businessline's State of the Economy Podcast

In this episode of the State of the Economy podcast, businessline’s Abhishek Law talks to Divyesh Doshi, Director of the Kinjal Group, about the real estate trends for fiscal year 2024.   The conversation begins by focusing on both home sales and commercial real estate. Doshi highlights the 11,00,000 crore infrastructure spending announced in the interim budget and expresses optimism for the real estate sector. He anticipates further growth with the final budget in July, expecting favorable measures for the sector.  Discussing commercial real estate, Doshi notes significant growth, particularly in the residential luxury segment in South Mumbai, where the demand for high-end properties remains strong. He also mentions the affordable housing segment in the MMR region, especially in areas like Vasai, Virar, and Kalyan Dombivli, which continues to see good demand.  When asked about budget expectations, he emphasises the need for infrastructure status for the real estate sector, which would bring various benefits, including tax rate concessions. He recalls the positive impact of infrastructure status granted to the affordable housing segment in 2018 and hopes for similar support for the entire sector. He also advocates for reduced GST rates and lower interest rates to further boost the sector.  Towards the latter half of the podcast, the conversation shifts to redevelopment projects, which Doshi believes are essential due to limited open land in cities. He highlights the importance of incentives and streamlined approval processes to make these projects viable. Addressing the future of commercial real estate and Real Estate Investment Trusts (REITs), Mr. Doshi is optimistic. He sees REITs gaining popularity among young investors and expects the market to grow, with more commercial and retail projects attracting investment.  (Host: Abhishek Law; 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of the Economy podcast, businessline’s Rishi Ranjan Kala, speaks to Vikram V, Vice President & Co-Group Head, Corporate Sector ratings, ICRA Limited on the status and future prospects of gas-based power plants in India. Vikram says that Initially, gas-based power plants in India have faced underutilisation, with their plant load factor remaining around 20 to 25 per cent for most of the past decade, largely due to economic challenges and limited domestic gas availability.  The high cost of generation, driven by the need to rely on imported LNG, made gas power economically unviable compared to the average purchase cost of power for distribution companies (discoms). Recently, the Indian government issued directives under Section 11 of the Electricity Act to ensure these plants operate at optimal capacity, which has resulted in an increase in utilisation to 21.4 per cent in April 2024, a four-year high for that month. This policy mandates gas plants to run based on a cost-plus mechanism where energy charges are determined bi-weekly by a government committee, improving their viability temporarily.  Despite this, gas-based power plants are primarily being used to meet peak demand and for grid balancing, particularly given the rise in demand and the limited addition of new thermal power capacity. In the broader context, India's energy landscape is evolving with a significant push towards renewable energy. By 2030, renewables are expected to account for around 40 per cent of the country's energy mix, up from the current 21 per cent, with solar power playing a major role. However, the integration of renewables into the grid poses challenges, necessitating reliable balancing sources. While the government plans to develop 60 GW of energy storage capacity through battery and pumped storage projects to manage this, progress has been slow. Pumped storage projects have long gestation periods, and India's battery storage capacity is still in its nascent stage, relying heavily on imported batteries.  The future role of gas-based power plants hinges on several factors: demand growth, the availability and pricing of domestic gas, and the development pace of renewable energy storage projects. If energy storage capacities do not grow as planned, gas plants will continue to be essential for grid balancing. Additionally, government support through policies ensuring cost-plus pricing will be crucial to their economic viability. While gas plants are currently benefiting from policy support and high short-term tariffs during peak periods, their long-term utilisation will depend on how quickly and effectively India can ramp up its energy storage infrastructure to complement the increasing share of renewables in the energy mix.  Listen to the podcast to know more.  About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.    (Host: Rishi Ranjan Kala, Producer: Anjana PV)

In this State of the Economy Podcast, bl.portfolio editor Parvatha Vardhini C, talks to Varun Saboo, Head of Equities at Anand Rathi Shares and Stock Brokers, on the post-election market dynamics and where the opportunities lie now. He explains that the severe market reaction post-election was driven by unmet expectations of a higher seat count. However, he reassures that the market's fundamentals remain strong due to the continuity of the government, noting, "This is a government which is coming third time in a row, right? I have not seen this happening in many countries, especially among the larger nations”. . He likens continuity in government to continuity in company management, which fosters a stable environment for growth. Regarding market valuations, Varun offers a contrarian view, suggesting that Indian markets are not expensive but rather fairly valued given the robust growth potential. He points out that the market's liquidity, fuelled by substantial mutual fund inflows and inflows from other avenues such as PF and insurance, supports the current valuations. He also argues that India's growth story justifies higher multiples, dismissing the notion of overvaluation. "The important part in the valuation matrix is the growth, be it revenue or the earnings, right? I don't think most countries in the world right now has the kind of growth we have," Varun states. Varun identifies IT and banking sectors as particularly attractive for investors. He notes the underperformance of the IT sector over the past two years, making it a promising area for investment due to its strong fundamentals and future growth prospects. Varun also acknowledges that while some sectors, like four-wheelers and capital goods, have seen sharp rallies, they might experience a time correction rather than a severe drop. He believes these sectors will eventually align with their earnings growth over time. Varun observes a slight shift in interest towards consumer and FMCG sectors post the elections. Saboo expresses optimism about the market continuing to climb up, driven by strong liquidity and a stable economic environment. "You look at the number of issuances which are coming up, the amount of promoters selling their some stake….that's why, despite the kind of selling by FIIs, markets are not stopping because this is getting absorbed." Listen in! (Host: Parvatha Vardhini C; Producers: 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of the Economy podcast, businessline’s Sanjana B talks to Padmashree Shagrithaya, Executive Vice President and Head – Insights & Data Global Business Line– India, Capgemini, and Sudhir Chaturvedi, President and Executive Board Member, LTIMindtree, on the importance of Generative AI in companies.  According to the experts, Generative AI is a burgeoning field in artificial intelligence, is poised to revolutionise numerous industries. Companies are actively pouring resources into developing and implementing these models, recognising the transformative potential they hold. While generative AI will undoubtedly automate many tasks currently performed by humans, it's important to remember that it will also create new job opportunities. To prepare for this future workforce, the education system will need to adapt, equipping students with a powerful blend of technical skills and human-centered abilities.  Shagrithayahighlights the diverse applications of generative AI. From consumer goods and retail to financial services and life sciences, this technology offers solutions to various challenges. Capgemini itself is actively involved in generative AI research, fostering partnerships and cultivating talent within the field. They understand the importance of responsible use and have implemented a governance model to ensure safe and controlled application of this powerful technology.  Chaturvedi also echoes the transformative potential of generative AI, believing it has the power to reshape every aspect of business. Their investment strategy reflects this belief, focusing on three key areas: "AI in everything," "AI for everyone," and "everything for AI.” Companies now prioritises responsible development, ensuring that generative AI is implemented in a trustworthy and ethical manner.  Both the speakers dismiss the notion of generative AI being a passing fad. They acknowledge the potential challenges surrounding bias, security, and environmental impact, but firmly believe that responsible development and use can mitigate these concerns.  Generative AI has the power to disrupt not only businesses but also the workforce itself. Businesses that recognise this potential and proactively prepare for the change will be best positioned to thrive in the evolving landscape. Investing in training and development programs for their employees will be crucial in ensuring a smooth transition and maximizing the benefits of generative AI. By embracing this technology thoughtfully, businesses can unlock a future filled with increased efficiency, improved customer experiences, and a more productive workforce. Listen in to the podcast.  (Host: Sanjana B, Producer: Anjana PV)  About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of the Economy podcast, businessline’s Anjana PV talks to Anirudh Tagat, Research Author, Department of Economics, Monk Prayogshala, on the impact of internet shutdowns on businesses. In a recent report by Keep It On coalition, a grouping of civil society bodies that advocates against Internet blockades, it was reported that the Internet was snapped 116 times in the country last year. These shutdowns have affected businesses as well.  The internet has become an essential tool for businesses around the world, and disruptions to this access can have severe consequences. One such disruption, internet shutdowns, can cripple a company's ability to function, especially for startups and small and medium-sized enterprises (SMEs). These shutdowns prevent businesses from conducting online sales, communicating with customers, and managing other core operations.  While the true cost of internet shutdowns on businesses is difficult to quantify, researchers have developed methods to estimate the financial toll. One challenge in measuring the impact is the lack of high-frequency data on businesses. Much of the data collected on businesses is gathered annually, making it hard to track the immediate effects of a shutdown. Additionally, some of the negative consequences are qualitative and difficult to capture in numbers. For instance, a shutdown can damage a company's reputation or erode customer trust, but these effects are not easily reflected in financial reports. Businesses themselves may also be hesitant to discuss the impact of shutdowns, fearing repercussions or not wanting to admit to vulnerabilities.  Despite the challenges in quantifying the impact, there's no doubt that internet shutdowns pose a significant threat to businesses. The lost revenue, operational disruptions, and potential damage to reputation can all have a devastating effect on a company's bottom line. Furthermore, frequent internet shutdowns within a country can create a chilling effect on the business environment. Entrepreneurs may be discouraged from investing in online operations if they fear their businesses will be vulnerable to frequent disruptions.  Internet shutdowns are a major hurdle for businesses, especially startups and SMEs. These disruptions can cause significant financial losses, operational challenges, and reputational damage. The lack of readily available data and the difficulty of measuring qualitative impacts make it hard to fully understand the scope of the problem. However, the negative consequences are undeniable, and efforts are needed to mitigate the use of internet shutdowns and protect the ability of businesses to operate freely online. Listen to the podcast to know more.     (Host and producer: Anjana PV)

In this episode of the State of the Economy podcast, businessline’s Amiti Sen talks about the performance of India’s goods exports as we move into the new fiscal year, with Ajay Sahai, Director General, Federation of Indian Export Organisations.   After a 3 per cent decline in goods exports in 2022-23, totalling $437 billion, the new fiscal year has started positively with two consecutive months of growth. In April 2024, exports grew by around 1 per cent year-on-year, and in May 2024, the growth rate was a robust 9.1 per cent, with exports reaching $38.13 billion. Imports also rose in May, increasing by 7.7 per cent to $61.91 billion. However, this led to the trade deficit widening to $23.78 billion, a seven-month high.  Sahai starts the conversation by confirming that the May numbers were indeed expected, predicting around 9 per cent growth. He attributes this to the world adapting to issues relating to the Russia-Ukraine war and inflation pressures, which are softening. He believes that the global trade outlook for 2024 is encouraging, with inflation rates and interest rates being managed effectively by major economies.  He mentions several factors driving this growth, including increased global demand and the China Plus One policy, which is pushing global companies to diversify their sourcing. The US tariffs in China are also making Indian products more attractive.  Furthermore, Sahai highlights the diversification in export markets, noting significant growth in exports to the Netherlands, UK, and Malaysia. He also addresses concerns about the widening trade deficit, attributing it to high import bases and increased oil prices. Host: Amiti Sen ; 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

In this state of the economy podcast, TE Raja Simhan speaks to Ravichandran Purushothaman, the President of Danfoss India, on the link between Cold chain industry and the logistics sector. Ravichandran Purushothaman, the President of Danfoss India, has emphasised the transformative potential of the cold chain industry in India, recognising it as a crucial element in the nation’s food supply chain. Despite its significance, Purushothaman points out that “the cold chain industry in India is still in its nascent stage with a penetration rate of only 7-8%, which is significantly low compared to countries like the US and China with penetration rates between 60-80%.” Purushothaman underscores the broad importance of cold chain logistics, noting that they are “not just about storing food; they are crucial for vaccines, pharmaceuticals, and animal husbandry, making it a vital yet underappreciated sector.” This multifaceted importance highlights the need for a robust cold chain infrastructure to ensure the safe and efficient delivery of a wide range of perishable goods. A significant challenge that Purushothaman identifies is the difficulty in connecting production centres with consumption centres. He states, “Connecting production centres with consumption centres is a major challenge due to disconnected supply chain models and low market linkages.” Addressing these challenges is essential for the development of an efficient cold chain system. Purushothaman is optimistic about the growth potential of the cold chain market in India. He projects that “the cold chain market in India, currently valued at around $350 million, could grow to $1.2 to $1.4 billion by 2028, driven by increasing per capita income, changing lifestyles, and a rising demand for processed and nutritious foods in urban centres.” This expected growth indicates a significant opportunity for investment and development in this sector. To achieve this potential, Purushothaman advocates for a collaborative approach between the government and the private sector. He suggests that “the government should play an enabling role by providing basic infrastructure and encouraging private sector participation. Successful models in the pomegranate, mango, and dairy industries show the significant contributions private players can make to the development of the supply chain.” This collaboration could create a more integrated and efficient cold chain system, benefiting producers and consumers alike. Listen in! Host: TE Raja Simhan; Producer: Anjana PV About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of the Economy podcast, Dr. Renisha Chainani - Research Head Of Augmont - Gold For All and businessline’s Subramani Ra Mancombu discuss the volatility in the gold market.  Gold prices peaked at $2,450 before dropping over 5 per cent, influenced by geopolitical tensions, currency movements, and anticipated US Federal Reserve rate cuts.  Chainani predicts that gold prices will likely reach new highs in late 2024 despite short-term corrections due to robust demand and economic uncertainties like the US elections. Central banks, particularly in emerging markets, have significantly driven gold demand, accumulating over 400 tons from January to May 2024. While China paused its gold purchases in May due to high prices, other central banks continued their acquisitions, indicating a long-term trend of de-dollarisation and diversification into gold.  India, a major gold importer, brought in 260 tons of gold from January to May 2024, surpassing the previous year's figures. The surge in gold imports is attributed to rising inflation, economic uncertainties, and increased investment demand. Chainani says she has seen a shift towards digital gold purchases post-COVID, driven by the younger generation's preference for online shopping. Digital gold offers secure storage, ease of transactions, and low entry costs, although it lacks a regulatory framework. The festive season from August to December is expected to boost gold demand significantly, supported by rising incomes and hybrid shopping models that combine online browsing with offline purchases.   Listen to the podcast now.   (Host: Subramani Ra Mancombu, Producer: Anjana PV)

In this State of the Economy Podcast, PT Jyothi Datta explores the phenomenon known as the "silver tsunami," in conversation with Saumyajit Roy, co-founder and Chief Executive of Emoha, a five-year-old company providing services for the elderly, including emergency and health-related support systems.   In 20 years, India will transition from having one in ten people being elderly to one in five. This demographic shift necessitates significant health-oriented support, besides societal and economic preparation. Roy points out that countries like Japan and parts of Europe, which are already seeing a high percentage of elderly citizens, offer a glimpse into future challenges, and opportunities India might face.   One major concern is healthcare, specifically geriatric care. Roy emphasises the importance of regular check-ups and proactive care to ensure a good quality of life for the elderly.   He notes that many health issues, such as dementia, don't appear suddenly but progress over time. Therefore, the ability to act when people are in their late 50s, 60s, and 70s is crucial. This proactive approach can help elders age magnificently in their own homes, avoiding advanced health crises.   Discussing "silver economy," Roy sees vast opportunities for businesses to innovate and provide better products and services tailored to this demographic. He mentions the importance of designing products with better customer experiences and integrating various stakeholders, such as healthcare providers, insurance companies, and financial institutions, to create comprehensive solutions for the elderly.   Technological advancements play a pivotal role in elder care. Roy explains how Emoha leverages medical technology to link elders' homes, enabling regular health monitoring. Innovations like remote patient monitoring and emergency response systems are crucial in providing timely care and ensuring the safety of the elderly.   Looking ahead, Roy stresses the need for policy changes and infrastructure development to support the elderly. He suggests tax benefits and GST relaxations for elder care services to make them more affordable. Additionally, creating senior living facilities and transition models that blend staying at home with occasional daycare activities can provide a balanced approach to elder care.   Listen in!  Host: PT Jyothi Datta, Producer: Anjana PV, 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this State of the Economy podcast, businessline’s S Ronendra Singh delves into the performance of the Indian automobile retail sales for May, with Manish Raj Singhania, President, FADA.  The Indian auto retail sector achieved a modest 2.61 per cent year-on-year growth, with sales reaching 20,89,603 units compared to 20,36,528 units in May 2023 of the previous year. Despite the overall growth, the passenger vehicle segment saw a slight decline of around 1 per cent. On the other hand, the two-wheeler segment experienced a year-on-year growth of 2.5 per cent, selling 15,34,856 units compared to 14,97,778 units last May.  Singhania starts by sharing insights on the passenger vehicle market, attributing the slight decline in May to several factors, including last year’s high sales benchmark, the heat wave reducing foot traffic, and the election season’s impact on consumer spending. He notes that inventory levels have reached an all-time high of 55-60 days, causing concerns among dealers. The Federation of Automobile Dealers Associations (FADA) is in discussions with original equipment manufacturers (OEMs) to align wholesale with retail sales to manage inventory better.  As the discussion goes on, he points out that while SUVs dominate the market, there’s potential for growth in sedans and small cars, particularly with a good monsoon improving rural sentiment.  The discussion also touches on the electric vehicle (EV) market, with Singhania highlighting the need for continued government subsidies to support EV adoption. He emphasises the importance of the upcoming budget in providing infrastructure push and reducing GST on entry-level vehicles to make them more affordable.  Singhania concludes by saying he is optimistic about the industry’s growth prospects for the financial year, expecting single-digit growth in passenger vehicles and double-digit growth in the two-wheeler segment, contingent on favourable conditions such as a good monsoon and stable economic policies. 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

In this State of the Economy podcast, Dr B K Singh, Director BKC Aggregators Pvt Ltd, ex-Founder SKYMET and businessline’s Subramani Ra Mancombu discuss the outlook for the current Kharif season in India, following a challenging period of drought and dry conditions due to El Niño from June 2023 to May 2024.   The Indian Meteorological Department (IMD) forecasts above-normal rainfall, and international agencies predict La Niña, which could bring abundant rains to India, though low reservoir levels remain a concern.  Dr. Singh highlights that the monsoon is expected to be irregular. The forecast indicates normal rainfall in Western India, covering Maharashtra, Gujarat, Goa, and Karnataka, while deficits are expected in the eastern regions such as Orissa and Jharkhand, and parts of Madhya Pradesh. The monsoon's distribution might improve from July to September in the southern and western regions, but deficits could persist in the east. This irregular pattern could pose challenges for farmers during critical periods of crop growth.  Paddy sowing has already begun, and Dr. Singh expects a good crop this year, despite initial challenges in transplantation in regions like Uttar Pradesh, West Bengal, and parts of Madhya Pradesh due to expected rainfall deficits. Cotton, groundnut, and maize are anticipated to benefit from the favourable rainfall patterns. However, soybeans might face issues due to irregular rainfall in Madhya Pradesh, which is crucial during the post-sowing germination and grain formation stages.  Reservoir levels, particularly in the southern region, are currently low, posing a threat to water availability for both drinking and agricultural purposes. The storage capacity utilisation is notably low, with southern reservoirs at only 13 per cent capacity. Dr. Singh anticipates good rainfall in the catchment areas from July to September will help replenish these reservoirs, mitigating some of the current shortages by August.  Despite rising input costs, particularly in northern India, farmers are likely to continue cultivating cotton due to good prices. Dr. Singh is optimistic about the cotton scenario, particularly in regions like Punjab and southern India. He also hopes that the government will allow free export of rice to ensure better returns for farmers.   (Host: Subramani Ra Mancombu, Producer: Anjana PV) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this episode of ‘State of Economy’, businesslines’s Shishir Sinha speaks to Rishi Shah, Partner and Senior Economist, Grant Thornton, to discuss the latest high-frequency economic indicators released over the past week.  The conversation starts with an analysis of GDP numbers for FY24 and Q4 FY24, which have surpassed expectations. Rishi discusses the strengths in manufacturing and services sectors while addressing concerns about data discrepancies, particularly the gap between Gross Value Added (GVA) and GDP. Regarding mixed signals in consumption patterns, Rishi mentions that while high-end consumption is on the rise, overall consumption remains subdued. The decline in entry-level vehicle sales and the increase in higher-end vehicle sales indicate income transitions. Examination of the revised fiscal deficit estimate for FY24 at 5.63%, down from 5.8%, and the FY25 budget estimate of 5.1%. Rishi emphasises the need for continued government spending on public welfare and infrastructure, despite potential surplus transfers from the RBI and profits from public sector banks (PSBs) and central public sector enterprises (CPSEs). Rishi talks about the May GST collection of ₹1.73 lakh crore, following a record high in April. The conversation later shift to whether this reflects increased pricing or a shift towards higher-end consumption rather than broad-based consumption growth. Interpretation of the PMI manufacturing figure, shows a slight dip to 57.5 but remains in expansion territory. Rishi explains why, despite the downtick, it indicates positive manufacturing activity. Predictions for retail inflation, expected to stay around 5%, influenced by core inflation trends and volatile food prices. Rishi anticipates some volatility in food prices due to seasonal factors, impacting the overall inflation trend. Listen in.

In the latest State of the Economy podcast, Kurmanath KV and Vishal Salvi, CEO of Quick Heal Technologies Limited look at the issue of cybersecurity threats during elections. The episode, which is the first of a new series of podcasts on cybersecurity, looks at how and why hackers are targeting elections globally, including recent events in India, and discusses the sophisticated methods used to manipulate election outcomes and extract valuable information. Salvi outlines two primary areas of concern in election-related cybersecurity. First, the manipulation of narratives through social media and other digital platforms, which can significantly influence election outcomes. “The manipulation and the method that threat actors use can only be countered by solutions provided by cybersecurity,” says Salvi. The conversation highlights the evolution of cyber threats with the advancement of artificial intelligence (AI). AI has made it easier for hackers to create sophisticated phishing emails, multilingual scams, and deepfake videos that are difficult to distinguish from real content. “Now, with the advent of AI, the way phishing emails are written is so clever that they appear more genuine than even a real email,” Salvi points out. He emphasises that AI is a double-edged sword: while it empowers attackers, while also offering tools for defenders to counter these threats. The podcast also throws light on the use of analytical software to gauge public opinion and deepfake technology to create misleading videos. “These algorithms are so clever and so efficient that you can create a real-looking video with a fake narrative,” he notes. Salvi stresses the importance of robust cybersecurity solutions that can detect and prevent such manipulations. Cyber threats are global now, with malware often being written overseas but executed locally, creating a complex ecosystem of cybercriminal activities. “In the digital and cybersecurity world, there are no boundaries. You don’t need a passport or a visa to enter one computer from another, and because of the internet, everything is connected,” says Salvi. Salvi advocates for a multi-faceted approach to cybersecurity during elections, involving proactive government policies, public awareness campaigns, and advanced technological solutions. He commends the Indian government’s proactive steps before the recent elections but calls for ongoing efforts to establish a comprehensive policy framework to ensure all stakeholders, especially ISPs, are held accountable for monitoring and removing malicious content. To conclude, Salvi calls for collective effort to address the systemic issue of cybersecurity in the digital age. He emphasises that the threat extends beyond elections and requires a combination of policy, awareness, and technology to protect against the ever-evolving landscape of cyber threats. Listen in!  (Host: Kurmanath KV, 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this episode of the State of the Economy podcast, businessline’s Haripriya Sureban, talks to Ritesh Tyagi, Vice President & Global Head, VLSI Practice & Engineering Wipro, Ameer Saithu, Executive Vice President at HCLTech, Siva Polimetla, Head ER&D, nasscom and Ashish Kushu, CTO, LTTS about India's growing prominence in the global semiconductor engineering research and development sector.   The podcast begins by mentioning the opportunities for Indian service providers, highlighting the global talent shortage in chip design as an opportunity for Indian service providers.  Saithu emphasises the importance of supply chain resilience and the boom in investments across various segments of the semiconductor industry, driven by technological advancements like AI.   The podcast goes on to mention global semiconductor industry trends, discussing the increased demand due to factors like AI adoption, supply chain disruptions leading to a focus on resilience, and increased investment in chip manufacturing across the ecosystem.  The episode concludes with a discussion on the government's role in supporting semiconductor R&D in India. The experts propose matching grants for priority sectors, developing R&D infrastructure, and creating specialised skill development programs to address the diverse needs of the semiconductor value chain.  Host: Haripriya Sureban; 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

In this episode of the State of the Economy Podcast, host Rishi Ranjan Kala discusses India's rising power demand with Anujesh Dwivedi, Partner, Deloitte India, an expert in the power utilities and renewables sector. Dwivedi highlights the rapid growth in India's power demand, which has been increasing by over 5 per cent annually and saw a 12-13 per cent rise last year. In May 2024, India recorded its highest ever peak demand of 246.1 gigawatts, driven by searing heat waves across northwestern and central India.  Dwivedi explains that the daytime peak demand is largely met due to the substantial solar capacity in the country, while the challenge lies in the evening when solar power is not available. He commends the government's efforts in managing this demand through various measures, such as mandating coal and gas-based plants to be available during summer months, rescheduling plant maintenance, and increasing coal production. These steps have helped ensure that the demand is met despite the challenges.  Renewables, particularly solar energy, have played a crucial role in managing daytime peak demand. However, evening peaks still rely heavily on thermal power. Dwivedi also discusses the potential of renewable energy combined with storage solutions to provide reliable, dispatchable power. He notes that while renewable energy tariffs are competitive, the integration of gas-based power, especially if GST is removed from gas, could further support the power sector.  Urbanisation and economic growth are major drivers of increasing power demand. Dwivedi emphasises the correlation between development and energy consumption, predicting that as India's per capita GDP rises, so will its electricity consumption. The conversation concludes with a look at the future impact of electric vehicles and AI-driven data centers on power demand, highlighting the need for continued innovation and adaptation in the sector.   (Host: Rishi Ranjan Kala, Producers: Anjana PV & Siddharth Mathew Cherian)

The Competition Act 2002 governs mergers, acquisitions, and amalgamations to prevent anti-competitive practices and ensure fair competition.  Traditionally, the Competition Act uses asset and turnover thresholds to determine if a transaction needs to be notified to the Competition Commission of India (CCI).  However, this approach has faced criticism, especially with the advent of digital markets where high-value transactions may involve companies with low tangible assets or revenue, potentially escaping regulatory scrutiny. To address this gap, the Indian government introduced the concept of “deal value thresholds” (DVTs) through the Competition (Amendment) Act 2023.  So what are DVTs? Put Simply, DVTs require transactions above a certain deal value to be notified to the CCI, regardless of the asset or turnover of the companies involved.  This aims to capture high-value transactions in the digital and other sectors, where companies like startups might have high valuations due to data or intellectual property but low traditional financial metrics. Implications for Digital Markets The introduction of DVTs holds significant implications for digital markets. It would lead to increased scrutiny —High-value acquisitions, especially involving startups or tech firms with valuable data or IP, will be scrutinized to prevent monopolistic practices. The introduction of DVTs also ensures level playing field. Smaller but highly valued companies will be subject to regulatory checks, ensuring that larger firms cannot bypass competition laws by acquiring emerging competitors. The other implication is on Market Dynamics. Investors and companies might adjust their strategies, considering the additional regulatory requirements and potential delays in deal finalizations. Utility of Deal Value Thresholds DVTs can help capture High-Value Transactions: By focusing on deal value, the CCI can better oversee mergers and acquisitions that might affect market competition, regardless of traditional financial metrics. DVTs can help in Future-Proofing Regulation. As digital and tech markets evolve, DVTs offer a flexible mechanism to adapt to new business models and market structures. DVTs also encourage innovation. By ensuring that competitive dynamics are preserved, DVTs can foster an environment where innovation thrives without the fear of monopolistic dominance. Challenges in Implementation Defining Deal Value: Accurately assessing the deal value, especially in complex transactions involving stock options, earn-outs, or multi-stage investments, can be challenging. Legal Uncertainty: Implementing DVTs might lead to legal ambiguities and disputes over valuation methods, necessitating clear guidelines and robust frameworks. Market Reaction: Businesses might find ways to structure deals to avoid crossing the threshold, potentially complicating regulatory efforts. While DVTs offer substantial benefits in capturing high-value, low-revenue transactions and preserving competitive market dynamics, their implementation poses challenges.  Addressing these effectively will require clear guidelines, enhanced regulatory capacity, and continuous dialogue with industry stakeholders to ensure that the objectives of fair competition and market innovation are met. So what are the unresolved issues and concerns around introduction of DVTs? When do the DVTs specified in the Competition law go live in the country? What other implications would this move have for oversight of digital markets in India? Does DVT have implications for other sectors too? To get a deep dive into world of DVTs, Listen in to the BL State of Economy Podcast with Dinoo Muthappa, Partner at Delhi Office of law firm Talwar, Thakore & Associates (TTA). Host: Srivats KR, Producers: Rowan Barnett, Siddharth Mathew

In this State of the Economy podcast, bl.portfolio Editor Parvatha Vardhini C, talks to Aashish Somaiyaa, CEO of WhiteOak Capital AMC on the current market dynamics and the post - election outlook.  The discussion looks at the market’s recent performance influenced by election related volatility as well as record highs. Aashish highlights that market engagement is often driven by anticipation, saying, “It’s always interesting or exciting when there is something to look forward to. That keeps the market engaged and keeps it going.”  About the recent market rally, “My sense is that from February-March 2024 onwards, the market has become a little more discerning, with a tilt towards good governance and quality. But before that, everything was just going up unilaterally,” he explains.  Emphasising the importance of stock selection, Aashish notes that the market’s discerning nature means that not all sectors or stocks are performing uniformly. He points out the shift in market dynamics.  Aashish discusses the performance of hot sectors like defence, PSUs, real estate, and autos, likening market behaviour to a pendulum swinging between extremes. He finds more margin of safety in private banks now, he says. The podcast also looks at the Q4 earnings season, with Aashish observing sustained positive trajectories and no significant slowdowns. He predicts that financial, manufacturing, and industrial sectors will drive growth in FY25, despite external economic headwinds.  On consumption, Aashish comments on the K-shaped recovery post-COVID, where urban and discretionary spending have seen more traction. “ Unfortunately, we haven’t seen a turnaround in rural demand yet,” he notes, suggesting that broader economic stimuli are necessary for inclusive growth.  Talking on both gold and equities touching new highs at around the same time, Aashish critiques the industry’s skew towards equities in multi-asset funds, which often undermines the intended diversification.  Listen in!  (Host: Parvatha Vardhini C, Producers: Amitha Rajkumar, Siddharth Mathew Cherian) About the State of the Economy podcast  India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

In this episode of businessline's state of economy podcast, we discuss the T20 World Cup in the US and West Indies, the rise of new cricketing nations, and the impact of IPL's success on the sport's growth worldwide. Host: Chitra Narayanan; 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

In this episode of the State of the Economy podcast, businessline’s PT Jyothi Datta speaks to Dr. Sanish Davis, President, Indian Society for Clinical Research, to understand the Indian clinical trial landscape and how it stacks up against the global ecosystem. "If you look at the number of studies that were done prior to the pandemic and the number of studies that are being done currently, there's definitely an uptick in the number of studies.", says Dr. Davis. He emphasises the increasing focus on unmet medical needs in oncology, immunology, and rare diseases. Reflecting on past and present trial numbers, Dr. Davis remarks, "The reality is that the companies who are doing studies in India are very sure that these products will be marketed in India," highlighting India's growing prominence as a hub for clinical research.  Davis talks about the regulatory landscape, explaining the significance of the 2019 New Drugs and Clinical Trial Rules. He underscores the need for streamlined approval processes.  "We need regulations which actually can work for these innovations when they come out," says Dr. Davis on emerging therapies, underscoring the importance of aligning regulatory frameworks with scientific advancements.  Addressing participant safety, he highlights India's unique provisions for medical management and compensation in case of trial-related injuries. "India is probably the only unique country in the world where a clinical trial safety net is there,". Listen in! (Host: PT Jyothi Datta; Producers: Amitha Rajkumar, Siddharth Mathew Cherian)

In this State of the Economy podcast, businessline’s Raja Simhan talks to Dhriti Prasanna Mahanta, Vice President and Business Head of TeamLease Degree Apprenticeship about the dynamic world of India's logistics sector, exploring its rapid growth, job creation potential, and the transformative impact of technology and government initiatives.    The podcast starts by focusing on the employment opportunities generated by the logistics sector, particularly in Tier 2 and Tier 3 cities. Mahanta shares his background, emphasising his role in promoting apprenticeships and skill development. He discusses the vital role logistics plays in India's economy, highlighting government initiatives like the Gati Shakti plan that have boosted the sector.  Mahanta goes on to highlight the strategic importance of cities like Chandigarh, Nashik, Indore, and Coimbatore, which serve as logistics hubs due to their geographic advantages. These cities facilitate the efficient distribution of goods, contributing to the sector's overall growth and creating numerous job opportunities.  The discussion wraps up by emphasising the critical role of the logistics sector in India's economy and its potential to create diverse job opportunities.     (Host: Raja Simhan, 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. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.