosystems.  

Host: Subramani Ra Mancombu; 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 State of the Economy podcast ,KV Kurmanath talks to Mohammed Shoeb Ali, Co-Founder and Managing Partner of Transition VC, who shares insights on the opportunities and challenges in the energy transition sector. 

As the world shifts towards a low-carbon future, India faces the challenge of meeting rising energy demands while reducing its carbon footprint. Our guest today is  

Ali highlights the pressing need for a transition policy, stating, “India is a growing economy, and there is a strong correlation between energy consumption and any state of economy.” With 70-80% of India’s energy coming from fossil fuels, the implications are significant. He emphasises, “We can’t be dependent on other countries to satisfy our energy needs,” stressing the importance of developing homegrown solutions to ensure energy security. 

This urgency is underscored by India’s current oil imports, which total around $100 billion, draining foreign reserves that could be better utilised elsewhere. A national framework focused on accountability and actionable strategies is essential for achieving India’s net-zero targets. 

In this context, startups play a vital role. Ali notes, “By 2030, the energy transition sector offers an estimated $200-250 billion opportunity.” This encompasses key areas like transportation electrification, renewable energy, and industrial decarbonisation. He believes that “startups will play a crucial role not only in developing new technologies but also in bringing new business models.” Their agility and capacity for rapid innovation make them essential contributors to transforming India's energy landscape. 

Ali underscores the importance of deep-tech startups in creating engineering solutions that can effectively address industrial decarbonisation and the broader energy transition, reinforcing that this technological push is critical for India’s energy future. 

“We can build super fabulous systems here in India,” he asserts, highlighting opportunities in hydrogen production and storage. By concentrating on engineering-intensive projects, Indian startups can create components that meet global demands, positioning India to compete effectively on the world stage. 

Listen in! 

(Host: KV Kurmanath,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 the Economy podcast, businessline’s Sanjana B talks to Shez Partovi, Chief Innovation & Strategy Officer and Chief Business Leader of Enterprise Informatics, Philips, about the transformative potential of generative AI in healthcare. 

The podcast begins by Partovi highlighting how generative AI can significantly enhance patient literacy by simplifying complex medical records into more understandable language. This advancement aims to empower patients, enabling them to better comprehend their health conditions and make informed decisions regarding their care. 

He goes on to note that Philips has integrated generative AI into its electronic medical record systems, allowing patients to engage with their medical data through conversational interfaces. This innovation is especially vital in diverse linguistic regions like India, where patients may struggle with medical terminology. By bridging the health literacy gap, he emphasises that better patient understanding correlates with improved health outcomes. 

The conversation also explores the challenges faced by healthcare professionals. With an overwhelming amount of data, physicians often find it difficult to extract key insights efficiently. 

The podcast goes on to discuss exciting technological developments in India, particularly the introduction of mobile X-ray units that enable healthcare providers to deliver diagnostic services at the bedside. This innovation exemplifies how Philips is leveraging local talent and resources to create impactful healthcare solutions.

Host: Sanjana B; 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 Business Line State of the Economy Podcast, Abhishek Law speaks to Mahesh Ramanujam, the President and CEO of Global Network for Zero, on green building certifications and their implications for India’s real estate sector. 

Mahesh emphasises that “the greatest green building is the one that has not been built; existing buildings must be our focus to truly make an impact.” 

Ramanujam explains what green building certification entails, focusing on the Leadership in Energy and Environmental Design (LEED) framework. He describes green buildings as components of our lives, designed to minimise environmental impact while enhancing occupant well-being. He likens LEED certification to a nutrition label for buildings, helping consumers understand energy usage, water conservation, and indoor air quality. 

As the discussion progresses, the podcast explores the rising consciousness surrounding green buildings in India. Mahesh notes that India has transformed over the past decade, increasing the number of certified green buildings from fewer than 500 in 2014 to over 5,000 today. He highlights how green building practices are not limited to metropolitan cities but have also spread to Tier 2 cities, reflecting a nationwide shift toward sustainable construction. 

Ramanujam emphasises that India's sustainability journey is rooted in its socio-economic context, where many still lack basic resources. He shares examples of green building projects, including the Delhi Metro and major airports, underscoring the adoption of green standards across various sectors. The conversation also touches on India's position as the third-largest market for green buildings globally, trailing only the U.S. and China. 

Are buyers willing to pay a premium for green buildings. Ramanujam argues that perceptions of green as a luxury are evolving, particularly among younger generations who prioritise sustainability. He explains that the future of the market hinges on making green living accessible to all consumers, not just the elite. 

The discussion raises questions about government intervention in promoting green building standards. Mahesh advocates for regulations that set minimum environmental standards, arguing that pushing the industry beyond mere compliance can catalyse change. He links this to India’s net-zero target for 2070, asserting that the building sector, responsible for 40% of greenhouse gas emissions, plays a role in achieving this goal. 

Ramanujam highlights the challenges of retrofitting older structures, stating, “To cut emissions significantly, we can't just look at new construction; we must invest equal energy into retrofitting our existing buildings.” 

Ramanujam also discusses the importance of quality in sustainability, asserting, “If we prioritise quality in our buildings and materials, we can transform not just structures but the very fabric of our communities toward sustainability.” 

Listen in!

(Host: Abhishek Law, 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 State of Economy, Shishir Sinha talks with Professor Anil K. Sood, co-founder of the Institute for Advanced Studies, about India's economy and key economic indicators such as GST collections, fiscal management, and the impact of monsoon variability on agriculture. 

Professor Sood highlights that "GST collections were expected to slow down, particularly due to moderation in the automobile sector and a decline in government infrastructure spending." He raises urgent concerns about fiscal management, asserting, "Given the current trends in revenue and expenditure, it’s very likely that the fiscal deficit at the end of FY25 may be lower than the budget estimate." 

Professor Sood points out, "While aggregate monsoon numbers may seem normal, the distribution has been far from it, leading to uncertainty in agricultural productivity that could affect rural consumption." 

When discussing retail inflation, Professor Sood says, "Retail inflation is likely to stay at or below 4%, but food inflation poses a risk due to uncertainties in agricultural production across states." 

(Host: Shishir Sinha, 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, Rishi Ranjan Kala talks to Sehul Bhatt, Director of Research at Crisil Market Intelligence and Analytics, on the issue of India’s surging power demand, which has grown significantly in recent years. 

“There is a strong correlation between GDP growth and power demand growth that we have observed,” highlighting the economic drivers behind this trend. As the country grapples with unprecedented climate patterns—including intense heat waves that have exacerbated electricity consumption—Sahul shares his insights on how these weather phenomena impact energy needs. He emphasises, “Temperature is very crucial and, at least in recent years, the factor that has been creating variation in power demand.” Sehul notes 

With the Power Ministry recently revising its peak demand estimates to 458 gigawatts by 2032—up from earlier predictions—it’s clear that understanding these dynamics is crucial for corporate India.   

Bhatt discusses the significant rise in electricity demand during summer months, noting, “Over the last five years, we have seen that every year the median temperature has been higher compared to the previous year.” He also addresses the challenges faced by the government in pushing for more renewable energy solutions while maintaining a reliance on thermal power to ensure grid stability. 

As India’s economy continues to grow, the demand for power is projected to increase by 6-7% annually in the coming years. Sehul explains, “Despite all efforts in terms of incremental capacities continuing towards non-fossil fuels, coal is likely to stay a strong contributor to overall generation even over the next 5-7 years.” 

Listen in! 

Host: Rishi Ranjan Kala

In this State of the Economy podcast, Sanjana B talks to Jitendra Chaddah, VP and Country Head of India at GlobalFoundries, Ritesh Tyagi, VP and Global Head of VLSI and System Design Services at Wipro Engineering Edge, Sanjeev Malhotra, CEO of the Centre of Excellence for IoT and AI at NASSCOM, and Giri KK, Global Delivery Head of Telecom and Hi-Tech at LTTS on How India is emerging as a semiconductor hub and the way forward. 

Jitendra Chaddah, VP and Country Head India at GlobalFoundries, discusses India’s pivotal role in the global semiconductor ecosystem. He emphasises the country’s significant strengths in engineering talent, design services, and innovation. While India has historically been a major consumer of semiconductors, Chaddah points out its potential to become a global leader in semiconductor manufacturing. He stresses that this transition requires focused investment, increased government support, and enhanced industry collaboration. 

Ritesh Tyagi, VP and Global Head of VLSI and System Design Services at Wipro Engineering Edge, speaks about India’s growing importance as a hub for semiconductor design and research and development (R&D). He elaborates on the need to develop an end-to-end semiconductor ecosystem, spanning chip design, manufacturing, and packaging. Tyagi also stresses the importance of creating more Intellectual Property (IP) in the semiconductor space, which further strengthens India's global position in the industry. 

Sanjeev Malhotra, CEO of the Centre of Excellence for IoT and AI at nasscom, focuses on how emerging technologies like IoT, AI, and 5G drive increased demand for semiconductors. He highlights that the convergence of these technologies accelerates the growth of India’s semiconductor sector. Malhotra also underlines the importance of fostering public-private partnerships and building the infrastructure needed to support semiconductor manufacturing in India. 

Giri KK, Global Delivery Head of Telecom and Hi-Tech at LTTS, addresses the challenges and opportunities in creating a semiconductor manufacturing ecosystem in India. He stresses the importance of energy efficiency and sustainability in the manufacturing process. Giri notes that although India possesses the necessary talent and demand, building infrastructure to support large-scale semiconductor manufacturing requires strong policy backing and significant capital investment. 

Host: Sanjana B; 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.