businessline's State of the Economy Podcast

In this episode of the State of the Economy podcast, businessline’s Subramani Ra Mancombu, talks to Colin Shah, MD, Kama Jewelry, about the implications of recent interest rate cuts by the U.S. Federal Reserve and how they correlate with rising gold prices. 

With expectations of further cuts before the year ends, he explains why gold is seen as a safe haven, particularly amid geopolitical tensions and uncertainties surrounding the global economy. Shah also addresses forecasts that gold could reach $2,900, or even $3,000, within the next year, depending on various economic and political factors. 

The podcast goes on to cover how international events, such as the ongoing conflicts in the Middle East and challenges in the Chinese economy, are influencing investor behavior and gold's price trajectory. Shah emphasises that while small corrections may occur, the long-term outlook for gold remains strong. 

Additionally, the discussion explores the dynamics of the Indian gold market, especially as the festival season approaches. With key celebrations like Navratri and Diwali on the horizon, Colin predicts robust demand and potential price hikes, making it an opportune time for consumers to consider their purchases. 

Silver also enters the conversation as Sha explains its unique position in the market. With its industrial applications and the rising demand from sectors like electric vehicles, silver is poised to follow gold's upward trend. 

(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 episode of the State of the Economy podcast, PT Jyothi Datta explores the expanding role of assisted reproductive technology (ART) in India, with a particular focus on In-Vitro Fertilisation (IVF), alongside Dr Kshitiz Murdia, co-founder and CEO of Indira IVF, one of India's largest IVF clinic networks. 

Dr Murdia discusses the challenges of fertility in India. roughly 30 to 35 million people suffer from fertility issues. Only a quarter come forward. Why is IVF uptake low—only around 2%—despite growing awareness. The conversation highlights the stigma that surrounds infertility, making it crucial to normalise infertility as a medical condition and improve access to treatment. 

Dr Murdia emphasises, "Infertility is a disease, and there’s a medical solution for it. The stigma around it needs to go." Despite growing awareness, IVF penetration in India remains low, largely due to "a lack of awareness and deep-rooted societal taboos." 

The discussion touches on the broader implications of declining fertility rates in India. Dr Murdia warns, "If fertility rates continue to drop, we risk moving from a population crisis to a financial crisis, with an ageing population overwhelming resource." He also highlights the growing issue of male infertility: "Male infertility is rising rapidly, and it's as much a factor as female infertility. It's time we acknowledge this equally." 

Dr Murdia advocates for more accessible and affordable IVF treatment across rural and urban areas, stating, "Access to IVF must be more affordable and available across rural and urban India to truly make a difference."  

Listen in! 

(Host: PT Jyothi Datta, Producer: Rowan Barnett)

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, S Ronendra Singh speaks to Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, to on the company's Battery as a Service (BaaS) model, a new approach aimed at accelerating electric vehicle (EV) adoption in India. 

Launched with the MG Windsor, a crossover utility vehicle (CUV), BaaS is designed to make EVs more affordable by separating the cost of the battery from the vehicle. 

The MG Windsor comes at a price of ₹9.99 lakh, with customers paying an additional ₹3.5 per kilometre for battery usage, much like paying for fuel in traditional internal combustion engine (ICE) vehicles. 

 The goal is to reduce the financial burden on buyers, who can now enjoy the benefits of an EV without the heavy upfront costs. Gaurav Gupta highlights this shift: “The battery constitutes about 40% of the EV’s cost. By shifting this cost to a usage-based model, we are democratising access to electric vehicles.” 

The introduction of BaaS allows customers to rent the battery instead of purchasing it upfront, paying only for the energy they consume. This structure makes EV ownership more flexible and affordable. Gupta puts it “This is about freedom—freedom from long-term financial burdens and freedom to only pay for what you use.” The BaaS model is particularly appealing when compared to the monthly costs of owning an ICE vehicle. For instance, driving a conventional car for 1,500 KM per month costs around ₹12,000 (assuming ₹100 per liter for fuel). In contrast, the same distance in an EV under the BaaS model costs approximately ₹7,000, including the battery rental fee and electricity for charging. 

Gupta shares that MG Motor India has received overwhelmingly positive feedback on the BaaS model, especially from first-time buyers and those upgrading from two-wheelers. “We’ve received overwhelmingly positive feedback, and we’re confident that as more customers experience the benefits of this model, adoption rates will rise,” Gupta explains. 

The BaaS model is also set to expand beyond the Windsor to other electric vehicles in MG Motor’s lineup, including the Comet and ZS EV models, a move that promises to further boost EV adoption across India. However, challenges remain, particularly charging infrastructure. 

In the wake of the government's reduction of subsidies for personal EVs, the private sector is stepping up its role in driving adoption. Gupta is optimistic, believing that as battery prices fall and infrastructure improves, “the economics of EVs will continue to become more favorable.” The recent surge in EV sales, which have grown nearly 100% over the past two years, suggests that the market is ripe for further expansion, although maintaining such rapid growth may become increasingly challenging. 

Listen in to know more. 

(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 episode of the State of the Economy Podcast, businessline’s Sanjana B talks to Sandip Patel, Managing Director, IBM India & South Asia, exploring the transformative role of artificial intelligence (AI) in India’s economic landscape. 

AI is a rapidly evolving technology that is poised to boost India's GDP by $500 billion by 2025, with the market expected to reach $20 billion by 2027. Patel begins by discussing how AI is fundamentally reshaping the way businesses operate in India. According to him, companies, both large and small, are increasingly adopting AI to enhance customer experiences, streamline operations, and improve productivity. 

As the conversation progresses, Patel addresses how AI is contributing to growth across various industries, including healthcare, retail, and financial services. He points out that a significant portion of Indian businesses have already implemented AI solutions, while others are in the experimental phase. Despite this progress, challenges like skill gaps, data complexity, and trust in AI models remain barriers to widespread adoption. 

Patel emphasises the importance of responsible AI. He highlights that responsible AI practices are not only essential for large enterprises but also for small and medium-sized businesses. 

(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 State of the Economy Podcast, Abhishek Law looks into the changing landscape of India’s office real estate market with Amit Ramani, Founder and CEO of Awfis, India’s largest flexible workspace provider.

Awfis has garnered attention by becoming the first coworking company in India to go public within just nine years of its inception, raising ₹6,599 crore during its IPO. The company is now focusing on major markets like Bangalore, Pune, and Tier 2 cities while targeting a 30% revenue growth in FY25.

Amit Ramani shares his perspective on the current state of India's office market, emphasising the rapid growth of flexible workspaces. "Flexible workspaces now account for 65 million square feet out of India's total 850 million square feet of office space. We expect this number to surpass 100 million in the next few years, with a 20% compound annual growth rate," Ramani states, highlighting the swift evolution of this sector. He attributes the accelerated demand for coworking spaces to economic drivers such as the IT sector, global capability centers, and the growing presence of multinational corporations.

The discussion also covers how the coworking sector has evolved since the pandemic, with enterprises now at the forefront. "Before the pandemic, coworking was primarily driven by startups and SMEs, but now large enterprises are embracing flexible spaces. The need for flexibility, speed, and a multi-location presence has transformed how companies approach their office needs," Ramani explains.

Awfis has adapted to these changes by offering solutions tailored to the new demands of enterprises, including bespoke managed office spaces.

Ramani also addresses the rising significance of Tier 2 cities such as Indore, Jaipur, and Bhubaneswar. "Cities like Indore, Jaipur, and Bhubaneswar are emerging as key markets. Employees view them as viable alternatives to metros, but the challenge is the lack of supply, which is driving rental prices higher than in some Tier 1 cities," he observes, shedding light on both the opportunities and challenges in these expanding markets.

On the future of managed offices, Ramani reveals, "Managed offices now represent 25% of our business, a notable increase driven by enterprise clients seeking customised workspaces. It’s no longer just about shared space; it’s about creating tailored environments for large companies."

Ramani also discusses the resilience of India’s office market amidst global trends. "While global markets like the U.S. face challenges due to the rise of remote work, India’s office market remains resilient. With rapid urbanisation and a population of over 1.44 billion, the demand for office space here is set to continue growing."

Tune in to hear more!

(Host: Abhishek Law, Producers: Amitha Rajkumar, 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 Shishir Sinha talks to Aditi Nayar, Chief Economist, ICRA, to discuss recent high-frequency economic indicators that have made headlines over the past few days.  

The episode dives into topics such as GST collections, state-wise economic performance, the Purchasing Managers' Index (PMI), and GDP growth, offering a nuanced understanding of India's economic landscape. 

Sinha begins by addressing the recent GST collections, noting a 10% year-on-year increase but a sequential dip. Nayar explains that the year-on-year figures are more reliable due to the inherent seasonality in monthly GST collections. She emphasises that the typical spikes seen post-quarter-ending months are followed by expected dips, and hence, the sequential decline should not raise concerns at this point. Additionally, she mentions the high refunds this month, suggesting the need for a few more months of data before drawing any conclusions. 

A significant portion of the discussion revolves around GDP growth. Nayar shares her observations on the Q1 growth rate of 6.7%, which, although lower than RBI’s estimates, was slightly higher than ICRA’s expectations. She attributes this to stronger-than-anticipated performance in sectors like construction, public administration, and agriculture. Looking ahead, she anticipates a temporary dip in Q2 due to high base effects but expects a back-ended recovery in H2, supported by increased government capital expenditure and a favorable agricultural outlook. 

The episode wraps up with a discussion on fiscal deficit and retail inflation. Nayar expresses cautious optimism about the government’s ability to meet its capital expenditure targets despite the challenges posed by the monsoon and compressed timelines.  

(Host: Shishir Sinha, 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 Dalip Singh talks to Rashi Mehrotra, Co-founder and Director R&D at Aikairos Private Limited about the world of defence innovation, spotlighting the groundbreaking contributions of women entrepreneurs in this traditionally male-dominated field. 

The podcast begins with Mehrotra sharing her experience and insights, reflecting on the evolution of her career and the challenges she has overcome. She discusses the motivations behind her interest in defence technology, particularly in underwater domain expertise, which has been a consistent focus since her PhD days. 

One of the key highlights of this episode is Mehrotra's discussion of Aikairos’s flagship project: the development of acoustic vector sensors for underwater noise measurement. These sensors, which are crucial for long-range communication and detection in naval warfare, represent a significant technological advancement in India's defence capabilities. She goes on to explain how these sensors, which passively detect and analyse underwater sounds, can differentiate between various underwater entities such as ships, submarines, and even marine mammals. She also emphasises the commercial potential of this technology, particularly in the context of marine life conservation. 

The podcast further delves into the Indo-US Defence Accelerator Ecosystem (Indus X) initiative, where Aikairos emerged as a proud winner. This joint venture between the US Department of Defence and India's Ministry of Defence aims to foster innovation and collaboration in defence technologies, underscoring the strategic partnership between the two nations. Mehrotra shares her thoughts on how this collaboration is crucial for advancing critical technologies and enhancing interoperability between India and the US. 

As the episode concludes, Mehrotra briefly touches upon other exciting projects Aikairos is working on, including an AI-based offline language translator for the Indian Navy and an anti-drone system. She goes on to exemplify how women are not only breaking barriers in the defence sector but are also leading the charge in technological innovation, contributing to the vision of a self-reliant India. 

(Host: Dalip 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 State of the Economy podcast, Sanjana B speaks to Lingaraju Sawkar, President of Kyndryl India, to explore the ambitious digital journey that India has embarked upon from 2021 to 2030.  

Lingaraju Sawkar offers a comprehensive view of India's progress, highlighting the significant strides made in building a robust digital infrastructure over the years. He reflects on how India has effectively bridged gaps left by physical infrastructure through the creation of the "digital highway," which has been essential for economic growth and innovation.  

Sawkar draws an analogy to the US's historical development of railways and highways, noting that India's focus over the past two decades has been on constructing this critical digital infrastructure.  

Sawkar discusses the transformative potential of emerging technologies. He underscores the pivotal role of AI and generative AI, stating that these technologies are set to be major drivers of change.   

He also highlights the importance of human capital, pointing out that the energy and innovative mindset of Millennials and Gen Z are crucial for leveraging new technologies and addressing future challenges.  

Despite the progress, Sawkar acknowledges the challenges that remain, including the digital divide and infrastructure gaps. He views these challenges as opportunities to accelerate development and solve broader issues. Sawkar also discusses the need for skill development in emerging technologies, stressing the pivotal role IT services companies play in addressing these needs.  

Sawkar highlights how technological advancements can boost productivity in agriculture, bridge gaps in healthcare services through telemedicine, and integrate traditional knowledge with modern ed-tech solutions to drive progress in education.   

Listen in! 

(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.

“I have three simple rules in my investing. I don’t try to predict anything, as it makes me a poor decision maker. Secondly, I have seen that if you buy an asset class at higher bands of its valuation, generally future returns are lower and vice versa. And the third thing that is if you buy good quality asset class or good quality businesses, your chances of survival are higher”, explains Kalpen Parekh, MD and CEO, DSP MF, in this episode of the State of the Economy podcast, businessline’s Parvatha Vardhini C.

 Vardhini starts the conversation by referencing one of Parekh’ s recent tweets, where he suggested a shift towards hybrid funds in his portfolio, moving away from the previously favoured flexi-cap funds. This tweet sparks an in-depth conversation about Parekh’s concerns regarding the current state of the market. He says that the valuation boundaries for Indian markets have been at around 12 times in a bear market to 25 - 27 times in a bull market peak, with the mathematical average at somewhere around 17 -18 times. He highlights the importance of asset allocation ie balancing equity investments with fixed income and other asset classes such as gold, especially when market conditions become frothy or expensive. He also discusses the role of contrarian investing and how DSP Mutual Fund has historically launched products that cater to sectors and segments that may be undervalued or overlooked by the broader market. This approach helps ride on mean reversion, which is a reality in markets, according to him. He admits that the performance of DSP MF’s midcap fund has not been up to the mark and elaborates on the mistakes and the corrective action taken on this front.

Throughout the episode, Parekh gives nuggets of wisdom on investing, underscoring his belief in the power of compounding and the value of holding quality assets over extended periods.

Listen to the podcast to know more. 

(Host: Parvatha Vardhini C, Producers: Amitha Rajkumar, Anjana P V)

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 Subramani Ra Mancombu talks to Anjali Bansal, Managing Founder, Avanaa Capital, about the vital role of precision and sustainable agriculture in addressing climate change, particularly within the Indian context. 

The conversation starts by exploring how cutting-edge agricultural practices can improve yields, reduce costs, and contribute to long-term environmental sustainability. 

 India's agriculture sector, a significant part of the nation's economy and a primary source of livelihood, faces growing challenges due to climate change. Bansal emphasises the importance of integrating technology and innovation to tackle these issues. She highlights Avanaa Capital's focus on food systems and agriculture, noting that they are key areas for both mitigating emissions and building resilience against climate impacts.  

The discussion goes on to talk about the investment landscape for precision agriculture in India. While there is considerable interest in early-stage technologies, Bansal notes that the sector remains underfunded, especially for innovations requiring significant research and development. Despite this, she remains optimistic about the growth potential, citing the increasing support from both policy and private investment. 

The podcast highlights India's supportive regulatory environment for climate and sustainability initiatives. Policies such as the Production Linked Incentive (PLI) schemes for renewable energy and electric mobility, as well as the PM Surya Ghar Yojana for rooftop solar, are pivotal in driving market creation and adoption. Bansal points out how they have catalysed industries and created a robust framework for future developments in sustainable agriculture. 

Listen to the podcast to know more. 

(Host: Subramani Ra Mancombu, Producers: Amitha Rajkumar, Rowan Barnett)

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