businessline's State of the Economy Podcast

In this episode of the State of the Economy podcast, businessline’s Rishi Ranjan Kala talks to Professor Ashwini Chhatre, Executive Director, Bharti Institute of Public Policy at Indian School of Business (ISB) about how India’s green energy transition can and must include its poorest citizens, particularly those living in and around forest areas.  Chhatre argues that bioenergy is not just important but “extremely critical” to India's decarbonisation journey. He explains why forest lands—covering 23% of India—must be re-integrated into the production economy in a sustainable, community-driven way.  He makes a strong case for forest lands—especially degraded lands with little or no tree cover—to be repurposed for bamboo plantations, which offer carbon sequestration, flood control, and community income.  Chhatre also discusses the need for community ownership to prevent overexploitation of forest resources and ensure long-term sustainability. Drawing on decades of research and active policy work, he calls for reforms in subsidies, outdated regulations like transit permits, and a mindset shift away from a narrow focus on farmers to a broader recognition of India’s diversified livelihood economy.

In this episode of the State of the Economy Podcast, businessline’s Subramani Mancombu speaks to Maninder Singh Nayyar, Founder and CEO, CEF Group about the urgent issue of soil degradation in India and its far-reaching economic, environmental, and health impacts.  Nayyar traces the roots of this degradation to the Green Revolution and excessive use of chemical fertilisers and pesticides. He explains how this has created a vicious cycle of deteriorating soil health, rising input costs, and declining yields, pushing farmers into debt. The alarming decline in soil organic carbon—from 2–3% to just 0.6–0.9%—could render Indian soil unfit for agriculture within 10–15 years.  He goes on to talk about the need for a middle ground between chemical and organic farming through the promotion of “safe” or “health” food categories, revised soil quality ratings, and better market linkages for naturally grown produce. He advocates for a new pricing and certification system, practical standards, and incentives such as dedicated marketplaces and integration with delivery platforms.  The episode also explores innovative approaches like converting agricultural residue into organic manure, reducing dependence on chemical imports, and tackling issues like stubble burning. Nayyar calls for a complete overhaul of outdated policies like the 1985 Fertiliser Control Order and stringent regulation of organic manure production.  This comprehensive discussion highlights the urgent need for sustainable, scalable reforms to preserve India’s soil health and secure its agricultural future.

In this episode of the State of Economy Podcast, businessline's  Subramani Ra Mancombu speaks with Sanjay Kumar, MD & CEO of Rassense Pvt Ltd, to decode how commodity prices are shaping the future of India’s fast-growing food services sector — currently valued at $80 billion and projected to reach $150 billion by 2030.  Kumar provides a clear-eyed view of inflation trends across key food commodities include pulses, dairy, vegetables, and edible oils and their impact on pricing and profitability. He highlights the double-edged nature of low inflation, questioning whether it reflects healthy supply or weak consumption in India’s largely rural economy.  The discussion covers everything from the effects of currency depreciation and global fuel trends to the risks of diverting food crops for fuel. Kumar also weighs in on the challenges posed by unpredictable import duties and the need for a stable policy to ensure better business forecasting.  Is rising demand during festive seasons set to push prices higher and what’s the role of logistics in price escalation?  (Host: Subramani Ra Mancombu 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 Subramani Ra Mancombu speaks with Mayur Karmarkar, Managing Director of the International Copper Association, about the future of copper in India’s economy.  While copper prices globally are experiencing a bearish phase, India’s domestic demand is on an upward trajectory, driven by construction, infrastructure, and industrial growth. Karmarkar explains that India saw over 1.8 million tonnes of copper usage in the last fiscal year—an 8% increase—and anticipates a similar trend this year. The driving force? Rising capital formation in both private and public sectors, growing electricity needs, and more resource-intensive buildings.  The conversation also explores sunrise sectors that are accelerating copper demand. Electric mobility, particularly in EV battery and motor manufacturing, is creating new investment avenues. India has already announced 118 GWh of battery production capacity, and products like EV foils are gaining traction.   Karmarkar raises long-term concerns about copper supply security, especially given China’s dominant position in processing and refined copper production.   (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 to set to fire on all cylinders.

In this episode of the State of Economy Podcast, businessline's  Dalip Singh speaks with Ashok Atluri, CMD of Zen Technologies, a pioneer in India’s simulation and counter-drone defence ecosystem.  The conversation dives into Operation Sindhoor, where Zen’s counter-drone systems played a vital role in India’s air defence against threats from Pakistan. From autonomous drone warfare and indigenous defence tech development to post-quantum threats and India's strategic push for defence self-reliance, this episode explores the cutting edge of modern military technology.  They discuss the evolving global perception of Indian defence manufacturing. Once mocked as a major importer, India is now seen as an innovator, particularly in drones and simulators. He shares how foreign delegations were impressed by India's containerised tank simulator, even calling it more advanced than US systems.  Atluri stresses the need to shift from being mere suppliers in the defence chain to creating complete, world-class products. He advocates for nurturing innovation-driven Indian companies and reforming policy to support them. The conversation closes with reflections on national security, intelligence, and technological preparedness.  (Host: Dalip Singh 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 to set to fire on all cylinders.

In this episode of the State of Economy Podcast, businessline's  Subramani Ra Mancombu speaks with Chirag Jain, Partner and Food Processing Industry Leader, Grant Thornton Bharat. As India steps into the 2025–26 agricultural year, the forecast of an above-normal southwest monsoon brings cautious optimism.  Jain outlines the opportunities and challenges facing the sector — from record production in key crops like wheat, rice, and maize to shifting cultivation trends driven by rising demand for pulses, oilseeds, and maize due to both consumption patterns and industrial use, including ethanol.   The episode discusses how government schemes, technological integration, and targeted missions are reshaping production, while also tackling key issues like infrastructure gaps, market access, and MSP-related crop distortions.  Listeners will also gain insights into the broader rural economy — how initiatives like PM-KISAN, rural banking, and micro-enterprise funding are boosting consumption and demand in India’s heartland. With climate variability, policy decisions, and global trade dynamics in the mix, this episode offers a comprehensive outlook on what lies ahead for one of India’s most vital sectors.  (Host: Subramani Ra Mancombu 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 to set to fire on all cylinders.

In this episode of the State of the Economy podcast, businessline’s  Abhishek Law talks to Adarsh Narahari, Founder & Managing Director, Primus Senior Living, about India’s evolving real estate landscape with a focus on senior living.   Narahari explains how senior living is often misunderstood, thanks to outdated stereotypes. Far from being just real estate, Primus focuses on improving “health span” over “life span,” drawing inspiration from global longevity models like Blue Zones.   Narahari shares market insights, citing research from CII, PwC, and JLL that estimates a growing demand — from 4 lakh to potentially 40 lakh homes over the next decade.  The conversation explores who is buying these homes (mostly the seniors themselves), how it differs from traditional housing, pricing dynamics, and the additional services offered — from on-site healthcare and nutrition to curated social experiences.  The sector still grapples with deep-rooted stereotypes—often shaped by Bollywood portrayals and societal misconceptions. Narahari addresses these concerns head-on, explaining how first-hand exposure to senior living communities breaks those biases. Rather than being isolated, these communities empower elders by enhancing their health span, social engagement, and mental stimulation.   Narahari concludes by noting the growing interest from real estate and institutional investors, confirming that senior living is a rising sector with substantial demand and immense potential — provided the operational needs of elder care are truly understood.   (Host: Abhishek Law, 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 Economy Podcast, businessline’s Shishir Sinha speaks with  Aditi Nayar, Chief Economist at ICRA, to decode recent high-frequency economic indicators and what they mean for India’s economic trajectory.  The episode begins with a look at the PMI manufacturing data hitting a three-month low and whether it signals any real slowdown. Nayar provides a nuanced view on the surge in GST collections, linking it to high crude oil imports and steady domestic demand.   The episode also explores urban versus rural consumption patterns, the impact of softer inflation and expected rate cuts, and how these may influence household spending. With global uncertainties like tariff hikes and geopolitical tensions in the background, the conversation turns to their likely impact on private CapEx and India’s growth outlook for FY26.   Tune in for clear, data-driven insights into the state of India’s economy and what lies ahead.  (Host: Shishir Sinha Producer: Amitha Rajkumar, 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 Economy Podcast, businessline's  Amiti Sen speaks with Professor Abhijit Das, International trade expert and former head of centre for WTO Studies about the implications of the recently signed India-UK Free Trade Agreement (FTA).   The discussion explores key highlights of the deal, including tariff reductions on whisky, greater market access for Indian textile and leather exports, and provisions aimed at easing the movement of professionals. Das notes that while the FTA signals political cooperation and commitment to rules-based trade, its actual impact remains uncertain until the legal text is fully disclosed.  The conversation also touches on areas of concern, such as possible concessions in government procurement and the automobile sector, and the risks posed by non-trade clauses related to labor and environmental standards.   Das warns that these elements could create challenges for Indian industry in the long term. The episode further examines how the India-UK FTA could influence ongoing trade negotiations with the European Union and the United States, especially in light of potential US tariff threats.   Concluding with a reflection on the future of the WTO and India’s role as a voice for the Global South, the episode offers valuable insights into the evolving global trade environment and India's strategic choices.  (Host: Amiti Sen 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 Economy Podcast, businessline's  Subramani Ra Mancombu speaks with Ricky Vasandani, CEO and co-founder, Solitario Diamonds, to understand the factors fueling this surge — from affordability and innovation to growing consumer awareness. We dive into the dynamic world of lab-grown diamonds, a sector experiencing rapid growth and transformation in India.  The conversation touches on key developments, including the Indian government's incentives, the influence of Prime Minister Narendra Modi’s high-profile gift of a lab-grown diamond, and the implications of natural diamond giant DBRS exiting the lab-grown market.   Vasandani explains why lab-grown diamonds are becoming a compelling alternative, offering the same sparkle and certification as natural ones at a fraction of the cost.  They also explore how rising gold and silver prices, tariff shifts, and seasonal trends like Akshaya Tritiya are shaping demand. With prices stabilising and consumer confidence increasing, lab-grown diamonds are moving from niche to mainstream.  Vasandani offers insights into future risks, growth potential, and why the market for larger stones and diverse jewellery styles is expanding. Tune in to discover how lab-grown diamonds are transforming the jewellery industry and what lies ahead for this innovative and accessible luxury.  (Host: Subramani Ra Mancombu 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 Economy Podcast, businessline’s Subramani Ra Mancombu talks to Sanjiv Kanwar, Managing Director, Yara South Asia, about the state of India’s crop input industry amidst climatic challenges and growing sustainability trends. The sector experienced a difficult phase from late 2022 to mid-2024 due to prolonged drought and weak monsoons, which severely affected farmer demand for fertilizers and other inputs. However, with the onset of a normal monsoon in July 2024, the situation improved significantly, especially during the rabi season.  Kanwar emphasises the increasing resilience and adaptability of Indian farmers, who are shifting toward shorter-duration, water-efficient crops and making more informed decisions based on weather and market data. The digitisation of agriculture and rising literacy are also playing a vital role in transforming farming practices. He notes a growing awareness of sustainability, with farmers adopting regenerative agriculture techniques, focusing on soil health, and organic fertilisers.  Fertiliser companies now play a crucial role in promoting balanced crop nutrition and reducing overuse of inputs. Kanwar stresses the importance of using the right nutrients at the right crop stages, especially micronutrients like zinc and boron, to enhance soil health and productivity sustainably.   (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  State of the Economy podcast, Businesslines’s Sanjana B speaks with Siddesh Naik, Country Leader, Data & AI Software, IBM India & South Asia and Rajesh Ganesan , CEO, ManageEngine to unpack how AI is transforming Indian industries.   From banking and healthcare to IT operations, AI is moving from pilot projects to full-scale deployment. The discussion covers AIOps, intelligent automation, and the rise of agentic AI—digital agents that make autonomous decisions. With a focus on enterprise readiness, governance, and real-world use cases, this episode offers key insights for businesses aiming to harness AI's true potential.  (Host: Sanjana B, 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 by BusinessLine,  Abhishek Law speaks with Bamasish Paul, Co-founder, Managing Partner and CEO of Ethonhurst Capital Partners discussing the evolving landscape of India’s real estate sector.   The episode begins with Paul unpacking the nuances of Mumbai's ₹3 lakh crore redevelopment market, explaining how older cooperative housing societies are being transformed into premium high-rises with modern amenities—without upfront land acquisition. It's a capital-efficient strategy that offers lower risk, staggered investment, and significant returns for investors.  From society redevelopment models to the impact of regulatory frameworks and FSI (Floor Space Index) norms, Paul explains why this niche segment, though challenging, presents a unique opportunity. He also sheds light on the broader real estate investment climate, the shifts from equity to structured credit, and the cautious optimism surrounding foreign investments amid global uncertainties like Trump-era tariffs.  Listeners will gain rare insights into how redevelopment differs from conventional residential projects, what makes Mumbai so uniquely suited for it, and whether this model can scale to other Indian cities. Paul also touches on the current state of commercial real estate, the rising influence of GCC demand, and the evolving interest of global PE giants like Blackstone in India’s housing market.  (Host: Abhishek law 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, host Ronendra Singh is joined by Som Kapoor, Partner and Leader for Future of Mobility and Retail at EY India, for a conversation on how India’s mobility sector is rapidly evolving. Som begins with a bold statement: “Mobility in India, all over the world according to me, will change more in the next 5 years than it’s changed in the last 50.” He unpacks the trends behind this shift—from the rise of alternative fuels and electrification to the way people are rethinking car ownership. Traditional models of owning vehicles are being replaced with more flexible approaches like leasing, subscriptions, and shared mobility. As Som explains, “There’s a fair amount of people who may want to buy car for usage rather than buy car for just ownership.” The episode also explores why India is unlikely to rely on a single fuel source. Instead, a mix of electric, CNG, ethanol, hydrogen, and hybrid options will coexist to suit different needs and geographies. But challenges remain—especially when it comes to infrastructure and user confidence. “If there were no challenges, we wouldn’t be only at 2%, we would be at a much higher percentage anyway,” Som notes, referring to the current uptake of electric vehicles. From the growing influence of rural consumers to India’s potential as a global automotive exporter, this episode paints a realistic picture of where mobility in India is heading—and what it means for the road ahead. Listen in! (Host: S Ronendra Singh, 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 the Economy Podcast, host Sanjana B is joined by a distinguished panel of industry leaders—Ajay Prabhu, President, Technology Services, Quest Global; Mamatha Madireddy, Managing Director and Head of HSBC India Global Service Centres & Chairperson, Nasscom GCC Council; Jitender Mohan, Business Unit Head, Travel & Hospitality, WNS; and Srikanth Srinivasan, Vice President and Head of Membership & Outreach, Nasscom—for an insightful deep dive into India’s evolving IT sector. Together, they explore the shifting landscape of Global Capability Centres (GCCs), the transformational impact of AI on Business Process Management (BPM), the rising strategic role of Engineering R&D (ER&D), and the policy-level catalysts needed to unlock further innovation and scale. Setting the tone, Srikanth Srinivasan emphasises the cooperative nature of the ecosystem: “GCC’s and IT services companies, nobody’s posing a threat to anybody. It’s a very symbiotic relationship. It is a relationship of 1 + 1 is greater than two.” Mamatha Madireddy elaborates on the evolution of GCCs, observing: “Now GCC’s have moved away from being this traditional back-office operations to now GCC’s are centers of innovation. They are centres of research and centres of development.” On the engineering side, Ajay Prabhu highlights how India is gaining global recognition: “It just puts you on the engineering map of the world, brings that kind of credibility because engineering is very core.” Meanwhile, addressing the buzz around AI in BPM, Jitender Mohan reflects on the narrative shift: “Will AI eat BPM for breakfast? That’s where the joke started... But today, we are truly able to create transformation solutions and value differentiation offerings.” Host:Sanjana B; Producer: Siddharth Mathew 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  Subramani Ra Mancombu speaks with NS Ramaswamy, Head - Commodity desk & CRM, Ventura Securities offers his insights into gold's performance, noting a 35% return over the past 15 months and forecasting a minor short-term correction before a continued bullish trend.  The podcast highlights how geopolitical tensions and concerns about the global economy have driven precious metals like gold and silver to new highs. Ramaswamy explains that medium to long-term factors, such as a potential economic slowdown and anticipated interest rate cuts, support his optimistic outlook for gold.  The discussion also touches on the impact of rising gold prices on Indian demand, particularly in the jewellery sector, where price hikes are expected to dampen consumer appetite. In contrast, silver has been experiencing gains alongside gold, but Ramaswamy suggests that its performance may be more volatile due to its reliance on industrial demand. He points out that while physical shortages could push silver prices higher, factors like weak manufacturing activity and the global economic slowdown may limit its growth.  Finally, the podcast shifts to copper, which faces a subdued demand outlook due to weakness in China's real estate sector and broader industrial slowdown. Ramaswamy suggests that while supply constraints might support prices, the overall demand in key economies will likely keep copper's growth limited in the near term.   (Host: Subramani Ra Mancombu 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 State of Economy podcast, Shishir Sinha speaks with DK Srivastava, Chief Policy Advisor at EY India, on the latest high-frequency economic indicators and their implications for India’s growth. They dive into the recently released GST collection numbers, which reveal a seasonal pattern of spikes, especially driven by rural demand. As Srivastava explains, “Subject to some adjustment or the seasonality pattern, consumption expenditure appears to be picking up on average and is being driven largely by rural demand.” He emphasizes that while consumption shows signs of recovery, it’s essential to consider the seasonal fluctuations when interpreting these figures. Srivastava notes, “Both considered together, there may be some overachievement of the fiscal deficit target. However, it comes at the cost of sacrificing some growth.” He highlights the expected shortfall in government capital expenditure and the potential consequences for the overall economy. On inflation, Srivastava shares an optimistic view, stating, “So I see the CPI inflation as a positive movement which is preparing ground for interest rate reduction.” Listen in to this podcast for a detailed analysis of how India’s economy is performing across key indicators and what these trends mean for future growth. (Host: Shishir Sinha; Producers: Renil S Varghese, Siddharth Mathew Cherian)

In this State of the Economy podcast, Aishwarya Kumar discusses the rapid rise of contract manufacturing in India and its connection to global trade shifts, particularly US tariffs. Amrit Acharya, co-founder, Zetwerk, and Nikhil Rao, VP - Operations, Flex India share their insights on the evolving landscape. Amrit highlights that the growth of contract manufacturing in India has been fuelled by a combination of favorable macroeconomic conditions and the government’s GST reforms. He emphasises the shift in global manufacturing patterns, with India emerging as a key alternative to traditional hubs. The domestic market’s size is also a significant factor in attracting companies to set up operations in India. Nikhil Rao, noting that Flex India has benefitted from government initiatives like the “Make in India” campaign and the Production-Linked Incentive (PLI) schemes. These moves have accelerated domestic manufacturing, particularly in consumer products, and attracted more global customers. The company has also focused on diversifying its markets and strengthening its workforce to stay competitive. Both of them address the impact of recent US tariffs on imports from Southeast Asian countries, particularly how contract manufacturers must diversify their portfolios to mitigate risks. Nikhil emphasises the importance of having a diverse market strategy, both domestically and internationally, to stay resilient during trade disruptions. Listen in to know more about US tariffs and whether it will affect India’s contract manufacturing sector. Host and Producer: Aishwarya Kumar 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 Subramani Ra Mancombu talks to Srideep N Kesavan, CEO of Heritage Foods Ltd. talk about the dairy sector in India, a key industry that is vital to the rural economy but faces several challenges. India is the world’s largest milk producer, generating nearly 240 million tons of milk annually. The country is home to over 60 million cows—three times more than Europe—but despite its scale, the dairy sector remains fragmented, unorganized, and lacking technological advancements.  Kesavan discusses the slowing growth in milk production, highlighting that while cow milk production is increasing, buffalo milk production—which accounts for nearly half of India’s milk—is stagnating. This has contributed to a slowdown in the overall growth rate of milk production from a 10-year CAGR of 5.5% to 3.5% in recent years.  Additionally, Kesavan addresses the recent increase in milk prices, explaining that the rise in prices is in line with inflation and the increasing cost of production. Despite these price hikes, he emphasises that the dairy industry has been seeing price stability for a long time, and recent price increases are necessary to maintain balance in the market.  A major issue facing Indian dairy farmers is the low milk yield per animal, especially compared to global standards. Kesavan highlights that while some farmers are beginning to adopt better breeding practices, the cost of quality feed remains a significant barrier. He suggests that improving feeding practices is crucial to increasing milk yield, with balanced diets and concentrated feed essential for boosting productivity.  The discussion also touches on the evolving consumer behavior in India. As consumers become more health-conscious, there is a noticeable rise in demand for nutritious dairy products such as probiotic buttermilk and paneer. Kesavan points out that urban dairy consumption is still relatively low, but with the increasing availability of organized retail and higher spending power, dairy consumption is poised for substantial growth.  Looking to the future, Kesavan is optimistic about the dairy sector’s potential. With organised retail penetration still below 30% in India, there is significant room for growth. As consumption per capita increases and new dairy products find their place in the market, India’s dairy sector is expected to continue growing, driven by both supply-side improvements and changing consumer preferences.  (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, MRS talks to Haresh Karamchandani, MD and CEO of HyFun, about the impressive rise of India as the second-largest producer of potatoes in the world, having surpassed expectations with 60 million tonnes of potatoes produced, despite some weather-related challenges earlier in the planting season.  The podcast delves into India’s emergence as a key exporter of frozen potato products such as French fries, hash browns, and chips, an industry that has grown significantly since 2007. As the demand for processed potato products increases both domestically and internationally, Karamchandani shares insights into the ongoing growth of the sector, including the shift of Indian farmers to process-oriented potato varieties due to assured pricing, and the increasing focus on production for export markets.  The conversation goes on to talk about the role of innovation and research and development in improving the quality and yield of potato crops. Karamchandani highlights the contributions of government bodies like the Central Potato Research Institute (CPRI), which is working on creating more resilient potato varieties that can withstand changing climate conditions. He also shares the initiatives I Fund Forbes has taken to support farmer education, such as their Vignan Shala and Pathshala programs, which demonstrate best agricultural practices and help farmers reduce cultivation costs while improving yields.  The podcast also discusses India’s potential to become the leading producer of potatoes and the largest exporter of frozen potato products globally by 2050. With increasing investment in both production and processing technologies, Karamchandani predicts that India will continue to play a pivotal role in feeding the growing global demand for frozen potato products.  (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, businessline’s Subramani Ra Mancombu talks to Kishore Narne, ED, Motilal Oswal Financial Services Ltd, about the performance and outlook of gold and silver in the global market.  The podcast begins by highlighting the strong performance of gold, which has gained over 10% since the start of the year, and 40% over the past year. Narne explains the factors behind this surge, including geopolitical tensions, global economic uncertainties, and rising demand for safe-haven assets. Despite the strong rally, he suggests that while gold’s upside potential is uncertain, it might reach a ceiling of $3200 per ounce. He also discusses the broader market factors, such as interest rate cuts in 2025, that could continue to influence gold’s movement.  Narne addresses the trend of paper gold, particularly ETFs, and how it has gained traction in Western markets but not as much in Asia. He further discusses consumer reactions in India, where high gold prices have led to lower footfall in jewelry stores, although the wedding season might bring some recovery.   The episode also explores silver, which follows gold's bullish trend but is also driven by increasing demand from electric vehicle (EV) and green technology sectors.   Narne wraps up by discussing the risks and potential for both gold and silver, including the influence of the dollar and US interest rates.    (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 Economy Podcast, businessline’s  Shishir Kumar Sinha speaks with Ajit Banerjee, President and Chief Investment Officer, Shriram Life Insurance, sharing his views on the latest economic figures and the broader implications for India’s economic growth trajectory.  The episode starts with Banerjee discussing the latest GDP growth numbers for Q3, which show a 6.2 per cent growth, a slight improvement over Q2, but still below last year’s figures. They explore the impact of base effects, the government’s capital expenditure (CapEx) strategy, and its balancing act between maintaining growth and fiscal discipline. With rising expectations for Q4, the podcast takes a closer look at whether the country can achieve a projected 7.6 per cent growth rate in the final quarter of the fiscal year.  The conversation also looks at the challenges the government faces in meeting ambitious CapEx targets, the shift from government spending to private consumption, and the impact of tax relief for middle-class households. Banerjee discusses the broader consumption patterns in India, highlighting the importance of income tax cuts and favourable agricultural conditions in supporting growth in both urban and rural areas.  The episode goes on to analyse the ongoing GST rate rationalisation process and its potential effects on the economy. They also touch on the risks posed by weather conditions, particularly in relation to food inflation, and explore the country’s inflation dynamics, which remain a critical factor in shaping the economic outlook for FY25 and beyond.  Tune in for a detailed discussion of India’s economic growth prospects, the fiscal challenges the government faces, and the various factors that could shape the India’s economy in the coming year. (Host: Shishir Sinha; Producer: Siddharth Mathew Cherian, 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 Economy Podcast, businessline's Subramani Ra Mancombu speaks with Colin Shah, Managing Director of Kama Jewlery, to discuss the prospects for gold in the coming year. In this episode, we focus on one of the most important commodities in the world—gold. With fluctuating prices and uncertainty surrounding global economic policies, what does the future hold for gold in 2025?  After an impressive run, with gold surging to nearly $3,000 an ounce, we now face a period of price volatility. What impact will the changing political landscape, especially U.S. tariffs and President Trump’s policies, have on gold’s performance? Could the strengthening of the U.S. dollar push gold prices back to $1,600, or will gold see another spike?  They go on to discuss about the economic situation in India, where softer consumption and slow government spending are impacting the market. With India being a major player in the global gold market, Shah provides an expert view on how these economic factors could affect the demand for gold in India in 2025. Also, they discuss the potential for a recovery in Indian gold jewellery exports and how central bank policies may influence the global gold market this year.  Whether you're an investor, a gold enthusiast, or someone looking to understand the larger economic forces at play, this episode offers crucial insights into the future of gold and its role in the global economy.  (Host: Subramani Ra Mancombu 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 Economy Podcast, businessline's Subramani Ra Mancombu speaks with Praveen Jaipuriar, CEO of CCL Products India Limited, as they discuss the recent surge in coffee prices, which have increased by over 30% since the start of 2025. The conversation highlights the factors driving this price rise, including climatic challenges in major coffee-producing countries like Brazil and Vietnam, which together account for 60% of the global supply.  Jaipuriar explains that the coffee market has been facing persistent inflationary trends due to crop shortages and the ongoing impact of climate change, which has caused a disruption in the supply chain. Despite high prices, global demand for coffee remains strong, further driving up the cost.   For Indian coffee growers, these developments have meant higher prices for their produce, benefiting them with record prices for their crops. However, Jaipuriar notes that this trend may last for another year or so, as it takes time for the supply chain to correct itself due to the long coffee crop cycle.  The conversation also delves into the future outlook for the Indian coffee industry, particularly in terms of exports. Jaipuriar explains that while the volume of exports has remained relatively stable, the value of coffee exports has surged due to higher prices. To truly capitalise on this opportunity, Jaipuriar emphasises the need for India to increase its coffee plantation acreage and enhance the visibility of Indian coffee globally, as the country is not as well-known for its coffee as it is for tea.  Another key topic covered is the potential for expanding domestic coffee consumption in India, which currently exports two-thirds of its coffee. Jaipuriar notes that the younger generation is increasingly turning to coffee, especially in cafes and vending machines, and predicts that coffee consumption will grow significantly in the coming decades.  However, he also highlights the challenge of rising input costs, particularly labour costs, which could impact the pricing and accessibility of coffee in the domestic market. Tune in to gain a comprehensive look at the dynamics of the coffee market and how India can adapt to global trends to enhance its position in the coffee industry.  (Host: Subramani Ra Mancombu 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 Economy Podcast, businessline's Abhishek Law speaks with Anshul Singhal, Managing Director of Welspun One, an integrated fund and development management platform pioneering India's first warehousing-focused alternative investment fund.   The podcast begins with discussing about India's rapidly expanding warehousing market. Singhal provides a comprehensive overview of the market, highlighting the impressive 15-19% CAGR in demand, and suggests that the real numbers, especially in Tier 2, 3, and 4 cities, could be closer to a staggering 25%.   He discusses the projected growth of the real estate sector, from $300 billion to a trillion by 2030, and how warehousing plays a crucial role in this expansion. Singhal emphasises the connection between consumer behaviour and warehousing demand, explaining how the rise of e-commerce, quick commerce, and omni-channel retail has fueled the need for efficient logistics solutions.  The conversation also touches upon the Indian budget and its impact on the warehousing sector. Singhal shares his positive outlook on the budget's investment-friendly reforms, particularly those related to infrastructure spending, and simplified land acquisition.   He addresses concerns about flattish infrastructure investment numbers, explaining that warehousing's unique position between infrastructure and real estate allows it to adapt to market fluctuations.  Also, Singhal discusses the ease of raising funds for warehousing projects in India, citing the impressive $10 billion invested in the sector over the past three to five years, and reveals Welspun One's plans to double its portfolio and raise ₹4,000 crore through a mix of international and domestic funds. Tune in to gain valuable insights into this booming sector and understand how warehousing is shaping the future of Indian business.  (Host: Abhishek law 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 Economy Podcast, businessline's Shishir Sinha speaks with Sandeep Jhunjhunwala, M&A Partner, Nangia Andersen LLP and Anil Talreja, Partner, Deloitte . They talk about the newly introduced Income Tax Bill of 2025, a key piece of legislation that promises to reshape India's tax landscape.  The experts explore critical aspects of the bill, including its primary objective of simplifying the Income Tax Act and its likely impact on the economy. With provisions aimed at reducing redundant sections and making tax calculations easier, they assess how the bill will influence tax filing and compliance in India. The episode also covers key changes such as the removal of the term "notwithstanding" and the introduction of "tax year" terminology, offering a clearer understanding of tax calculation periods.  The conversation further goes on about the bill's approach to crypto taxation, the residency provisions for non-resident Indians (NRIs), and how litigation related to tax issues might be reduced under the new law. Despite the new bill's efforts to simplify tax provisions, there are areas where experts feel further reform could have been incorporated. They also discuss the ongoing challenges with the current tax system and the potential for future improvements.  This episode provides a comprehensive breakdown of the new Income Tax Bill and helps understand what the proposed changes mean for their finances and the broader economy. Tune in for an informative and accessible discussion on this pivotal piece of legislation.  (Host: Shishir Sinha; 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 Economy Podcast, businessline's  Chitra Narayanan speaks with Shiv Shivakumar, Operating Partner, Advent International and K Ganesh, Founder & Partner Growthstory.in are discussing the impact of quick commerce.   Ganesh, drawing from his BigBasket experience, explains how quick commerce addresses India's urban challenges, including population density and supply chain issues. He notes the shift in consumer behavior towards convenience, particularly for groceries and niche products, driving the model's growth despite initial skepticism. Shivakumar adds insights from his FMCG background, emphasising technology's role in connecting brands and consumers.  The conversation goes on about evolving consumer habits, with both guests acknowledging their shift away from traditional kirana stores. This trend towards digital convenience and smaller pantries potentially impacts future kitchen designs, even suggesting a shift towards smaller refrigerators.   The discussion also covers the rise of D2C brands, which have capitalised on niche markets in a fragmented landscape. Shivakumar notes that larger FMCG companies often acquire these smaller brands for their capabilities and market presence, but cautions that cultural clashes can lead to acquisition failures.   Ganesh adds that D2C brands struggle with high customer acquisition costs and low brand loyalty, creating a more transactional marketplace compared to the brand loyalty of previous generations.  The podcast further examines the evolution of branding and retail. Shivakumar describes the shift from traditional branding to shorter, digitally focused campaigns. He notes the increased ease of brand building in the digital age. The discussion also highlights the growing importance of private labels, as diminishing brand loyalty allows store brands to compete on quality. Ganesh connects this trend with quick commerce and personalised offerings, which have further reshaped consumer preferences. The episode concludes with a look at the future of retail, emphasising the importance of omnichannel strategies and seamless experiences across all platforms.   Listen in to know more.  (Host: Chitra Narayanan, 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 Abhishek law is joined by Niranjan Hiranandani, Chairman, NAREDCO, to discuss key challenges in the Indian real estate sector, particularly around affordable housing.   Hiranandani shares his insights on the current state of affordable housing, which has experienced an unexpected 25% drop in numbers, something he has never seen in his 40+ years of experience. This decline is seen not only in major cities but across the country, creating a shock for both developers and the government.  The discussion delves into the reasons behind the slump, with Hiranandani highlighting factors like the exhaustion of the PMAY (Pradhan Mantri Awas Yojana) interest subsidy scheme and the persistence of high RBI interest rates. He suggests that the government needs to expedite the new affordable housing policy and reduce interest rates to stimulate demand.   The conversation also touches upon the gap in the market for large-scale affordable housing projects, especially from major developers. High land prices and taxes, such as stamp duties and development charges, are making it difficult to build affordable homes, with 50% of a home’s cost in Mumbai going towards taxes.   Hiranandani draws attention to the global norm of rental housing, pointing out that in developed countries like the United States, 50% of the population lives in rented homes. He urges the government to introduce policies that incentivise the development of rental housing, just as they have for commercial properties, to accommodate the growing demand for flexible living spaces.    (Host: Abhishek law 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 Economy Podcast, businessline's Dalip Singh speaks with Lt Gen Kapil Aggarwal (Retired), a former Director General of Electronics and Mechanical Engineers about the pressing issues in defence funding and reforms. With India's defence budget hovering around 1.9-2% of GDP for FY 2024-25, the conversation tackles whether this allocation is sufficient to meet modernisation needs and the increasing demands of future warfare.  The podcast highlights the gap between current defence spending and the Standing Committee on Defence’s recommendation of 3% of GDP. General Aggarwal offers insights on the lack of domestic absorptive capacity in defence manufacturing and the challenges of increasing indigenous production. He also discusses the crucial role of R&D in defense, emphasising the need for more investment from both public and private sectors.  With a focus on strategic reforms, the episode sheds light on the necessary policy changes to boost self-reliance in defence and the broader economic impact of a more robust defence sector.  General Aggarwal shares valuable insights into India's defence budget and modernisation strategies, emphasising the importance of capital expenditure (CapEx) to sustain operational maintenance while enhancing the nation's military capabilities. He explains that, with rising salary and pension costs, it is essential to focus on domestic defence manufacturing and indigenisation, which require robust research and development and the expansion of production capacity.   The conversation goes on about the early stages of the Agneepath recruitment scheme, exploring its potential savings in salaries and pensions in the long run, though immediate financial benefits are still in the future.  General Aggarwal addresses the concerns of the private defence industry regarding the dominance of public sector undertakings in major contracts. He concludes by stressing the importance of strategically blending the strengths of both sectors to ensure India’s operational readiness and long-term defence self-sufficiency.  (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 episode of the State of the Economy podcast, businessline’s Subramani Ra Mancombu talks to Anand Ramanathan, Partner and Consumer, Products and Retail sector Leader, Deloitte India, about the agriculture sector's performance and expectations for the upcoming fiscal year.   With strong growth forecasted at 4-5% compared to the previous year's less than 1.5%, industry experts discuss how favourable weather, improved monsoons, and increased credit availability have bolstered the sector.   The conversation also covers important topics such as financial inclusion for farmers, the impact of direct benefit transfers, and the push for better infrastructure and market linkages to ensure efficient growth.   Ranganathan shares his insights on the need for more focus on new crops like millets and horticulture, as well as the potential for scaling up food processing capabilities in India to tap into global demand. The discussion also goes onto talk about the importance of farmer producer organisations (FPOs) and urban farming to increase consumption and improve efficiency in the sector.  As the government prepares for the next fiscal budget, Ranganathan offers recommendations on how budgetary allocations could further support agricultural growth, including higher financial support for farmers, improved crop varieties, and incentives for food processing businesses.   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 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.

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.